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Frontrunning: July 24
- CIT bankruptcy to follow even if exchange offer is successful, uncaring robots run futures up on news (Bloomberg)
- Earnings really starting to suck: Schlumberger profit down 57% (AP), in other news economy irrelevant to the recovery
- Slowest diamond sales since 1974, good for another 10 points on the S&P (Bloomberg)
- In the meantime JP Morgan is increasing banker base pay, while bonuses will likely remain as high as always (Bloomberg)
- Euro rises on improved confidence Europe will never export another product again, market on 10th straight up day, 355 more to go (Bloomberg)
- In the meantime the "strong" German recovery is weaker than its US counterpart, as Obama keeps handing out blue pills (FT)
- Regional banks on the brink as green shoots grow through the soon the ruins (MSN, h/t Jonathan)
- CNBC snapshot, November 27, 1999 (Bearish News)
- Asia markets cheered by yesterday's US rally, US futures up on higher Asian market - pretty simple actually (FT)
- GE- bad management strategy or bad luck (Value Expectations)
- Goldman Sachs pays off Fed and Buffett (Fundmastery)
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lol...I'm sensing you were sharing my frustration when I woke up to find the futures up 10 points.
If the microbots are made sentient, they will crash the market.
In other news ... Euphoric investors, having been dispensed their blue pill with breakfast, eagerly prepare to validate the greater fool theory
It's 9:31. Do you know where your morning market ramp is?
Excellent! Needed a good laugh this morning.
* Liberals cheer cop-baiting Prez; Michael is dead, long live the new king; really, can reparations be far off?
* 25% of world economy NOT contracting!!
* Tax revenues way down- we're not having to pay as much taxes!! ( huh- it's because we have no income- fuck )
* Some guy on TV says dow to 15,000!! No really he was on TV!! There ya go
stop it with the freep bullshit, you can rage against the machine just fine without it
If, and that is a big if, the markets close down today, I can guarantee that the Pisani fellow over at CNBC will use the phrase "healthy for the market". Bartiromo will chime in "absolutely", with a slight slurp caused by her retainers. Cramer will talk about the "bargains" created by the day's decline, and Kudlow will clear the slate with a wave of his hand and ask, "let's forget about today...when do you see us hitting 20,000 on the Dow?", and before his guest has a chance to answer, Kudlow will say, "I see it before you do."
It will not be until the next up day that the network will renew its attack against moronic bloggers, as they need the smugness that feeds off rising prices.
In the meantime, those prone to disbelief, and one might say rationality, will get short and wake up Monday morning to a fifteen handle upside burst in the S&P's.
Surely this deserves a little love today too:
"President Barack Obama, former Illinois Governor Rod Blagojevich, Sen. Sherrod Brown, D-OH, and other Democratic candidates received support from the Association of Community Organizers for Reform Now (ACORN) in violation of tax and election laws, according to a new congressional report."
http://republicans.oversight.house.gov/media/pdfs/20090723ACORNReport.pdf
http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Rep-Issas-report-claims-criminal-enterprises-within-ACORN-51524057.html"Something is rotten in the state of Denmark." - Hamlet; Act 1, Scene 4, 87-91
A couple of days ago, I attempted to draw some attention to the CAD, which we here affectionately call the "loonie". (This is not, by the way, a comment on Canadians' collective psyche, but a reference to the bird on the coin.) Apparently, the governor of the Bank of Canada, Mark Carney, noticed; he made noises yesterday that the Bank may intervene in currency markets if the loonie's sharp rise continues. Like many, he's concerned that any rebound in manufacturing will be snuffed out if it continues to strengthen against the US$, since the vast majority of Canadian manufactures end up in the US market. Forewarned is forearmed.
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