More Signs of Bullshit!

Rosenberg reports that Kopin Tan, who I used to read when I had time to read Barron's, details statistics that show 84% of the market over the 50 day moving average, as well as financials "running 26% abovetheir 50-day m.a. in a gap we have not seen in 20 years." Let me break out my favorite pop-culture buzzword:

Sustainability.

Also from Rosenberg is news that the OECD leading indicator number fell 0.6 points in March, indicating further global economic contraction. Yet everywhere you hear that the worst is over and the global economy is recovering.

Sustainability.

And talking about sustainability, gasoline demand is now down yoy, after enjoying a short bounce in February. And considering that it went negative last year, we now have two years declining in a row. This trend is long-term now, and extremely entrenched.

Sustainability.

And now I'm looking at SKF, the ultrashort financials. It's at $61. NAV is $88. Is this sentiment...

Sustainable?

Finally, I have one other reason to short: all those traders buying now will sell when the news comes out. Buy the rumor, sell the news. That's the oldest trick in the Wall Street bag. And it always lures the suckers in.