I was in the local supermarket last week, and happened to stock up on frozen dinners, since they were on sale.
Checkout woman says "Yeah, those have been flying off the shelves. Everyone takes them to work because they can't afford to go out for lunch any more".
Over at the Big Picture we've been discussing much the same thread. One of the things I missed this morning was that real personal disposable income fell by 8.7%. The records for this go back to 1947, and this is the FASTEST DROP IN HISTORY.
ncle Billy, Better Debtor writes:
Pete Viles at LaLand blog just announced his resignation. Crap. Crap. Crap. Crap. One of the few bright spots in that rag.
Uncle Billy, Better Debtor | Homepage | 10.30.08 - 3:57 pm | #
Opportunity knocking uncle billy - send them your resume...
However, if Obama wins, good luck. Dow down big time, like 1K from Wed. - Friday of next week.
I have no horse in the race, next week, so I am not mocking Obama, just saying that the conservatives and neo-cons are financially frightened of this guy, as well as, many others. It will tank the market for sure.
However, before that plays out, the players have to prop this thing up.
30 yr mortgage rate is back up to 6.50%. It was around that in July, before diving into the fives in Sep. I don't see it reversing course again any time soon, do you?
I feel much better after not watching the infomercial last night. We're going to be in good hands. Goldman Sucks has donated $1M to Obama's campaign thus far.
Of course, McCain's hands would be as bad, if not worse, and they're tainted with that tart's poisoned love juice.
There is no Catcher In The Rye. The landing will be rather hard on the bum...but hey, we've been taking it up the ass for a while now, so our bum's been somewhat prepped, no?
We here all realize that this this market is being held together with: band-aids, scotch tape, toothpicks, duct tape, and a lot of booze/drugs.
These numbers are still far from real. Look, if nothing had been done since BS went under, the Dow might be at 3-4K and we could have some healthing healing. But nooooooooo!
The goobs had to spent 2.2 trillion and we still lost a decade and maybe more.
OT: I was tremendously amused to discover, while exploring the Treasury Direct site, that there is a way for anyone to send in a donation to help pay down the national debt. I shit you not. They have an address where you can just mail in your donations to help out the US of A.
I think I'll encourage my children to empty their savings accounts to help the greater good and learn a valuable lesson about fiscal responsibility.
OT: I was tremendously amused to discover, while exploring the Treasury Direct site, that there is a way for anyone to send in a donation to help pay down the national debt. I shit you not. They have an address where you can just mail in your donations to help out the US of A.
I think I'll encourage my children to empty their savings accounts to help the greater good and learn a valuable lesson about fiscal responsibility.
Takes a lot of muscle to hold this market up. Seems like every upswing is immediately wiped out by an equally dramatic decline. The real economy is falling into the toilet and the market rises?
I know...I know the theory of expectations, but still: US economy going south in a hurry and all's well on the deck of the Titanic.
I am telling you 10,000 tomorrow. The economy is just fine!
Home Depot now up 5.82%. There are no rising foreclosures rates! It is just a myth out by the Democrats to turn the election. The Demos and their terrorist loving candidate are just trying to scare good, hard working Americans into becoming socialists....like those lazy corporate types. Resist my fellow hard working Americans. Resist this menace!
That wasn't a rally; that was momentum-driven program trading. If you aren't a program, you didn't get in and out fast enough. Best to ignore the last couple minutes of trading, IMHO.
Anyone else catch that last minute high volume dive on EEV? Closed at a low for the month. Obviously, everything is now fixed in emerging market land. Nonetheless, I dabbled on the off chance that we make another round trip to the 180+ level (two already this month). I also like to grab hot pot handles, just for fun.
In forty years of trading, these are silliest markets i've ever seen. Except of course, pork bellies. up is down, good is bad, debt is great-"here, let me help you", cash=bad-"sorry that you've done so well", ........
Aside from the PPT, who is investing in this market?
FWIW, most people in my office have not responded to the market. They seem content to leave their money in their mutual funds. Of course, this is Houston where the job market is doing well. I think that combined with the fact that the market did recover from the 2002 lows have caused significant complacency.
Thank you Senator Schumer for stepping up to the plate. Secretary Paulson should have been asked to resign the second after you saw Section 8. The bailout was a load of bull. Ask the Minneapolis Fed.
Anyone home?
FIRST!?!
Nemo?
o way - consumers are cutting back??? really????
snark off
Wasnt this a consumer led recession to begin with?
Aw shoot...
But all will be well as long as they are better than expected!
I was in the local supermarket last week, and happened to stock up on frozen dinners, since they were on sale.
Checkout woman says "Yeah, those have been flying off the shelves. Everyone takes them to work because they can't afford to go out for lunch any more".
DOW up 500 or down 500?
Up 146 right this second.
DOW up 500 or down 500?
Probably.
And in the time it took me to type that, it lost thirty points.
"This also suggests that spending declined sharply in September..."
Kind of stating the obvious isn't it?
Find something green & SELL IT time.
With negative real rates, a contracting economy, broken banks and kleptocrats in office, where are savers supposed to put their savings?
What are worthy and safe investments for widows and orphans?
Sadly, it feels as if the only way to keep from losing ground is to show up and play at a rigged casino.
Check out the outstanding consumer credit numbers on the FOMC website for Auguts -3.7%. It was led by non-revolving credit decline of -5.4%.
It looks like September will log higher declines. Keep an eye out on this number in the second week of November.
Whether consumers are paying down or defaulting it looks like the credit card marrie-go-round is slowing down.
bearly,
lol
Puzzled,
Or going backwards...
Screeching halt or slowing down. . . you make the call!
But it will be better than expected, good enough for another 900 pop tomorrow on the dow...
must...force...more...yen...into...market
leverage...[gasp]...[wheeze]...more...leverage
CR writes:
"The BEA will release the numbers for September tomorrow morning, and they will probably be ugly."
Which means we go to 10,000 tomorrow!
Over at the Big Picture we've been discussing much the same thread. One of the things I missed this morning was that real personal disposable income fell by 8.7%. The records for this go back to 1947, and this is the FASTEST DROP IN HISTORY.
Now cheer up...
3:55
Find something green & SELL IT time.
I think now there is more opportunity on the long side. 60/40
When people on Mad Money start asking about short ETF's it has become a crowded trade...
Feels like a tip-over day. I guess we'll find out.
...all the more reason for Wall Street Bonuses! Jeeze, somebody has to take up the Ferrari slack and keep up appearances.
This is good. Chuck has grown a pair.
Letter to Hank. We were elected. We make the law. Finally.
Oh my, sell sell sell
Saving is new "black"
5 Tips to get a flat stomach (Ads by Google)
...hilarious.
reloading now every 5 seconds
Whether consumers are paying down or defaulting it looks like the credit card marrie-go-round is slowing down.
Puzzled | 10.30.08 - 3:43 pm | #
I would LOVE to know how much of that is pay down vs default - my guess is more of the latter than the former.
Anyone know?
Last minute, the Bulls still have a one point lead. But MJ has left the building.
Up 200 - watch.....
Or down 100....
Or, using a Hoopajoop, it can be both!
As long as nobody looks at it...
Hmmm. What will be the color of the giant volume spike from 3:55 to 4:00 today...?
You people make me sick.
Go out and shop!!!!
It is your patriotic duty.
In fact, I just picked up 3 mansions in Coto de Caza, 3 Hummers, a mega-yacht, and one hundred shares of Bershire A.
Oh by the way, took out a second, third, and a HELOC and charged of all of it to some guy named Hank.
In Soviet Amerika, John McCain impeach YOU.
Have a nice weekend.
Cordially,
Килгор Траут
Oh shit, it's forming the dreaded discarded nail clipping pattern!
Werner writes:
5 Tips to get a flat stomach (Ads by Google)
...hilarious.
Werner | 10.30.08 - 3:52 pm | #
Probably not eat a fistful of M&Ms - just went through the box of leftovers from last weeks trade show and lookie what I found. Yum...
Why watch the markets over the entire day when all the action is in the last three minutes...
GS down 9% on fears that FBI really is looking out for "that one".
hey A-mouse,
What do you think about us getting one of those spinner indecision doji dohickeys today?
Also, I did of that shopping during lunch in less than 30 mins. And I still had time for a power lunch.!
Oh shit, it's forming the dreaded discarded nail clipping pattern!
That is just straight up nasty. But it did make me guffaw audibly. Guess that's a good commentary on my sense of humor.
Please fasten your seatbelt.
Place your seat in the upright position.
Now, hold on tight, everyone.
I think we are in for a boring close for a change.
Pete Viles at LaLand blog just announced his resignation. Crap. Crap. Crap. Crap. One of the few bright spots in that rag.
quick... get HIG and PRU before it bounces back up.
Market won't tank again before the election.
Economy (as viewed through the prism of the stock market) as a last minute issue needs to be taken off the table.
Discuss.
ncle Billy, Better Debtor writes:
Pete Viles at LaLand blog just announced his resignation. Crap. Crap. Crap. Crap. One of the few bright spots in that rag.
Uncle Billy, Better Debtor | Homepage | 10.30.08 - 3:57 pm | #
Opportunity knocking uncle billy - send them your resume...
MF year end push?
dry: thanks, but they need someone more like you.
And UP she goes...
Clearly the people selling into the close each day are not Real Americans.
Discuss.
Dean | 10.30.08 - 3:58 pm | #
Immaterial. It would take a ten gazillion point drop now to change anyone's mind one way or the other... pretty close to whatever will be will be.
I think there was a song like that once...
It's a jam, today folks.
Blam later, maybe.
Dean, no question.
However, if Obama wins, good luck. Dow down big time, like 1K from Wed. - Friday of next week.
I have no horse in the race, next week, so I am not mocking Obama, just saying that the conservatives and neo-cons are financially frightened of this guy, as well as, many others. It will tank the market for sure.
However, before that plays out, the players have to prop this thing up.
As usual, my feeling are being hurt.
There is the stick.
It still feels boring. LOL.
something tells me the stock market is broken.
I would LOVE to know how much of that is pay down vs default - my guess is more of the latter than the former.
Anyone know?
This month I paid off the one balance I had.
30 yr mortgage rate is back up to 6.50%. It was around that in July, before diving into the fives in Sep. I don't see it reversing course again any time soon, do you?
I feel much better after not watching the infomercial last night. We're going to be in good hands. Goldman Sucks has donated $1M to Obama's campaign thus far.
Of course, McCain's hands would be as bad, if not worse, and they're tainted with that tart's poisoned love juice.
There is no Catcher In The Rye. The landing will be rather hard on the bum...but hey, we've been taking it up the ass for a while now, so our bum's been somewhat prepped, no?
dry: thanks, but they need someone more like you.
I couldn't find LA on a map... unless they meant 'Louisiana Land' - I could find that, it's just down stream aways.
This market just makes me laugh my @ss off...
Wheeeeee! Space Mountain is nothing compared to riding the stock market.
Dumbest rally EVER
Did anyone else see the 4:05 #'s from Google Finance at 899x.xx ?
Furthermore, does it really matter anymore?
We here all realize that this this market is being held together with: band-aids, scotch tape, toothpicks, duct tape, and a lot of booze/drugs.
These numbers are still far from real. Look, if nothing had been done since BS went under, the Dow might be at 3-4K and we could have some healthing healing. But nooooooooo!
The goobs had to spent 2.2 trillion and we still lost a decade and maybe more.
This is a pathetic country.
OT: I was tremendously amused to discover, while exploring the Treasury Direct site, that there is a way for anyone to send in a donation to help pay down the national debt. I shit you not. They have an address where you can just mail in your donations to help out the US of A.
I think I'll encourage my children to empty their savings accounts to help the greater good and learn a valuable lesson about fiscal responsibility.
OT: I was tremendously amused to discover, while exploring the Treasury Direct site, that there is a way for anyone to send in a donation to help pay down the national debt. I shit you not. They have an address where you can just mail in your donations to help out the US of A.
I think I'll encourage my children to empty their savings accounts to help the greater good and learn a valuable lesson about fiscal responsibility.
Historically, markets do better under a Democratic Administration, but then again, Bush 2 and Reagan were fiscal conservatives.
up 5,000 here we come....WS=LV!
Sorry for the duplicate. Must be the work of short sellers.
dry: if you get a chance to look at a satellite photo of southern california, it's the big grey scar just above baja.
OCDan:
I share your thoughts too.
Takes a lot of muscle to hold this market up. Seems like every upswing is immediately wiped out by an equally dramatic decline. The real economy is falling into the toilet and the market rises?
I know...I know the theory of expectations, but still: US economy going south in a hurry and all's well on the deck of the Titanic.
Broward Horne writes:
I would LOVE to know how much of that is pay down vs default - my guess is more of the latter than the former.
Anyone know?
I am maintaining small CREDIT balances on my cards.
Why are most of the layoffs being scheduled for after Nov 4th?
Dow 9,201.31 \t+210.35 \t(2.34%)
I am telling you 10,000 tomorrow. The economy is just fine!
Home Depot now up 5.82%. There are no rising foreclosures rates! It is just a myth out by the Democrats to turn the election. The Demos and their terrorist loving candidate are just trying to scare good, hard working Americans into becoming socialists....like those lazy corporate types. Resist my fellow hard working Americans. Resist this menace!
Aside from the PPT, who is investing in this market?
Buffect can't keep this going solo, can he?
Where is this money pouring in from?
Crikey, manufacturing is 9-10% of the economy. It sure isn't because we build cars the rest of the world wants.
HD is up. Who is in there? Everytime I read this blog or go myself, it is mentioned that it is like a tomb.
I just don't get this market.
That wasn't a rally; that was momentum-driven program trading. If you aren't a program, you didn't get in and out fast enough. Best to ignore the last couple minutes of trading, IMHO.
"fallonPDX writes:
The economy is just fine!"
Sebastian??
The economy is fine if you are Hank O. or Ben B. and maybe Buffet.
Everyone else can eat cake!
A little humor paraphrased from the Economist.
John McCain is the face of the future - a 72 year old interviewing for a new job.
Actually it would be funnier if I were not a 66 year old retiree whose portfolio is down 18% through 3Q.
"Want fries with that burger?"
Jim
The Yahoo Finance headline reads: "GDP Report Gooses Stocks." Sounds kinda naughty. . . .
Anyone else catch that last minute high volume dive on EEV? Closed at a low for the month. Obviously, everything is now fixed in emerging market land. Nonetheless, I dabbled on the off chance that we make another round trip to the 180+ level (two already this month). I also like to grab hot pot handles, just for fun.
RE: help pay off national debt -
Can I use a credit card?
In forty years of trading, these are silliest markets i've ever seen. Except of course, pork bellies. up is down, good is bad, debt is great-"here, let me help you", cash=bad-"sorry that you've done so well", ........
Aside from the PPT, who is investing in this market?
FWIW, most people in my office have not responded to the market. They seem content to leave their money in their mutual funds. Of course, this is Houston where the job market is doing well. I think that combined with the fact that the market did recover from the 2002 lows have caused significant complacency.
Speed writes:
RE: help pay off national debt -
Can I use a credit card?
Speed | 10.30.08 - 4:13 pm | #
Pledge your car to me and I'll loan you the money to help pay down the national debt.
Deal?
OCDan,
What Anod was saying - almost all the volume is instituitional and hedgies - so most of the trades are executed from server farms in Conneticut IIRC.
Oh yeah, that and they all just got a huge hit from the crack pipe from their main candy men Benny and Hank...
Speed--
Maybe Hank can take bonds from the banks, exchange them for treasuries, and then send the bonds to help pay down the debt. Problem solved!
Dean--
Hell, maybe I'll ship my car directly to them so they can sell it and apply the proceeds. I feel so patriotic!
Gosh - I count four Ford ads...wow
[However, if Obama wins, good luck. Dow down big time, like 1K from Wed]
Agreed. Every day I try to add to my SPY puts for the almost inevitable megatank.
Titanic bobbed up at the close. Everyone's safe today.
Sent to Chuck:
Thank you Senator Schumer for stepping up to the plate. Secretary Paulson should have been asked to resign the second after you saw Section 8. The bailout was a load of bull. Ask the Minneapolis Fed.
Debt is great
Debt is good
Let us thank it for our food
By this debt we all are fed.
Give us debt our dailey bread.
First?
Discuss.
If you're interested to look at the Annual PCE change over time take a look at this graph on FXEconoStats :
Economic Statistics | OANDA FXTrade InfoCenter