You make money on them? If so, be glad.
Another move is coming. Just not now. Look at what happened today -- the market up supposedly on the mark to mark thing? The banks didn't even really go up % wise that much. Also, what about the VIX? Still held 40. On a day like today, that SHOULD have fallen over 5 points. Didn't budge. Why? Because the big boys are buying puts hand over fist to protect these gains. That means they don't believe.
The SPX's combined earnings will still be under $70 this year. Let's say $60 the most likely number. At $60 and a PE of 12, that puts the SPX fair value at 720. At $70 and a PE of 12, that's 840. But I think everyone will think that $70 is wishfull thinking. So, either the market is currently fair valued or way overvalued. And, those EPS numbers could be as low as $50 or worse. Geez, at $50, the SPX is worth 600 or less. A PE of 12 is a gift in a monster bear market. It should be 10 or lower.
So, before everyone pulls out the party hats, keep it in perspective. The idea is that the future is brighter next year. Well, not so fast. A big problem coming down the road is the inflation genie. If we get oil over $70 or $80 next year (which is almost a sure thing) and inflation climbing over 6% with all this money they are pissing away, exactly what do you think is going to happen to the market when they try to pull it back? It's like giving a drug addict drugs to relieve their pain and then taking it away just when they get used to it. Huh? You think that's going to go over well????
BTW - Kevin Haggarty says there's a small cycle low coming in next week.
