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I’m afraid my guilt is getting the best of me, and my dismal and depressed feelings about this “market” be damned, I owe you some content. So I’m going to share something special.
In my novel – – which I thank Godfor, since it gives me a creative outlet and a distraction from these idiotic market machinations – – I have three tiny vignettes that break the book into equal parts. I’d like to share the second one of them with you here for the first time. I hope you like it.
I’ll be the first to admit it: when I’m disenchanted with the markets, I don’t feel like writing about them. Conversely, when I’m really into the markets, I can’t shut up about them. In any case, this is clearly one of the instances of the former. Below is a three-foot-tall infographic that (bullish, I’m sure) New York Life put together about this so-called “down” market (Coulda fooled me!)
As you can see, right out the chute the present a chart which ostensibly declares that P/E ratios have gone from a frisky 38 down to almost half that level. So – – stocks are a bar-GOON, right? That’s the conclusion they surely want you to draw. Long-term, this all depends on where “E” (earnings) are heading, right? In any event, I’m going to give myself the gift of time and share this item with you below:
A week ago, my main concern about the market from a bearish perspective was how deeply oversold the overseas markets had become. Looking at the EFA, you can see how the past three days alone have gone a long way to dispatching with this pent-up pressure.