With the Dow above 18,100 and crude oil surging 4.35 percent, today one of the greats in the business released a powerful piece warning a major market just experienced the equivalent of a black swan event.
Bert Dohmen’s Wellington Letter: “This week news out of China propelled the China stock market as never before. This spread to the Hong Kong stock market and then to related markets such as oil and some commodities.
It was a well-coordinated attack on the bears. The government announced multiple changes designed to counter the negative news and the credit crisis. This may be a game changer for many markets for a while. Here are the items:
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