Yesterday's Wall Street Journal had a longish page one essay on the disasters awaiting the dollar. More or less saying that a crisis is inevitable, although it has been avoided so far by the US "special position" in the world.
The Money & Investing section had its lead story about how the Bull Market was getting way too old for it's own good.
And, the never ending trials of the "Cult of the CEO" started up again with the Bernie and Dennis show revivals.
So....? THE MARKET RALLIED WILDLY!
Clearly Wall Street makes its own news cycles now, just as it makes it's own weather. As goes the temperatures in lower Manhattan, so goes the price of oil! Nevermind China, India and Euroland!
Go figure....or better yet, don't and just call it all totally irrational.
THE ONLY THING HOLDING THIS MASSIVELY OVER-VALUED OVER-PRICED MARKET UP IS THE FIRM CONVICTION ON THE STREET THAT FROM JANUARY TO APRIL, THE SUCKERS WILL ALWAYS FLOCK TO STOCKS.
AND SO, THE FACTS AND NEWS DON'T REALLY MATTER.
AFTER APRIL 15th THOUGH? THE USUAL "SUCKER FLUSH" WILL KICK IN, JUST AS IT ALWAYS HAS SO MANY TIMES BEFORE; AND THE MARKET WILL THEN EITHER FLOUNDER FOR MONTHS, OR DRIFT DOWN;
UNTIL THE NEXT "BIG THING" GIVES IT SOME DIRECTION; THE ONLY PROBLEM BEING ALL OF THE AVAILABLE "NEXT BIG THINGS" ARE NOW BAD......
Meaning Kudlow and Cramer can't seriously start badgering the G-Man for a RATE CUT TO GOOSE THE AVERAGES........THOSE DAYS ARE LONG GONE! But not yet forgotten on The Street.
