The major averages had just struggled their way to the plus column on the morning when this headline hit the tape:
“Jeffrey Gundlack says the S&P 500 is heading to new lows: ‘I’m pretty sure this is a bear market'”
Dow’s down 220 as I type.
So, should we view the view of this presumably credible market actor as a legitimate sign that we are indeed entering a bear market?
Well, ironically, we actually could view it as yet another signal (no guarantees!) that the bottoming process has begun.
Here (40 second clip), ironically, was Mr. Gundlach on March 8, 2016, as the then correction happened to be bottoming:
Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust:
Well, we never got to that 20% decline Gundlach felt certain enough of to publicly predict. In fact, the S&P is up 31% since that day, even after the recent pullback:
