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Market resiliency

The skeptics find themselves on the defensive and it's clear it will take more than a 3.5% drop or reminders about October's "scary" history to break the market's short-term momentum.

  • George Soros says the U.S. banking system is "basically bankrupt" in sharp contrast to Goldman's upgrade of the large banks.
  • Nouriel Roubini says "markets have gone up too much, too soon, too fast," and will retreat when economic news refutes the V-shaped consensus, Bloomberg reports.
  • Joseph Stiglitz told Bloomberg TV investors have become "irrationally exuberant" about prospects for a recovery. "There's a lot of risk...ahead of some big bumps."
  • Christopher Whalen tells Tech Ticker the fourth-quarter will be a "bloodbath" for banking as says stocks rallying while the "real economy is dying" is not a healthy sign.
  • Meredith Whitney warned about the likelihood of a second credit crunch, especially for small businesses, a WSJ op-ed last week.