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Regional Banks Shuck Off Downgrades, REITs Celebrate And Go Vertical
Another day where the problems of the PIIGS, gyrating interest rates, skyrocketing unemployment and vacancies, imploding housing starts, and other assorted ills are totally shucked off by the favored "must own" sectors: REITs, retail, and financials.
Hard to believe that the fund managers are already eyeballing the "must own" stocks for the June 30 statement print (still over 2 months away) and are wasting no time by piling in now.
The day started with weak futures overnight, weak commodity prices, Greek bonds teetering and tottering once again, and some Chop House decided to downgrade the regional banks.
That created an immediate "Risk Off" stampede and many stocks were sold off in a virtual panic.
However, some stocks launched right out of the gate and went totally vertical, mainly the REITs:
And don't forget the four digit wonders, taking off and never looking back today:
And another new high for the RTH:
What is amazing is how these stocks should now be nicknamed the "Teflon" stocks. Retail, banks, and REITs have shaken off the EUR/USD monkey, and are now totally immune from the following market worries:
- Inflation/deflation debates
- Sovereign debt defaults
- Weak economic data
- Geopolitical conflicts
And another sector has exploded: The for-profit education sector. You would think that these boiler-room shops would have a tough time signing up unemployed students to an $8,000 - $20,000 tuition contract that will probably never get repaid, since most of these poor students end up being barristas at Starbucks or working at Target as stockroom boys making $12/hr.
And don't forget the booming car sector. Star performer Dollar Thrifty grinds up relentlessly, now up 3300% off the March lows:
Another new high for the move for the Russell 2000. I suspect that if the market is going to fail, this one will show relative weakness first. No luck today.
For now, its still party time....
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I'll go for the number 3 redhead and I'll take blondy number 7 as desert.
Same here, but make mine a double.
Alessandra Ambrosio is always a good choice.
Ever check on how the percentage of American men in US prisons has climbed from 1% to 10% + between 1971 (Fed gets rid of gold standard and money supply accelerates) and 2009 ? Check these tragic graphs..
http://en.wikipedia.org/wiki/File:US_incarceration_timeline-clean.svg
http://en.wikipedia.org/wiki/File:Incarceration_rate_of_inmates_incarcerated_under_state_and_federal_jurisdiction_per_100,000_population_1925-2008.png
welcome to the police state
http://www.youtube.com/watch?v=YCAKuWfrrqI
u think that is something, check this out about 40 seconds in...
http://www.youtube.com/watch?v=pxh1PvjP0Ug
So, are those inmates counted in U6???
Not to quibble with what is still a tragic graph, but it's .1% to 1% (1,000/100,000)...
whatsinname:
Population density is higher, capacity for information exchange on about miscreants is more well developed. The will and facility for punishing marginal crimes is greater.
I childhood was in rural Arkansas during WWII. With low population density, (~2,000,000) there was lots of room for hunting, fishing and camping. The winter weather was mild enough so that marginal people could subsist in tents in the uninhabited areas that weren't farmed due to occasional flooding. A friend who knew Mrs. Waters took me hunting on her farm near Black River about 4 miles out of town. She could be described as a hardworking frontier lady. In her yard were two gravestones. One was her husband, the other her oldest son. Because they were isolated and there was no law enforcement, disputes over stolen livestock were common. She would occasionally greet visitors carrying her shotgun. In 1950, the youngest son came to town one day and shot a man in front of the First National Bank building and shot a man who had stolen a pig. It was only a wound; naturally Cornelius was a good shot.
Justice was swift and sure. Cornelius was arrested, tried, convicted and given a suspended sentence. (Everyone knew Cornelius and the person who had stolen the pig probably needed shooting.
Years later Cornelius was a leading citizen, President of the School Board, et cetra.
Today, both parties would, no doubt, wind up in prison. My general impression is that law enforcement is much, much tighter today for the common man.
Yet still somehow, parents today are more afraid to let their kids walk the streets; to school, or to the local park to play with friends, or even ride bikes around the neighborhood.
It's about 10's of thousands of pages of the USC, and becoming incarceration nation.
I like your way of thinking.
You couldn't make this stuff up - nobody would believe you
Crocs Inc. surged 10% today:
Now that the recession is over, people need to buy footwear. But beware, chasing these crocs up can cost you a limb or two.
Other movers rising on unusual volume today:
Never underestimate the value of a good education.
I don't feel tardy
When are you going to start letting us know about these vertical takeoffs BEFORE they start???
Hulk,
Apart from my Chinese solars, keep an eye on these puppies:
Thanks Leo, but I need something that is going to go up 3300% in one month!
Thanks for the suggestion. I will look into lattice
After seeing those Intel numbers I'm pretty sure that every stock will go up 3300% tomorrow
Alright, put me down for a thousand shares of Intel (makes the math easy)
Leo, I looked up Lattice and it has negative eps.curious as to why you like it: target estimates, chart, new product offering???
this school isn't publicly traded but i think you might actually learn something there that could be profitable
http://www.guardian.co.uk/world/2009/nov/20/cannabis-college-detroit
Thanks for that, your timing is incredible.
We are considering opening up a school to teach basic weapons skills or basic farming skills.
Maybe both....
On Lattice, I like semis, and it is poised for a big turnaround. Also, notice who is acccumulating their shares:
http://finance.yahoo.com/q/mh?s=LSCC
I track the top funds as they typically buy ahead of big moves.
Makes sense. I used to use institutional support as part of my buy/sell equation
Thanks Leo
For the sake of all things wholy
DONT FEED THE BEAST!
Does that include me???
Ever check on how the percentage of American men has climbed from 1% to 10% + between 1971 (Fed gets rid of gold standard and money supply accelerates) and 2009 ? Check these tragic graphs..
http://en.wikipedia.org/wiki/File:US_incarceration_timeline-clean.svg
http://en.wikipedia.org/wiki/File:Incarceration_rate_of_inmates_incarcerated_under_state_and_federal_jurisdiction_per_100,000_population_1925-2008.png
They cannot address the lack of work; therefore, they set 1/3rd to building jails and another 1/3rd to imprisoning the final 1/3rd.
Whenever you read 'War on <something>', substitute 'Covert Jobs Program'
Sound money does wonders for society. Ask the Romans....come to think of it, ask any failing society.
"When destroyers appear among men...."
Did some say $12/hour working at Target?
He meant, "$12/hour working [for the Census]."
IYR (real estate etf) is more than 25% above the 200-day moving avg. Hasn't even seen the 60< RSI level in a loonngg time. Massively overdue for a correction. A -10% correction would still put it above the low for last month. I think that's a reasonable expectation.
With each passing up DJIA/S&P500 up day, I add another unit to my DRV or FAZ holdings.
Days like today make me shake my head in utter disbelief though...
I can empathize with anyone who is short. Time is on our side though. Reality always prevails. Always.
my thinking to,stop shorting waiting for the crack to begin,when I don't know
started a long pos in dag,its the only thing they haven't ran up yet
This melt up is amazing, truly amazing. As we all know on zerohedge, this game is going to end and it will end badly. I think they just don't know what to do, and you know what there is something they can do. And that is take your fiscal medicine. All debt saddled countries eventually fall under it's own weight of debt, and we are no different. And add to it the implosion of the dollar and we will have a problem of major import. We have to take our medicine and endure the few decades of severe austerity. But since they have dumbed down enough of our population, the elite may know that most of our population won't or can't conceive of this happening to them. So they will buck and go after anyone or anything that stops their checks.
I think that, so far, the best theory I've heard is that the looters are looting until there's nothing left to be looted. I'm keeping my ass(ets) away from all of them.
"Grand Canyon Entertainment"?
"Power Integrations, Inc."?
VNO? ESS? BXP?
I'm not an American, but I've never even HEARD of these outfits. What ARE they? What do they DO? What do they sell? How can (deadbeat & credit-less, to me...) Americans afford to buy whatever it is?
OTOH, hope springs eternal in the consumer mind. There are Chinese sellers on eBay who ONLY sell to: a)North America, b)Europe and C)Australia/NZ.
The biggest seller categories? Not precious metals. Not coins. Not even, would you believe it, clothing. CDs, DvDs & video games.
'Nuff said about the American consumer.
A visual rep of the markets ... the ass-tappin' part circa March 2009.
Destination unknown indeed!
Better cover your eyes velobabe...
http://www.youtube.com/watch?v=ya73S4DxHtk
well i should of known better, when i had to pass the age test.
men, just the mind fascinates me.
Guilty as charged:)
KERX up another 12%...
I love this no mention of INTC of course which beat numbers handily tonight. Look im the biggest skeptic that all this 1Q EPS good news is tied to tax refunds and stimulus peak but you have to give credit at least on INTC EPS....despite it being beat via ASIAN revs.
My question is when will this party all stop....even with INTC big beat, China is weak tonight....also, I wonder if I should get a pink bra?...I always think of that when I see Robot's blogs...they are so cute...and I don't own one....never mind.
Odd?
http://www.youtube.com/watch?v=yjH2OEzxFvg