Today David Rosenberg wrote in his daily commentary:
While Bob Farrell’s rule number nine warns us to be wary of widespread
consensus opinions, it may well turn out that all the bullish Wall Street analysts end up being correct that 2011 proves to be another wonderful year. But the one thing we can assure you, as was the case in 2010, is that it will not be a straight line up. In fact, we would argue that there are more headwinds, potholes, and event risks this year than there were last year.
Enjoy the picture show.
He then goes on to call this the “Wile E. Coyote Market” featuring this amusing image:
This is exactly how I felt when I wrote my commentary on the technical overview of the market at year end just a few days ago:
The mental image that comes to mind is that of Wile E. Coyote running in place with nothing but a puff of air holding him up momentarily… before he plummets painfully to the ravine waiting below.
I even put up a similar image of Wile E. Coyote. But mine was a bit more tragic with an imminent drop.
Needless to say, it is amusing to find Rosenberg thinking along these parallel lines. Or maybe he (gasp) reads my blog? Stranger things have happened.