Look at Alcoa..revenues were up 9.5%..thats all the market sees....even though aluminum prices were up 18.3%, and they shipped 50,000 metric tonnes less than the quarter before. But revenues were up so everyones happy.
In was thinking about shorting the market this month but I think everyone has bought into the idea that you must be careful this October so those who would sell are out. This also will leave buyers behind so this market could go higher for some time yet maybe even until RRSP season ends with people buying back in.
I still believe this is a bear market rally and at some point we will head back down and we will get another good buying opportunity. I just don't think the world economy will be all that strong without the American consumer buying all that stuff that China and so on are still relying on. And of course in the US deficits are out of control and not improving.
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