re: nothing feared will materialize:
The 4th Horseman is Death. The internet is great for quickly finding answers to obscure questions like that.
Seems to me that, a year ago, sentiment was too bullish, while the fundamentals steadily deteriorated. Now, sentiment is bearish, while the fundamentals steadily improve.
Every conference call of a semi company I've listened to, for the last 2 quarters, has said, "the bottom is in, we are now seeing steadily improving sales, profits, and margins." Meanwhile, everyone from Buffett to the President is telling us to expect a nuclear attack somewhere sometime. Permabulls, like the regulars on the Gorilla thread, are finally discouraged, disbelieving good news. As was recently pointed out, there is a mountain of cash on the sidelines, earning near-zero interest. That money wants to buy stocks, and will, as soon as it isn't so scared. |
