Another Day

Same old, same old. Pump those giant momo stocks, everything else can go to h*ll. Bullshit baffles brains. That there is so much willingness to assume risk, given both the fundamental and technical backdrops, is absolutely stunning.

Under Bloomberg’s headline “Investors Keep Faith in U.S. Stocks as Dip Flashes the Buy Sign” we still, unbelievably, get the same old crap:

Any slump in the market will be temporary and represents a good time to buy, said Craig Hodges, manager of the $1.4 billion Hodges Small Cap Fund that’s beaten 99 percent of its peers over three years.

“We have a list of 15 to 20 names that we’d like to buy at a cheaper price, and so we kind of like days like today, where some of the weak holders get shaken out of stocks,” he said in a phone interview yesterday from Dallas. “There is still a lot of money on the sideline that’s looking to be put to work.”

UFB. Leading the market is Amazon, up nearly 5% and sporting a P/E of a cool 535. Yes, that is an earnings yield of 0.19%.

Changing the subject, I must say that, watching Obama’s antics, I am reminded of Napoleon’s famous description of Talleyrand. He (Obama) clearly thinks he is channeling Macchiavelli, unfortunately without the necessary wit.

… and we’re green!

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