Rose Colored Glass Award - February 2007

Nominations are in for the Rose Colored Glass Award for February 2007.
Here are the nominees.

1. "The one-month slump in activity in today's January [housing] report is not enough to offset the more favorable picture painted by other housing indicators." � Wrightson ICAP economists. Attributed by MarketWatch.
2. "Taking all the new data into account, there is really no material change in our expectations for the U.S. economy since I last reported to Congress a couple of weeks ago. We are looking for moderate growth in the U.S. economy going forward." Ben Bernanke - Attributed by MarketWatch.
3. "These [emerging] markets, on a price-earnings basis, are not highly expensive, and there's no good reason for a massive correction." - Mark Mobius of Templeton Developing Markets Fund. Attributed by MarketWatch.
4. "The situation is pretty benign globally. There's 'No good reason' for a global stock sell-off". - Mark Mobius of Templeton Developing Markets Fund. Attributed by MarketWatch.
5. "This is more a short-term deal rather than a long term deal and we're closer to the end of this correction than the beginning." - Jim Paulsen, chief investment strategist at Wells Capital Management. Attributed by MarketWatch.
6. "Worries about the end of the carry trade are absolute nonsense." - Stephen Massocca, president and head of trading at Pacific Growth Equities. Attributed by MarketWatch.
7. "Global equity markets should experience a constructive year." - Bob Doll, global chief investment officer of equities at BlackRock Inc. Attributed by MarketWatch.
8. "I think the worst is behind us. We are in the midst of a very significant inventory liquidation of unsold new homes." - Alan Greenspan. Attributed by the Toronto Star.
9. "Take a red marker and make a big X on Feb. 27 in your calendar. Make no other marks or notations. Then go about your regular business for the next 10 months." - Chuck Jaffe of Marketwatch. - Attributed by MarketWatch.
10. "Any risks the housing contraction could spark an economy-wide recession are fading fast. Further declines in construction spending should peter out toward mid year." - Freddie Mac on February 8th - Attributed by Reuters.

It is hard to pick a winner in this stunning collection. We hope to have polling up soon on The Market Traders until then please feel free to respond with your rationale.

Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com/