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Art Cashin Ridicules Europe's "Plan For A Plan"
When a few weeks ago we coined the term "plan to plan to plan" we didn't realize we should have also trademarked it. Royalties and all that... That said, when it comes to the Chairman of the Fermentation Committee, we grant him a lifetime license of usage.
From Art Cashin:
A Plan For A Plan Plus Some Deadlines And Doings Produce Stunning Pyrotechnics - We took an extended weekend in honor of Columbus Day and Canadian Thanksgiving. A few of the Friends of Fermentation did fill in the blanks, however, and here’s what they said they saw.
The stock market exploded in a frenzy of short-covering. The primary driver was Europe and the motivation seemed to come in three aspects.
The first was the “Markozy” announcement that they had a plan to produce a plan to resolve the European banking problem. That, as you will note from this morning’s headlines, was thought to be the main catalyst. It was, but with a couple of asterisks.
A few pundits expressed concern that a “plan for a plan” was rather vague. They seem to forget that late last Tuesday an equally vague bank “plan” headline from the on-line FT started a savage 400 point reversal to the upside in the final hour of U.S. trading.
The FoF types claimed that it was in fact details that gave the short-covering explosion life. The first detail was the selfimposed deadline of November 3rd. That, in a minor leap of faith, said they “meant it”. The next step up in credibility is if they had shown real commitment with a pinky swear.
The other “detail” was what looked to be a swift resolution to the Dexia bank mess. The Belgian bank Dexia had become an almost instant poster child for the European bank crisis - and in a geographic area not originally thought vulnerable.
The impression that they were cleaning it up swiftly lent an air of effective response to the Euroland efforts.
U.S. stocks rallied into mid-morning and then flat-lined at the highs for most of the day. When a late mild pullback failed to produce bargains, the procrastinators, with their half filled baskets, stepped up, producing a last half-hour rally that closed them at the high tick for the day. All without any input from the bond market.
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A plan always works until it doesn't. Hopium, bitchez!
Plan bitchez!
Arthur, let the Continentals go belly-up. In such a case, the euro would depreciate into little more than colorful, watermarked scrip ( makes for interesting bookmarks ) -- and what with a resultingly stronger dollar, imported Jameson -- by the litre -- will be cheaper than Five Roses ! -- Ergo, the Fermentation Committee can finally trade up to some venerable Irish blended.
Peak plans, bitchez!
Trademark "rumor of a rumor" while you still have time.
Coked out sociopathic traders have no time for details.
Art Cashin is more of a Whisky Drinker
real commitment with a pinky swear.
Madoff also had a plan for a plan... until the very end.
"There's a sucker born every minute" P.T. Barnum
But hey, enjoy the circus while it lasts.
Boycott Wallstreet. Don't Buy Stocks.
More like dont buy any security that's a derivative and dont trade.
Some companies are worth owning, trading them on the daily BS feed and using BS derivatives are the problem.
I never believed in buying stocks, just a money machine for MM's. Long ago back when things were somewhat sane I would take a gamble on something that had been beat down too far, or something that had popped far too high in a mania, but thats it hell with stocks it was always a scam.
Having some self proclaimed guru manage your funds for a fee is almost always a losing proposition, but solid businesses with a history of dividends should be alright.
Where I live zero rates have been a fact of life for more than a decade, stocks for income is a very viable avenue.
Yea right....stocks have made some people money, if they were lucky. Stocks on the other hand have been sudden huge losses for many as well. If youre sitting here trying to tell me stocks are okey dokey try it on someone else I know the scam too well.
In the end we are all looking for a return on our capital, as fucked up as the markets are there are still opportunities to INVEST regardless.
Hating on stocks or PMs or USTs shouldnt be a religion, I just want a return.
Do my DD and take the licks.
You go Art! Have a scotch and soda on me.
I love it when a plan (for a plan) comes together /John "Hannibal" Smith
I pity the fools.
Would a plan for a plan make the gods laugh twice as much ( or laugh squared )?
You've obviosly never worked for the Japanese. They have a patent on plan to have a plan while planning for the perfect plan. If something goes wrong the Japanese believe the planned plan was just not planned enough.
They fail to realize that having the perfect plan can't work when everyone is planning the plan. Somebody needs to actualy implement the plan. While discussing the plan no counter argument can be presented against the plan because the planned plan is perfect. Failure is not the fault of the plan but of the people who are not perfect enough to understand the plan.
The bailouts are the perfect plan. Us sheeple just don't understand how bailing out debt with more debt actually works.
Yea its worked SO well for Japan and all.
First rule of war: no plan survives first contact with the enemy.
There's a new rumor of a rumor of a plan for a plan of fixing the debt with more debt.
I would say it slightly different. Merkozy announced a November 3 deadline so banks knew there would be 3 more weeks of no news -- a target rich environment for forcing short squeezes on nothing.
<--- Europe will announce a plan on Nov 3rd to resolve crisis
<--- On Nov 3rd, the can will be kicked again. There will never be a resolution
The crisis will never be 'resolved', because bankers run it and theyll never take the haircut or prison sentences. You will be stuck 'resolving the crisis' when your wealth is completely transfered to them in the end thru currency blowout.
Well, you have to admit, the stress tests had one part of genius.
Dexia was, if fact, number one.
markets just took a nice bounce, must be a new plan to plan to spread a rumor of another new plan.
What's next? Cue the jeep turning over in mid air, crashing into a burning metal heap of junk, and Juncker crawls out all bruised before the camera fades to Merkel and Sarkozy standing on a hand-fashioned cannon, merkel's cigar burning down to a stub before she says "Ich liebe es, wenn ein Plan funktioniert."
This market is FUCKED.
We would be so much better off if we let the shit fall apart and hit the reset button. The assholes would be out of jobs, the corrupt banking institutions would be gone, and the responsible people that have saved money could get cheap equity prices and would be willing to buy.
This is ridiculous. We all know that they are going to ... "make tough decisions" (print money... cough cough). It's the path of least resistence, and right now - there is no resistence to that path.
They have a rescue plan. All they are trying to figure out is how to explain the fact they are about to print 3 trillion dollars to the public. That is all they need a plan for.
Art Cashin knows nothing!
Given the bullish sentiment following the announced "plan to plan" it is blatantly obvious that the market had priced in expectations of "Markozy" to announce "a plan to form a committee to plan how to plan the plan". Hence, the response of the market is nothing more than a healthy market returning to fair values that reflect the rapidly improving fundamentals of the economy.
Run and buy before it’s too late!
if you are trying to sound like an idiot ....... it's working !
Just trying to do a Hamy :)
P.P.P.P.P.P.P.
Since they can't do the first three, the last three is what we'll get.
UP UP UP...Every day is UP
Art Cashin? = Pricelss!
the answer is 1194 + EUR/USD = wtf
they can can kick kicking cans as much and often as they want to can kick i could use 5 years of metal buying at current prices.. we all could.. the fact is they are losing control.. and each measure is becoming more desperate.. remember the first rescue fund announcement all the msm proclaimed how comprehensive that was.. bout 5 months of comprehensive... the lying bastard scum liars are depending on the honesty of the other lying bastard scum to provide concrete proposals based on the hyper accurate transparent accountancy of those scum lying bastards..
so ... buy the metal and get some popcorn and enjoy!!
On one hand, I just wish it would all crash and get it overwith. But you are correct; When you know something is going to happen, time is your friend, as you can do more prep'ing.
+1 on a long dip while we buy
Another +, if I could, for "can can kick kicking cans"
To print or not to print, that is the question.
Bernanke's job is to print. If he doesn't print he gets fired. If he gets fired he has to find a job.
Therefore, he shall print.
Peak printing coming our way.
Plan accordingly.
I watched a little Fox last night (just a little, I swear) and they used a plan for a plan for a plan. I cracked up. Didn't bother to explain to dear wife.
Art is a pleasure and a breath of fresh air in this den of thieves, scum and squids.