[quote=jpinpb]I just don’t understand who is buying this BS. Like the other day, durable goods are up. Whoo-hoo. Duh. The government paid you to buy cars. Now what. Anyone that wanted to buy or was thinking about it did. So who’s going to be buying cars now that the program is over?

I mean, it is amazing how fake everything is. I don’t get it.[/quote]

I’m not a trader, but this rally doesn’t feel sustainable. Why? Because the micro-cap banks aren’t really moving up much. The big-caps and mid-caps are screaming – that is, the liquid stuff you can trade – but the small-caps are stuck in the mud. Until I see signs that folks are willing to INVEST in and OWN banks – as opposed to merely trade them – then the rally is highly suspect. The S&P is now trading at a level that discounts significant economic growth over the next few years. Ain’t gonna happen. Mathematically impossible given the debt load. I don’t think we’re going to break the previous lows, but I’d be pretty surprised if we don’t see the S&P back down around 750 or so at some point before the end of next year. This definitely feels like irrational exuberance lite.