Utter Crap
From Tim over at Slope Of Hope — never one to mince words:
The folks over at Elliott Wave provided a very interesting graph on sentiment today:
Not to put too fine a point on it (.…..say I’m the only bee in your bonnet…….), investors are now even more doe-eyed optimistic about the prospects for equities than they were when the S&P peaked at 1576! All this crap about tons of cash on the sidelines and people waiting to pile into the market is just that: a load of crap. They’re already in! And they’re expecting things to keep soaring! (Just like, ummm, in October 2007).
The “cash on the sidelines” thing drives me nuts. The “cash” was destroyed in the 58% decline – remember? The notion that people:
- Sold at the top
- Tucked their “cash” away somewhere really, really safe
- Now have all that cash at-the-ready to buy stocks
is….…that’s right!….……..utter crap.
1 Comment »
RSS feed for comments on this post.
Leave a comment
Line and paragraph breaks automatic, e-mail address never displayed, HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
Someone had to sell …otherwise it wouldn’t have declined by 58%.
I for one have cash on the sidelines. But then, I don’t usually keep long positions (in the classical sense). I probably should; would have minted an extra hundred plus grand if I had over the summer. I could have just thrown a dart at a stock page and found a winner. I just don’t trust the markets to be done correcting, yet.
Comment by Andrew — 8/26/2009 @ 7:41 am