His call for this week (but read the full story) in very short:
The longest “buying stampede” chronicled in my notes is 41 sessions. Today is either session 39, if you measure from the intraday low of March 6th (666 basis the S&P 500), or session 38 if you measure from the March 9th closing low of 676.53. In either event, we have made a lot of money over the last eight weeks and continue to think the trick from here will be to keep that money. Longer-term, we are pretty optimistic. Near-term, we are cautious. If I had to buy something today it would be the emerging markets like Brazil since most of the emerging markets didn’t make new reaction lows in March like the S&P did. Moreover, I think they will be the leaders in the next bull market.
Consider as a probability!
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