RE: breaking out today?BMO shares may or may not be undervalued and if somebody says so then that is merely an opinion and not a statement of fact. Therefore one should really not call such an opinion ignorant but rather call it optimistic.
Waxguy, you're beginning to sound like Ian Faith, the manager of the band Spinal Tap. (Possibly the best Mockumentary ever made..........I digress)! When Mr. Faith was asked if the bands popularity was waning because the band used to play venues of 10 to 15 thousand people and now play venues of about 1 thousand people his answer was......................"The bands audience has become more selective"! A funny answer that oozes of "optimism" and ultimately deception! I agree with HF that GrandBrac's statements were ignorant and you can add to that self-serving!
If anything is lacking in an economy that's at a standstill or dragging its feet it is optimism and that is pretty much the equivalent to lack of confidence, consumer confidence that is.
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Being cautious with ones' investment or spending is one thing, but to try to paint everything that is happening black and dreary and to drag examples to the fore that are irrelevant for most consumers is not what we need at present
Waxguy I wasn't aware that you are the spokesperson for what Canadian's need! Sheesh! Canadian's need to be saving money and reducing their consumption!
It is not the people who have lost their job or their house who keep the economy rolling, it is the other 90% of the population, and all they need is confidence and not the proclamations of gloomers and doomers.
Giving the average Canadian false hope is not the answer! Financial stations such as BNN & CNBC are already full of cheerleaders attempting to put a positive spin on almost any data they receive! For example in November 2009 it was reported that Canadian employment rose by 79K jobs! Fair enough! What the shills on TV didn't mention that 73K of those jobs were in the lower paying service sector! Manufacturing jobs continued to decline, while construction jobs were up slightly! The average hourly wage of those employed in the workforce continues to decline............something else not mentioned!
Since when is being realistic a bad thing? Cite a single example of when monetary expansion and running huge deficits have ever been positive for an economy! I have to wonder how many mortgages will soon exceed the value of the existing home! Housing bubbles are beginning to form in Ontario & BC so I imagine the banks will be sitting on more investments going sour!
All the best,
The Bluenote