Who will kill the cat ?

1) Here, A story about how the market is in extreme “overvaluation” territory.

2) I have even less conviction than before,

     so I have one foot out the door!

3) Many flys in the ointment regarding this rally. First it is largely non-tech stocks, the QQQs are near their Feb highs, while the other indexes have gone beyond, witness the underperformance of Apple and Google in particular. This is a sector too where the earnings moves have been incredible (Google, Broadcom, Akamai, Rimm (on the downside), Qualcomm, Amazon, Vmware, Citrix, Acme on the upside).  But it is the retails and the banks that are running. Slowing economy doesn’t mean good things for the former and easy money for the latter (but we knew that QE was here to stay already). All that said, this rally is due for a pause, wonder when it will come. I am not anxious to buy much, just hoping upside stops will clear out my inventory.

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