Alan Abelson and his 'Bad-news Bulls'
Somewhere between Schadenfreude Street and I-Told-You-So Avenue, Abelson finds his home turf as a market commentator, ribbing the bulls who've been using bad news as their cue to add even more exposure over the past month.
Somewhere between Schadenfreude Street and I-Told-You-So Avenue, Abelson finds his home turf as a market commentator, ribbing the bulls who've been using bad news as their cue to add even more exposure over the past month.
Having read his column for over 15 years, I can tell you definitively that Alan Abelson is at his best when writing on a Friday afternoon during which the market is in its classic summer lethargy give-up mood, which is exactly what transpired at the end of this week.聽 Somewhere between Schadenfreude Street and I-Told-You-So Avenue, Abelson finds his home turf as a market commentator - I go straight to his page on weekends like this one.
Here he ribs the bulls who've been using bad news as their cue to add even more exposure over the past month...
I definitely see some of this activity going on.聽 Abelson explores the obvious negatives in his piece and decries our inability to sell the market off down to levels at which bears will feel satisfied that the negatives are being respected.
The one thing he forgets (or leaves out) is that the world is waking up to the fact that there aren't any other alternatives.聽 That's how you get Intel, IBM and Qualcomm reporting not-so-great earnings and then rallying 5%+ the next day (happened on Thursday).聽 Because in the battle between weak growth and tepid returns versus negative real rates of return (bonds), guess what wins over the intermediate-term...
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