Sucked in?

Are we all sucked in yet? Are we bubbling over with enthusiasm for equities? Yes - why? Cuz they are going up - no other reason. Momentum is infectious. The Dow is up 13 of the last 15 days....in the same time Gold has set a new high and short term bond rates have hit all time lows. The fed today said things SUCK and interest rates as they set them will remain at insanely low levels for eternity - its not like its helping - they have been like this for what 2 years now? I guess it will work next quarter. America is being fueled by MASSIVE FEDERAL AND STATE DEFICITS AND SALES OF IPHONES AND DROIDS. After the close another 3 or 4 companies tapped the equity markets with large secondary offerings after about 5 yesterday. So as Wall St. would have you believe buy buy buy as companies sell sell sell. And then there is that silliness about how great MSFT is b/c it raised its dividend a whopping 3 cents per quarter - gee what are you gonna do with all of that cash? .12 cents - on 1k shares which would be a massive holding for most Americans thats $120 a year before taxes - buy buy buy. The technical indicators are screaming breakout but the world and America is still fundamentally in breakdown - I dont give a ratsass what these economic releases are saying houses are still sitting forever in my neighborhood, jobs are scarce and people not Jim Cramer and Bob Dole (from blackrock) have ZERO confidence in the "American dream" right now. So they will extol the value of buying equities and tell you how the bears are just fools but remember they are part of the machine - the grease - maybe if the market had not rallied 9% in September todays latest Fed scam should have been bought but the market rallied massively into another day where Bernanke declared that no matter what he will try and inflate out of this debacle. Gold does not buy it, bonds dont buy it , non wealthy non wall streeters dont believe it. The Aholes who are managing your money are the ones chasing Amazon at 55 times earnings and Opentable at 17 times sales - they are the ones who are buying the market up 9% this month while they were shitting in there pants last month. Almost everyone just chases beta now thats it- I for one am waiting for truth in the marketplace for prices that reflect where people would buy businesses and not the handful that have been bought out lately cuz interest rates leave companies feeling that 5% ROE deals are attractive.

A burned bear

JB