"We are clearly seeing a significant slowdown in economic activity, and a lot of that has to do with the effect of higher energy prices and the disruption from Japan," said David Kelly, chief market strategist with J.P. Morgan Funds. --AP
The market was trying to top pre-Japan, but the inst-o-matic bearish sentiment from that event prolonged the rally. That's Contrarian 101. Don't use Japan as an excuse Mr. Robot.
As for the "effect of higher energy prices" hilarity, consider this chart. The S&P 500 is nothing but another asset game - just like the headline energy commodity, crude oil - rising in response to the degradation of the US currency. When energy goes up, stocks go up... when energy comes down, stocks will come down too. The chart offers pure evidence and still, the masses cling to this kind of analysis as having any kind of worth whatsoever.
Unbelievable, but it's what makes this game - in the intermediate swings at least - like taking candy from a bunch of big, dumb babies.
Edit (Sunday @ 6:45) A reader forwards this link, announcing Mr. Kelly, former Senior Economic Adviser at crooked former mutual fund peddler Putnam Investments as the new Chief Market Strategist of 'J. Pondscum Morgan' (as the reader, a professional, calls it). Who was that real estate robot that used to issue RE 'analysis' (always boiled down to "it's going higher") through the major financial media? David somebody? Right up to the top in housing, as the unquestioning herd lapped it up. It is disconcerting to say the least, that the vast majority believe what they are told by mighty institutions and accept it in a docile manner and lazy spirit; to their ultimate detriment or destruction.
"As chief market strategist, Dr. Kelly will communicate his views on the markets to financial advisers and US Investors. His commentary will be delivered through distribution of JP Morgan's Market Insight series, as well as nationwide speaking engagements, conference calls and media activity."
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