Okay so we're enjoying a rally of 140 points and mlps up 6 and back over the 2009 flat line. Ho-hum...duh and all the other descriptors you can come up with.
Magellen (MMP) is down 2.25 on news its swapping shares for Magellan Holdings (MGG) which is up 1 and some change. Otherwise mlps are bouncing with everything else.
Crude is up 3.58 which certainally adds to the idea that crude has put in some sort of bottom in the mid 30s. Those lows have held. But crude won't get anything sustainable accomplished unless stocks put in a floor. There needs to be something which suggests that the economy is making some sort of a bottom or will make a bottom in a few months. No sign of that yet.
adbrite ads
mystic monk coffee
investment strategy tips
joseph cioffi's Source Page - Associated Content
http://www.associatedcontent.comuser/505733/joseph_cioffi.html
joseph cioffi's Source Page - Associated Contenthttp://www.associatedcontent.comuser/505733/joseph_cioffi.html
About Me
- joewxman
- a meteorologist with a knack for trading and investing in MLPS! I also like horse racing, enjoy cigars and a good port wine.
FEEDS AND OTHER BLOGS
seal of approval
OTHER INFORMATION
OTHER INFORMATION
3 comments:
Interesting view from Bear Fund manager.
---------------------------------
http://www.bloomberg.com/apps/news?pid=20601110&sid=aoOD10XZvOPE
-------------------------------
Leuthold Says Stocks Will Surge, Depression Avoided (Update2)
By Betty Liu and Lynn Thomasson
March 4 (Bloomberg) -- Steve Leuthold, whose Grizzly Short Fund returned 74 percent last year betting against U.S. stocks, said now is the time to buy equities because investors are too fearful about the economy.
“These comparisons people make with the Great Depression are totally out of touch with reality, and pretty stupid,” he told Bloomberg Television in an interview today. “We’ve been in much worse, much more panicked and more scary situations in the U.S.”
The economy isn’t as bad as it was in 1974, when stocks began rebounding, said Minneapolis-based Leuthold. He predicted the Standard & Poor’s 500 Index will surge to at least 1,000 in 2009, representing a gain of 44 percent from yesterday’s 12-year low of 696.33. The benchmark measure of U.S. stocks rose 1.6 percent to 707.69 at 10:59 a.m. in New York on speculation China will add to a 4 trillion yuan ($585 billion) spending plan.
Because a rally is likely, Leuthold said investors shouldn’t buy his Grizzly Short Fund. It has returned 26 percent in 2009.
The Leuthold Core Investment Fund, which bets on stock gains, is most concentrated in biotechnology companies, automotive retailers and education providers, he said. Investors should also buy equities in China, Korea and Taiwan because their economies are growing faster and the Asian banking system hasn’t been battered by subprime loans as badly as U.S. financial institutions, Leuthold said.
“We’re going global,” he said. “Global investing is the way of the future.”
Leuthold joins short seller Bill Fleckenstein in forecasting a rally because the market declined too far, too fast. Fleckenstein, who warned of the housing bubble in 2005, closed his 13-year-old bear market fund last year and recently bought shares of Microsoft Corp. after they traded at the cheapest since at least 1987.
What is Leuthold smoking? We are staring at a financial calamity and we had a 2 day dead cat bounce.
i will say that the ingredients may be there for a violent rally but we need a catylist.
Post a Comment