Skip to comments."Buy everything" sentiment continues on Wall Street
Posted on 02/21/2011 5:24:48 AM PST by TigerLikesRooster
"Buy everything" sentiment continues on Wall Street
Fri, Feb 18 2011
By Angela Moon
NEW YORK (Reuters) - Investors will continue to ride the speediest rally in U.S. stocks since the Great Depression despite growing concerns that the market is overbought and due for a correction.
Wall Street posted its third consecutive week of gains with the S&P 500 now up 6.8 percent for the year and more than 20 percent in just six months.
"I've never seen a market like this," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont, a market watcher for 35 years.
"I'm showing, by every technical and quantitative standard I have, this market is at extreme levels. But no matter where we start out in the morning, buyers come in."
The trend of stocks starting off lower in the morning session but ending higher by the afternoon has been ongoing for weeks as investors view the small dips as reasons to buy.
(Excerpt) Read more at reuters.com ...
FRBNY + POMO + QE2 = $$$ .
There were several “recovery rallies” during the Great Depression. They called them “suckers’ rallies.” That’s why people who know are buying gold and land.
-—”I’ve never seen a market like this,” said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont, a market watcher for 35 years.-—
Well, Mr. Mendelsohn, we’ve never had a Fed Chairman like this either.
-——by every technical and quantitative standard I have-——
There you have it. Reading entrails doesn’t work
I keep being tempted to step back into the market. This is surely a death knell signal.
Have you noticed any articles citing the gold fever as a “suckers bet”?
(especially at these prices)
You can’t eat it, and in denominations of $1400/oz., you’d find yourself over-paying for groceries.
This is just further proof that Reuters is in cahoots with the dark side.
The Markets haven’t reflected reality in some time.
What we are seeing is the Investment Banks Computers playing chess.
This will not end well and anyone jumping in will get burned.
Hmmm... must be time to buy.
The market is concerning. BUt hard to know how to respond to it.
Central planning regimes, to whatever extent they comprise governments, are in the process of failing all over the world (including, I hope, here in the U.S.). This ushers in a period of seeming chaos as — if the world is lucky — free or freer markets are allowed to utilitze TRUE pricing mechanisms and, therefore, create order.
I don’t know that there’s anywhere to hide, financially speaking. (Or otherwise, now that you mention it.)
That’s it? Those are your reasons for not owning Gold?
“You can’t eat it” and “”It’s too large to use as currency”?
When Argentina and Mexico had their devaluation events, the only people who ate well were the ones with Gold. It turned out that supermarkets were very willing to change Gold into Silver, or to extend credit based on Gold.
Whereas - the people with wheelbarrows of worthless cash lost a lot of weight.
If you watch the graphs of the dow you can clearly see when the government starts buying each day. Suddenly the pattern becomes more erratic. It's hard to explain without a picture but as stocks trade the indexes like the dow fluctuate on the way up and down... usually they have a sort of rounded look... but when the government starts buying these fluctuations become very sharp. I have been noticing this for a long time now and am surprised no one else has mentioned it. Most of these buys are either shortly after the open or near the end of the day.
Appears to me the only money in the market now is what the bozo administration is printing 24/7.
The “real” money prior to the present HMFIC being elected is still out of the market!
Without printing a bigger pile of of bozo’s funny money how will any refunds from this taxable year be paid back?
My post was a caution against over-reliance on gold AT THESE PRICES.
This isn’t Argentina or Mexico, and any financial crisis would unfold differently here.
Where you would trade (looted grocery stores?)
With whom you would trade,
How you would trade.
There is no model, or assumption of order.
You cant eat it, and in denominations of $1400/oz., youd find yourself over-paying for groceries.
2. Have you ever heard of “change?” (Although Junk silver coins are better if one expects to buy groceries after a currency collapse).