Tuesday, October 11, 2011

Crazy days...

Yesterday when I posted the video of a mountain biker getting whacked by a flying animal it had been viewed 374 times - today, it's been viewed over 3,000,000 times.  Wow.

This is clearly the craziest chart you'll see on the markets courtesy of alphatrends.



Over the last 3 months we've dipped 18%, jumped 10%, fallen 7%, jumped 10%, fallen 7%, etc, etc.  It's pretty clear that the chart readers are running the show right now.

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NY State's comptroller Tom DiNapoli garnered some headlines today regarding Wall Street's outlook.  There were a number of interesting tidbits in his statement including:

* Wall Street produces roughly 14% of the state's revenues (down from 20% a few years ago).

* The securities industry in NY has shed 4,100 jobs in the last 6 mths.

* The Governor is choosing to err on the side of hopium right now, but the Comptroller seems to be offering a more realistic view of the budget for next year.

Two things that I think are overlooked when talking about Wall Street's future are domestic competition and International competition.

1) NJ and Connecticut continue to pull jobs from Wall St.  The amount of construction along the NJ Gold Coast is truly staggering.  Like many things in my past, I was early to identify that trend.  My wife and I were residents #1 and #2 in the first new apartment complex constructed in Jersey City nearly a decade when we moved in 1996.  That area is now awash in new buildings for Goldman, JP Morgan, etc, etc. and I'm hearing talk of even more commercial space being planned (not good news for people looking to fill that growing building at 1 World Trade).

2) The bigger issue though may be the fact that NYC is simply losing its title as the world's marketplace.  Twenty years ago a hotshot analyst, trader or banker wouldn't dream of being anywhere but NYC.  Today, the bulk of the good jobs that I see are in Singapore and London.  Even if those cities eventually grow to share NY's title of financial capital of the world it probably means a permanent loss of jobs for NY state.

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Finally, from the land of snowflakes and lollipops comes my story of the night...

From Boston.com - Family gets lost in corn maze and calls 911

"One family got more mystery than they bargained for when they took an outing to a corn maze -- they got lost among the stalks as it got dark and needed the police to get them out, the owner said.



Around 6:35 p.m., Danvers police received a call from a family who couldn’t find their way out of the seven-acre corn maze at Connor’s Farm in Danvers, and were getting nervous because it was dark. A police officer and K-9 unit quickly located the family."

Cheers!

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