A blog at the Wall Street Journal uses more colorful language (link).
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Goldman's chief global equity strategist, Peter Oppenheimer, unveils a whopper:
"The prospects for future returns in equities relative to bonds are as good as they've been in a generation."
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Readers know that I tend to be skeptical at table pounding all in, all out, all short, kind of moves, or best in a generation or worst in a generation language. I've been looking to take long positions in the bond market and this kind of headline confirms that it may be a good time to do that.
As always that Mark Twain quote applies, "it is difficult to make predictions, especially about the future."
Today was a painful day for my trading account. I decide to sit tight and wait. I am tempted to link to the Rolling Stones "Satisfaction" song because it was a frustrating day for many. Bears didn't get much satisfaction as many leading stocks (IBM, PCLN) went up or only went down a modest amount (AAPL). Bulls weren't happy as most stocks were down. Metal folks saw more losses in silver and gold. Bond bulls only saw a very modest bounce after some sharp down days. Not many happy campers on today's bus. I'm sure a few big winners will come out and gloat about their trades in hindsight, but they are only a few.
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