Are

Bells Ringing

For John Hussman??

You Can Ring My Bell

John P. Hussman, Ph.D.
President, Hussman Investment Trust

June 2024

I may as well just say it. 

Based on the present combination of extreme valuations, unfavorable and deteriorating market internals, and a rare preponderance of warning syndromes in weekly and now daily data, my impression is that the speculative market advance since 2009 ended last week. 

Barring a wholesale shift in the quality of market internals, which are quickly going the wrong way, any further highs from these levels are likely to be minimal. 

In contrast, current valuation extremes imply potential downside risk for the S&P 500 on the order of 50-70% over the completion of this cycle.

DYI:  John Hussman could very well be correct as I’ve been a semi-perma bear for at least since a brief excursion during March of 2020 with the position closed out only a few months later as stocks rocketed back to overvaluation levels. 

Of course that was then but this is now with stock evaluations that have left planet earth some where a top will be put into place.  When will the selling start in earnest?  If this is the top we’ll see selling in a few short months so don’t hold your breath staring at a computer screen waiting impatiently for the second stocks begin to tumble.

When the selling does begin a catalyst of some sort will take the blame but for those in the know this sky high valuation house of cards will come tumbling down based solely on their own weight.

Till Next Time!