If the planet wasn’t so heavily short the market I have to wonder if anything that was said or done yesterday would have had any impact on the market. More rhetoric, all of it too little too late in my opinion. But the market doesn’t care what you think or what I think, it never did and it never will. I do know that the next guy that says that we have definitely bottomed will be duct taped to a tree.
Goldman Sachs just downgraded American Express from a neutral to a sell with a $7 price target. You know how I feel about analysts, I rank them somewhere between inept and irrelevant, but I like this call a great deal. I’ve talked about consumer credit woes for almost a year and the problem will get worse, and I still stand by my COF to $5 call. Yesterday Meredith Whitney wrote a nice piece on the problem in the Wall St. Journal.
I am ready to play the trend until it stops and I know I am the skeptic, but my refusal to buy into the conventional wisdom has saved a lot of bacon on this blog. You will know when I’m bullish, I’ll be the guy standing in Macy’s window butt naked wearing a propeller hat, adorned in Christmas lights with the megaphone.
GOOD LUCK TODAY.