Oh sure, Citi has a spankin’ clean balance sheet and Obama has appointed all the wizz kids to end the economic catastrophe. Reason enough to buy stocks and sell the dollar as risk aversion recedes, right? After months of modest optimism, I’ve come to conclude it’s always darkest before it goes completely black….
Another group of snotty Ivy League wizz kids got us into this mess, why do we assume this group will get us out? We had two 10% ralies last month only to fall to 11 year lows on the S&P last Thursday.
Markets are thin and volatile, adding to the short-covering bid but there is more bad news to come in the days ahead. I’m not getting sucked in again! I repeat, I AM NOT GETTING SUCKED IN AGAIN!
Case in point: A 0.5% drop in Q3 GDP is on top for tomorrow and a much worse (-5.0?) Q4 GDP certainly lies ahead. Even the most upbeat (like me) don’t expect a turn around until the second half of 2009.
A wise old friend on more than one occasion said “it’s never too late to sell the pound”. I’m beginning to feel the same way about the euro. And the stock market.
(This rant will likely mark to the day the very bottom in the stock market and the end of the dollar rally…)
