(BigPicture-Barry Ritholtz) Sometime last week, I heard my pal Larry Kudlow admit "We are in a Mild Recession." That sent me scampering to the Modern Kudlow To Standard English Translation Guide, to see what this meant. That translates to "We are in a broad and deep recession."
Back on July 15, I suggested it was time to cover shorts for a Bear market rally, reiterating an earlier -- too early -- call for a move higher. But this ? LK admitting a recession ? This was big news. I turned to one of the fellow fisherman/economists in Maine, and said "Larry used the R word? The negativity must be tremendous. That means we are due for a counter-trend rally."
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