"The markets don't like it,'' said Peter Boockvar, an equity strategist at Miller Tabak & Co. in New York. "You listen to a market of optimists who think the worst is over and that it's gonna be OK, but this data is showing you it's not.''
Similar to Mr. Boockvar, most of the bears out there seem to think that they're in the minority, fighting to get the rest of the market to understand that there's trouble ahead. Maybe I'm reading the wrong news sources, but most of the news and commentary I'm reading these days is pretty pessimistic. Plus, as I noted back in June (and Merrill Lynch recently updated), fund managers are pretty darn bearish across the board.
And in case everyone forgot, the S&P is still down nearly 20% from its peak -- and last I checked stocks decline when more people are bearish than bullish. If we were surrounded by nutty optimists, I'd guess that we would've seen more of a recovery.
Now obviously I'm an optimist here, and so maybe I'm pulling the same stunt, but the cries of "oh, everything is terrible and nobody else besides me seems to understand that!" are getting a little old.
-AvgJoe
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1 comments:
Its very difficult to predict any thing about market because every second has a different story.
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