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February 27, 2007
Meet the New Bourse, Same As the Old Bourse?
Ignore the Oracular Yield Curve at your peril, children. You were warned right here almost exactly one year ago. US markets took a big dive today, even steadfast defensive Altria/ Phillip ("If it fun and goes in your mouth, and it kills you, we make it!") Morris took a dip. Does this mean that MENA markets are leading indicators/market predictors, having dipped a while back themselves? Probably not, though China seems to have been a 24 hour leading catalyst. And MENA markets look like they settled to saner places. US markets in terms of historical yield, and to some extent P/E, are still way overvalued, hence a "secular" (as opposed to theocratic?) bear market of sorts that slaps down the speculative impulses. Of course there will probably be a nice rebound in the short run but if this is simply rounding out a top on the far right of this curve, there are rough days ahead globally.
Posted by Matthew Hogan at February 27, 2007 07:12 PM
Filed Under: Business, Private
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Comments
Don't ask me, as far as I can tell the entire West looks overheated, given the crazy things property prices have been doing and the spread of American-style consumer credit. But I am very much not an economist, and fear I may say something ignorant like a creationist says about evolution.
Posted by: Antiquated Tory at February 28, 2007 05:39 AM
