After November’s old-fashioned sector-rotating, careening correction, the chairs of all portfolio managers have been refitted with seat belts, shoulder harnesses, roll bars and fire extinguishers. The Wall adds three more worries and finds itself deep in fear territory. No promises that Santa can ride in with a much-wished-for rally, but a high fear level usually means it is a good time to buy good companies at discounted prices. So happy shopping — and don’t forget to add a few clicks of your heels followed by “There’s nothing like a Fed interest rate cut” for good luck.
