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Posts Tagged ‘Nasdaq

The Fix Is In – Part Two

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it's always xmas on wall street

it's always xmas on wall street

Today, a distinguished board of economists said the country had been in a recession since December ’07, a statement that normally the markets would have discounted, because, yeah, like we knew that. But no, the market’s took a massive swoon, again, giving back all the hard earned gains of the past week’s rally.

Call it rank cynicism, but it just can’t be helped. It’s just too tempting a thought not to consider all this just a tad convenient. Last week the long guys had a party to celebrate a completely predictable new Secretary of the Treasury. This week the toilet beckons because we were told what we already know, and the short guys make a bomb. Coincidence? Perhaps. But if there was collusion between the traders, who after all work either a drink after work or a few desks apart, one could hardly be surprised. After all they’re just trying to make a buck or two with someone else’s money. Right?

Written by coolrebel

December 1, 2008 at 2:33 pm

I Can’t Take My Eyes Off The Dow…

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The Dow is up 56 points at 8956...

you're getting sleepy...

The Dow Jones Industrials are widely regarded as a pretty poor indicator of where the overall equity markets stand, let alone the real economy. As one hedge fund manager suggested, “equity markets are a zit next to the bond markets.” And let’s not even mention the vast trillions in the derivative markets which have damaged the global economy so profoundly.

And yet at the end of every radio newscast, on every Yahoo home page, on the ticker on every cable network, thereis the DJI, it’s not so shiny brand dancing around at the whim of some very silly people playing monopoly with other people’s money. It’s going up, it’s going down, it’s barely moved. Blah, blah, blah.

The truth is we’re worshipping a zit. Read the rest of this entry »

Why Does Anyone Still Care About Wall Street?

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Wall Street is now totally disconnected from economic reality. Every day there’s more bad news, and half the time Wall Street is “rallying”. The reason is simple. It’s a closed market. It doesn’t have much to do with you and me, and now with the world crumbling, there’s less incentive than ever to pay attention to the indicators. Why not just buy and sell with other people’s money, going short or picking up bargains as the recession deepens. And yet the press dutifully trots out the Dow Jones and Nasdaq averages as if they actually mean something. But the truth is they’re getting to be as irrelevant as the latest Box Office Top Ten. Read the rest of this entry »

Written by coolrebel

November 7, 2008 at 4:00 pm