The market is barely off its highs, but you can feel the sentiment change, can’t you? It’s also worth noting, we are receiving this pain under the administration of an anesthetic, which is “temporary govt shut down.” In other words, we’re not taking the sell off seriously because it’s widely viewed to be a knee-jerk reaction to something that is fixable, and plainly silly.
Is it possible that the real costs of Obamacare are starting to get priced in? What if the anemic, pathetic, economic recovery is the root cause of the sentiment shift and not the all-to-convenient Washington impasse? I am dead serious. There is distribution taking place and this Washington scandal is the perfect cover to blow out of stocks.
Retail sales have been weak and the markets are up huge. The Fed have done all of the heavy lifting, while the government makes life difficult for businesses to thrive.
I have faith in Benjamin Bernanke, but he isn’t going to stay on for another term, is he?
I’m just jotting some thoughts down as they materialize inside of my brain.
Back to your regularly scheduled bull market.
NOTE: Just today, it was announced that John Melloy from CNBC will take over the role of CEO at StockTwits, replacing Howard Lindzon. I’m somewhat sentimental over hearing this news, especially since Howard was a very early supporter of “The Fly”, way back in 2006. I remember the day he told me about the crazy idea called Stocktwits. He was excited about Twitter back then, wayyy before anyone else even knew about the site, and wanted to carve out a niche for finance. I recall thinking Twitter was something of a homosexual medium and that it would go by the wayside of time. Boy was I wrong. Howard did a phenomenal job taking StockTwits from nothing to the epicenter of online finance, and certainly did carve out a nice niche for the company. I am sure he’s thrilled to abscond with the day to day duties and get back to doing what he loves most: investing and porn.
Good luck Mr. Melloy. If you mess up Stocktwits, I will have your body parts strewn across whatever land you descend from.
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Melloy is from CNBC where the ratings are the lowest in years.
What can go wrong?
Maybe Howard can now take the time and take a nap (he always looks sleepy).
I like the contrarian view Don Senor. It’s a weird feeling, the market is weak yet so many are still bullish (extra CNBC). Everyone is almost certain that the stupid US government will resolve it’s problems and the market will shoot to new highs. Not buying into this shizz.
It’s good to hear you make the case that the current crisis is simply being manufactured as a scape goat for underlying economic weakness.
To that point, I think ECRI’s Lakshman Achuthan has been spot on in regards to U.S. macro fundamentals. Of course, few have cared to listen to him since the market’s traditional discounting mechanism has been broken for some time (i.e. irrelevant for the past year).
As an aside, if I ever get seriously ill and require long-term treatment, there’s no way in hell I’m taking my chemo drip next to some purple haired, tatted, AIDS petri in NYC. I’ll waste away my last weeks and months poolside at the Marina Bay Sands in Singapore. Fuck the US’ fascist medical system; I’ll pay cash elsewhere, thanks.
surprised at you Fly — do not fight the Fed — Ben wants higher prices — he said so himself
Evening cup of earl grey. Milk and a touch of honey, never sugar.
too late to ingest caffeine – stick with herbals after 9pm
Congrats to Howard as it was a great idea…but I have trolled past Stocktwits and couldn’t help but notice the similarities to a Yahoo message board. Long live IBC
Of course IBC is superior in all aspects.
I ingest caffeine up until 2am.
After a while everyone’s comments or twits become irrelevant and boring, including my own. Facebook, Stocktwits, Twitter, etc., these sites remind me of a saying, opinions are like a-holes, everyone has them and most stink.
Hey Hey… my TLM a-opinion didn’t stink… look 3 weeks later Carl follows me… my Friday 10% of trading portfolio move in XONE didn’t stink, did it? lol
ok ok some of my opinions do stink 🙂
Wow. Well good for Howard. CNBC needs help.
Fly – are you the man behind the Cronkite blog?
No, Cronkite is an old friend of mine.
3% off the high and everyone’s whining like a bunch of baby birds crying for momma to spit up a sweet fat night crawler.
Opinion-
If you believe in the Fed, and the power of market manipulation- like fishing, the line is occasionally relaxed to allow the fish to run, before being drawn in, as planned all along.
PPACA’s been in the pipeline for years… S&P500 healthcare index ~ +28% YTD. Tough to believe the markets don’t have it priced in already.