I'm being silly, of course, but that's the nature of the season. The point of my absurdity is to illustrate that this speculation is absurd. The Fed will cut rates or the Fed won't cut rates. The odds mean nothing. If the Fed admits its gloom, the public pulls back and the economy slows even more.
Nobody likes a pessimist.
In any event, as I said in the last report, a rebound was to be expected. But the fact of the matter is that stocks sold off sharply last week, were oversold in fact, and the market was ripe for a rebound. Angell's comments might have been the excuse, but the inevitable was, as it usually is, inevitable. Consolidation and waiting around to see if the Fed acts. If it acts, we'll rally and then give it all back again.