Jim and the forever optimist M Winn,
Tell us Ramsey, what did you buy?
I bought some puts and shorted some misc stuff, took no action on QC one way or another.
Still as chicken as last week. Tell me, what has changed?
Filter out all the noise and you have exactly the same picture. Watch the earnings. The US economy alone is not strong enough to justify the lofty growth rate and PE expectations. Not only are we not seeing growth in many regions of the world, we are faced with shrinking and dying economies.
The point gain today consists of the usual suspects, CSCO, DELL, MSFT, INTC, all over valued big caps with nose bleed PEs. With 75.84 NASD gain, my screen is not all green, a contrast to the all red screen yesterday. Advance/decline and new high/low both tell a different tale than the indices.
September is upon us and we will soon be reading earnings warnings press releases, followed by actual earnings reports. If we keep reading ".... no impact from Asia, Europe growing great, outlook for next quarter strong ....." I WILL EAT MY SHORTS.
Ramsey |
