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Market Musings, Thursday April 26, 2001
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“Accomplishments will prove to be a journey, not a destination.”
-Dwight D. Eisenhower-
4-26-01 12:46 AM
Good Evening,
There has been a lot of speculation and predictions .. by many Bond bulls and Stock bears of late who insist the economy is heading down the proverbial flush down the toilet…
They insist that deflationary tendencies are evidence the Fed rate cuts will not help…
However the bears do not have any reasonable explanation for the recent rise in stocks.. instead they are pounding the table insisting it will not hold cause there is no evidence of
any recovery yet.. and that re-inflation must occur to pull us out the steep decline in their words…(or should I say doldrums in my words)…Gold prices have not risen..to suggest any added liquidity … Copper and silver are not rising.. there is little or no demand for raw goods and according to the bears that we are on the same track as Japan.. a multi year recession and that above all the sky is falling…
I wonder how many of these boys have looked at the lumber chart lately..?…
A classic End-run if I ever saw one…
And I really want to ask them, if the sky is falling then why have lumber prices surged in the last few weeks to highs not seen since July of last year.. after falling in the past months not unlike the stock mkt.. is this simple mkt that no one cares about telling us something about the general health of an economy that has only 4.5 unemployment and still has a currency that is in demand along… It may or may not…
But if it does not the bears are likely to squeeze the last bit out of the bear..
While if it does they lose big time and fast like a bat out of hell.
Happy Trading
Bill