Money manager and advisor Jim Stack, who accurately sidestepped the bear market over the past year, is now turning more optimistic. Here's the latest from his InvesTech Market Analyst.
"As a bear market unfolds, investor emotions travel down a slippery slope of anxiety, fear and panic. And it is just this kind of emotional upheaval that creates some of the extremes that we are seeing now.
"Media headlines containing the word 'depression' and images like this are appearing more this year than in any year since the 1930s.
"Stock market volatility, as measured by the number of 1% daily closing moves in the S&P 500] Index, is near a record high. The percentage of stocks on the NYSE hitting new 12-month lows is higher than any previous record level during the past 50 years.
"Yet, bear markets bottoms occur right in the midst of fear and panic – at the point of maximum gloom. And for consumers, it's hard to get much gloomier: In addition, more bear markets have ended in October than in any other month.
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