Quotes of the Day

Bloomberg’s James Crombie is making perfect sense this morning:

“The Fed backstop pushed credit markets way ahead of fundamentals, which get worse by the day. Those jumping too soon into value traps like junk energy may have trouble exiting when earnings, downgrades and defaults start to bite.”

You can justifiably (big time) replace “credit” with “equity” in the first sentence… 

Here’s the gist of conversations I’m having with folks about the current setup for stocks:

“…do I know anything for sure when it comes to market direction??? Absolutely not! Do I know that this is an extremely risky time to be in the market unhedged? Absolutely yes!! That’s all I know…”

Here’s a little more from that Stan Druckenmiller interview I shared the other day:


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