Speaking of sentiment, here is my take.

Unfortunately for me, every few weeks I leave the relative safety and sanity of these tree laden northern hills and sally forth to some God-forsaken, people-peppered, eternally-evil, semi-urban bastion of the consumable fruits of greed, corruption, and pollution.
Last winter it was Palm Beach County, Florida three times. Last week it was Westport, Connecticut, which is like Greenwich for the nouveau riche, but glossier.

And I talk to folks; both kinds.

This week I talked separately to 4 different stockbrokers; I can say different here because of the settings. Two were strangers in the street that looked like brokers, one I met socially in a home, the last in an international bank’s office campus enclave that might suggest the delicate, yet artful, balance between world domination and actually seeing the hoi-polloi, even the hoi-polloi of Westport. At least they had the good taste to leave and/or plant trees on about 50 of those $20 million dollar acres.

But what was curious is their independently offered sentiment. A field study. Each one decried the general economy, the prospects, the world.
Each said general business was bad, no building even for the rich and super rich. Of note they each said that everyone, even the super rich, even each of them, was cutting down on all expenses, even HAIRCUTS.
The world player in the glass castle was getting her hair done 3 times a year instead of 4. I suggested it would take a little more than an extra haircut a year to put the country back on track.

Now, here’s the thing: in addition to agreeing about folks cutting back, and the nation failing on its face, they each separately seriously thought that the SPX would rise to 1250 or 1300 by year’s end.
Sure, I said, but why in hell would it do that?
Because, they each separately said, the multinationals would make their money overseas.
What about America? I said.
Aw, forget that story, the growth is overseas, they said.
What about the dearth of demand from Ameri-Euroland, and that pesky currency risk? I asked.
Heck, the multinationals will figure that out, they each said.
And where is the new money to buy this rally coming from, if not from QE2? I asked. (I am secretly wondering how saving money on haircuts allows you to buy more stocks at ever higher prices.)
Huh? they said.

My conclusion:
These people know nothing, they could care less, and, if it were left up to them, they would pump this pathetic porcine package of propaganda halfway to the moon .

wood