I just saw some clown from Salamon on CNN Moneyline predicts Dow 9,000 by the end of the week 10,000 by June, no rational reason just because.
When it hits 9,000 today, will he change his target to 10,000 by May? What the hell, there's still five more days in March - 10,000 by April Fools (upper case "F") day!
Did anyone notice that Durable Goods Orders fell by 1.7% in Feb (Jan was revised down a little too)? No big deal? How 'bout non-defense capital goods down by >5%? Where's the growth?
But Mr Softie is gonna beat the street, so buy everything! COMS is even getting some "time to buy" talk on CNBC.
Would it be considered capitulation if otherwise rational investors and money managers have forgotten how to sell, have decided that everything they have always believed about value no longer applies, and live in mortal fear of cash? In other words, if all those who would have turned bearish long ago due to valuations and economic slowdown, and even acknowledge the irrational exuberance, simply refuse to turn bearish now out of fear of missing more gains, isn't that effectively the same as capitulation by the bears?
Bob |
