Snapback rallies are the norm, Josh Brown writes - "accept them and enjoy them - but know them...

|By:, SA News Editor
Snapback rallies are the norm, Josh Brown writes - "accept them and enjoy them - but know them for what they are." Bulls shouldn't get too excited, he says: GDP estimates are being ratcheted down, and the decrease in government spending can't be answered by the private sector right now. The likely result is a compression in P/E ratios and downside risk to earnings estimates.