Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
The last four weeks in the stock market have failed to qualify as a reliable recovery. The rebound has masked underlying weakness. The Rabid Capitalist calls it a “beached market.”
The “beached market” describes the environment in the late summer when investors are vacationing. Trading during this time is not terribly dependable. The market moves on lower volumes than is typical during the rest of the year. There is a limited degree of investors’ conviction being conveyed through prices.
The summer doldrums distorted many facets of the market. For example, the apparent rotation into the Russell 2000 that began in mid-July was suspicious. The light trading volume makes the move unimpressive.
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