Thursday, September 23, 2010


FYI, I'll be travelling on business for the next several days. I'll try to get some posts up this weekend, but no promises. Best of luck navigating this excruciating levitation act that mood and markets are engaged in at the moment.


David said...

Excruciating is right. Bob P.'s videos from 9/20/10 brought the whole issue into sharp relief for me. He noted the sprints from 95%+ bulls in one asset class after another during the past 10 years indicate a manic drive to "own" something (whatever the herd is trampling each other to get). The parabolic rises in stocks like AMZN and NFLX are indicative of this process still being in force. I also add that the past couple years' "deleveraging" of consumers is recognized by more insightful commentators as nothing more than defaults, and that those consumers not forced to the wall are still leveraged to their hair roots.

We thought things changed in 2000, then in 2007, but they haven't changed yet. On a semi-log graph we're still like a hydrogen filled balloon bumping along the ceiling, awaiting a spark.

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