As each day goes by and new bits of economic data are released I find myself looking at the S&P500 and thinking of the cartoon roadrunner and Wile E Coyote. I can't help but think of these markets as being so euphoric on the back of garbage that it reminds me of the moment in every episode when the coyote winds up running off the edge of a cliff and for a moment is suspended in disbelief about what is about to happen. Are we there yet as far as markets are concerned? Well contrary to many I believe that emerging market equities are a sell and in particular the Indian ones. I will update shortly with my usual p/e based reasoning. I guess there is no accounting for how far a bit of stimulus can take the raging crowd....
In the meantime enjoy the cartoons above.....
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