What's In A GDP Release...

So the GDP growth number comes in at 1.1%, about oh... 1.7% off the pace and the soothsayer market "gurus" are already out in force screaming their heads off that, you see, everything is just alright, the U.S. economy is humming along just fine, things couldn't be better, the economy will of course bounce back in the next quarter. What a load of crocrap! I'd much rather for someone with a half a brain to come out and say something like this "Look, guys -- the number is just crap but we choose to ignore it because we have cash to invest and can't afford to miss the boat on this rally. This is a one-off, I promise..." I already talked about the January craziness that people are prone to, and today's price action is further solidifying my view.

I therefore choose to sit by and wait on the sidelines. The market is not cheap and people are doing stupid things. Performance chasers are playing a dangerous game -- so when they get taken out, feet first, later on this year when the SPX drops down to er.... about 1,150, I will not a shed a single tear for them, I will not have a gram of sympathy for their bloated egos which will start exploding with a nice plomp like water balloons hitting the pavement from a pretty decent height... And that height as I have said all along is somewhere above 1,310 (by the end of the first quarter). It's the nature of the sport -- greed and fear, fear and greed.