Ya Know, that is the biggest bunch of balder dash bull shit that I have ever heard!! WAD EVER!!
I haven't done a nice little rant in quite a while, but this one has been building up for some time. This thing, CL, is EXACTLY what bug's the shit out of me about the current state of the markets! It's not just CL, I could say the same about ALL those MEGA CAP consumer staple stocks with their DOT.COM'ER valuations, like JNJ and PG....... THEY STINK!!
I could care less about the NasDOG's and their 1000 P/E social media stocks, or their commoditized disk makers or "CLOUD" stocks (as in Cloudy with a chance of MEAT BALLS), I know what to do with them, you day trade them or once in a while take a chance on holding them over night for a swing trade, and pray it's not that time when they lose 50% over night.
But these things, they are supposed to be "investable", these are what Mom and Pop are supposed to invest in for the next decade. I mean, my god man, I consider these the most dangerous stocks in the entire market universe!! If we ever get another down turn in the markets, how in the hell are these "SAFE" stocks going to be a "DEFENSIVE" play????? Look at that stinking "FAIR VALUE" calculator from "Guru Focus" down at the bottom, THAT'S NOT A MISTAKE! On a discounted cash flow basis it's 75 fricking percent OVER VALUED!! Hell, TANGIBLE BOOK is MINUS $1.80!! I mean, it's just UNFRICKINGBELIEVABLE!!!! Back when these things were actually FAIR value, the P/E used to equal the DIVIDEND, when they were both in the mid to high single digits, not a 2% yield with a fricking 25 P/E!! Look at the PEG and the P/S, they put some of the "CLOUD" stocks to SHAME!!
Sigh, wad ever, the next time you see some ANAL-yst on Bubblevision, and "they" ask him what's driving the market higher, and he/she says...............MARGIN EXPANSION.......... remember they HAVE to say that, as the SEC forbids them to use the term, EXPENSIVE, when pumping their wares to Mom and Pop.
ANYWAY, back to reality, that chart actually looks like they may get MORE EXPENSIVE, hahahahaha, I might go ALL IN on an investment in them, of course, my investment "horizon" is about FIVE MINUTES, so take it for what it's worth.
The DOW has been down about 80 points over night with the SPOO's down about 10, but they've managed to claw back to even as Da FED pumps money into Da Street, or as they put it, using some "Financial Engineering", so they can ramp the USD/JPY to save us, Shanghai was down 2.86 stinking percent.......hahahahaha, woooo weeee, they got a lot of "saving" to do there, Japan came out with their worst GDP since Abe started his own "Financial Engineering", with their worst current account deficit on record, which of course was just bad enough to send the USD/JPY to a new HOD, hahahahahaha.
Andrea is keeping a running Elliott wave count of the Globex over night if you are interested, http://stks.co/a0JWv, she's not ruling out another wave higher.
Good luck to you out there in La La Land this week.
For those of you looking for a place to get the over night futures around the world, Investing.com has a wonderful, FREE (the MAGIC word!), site at http://www.investing.com/indices/indices-futures, here's a partial screen shot of it at 7:30 ET this morning: