Pres Obamas speech was enough to start tomorrows ramp today. The SPUZ immediately jumped a couple bucks as the world wide equity orgy continues with Asian markets hotter than wonton soup. Would perhaps the looming anniversary of 9/11 give equity buyers pause? Would anything make people think sheesh I have mad a lot of money in the last 6 months , maybe I should stop listening to that bald commentator on CNBC who STILL hasnt broken even on his RIMM call at $85, and realize that I am being pulled into the biggest suckers rally of all time. How will Obama and Co. look if this market falls apart? The way its being inflated the ire of the public this time around when it falls apart will be phenomenal - it is time to put an end to the funny money demand Tarp repayment, raise the fed funds rate and stop encouraging and abbetting never ending 24/7 rampant equity speculation. In every other serious decline in the market PEs got down to under 10x. We are now in the mid to high teens, with a minisucle dividend yield. Dont believe for one minute that stocks are cheap. If your neighbor had a semicoundoctor business that was making $1000 dollars a year would you pay him $17,000 for it? I doubt it. Jesus , just take a break on the equity orgy - let the shorts win for more than 6 hours.
JB
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