First, a historical note…US equities have just come off their best July since 1989. Overall, the market is up over 8% for the year. But if we look backward (after all, hindsight is 20/20), March 1989 also saw a huge run up. It was followed by an even stronger rally in July, during which volume dried up. It appears the same is happening now. What came next in 1989 was a big sell-off in September, followed by an even greater one in October.

Don’t look now, but history tends to repeat itself.

Also, consider the fundamental picture. We have rallied 48% from the March lows on the back of what? Good earnings? Good employment figures? Good spending figures? Expanding GDP? No.

We have rallied based on one of the largest and most concerted propaganda campaigns ever waged, supported by government stimulus. But no government can stimulate forever. The bottom line is this, if

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Senior automotive industry analyst Paul Raman, CFA, recently returned from the San Diego Auto Show, had these comments to make about Toyota Motors (...

Senior automotive industry analyst Paul Raman, CFA, recently returned from the San Diego Auto Show, had these comments to make about Toyota Motors (TM), Honda Motor Company (HMC), Nissan Motors (NSANY) and others.Most -- if not all -- automakers are keeping an eye on joint venture and/or buyout opportunities within the industry in 2009.  Also pending in the early part of the year is the question of a further auto industry bailout by the U.S. Federal government, though this concerns the American Big Three, not the Japanese automakers.TOYOTAYaris - Sales are up 27% for this car that gets 32 MPG and has a 4 star crash rating with a economical price of $16K. There is not enough leg room and a strange dashboard. The interior needs a major upgrade.Tundra - Sales are down 25% for this pickup with 15 MPG. ...

This blog cites General Motors Corp. (GM), Ford Motor Co. (F), Toyota Motors (TM), Honda Motor Co. (HMC), Daimler, Inc. (DAI), Nissan Motors (NSANY) and others.

Zacks senior auto industry analyst Paul Raman, CFA recently published his extensive notes on the San Diego Auto Show, and we pulled his positive stories to illustrate where -- if anywhere -- automakers might have demonstrated a workable starting point.

NISSANAltima - Sales are up 2%. Gas mileage is excellent, in the 23-24 MPG range. Prices range from $22-27K. The car has 55% US content and 21% Japanese content. Overall, the interior could use some improvement, and there appeared to be not enough leg room. There is a hybrid version that costs $30K and gets 34 MPG.Rogue - This is a hot-selling crossover that gets 25 MPG with 4/5 star safety and a $27K price tag. There is

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