agip, coach d, and of course POTO,
I glanced over your posts prior to mowing my lawn. Like running, a dose of hard yard work gives you some time to reflect. One can't control the willingness of seemingly smart people to do stupid things. The so-called Wall Street smart money loaded up on Micron, Valeant Pharma, and Lord knows how many momentum stocks. Hedge funds and many long money managers are having a bad year. Perhaps its catch-up time or risk a short career? Today we heard some dumb reasons for the market to go up like San Francisco Fed paper on negative interest rates or the killer, McDonald's spinning off their real estate in a REIT structure. For Wall Street there is never a time not to buy stocks. Earnings do not support the lofty stock valuations and risk aversion can be seen in various sectors of the market. Few investors understand that their return is inversely correlated to the price they pay for a stock. I will reduce my shorts if I am overwhelmed by the Muppets. Until then I will continue to short the rips and cover the dips.