Today, a lot of people celebrate the resurrection.But not on Wall Street.
No-one believes in that resurrection; the one of the bull-market variety!
Check out the following quotes:
Ratigan: Suckers' rally. No question. That's not an indictment of the judgement of the market. That's just my perception of the ability of the banks to function in a timely fashion, the ability to create meaningful amounts of jobs in the immediate future, and the as-yet unrecognized meaningful losses to come in commercial real-estate and other asset classes...
http://www.businessinsider.com/henry-blodget-dylan-ratigan-speaks-and-hes-angry-2009-4
So far this feels like a distribution rally before a retest of the lows. It is the timing of things that is the challenge, and the ability to spot a genuine change in character in the long market trend.
http://jessescrossroadscafe.blogspot.com/2009/04/character-of-this-new-bull-market.html
The effect of (1) and (2) is what is known in the investing marketplace as "distribution" - that is, you, the retail bag-holder, wind up with the shares at the end of the day, and the institutional and quant-driven "fast money" departs with your cash. When they stop their high-frequency "pass across the table" game, and they will, you find yourself with some very expensive shares as the floor disappears.
Distribution marks tops, usually very significant ones.
http://market-ticker.org/archives/951-Do-Not-Be-Stupid.html
http://zerohedge.blogspot.com/2009/04/incredibly-shrinking-market-liquidity.html
It's the question Pilate asked:
"What is truth?" John 18:38
Judging by the numbers of people going to church today, it appears that millions and millions believe in the resurrection.
Maybe Wall Street should learn from the masses.
A little bit of faith, makes the believing easy.
And it comes with it's own rewards!
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