The party continued on a run that is starting to feel a little bubbly to me. Valuations are not outrageous but it cannot be healthy when the market just continues to go up, especially when the main reason is that the markets are relying on continued printing of money by the Fed and economic news is mediocre at best. The market has backed off here and there when there was even a hint of Fed slowly taking away the punch bowl, but now that won’t even slow down the market, as market guru David Tepper gave the go-ahead yesterday that a slow Fed-tapering would not be bearish. Tepper said “if we don’t taper back, we’re gonna get into this hyper-drive market. It’s a backwards argument. To keep the markets going up at a steady pace the Fed has to taper back.” The market translation, at least for right now, is this – the market will now go up if the Fed continues to print, and the market will go up if the Fed begins to taper!

Mark Travis of Intrepid Capital Management talked about the ridiculous run up in Tesla and the good valuation in depressed Pan American Silver (PAAS) today on Talking Stock. Coincidentally, I added to my position in PAAS (sometimes it hurts to be a value investor)!

On the positive side we have added to several positions in our trading accounts in the last couple of days, including CSCO the other day, which is up over 8% in after-hours trading on positive earnings.