Good morning, fellow thinking people of the trading world.
One commenter last night linked to this table of what the big banks are projecting the S&P will close at by year's end. The projections all ranged from 1350 to 1650 (there was an even higher projection – – 1700 – – issued by a firm called Bear Stearns; for some reason, I can't find their contact information anymore………..)
I stand aghast that in the world of multi-million dollar prognosticators, no a single soul – – not one – – has the courage to stand up and admit that the market is going to fall. Sheeple! And projections of 1650 by year's end strike me as nothing less than grotesquely moronic. Do they honestly think an annualized return of 50% stands in the offing? I don't know what I'm getting so worked up about; it's not like I'm ever going to listen to any of these big boys for guidance. But they sure do a splendid job deluding 99% of the public.
Here are a couple charts you can use to calm yourself.
I'll be roaming around the SF Money Show tomorrow. If you see me, say hello. If it's not me, don't worry. Because you've made yourself a new friend, my man!
