The ‘Stupidity Index’ dropped 50 points today but still managed to close above the 10,000 mark before all was said and done. If I don’t miss my guess that means the Dow (through intra-day movement) ‘re-crossed’ the 10,000-point mark in both directions today!
Maybe they’re going to keep crossing it…just because they can (and the dudes on Wall Street are weird that way…)
Understand good citizen the opening paragraphs of tonight’s offering not only read differently now but don’t reflect the huge drop the market took shortly after opening this morning. When I first saw it, the Dow was at 9,985, this is what I mean about the Dow crossing the 10,000 mark for the second time in as many days…and guess what? The fucktards are still using the ‘beat expectations’ ploy as an indicator of economic strength!
What’s wrong with these people? We all know the only way these assholes are showing profits is due to lay-offs and paycuts, they sure as shit aren’t selling more because the overall economy continues to shrink!
It’s one thing to lie to the public and quite another to lie on a daily basis, expecting to be believed…
US Stocks Falter on Economic Data
By JACK HEALY
Published: October 20, 2009
Wall Street swung lower on Tuesday after weaker wholesale prices and a tepid report on new-home construction cast light on the economy’s lingering travails. [Left unmentioned is an event that caused quite a stir earlier today when energy prices spiked over $ 80 a barrel in mid afternoon…um, once again it is not so much the demand for oil but the weakness of the dollar that is driving the price of energy beyond affordability.]
Stocks fell slightly at the opening, but the sell-off deepened in the afternoon and wiped away some of the market’s gains from a day earlier.
After rising nearly 100 points on Monday, the Dow Jones industrial average was down about 60 points at 3 p.m., and the wider Standard & Poor’s 500-stock index and the Nasdaq were off about 0.7 percent.
The backslide came even after a string of bellwether companies including Apple, the drug maker Pfizer and Caterpillar, which manufactures industrial equipment, reported strong profits.
Since the aluminum maker Alcoa kicked off earnings season by reporting a profit, more than half of companies reporting have beaten analysts’ expectations, raising hopes that companies were past their worst financial troubles, according to Howard Silverblatt of Standard & Poor’s. [There’s a name you can trust!]
Earnings per share are coming in nearly 12 percent ahead of expectations, and companies’ sales figures are also beating estimates. The higher sales figures could offer a balm to investors worried that companies had only been generating profits through aggressive cost-cutting, and not by increasing revenues. [Latest word is the P/E ratio of the S&P 500 is still at 140 (15 is normal) so you can only wonder what ‘beating’ means. Once again, we aren’t talking robust sales, we’re talking about beating ‘estimates’ here and as history has shown us, the pricks ‘low-ball’ like mad so when the numbers come in, even a poor number will look like a ‘near miss’. (Did I just use a bunch of words when a simple ‘Bull Shit!’ would have sufficed?)]
So far, the earnings have bolstered investors on Wall Street. The major indexes are up about 3 percent for the month, their eighth straight month of gains, and shares of Apple are close to their all-time highs. [Oddly, Apple hasn’t come out with a ‘new’ product lately…do we need to add this to the inexplicable rise in oil prices while demand continues to fall? When market mechanisms cease to function, the theft has gotten out of hand.]
“This is a broad-based rally,” said William Rhodes, chief investment strategist of Rhodes Analytics. “I did not find anything in the market this week that I could go out and short.” But on Tuesday, investors seemed preoccupied by signals that the housing market remained sluggish and by signs that some industries are still hamstrung by lower prices. [What a fucktard…NOBODY has ‘pricing power’ in a market like this so what’s this ‘some industries’ crap; like it’s an ‘isolated problem’ due to straighten itself out at any moment? (WTF!)]
“The bulls need to see the quality of earnings improve,” Steven Ricchiuto, chief economist at Mizuho Securities, wrote in a note to clients. “The market is so far ahead of the economy that unless the quality of earnings improves the broad market is due for a consolidation.” [Another ‘idiot statement’, the entire rally is composed of fumes, vapors and more than a little wishful thinking! Um, one is inclined to cut the market pros a little slack, it’s their job to sell this shit whether it’s any good or not.]
Shares of basic-materials producers, utilities and energy companies fell the farthest, as prices of commodities like oil, copper and coffee receded. Crude oil futures fell $1.42 to $78.19 a barrel in New York, but were still near their highest levels of the year. [This particular ‘version’ of this story precedes this afternoon’s spike in oil prices…I dunno if the current version has been updated/corrected.]
Investors were wary of home-building companies like Brookfield Homes and Pulte Homes after the government’s latest report on housing starts and building permits. The Commerce Department reported that new-home construction edged up slightly in September, but the increase fell short of economists’ predictions. [Looks like those damn Ivory Towers don’t afford economists an accurate view of the world…although we could be facing that bizarre phenomenon where a man professes to believe what he’s paid to believe, right, wrong or indifferent…]
And even after months of tentative gains, the rate of housing starts was still 28 percent lower than a year ago, reflecting low demand and continuing turmoil in markets for construction loans.
Weakness in stocks reinvigorated the dollar for a day, and set off demand for safer investments like Treasury bonds. The interest rate on the Treasury’s benchmark 10-year note slipped to 3.34 percent from 3.39 percent late Monday.
What a steaming load of tripe! For every positive statement made in this article you can find four stories refuting that claim. Which in itself is problematic because it displays how ardently the thieves want you to believe everything is just fine…when you can see with your own eyes things are FUBAR!
Imagine if you will that Howard Beal is going off the deep end every night, and every night Howard gets arrested…and you never hear a word. Which is why Howard goes off the deep end every night, telling everyone that will listen he’s mad as hell and he’s not going to take it anymore!
But it won’t be until sharpshooters pick off Howard somewhere and even then you’re never going to hear about it. When he is picked off, it won’t be Howard’s frustration that makes the headlines but the fact that Howard was terrorizing his neighbors when the police were called in.
Everything is just wonderful good citizen, nothing to see here, move along!
Which begs the question as to whether or not we can ignore what’s going on right under our noses? We could lash out but the targets are either too well protected or too well hidden for direct action. You can’t say they haven’t learned from the lessons of history, they have.
Not that the difficulty of the task at hand makes it permissible to stand idle and do nothing. If we don’t fight back things will only get worse.
In the mean time, try not to step in any Kool-Aid…
Gegner
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