Investors are feeling good right
now. Really good. By some measures, bullishness has reached levels not
seen in more than 10 years. But the positive vibes are at odds with some
hard data that suggests we're on the threshold of a "come back to
reality" moment.
What data? How about the fact
that forward earnings are rolling over at a pace that's only been seen
during recessions? Or that factory activity in the Chicago area slumped
to a low not seen since July 2009? Or that overall U.S. economic data is
disappointing in a way that it hasn't quite since 2012? Or the wipeout
in commodity prices over the last few months, the kind typically seen
during recessions? Or that consumer prices, on the headline measure,
declined outright for the first time since Lehman Brothers imploded?
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