Greenie is certainly between a rock and a hard place here, as he doesn't want to be accused of "trying to rescue the stock market", yet he almost has to try and play that role as the entire US economy is now very much tied to the markets and a multi-year bear market would certainly be tough on the economy.....While certain stocks can still be called "overpriced", I certainly think most of the extreme over-valuation excess from last year has been taken out of the market....most stocks are now fairly priced or underpriced, in my opinion.....of course, that makes the assumption the economy doesn't continue off the cliff and earnings with it, in which case the valuations might still be too high.....
The last rate cut was greeted with a massive "sell the news" mentality....if we actually get a follow-through rally on the cut this time (probably less than 50/50 odds that will happen), then I think there's a decent chance we have already put in the bottom......
In closing, I predict the market will be either up, down, or UNCH tomorrow on either below-average, average, or above-average volume.......and Bob Pisani will say the word "volume" at least 20 times tomorrow.....
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Jimbo. |
