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- #21
A dropping inventory is without doubt a very positive sign. However there is still a great deal of overleveraged asset toxicity on the banks' books. The idea we will be back to a "normal economy" next year based solely on the performance of one sector over a short period is naive at best.
There are far too many rudderless economic missiles still whipsawing around out there. The odds are much greater one of them will land with devastating impact between now and next spring and obliterate whatever fragile "blossoms" one is watering.
I would not let one's political biases affect one's judgement about economic realities on the ground. That's a surefire way to get your ass kicked in the market.
All eyes on Europe.
.
Numbers don't lie.
Only people lie.