Tuesday, January 19, 2010

Until further notice down is still up...

Citigroup posts a bad quarter and Asian stocks have been weak for 3 sessions so of course our market is up. We have to stop trying to analyze the markets as any type of rational measure of economic activity.

A couple of choice observations from the web so far this AM.

"January is usually a very high volume month in the stock market, yet it has started off the New Year even lighter than the last two months of 2009. Not only is the market volume light, but over 60% of the trading volume is concentrated on 5 stocks: AIG, C, BAC, FNM and FRE!"

In legal terms this would be classified as hearsay, but we're not in courtroom so here goes - a reader emailed this to another blog...

"As a commercial banker, I have a client who specializes in asphalt work, and most of his clients are cities, counties, and Cal Trans for road resurfacing work. He is benefiting significantly from all the stimulus money, as his gross revenues are up 40-45%. He has not hired one additional employee nor purchased additional equipment, so the real beneficiary is the owner of the business who I’ll keep anonymous."

Unfortunately, for the asphalt owner he lives in California and will probably see his income subject to a WINDFALL ASPHALT REVENUE TAX to help close their budget gap.

Cheers!

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