Market Sense and Sentiment

[Bernard Ng]

Hi Steve, so far so good for the shorts, looks like we are getting ready to retest the low of the year. My medium term bullish signal is gone. It's neutral now.

The economy is still on track to collapse. The real estate bear market is going to trigger all sorts of things. They think the real estate numbers are bad these two days, more bad news is coming. The economy is slowing, and the market is near the top range, oh yeah, I like this divergence. Soft landing is hard to get done in real life, most of the time, we have hard landing. I'm as convinced as ever that a recession is coming in 2007 (I have more reasonings, but it could take too long to write them up), possibily the first quarter of 2007.