Wednesday, November 05, 2008

Well That Was Ugly - Sell the News Again...

Two factors seemed to drive today's action:

1) The end of the election cycle which had been bought aggressively over the past few days and

2) A return to the focus on fundamentals (and one particularly harsh call from Ms. Gloom Meredith Whitney).

The technicians are getting antsy again and I'm concerned about Friday's jobs number. The Gov't data has been about 130,000 jobs worse than the ADP # which was awful today. Goldman Sachs predicted that Friday's employment number could be the worst in 20 years and it won't surprise me if that happens. It will be important to review the birth/death adjustment.

There are an awful lot of bears that became short-term bulls in the past few weeks. It won't take much to shake their confidence - true bear markets wipe out bulls and bears.

Consider tonight's headlines -

Whole Foods sells 17% of itself after weak results
Cisco sees revenue falling as economic woes spread
News Corp. Falls as Declining Ad Sales Cut 2009 Forecast
Time Warner Profit Slips

But on the plus side, we're apparently drinking more....

Results for Molsen Coors

Also, note that Dr. Roubini (The Original Dr. Doom) was out today with an article on the prospects of a hard landing in China -- however, I think this is like predicting Lake Effect snow in Pulaski as some point from Jan to March, kind of a no-brainer.

**** Thanks to anyone searching and finding me through the Alexa toolbar. I don't exactly understand the mechanism behind Alexa, but apparently I jumped 1.6 million spots today to the 8 millionth (roughly) most popular website reached through Alexa. ***


1 comment:

Unknown said...

The comprehensive and detailed traffic reports by Alexa that merchants use to make business decisions are going a step further. The merchants who use Alexa to make business moves are going to be elated with the news on Alexa upgrading this service. Now Alexa is coming up with unique and exclusive data for merchants with different business backgrounds that will be available only for them. These data can be downloaded at the payment of a price that is minimal as compared to the information that will be available only in the column called the “Top Sites List”. These lists include the topics that will help merchants compare with their respective competitors, attract maximum views, generate traffic etc. No wonder Alexa is having its own stand in the face of very formidable competition from Google!