STILL A LOT OF NON-BELIEVERS
By Charles Payne, CEO & Principal Analyst
5/5/2006 1:12:54 PM Eastern Time
It's almost comical listening and reading the bears explain why this morning's jobs report wasn't great and how the Fed is going to keep raising rates. So what! At this point, we need the Fed to space their rate hikes, as an acknowledgment that all the rate hikes could add up to a powder keg that blows up in their collective faces. In the meantime, the egg-on-the face award goes to the bears that just won't admit that hating the U.S. market indefinitely is stupid. Be that as it may, there has to be doubters in order to get the market higher. Many of those that still are waiting for stocks to prove themselves will be buyers at significantly higher levels. That will be the irony; these people will go from skeptics to greater fools. Don't get me wrong, most of the non-believers are very intelligent folks with extremely high IQs, which will keep them at bay until all the evidence is in.
Eureka!
It reminds me of one of my favorite Far Side comics. Gary Larson fans should remember the one comic piece where the caveman, after obviously laboring for a long time, invents the wheel and at the same time there is some other caveman in the background riding a hotrod. I'd love to see the masses shout eureka at Dow 12,500.
AI
