Thursday, March 11, 2010

Hope springs eternal...

Maybe it's the warm weather -- we had our first robin sightings in Clayton today -- or maybe it's the fact that we passed the anniversary date of the bottom without incident, but the market continues to power higher on very thin volumes. The market is being pushed up by just a couple of names and note how the market spiked again right at 3pm.

The markets liked the news that foreclosure activity slowed from Jan to Feb (however, it was still up vs. Feb 09 so that to me signals things are worse than last year) and ignored the fact that the miserable weather in the Northeast probably contributed substantial to slowdown.

Also, for the armchair technicians in the crowd, the key number that everyone wanted to clear was 1050.23 on the S&P500. So where did they close the market? 1050.24

You can't make this stuff up.

Commodities are hot, oil is rocking again, it's 2007 all over again. Without any underlying growth of course, but the bubble is being primed again. We'll see if it holds......

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Stat of the day: Visitors to Shanghai alone can look up at a skyline dotted with 3,780 skyscrapers versus 15 in 1978. That's just over 30 years. It's been almost 9 yrs since 9/11 and we're still bickering and suing each other instead of rebuilding the WTC. Shame on us.

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Finally, a little more info on Carrie The Prius.... When will people learn that given 6 hours and enough bored tech people in California you can find out just about anything about anyone....

Runaway Prius Driver owns adult swinger website - you can search Jalopnik.com for the story. If you're bored the 911 call is interesting -- there's not a lot of panic in the driver's voice :)

Cheers!

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