Watch out just watch out - if you are short like me you are taking pain but if you are long do you believe that you are going to continue to be rewarded almost every minute of every trading day?
We are so overbought its unreal, I think by 10 am they (SPUZ) will be below 1000. The bald guy has pronounced this AM that the mortgage mess is over, how that is possible with 575k initial jobless claims Ill never know - but hey he's got an audience and I dont.
JB
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This is full-blown Alice-in-Wonderland market activty (translation: greed - get me in at any cost or I'll miss the big up move). If you look at something as mundane the WSJ, the banking crisis is moving to the regionals and the mortgage delinquency/foreclosure problems are now affecting prime loans.
ReplyDeleteThis amateur's gut is telling him the market will crack sometime during the day. It may not be a full-blown Armageddon (translation: fear - get me out at any cost before I lose everything), but these lofty levels on the SPX are way out of touch with the real economy. Valuations are predicting the fastest, strongest rebound in history. Where is there any basis for that scenario?
falco peregrino