Europe is down between 0.5-1%, yet our futures are barely changed. There seems to be a complacency issue with American investors. It’s almost as if we’re all mesmerized by giant steaks, unable to sell stocks because we’re too hungry. You can focus on the elections, or The Jackson Hole; but I’m only interested in one thing.
Where will stocks be one month from today?
AAPL is worth nearly $700 billion. How fucking ridiculous is that? It’s cartoon-like, frankly.
I have a few stocks under $5 that I am watching closely. Other than that, I am in box-watch mode, waiting for Federal Reserve resolution this Friday. Without a doubt, the biggest winners in a QE3 environment will be basic material stocks. However, they’ve been dead in the water. It seems to me, at least in the short term, the risk is weighted to the downside.