Dow betwixt and between–betwixt surreal and reality

Posted on Dec 06, 2008 by WHC Bassetti in Letters

Watching the Dow blast up 250+ points on the day the government announces that the administration (We suppose they did it. Someone must be to blame.) pulverized over 500,000 more jobs leaves us between Lewis Carrol's mirror and black hole.  We must be in a bull market atmosphere -- or a b.s. atmosphere.  1 in 10 mortgages in trouble, a possible 2MM foreclosures -- oh well, time to buy and get back to business.  We're at a loss to imagine who we're going to sell things to if everyone is out on the corner trying to sell us apples.  Ignore all this.  It's called economic analysis.  Keep your eye on the chart and be willing to abandon your short positions when the trend changes.  Any probability of that?  Probably not.

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