BUYING INTO THE RALLY, HOOK, LINE, AND SINKER!

BERNANKE'S REAPPOINTMENT CAMPAIGN HAS BEEN A SUCCESS!

Mish: Few think a W or L shaped recession is possible. The S&P PE is an insane 145. Yes, that is backward looking. But what forward earnings does everyone expect given consumer attitudes towards consumption have changed for good and boomers heading into retirement are scared to death?

Whatever those earnings expectations are, disappointments are likely. Either earnings will miss targets, or the stock market will sink anyway because the earnings and then some have long been priced in. However, that is tomorrow's business. Today's business is about buying into the rally hook line and sinker, just as the charlatan wizards have hoped.