alajac

Rational Exuberance?

"By all accounts, recovery has arrived or is imminent."

Since "all accounts" didn't see the crash coming in the first place, I put NO stock in "general opinion" on anything, ever.

Credit is imploding, print as much as you like, we are going down BIG, in a combination that will "rhyme" (as Mark Twain put it) with both 1929 (where the drop after the initial relief rally was MANY times as deep as the original drop, and 1938 with its sharp rally (does "3 weeks almost straight up" sound familiar?) off of a retest of support followed by about 3 weeks of mostly sideways action (again, sound familiar?) that put in a top that was to last for the next 7 years, the next four of which were successively lower. The top should be put in by next Monday. (There are too many expiring puts for it to start going down much this week.)