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11/17/2010 1:49:23 PM
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Déjà Vu All Over Again?
The last IPO that was as widely anticipated as the current GM offering was Visa (V), which filed in late 2007 and priced in early 2008. It was a veritable bell-ringer at the top of the market.
Additionally I’d note, via Investors Intelligence:
The bulls surged all the way up to 56.2%, from 48.4% last week. Twelve weeks ago their number was just 29.4%, at the late August bottom. That reading below 30% was a low since March 2009. We are now just below the 56.5% reading from December 2007. Bulls at 55% show excessive optimism and a rally in danger while less than 30% shows too little and suggests a buying chance.
Warning flags are waving, in my humble opinion.
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