My name is Mark and I am a Bear......My 12 step recovery plan.
This is a follow up to my Blog about being a bear found here-I've only had a couple, officer, really I'm fine. It seemed so harmless at first; watching the S&P slip lower at the close. But then I couldn't wait till the close and wanted it in the afternoon and then in the morning. I would say"after all its 5pm somewhere in the world". The first step is admitting you have a problem so yes-
Left to my own vices I would drink Tonic and DOW Drops in the morning, I would do Nasdaq Bubble Bongs at noon, and then sip Russle 2K slips at night. Here is my 12 step plan for recovery.
1. Ignore PE ratios. The non-existent S&P profits mean nothing.
2. Don’t look at un-employment numbers. More people out of work each month is healthy for the economy.
3. Ignore the V-shape “recovery”. This time will be different than any other 50% or greater correction in history and be V shaped.
4. Ignore the fact that we are less than 2 years into this recession. This time will be different than any other 50% or greater correction in history and last a little over a year.
5. Ignore Treasury yields. The government will buy them and interest rates won’t continue to climb.
6. Ignore the slow down in Mortgage applications because of rising interest rates. Uncle Sam will fix that too.
7. Ignore the fact that the fed is buying treasuries. It’s healthy just like using your Visa to pay your MasterCard.
8. Ignore the deficit. Everyone knows that the more you owe the more credit worthy you are.
9. Ignore the un-funded obligations of Medicare and Social Security. Those people are a burden anyways.
10. Ignore the Banks crashing around you. The FDIC will never run out of money and neither will the banks with government connections.
11. Ignore the credit crises. Money just gets in the way of running a good business.
12. Ignore the worthless mortgage backed securities held by the banks. We all know our houses will double in price next year to get us back to even.
And so it is that simple to stay on the wagon. I'm starting to sweat just a little and my hands are shaking. Maybe just a little hair of the dog to steady my nerves......Now where are those historical charts....ah here we are 1929..1932..ahh what fine vintage.....