The wordmeisters at Yahoo Finance have dubbed today World Rally Day; For you lucky newbie unemployed — c’mon, you are missing the big equity party!
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Hat tip Josh
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Money is power, & you ought to be reasonably ambitious to have it." —Russell H. Conwell, Temple Univ, 1877
"It's the end of the world as we know it and I feel fine" say the French as consumer confidence in May rose to the highest since Nov '10 as they welcome and get excited about new Pres Hollande. Also, the French 10 yr bond yield touched the lowest on record this morning. June consumer confidence in Germany held at 5.7, just .2 pts off the highest since Mar '11. To the euro bond debate which is now taking on greater rhetoric with those with high bond yields wanting them and those with low ones saying no way, ECB member...
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November 4th, 2010 at 2:19 pm
The newly unemployed will also appreciate the commodity shock.
November 4th, 2010 at 2:21 pm
Damn, that’s hilarious! Good news is that 401k you’re fixing to have to cash in to pay the mortgage with is a little bit higher today!
November 4th, 2010 at 2:24 pm
LOL BR. Now you’re just poking us with a stick. The stock is completely unhinged from reality.
November 4th, 2010 at 2:25 pm
market….
November 4th, 2010 at 2:27 pm
just roll the dice with the unemployment check — stuff it in the market and ride the wave … NOT
November 4th, 2010 at 2:42 pm
BR- I caught that this morning myself-
here’s another qick laugh- but from CNBC-
“The Fed is left to find ways to generate real growth that supports the asset gains.”
Ok then- LOL
November 4th, 2010 at 2:54 pm
@ahab
Ready, fire, aim
November 4th, 2010 at 2:56 pm
. . .I mean c’mon-
isn’t that a bit backwards- get the gains then find the growth-
comforting to know that all the gains are based on nothing (of course we knew that)
talk about “Field of Dreams”
November 4th, 2010 at 2:59 pm
Mannwich:
Which reality? Benny and the Ink Jets told you this morning that he intended to prop up Wall Street.
November 4th, 2010 at 3:07 pm
@Calvin: The other “reality”, you know, the one outside of Wall Street where most of us are forced to reside. You know, THAT “reality”.
November 4th, 2010 at 3:08 pm
What happens if there is a genuine call for a new Bretton woods at the next G20 in ten days or so?
November 4th, 2010 at 3:21 pm
“just roll the dice with the unemployment check ”
You laugh, but I actually watched two guys do that back about 1975. They did it right in the unemployment office and one of them left with both checks.
November 4th, 2010 at 3:36 pm
Wow, incredible! No wonder the public is so confused about WTF is going on out there!
Forced to go long today thanks to this wonderful “inflation” bubble. Honestly, I think any guess on how high this could go is worth listening to at this point.
Take a look at the latest updates. New uptrend is in place now….
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3274981
November 4th, 2010 at 3:39 pm
Off Topic – The Curmudgeon, looks like your call for 100 dollar oil was a good one!
November 4th, 2010 at 3:45 pm
I may be wrong, but the acrid smell of bear capitulation is in the air today. Getting closer.
November 4th, 2010 at 3:54 pm
To whom it may concern:
I’m sorry for your problems and it’s too bad about all the new poor among us, but if I don’t take that free money then someone else will. And, by catching the free money from the passing wind, I shall improve my lot in life and be happy. I passed up on that last big one due to family issues. I think I would just shoot myself or turn into a sloven drunk if I missed this one. Whiner mode “off” or now. I’m too irrationally exuberant to criticize things that don’t care about my opinion. Cognos, you’re still full of shit. I’m not your buddy even though I just changed direction and tone.
November 4th, 2010 at 3:56 pm
Noted that little manifestation of disfunction, earlier, also.
Disenfranchised = not counted/not accounted for/not part of the enterprise.
November 4th, 2010 at 3:56 pm
Rah, rah, rah.
The FED loans “money for nothing”. What’s next from them? “chicks for free”?
November 4th, 2010 at 3:56 pm
@dh: Cognos may now be selling……….to YOU. LOL.
November 4th, 2010 at 4:03 pm
Mannwich Says:
November 4th, 2010 at 3:56 pm
@dh: Cognos may now be selling……….to YOU. LOL.
reply:
———–
No, even Cognos and his imaginary investments aren’t that dumb. BB is handing out free hundreds to all who pay a 100% refundable entry fee, providing you apply for a refund before the expiration date. Today is one of those golden moments I have always wanted to hit.
November 4th, 2010 at 4:26 pm
Well, why wouldn’t it be “World Rally Day”? If the Fed’s using rising stock prices as a measure of whether their quantitative easing programs are working, then there’s not much risk in investing in stocks.
Or they might seem to think, anyway!
November 4th, 2010 at 4:47 pm
Q.E.2: $ down, stocks up- outperformed by commodities. Only thing interesting is that stocks didn’t fade in the face of Fridays BLS #’s uncertainty. Why? Because bad news is good news and good news is godd news. That holds till bad news is too bad for Q.E. to counter. Not that far away imho. The undertow will be very powerful. Materials costs up; local taxes up- perhaps Federal via deadlock; currency/trade war; consumers puking; future talk of repatriating corporate profits tied into shipping jobs overseas, etc.- new twists on populism. Ron Paul takes B.B. to the woodshed on a daily basis. B.B. has played his last hand. He’s a desparate man. He knows he allowed the economy to be crippled and created all the human misery we are seeing. Don’t mistake his effort to save his legacy for more than a rationalization. He knows his efforts are going to come up short.
November 4th, 2010 at 5:12 pm
Let the consumption begin! Am I the only one who wants to go out shopping on World Rally Day? woohooo Who else is starting to feel guilty for being a tight wad? What is the Consumption Function Junction on the S&P? lol
http://www.youtube.com/watch?v=P1rICrAwDAc
November 4th, 2010 at 5:16 pm
When Ben Bernanke thinks stock market = economy and turning USA into Zambabwe is perfectly fine, everything would go up.
November 4th, 2010 at 5:29 pm
Karl Denninger recommends that BB pull a Budd Dwyer LOL
http://market-ticker.org/akcs-www?post=171216
November 4th, 2010 at 5:38 pm
Next resistance is SPX 1500 +/- as The Big Churn (1997-2021) plays out.
Follow the Helicopter Ben money IMO.
Even the insane cheerleaders are right sometimes.
November 4th, 2010 at 5:40 pm
Was the Fed created to debase the currency to game the stock market?
Eventually BB will declare victory and stop QEx but they’ll never be able to unwind their positions to avoid hyperinflation – and I don’t think he intends to try.
November 4th, 2010 at 5:42 pm
OK, I’m sorry to rain on the parade, but “World Rally Day” isn’t quite what the headline writer was saying. You know how it goes, sometimes you have to read headlines a couple of times to get the parsing right. In this case, “Stocks Surge in World Rally Day After Fed Meeting” was surely intended to read like this: “Stocks Surge in World Rally, Day After Fed Meeting” (editorial comma inserted), rather than BR’s much funnier take on it, which would be “Stocks Surge in World Rally Day, After Fed Meeting” (editorial comma inserted differently). Of course, that’s naught but dust in the wind (like the shorts I’ve been holding now for way too damn long, waiting for this gravity-defying market to at least test its support level…).
November 4th, 2010 at 5:44 pm
Panda Eats, Shoots, Leaves
November 4th, 2010 at 6:20 pm
Love it. Pat yourselves on the back. Ignorance and its company.
Jobless claims DID NOT “rise sharply”. Its a bouncy number that is on a solid long-term decline. Could be a little faster. But — again — you dont “buy equities when things look good”… you buy them when things will “get better”. That day, continues to be… today.
November 4th, 2010 at 6:41 pm
cognos-
pretty interesting that you only come around when the market is in rally mode- which means to me you’re full of shit-
where are your calls from 1040?????
oh that’s right- there isn’t any
November 4th, 2010 at 6:56 pm
Ahab –
I’ve got me making bullish posts on Jun 16 and Sep 19th.
Here is Sep 19th – Cognos, says to MEH…”Bet that guy (and you, and so many others) have been saying the same thing for a year. Aint happening. Markets are up. Have been WAY up. Are going higher. Good luck staying a “broken clock”.”
But yeah, I get a little quieter in the dip. Its the pro thing to do.
November 4th, 2010 at 7:05 pm
Jobless claims are “up”? Who gives a flying fornication! Whole Foods is up 15% in 6.5 hours of trading.
November 4th, 2010 at 7:10 pm
Wow – I’m really confused.
It seems the Fed is trying to spur the “Wealth Effect” which would induce the general populace to be more sanguine about spending again, which would induce companies to start hiring to fulfill that excess demand.
But that goes against all the political talk about making sure not to raise taxes on top %, since they are doing most of the spending. Why even bother to induce a Wealth Effect on the population-at-large – it’s a waste. If it worked at all, why didn’t the Fed address the general population in it’s thinking before?
If you make sure the top-tricklers have enough, they will hire people and create the jobs to make the things that the general population with no money will want to buy.
That is what will create jobs, not this Fed-to-unwashed-masses psychological mumbo-jumbo.
Now, the jobs to make those things will be created in China and India, but then they never did say WHERE those jobs were going to be created, did they?
November 4th, 2010 at 7:18 pm
Here’s the thing – cognos is partially right that week to week claims fluctuations is basically “noise”, but a look at this chart tells me that claims are hardly in a “solid long term decline”. Since January of this past year, this looks more like a flat-line to me, the new normal if you will, or am I missing something?
http://cr4re.com/charts/charts.html#category=Employment&chart=WeeklyClaimsNov4.jpg
Sure looks like we’ve settled in a bit, or am I just being “ignorant”?
November 4th, 2010 at 7:32 pm
You got to know when to hold-up, no when to fold-up, no when to walk away, no when to run. I’m running!
November 4th, 2010 at 8:07 pm
comparing the uptrend , 1998 vs 2010
http://stockswatch.blogspot.com/
November 4th, 2010 at 9:08 pm
cognos,
among other things, you prove that your Reading Comprehension skills blow..
see:
Mark E Hoffer Says: August 30th, 2010 at 7:03 am
“It should make dedicated bears nervous . . .”–BR, above
BR,
here, again, you show that, on this Field of Pursuit, you are in need of no Cane.
differently, I think you’re Correct about hesitating on siding with the ‘Wouldn’t know Preferred Stock, from Livestock’-Crowd..
~~
also, it seems that one can’t a page w/o hitting: ~”Retail bails from Stocks; Equity MutFunds see net Flows at near record negatives..”-Stories..
~~
LSS: lots of room to the upside, We could get back to SPX ~1120, in a hurry..
http://www.ritholtz.com/blog/2010/08/are-wall-street-analysts-contrary-indicators/#comment-383343
http://quotes.ino.com/chart/?s=CME_INX
by the 19th, you’ve had, already, missed ~70 SPX points — nice timing~!
November 4th, 2010 at 9:33 pm
Housing , Chickens coming home to roost.
November 4th, 2010 at 10:14 pm
in other news (OT) from the mortgage fraudclosure front: The Chickens have come home to roost for Mr. Stern: http://www2.tbo.com/content/2010/nov/04/david-sterns-foreclosure-law-firm-cuts-half-its-st/news-metro/
See Previous: http://www.ritholtz.com/blog/2010/10/banks-hit-back-linkfest/#comment-431405
November 4th, 2010 at 10:47 pm
What’s not so amusing is that not so long ago we were hearing about foreclosure fraud and the possibility that people could get away with not paying for their houses, even in those circumstances, no-one was entitled to a free lunch, for Mauldin it wasn’t the America he knows.
Fast forward a few days and it’s breakfast, lunch and dinner on the house, tip included for a select few.
Even less amusing is the fact that it won’t work, because liquidity isn’t the problem, wealth concentrated in too few hands is.
Nevermind 42 million people on food stamps, U6 at 17%, we need inflation and if we have to throw a few billions at billionaires who didn’t create jobs in the last decade, then that’s what we’ll do.
Throw a few % points of inflation at an already broke population, get the banks to start swapping absurd assets and we are back in business.
This is failure at its best.
November 5th, 2010 at 7:35 am
[...] Major headline fail at Yahoo Finance yesterday. (TBP) [...]
November 5th, 2010 at 8:56 am
Would someone with an ounce of Photoshop skills please put Bernankes hirsute mug on the Anaheim Rally Monkey, please? (Accompanied by the “Rally Time” sign of course.)
Thank you.