11/18/2025
Home losses spread across the US
The Dow looks to close today under the Nov 7 low of 46,495. . The SPX and NASD are already under their lows of that date. The market top we have discussed over the past months is forming.
See Spencer Jakob's column on bear markets in Heard on the Street today in WSJ. He makes a comment that echoes my observation. He mentions a large contingent in the market today did not experience 2007-09.
My observation is that suppose someone entered the brokerage / financial advisory business in 1982 as the bull market began when he was say 25 years old. That was 43 years ago. today that person is 68 years old. He or she never experienced the long period of stagnation from 1973 to 1982. Instead the bear markets since 2000 have lasted no more than two years. This year prices recovered to new highs in the shortest time ever, hello buy the dip crowd.
As Richard Russell used to observe, there's a hard rain coming.
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