In order for the bounce off the recent lows to be meaningful and sustainable, institutional accumulation will soon need to return to the scene. When fledgling recoveries lack the confirmation of higher volume, just one day of higher volume losses can easily erase several days of gains.
A depression would wring the debt out of the economy. It would get rid of weak businesses. It would turn spendthrift households into savers. That’s got to be worth something.
Because the major indices will likely have great difficulty moving back above their 50-day moving averages in the near future, Deron Wagner primarily views this counter-trend bounce as merely an opportunity to initiate new short positions with a better reward-risk ratio.
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