An irreverent look at Wall Street
I'm with you on that.Poor Dave. Perma bears are so pathetic.
P, so if this is the latest correction, how far does the next rally take us. Do you think its going to be short term before petering out or does it take the S&P to your 1440 June call???
I admit the recovery has been less robust than I anticipated---If only we were doing as well as Govt figures say we were!But that's in the market--prices were brought down especially by those shorting, and hoping they could raid stock prices lower. Rosie says today that the rally yesterday indicated equities were oversold--how then does it get to 912 or 900 as he said yesterday?Less bad used to be sufficient--now we need just a little better to get equity buyers to pay up. It looks like rates will stay down a little bit longer, thanks to the PIIGS and that should allow the bulls to get some PE expansion.This up down the last few days should set us up for a good rally.We are so oversold right now that a 100 point rally in the S&P won't even bring us to overbought territory!Lehman was at 1220. The chart looks good to there, and then the broken charts we now have will look a lot better.
I admit the recovery has been less robust than I anticipated----------------funny, you can not make this up. What are you, the central gov stat buro? How do you know how robust the recovery will be?
Guess this fits in well with your IBM tout. A lot of other smart people I read don't think there is a large rally on, but they did not see the market rallying this far. Thanks for all the updates!
Post a Comment