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The Market Is Out On A Limb

The latest from the Comstock boys…

Despite a $4 trillion increase in government liabilities in 27 months and the unprecedented amount of quantitative easing we still have a tepid recovery, a 9.8% unemployment rate, a faltering housing market and, now, rising interest rates as well. The strong stock market rally since August is not based on organic self-sustaining economic growth, but on faith in the Fed to pump up asset values and implicitly guarantee that no large institution would fail. For the third time in 11 years the market once again is riding an unsustainable wave of speculation leading to overvaluation and investor sentiment as overwhelmingly bullish as at the October 2007 peak.

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