From Forbes:

The rally has investors giddy with excitement. Frankly, I'm a bit baffled by it all. Everywhere I look I see ominous signs.

Despite the slight downward tick in the unemployment rate in July, the employment ratio (full-time jobs as a fraction of the working age population) is 59%, lower than it has been since 1984. Real GDP in the second quarter was off 3.9% from a year earlier. Our financial system is still badly crippled. Commercial and residential real estate prices are off as much as 50% from their highs. It's ugly out there.

That said, as a contrarian at heart I see great opportunities in this tough environment.

Read full article...

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