The news from CNBC.com this AM ...Very Gloomy
Now that the US consumer has finally hit the wall, there’s growing speculation the Federal Reserve will push its interest rate pedal to the floor.
September’s 1.2 percent decline in retail sales and downward revisions in the two previous months virtually assure the first quarterly decline in consumer spending in 17 years, something economists have been worrying about for some time when it appears the government’s fiscal stimulus package was having limited effect.
I've said since the summer that a ‘dark period’ of economic data lie ahead,” ”Miller & Tabak’s chief bond market analyst Tony Crescenzi told clients in a note.
“The sad reality is that it will take quite a long period for the consumer sector to recharge and that will in turn maintain pressure on financials,” says Hastings. “The ripple effects are already being felt in technology sector and will soon affect industrials."
From the Fed Beige book:
Economic activity weakened across the United States in September as businesses rethought capital investments, consumers curtailed spending and the general outlook darkened, the Federal Reserve said Wednesday.
"Economic activity weakened in September across all twelve Federal Reserve Districts,'' the Fed said in its Beige Book report on the state of the economy through Oct. 6
To This I say DAH!!!!
6:44 DJIA 9094 -216 VIX 59.51 GOLD 838.0 -.60 OIL 76.08 -2.62
Like these prices buying back 1/4 SSO 33.15 1/4 UYG 11.60 1/4 UYM 23.63
Airlines sneaking up adding to my DAL 7.71
7:29 DJIA 9018 -288 VIX 59.51 GOLD 849 +10 -.60 OIL 75.52 -3.02
The economic news here is very gloomy, started my buy backs from yesterdays sales
will give it room and not add to quickly
Looking to buy the DIG 31.56...oil long near prior lows of 22
9:55 DJIA 8943 -367 Bernanke speaking to Economic club a calming speech.
11:27 DJIA 8817 -499 VIX 64.63 Gold 850+10.5 Oil 74.81 -3.81
What will make the market rally when we are going into a recession and all of this gloomy talk abounds. I don't know but we embrace the law of uncertainty here and trust it I will add on near the close. Remember we do not know when we are going to win but just that we are going to win. That is enough.
11:38 Adding to SSO 31.14 UYG 10.98
I am hearing that the smart money is in cash not worth the risk of being in they are saying move to the sidelines. I am hearing if there is a rally sell it. THIS IS A RETEST AND I FEEL GOOD THAT THIS IS THE LOW.
Will buy the close
The Close DJIA 8581 -731 VIX 68.42 GOLD 848.70 +9.2 OIL 74.81 -4.45
CNBC is working this selloff spreading lots of doom and gloom. Bought 1/4 DDM on close 32.68
2 comments:
I dont understand this Dal reports higher losses and the price goes up today ??
I think you will see alot of that this reporting season. Their fuel costs are dropping like a rock. This merger with Northwest makes them extremely competative and with lower fuel costs look out. I think oil sees $4o before its over. Airlines are a screaming buy I like DAL the best.
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