Enjoying the View Without Europe

 | Dec 09, 2011 | 1:18 PM EST
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To me, the whole thing is a little remarkable. You clear up Europe and you get a whole new view on everything.

Now, instead of thinking that the semiconductors are terrible, we think there's a trough and it's time to buy.

Instead of thinking Europe's in a recession and we'll have to sell the steels and the machinery companies and the DuPont-like enterprises, we say that a recession will be avoided and it's time to buy them.

And, of course, instead of saying that there's still plenty of worry about bank-stock earnings, we decide it doesn't matter about earnings, what matters is no more Lehmans. Contagion contained!

Excuse me for being willing to pay only for those companies that are doing well and earning their keep. Still, it is safe to say that we can reverse yesterday's losses because those were predicated on nothing happening at all -- not looser bank requirements, and not an understanding that EUROPEAN banks have unlimited credit lines and don't need to sell sovereign debt.

The rose-colored glasses have a habit of falling off a couple of days after they have been put on. So don't let them get too snug. We have failed at these levels repeatedly.

Still, it's terrific to see the market shrug off Texas Instruments (TXN), DuPont (DD) and Altera (ALTR).

In fact, if my charitable trust didn't own DuPont, it would certainly be nibbling today.

Random Musings: General Electric (GE) yields 4% again after that surprise dividend boost. What's not to like!

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