I am off in Taiwan composing a piece of the Asian economy. While swimming in a sea of number last night, I noticed two black mosquitoes parked on my naked leg, enjoying the summer special red-warm cocktail courtesy of yours truly. As I get ready to smack both elfish Dracula, the alarmist one flew off and disappeared into the dark corner, leaving the lumpen one behind. “More for me,” laughed the lumpen mosquito while nourishing like infant. With a thundering wave of my right arm, following a loud clink, the lumpen mosquito ended flat on my palm, legs bended in all directions, guts exposed, spilling my blood all over my palm -- a gruesome picture. While I was cleaning my hands at the sink, I thought to myself what had played out is like the current stock market. A number of greedy investors, like the lumpen mosquito, are still feasting off the markets, not knowing the risk of that extra nourishment is now more than life itself.
As much as I, an alarmist mosquito of the market, wanted to fill my ego, I chose not to be the soon-to-be R.I.P. mosquito. I’d sucked enough blood from this bear-rallying market from mid 2003 to early 2004. I have departed from this cholesterol-rich land (debt laden economy), gliding effortlessly in high altitude with little energy (no debt and little expense), overlooking at what looks to be the Fed’s finger on the trigger of the spray (rising interest rates) and the invisible hand holding a flyswat, knowing that every place it smacks, it will spill mucho guts out of drunken and lumpen mosquitoes.
The funny thing is that this land is so high in cholesterol even the vicious vultures flying above are afraid of landing.
Last week, the market's rudderless trend persisted, as the Dow rose 6 points to 10,416 (ahead .6% YTD), and the Nasdaq lost 13 points to hit 1986 (down .6% YTD). This market has gone nowhere year to date, and it is still too rich for my blood. And I consider myslef a very risky investor.
posted by jason @ 7:13 PM
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