Bulls are just looking for excuses to get long. Today’s inflation data was phonier than a $20 Coach bag, yet we are sprinting higher.
It’s worth noting, bank stocks are not participating in this rally, yet.
Across the board, tech and industrial names are on the move. The usual suspects.
With the buckets of coin under my possession, I will sit this rally out. At this point, I am unwilling to commit new capital to new long ideas, and too stubborn to cover my shorts.
[[FNM]] up this much is a complete laugher. If I were long, I’d sell that fucker immediately.If anything, I like the weakness in select energy stocks. They’re worth dip buying.
[[CLNE]] is down on very light volume. I like it here.Finally, Chinese lottery stocks are out of control. Take a look at [[CAAS]], [[RCH]], [[KUN]] and [[SORL]]– just to name a few. My dice roll is [[NOEC]].
If you enjoy the content at iBankCoin, please follow us on Twitter
Fly,
Will you have any election plays? Like, if it’s McCain v Obama, are you gonna hit us up with some research about what industries might benefit under each administration? Or are we just gonna leave that up to Dennis Kneale?
-DT
Bogus Numbers
The BLS, in calculating CPI, claims gasoline prices dropped 2% in April while they actually rose 1.5%, a 3.5% difference. This means that retail sales reported yesterday should have read -0.8% instead of a small positive as reported.
CPI as well would have been much higher today. I haven’t done the exact calculation, but sufficient is Volker’s comment today that “there is a lot more inflation than reported in CPI”.
Mr. Volker also says if confidence in the Fed is lost, the U.S. is in real trouble.
The more these fallacious numbers are reported the faster all confidence will be lost.
Yeah.
The best play on McCain is Sunrise Living or old age homes.
The best play on Obama is H&R Block, due to the egregious amount of taxes that will be charged.