Friday, November 25, 2011

Swiss National Bank Intervenes, Market Not Convinced

The spike higher was the SNB intervention, but the market has subsequently sold off again, and both stocks and the Euro are now lower for the day.

Europe Blows An Ill Wind for Freedom

Wednesday, November 23, 2011

Stocks Collapse 80 points in Last Ten Minutes

Unbelievable sell-off! Stocks looked like they had put in a low and were scrapping to build some upward momentum, and then Bang!, a collapse and hard sell-off! Dow down 235 points at the close!

Dow Down 200, S&P Loses 22

Eurocrisis Deepens

The contagion is now pandemic!

Tuesday, November 22, 2011

Stocks Getting Trashed in Evening Trading

S&P down 15 points now! Very unusual for the Asian session!

Lovely Headlines, Bond Market Take Infusion From Spain

S&P 500 now down 13 points!

Up and Down All Night; Then Stocks Tank!

Monday, November 21, 2011

Stocks Take a Drubbing!

Richard Russell: Debt Bubble is Close to a Pin

Writing from rehab (after a hip replacement operation), 86-year-old Richard Russell of Dow Theory Letters fame said: “The world’s inflated debt balloon is moving ever closer to its fate – a pin. Anybody younger than 80 years old is used to viewing the markets like a rubber band; stretch it one way, and it will always bounce back. That’s the widespread thinking and acting. If a correction comes, don’t sweat it, the markets will come back and end up higher. That’s been the story and thinking since the year 1900.

“I’m saying that the economy and the markets have lost elasticity. We’re moving into the period where the markets will go down but they’ll no longer act like a rubber band, they won’t bounce back. This period lies ahead one or two years, or possibly even three. For this reason, timing, or when to buy bargains, is antique thinking. The big picture trumps all timing methods. The strategy now is to get out of debt and accumulate eternal wealth, which is gold and gem-quality diamonds.

“Federal Reserve money pumping has equated with a rise in stock market and numerous bubbles. When the Fed stops pumping the markets stall, as they are doing now.”

It's All About the Debt

S&P 500 is down about 20.