Its the regular appearance on Kudlow tonite: We will be discussing unlikely potential Fed Cuts (a Bullish mantra for some time now); today’s Market Reversal, Home Builders and Inflation, from 5:00 til about 5:30 or so.
What can we discuss?
• The Technical Reversal on pretty big Volume — Dow up 70 to down 90 (as of this writing);
NYSE 3.1 Billion shares
Nasdaq 2.3 Billion shares
Qs did 200 million — the most since Feb 28th (300m)
• Prices plummet, New Home Sales Surge (but double digit monthly gains are usuaally reversed);
• Tech Weakness and the ongoing rotation into Defensive names (Utilities, Consumer Staples, Insurance, Pharma, Telco);
• Cult of personality: Why does anyone still pay attention to former Fed Chair Greenspan? His influence of Fed policy is now zero; he was a particularly awful forecastor. So why do people STILL hang on his every word?
UPDATE March 24, 2007 10:31pm
I meet Jim Awad in the green room (nice guy), but I am unable to strike up a conversation — because Kenry Kissinger is in the room.
While Henry the K is on air, I hang around shmoozing with his entouarage, chatting about music. Turns out Henry is okay with photos, so one of his bodyguards uses my phone camera to grab a snap.
Turns out that, yes, you can get around the secret service muscle — if you were just on the CNBC . . .