Is it the never-ending "new normal" correction? Or is it the beginning of the bear's salmon dinner?
The financial media have decided there are only two choices -- a "new normal" or a bear market. There's no room for bullishness in the August heat.
Trailing P/E ratios, forward P/E ratios... does it even matter how low they are? Not really. When doom and gloom takes over, stocks can get even cheaper. Much cheaper!
Admittedly, it's not easy for folks to maintain a shred of optimism. Many believed financial stocks were incredible bargains ... and yet financials lost money over the past year.Here are some approximate year-over-year returns for popular financial ETFs:
- iShares DJ Energy (IYE), -1%
- iShares S&P Global Energy (IXC), -3.59%
- Oil Services HOLDRS (OIH) , -7.32%
- iShares MSCI Malaysia (EWM), 0%
- iShares MSCI Chile (ECH), -0.28%
- iShares S&P Preferred Stock (PFF), -0.42%
- iShares High Yield Corporate Bond (HYG), -0.87%
- WisdomTree Small Cap Emerging Market (DGS), -1.80%
- iShares Global Telecom (IXP), -3.29%
- JP Morgan Alerian MLP Index (AMJ) , -3.38%
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