Having just hosted a birthday party for my teenage son in my house and backyard, teenage angst certainly comes to mind. The place sure smelled like teen spirit.
But angst is not limited to teens and I present a quote from market technician and financial astrologer Arch Crawford from his latest tome:
"Meanwhile, our “ivory tower” economists declare there is no Recession, yet. We can openly declare not EVER having witnessed this degree of angst amongst both blue and white collar acquaintances, and even upon the faces of strangers in public places!"
Other than the insanely rich, everyone I know is feeling economic pressure.
A friend of mine who works in real estate (lawyering and investing, not brokering) was at the house recently and said that nobody has yet picked up on the coming disaster in commercial loans. He said they had the same garbage-y terms and were ripe for bank killing.
So now that the initial "we survived a hurricane" rally has retreated and the market has shown its true colors, and as I wrote last week in Barron's Online, I'd rather hold cash than stocks this year.
Now, who wants some bearish picks?