And Like Clockwork, Here Is David Bianco's Attempt At Stick Saving The Rally

Tyler Durden's picture

One again, the seemingly immortal David Bianco, who for some odd reason constantly evokes allusions to the green sock puppet from the Muppets, is once again forced to be sacrificed at the altar of credibility, having just released a report hiking his S&P500 estimates. To wit: "We raise our 2011 and 2012 S&P 500 EPS estimates to $97 and $104 from $95 and $102 respectively. Despite a moderation in overall US GDP growth, S&P 1Q EPS is coming in significantly higher than expected on stronger manufacturing activity and business spending, higher foreign profits and commodity prices,and a weaker dollar. Half of the increase in our 2011 EPS is from higher 1Q EPS, which we expect to come in at $23.50 (Table 2). Mid-$90s annualized EPS in the seasonally light 1Q supports a more robust EPS outlook." This comes just in time for the economy to take a confirmed dip lower following recent consistently lower economic releases capped with today's Services ISM. And why Immortal? We hearken back to the following Bloomberg article from November 2007: "None of that swayed Cohen, Trennert and Bianco. They say low equity valuations, overseas growth and the prospect that the Federal Reserve will cut its interest rate target for overnight loans between banks can lift the S&P 500 to a record 1,600 this year." This never happened, and in fact Bianco top ticked the market to the dot. How he still has a job is beyond anyone with half a working frontal lobe.

Bianco 5.4

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NoBull1994's picture

i think the only distribution his research gets is on Zero Hedge!

Cognitive Dissonance's picture

Is this the signal to the herd that QE 3.0 is confirmed and just waiting on a publication release date? Or is David pissing in the wind and on his shoes?

Have pity for those fine leather shoes.

SheepDog-One's picture

50% overvalued is the new undervalued! Its all based upon money printing capacity anyway so really who gives a shit?

Zero Govt's picture

"David Bianco ...evokes allusions to the green sock puppet from the Muppets, is once again forced to be sacrificed at the altar of credibility.."

Chuckle ....and CNBC goons in the background working manically like Animal on the Drums to keep the happy data going and the illusion of a recovery. Nick Liesman needs a supporting cast of muppets afterall

swissaustrian's picture

This never happened, and in fact Bianco top ticked the market to the dot. How he still has a job is beyond anyone with half a working frontal lobe.

He is just trying to give BoA/ML a smooth exit, so they can sell their sh... to some sheeple who believe his predictions.

sbenard's picture

I hope he's right and think he's wrong!

gordengeko's picture

The batteries are fucked with this clone.  Clearly malfunctioning, wires must have been crossed.

TruthInSunshine's picture

David Bianco & Ron Insana should have started a financial forecasting firm of hedge fund together, instead of it just being Ron, because 2x the fail is always more fun watching implode at twice the speed.


p.s. - Whatever will The Bernank, stuck between a rock and a sharp place, do? If he QEeefs, prices rise more, and consumers and businesses cut back even more. If he non-QEeefs, the heroin dries up and the TBTF socialist new Amerikan junkies, living off purely a steady diet of tax dollar infusions mainlined into their veins, purge and vomit and shake themselves into tongue biting convulsions.

Poor Ben and the mess he's made for his bosses. He's wrecked the joint!

TraderTimm's picture

Until the wheels come off, the only thing to ask each day is "Are we green yet?".

Just like today, off the heels of being down -100 (and change) on the Dow, it is making the 45 degree climb out of the abyss.

Turn the machines off, already.


ebworthen's picture

"I'm going door to door!" (Pee-Wee Herman show - giant head salesman)

"Buy Buy Buy!" (Wall Street still desperate to get as many retail investor $'s before next crash)

buzzsaw99's picture

:cue rally monkey:

Ted K's picture

This guy Bianco isn't cousins with Laszlo Birinyi is he???  I think Bianco and Birinyi have been using the same K-Mart ruler to predict Dow targets.

Does anyone here know if Laszlo Birinyi has ever been seen in the same room with Kermit the Frog???  Something here smells a bit more fishy than a blackboard diagram drawn by a wacky Mormon TV host.

ukmetman's picture

I think he's correct, but for the wrong reason. Eps is going to soar if you factor in hyperinflation.

6 String's picture

...And here also comes the Grand Levitation of equities into the close.

You know, it really is just amazing that the stock market isn't even allowed to have a single % decline in any trading day. I mean, seriously, it's like the smallest decline sets off emegency bells everywhere.

TruthInSunshine's picture

The Bernank has a Hello Kitty Alarm Clock that's rigged to go off anytime equity indexes are in the red by .005% or more.

It worked great, until it didn't, in 2008.

MarketTruth's picture

David Bianco needs to stop smoking Hopium with the Obama admin. It causes serious brain damage and a total lack of critical thinking.

heavenskrow's picture

THIS is one of the one articles I have to disagree with Zerohedge. First markets  are still bullish and the past few dips are nothing more than a pullback. We are not headed for a crash in the short-med term. Again I don't believe in the reasons why we are headed past the 1600, but I believe we will get there from technical perspective.

Johnny Lawrence's picture

Cool.  Can you tell me next week's Powerball numbers?

carbonmutant's picture

In the old days they used to sacrifice small animals...

dcb's picture

ZH still hasn't done the study I want done which is if you only trade long from 14.00 to 15.45, what are your returns, selling at the end of each day. I think it is large. sorry, no have computer power

Cognitive Dissonance's picture

ZH is run on a 12 year old computer with a 486 processor running Win ME. They don't have computing power either. :>)

TruthInSunshine's picture

ZH is run by Young Turks.

The Bernank's flacid QE has nothing on raw visionaries intent on fomenting the revolution of Truth, revealing the Grand Ponzi to as many as can handle it.

BKbroiler's picture

wow, CNN is now begging...

oh... yeah. about that source

The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks

Cult_of_Reason's picture

The macro environment going into the second half of this year -- no Bernanke QE-2 liquidity pump, higher inflation, and higher global interest rates -- will be hostile for the asset prices. Also, Chinese equities (it was a leading indicator in 2008) have sunk to a 2-month low last night.

BTW, this Bianco moron was a perfect contrarary indicator in 2008 -- he increased S&P-500 estimates right before the stock market was about to plunge.

TruthInSunshine's picture

Gasoline now $4.30 a gallon where I live and diesel closing in on $4.65! Gas will EASILY be $5.00 a gallon by June and $5.50 to $6.00 by July 4th, at this rate!

Party on!

Green peppers $2.10 each!!!

Wooo Hooo!

A client and friend with some Sicilian Ancestry who owns a chain of restaurants remarked to me, when speaking of his cost for pork, beef and everything he uses in his restaurants, simply and elegantly:

"Fuck Bernanke, that motherfucker."

Keep printing, Bernank/Jeetner/Boner/ObaMao, and keep raising that debt ceiling, too, Republicans and Democrats!

Rock on.

VisualCSharp's picture

Thank you for your excellent contribution. Funny you mention green peppers. I've been seeing the price of several vegetables slowly and inexorably climb and climb here at my local supermarket. I think the same thing when I see the prices! Peppers (green and especially red) approaching $2/ea, cucumbers almost $1/ea., small heads of lettuce half rotten well over $1/ea. Avocados are rediculously expensive as well.

I made up some Post-it notes with messages on them like "How's that hope and change working for you?" and "Hope and change? Not here. -->" with an arrow that points to the inflated food price. I plan on sticking them around the supermarket and on gas pumps.

TruthInSunshine's picture

I hate all politicians, with few exceptions, as I believe they work for the same masters despite their 'feigned differences' (usually on social wedge issues, many of which are pedantic theater).

However, a great motto for ObaMao is:

You hoped for change. Have any change left?

Yen Cross's picture

Speaking of saving the Rally. This tool (Mark Smith [currently on CNBS] ) is living in fantasy land! Rare Earths are sought after, but his motives and direction are mis-guided.

Grand Supercycle's picture

Regular readers at will be familiar with this summary.

When DOW/S&P500 correction gathers momentum, I expect:

UP ~ USD, various USDXXX currencies, VIX Index