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August 14 is the deadline when almost 1,000 CEO's will be required to sign
their quarterly statements under penalty of perjury. I see more and more
people on television whose opinions often seem sensible hailing August 14 as
the date when the US equity markets will rocket to new highs because America
will be a new country. The more I hear them glorify this date, the more it
seems like a contrarian indicator to me.
Nothing really new will occur on August 14. The ratio of good CEO's to bad
will be the same. If anything, I suspect that there may be some surprises
(on the downside) in the 3rd quarter earnings releases as some decide to
begin erring on the side of caution.
Trust will not automatically be re-established on August 14. Trust can only
be re-established by one thing: time. It will take time for investors to
see big business behaving positively and not standing before Congress taking
the 5th before they will be willing to start putting money back into the
markets like they were in the early- to mid-90's.
I think August 14 will be a very disillusioning date for many.
Kent
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