This Is The Most Bullish Moment We Can Recall Since The Financial Crisis Ended

TBI ^ | 9-10-2012 | Joe Weisenthal

[blam]

This Is The Most Bullish Moment We Can Recall Since The Financial Crisis Ended

Joe Weisenthal
Sep. 10, 2012, 7:57 AM

Markets are down a hair today, but the theme of the morning is clear: Uber-bullishness. Everywhere.

This is the most unanimously bullish moment we can recall since the crisis began.

Note that this comes as U.S. indices are all within a hair of multi-year highs, and the NASDAQ returns to levels not seen since late 2000.

Big macro hedge funds that have been famously flat-footed this year, are now positioned for a continued rally

BofA's Mary Ann Bartels explains how they're going long on the riskiest stuff:

Macros bought the NASDAQ 100 to a net long for the first time since June, continued to buy the S&P 500 and commodities, increased EM & EAFE exposures, sold USD and 10-year Treasuries. In addition, macros reduced large cap preference.

BTIG's Dan Greenhaus wrote last night:

Being Right or Making Money is the title of Ned Davis’ book and the sentiment is as appropriate as ever now. Investors are arguing whether the Fed should or can do anything for unemployment, whether hyper inflation lay just around the corner or whether Ben Bernanke even “understands markets.” In reality, we believe all that matters is whether assets are likely to appreciate or depreciate in the immediate future as a result of the Fed’s actions. We believe “appreciate” is the correct answer.

JPM's Jan Loeys explained that this rally could go on another 3-6 months:

On the back of weak gains in consumer and business spending at mid-year, global IP growth has come to a stand-still. And while things appear to have bottomed with some signals of improvement in consumer spending in July

(snip)

[LibLieSlayer]

At least we KNOW the truth!

LLS

[KarlInOhio]

Bullish in the sense that you're in the hospital with multiple broken bones and you have finally convinced Dr. Bernanke to increase your morphine dosage. You aren't going to walk around but you'll feel great every time the button is pressed.

Never mind that your respiration is suppressed and the real doctors are worried that your blood-oxygen level is getting way too low to sustain life.

[bert]

I did it two years ago. The rise in value pays the interest and the income on the loan value cash invested pays 8%.

[semantic]

Investors are arguing whether the Fed should or can do anything for unemployment, whether hyper inflation lay just around the corner or whether Ben Bernanke even “understands markets.” In reality, we believe all that matters is whether assets are likely to appreciate or depreciate in the immediate future as a result of the Fed’s actions. We believe “appreciate” is the correct answer.

I know you guys realize what's going on, but apparently it's blinding you to what this guy is really saying.

You can argue economic fundamentals all you want, but they have absolutely no bearing whatsoever on capital markets today. Some time in the future? Absolutely. When? Who knows.

The point is, today, in the here-and-now, all that matters is Fed policy. They simply will not back away from their re-inflation attempts, which means the dollar value of any index is going to increase. (That is, real dollar value will depreciate.)

If you want to play the long game, just keep your eyes on the door. What the fed.gov does when this thing comes to an end is the real question.

[Atlas Sneezed]

60-day gold price tells me the dollar isn't so healthy (gas pump says the same):

[Neidermeyer]

The crisis ended and I missed it?
*************************
The markets will be goosed by new printing ,, that is all ...

Higher taxes in 2013
Obamacare kicks in ..
Europe continues to collapse ... China is probably at the start of a collapse...