I wake up every day, and instead of saying, g’morning sweetheart, I say:
What the f&%$ is going to happen TODAY!
Then I jump out of bed, cause I simply cannot wait to see.
I consider myself fortunate to live in such interesting times . . .
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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December 17th, 2008 at 4:54 am
The volatility is killing bulls and bears alike.
December 17th, 2008 at 5:48 am
If you are referring to the market, I suspect it’ll continue to go up because nothing it’s doing right now makes any sense. People are buying/selling to make a quick buck to wrap up the year. Nothing is based on facts because if they are, this market should be where it is right now.
Funny how the market grows stronger as more job losses, lower profits, lowest interest rate, weaker growth if any at all for next year, housing continue to remain weak, etc. The only reason to buy any stock is that investors hope to grab some really good value stocks. I just laugh when I see the market go up because I some “imaginary” money. I laugh again when it goes down because as a “bailout nation”, we keep trying to save companies that are meant to be eliminated in a competitive market.
December 17th, 2008 at 6:11 am
Me too exactly!!
These are truly “interesting times”, if for all the wrong reasons.
Sadly, there are a lot of great companies that deserve to live that will not get the chance. We are not currently in any kind of environment where a business can assess future risks, future prices on input costs or customer demand. Maybe our Government can survive for a while with no planning; but, no business I know of can survive for very long with no planning and that is exactly what we have right now. You tell me, how the hell can anyone make any kind of viable business plans in this environment. You can’t do it!!
One last thing. The commodities market was created to aid in this very thing; but, it has since been transformed into a means of making money for people who never take ownership of anything. Funny how that happens, isn’t it? Now, it is practically useless as an effective hedge against anything due to the speculation in the markets. Ever wonder why, rules were never put in place to force players to at least pretend to actually use the commodities market as it was originally intended?
We only need to look in the mirror for answers. We are our own worst enemy. It is time for the good people in this Country to step up and take this Country back and start prosecuting these reckless freeloaders. Let’s skip the accountability BS and go straight to the illegality!
December 17th, 2008 at 6:18 am
When you folks “laugh”, is it a nervous laugh, a hysterical outa-control laugh,or a light-hearted laugh?
~~~
BR: Its more of an evil scientist taking over the world laugh, a Bwah-haha-HA!-My-plans-are-nearly-complete kind of laugh . . .
December 17th, 2008 at 6:18 am
Well, if it is any consolation to the bears here, CNN Money is reporting that the market is set to go down today.
December 17th, 2008 at 6:21 am
Must be time for some profit-taking.
December 17th, 2008 at 6:22 am
Well, the feeling that I have is not what is going to happen today, but, is it today that it is going to happen. The feeling that a big crash that wipes everything out is just round the corner just doesn’t seem to leave me despite the amounts of money that I have lost betting on it. But then, I am ok with losing that as long as it doesn’t happen. And the news come and go and everyone is still there.
But my guess is that it will all explode one fine sunny, eventless, usual morning when we least expect it to happen.
And yes, congrats on finishing your book BR. Hope to find something fresh there.
December 17th, 2008 at 6:40 am
It is interesting to speculate on what kind of systemic changes might be lurking down the road a ways, as the Powers-That-Be try to regain public confidence after nearly all of the public’s monetary institutions have failed them. I’m talking things like pensions, IRAs, mutual funds, stocks, bonds, their employers, Social Security, etc.
When an economic system dies, it is basically a death of trust — and an utter unwillingness to take the risks necessary to begin any economic transaction that one is not forced to take. Watch some of the reactions to the Madoff fraud and you’ll see what I mean. People are moving to demand action — not deliberation and discourse, but action. And action without thought is what they’re gonna get.
Some changes are obvious, like restricting access to the derivatives markets, and completely banning naked short-selling. Also, a ton of regulatory oversight seems about to befall fund managers of all stripes, with hedge funds becoming a lot more transparent.
I’m not saying that these things should be done or will be effective in restoring trust, just that they are likely actions in a futile attempt to control economic behavior.
Anyone see any other changes that seem likely? I considered banning ownership of gold and silver, but decided that was impossible to implement.
December 17th, 2008 at 6:47 am
“What the f&%$ is going to happen TODAY!”–BR
Someone will remind you, after your recent bout of Keynesian Tub-Thumping that over a Hundred Years Ago, a Frenchman, of the ilk that bred Lafayette, noted, for us to Remember:
“The state, a fiction by which everybody seeks to live at the expense of everybody else — Bastiat
http://www.constitution.org/law/bastiat.htm
coutesy of the FEE, for no FEE, to be Free..
December 17th, 2008 at 7:03 am
I’m convinced we’re pretty close to peak oil but I also think we still have enough energy for a few decades. Thus, we’ll see more fits and starts which will keep the masses deluded.
I also believe that our infrastructure/way of life was built on easy energy (50 barrels for every 1 used to find it instread of 2 for 1) and we’re heading for a long decline. I think this 4000 square foot house phenomena was the culmination of our oil-centered way of life.
I further believe that most people have never even sat down and done the math, they have NO idea what is coming up. So this downturn will be entirely blamed on bad management and not on the culmination of a way of life.
That lack of awareness is what scares the $?&!!!??&? out of me! Because it comes with a sense of entlitement that will quickly turn into anger. And instead of working together, more energy will be wasted to manage the crowds.
December 17th, 2008 at 7:09 am
I forgot to conclude…
I’ve been expecting all of this since Greenspan lowered the rates to 1%. For me the only morning surprise is WHO’s THE FIRST to get caught with their pants down.
And when I see all the blaming going on, it only confirms my fears: we’re going to miss the Big Picture, we’re going to do everything to try and keep the status quo. And this will just make us all poorer.
December 17th, 2008 at 7:09 am
I’m considering moving the 401Ks back to bonds.
December 17th, 2008 at 7:11 am
I think, “WTF is going to happen today?” is a good quote of the day
December 17th, 2008 at 7:12 am
Well, how about this: The German government is to announce a “loss of economic balance”. This finding triggers certain clauses in the constitution that allow Germany to go into full crisis fighting mode.
December 17th, 2008 at 7:12 am
Wait…. Barry… You sleep? You are missing so much during the wee hours… OMG! Fantastic!
What is the symbol for Red Bull?
Andrew
December 17th, 2008 at 7:26 am
Anyone hearing anything about the mother-of-all-squeezes in comex silver? That could be a big WTF. And no mom, I did not say that…it wasn’t me.
December 17th, 2008 at 7:32 am
We’re usually volatile after a large move. I’m assuming we’ll be generally down until Noon EST and then we’ll be generally up.
December 17th, 2008 at 7:34 am
Barry,
something else I’d like to bring to you attention: Bo Lundgren and Vesa Vihriälä were in Berlin today. Bo Lundgren was the Swedish Finance minister from 1991 to 1994 , Vesa Vihriälä is a secretary of state in the office of the Finnish prime minister. Both were in the first line of fighting the Scandinavian banking crisis of the 1990s.
Their advice: Forget stimulus programs and concentrate on fixing the banking system.
December 17th, 2008 at 7:42 am
Well, today I don’t know so much about…yesterday was what was interesting. People like me gladly sit on the sidelines and wait for all this to be over. The trader mentality wins on days like yesterday…where cutting rates to ZIRP, which to the thoughtful was cause for alarm, produces a 400 point up day. Tomorrow I am also very interested in, because of the initial claims numbers.
I also thought about where we are going last night. Our stimulus program may be offset by the numbers of troops that are retired from the military if Obama gets out of the mideast, as I think he should. I also see that because of the Somalia pirates, China is sending 4 warships to the area to patrol, something that would have been unthinkable 20 years ago…little brother is growing up.
And I think, even if the Fed is successful, that this ends badly…I have heard the same propaganda that everyone else here hears, that the taxpayer will make money on these various and sundry bailouts…a load of pure manure…and I think that two bad things could happen…one almost certain, the other I am not so sure of…we will have oppressive debt, either paid with higher taxes or defaulted on…and we may have very bad inflation at some future time, although I am much less convinced of that, but I usually walk down the road with both eyes open.
December 17th, 2008 at 7:49 am
And if I were a banker, and thoughtful, I’d try not to lose money today….
http://www.bloomberg.com/apps/news?pid=20601103&sid=a7uPF5OIMwY8&refer=us
Banks Show No Signs of Easing Credit in Step With Fed’s Rates
December 17th, 2008 at 7:50 am
“I consider myself fortunate to live in such interesting times . . .”
Me too… it is rather astounding the “straw grasping” currently going on…
December 17th, 2008 at 7:51 am
Bruce you can almost guarentee those are off the charts. I have always suspected the Fed has those data points ahead of time.
I expect Asia to go into depression but not the US. We really don’t have the capacity, it’s the Asians who were overbuilt.
Of course with all countries in a race to devalue their currency the quickest it’ll be interesting at best.
December 17th, 2008 at 8:00 am
Old Chinese proverb (meant as a compliment):
“May you live in interesting times.”
The proverb came about because for thousands of years mankind actually lived very boring lives. He got up, either worked in the fields or hunted, came home, ate, went to bed and did the same thing the next day. The most exciting thing in his life was probably just going to the nearby village or city occasionally. So the Proverb is meant to be a positive blessing that you may live in a time of excitement, drama and change.
December 17th, 2008 at 8:06 am
The leaders will find out that no matter what the rates are, asset prices are still too high and that only time will bring them down. The banks may be willing to lend, but no consumer is willing to buy or take on more debt!
December 17th, 2008 at 8:17 am
BG says: “One last thing. The commodities market was created to aid in this very thing; but, it has since been transformed into a means of making money for people who never take ownership of anything. ”
Ummm…..
That’s exactly *why* the commodities market was invented. If the only people that ever traded on it were the people growing/producing the stuff, and the people eating/consuming the stuff, there wouldn’t be much hedging going on.
It was created specifically to draw speculators (that is, people who by definition have no intention of taking delivery) into the game.
December 17th, 2008 at 8:27 am
The leaders will find out that no matter what the rates are, asset prices are still too high and that only time will bring them down. The banks may be willing to lend, but no consumer is willing to buy or take on more debt!
I think there is a lot of focus on whether or not the banks will lend rather than whether or not consumers will borrow. Some consumers will, some can’t shake the addiction. But there are hundreds of thousands of people out there who used their cards responsibly only to be smacked down with lowered limits and jacked up interest rates anyway. The people that can are quietly paying them down, and when a company treats you that way, you don’t forget it. It’s going to take companies like AXP a long long time to rebuild their brand and establish trust with some of their best customers, if they can do it at all.
The banks might eventually open their lending book, but will be met with a huge collective middle finger. Who is going to put their life / business in a position of absolutely needing that again? When they have seen that at the flick of a switch the bank can and will cut them off at the knees regardless of their history (“the computer says so”). Businesses will grow more slowly, but more safely. In the long run we’ll be better off for it, short term it’s going to be painful while the excess is worked out of the system.
December 17th, 2008 at 8:36 am
The Fed has printed truckloads of money, but nobody is unloading the trucks.
December 17th, 2008 at 8:42 am
Goldmans Loss $2B.
Nope, $12B because they got a $10B gov’t injection.
December 17th, 2008 at 8:44 am
My sentiments exactly Barry….WTF is going to happen today! Whenever markets do things that are completely different than I would have anticipated…i.e. Dollar Weaker, 10/30 yr strong, stocks up, oil down, gold up, Yen Up….I must do some deep reflection and understand what the market is telling me…and I’ve reached this conclusion after yesterday:
Stocks are cheering an aggressive Fed at least in the short term. That’s an easy assessment
The 10yr/30yr rallied hard, despite a shitty dollar, because for the folks parked in 0% T-Bills, the 10yr/30yr now looks good! They also rallied because of correlations that exist between Agency paper/US debt….If Big Ben is going to buy agency debt, it will drag up the longer term US debt, for now. My “ass”umption had been that investors were parked up and down the US debt curve and that money would flow out of all debt and into riskier assets. I got this one wrong for now.
Gold begrudgingly went higher on the cheaper dollar, though the performance of gold the last several months is probably a disappointment to gold bugs.
Despite a roaring stock market and cheaper dollar, oil couldn’t move, because the fundamentals of oil are JUST THAT BAD right now. Jan/Feb CL trading at some historic contango ~3.50/bbl…we are clearly awash in oil everywhere for now and cannot even find a place to store the stuff. 100% annualized rate of return if you can take delivery in January and return it in 30 days!
The Yen repatriation game mindlessly continues into the end of year, though we’re staring at a potential double top into massive long term resistance.
The dollar puke out, along with the stock rally, was the only predictable thing that happened after yesterdays FOMC statement.
So what do we do now? After all that rambling ….. the answer is I don’t freaking know what to do at this point…..
I want to be short Yen/Short Ten year and Long commodities(ex gold)..but that trade sure doesn’t look right or feel good yet…..
- AT
December 17th, 2008 at 8:44 am
The Fed has printed truckloads of money, but nobody is unloading the truc
———-
Instant gratification, nobody can ever seem to get beyond it. Everybody thinks that since the Fed has printed money and it has not yet hit the markets, that deflation will continue.
Bernanke basically just “got permission” to now inject money directly into the economy and not through banks. If you are expecting future growth to come from banks you are probably looking in the wrong place.
Government is going to spend. People are going to get fresh money in their hands. Capacity is going to shrink (because government is crowding out the private side).
Inflation is coming.
December 17th, 2008 at 9:14 am
And I expect another surprise to the upside on unemployment claims tomorrow..
England reported initial claims today…36k last month…expecting 45k today…got 76k instead..this jobs cutting business…it looks like the same race we have in interest rates globally…see page 2.
http://www.rttnews.com/CorpInfo/economiccalendar.aspx
December 17th, 2008 at 9:27 am
Is it time to get out the paddles yet for the greenback????
Mad scientist Bernanke has the currency to worry about with his new fangled elixir, Quantitative Easing…..
December 17th, 2008 at 10:05 am
Well the story is not over that’s for sure.
Definitely more than enough material in the pipeline for a second book.
December 17th, 2008 at 10:09 am
I would be surprised to see much movement. Everyone is stuck on GM. I would bet they are saving it for Friday. It is quad-expiration day. Screw the shorts day I like to call it. The game is rigged but the rigger just ran out of bullets. I feel the storm is picking up speed. As for today it just does not matter. What is going to happen in year? that is the question.
December 17th, 2008 at 10:10 am
The cynics used to say that it wasn’t investing, it was gambling. Well, we no longer gamble, we just guess.
December 17th, 2008 at 10:14 am
Be careful with bonds.. corporate that is. What may happen is that bonds collapse next year since no one will provide default insurance. This will cause rates to increase and prices to decline. The only bonds that one should consider now are government backed.
December 17th, 2008 at 10:25 am
Hey Barry,
WTF is going to happen today?
I have an idea…why don’t you sponsor a contest for the bloggers on your site for predictions for next Christmas…you know, where will interest rates be, the unemployment rate, the DOW, the best sectors, the national debt, or whatever you want…and offer a small token for the winner (like Leftback and I over our Whopper sandwiches)…now that you are through with the book…and in order for it not to be static…you could change your prediction, say once, or you could kick some of us out after 6 months if we really stink in the predictions department….
What do you think?
December 17th, 2008 at 10:27 am
I say to thee…more volatility and mood swings than an Iraqi journalist, continued schizophrenic irrational data mining to fit an agenda, and more political finger pointing than a kindergartner nose-picking contest. Interesting times indeed…
PS – dan m – ever consider decaf?
December 17th, 2008 at 10:44 am
Barry,
It’s not just WTF is gonna happen today ??
It’s WTF is gonna happen today,tomorrow,after tomorrow,the day after after after tomorrow !!!
Position: WTF is going to happen in the long run !!
December 17th, 2008 at 11:06 am
Detroit carmakers are going to follow the newspapers and only manufacture 3 days per week.
http://www.chicagotribune.com/business/sns-ap-detroit-newspapers,0,4041799.story
‘Huge risk’: Detroit papers to drop to 3-day home delivery to stay alive; jobs will be cut.
Uh…..this is Detroit. Detroit. Not Puddlejump, Anystate…..
December 17th, 2008 at 11:06 am
Today, we are finding out that “Goldman Sachs Offshores Its Profits and Reduces Its Taxes to 1%”
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a6bQVsZS2_18
December 17th, 2008 at 11:48 am
US President George W. Bush said in an interview Tuesday he was forced to sacrifice free market principles to save the economy from “collapse.”
“I’ve abandoned free-market principles to save the free-market system,” Bush told CNN television, saying he had made the decision “to make sure the economy doesn’t collapse.”
Bush’s comments reflect an extraordinary departure from his longtime advocacy for an unfettered free market, as his administration has orchestrated unprecedented government intervention in the face of a dire financial crisis.
“I am sorry we’re having to do it,” Bush said.
But Bush said government action was necessary to ease the effects of the crisis, offering perhaps his most dire assessment yet of the country’s economy.
“I feel a sense of obligation to my successor to make sure there is not a, you know, a huge economic crisis. Look, we’re in a crisis now. I mean, this is — we’re in a huge recession, but I don’t want to make it even worse.”
At a G20 summit last month in Washington, Bush resisted some proposals for global financial regulation and argued free market principles still held true despite the global economic downturn.
And administration officials have also referred to the primacy of the free market when discussing a possible government bailout for the troubled US auto industry.
In the interview, Bush said that a “disorganized bankruptcy” of the carmakers could create “enormous” economic difficulties.
But the US president has yet to announce how his administration will proceed amid calls from Detroit automakers and Democrats for a bailout drawing on funds set aside for financial firms
December 17th, 2008 at 12:00 pm
Santa is lurking. Beware Santa. Not doing anything big until ‘09.
December 17th, 2008 at 12:02 pm
@da_rubberbandman: Here’s my problem with that – Bush is “abandoning free market principles” (shock of shocks!) to bailout his friends in high places but is (predictably) doing nothing for average people. This man can’t move on soon enough for me. What an utter disgrace he is to our country.
December 17th, 2008 at 12:06 pm
Bespoke Christmas Card from the stock market!
http://bespokeinvest.typepad.com/bespoke/2008/12/a-christmas-card-from-the-stock-market.html
December 17th, 2008 at 12:24 pm
WTF is going to happen today? Yesterday, the FED decided to sacrifice the USD through their ZIRP policy in pursuit of re-inflation. Hence, money will come out of there and go into something else. Did anyone notice the insignificant rise in precious metals during the last two hours of our trading yesterday after the FED’s rate cut? Did anyone notice the rather large rise in precious metals in Asian trading last night? The Asians get it. Americans, well they are pretty much day traders. Fast cars, fast foods, fast markets. Instant gratification. It’s ingrained in their psyche.
December 17th, 2008 at 12:37 pm
@Mannwich: you forgot to mention Cheney. Bush is simply incompetent, Dick on the other hand is pure evil.
BTW are you really Macke?
December 17th, 2008 at 12:40 pm
@Moss: No, not Macke (although I believe he is from MN), and no, I haven’t forgotten about Cheney either. Most of the Dems are no better either.
December 17th, 2008 at 12:57 pm
It’s kinda funny, your observation Barry. I nominally make my living in the residential real estate market (closing attorney). I’ve been asking a variation of that question every day now for about the last five years (i.e., I’d get up and wonder what particular thing over which I have no control is going to happen to fuck up my life.) For awhile, the fates were kind. Now, not so much.
I remember how all the mortgage brokers and realtors thought they were smart because they were making so much money in a market that anyone breathing could have made money in. I never bought into the ideas; a) that trees grow to the sky, or b) that it wouldn’t all end badly. They didn’t and it did. Now all those smart brokers and realtors are looking pretty stupid.
All I tried to do was control what I could, and got out of debt long before that was fashionable. I still wonder what might happen over which I have no control, like yesterday’s ZIRP. Can you believe it?!? The answer to this credit/housing bubble mess is to do exactly what got us here in the first place? My customer’s phones are ringing off the hook with folks looking to refinance. My customers are telling me I better get ready for another round of refi-mania.
It’s hard sometimes for me to fathom how we got this stupid. Is it because we have such a low tolerance for pain that we’ll do anything to prevent the intrusion of reality? I’ve already decided this time, if they manage to artificially reflate housing prices (which I doubt) I’m selling my paid-for city home and moving to the farm. I correctly thought the previous episode would end badly. This one’s apt to end much, much worse.
December 17th, 2008 at 1:07 pm
“Instant gratification, nobody can ever seem to get beyond it.”
I keep feeling like the immediate is in fact a giant red herring. The more sensational the news, the more I pull back – I’m almost at the point of hiding money under the mattress. I really hope I’m wrong but I think in two years folks will look back and be wishing they had stayed on the side lines while they still had the chance.
December 17th, 2008 at 1:08 pm
Curmudgeon:
I, too, sold my city house and moved to the farm (mountains) five years ago. You won’t regret it.
December 17th, 2008 at 1:08 pm
@Curmudgeon: I’m with you. We’ll be selling our place in the city and getting the heck out of dodge if someone really wants to pay an inflated price for our house because of low interest rates. This is not going to end well. Time to cash in our chips, take our equity and hunker down a bit. Just not sure where/when just yet.
December 17th, 2008 at 1:11 pm
Leftback:
Consensus for initial claims is 558k tomorrow…Whopper says over 590..hmmmmmm?
December 17th, 2008 at 1:20 pm
Bruce n Tennessee
…the farm’s in the northeast corner of Alabama about an hour southwest of Chattanooga. We’d be neighbors, sorta…
December 17th, 2008 at 1:21 pm
One more post about cars…from a used -to-be profitable company…
http://www.nytimes.com/2008/12/18/business/worldbusiness/18honda.html?_r=1&ref=business
Honda Cuts Profit Forecast by 64%
“The environment is worsening day by day, and we see no sign of a recovery,” Honda’s president, Takeo Fukui, said at a news conference in Tokyo, according to Bloomberg.
December 17th, 2008 at 1:23 pm
Curmudgeon:
Yes we would…I like the countryside in Northern Alabama…but you do not have permission to act like the typical Tide fan…If you are planning on that you must live closer to Mobile…
December 17th, 2008 at 1:31 pm
Had I been in the position (it’s complicated) to do so, I would have unloaded my 2 mortgage-free SFD rentals 1 – 2 years ago. Be that as it may, I’m now thinking of posting a “Make Me Move” price on zillow.com on these two as well as my own home (with “only” 7 years left on the 15-yr 5.75% mortgage) and either buy a “farm” or rent for the interim.
Anyone here moved RE thru zillow? or know someone who has?
@ Curmudgeon -
NE Alabama – altitude? mean winter temp hi’s-lo’s?
December 17th, 2008 at 1:44 pm
S&P pushing last week’s highs, make or break time.
December 17th, 2008 at 2:03 pm
Hilarious, Barry! Comedy is tragedy plus time. The volatility has been good to me lately though!
December 17th, 2008 at 3:20 pm
“I consider myself fortunate to live in such interesting times . . .”
I’ve been making money this past year, so I can feel somewhat secure and do find it interesting.
But I don’t have children, and I take it you don’t either. If I did, I’d be feeling a great deal of anxiety, and would think seriously about moving somewhere where people aren’t quite as centered on their current need and wants.
December 17th, 2008 at 3:25 pm
austincompany @ 8:00 am:
“So the Proverb is meant to be a positive blessing …”
Well, maybe not.
From Wikipedia:
“Some years ago, in 1936, I had to write to a very dear and honored friend of mine, who has since died, Sir Austen Chamberlain, brother of the present Prime Minister, and I concluded my letter with a rather banal remark, “that we were living in an interesting age.” Evidently he read the whole letter, because by return mail he wrote to me and concluded as follows: “Many years ago, I learned from one of our diplomats in China that one of the principal Chinese curses heaped upon an enemy is, ‘May you live in an interesting age.’” “Surely”, he said, “no age has been more fraught with insecurity than our own present time.” That was three years ago.
— Frederic R. Coudert, Proceedings of the Academy of Political Science, 1939″
December 17th, 2008 at 3:29 pm
@Bruce n Tennessee…don’t worry, I don’t drink the kool-aid. I’m just glad the Saban Tide was able to look respectable this year.
@batmando–elevation, about 1,000-1,800 feet (depending on whether you’re in the valley or on Lookout or Sand “Mountain”. I’m at about 1,700–pretty close to the top of Lookout Mountain. The average highs in the winter are mid-50’s, but vary tremendously. It can be cold (low twenties and windy, like a couple of weeks ago), to balmy warm, like now (70’s today). Summer is pretty much predictably hot. Avg high in July is upper 80’s, but can get lots hotter, and never much cooler.
December 17th, 2008 at 3:35 pm
Unlike a lot of people I don’t have a crystal ball. But the short term trend is up. I’m long SSO and QLD with trailing stops.
December 17th, 2008 at 4:17 pm
@ Mannwich — “What an utter disgrace he is to our country”
How nationalistic of you!
I would have thought “species” would have been closer than “country”.
December 17th, 2008 at 5:03 pm
@ Curmudgeon: We’re getting a surprising number of calls from mortgage brokers (present and former) asking about Chapter 7.
December 17th, 2008 at 7:03 pm
Honda must not make cars that Americans want.
December 17th, 2008 at 9:00 pm
yikes… this is one wtf that happened today…
Chrysler shutting down all plants for a month
December 19th, 2008 at 6:31 am
This market reminds me of a scene from Saving Private Ryan. They’re on the beach at Normandy. One of the soldiers has gotten his arm blown off. But since he’s in a state of shock, he picks up the arm and tries to figure out what to do with it.