Andy Swan writes:
I went short some horrible commercial real-estate companies here, and I’m probably wrong to do so. I get the distinct feeling that the market will have the ability to prop up the pricing of these firms beyond my ability to remain negative on them.
In fact, I may cover at anytime, without notice.
Despite this tomfoolery, it is 100% clear that no one knows what anything is presently worth. On one hand, it seems that the economy is in a great depression, due to the large unemployment numbers and other data dumps coming out weekly. On the other, people are still in line at starbucks waiting for 6 dollar, 8 syllable drinks, with amex in hand.