Ok it's a historic day, I concede defeat the recession is over and thecarry trade is back, thank the almighty that after 20 years of spendingmoney we haven't got, it has all been solved/fixed in 6 months. I amalso delighted that my house is shooting back up in value and JOBS <go>page is full of vacancies like 2 years ago. Ok I have a smallconfession I am being a little sarcastic. The market has lost theplot, you can use whatever example of a bubble you can find whether itbe the Nasdaq in 2000 or the credit bubble of 2006 either way itsgetting silly. Due diligence, credit analytics is being replaced bygood old fashioned get me some I need some yield. Normally I would saythis herd mentality is a sign of us topping out, I mean Chinese IPOS 400times over subscribed, is this really based on hopes of a recovery or usreturning to trend growth of the last ten years? As a trader callingthe top of the bubble is nigh on impossible, one thing is for sure weare not there yet. The Nasdaq rallied for over a year before everyonerealised it was a load of hot air, the credit bubbled rallied for 4years before it finally burst. If anyone wants a little snap shot ofthe real world, a world where there is too much debt not enough assetsand not enough tax revenue to go around, go and have a word with Arny inCalifornia and see how he's getting on. I have said it before and Iwill say it again, the numbers do not add up and the only way we get outof this mess is by saving more and spending less (Gordon Brown takenote!). Right in the mean time I am off to join the lemmings and closemy eyes and buy some risk, more of the same tomorrow.
Mr P......
