Posted on 01/28/2008 3:00:43 PM PST by Jeff Poor
It was supposed to be a bad day in the American stock markets according to CBS's "The Early Show." Guess what - they were wrong.
"Hong Kong's Hang Seng market was down more than 4 percent," Julie Chen said on the January 28 "The Early Show." "Tokyo's Nikkei index off about 4 percent. Wall Street may have a rough morning in advance of President Bush's final State of the Union address tonight. We'll be watching the markets throughout the morning."
(Excerpt) Read more at newsbusters.org ...
Julie sounded drunk.
Or not.
The so-called Stimulus Package is a joke, more like a stimulus for China in that we borrow the money for it from them and give it to our consumers to buy Chinese made goods (Or Arab Oil). Gold is telling us what the real market thinks of these machinations - Reached an all-time high today.
IMHO as always.
Yeah that's an embarassing, damning quote there Jeff. Imagine them thinking that the U.S. market could have a bad day after spotting Asia a weekend head start. That hasn't happened in, what, six days?
If you placed trades based on what the futures were saying in the middle of the night last night, you might not have eyes left to see how many other internal organs were ripped out of you today.
Not that anyone actually would trade like that. It surely looked like it would be a smashdown day. By the open of NY markets, it looked “weak” but not devastating. By the close...well, there you go again!
Yes, but all their economic stories are bad and you had to keep in mind the possibility of rate cut, which they ignored.
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