Posts Tagged ‘zero rates’

Notes From Underground: The Stock Market Says, “I Think Icahn, I Think Icahn”

October 15, 2015

One of the great contemporary financiers warned on September 29 that the stock market was “extremely overheated ” and was being “supported by an “unsustainable earnings mirage.” Well, since that video release from Carl Icahn, the SPOOS have rallied more than 7 percent, defying the wisdom of Ichan, as well as many other highly regarded  investors. Today’s equity rally was in the face of what has been a continuing onslaught of negative economic releases. The market has rallied off the August 21-24 lows but has paused when confronted with weak data, such as September’s unemployment report. But today the weak economic releases  failed to dent the powerful rally: a weak Empire State, a weaker-than-expected Philly Fed Manufacturing report.

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