NASDAQ tops 5000 . . . . now what? (March 02, 2015)
This is a really short video, I’m on my way to New York, I’m in Minneapolis right now so I’m not flying clear across the coast. I’m going to be on “Squawk on the Street” tomorrow morning, at least that’s what I’m scheduled for you never know with this market.
The reason I’m there is to talk about the Nasdaq finally closing, not breaking above, but closing above 5,000.00, it certainly looks like that’s going to be the case; I will be making the bull case for that; I’m not going to spoil the surprise by telling you now. The bottom line is this, you want to be long equities, there’s just no reason not to.
The only news that I could see out of the Fed today was really not any news out of the Fed; it was out of the ex-chairman Ben “the beard” Bernanke who now gives speeches that probably rival Hillary Clinton’s as far as how much money they get paid. Good for them, it’s the same thing as with like Michael Jordan. If you think Michael Jordan didn’t earn that money, well why don’t you go out and do that and you can make that money too.
More power to them for making all those speeches; but the thing that actually caused me to spit my milk up through my nose was when his interview on CNBC said the Fed doesn’t really have a formula for doing what it’s doing. Which when you think about it what that really means is all these shmucks are sitting there in their offices totally waggin’ it on every meeting trying to figure out what to do.
And yet then when Bernanke appeared before Congress, or any news coming out, they make it sound like they’ve got it all in hand and that they’ve got some secret magical formula that they know exactly when inflation is going to take off, or the economy is going to pick up, or it’s going to roll over. I mean think about it, isn’t that what Greensapan always used to say was, “We’re confident that we can catch this at the right time.” Bernanke same thing, I can’t attribute that to Janet Yellen because I don’t know whether that’s true and frankly she seems like a lot more humble than the other two putzes.
The bottom line is, and sorry for calling them putzes, I should have come up with a better term than that like knuckleheads. But the bottom line is Bernanke, and I know I’m ranting a little bit, but it’s one of my favorite things to do when it comes to the Fed. Bernanke as much as acknowledged that they had no flipping idea what they’re doing, they’re just quote “doing the best they can”, well, me too.
Right now what I’m going to be doing “the best that I can” in is watching this Nasdaq close above 5,000.00 on CNBC’s “Squawk on the Street” tomorrow morning. Don’t know what time, but I’m sure Gary will be sending out an email, hopefully we’ll still get on but you never know with the news, and then you’ll get my bullish take on the rest of the market.
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