Thursday, July 01, 2010

Bears Winning in Q2 and Q3 2010

No, silly, not the Chicago Bears of the NFLI'm talking about the market's bears:

U.S. stocks fell on Thursday as manufacturing and labor market data heightened fears of a double-dip recession before Friday's key employment report. 

Major indexes were lower for a fourth straight day after suffering their worst quarter since late 2008, but losses eased near the end of the session.

This here third quarter is getting off to an exceedingly inauspicious start, if you catch my drift.  I'm not happy to see my fellow Americans' 401(k)s get gored, but I don't mind to see Wall Street's sell-side permabulls look like fools for predicting an early end to Great Depression 2.0.  How many of you believed the hype from politicians, CNBC, and other shills that we were out of the woods?  Go ahead and raise your hands, as I won't call on you individually. 

Am I the only one here who's mostly in cash?  Give me some decent stocks with single-digit P/E ratios (like TDW) and I'll put some cash to work.  Until then, I'm watching the carnage from the sidelines.