I bought 3,000 Freeport-McMoRan Copper & Gold Inc. Freeport-McMoRan Copper & Gold Inc. [[FCX]] @ $66.48, 2,000 Walter Industries, Inc. [[WLT]] @ $56.50 and 1,000 [[ROM]] @ $47.40.
UPDATE: I bought another 2,000 ROM @ $47.75.
Disclaimer: If you buy any of the above stocks because of this post, your wife will leave you for Dick Fuld. And, you may lose money.
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Captain, Captain. We have slight problem. There’s no more bazooka ammo. What can we use to shoot down the coming Apocalype?
Rate cut post-deal and crash.
Also, leprechauns will help.
For they are real.
Hope springs eternal.
Rescue package is a non-issue.
It doesn’t do anything for stocks.
Only increases inflation — so probably a huge negative when it’s all said and done.
Today is just another round of pump and dump.
Watching NEM action and I smell a possible gold reversal.
Back to Beaver (Leave It To… that is).
Marc Faber –
“Next year, if the economy in the U.S. is as weak as I think it would be, the trade and the current account deficit will continue to contract,” Faber said. “When global liquidity contracts, it’s not a good time for financial assets.”
“I don’t believe this is going to be solved in six months to a year,” Faber said.
Faber also forecast the Standard & Poor’s 500 Index will rally to as high as 1,350 points following the approval of the bailout plan because stocks are “oversold.” That level is about 14 percent higher than the gauge’s close yesterday.
Still, “I’m not playing that rally,” he said. “I’d rather think that stocks are not particularly cheap. We don’t have a valuation bubble. We have an earnings bubble. In 2009, earnings will disappoint.”
“Economies like China that grow very rapidly can have significant adjustments,” Faber said. “I’m not negative for the long term. It’s just that from a cyclical point of view the Chinese economy could turn out to be weaker than what analysts are telling you.”
India is also “not problem-free,” Faber said. He forecasts the Bombay Stock Exchange’s Sensitive Index, or Sensex, will fall below 10,000. The Sensex is down 33 percent this year.
“I think new all-time highs in markets are most unlikely for the time being,” Faber said. “So I’m not particularly interested to play the market at the present time.”
Jeffrey Cooper
11:59:35 AM
No positions in stocks mentioned.
North of Ponzi, South of Sartre
When you start hearing words like Armageddon in the media you’ve gotta wonder if the Mother of All Snappers will spell the Hunt for Green October.
Where were all these folks when the story was being digitalized on MV for years before the fact?
Fly – I’m giving you the bull case from those I’d rather bet with than me.
Faber has a 1350 SPX target
Cooper thinks October could rip.
So there you go.
Jim Rogers calls both Obama & McCain ‘turkeys’ and embarassing. He says neither of them knows what the hell they’re talking about regarding the economy, and ‘you put a turkey in office & they’re gonna give you turkeys’.
He says he’ll vote but it will be a ‘protest vote’.
Juice, is that Faber as in Mark Faber the original Dr. Doom & Gloom?
If so, I read a book he wrote shortly after the 1987 crash, absolutely hands down the best overall economic and market analysis I had read about it. Very, very smart guy.
Means something to me if he is expecting the SPX to go up from here.