Pessimism, from Victor Niederhoffer
There was an interesting article on Bloomberg recently about pessimism in the U.S. markets due to the war in the Middle East, and I always wonder, in a situation like this what it would ever take to make a pessimist change his views? Perhaps a move above a moving average, a fall in yields below five percent, a move in Israeli stocks to above the 800 level (TASE 100) that it was at on July 5th, a week before the kidnapping. Perhaps a cessation of interest rate increases or the end of the secular bear market? Are we now due for the sixth consecutive significant excursion downwards after the employment report?