Gloom on, gloom off

There is an old army saying: 'Great coats on, great coats off'. Apprently this saying captured the mindlessness of army life: being sent in one direction in the morning only to have the order countermanded with the opposite direction in the evening.

The markets are a bit like that at the moment with gloom. Some days they are awash with optimism and on other days it is pessimism. You could say it is gloom on, gloom off.

According to my gloom indicator, we are moving into the gloom off part of the cycle.