wow…
This is crazy. That is all I can really say. There is no normalcy to the credit market so the only direction of the stock market is down.
I usually short the hell of the markets when the time is right (as I was actively shorting the SPY through out the last 10 months), but being short at the current level is just too risky. Valuations do not merit such a play here.
IMO, any money manager stating things are overvalued is talking out of their ass, and simply playing the trend/momentum.
All we can do is wait for the credit markets to start functioning again, then the market can be traded on the merits of the economy (and not on the merits of a bruised system).
In the mean time, the market is going down quicker than a $5 whore. (Sorry for the crudeness, but I need to make myself laugh and hope others laughed at it too 
)
