Rather bullish in a risky time

I'm not sure the economy is past its vulnerabilities, but it does seem that the financial markets have gotten ahead of themselves.

We'll see what happens, but if I had to bet, it would not be to be contrary right now, which is what has been working. It would be to look for a small, but meaningful, breakout, in the very short run.

There is a flow of good news going on alongside some of the worries in the financial stocks. I terribly mis-read the basing in those stocks as die-hards trying to protect their investments in technical ways.

The consumer is not dead yet, despite the wealth effects from the housing market and all else.

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