Tuesday, December 07, 2010

Traders seem to like the extra $40 in their paycheck :)

The global markets have jumped sharply to the upside this morning on the word of our "kick the can plan....." I mean, tax compromise.

The sad thing is that on the evening news tonight you are only going to hear about how the stock market made you richer today after this deal. You probably won't hear how this further weakened the US dollar which pushed oil over $90/barrel for the first time in over 2 years. Oh, and that probably means $3.40-$3.50 at the pump in NNY by Christmas, so if you drive at all in NNY your payroll tax cut is probably going to get eaten up by Exxon and BP.

Oh and silver, gold, copper and basically any other commodity in the world continued to spike higher. These costs will be passed onto you in the form of higher prices, but today is not a day for worrywarts. Santa has delivered his gifts to the markets and now it's time to just enjoy the benefits :)

I'm not sure if many people caught this spoof ad over the weekend from Hugh Jidette (aka Huge Debt) portraying him as the first candidate for the 2012 election. It's pretty clever.

Let Our Kids Pay from Peterson Foundation on Vimeo.

It's from the Peter Peterson Foundation and I've always found Mr. Peterson to be one of the smartest, most honest people in the financial world. He could become a major player for independent candidates in the 2012 election cycle.


No comments: