Rich, just watched the Sunday replay of Friday's Wall Street Week and I don't know whether to be more bearish or bullish. All the panelists (no Marty Z) were talking about buying the beaten down stocks, how the whole Asia problem is overblown and how this weeks move was no big deal. Then Abby Joseph Cohen (Goldman) came on as the guest and said 8700 Dow by year end ("MINIMUM!"), Friday was an "informationless decline" (whatever that means), Asia problems are overblown, the economy is strong, looking for the market to trade at "very reasonable" 23-24 PEs, long rates will probably go below 5.5% but head higher later in the year (as the economy gains speed). If any of these people had a care in the world, they are very good at hiding it.
Complacency? Probably. Maybe the only raging bears are here on SI, "bad-mouthing" the companies that have "staked a claim on the future" in the "big Internet land-grab" like YHOO and AMZN.
Maybe if we saw panicked faces on Wall Street Week, that would say more about how close we are to the bottom than the top.
Anyway, it won't be dull.
Bob
PS: Have you heard? SI is being "Bonked". Click on "Home" below. Anarchist trying to disrupt the delicate balance of power between bulls and bears? |
