Monday, March 23, 2009

The bulls on CNBC

Right now, the CNBC hoi polloi are crowing about March closing out at potentially the best monthly performance since October 2002. As usual, there's nothing to back up this piercing analysis other than various interviews with floor traders who are profiting off the vol on the major indices. Of course, come mid-April when Q1 numbers are released the doom and gloom will come back with a vengeance.

It's almost like CNBC was formed purely to supply Jon Stewart with material on slow days on CSPAN. Sphere: Related Content
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8 comments:

Anonymous said...

Yea, great call. Didn't "tyler" say that the bulls were going to get crushed at about S&P 700?

Seems like the fight club is getting their azzes beat.

Anonymous said...

that 666 low was the signal. its all rigged, u know that.

hope you took it

Anonymous said...

3 Letters: PPT

mr. squeeze said...

it started with a squeeze and when the squeezin's finished, back to reality.

Anonymous said...

fight club took the beats today, but tomorrow is another day ...

http://www.bloomberg.com/apps/news?pid=20601087&sid=atXquDZTnN2U&refer=home

locust said...

Every time they say "free market" on CNBC, they have little orgasms. Seriously. It's hilarious. Watch for it.

Anonymous said...

Wall Street and the Economy

Suppose Timothy Geithner announced a new program that would tax every family $10,000 dollars and give the money to Wall Street banks and hedge funds. (Any resemblance between this hypothetical program and real world programs is purely coincidental.)

We would expect the stock of Wall Street banks and other financial sector firms to rally based on the anticipation of higher profits. Is this good for the economy? It's not in any obvious way. After all, we can always tax people more to raise profits for Wall Street, but that doesn't help the economy.

Reporters should remember this when assessing Wall Street's response to the plan proposed by Geithner for buying bad assets from banks. The larger the subsidy, the better the news for Wall Street. It's not clear that most of the public should be happy about seeing more of their tax dollars going to Wall Street.

--Dean Baker

The Political and Financial Markets Commentator said...

I wrote on this myself. The channel drives me crazy:

Friday, May 1, 2009
Man, Is This A Real Bull Market?

Why Do I Watch CNBC?

I'm not sure, but if you look closely at CNBC during the day the anchors are all wearing Dallas Cowboys cheerleading uniforms. Men and women. Now it is my fault for watching it, as I have the option to change the channel, but I do like the ticker going across the bottom. Takes me back to my trading days.

Now there is no question that we have had a strong bounce off of the bottom set in March, but this is on the heals of an unbelievable run to the lows starting in earnest at the beginning of the new year. Now it is understandable, as a television network that has a primarily long viewership (I would think), that the bias would be to the long side. However, all they are talking about is that we are ending the best 8 week period in the market since 1999.

That Would Only Be Relevant If You Were Flat And Bought The Bottom Or Had The Money To Add To Crushed Positions...