NEW QUARTER...STILL UGLY
The bear is growling this morning with stock futures in free fall collapse which may not necessarily be a bad thing if it leads to some sort of selling climax. But if you ask me we may need to get down to a 10k handle on the dow before things improve. And the mlp chart is following along as we are testing 275 and maybe we need to go all the way back down to 262 where the March low is.
You can see on the dow chart where that double bottom is around 10,750 and beyond that there is more support around 10,200. Ugh!
Oil just keeps going up 2 dollars again this morning although we have seen oil close near its lows for the last 2 days. File that under the department of grasping at straws. However i will say again that this sell off won't be finished until the market leaders are taken out and executed with everything else. No sign of that so far.
A couple of anal-ist moves this morning as Friedman Billings raises its target on Legacy Partners (LGCY) from 28 to 30. UBS is starting Spectra Partners (SEP) at a buy; no price target given. No other corporate developements so far. The bear market continues to take its toll in here but at least we have 8 to 10% yields to cushion us just a bit.
Peter Schiff is on CNBC to tell us how the world is coming to an end for us and it wouldn't have happened if we had a gold standard and if interest rates weren't kept artificallly low. Hyperinflation and a severe recession are coming. Always the optimist Mr Schiff.
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7 comments:
Peter Schiff may not be an optimist, but (unfortunately) he's been right for several years about the US economy and the US stock market. God help us if his current forecasts are anywhere close to the accuracy of his past forecasts.
peter schiff has been saying the same things since he got into the market.
hes a down thats his personality.
hes no economist nor does he have any credentials.
there are others of this ilk.
he has been right on the dollar.
however he has always been anti us markets.
plus he talks like a know it all and allways over talks others.
ask him about his wealth.he has zilch.
dreiser139
i always find these guys interesting and you point out correctly about being a down personality and how that shapes ones view of the world. I have always been an optimistic sort of person as this is known to reduce stomach acid blowups in the long term.
I always try and remember 2 things. Broken clocks are right twice a day (variation..even blind squirrels find a nut every once in awhile.) and that no one has ever made money in the long term going short equities (in the broad sense).
Needless to say these are difficut times but the good news is it can be far worse.
CNBC is garbage. They have to find "experts" to fill up 24 hours on time thats all.
My advice is turn off your TV and do your own research.
I remember back in 2000 they had all these experts writing about Dow 40,000 and Nasdaq 10,000 on. That never happened.
I think Squawk Box is the best of their shows and is the only one i can tolerate with the volume on. Not to say their guests are always the best but they do put on some top notch people like Art Cashin who is like the neighborhood guy who is street wise. My wife and I also look foward to Rebecca Darst on options just to see how much caffine she's injested as she opines on options activity. Rick Santelli is my favorite. The guy knows his shit!
To Dreiser 139:
According to an article in Forbes a couple months ago, Schiff has a personal portfolio of about $11MM.
And to you, Joe, the broken clock metaphor is one frequently ascribed to him. I agree that he is a downer but if I'd been a little more pessimistic myself in recent history, I'd be money ahead, broken clock or not. With oil at $143/barrel and no sign of the bottom in sight in the credit market, not to mention tens of millions of boomers moving from producing members of our economy to full time consumers with ZERO assets in either Medicare or Social Security to support them...
Then, just for good measure don't forget to bake Israel/Iran AND the impending prospects of President Obama into the cake.
I'm left scratching my head wondering why people criticize the guy because he's not positive! Huh?
i don't dismiss what he has to say at all. I like listening to alternative viewpoints. I find him to be too pessimistic but interesting.
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