I can’t imagine this is a bullish item. I took a break this morning and surfed the cable shows. One I use as a reverse indicator (I will not be specific for fear of issues)…
It seemed to me that I could have closed my eyes and imagined I was back in 2004…Talk of Buyouts and Mergers and Acquisition, Interviewing stock analysts on buyout targets…Apparently, we are going to whistle through the grave yard, hoping that the rally holds…
It makes me just hesitate a little, because generally, those shows are lagging indicators.
I wrote last week about how at the BOTTOM last March, at 666 in the SP500 and 6500 in the Dow, the survey of money managers at that time had a bullish percentage at two percent… That’s right… 2 %… Last week that survey was a little more bullish.. 90 percent were Bullish…Is this a reverse indicator? You’ll have to figure that out for yourself..
Just Food for thought…I would bet right now that some one at the cable shows is calling up the perma bulls for an interview.. You remember those guys…Dow 20,000 by 2012… It just gives me pause and makes me think about buying some puts for protection on the downside, or as a lottery ticket to profit if indeed, the other shoe drops and we have a move in the Dow from 10200 down to 8200? A nice 20 percent “correction”…
