Wasn't Icahn the guy who not long ago said Glass-Steagall probably should not have been repealed? By extension, then, is not the entire stock market best thought a Ponzi scheme, let alone the company Ackman believes is the real deal, the likes of which Icahn is reported to be plowing more money into?
And speaking of "reported" is there really anything these days that can be believed? Judging by Herbalife's trading today, no one is inclined to pad Icahn's deep pockets, that is with anything other than lint. It'll all be over soon...
The above, prospective Elliott wave view applied to the S&P 500 leaves open the prospect that, the broad mass of Ponzi paper could sustain its levitation a few months longer. As for the current creep deeper into nose bleed territory, by all appearances it, as well, probably will be all over soon.
Well, at least we don't have to wonder who's buying this garbage. It's the old timers rationalizing their bid with what now are useless empirical metrics. Every last one we hear spouting some comparison to a bygone era when credit actually had means to be expanded for as far as the eye could see. No more is this true, however.
That's why we can be fairly certain it'll all be over soon...
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