Ray, my perception of the market is much more what I have termed "rolling correction", (in other words range bound). What I find interesting is the effect the fund managers have on various sectors. Depending on whether you have been heavily weighted in a particular sector or not, you may have been experiencing a major bear market for quite some time. This market has not been as broad as I would have liked, even when the small caps started to "outperform" it seems that it was "at the expense" of the large caps, so recently more cash has been raised and I look for the next big gainers to be surprise, surprise! the sectors which are currently out of favor. Still a perma-bull, but see a lot of excess out there in equities, but my objections are directed more toward to corporations with unsustainably high PE's which deserve to be taken down. My take right now is to find the global companies which are solidifying their leadership in compelling markets and invest heavily in them. Asia, notwithstanding. So I continue to remain longterm bullish but discretionary.
On that other issue, "Women are never stronger than when they arm themselves with their weakness." Boy, that outta get me some flames! |
