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 		Dave Rosenberg 11/17/2009
Dallas Federal Reserve Bank President Fisher suggested yesterday that the Q3 real GDP print will be taken down from 3.5% at an annual rate to 2.5% ? despite massive government stimulus. (Is that all you get for your money?) And the Philadelphia Fed survey of professional forecasters shows that this collection of 41 economists just took down their 2010 Q1 GDP call to 2.3% from 2.5% and for next year?s Q2 to 2.4% from 2.8%.
Submitted by
tschuma417
11/17/2009
HyperLink play it email it
tschuma417
11/17/2009
tschuma417 is playing it
DIAShort3.13%
SPYShort3.13%
XRTShort1.41%
I am playing this headline with (SPY DIA XRT) because S&P 500 is currently trading as if the economy is going to expand at nearly a 5.0% rate in the coming year. If the consensus is right, then fair-value in the S&P 500 is closer to 900 than it is to 1,100. This by no means suggests that the speculative run is over; it only means that the folks allocating their capital to the stock market today do not adhere to the adage of ‘buying low and selling high’ and are very likely the same folks who were buying at the top back in 2007 when “excess liquidity” themes were all the rage
 
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