COMPLETELY OFF TOPIC (but open for discussion)
I need to get this off my chest......
There are absolutely no fundamentals driving this stupid bull market any longer. The DOW managed to start off the year by going as high as it was before any Asian crisis. Things were no better than before , yet the market went higher. Analysts say that this is a new era of high multiples... That is just a sorry excuse for the fact that they can't explain why the bear never hung around. The market is supposed to be based on future expectations. Well, everyone knows that there is very little certainty about the future of profits and economic growth. Yet the market does not reflect this. Sure we have had a little volatility, but that has come and gone for a couple years now. Whenever it happens you have Lou Dobbs sitting with a guest who is the "voice of reason" and says, "oh, well we can expect a little volatility for the next little while." Like these are some brilliant words that any simpleton investor couldn't have thought up???
The fact of the matter is (and this is just my opinion), there is no logic built into this market and the DOW Theory has gone right out the window. Common sense and rationality no longer roam around Wall Street and apparently the bull has got the run of the place! I'm not saying I want a bear market, I am just saying that I don't want to explain to every small investor across the globe why there RRSP is no longer worth half what it once was. Because if this bubble ever bursts, we got problems! Go ahead and explain your rationals for why the market remains strong, but I won't bye it.
The straw that broke my camels back, was seeing the Hang Seng surge. It is pathetic:
"Oh look, the DOW was up today, so we should be too." The TSE follows the DOW back and forth, the make up of the indexes are completely different, yet the boys on BAY street look to see what the DOW is doing and then they follow. It's just kind of sad, that's all.
Sorry for taking up your time.
Had a long day. Thanks for listening.
Valiant/ |
