Posted on one of my office walls is a 'yellowed' full page ad I pulled out of Barron's dated August 27, 2001.<<<
emphasis on the'yellowed', that is no longer the case, even the super bullish abby joe's targets are reined in by the bear, in 2001 there was still a lot of bullish sentiment, but after the collapse into the summer and fall 2002 lows and the exodus of mutual funds making this the first year in over a decade that the public has puked, and they have been puking for the last six months.
What the bears need now to keep the mo going, is the 30's deflationery scenario, and it's not happening, there are no bread lines on 42nd st., bernie ebbers, joe battaglia, and henry blodgett are not selling apples on wall st.
contrary thinking is both art and science, but you can't count yourself as a contrarian if your in the bearish camp anymore, sure there are elements in the financial arena that seem overly bullish, but when the pedal hits the medal, the everyday joe has had enough of the stockmarket, selling his assets and not watching CNBC anymore (down 40% in ratings in the last year) |
