Negative Nellies Are At It Again

They can crank out negatives as fast as the positives can overrun the previous negatives. Consider just this morning: "Cash for Clunkers" is doing nothing really good for the economy, the REIT rally is facing a challenge, real estate, small stocks' run is set to pause, buyout groups face a $400 billion fight to survive, higher taxes will derail the economy, and, of course, we have no new jobs as companies keep firing people to make the numbers.

Wow. Shoot me.

I am looking at it totally differently: Rates are staying low while the economy goes from less bad to getting better -- thanks Ron, although even Ron's worried about something: the blow-off! Copper is off and running again after a two-week hiatus, signaling that China's still pumping out jobs and money. Money's coming into the market. The Mobile Internet Tsunami won't quit, thanks to Apple's (AAPL - commentary - Trade Now) iPhone and other smartphones. The earnings are excellent. Auto sales are jumping to an 11 million build up from 8 million, a gigantic percentage increase. House price stabilization has rolled around the country, and even though I hear the high end being hurt, I say, who cares? Those people have plenty of equity in their homes and many times banks don't even mind taking down that inventory. (Ask Hudson City (HCBK - commentary - Trade Now) if you disagree with me).

Plus, we have a host of retail upgrades today, never done idly ahead of a months' numbers, telling me all of that negativity about no back-to-school sales is just so much garbage.

And you know what? I love the negatives, but let's face it -- they are endless and don't ever stop coming even as one by one they get knocked out by the recovery.

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