From this blog? You gotta be kidding me? Nope, the barrage continues. I have found several nice articles that challenge the pundits green shoot theory and do a damn good job of it. Read 'em all back to back and you'll feel a lot better.
Since ZH readers voraciously send TD all the good stuff, I raid his pantry again. One you may have missed or skipped over is Andy Xie: Tight Spot for Fed, Blind Spot for Investors. There you will find, "The world is setting up for a big crash, again. Since the last bubble burst, governments around the world have not been focusing on reforms. They are trying to pump a new bubble to solve existing problems. Before inflation appears, this strategy works. As inflation expectation rises, its effectiveness is threatened. When inflation appears in 2010, another crash will come."
In another delightfully truthful and well documented article The Big Picture has Have stock markets run away from reality? Richard Russell, veteran writer of the daily Dow Theory Letters, commented on Monday: “I’m of the opinion that this bear market rally is in the process of topping out. When a counter-trend rally tops out within an ongoing primary bear market, the odds are that the stock market will break to new lows during the period ahead. That means that the stock market will break below its March 9 lows in coming weeks. A violation of the March 9 lows would be a shocker to most investors, and it would be a forecast of an even worse economy coming up.” Nice!
In an older post you may have seen (but keeping with the theme of this post) you may have read The Great Depression II meme from Credit Writedowns. If not, READ IT. "While I have been singing a more bullish tune in regards to the prospect of a technical recovery in 2009, I am concerned about a double dip as a likely outcome."
It's a comin folks. How it all goes down is any one's guess, but like they say about that light at the end of the tunnel "oops, it was a train", and right now everyone thinks it is something better. Wrong, oh how wrong all the green shoot subscribers are. P2 may be topping here, or the sheeple may drive the markets higher after some sort of significant pullback then the crash, but the crash is coming. Everything I am reading is pointing to 2010. the sooner the better I say. Let's get this over with.
More than P3? Yup, if you are severe perma super uber mega bear read Deep Thoughts From Jeff Gundlach. Quite possibly the scariest thing I have read to date. This takes us beyond P3 to monetizing the national debt and screwing the world which IMO will lead to the war to end all wars.
I'm sure you read that Obinhood has said no to CA bailout. Too bad they can't become a bank holding company. The shit is gonna hit the fan in CA. The Governator is gonna shut down the government. This will make for some good footage from Youtube! If you think the Watts riots were bad this will make them look like child's play IMO. From ZH and the S&P ratings agency, "With the specter of approaching payment deferrals or issuance of registered warrants, the magnitude of the cash and revenue problem, and the limited amount of time left within which to make meaningful budget reform, downward pressure on the state's rating is intensifying, in our view. A failure to address the structural budget gap leading to significant use of registered warrants, payment delays, and more acute liquidity strain could cause the rating to fall below the 'A' category." Not good.