A Market Perspective
From Martin Goldberg at Financial Sense Online:
"If you own stocks today, make no mistake, you aren’t investing; you are depending on the greater fool behind you.
Another quarter passes and with it still the preponderance of one time and special events and things that didn’t go just right. They all shove these aside while the ex-item numbers are reported with a CNBC smile eaten up by your fellow speculators. Whisper numbers are back along with untimely and baseless analyst upgrades.
Without a good excuse to bid stocks up there are over 8,000 hedge funds managers waiting for movement to take money from John Q. Public. It doesn’t matter – up or down makes no difference to them.
At critical times, the stock market makes fools of the masses and we may now be at such a critical time. Of late it seems that there is literally nowhere to hide in this market.
I suspect, as bearish positions become more “fashionable,” that side of the trade may become crowded from time to time, and this could precipitate sharp and tradable short covering rallies. This scenario will produce a bull market in volatility."
"If you own stocks today, make no mistake, you aren’t investing; you are depending on the greater fool behind you.
Another quarter passes and with it still the preponderance of one time and special events and things that didn’t go just right. They all shove these aside while the ex-item numbers are reported with a CNBC smile eaten up by your fellow speculators. Whisper numbers are back along with untimely and baseless analyst upgrades.
Without a good excuse to bid stocks up there are over 8,000 hedge funds managers waiting for movement to take money from John Q. Public. It doesn’t matter – up or down makes no difference to them.
At critical times, the stock market makes fools of the masses and we may now be at such a critical time. Of late it seems that there is literally nowhere to hide in this market.
I suspect, as bearish positions become more “fashionable,” that side of the trade may become crowded from time to time, and this could precipitate sharp and tradable short covering rallies. This scenario will produce a bull market in volatility."
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