As seen in the attached report the S&P 500 is still above a support zone in the 1,227 to 1,220 area. Yesterday the index traded down close to the aforementioned support near 1,227 and reversed. Lately the tape has seen absorbed some bad news and managed to buckle but not break, which is encouraging. With the index still above support and its uptrend line from the summer lows we have to give the bullish bias the benefit of the doubt here. Secondary support lies in the 1,199 area. Again as long as these levels are not violated one has to respect the current trend which remains up
Yesterday’s news that the New York Times’s Sunday Business editor, Tim O’Brien, was leaving to become the National Editor at the Huffington Post provoked a lot of worried response. John Koblin pointed out that O’Brien was the fifth Timesman in five days to voluntarily leave the paper for better opportunities.
David Shipley went to Bloomberg; Dexter Filkins to the New Yorker; Ashless Vance also went to Bloomberg’s magazine BusinessWeek and Christine Muhlke decamped to Conde Nast. This comes at the end of a week when Tina Brown hired several Washington Journalists for her revamping of Newsweek: Robin Givhan and Blake Gopnik from the Washington Post as well as Michelle Cottle from New Republic which had its own changing of the guard at the top of the masthead.
This rush of media moves caps off another year of doubt and uncertainty in the media. But not all of the anxiety is bad. There seem to be many and new opportunities opening to journalists. Under a post with a pithy headline–“Nobody in Journalism Has a Career Plan Anymore”–Slate’s Tom Scocca (Hey, Tom, does anyone in this economy have a career plan anymore?) captures that confusion aptly:
The money is coming back, but the career currency has completely collapsed. The old certificates of status—a masthead spot at the Times!—are like Confederate banknotes or ownership shares in a tulip-growing syndicate. People say Bloomberg doesn’t even have cubicles. Is this what people want? Are people going to the Beastweek because it is the future, or because it is Newsweek, or because it is Vanity Fair in 1985? Are people going to the Huffington Post because—no, why is anyone going to the Huffington Post?
I’m afraid I’m with Scocca. There may be many good reasons to go to the Huffington Post–including the fact that they’ve reached 26 million monthly unique visitors in November–but none of them are self-evident. For all its traffic, HuffPo remains a content farm without star writers or the clout of breaking news. Howard Fineman and Peter Goodman have only been there a few months, it is true. They have yet to make their mark.
O’Brien’s role is supposed to be something of a mentor to the less professional talent at the site. That too might be an opportunity but it also sounds like a lot of heavy lifting even if it gives O’Brien a broader ambit than simply business news, which many find confining.
The folks at Money.co.UK have built a global timeline looking at “how and where it started, when Britain became involved in the economical downfall and how the world have built themselves back up.” Money.co.uk: The worst economic crisis in decades played out like a soap opera of epic proportions – the bad guys were vilified,…Read More
Music video by The Superions performing Fruitcake. (P) (C) 2010 Fanatic Records. QRO Magazine: Christmas came early to QRO when we got to interview the one & only Fred Schneider. The singular B-52s singer talked about his new side-project, The Superions, and their new holiday album, Destination… Christmas! (QRO review), the upcoming Halloween album (unfortunately,…Read More
Jon Stewart goes postal on the Senate for failing to pass the Zadroga bill:
Worst Responders: Senate Republicans filibuster the Zadroga bill but pass tax cuts for the wealthy, which is great news for firefighters who make over $200,000 a year. (05:18)
|The Daily Show With Jon Stewart||Mon – Thurs 11p / 10c|
9/11 First Responders React to the Senate Filibuster: 9/11 first responders watch as Mitch McConnell cries over a friend’s retirement, and Jon Kyl explains why the Senate can’t work the week after Christmas. (08:55)
|The Daily Show With Jon Stewart||Mon – Thurs 11p / 10c|
|9/11 First Responders React to the Senate Filibuster|
I’ve been playing around with the Google Labs NGram book viewer, and you can do some pretty big picture stuff with it. I mean really big picture: As the NYTimes reported, Its a “mammoth database culled from nearly 5.2 million digitized books available to the public for free downloads and online searches, opening a new…Read More
The tale of two cities theme continues in Europe. As Germany reported that their Dec IFO business confidence figure rose to a record high dating back to ’91 and French business confidence rose to the highest since June ’08, Moody’s downgrades Ireland by 5 notches to Baa1. Now Moody’s is not some soothsayer here as…Read More
RealtyTrac: Foreclosures Drop in November But Will Come Roaring Back in 2011
Yahoo Tech Ticker, Dec 17, 2010
The Bond Herd, 6% and Gold December 16, 2010 David R. Kotok Chairman and Chief Investment Officer > Europe is very cold, too. We’re back. Six days of travel, 8000 miles, and seven meetings later, we take away some conclusions about the recent, volatile, and scary spike in bond yields. First and foremost, let’s be…Read More
Let’s put aside the obvious issue with this cover — why Wikileaks founder Julian Assange was the better choice, and that Time magazine editors are a spineless eunuchs — and look at the psychology and market connotations of this year’s Man of the Year choice. It is somewhat fitting that a decade after Time marked…Read More