Courtesy of Joshua M Brown, The Reformed Broker
One of the toughest calls to make here is whether or not we’ve got enough negativity in these S&P 500 levels yet. The answer is that we’re probably almost there in terms of apathy and disgust for stocks, but valuations aren’t yet alarmingly cheap and there is some difficulty in determining whether Europe has gotten close enough to the abyss to drop the big money bomb on it’s problems just yet. The washout, in my opinion, is still out there somewhere…
I dropped in on the CNBC Street Signs gang for a live taping from New Jersey today, we talked about this very subject and Hedgeye’s Keith McCullough was also in the mix. Enjoy!
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