Wednesday, August 31, 2011
Bumpadeeda, bumpadeeda . . .
9:03 am (Hawaii) Yesterday was an altogether swell day. Had nothing to do with the indices, Eurozone and US debt disasters, hurricanes, tsunamis or the price of gold and silver. In fact, yesterday was affirmation that life does not revolve around finances and avoiding inflation and the next president of the free world. Yesterday was fun. That's why the first thing I did when I got up a couple of hours ago was ... water the plants.
The Dow Jones was +100 at that time and is now only +20. If 0% interest is supposed to shove all savers into the market by necessity, a gain of 800 points post-Jackson Hole was reasonable. But now what? As Scott Bleier blogged recently, this may be neither bull nor bear market. It's a tight trading range without any real impetus.
I remain willfully engaged in non-market activities and have no inclination to dive into AGQ or DGP again just yet. Any position is stuck on a small boat in a dead sea, vulnerable to anything.