If this call was a pomegranate, I'd eat it and spit the seeds in Bove's face. Bove is trying too hard, and he'll never be as sad as Abby Joseph Cohen, will he? http://www.bloomberg.com/apps/news?pid=20601087&sid=akQYPxVt_J_I&pos=3
The economy is great (or not). Corporations are seeing organic sales and revenue growth (or not, as all of their "gains" have come from cost cutting, wage deflation, and they still can barely beat the retarded low analysts' expectation - some nice, rigged racket, that). Gold, oil and various other commodities can easily run up another 10% or 30% from here - hell, maybe 200%, and consumers won't feel any pain and shift spending away from discretionaries (or not). Government deficits and debt don't matter (or not). Banks have no more toxic assets on their books, are not hiding anything, and most would clearly go back to mark-to-market instead of mark-to-fantasy if they could (or not). The American middle class consumer is no longer necessary to grow and maintain a vibrant economy (or not). The real unemployment rate is as the government states (or not). The S&P is trading at a fair multiple, with implied expansion coming from consumer and business spending (or not). Dow 36,000 (or not).
Hi BLSH, Is there a timeframe for your "next depression" scenario to play out, or are you going to stay mega bearish forever? In other words, what is it going to take for you to throw in the towel on the "next depression"?
all of these fears and many more unfounded fears were priced into the market at 7000. now it is correcting the overshoot to the downside.
if you knew anything about the market you should know that when the economy and sentiment signals all clear it is too late buy for investment. the market often climbs a wall of worry.