Wednesday, August 11, 2010

On second thought the Fed crashed the market...

As I hinted yesterday, I thought that when people had a full night to digest what the Fed actually said we could have a pretty severe reaction. Lately, the opening moves downward have been met with steady computer bids to pull the market back from the brink. Today was the first time in about a month that there was no real bounce. The major markets either broke or are on the verge of breaking their 200 day moving averages again so thing could get interesting.

Cisco is going to put a damper on things tomorrow unless something changes overnight. The key points to take away from the tech giant were that business slowed materially in June and July and that customers have slowed their payments.

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Light reading:

More than a little fear mongering in this article on Russia's burning wheat fields, but I expect we'll start seeing higher prices at the retail level within 3 mths.

Okay, I don't know about you but after seeing this article, I think my weekend plans will include multiple "hopsicles".

Finally, a broker that stole money from his clients to fund his gambling habit has been ordered to serve 12 years in prison. No, criminals only do time in movies. Instead he's been ordered to enter poker tournaments in an effort to win back enough of his clients money. Seriously? What if he had gambled the money away on scratch offs, would he get the same deal?

Cheers!

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