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Girlfriend of the Week
Looks as if some girlfriends are getting traded in for some hotter models this week. Even as GOOG, PCLN, AMZN are getting smoked, money never leaves the market. It simply moves on to other sectors. Doesn't matter what the sector's prospects are, just as long as its "hot" and moving up.
No different than the changing publicity parades here in Los Angeles. One month, Jennifer Anniston is on all the magazine covers. Next month, its Taylor Swift. Next month, its Sandra Bullock. Whatever is hot gets bought, all others are instantly forgotten.
Looks like today everyone started clamoring for financials.
Even Jack "The Tin Man" Welch was able to cajole somebody to buy his stock:
Some of the regional banks saw some outright panic buying today...
And don't forget the collapsing housing market.
Homebuilders were on fire:
And don't forget about the wild spending spree undertaken by the 1 in 5 unemployed here in the U.S. Oh, sorry, I forgot. The unemployed don't have any money. Must be all the Prop Desk Traders at Goldman and Morgan Stanley which are single handedly buying all the luxury goods:
They were even buying some low grade 2005 hookers from way back in the day. Again, what ever is hot gets bought. Whatever is not gets dropped...
So it goes, the new hedge fund/mutual fund mantra:
If its going up, buy it.
If its going down, sell it.
Pay attention to the FemBots, they are screaming and yelling at the junior traders making sure that the upward motion is being chased..
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Are you saying Jack Welch is a fembot? :-)
I was almost there until I saw Welch.
That was the creepiest comment I have ever read on ZH.
And it made me laugh. Something is wrong here. :-D
I wonder what girlfriend is symbolic with IYR. Yesterday, Reuters reports shopping center vacancies are at 10 year highs and strip mall vacancies hit an 18 year high.
Today it is reported that apartment vacancies hit a 30 year high.
IYR of course continues its Mt. Everest climb. Maybe Turbo Tax Timmy Geithner/Treasury is investing in REITS?
"The [hotel] industry’s occupancy increased 5.9 percent to end the week at 45.5 percent."
Diana Olick at CNBC, who has been one of the few bearish voices over there for the last 9 months and who has written day after day about real estate disaster stories, suddenly capitulated today with an article titled "Commercial Real Estate a Buy".
From the article:
Found the real culprit: "Despite extensive government intervention in the housing market, some policy makers at the Federal Reserve are worried that even more might need to be done." NYTs 01/06/10
It would appear that GE and COMCAST have hauled her in the backroom for a sit down just like Rick when he gets a bit too uppity.
http://www.shortsqueeze.com/?symbol=iyr&submit=Short+Quote%99
Short interest 86,970,400
59,350,000 Total Shares outstandig. I hope it is a mistak
AIV !
Will the model girlfriend be:
Sophie Anderton - "I wanted to buy a property in Liverpool for two reasons; the first was that Liverpool has been recommended to me as a brilliant city in which to invest and after winning the Capital of Culture 2008, I couldn't see how my investment wouldn't work"
http://www.poolepr.com/press%20releases/11.asp
or
Ruslana Korshunova -
http://www.bild.de/BILD/news/bild-english/celebrity-gossip/2008/06/29/mo...
that welch guy deserves a 'DO NOT WANT!' caption
Unclear how the press and most in America can hold Welch in high regard when the fruits of his labor have produced such miserable results. GE average annual total return for 10 years is -8.9% and for 15 years is +6.6%. Could have done better with a passbook savings account.
I know Immelt has been there awhile now, but little of GE's current problems took root from his tenure -- Welch and his management of GE was awful. His exit from the company was well timed in terms of share price.
He was the Harold Geneen of our time.
When are these guys gonna realize that conglomerates are always a bad idea?
Just wait until Berkshire Hathaway collapses when the old guy gets even more senile.
Seems only you and I know what Welch set in motion, changing GE into a bank, and the serious long term damage he has done to the company's shareholders while managing to walk away with huge treasure, a new wife, and a nauseating book deal.
Then catch his advertisement of himself every minute on CNBC.
I wish there was a virtual brick I could throw at this tin god.
Don't forget his BusinessWeek column, titled "The Welch Way," which, of course, is not to be confused with "The Welch Way."
Funny; I actually bought his book Jack: Straight from the Gut when it first came out. He spent more pages on his (ex-)wife and family than any other singular topic. Months later, revelations of his affair came out.
Guilty conscience?
"Management tip #34
Judge a man not by his record but by the fruit of his loins."
Suzy WetlauferDon't sell Immelt short - he's a tremendous slouch.
Last report I read from Whitney Tilson, he called MBI the gift that keeps on giving. He shorts and covers, shorts and covers.
Looks like he is getting a gift again.
And what was I saying about the financials and the bond market? I love how they say "volumes have dropped off in bond trading". yeah, that, and you can't mark up your inventory.
http://news.yahoo.com/s/nm/20100107/bs_nm/us_financial_brokerages
wow, XLF was a bottle rocket today
BusinessWeek reports that Treasuries’ 2-10 Year Yield Spread Nears Highest in 20 Years. Bloomberg reports that the gap between yields on U.S. 10- year notes and inflation-indexed debt reached the widest since before Lehman Brothers Holdings Inc. collapsed as investors bet that consumer prices will accelerate as the economy strengthens. Fed releases statement reminding depository institutions of supervisory expectations for sound practices in managing interest rate risk.
Bottom line: Expect the bond market market to crater, the greenback to surge following the release of that jobs report tomorrow morning. If they initially sell stocks, buy the dip hard.
And if stocks ramp on the job report? Buy hard as well.... just buy period.Right?
I hope they ramp up, looking to get very short at ~1165.
Despite surge in USD, crude will rise but gold will take a massive hit.
The markets are going to rally no matter what the numbers - the Fed is buying up everything in sight in MBS land, price is no object, it is like Brewster's Millions.
The DXY has mirrored the SPX since the bottom in March. That is, until 20 December 2009, when it decoupled.
It will be quite interesting to see what happens tomorrow. My personal thought is that unemployment numbers will come in "better than expected" (I know, shock, right?), stocks will ramp in the morning (the afternoon should see some profit-taking...), and the USD should skyrocket (exactly the opposite of what would normall happen...).
The gold trade will be the humdinger, though. You're right in that gold will begin a relatively short, hard tumble from here. By proxy, I am playing the trade very, very short AUD/CHF, as the Ozzie dollar has stuck its neck out a little long on gold fever, especially against the Swissie.
Expect a retrace of that trade back to more normal levels to about eighty cents within three months. We're talking about a delicious 1400-pip move to the downside.
:D
Adding Stoya or Jenna Haze images would be interesting.
Taylor Swift is still a child.
Wait till she puts a few more pounds on before posting her...
This is the child's own website. http://www.taylorswift.com/
Not sure what the problem is with RT posting her picture here.
take a look at the PNC dump ah...too funny.
To borrow a phrase that has recently entered the Americon Lexicon
Connecting the Dots
remember those crazy days early last spring
U.S. senators offer homebuilders tax break billhttp://www.reuters.com/article/idUSTRE5320HF20090403
and what you were doing in November
Home Builders (You Heard That Right) Get a Gifthttp://www.nytimes.com/2009/11/15/business/economy/15gret.html
if one had only connected the dots, today's home builder action should not have come as a suprise
Lennar Leads Builders Higher on Unexpected Profithttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aBMQEreTeaQA
(I think some taxpayers may have connected the dots as did options traders in the past week on selected home builders)
Read all about! Serial rapist (a.k.a. Congress) strikes again!
2 million taxpayers raped by Congress.
Defenseless rape victims (taxpayers) plea for mercy.
Under the cover of the Worker, Homeownership and Business Assistance Act of 2009, Congress is brutally raping taxpayers by giving $33 billion in tax breaks to the home builders who helped cause this crisis. Just assuming a middle-class taxpayer paying $15,000 a year in taxes, the $33 billion amounts to rape of more than 2 million taxpayers. Or, it could be seen as the quadruple rape of 500,000 taxpayers over four years. There are many ways for the police blotter to record the crimes of the serial rapist Congress.
Senators Max Baucus and Olympia Snowe, instigators of this Congress gang rape, are believed to be in hiding.
http://www.nytimes.com/2009/11/15/business/economy/15gret.html
Thanks to anon #186195 for issuing the All Points Bulletin (APB).
Imagine what that tax break would have done if given to average Americans, or say, we did some sort of partnership with VCs to fund viable business plans of unemployed, etc...Instead it goes to these idiots to build more houses...something we need about as much we need horse drawn plows.
hell, at this rate of decline, horse-drawn plows may become quite the rage...
Let's scrap all the new cars purchased under Cash for Clunkers as trade-ins for horse-drawn plows...
HDP's for C4C's!
Also heard today that the first time home buyer program when adjusted for incremental sales (i.e. those who would have purchased regardless) the net cost per incremental sale was $80,000
R-rated
from the front page of Drudge just now
http://www.drudgereport.com/ssscan.jpg
Is that wisp of grey hair a lesbian trademark? I sure do love her, but I think she might be taken by Rosie, and I could't steal her from a friend.
mistress of the day ; CYCC
Holy Cow....
Including the after hours move, it's up 190% in one day.
Oh, also look at the volume:
47.39M (1.54M average)
The motors liquidation business continues to be red hot: MTLQQ up 22% today, up 59% since last Thursday. This company must have a bright future ahead of it.
The garbage rally is definitely picking up steam again.
My stuff was all down, across the board, though not seriously. Seems to be commodities, metals, ag one day, then junk again the next. Week after week. But the longer this goes on, the more the future prospects for junk deteriorate.
Any HINT, even so much as a whispered rumour, of bad (read: TRUE) news will reverse this overnight...
If you keep putting up pictures of old men I'm going to start putting my pants on before I read your column.
tmi
What about CIT?? More junko partner!
You had me until Anniston.
Considering all of the men she has had (and lost) that stuff must have a short shelf life
Even the Bob "perma-bull" Doll expects financials to underperform. The tech is a comedy. How can anyone afford to buy any of the new toys when unemployed or worried about layoff? Some (GS, etc.) are playing the pump-and-dump. Expect a sell-off coming.
BTW, nice pics, robot