"It is my belief that owning shares at current levels may prove to be particularly risky, in light of what I believe to be highly optimistic sell-side EPS estimates against management's guide, particularly as growth has slowed (management is now guiding to mid single digit Y/Y top line growth) and competitive pressures continue to mount".
I wish it wasn't true but I can see where he's coming from. The economy sucks, the number of full time jobs are far less than the part-time jobs and both are very poor in numbers and low salary. People are still putting too much money in the gas tank. Cost of everthing that uses gas to get to the final market place is going up while personal income is not. The cost of meat products are soaring as we burn our food for humans and animals to make gas that our engines that they don't run well on. More people are on food stamps than are working full time. The stock market only goes up because the Fed is printing more money making the money in your pocket have less value. You have to ask yourselve, are the odds better that holiday shopping will go up or down this year.
On a lighter note, money should pour into the market at the beginning of a new month and there are alot of bottom fishing that could take place with some good news. The fact that we are not at war should take some of the pressure off the market and oil prices. As bad as some things are in the U.S. we STILL are the best game in town ! LF main job in my book is to hold off the competition that they CAN CONTROL and they seem to be doing that. Good Luck, sorry but I needed to vent.