Don't Fight The Fed - Stocks Tumble Post-Yellen "Stretched Valuations" Warning
"Don't fight the Fed," unless she tells you to sell your favorite idiot-maker momo stock. For a few days, investors were anxious after Yellen's July 15th warning, then a barrage of disgruntled asset-gatherers explained how 'she knows nothing about stock valuations' (but we must trust her every word on the economy). Now - 3 weeks later, Dow and Trannies are down 4%, S&P and Russell down 3%, and Nasdaq down 2% from her warnings... still wanna fight the Fed?
However, Bullard's "sell your bonds" - BULLARD: MARKETS SHOULD BE PRICING IN RATE INCREASES BASED ON WHAT THE FED SAYS call did not work out so well...
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