Is Economic Pessimism Already Worse Than The Worst Of Last Summer?

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		Tech Media Wall Street Markets Strategy Sports Lifestyle Travel Politics Latest Video Thursday, June 2, 2011 Is Economic Pessimism Already Worse Than The Worst Of Last Summer? How fast things can change: Suddenly everyone is bearish, and in the matter of days the talk of "double dip" and "QE2" has come roaring back. In fact, by some measure, pessimism may already be worse than it was last August, right before QEII and the re-acceleration of positive data. This chart from JPMorgan's Thomas Lee -- as part of his big calls to buy cyclicals -- shows that the relative PE of cyclicals vs. defensives is well lower than its historical average AND well below where it was at the market nadir last year. Read » Also On Clusterstock Today: JPMorgan: Buy These 20 Stocks For A Huge Summer Rally JOHN PAULSON: The Man Who Turned Contrarian Bets Into Billions Lloyd Blankfein Personally Visited Groupon, But They Still Selected Morgan Stanley As Lead Underwriter Apparently Word On The Street Is, You Can't Trust Phil Falcone Advertisement CHART OF THE DAY: Remember, Here's What's REALLY Killing The Recovery Dead In Its Tracks CHART OF THE DAY: The Housing Double Dip Is "CONFIRMED" And There's No Relief In Sight CHART OF THE DAY: Goldman Is Now A Bigger Credit Risk Than Citigroup Share this: Buzz Facebook Twitter Digg Reddit StumbleUpon LinkedIn The email address for your subscription is: dwyld.kwu.careers@blogger.com Change Your Email Address | Unsubscribe | Subscribe | Subscribe to the Clusterstock RSS Feed Business Insider. 257 Park Avenue South, New York, NY 10010 Terms of Service | Privacy Policy

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