Stock Market Rollercoaster
By Barry Ritholtz - November 18th, 2008, 5:30PM
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Stock Market Rollercoaster by Paul Zanetti
Macro Notes
Consumer Credit continues downward trendPeter Boockvar
Consumer Credit outstanding fell $14.8b in Sept seasonally adjusted, almost $5b more than expected and marks the 11th month in the past 12 of declines. At $2.456T outstanding, it is 4.9% below the record high in July '08. After a flat reading in Aug, (didn't fall b/c of the CARS program), non revolving debt outstanding fell by $4.9B. Revolving (mostly credit cards) balances outstanding fell by $9.9B. To fully put into perspective today's data, look at the current level of consumer credit (doesn't include mortgages, the biggest chunk of consumer credit) relative to GDP. As of Q3, it totaled 17.2%...
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November 18th, 2008 at 5:42 pm
From the guys who brought you the Real Estate charts from a couple days ago…..looks like the top of the old Cyclone roller coaster I used to ride as a kid…!
http://www.tradersnarrative.com/massive-ominous-double-top-formation-2080.html
November 18th, 2008 at 6:07 pm
That looks like the coaster from Cedar Pointe in Sandusky, Ohio. Get some Dramamine and buckle up..
November 18th, 2008 at 9:02 pm
Darling comic.
One of my best friend is with MS. He’s older than I am, but I won’t hold it against him. Anyway, even BEFORE the close, I sent him an email asking “have you seen everything now?”
His reply: “The range of emotions I go through everyday is gonna kill me! I think I’m going to start drinking before the open from now on.”
(What he was really going to do was bang out 50 hard miles on his bike before dinner. Remember the market closes at 1 pm in the west.)