I'm not a sports fan, I see no poiknt in watching a bunch of hairy blokes in shorts tearing madly about a field after a bit of leather, or someone trying to hit a ball and some other people trying to stop them. If I can't play a sport, I have no interest in it. On the other hand, when it comes to investing, I'm 100% spectator. And some days you do just have to sit back and admire the scale of the mad, rushing about, proclaiming that they have won in the face of all evidence.
So the data gives them indigestion, but they bid up the market ANYWAY. And look at the headlines under the main story today.
These guys can't be trusted with the paper, let alone the scisors or the rock. Though, come to think of it, its the damned PAPER that has caused all the trouble. Maybe if we had given them more rocks and scissors to ply their stupidity with, darwinian selection might have taken out a few more.
MarketWatch.com: Bulls go for four in a row.
Stocks turn higher giving bulls a shot at four straight up days after early bearish economic data give investors pre-Thanksgiving indigestion Tech sector gains the most.
So the data gives them indigestion, but they bid up the market ANYWAY. And look at the headlines under the main story today.
- Deere in the headlights
- Fitch cuts Toyota
- Treasurys resume rally
- Europe under water
- New homes sales softer than expected
- Sales of new homes fell an estimated 5.3% in October to a seasonally adjusted annual rate of 433,000, the lowest since 1991. • Durable goods take a plunge
- Slump in sentiment
- First-time jobless claims off 14,000
- Consumer spending down
These guys can't be trusted with the paper, let alone the scisors or the rock. Though, come to think of it, its the damned PAPER that has caused all the trouble. Maybe if we had given them more rocks and scissors to ply their stupidity with, darwinian selection might have taken out a few more.
actually, in terms of raw bulk economic weight, the most of the news for the last 2 months has been relentlessly positive. ignoring the manifold news coming out of the world's big economies (usa, germany, uk, etc), if today's RBA announcements had come a year earlier, there'd've been alarums beaten for SERIOUS overheating in australia.
there is real carnage still in the pipeline. mostly driven by over-pessimistic banks penalising small business. but the heartwood remains strong and is actually bouncing back.
Posted by: Saltation | December 10, 2008 at 09:41 AM