Blog: Groundhog Day (not the movie!) for the market

Aspiring market pundit, Punxsutawney Phil, saw his shadow on Thursday, forecasting 6 more weeks of winter for the northeastern US, and a potential bear market. While there is no evidence that Phil, or any other groundhog has forecasting power, the media continue to follow the ritual as a matter of tradition.  Likewise, in the markets we have our ritual sightings, particularly during a monetary tightening cycle, though what scares the market groundhog seems to vary from cycle to cycle.