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Wall Street Rule #1 - Never Let The Facts Get In The Way

I saw this today and had to laugh. It just about covers every illusion that the reckless bulls are clinging too.

"This doesn't worry me right now," said Andrew Fitzpatrick, director of investments at investment management firm Hinsdale Associates. "[Coppers decline] doesn't change my outlook for stocks, given the health of corporate America and support by the Fed."

Coppers Selloff Isnt a Concern for Wall Street - MoneyBeat - WSJ

Essentially this guy is saying that the growth of the world economy suddenly doesn't matter anymore. Who cares if US companies have been betting on China's growth as their main source of future revenue.

Who are these guys and where have they been for the last 10 years? He says that corporate America is healthy with cash but that is because it stopped investing in the future.

How many young Bill Gates and Steve Jobs are out there right now working their asses off to provide innovative solutions for emerging problems while corporate America cowers behind a mountain of cash because it is afraid of the future. I hate to break it to the overpaid CEO's of these soon-to-be former giants of American industry, but the future is uncertain - always has been and always will be. Thank God that we live in a country that still allows large companies to die a miserable death because they fear risk.

Wow, that was a digression. My original point was to say that wishing that copper's decline doesn't matter will not change the fact that it does. The price decline is only going to get worse, just look at copper inventories. They have been rising over the last few months while the true-believers deny the evidence that the China driven commodity story is over.

Disclosure: I am short IWM.