What Poker Can Teach Us About Bear Stearns
By Barry Ritholtz - November 9th, 2009, 1:15PM
“When I'm bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don’t buy long stocks on a scale down, I buy on a scale up.” —Jesse Livermore
Macro Notes
Chicago PMI surprises to the upsidePeter Boockvar
The Dec Chicago PMI manufacturing index was a much better than expected 60, 5 pts above forecasts and up from 56.1 in Nov. It's the highest reading since Jan '06 but measures the direction of improvement, not the degree. The bright spot was the near 10 pt rise in the Employment component which is back above 50 for the 1st time since Nov '07 at 51.2. New Orders rose less than 1 pt but remains elevated at 63.5, the most since May '07. Production, which follows orders, rose more than 8 pts to 65.8 and Backlogs rose 6.5 pts to...
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