Tonite, 5pm on CNBC: We got most of the old band together: Marketwatch’s Herb Greenberg, and international investor John Rutledge. Also up: former Fed gov Wayne Angell, and Robert McTeer on the Fed.
The discussion will cover the market’s volatility, yesterday’s rebound, and the economy Other things worth noting:
-Yesterday’s oversold bounce had terrible internals —
Nasdaq: 1147 Advancers to 1598 decliners
NYSE 1810 / 1564 Advancers to decliners
Total up/down volume: 927/465That says short covering rally to me — and today’s lack of follow through confirms that.
-More than two-thirds of Americans believe U.S. economy is in recession now or will be by next year (Wall Street Journal/NBC News)
-Financials continue to fighting off the unknown liability of their CDOs exposure;
To say the least, it should be interesting.
You know?… You’d think I’d get some love after nailin’ the statement.
With a tiny modification from the minutes from the May meeting, I tatooed the statement.
But, does anybody give a flyin’ f?….nooooooooooooo!
Be ashamed!
Yeah, well my SDS purchase got flamed this afternoon.
Who knew things were so good?!?
That says short covering rally to me — and today’s lack of follow through confirms that.
1) Small investors read negative articles in Wall Street Journal.
2) Small investors short related stocks for easy money.
3) Big investor reads same article and asks “What would small investors do?”
4) Big investor calls other big investor friends to cooperatively slam futures up and blow small investors out of market for a few quick bucks.
5) Wash. Rinse. Repeat.
Please ask Larry if he’s such a market whore that he’d actually turn tide and praise Hillary (which he did today) for coming out and saying that it’s the Fed’s job to bail out these jackasses who bought homes they couldn’t afford. He’s so far from a free markets person it makes me sick to think he’s Republican.
Woo Hoo!!! Did you see the finance whore call the politician a whore! More! More!
This is a totally lame question from the peanut gallery (so apologies!), but are these appearances on K&C streamed anywhere, or do I actually need to step away from my computer *gasp*? I have notoriously bad search skills and wasn’t able to find a stream.
Thanks
shoeless,
“Please ask Larry if he’s such a market whore that he’d actually turn tide and praise Hillary (which he did today) for coming out and saying that it’s the Fed’s job to bail out these jackasses who bought homes they couldn’t afford.”
Senator Clinton’s proposals to end “fly-by-night mortgage brokers” and to “ban penalties for people who pay off their mortgages ahead of time” is hardly “saying that it’s the Fed’s job to bail out these jackasses who bought homes they couldn’t afford“.
.
I don’t know how you do it. Rutledge and Luskin are both begging for an old-school East Coast beat-down (“low blow” my ass). I forgive Kudlow — he’s just a mindless candy-coated fop — but those other two are the definition of arrogant pricks. Herb’s more or less harmless and not much help but at least he tries. Thanks for fighting the good fight for those of us who value critical thinking, reason and logic as the basis for argument.
IAmEric,
Most of the interviews on cnbc are available at cnbc.com under the video tab. They are available sometime after the interview. If you want to watch them live I believe that is available at cnbc plus but it is a pay service.
Hey Barry,
I found your BIG PICTURE.
http://www.ocregister.com/news/world-hangar-photographers-1799900-largest-old
Kudlow and Cramer are socialists…who knew?
Eclectic nailed the FOMC statement…..almost word for word..just got in…sorry im late
Thanks Jake for the kindness, and for taking the time and effort to confirm it!
1) Small investors read negative articles in Wall Street Journal.
2) Small investors short related stocks for easy money. […]
Ah, blaming us small investors again…
1. Small investors can’t afford WSJ, and if they do, they waste their money.
2. See #1.
Small Investor Chronicles™
You see, Barringo?… What’d I tell you?
Whoyo baby daddy e’uzz?
…Whoyo? Whoyo?
Whoyo baby daddy e’uzz?
…Whoyo? Whoyo?
-Yesterday’s oversold bounce had terrible internals-
Many CMTs throw that statement around a lot. As far as I know, it is supposed to signal that market will go down soon.
The problem I have with this is that the definition of ‘soon’ comes out only after the anticipated event happens. If it does not happen it is quietly swept under the rug.
Does anybody have hard data and reliable statistics about the market performance when the internals are weak?
I was only able to dig up anything more than untested assertions on my own.
that was the 1st time i saw kudlow.
that man’s voice is like taking an electric drill to the skull.
ugh.
Eclectic:
Just now reading these. Kudos. Now it is time to unmask yourself, Lone Ranger: Mr. Poole, I presume? LoL.
Thanks Winston…
No, I’m merely the possessor of a, to now, woefully short-changed life.
Great job today Barry. I think in the next couple of weeks we are going to see some more high profile funds blow up. GS Global Alpha? Getting crushed on large cap small cap spread.
Eclectic-
Anyone who goes by the name of “Tuco” in the bars of NY is okay by me.
MarkM – Pay attention, I’ve got something you’ll like.
Hey Kudlowvia – Yes, it’s the best blog goin’ anywhere.
Erin – I told you not to listen to that shrill monkey.
Jim Cramer – You’re a genius I know, but here’s some advice for you:
http://www.youtube.com/watch?v=VUslGSoEH8I
–Juan, Benito, “Tuco”, Ramirez, E-c-l-e-c-t-i-c
You can get the latest poetry from Panzner here:
http://www.prudentbear.com/articles/show/2082
…agree with him or not, that whitehead can w-r-i-t-e!
Elephant in the room again.
What kind of culture and or environment allows supposedly really really really smart guys to get paid very nice money and then take risks that blow up. Didn’t I once hear something about smartest guys in the room?
As far as the market solving all, I know that is what I would say if I had enough money that would allow me to be a trust fund baby and summer in Nantucket and pay 10% on what I used for income. But there are some endeavors that are badly served by unadultrated capatalism. It’s like all those water bottles that are being thrown out and not recycled. We import more oil because of them, and we waste many resources on them. Since the biz is so profitable those who make the moeny off it are not going to want to change the staus quo. And the more they make the better they lobbyists they can hire. Meanwhile they are only concerned with selling and leave all the problems to somone else. Change the plastic bottles to mercury emissions (from a process) which is horribly worse and you get the idea. We might one day figure out how to get the mercury out of our waters and fish (and ourselves)beccause someone will pay for it, but that will be too late for children who are retarded or dumber than than should be. But the fast buck works here.
Sounds like a rishk and reward roblem doesn’t it. We need to decide what kind of a society we want to live in.
And, Mike Panzner, from your piece:
http://www.prudentbear.com/articles/show/2082
Quoting:
“Another problem with this synthesized latticework is that it enables toxic fallout to flow unimpeded and puddle in places with widely varying rules, regulatory standards, political regimes, and moral codes. This all but ensures that when defensive measures have to be taken, solutions are not only hard to find, but impossible to implement.” end quote.
Sublime observation, Mike… simply sublime.
—
Larry Kudlow,
You need to get P. J. O’Rourke back and ask him the question again: “Is there anything about Adam Smith’s writing (“Wealth of Nations” or other writings) that would lead you to believe he had any reservations about unrestrained free-market capitalism?”
Of course Smith did, and he even summarized them in “Wealth” but there’s no room for that summary in The G.S.N.T.
http://bigpicture.typepad.com/comments/2007/02/alan_greenspan_.html
—
Mike Panzner has, whether knowingly or only coincidentally, just eloquently itemized what has likely been an outcome of failing to heed one of Smith’s own admonitions of the “dealer” subclass within the general category of merchants and manufacturers… that subclass that puts its own interests above the best interests of the general public.
And, who has allowed this?… We have through our ignorance, the ignorance Smith referred to as being relied upon by the dealers as their enabling advantage.
Pardon me for quoting myself, but I need to do it to clarify something:
“… that subclass [dealers] that puts its own interests above the best interests of the general public.”
—
I think it would make more sense to say this another way. First, obviously, it is a principle of economics that all participants indeed work for their own assumed best interests. Therefore my statement quoted above would seem absurd on its face. I, you, we all work for our own best economic interests and not those of the public.
But, what I really mean here (and what Adam Smith in his day clearly understood) is that the dealer subclass he admonished is able to gain their advantage by influencing the public itself to believe that they (the dealers) are indeed working for the public’s own best interests.
In other words, in the context of Panzner’s remarks: Let the public believe it can reach down and take itself by its own bootstraps and lift itself unrestrained, as if by an act of levitation, into a financially derived never-never land where mere metaphorical neighbors can extrapolate wealth from each other in the thinnest mist of one-for-all-and-all-for-one-domhood.