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The Second Avenue Bear Market Indicator

We thank Seeking Alpha for this item:

Birinyi’s Ticker Sense submits: An article in yesterday’s New York Post warned readers that they should be cautious about the future path of the stock market. Unlike the typical bearish arguments however (the falling dollar, rising deficit, geopolitical turmoil, slowing earnings growth, etc.), this article had a unique angle. The writer claims that investors should be wary because tomorrow morning, Mayor Bloomberg and Governor Spitzer will break ground on the long planned and long delayed Second Avenue Subway, and notes that “Previous ‘good news’ for the long postponed East Side line has always heralded a Wall Street downturn.”

You have to give Lazlo Biriyni credit, as someone who is firmly of a bullish cast, to feature this tidbit.

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