Just a few observations:
This Cliff shit is just Washington doing what it does best; mostly nothing. Can it be “solved”? Of course, eventually, and it won’t look like anyone expects. We are a crisis nation; when the government closes, then there will be a deal. But the media’s obsession with it is nauseating.
Where is Santa’s rally? Aside from the Thanksgiving Sprint it has been non-existent. I know everyone is hoping, looking and expecting one but we may just have a few false breakdowns and snap-backs before going nowhere.
After the holiday, market seasonality is not on the Bullish side. Whatever corporate earnings growth is expected is really just illusory and mostly non-existent. As the year ends, there is much position squaring and adjustments as the calendar year comes to a close, not unlike the end of the fiscal year that ends in October. And the media is still seemingly in election mode, with histrionics in every story, designed to scare you.
Look, we are in a world of economic problems as we have been for quite some time. Nothing has really changed other than Maxine Waters will be the ranking Democrat for the House Financial Services Committee. It should make for comedic gatherings.
One of the market’s biggest stories recently is the hunt for Steve Cohen at SAC Capital. Once day I’ll tell you the story about my job interview there in the mid-1990’s when they had a whopping $400 million under management.
I’ll bet that Steve is untouchable. But Ichan? Neflix ran 15% on a deal for Disney movies starting four years from now. Really? And Carl Ichan bought 10% of the company through OPTIONS barely one month ago. Please. Where is the SEC when you need them? And a renown journalist is willing to give him a free pass because he’s had losses in the past. Puleeze!
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Scott, STOP MAKING SO MUCH SENSE!
http://www.youtube.com/watch?v=NUjjFETMTxE
I’d forgotten about Maxine Waters…you guys need some renewal. How come the same faces all the time?
Maxine Waters is a perpetual trainwreck. I don’t expect much better from Elizabeth Warren
Throwing stones at the financial media elites and ass-hatted crooks in DC is no way to get yourself invited onto CNBC – where you would just be harangued into wearing a jackass Rise Above pin anyway.
Side note to the financial media (I’m really looking at you CNBC): just STFU and report the news. Quit trying to be the news or what little credibility you still have will go the way of Whip Inflation Now buttons… If the Pols decide (thru action or inaction), that the only way to achieve any fiscal restraint is to go over the so called Fiscal Cliff, than so be it. Quit crying about it.
Scott, can you see the dollar breaking out in either direction next year?…Will major tax increase strengthen or weaken the dollar?
“Maxine Waters will be the ranking Democrat for the House Financial Services Committee.”
Scott, thanks for the intel (I THINK!!!).
If you think the stock market is fixed try looking at real estate for a while. The only rule is the golden rule. The one with the gold makes the rules. Big money will have its way.