Michael,
Is it just me, or does it seem that we are in an eerily quiet period just before some great upheaval? All the factors that underlie the mania are deteriorating rapidly and simultaneously: rates, spreads, fund flows, the dollar, international "recovery," and internet stocks are all melting before our eyes. All the things that bears have been concerned about, such as the trade deficit, credit creation, savings, and corporate cash flow are getting even worse. All the media talks about are "interest rate jitters."
Is there any market or sector index that would make a good put candidate right now? Or would any particular overpriced stocks be more efficient proxies for the market?
Thanks,
/Kit |
