K. Cook es amigo y simplemente por eso quizás ya no sea imparcial, .... pero hoy, sinceramente, ha escrito uno de sus mejores comentarios de mercado ..... Os lo dejo, no tiene desperdicio ...
The big news on Tuesday was Carl Icahn's new video "Danger Ahead." Icahn believes that the Fed's zero interest rate policy is creating "bubbles" in areas like high-yield bonds and that this situation could lead to another "catastrophe" like 2008.
Among his "5 major worries," he's concerned about an area I highlighted yesterday: financial engineering and buybacks exploiting low rates to inflate EPS.
Adding in a CNBC interview that he is "more hedged than ever" didn't set a great tone for the market either. But some other investors spoke up in two surveys Tuesday and sounded quite optimistic about the economy and the markets:
1) The State Street Investor Confidence Index actually moved up in September from a big drop in August. The index, which measures confidence by looking at actual levels of risk in investment portfolios, sits a shade closer to its June highs than its Feb lows and shows risk appetite, especially for North America, near all-time highs.
2) Consumer Confidence blew away the consensus by 7 full points to push right back into bull market high territory at 103. According to Bloomberg, "The gain is centered in the present situation component which hints at ongoing strength in the labor market and immediate strength in consumer spending."
Bottom line: Many are screaming "The bear market is here!" But without any clear signs of recession, I am still treating this as a big correction that will offer great big buying opportunities in October.
Confidence is, and always will be, the most important currency of bull markets. Even if Uncle Carl has lost some of his.
