Summary

What do I think of yesterday's stock-market bacchanalia? I think it was and is an absolutely wonderful gift for people who have been dragging their feet in raising cash! It's amazing, if not frightening, that any action of the nation's bumbling central bank can evoke such enthusiasm.

On March 20th, I issued an unequivocal sell recommendation on stocks. If you wish, you may categorize the missive at hand as an unequivocal reaffirmation of the March 20th recommendation.

After the close yesterday, I posted the following on the GRA website:

"Can +195 points on the DJIA be a bearish development? I think it can, and I will do my best overnight to explain why. I was hoping to use the time to catch up on some other research material, but something like today, occurring when it did and for the stated reasons, simply cannot pass without comment. The piece will be short, and I will try to have it out before the open tomorrow."

Following are the fruits of my overnight labor -- continue to Gillespie Research for the balance of the essay: http://www.gillespieresearch.com/cgi-bin/s/article/id=822.