Haven't watched CNBC in a while. Dang... Look out Below!
I tuned in CNBC, curious how they were talking about today's GDP figure (-0.1% Q4 2012), the upcoming jobs report, and such.
Wow. "Topish behavior" doesn't begin to cover it. It was like a time capsule of 1999 or 1987. People seizing on anything to dismiss negative news.
Even during the worst of the internet bubble shill-a-thon of 1997-2000 I never heard stuff quite this shameless.
There were some reasons to see todays shocking GDP report as not being as bad as it first appeared, but spinning it as positive is F'ing delusional. But it seems that a stark reminder of how dependent the entire economy is on government spending on the eve of a round of spending cuts was the best thing ever!
Nothing... not an asteroid strike, not the second coming, nothing was going to be allowed to interfere with the narrative on the Street. "Money is finally cycling from bonds into equities."
Finally? Indeed. The wild stock market gains of the last three years was all driven by change people found in their couch, but now, on the verge of a nominal all-time high, now the real money is going into stocks. Woohoo!
But here is the kicker. In a runaway market, all news is good news. (In the same way that all news is bad news in a bear market.) But honest to God... an analyst said she wasn't worried about an off GDP report because it might be revised higher.
It. Might. Be. Revised. Higher.
I had no idea the market was this crazy "topish" these days. (Meaning fired with the kind of 'it can only go up' exuberance one only sees shortly before the thing rolls off the table.)
I would be perfectly happy to see the market triple from here. Why not? But the couple of hours of hard-hitting 'analysis' I watched should have been called The Contrarian Indicator Report.