Una Vez Más, Cuidado Con Este Mercado: Basura al Alza

Un excelente artículo en el WSJ en donde mide.

a) la locura que han subido acciones de sectores vapuleados, tales como bancos, aseguradoras y autos;
b) cómo aquellas acciones que han reportado pérdidas han subido más que las acciones que han tenido ganancias
c) el upside es super limitado: el 9 de marzo 600 acciones marcaron un máximo de 52 semanas, el 3 de junio, tan sólo 2

Tengan mucho mucho cuidado con este mercado, nos puede dar un mal susto uno de estos días. Cuidado



Un extracto a continuación:

This year, since the market struck bottom on March 9, it has again been the cruddiest stocks that have covered investors with glory. Autos, miscellaneous finance, insurance and banks each lost an average of more than 80% from the market's peak in 2007 to the trough this March. Since then, these industries have shot out of the rubbish pile. Money manager Ted Aronson of Aronson+Johnson +Ortiz in Philadelphia calculates insurance stocks are up 78%, banks 104%, miscellaneous finance 111% and autos 158%.

In fact, whatever's garbage has been good. According to Strategas Research Partners, stocks in the S&P 500 with positive earnings have underperformed those with losses (or no profits) by a 24% margin since March 9. Stocks that pay dividends have been dragging behind those that don't. The smaller a company, the more money it is losing and the deeper in debt it is, the hotter its stock has been over the past three months. Investors are betting that when the economy finally rebounds from this recession, what went down the most will go up the most. In the past, the junkiest companies have often bounced the highest early in a recovery.