From FinViz:
This bit-o-snark was prompted by a Barron's story:
Oil May Be Bottoming, But Recovery Is Slow: HSBC
Oil price may be bottoming.No, oil is not bottoming yet. It could jump back to $60 and not have bottomed.
The International Energy Agency today lowered its 2015 forecast for non-OPEC productions and said that the “tide will turn.” HSBC also had a report out today saying “we are seeing leading indicators of weak prices starting to drive the market rebalancing that OPEC is seeking to achieve.”...MORE
However, the rest of the Barron's post seems to be on the money, looking for a U rather than a V bottom.
This is a good place for a reminder on human perception and the hopeful (for the producers) belief that the decline is over:
Throughout the unpleasantness of 2008-09 we posted a cartoon as a cautionary guide to the true nature of bear markets. I comment on it in this 5-year retrospective:
UPDATED--Today in the Financial Crisis, Sept. 5, 2008: ***Alert****Economic and equity market meltdown imminent****Alert***
That was the headline of SocGen's Albert Edwards market note that Friday: "Meltdown"-Société Générale
In 2011 I decided to mash-up a long post: This is What a Bear Market Looks Like Folks (now with Voodoo Beach Bunnies)
containing "Green on the Screen: Solars" from Sept. 5, 2008 which used an old cartoon:
...So we can look for a bounce but think of these names as a trade; bear markets can suck you in. When I first came to the market, one of the older traders told me he was saved in the '73-'74 bear by a cartoon:
(click to enlarge)
I repeated the cartoon for the next six months as a warning to bottom callers.
That's Alfred Frueh's January 16, 1932 New Yorker classic, "Just around the Corner", commenting on President Hoover's statement that "Prosperity is just around the corner".
Update: Following the "This is what a Bear Market..." link are a couple dead links. Here are the live ones:
Point/Counterpoint: Death of the American Dream (we found the Voodoo Beach Bunnies)
