17-Month Highs!
Those are the kind of numbers we’re putting up in Europe and Asia and the US is not too far behind, climbing the steep wall that was September of 2008 to race back to those all-time high valuations for pretty much any stock – Banks, Builders, Oil Companies, Miners, Manufacturers, Importers, Exporters, Agriculture, Technology, Consumer Staples, Consumer Cyclicals, Health Care, Biotech… Everything is as great as it has ever been in the markets and our all-time highs are just over the ledge and there seems to be an endless number of people willing to pay more and more money every day for these stocks.
What? I’m not going to say anything. It’s amazing, it’s incredible, it’s fantastic. There’s not a single sector that isn’t on fire. The only major sectors that is are not up at least 48% in the last 12 months are Telco (35%) and Utilities (XLU not shown at up 39%) and three are now up over 100%:
I’m not worried because this kind of stuff happens all the time, doesn’t it? In fact, I see a group of charts like this and I hear the people in what used to be called “the idiot box” but is now called a “home entertainment center” and I’m not going to get on the wrong side of EVERYBODY by badmouthing TV because it looks like I was already wrong about 3D TV as Panasonic says they are SOLD OUT of their $2,990 50-inch plasma TVs and ISuppli is already projecting $20Bn in 3D TV sales in 2011.
So the TV-buying public is clearly not worried because the people on TV tell them how great everyhing is and the markets go up and up and up because, I guess, it turns out we were RIGHT in 2008, when we all got stimulus checks and the market climbed back towards its all-time highs and it’s all those sellers that were wrong with their silly worrying about Bear Stearns, Lehman, Iceland, AIG, the GSE’s, the sub-prime meltdowns, the credit crisis, Trillions of dollars in debt, high commodity prices, hundreds of banks being seized for lack of funds, the almost total loss of the US auto industry and the millions and millions and millions of people who lost their jobs – WHAT FOOLS!
So here we are, back at levels we hit before the Bush stimulus program rallied us to the all-time highs. Maybe Obama can send us all $3,000 for a new 3D TV and then everyone can…
