The Day Ahead: The Reckless Club

The wind is blowing hard on the Street. It's not so much the hot air, but the consensus view that the sole direction for risk assets is upward. I mean, it got so silly Tuesday that I tweeted the Dow was a mere 32.9% shy of 20,000! Is the thought so far-fetched that such a goal could be reached by the end of 2014 if present conditions persist? Can we lock in on another 15% by the finish of 2013? Gosh, who knows? But the general feeling out there is that stocks are wearing a suit of armor.

Profit-margin direction has become irrelevant. Earnings season has morphed into such a full-fledged joke that the Securities and Exchange Commission should be pondering twice-a-year performance disclosures. The market laughs at stock downgrades -- in fact, downgraded stocks are bought! Companies that have struggled fundamentally in the past six months, such as FedEx (FDX), receive bids simply because of the "rising tide lifts all boats" phenomenon....482 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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