Thursday, February 2, 2012

Interim Top Imminent?

Key measures of market sentiment indicate rising optimism, which will reduce prospective returns.  But an anecdotal sign may be even more important--the imminent IPO of Facebook.  

As I hear that valuation is irrelevant for a stock like this--and in the short term that is correct--I have a sense that this much-hyped launch might mark at least an interim top for the U.S. stock market.

And with the S & P 500 only a couple of percent from its post 2009 high, I reiterate my advice to raise cash for better investment opportunities in the future.

Steve Lehman

S & P 500:  1325

No comments:

Post a Comment