Bah, humbug! I know I have been acting like a Stock Scrooge lately and my posts have reflected an increasingly negative tone. That’s not so easy in a market that is in love with itself, but like Ebenezer, I don’t feel bad about being “unloved and alone.” Since October 16th, I have given 2 new DOWN signals for every one new UP signal and as you can see from the HEDGEfolios Timing Indicator, I have an increasingly bearish bias. Meanwhile, the market keeps heading higher and yet, I am not any more bitter than usual. It scares me to think of what is likely on the way, but all I can do is report what I am seeing. So far, I have been visited by the “Ghost of Ignorant Markets Past” and the images I was shown of inverted yield curves didn’t cheer me up. They made me more resolved. I was visited by the “Ghost of Ignorant Markets Present” and the images I see of rising energy prices, inflating debt levels, and geopolitical tensions didn’t shake me out of my nightmare either. I’d really love to see the “Ghost of Markets Future” but that hasn’t happened. Sooner or later, this market will decline and when everyone is finally as scared as I am today, you can expect Steinhardt Scrooge to transform into a much nicer fellow, similar to how I was six months ago. Until then, you’ll be stuck with me pointing out the absurdly positive spin and ignorance of negative data.  Bah, humbug!