The latest from John Hussman: The Market Climate in stocks last week continued to fall into a classification that has often been associated with a "whipsaw trap," though as usual, we are aware that about 30% of these instances have gone on to achieve some amount of extended gains, so we continue to monitor the evidence - particularly market internals and sentiment - closely here. As I noted last week, there is a typical "sentiment cycle" in economic surprises, which we would expect to roll over to an increasing number of economic disappointments in the weeks ahead, but we'll respond to the data as it emerges.
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