BarcooI find this quite disturbing !! I've followed Waxie's posts for a while now and he is usually spot on with his calls. Although he is unconventional in his posting this is one of his more sober and (I believe) very accurate calls.It is probably the one main reason I've leaving the US market until things settle down which, judging from this article, maybe quite some time off.RegardsHarmyhttp://boards.fool.com/Message.asp?mid=16779815We said MONTHS ago that the US banking system has to come into question based on the overall demise of the stock market,and world economic problems.Today we have JPM under heavy pressure and hitting a newfresh 52 week low (in spite of idiot analysts upgrading itonly days ago!) due to increasing liquidity and debt concerns.We are advising you all to NOT have ANY longs once again.Perhaps investors are dumber than even I think, because foranyone not to see the writing on the wall is beyond ignorance.IF the US banking system pulls a Japan on us, and I think it ultimatelywill, then the rest of the stock market will implode on itself,sending securities to fresh lows in very short order.Whether or not this happens next week or next month, or in 6months is anyone's guess, but it more than likely will happenat some point.Investors are gullable, they still believe that at somepoint the stock market will make new highs.Perhaps,anything is possible, but this Hubris should dictateotherwise. WE do not believe that the market will make new highs,and further we stick to our long term guns and call forthis Bear market to last for SEVERAL more YEARS.We look at days like today where you should have obvious sellinggiven the breath of news as further evidence that we have NOTreached bottoms on any index. Many so-called analysts willpoint to todays action and say the opposite. Jim Cramer, whoI lose more and more respect for every time he opens his bigfat trappy mouth, said last week just that. However, the overwhelmingevidence points to further losses this year and still furtherfor a while until we reach fair and reasonable valuations.While stocks prices have come down, we have yet to seeanalysts come out with sell ratings. This is quite disturbingand unfortunate. Goldman Sachs once again today upgraded CSCO.This is probably the 30th time they have done that in the last2 years. Why? Every shred of evidence points to further downsidewith very limited upside to CSCO. They have been calling it longfrom the $70s all the way down. At some point wouldn't you thinkthey'd just give TRUTHFUL info on the company?Unfortunately the American public wants desperately to believethat the stock market has to come back. It doesn't and itsdoubtful it will for a LONG LONG time.In the final analysis we have to determine that the other SHOEShave already dropped, with more to come, but the problem isthe same as the age old question -"If I tree falls in the forest and nobody hears it, did it stillfall?"The stock market tree(s) have already fallen, unfortunatelyno one seems to have heard it...See ya on the other side,WAXIE
Excellent,Hope Waxie is right. I'm in the mood for some bargains.
Hope Waxie is right. I'm in the mood for some bargains. BarcooYes - so am I !! When you read stuff like Waxie it makes me very cautious. I've thought for quite a while that if you are in a cash position (or nearly) this is exactly the right time to be looking for entries.When I start to buy I'll keep you posted - I'd welcome some candid comments !!RegardsHarmy
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |