For god sakes, I am watching cable TV this morning and I feel I have to write this letter this morning.
Please do not get long stocks here thinking that the Greek issue is all fixed. Now we have Portugal, Ireland,Spain… So don’t get lulled into complacency by TV headlines.
What happens if Greece does not stay the course?
Also, for the love of god, CNBC was asking “What’s next ? Dow 15,000??” Good lord almighty they are bullish beyond bullish.
All it takes is Greece getting a budget and all is right again in the world? Really.
I am looking for this market to remain in a volatile 1,000 point trading range through the US Election. That’s 9 months of hatred and vitriol coming our way over the airwaves.
While I think the market will climb a wall of worry in fits and starts, I would not be looking for a new rush higher at this point.
It always puzzles me, when these gurus put out targets at 15,000 Dow… why don’t they take the mortgage, take their kids college funds, and 1) buy calls, 2) sell puts and buy futures? They would flippin clean up. Its time for these jack asses to put their money where their mouth’s are. Its not much fun when you’re wrong, I can tell you from experience.
So, bottom line. I think this rally is old, I think its over done, and seeing crap like this on cable this morning, makes me think we are due for a correction.
CER