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Not Dead Yet

The markets seem to have an almost Churchillian "Never give up, never give up, never give up" stamina today. The down-limit on index futures going into the morning was at least a hint that the big crash we needed to finally call the ambulance and check into the rehab via the emergency room was just around the corner. As it goes, it looks like we still have the big meltdown to look forward to. I suppose it was the fact that it was Asian firms, and not local firms, warning on earnings that permitted traders to shrug off the bad news and "buy the dips" again. Or maybe it was just a deep, pathological need to satisfy confirmation bias in the perma-bear "but this time it's different," beautiful and unique snowflake investor base out there.
"But AIG is slurping $90 billion out..."
"Bah! P/E on the S&P is 11x! BUY BUY BUY!"
"Well sure, but 'earnings' in that number is horseshit."
"Yeah, but Housing doesn't suck."
"What? That's one month's figures! Most of those are foreclosure sales! And, OPEC is in a panic, they are going nuts."
"OPEC, SCHMOPEC. Who cares? Some guy in Italy just won $125 Million in the lottery there. I'm going to go buy some deep, out of the money call options on Dow futures."



David Einhorn Is Still Not Dead Yet

D-Hornz going to stay the course, even if it kills him.