When I stepped out of the airport at LAX yesterday after a 12-hour flight from
Europe, I checked the closing market numbers and felt that Wall Street had rolled out the red carpet in honor of my return.
A 10% rebound seems impressive, although as beaten down as the market was I have to admit that I’m not surprised. Bargain hunting, short covering and exuberance about the widely anticipated interest rate cut today, gave the bulls something to cheer about.
It may very well turn into the old adage “buy the rumor, sell the fact,” since sharp rebounds during this bear market have yet to show some staying power. While I welcome this turn, I am far from convinced that this will be the end of the bear as some proclaim.
It’s good to be back in the U.S., and I hope to catch up with all emails and phone calls over the next few days.