Wicked cool: Our market commentary Friday morning was picked up by Alan Abelson in Barron’s this week:
BARRY RITHOLTZ, OF FUSION IQ, is a combative fellow, but what would you expect from a guy with a law degree? In any case, he just penned a piece delicately entitled, “Bears Need to Put Up or Shut Up.”
Barry, who terms himself “miserably long,” admits to spending a lot of time worrying about what can go wrong with the market. And he points out that, despite disappointing news from Europe and weakness in China, the market couldn’t even muster a 1% down day. He observes that “contemporaneous to the rally has been a surge of bearish commentary,” and confesses to being empathetic to the negative takes. However, he sighs, the bears “have been on the wrong side of the trend for a long time.”
Barry does think, incidentally, that the “winner of the silliest bull commentary so far is Goldman Sachs,” but there’s no shortage of contenders in his book. The bulls, however vacuous their arguments, he contends, have been right—at least so far.
The bottom line to him: “The strength of this market—or at least the Fed’s liquidity beneath it—deserves the benefit of the doubt.” But, we infer, it wouldn’t take all that much for a self-described “miserably long” to lighten up. In which case, of course, he could start worrying about what went right.”
I can remember the thrill of the first time I ever was quoted in Barron’s Up and Down Wall Street — its always a great privilege to show up in this column.
Ouch! It’s a Hard Landing
Barron’s March 24, 2012
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