The Eurotrash finally got around to breaking every rule in the GAAP handbook and gave themselves $1.4 trillion. It is official that money, as we know it, it now worthless.
On the news, futures are up another percent, capping a historic October, up over 15% from the very recent lows. The overall market indices have held up exceedingly well at the high-end of the range, but the momentum stocks and many earnings disappointments are disturbing. The market is under “firm control” but the hold gets more tenuous every day.
BTW: Wait for a slug of upside volume and then sell the news…
And coincidental to another multi-trillion Dollar/Euro bailout going directly to profligate banks and governments, people are running amok in Manhattan. This has gone on a relatively long time and seems to be gaining momentum and popularity. I don’t know who the instigators are but I bet there will soon be violence on a scale not seen since Newark 1967.
Is this ADHD video-game addled generation really up to fighting for something?
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Scott, I think you’ve lost your mind.
mr bleier these kids are breed killers. the boomers have no idea. yeah… they like their iphones. but… so much they will kill you for one. dont hate the children you have made. just… run. fear is a good call here.
the broken skull in oakland may become the tipping point. if i where old? luckily im not. i would be very concerned. the boomers just kicked the wrong sleeping dog.
Scott,
Doesn’t the AH seem strangely muted to you?
Asia is up basically 1.5% which is just “catch-up” with us today. Oil is a big wuss and the Euro is scared of 1.40. how the hell is it supposed to break out of the little inverted H&S? Do you think we stand a chance to actually gap down tomorrow? It would get a lot of fuel from the JBTFD crowd. The whole timing of this thing seems weird. Thanks again for all your generous insight.
agreed
BHP and RIO up today in Australia trade. Don’t know what part of the Vale report buyers are reading.
http://www.reuters.com/article/2011/10/27/vale-idUSN1E79P29620111027?feedType=RSS&feedName=marketsNews&rpc=43
Oh! I know it is the one about long term fundamentals being good. Ha! Where did I hear that before? Was it the USA home builders a few years ago.
Stop being so bearish and you will see things more clearly. And things are good.
That’s what they said in April too.
Scott:
I told my wife that it is only a matter of time until those “kids on the street” turn into the violent LA Riots of ’92, or any other major violence like it.
You know what?
The scary part is that I was right there…..literally. Me, a big white guy at the same intersection as truck driver Reginald Denny (Google it), only the previous day of the riots (doing work for a brother friend of mine who owned some RE down on Florence)
By the Grace of God.
Now the market is going to have it’s way with me, based on the futures!
Hipsters won’t get violent, that would mean they have to DU WURK SON
I’d love to play occupy wallstreet the video game and put it on “anarchy mode”!
But in real life I’m staying the *** away from that…. them bitches be crazy.
Scott,
I remember back in late August you were laughing at those that said the bottom was in. You mentioned we needed to retest the early August lows and even better go slightly below them before we could call it a bottom.
Well 3 and 4 October fit your outline perfectly. That was a perfect call. So why do you constantly bitch whine and moan about any and all up moves?
Of course the market is running on bullshit. It’s probably been doing that since markets were first introduced to the world.
you really believe what you said ?
Yes I do. Scott outlined what would signal a true bottom perfectly. But after the low was put in he is still hating on the rally that launched from the very bottom he predicted.
I can see the adds this summer
“Invest in china, where we don’t even allow the WORD “protest” to be spoken”
http://www.smh.com.au/world/china-gets-tough-on-social-media- 20111027-1mm51.html
They have literally banned the word “occupy”!
Its hard to compete with that level of thuggery. In the next few years, capital may flee to any country willing to gun down protestors. There are only a few left.
Is there a way to buy Cuban stock futures?
Going Long chinese water cannons
They are even more effective than pepper spray,
because they contain flakes of lead paint ,and cholera
The OWS crowd in Portland has been joined by the homeless. They moved in for the food and stuff, free camping space. Druggies and mental cases make up about half the campers down there. They asked the police to take some of the worst of them away, but the cops can’t do much.