Posted on 07/08/2009 5:34:10 PM PDT by FromLori
The Dow, S&P and Nasdaq each gained Wednesday, led by commodity stocks; Alcoa is poised to report earnings after the bell. Oil fell on economic fears as some called for controls on speculation-driven prices.
Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his stock-market outlook.
Cashin reiterated his belief that another government stimulus package would be useless — because the first package was "part illusion, part hoax." And now that the economy's problems seem to be continuing, "the fire extinguisher's empty," he said.
Cashin believes the current stock rally will be short-lived.
Dow 30 Stocks in Real Time Oil, Natural Gas, Gold Prices Now But will the pullback be a minor dip — or a severe dive? He said it's too soon to tell definitively — but investors should keep a sharp eye on a 3-day period next week:
"[July] 15th to the 17th will tell us how meaningful the correction is going to be."
"We'll know the course clearly by the 17th," Cashin declared.
Watch the full interview (above) for Cashin's take on Earnings Season.
(Excerpt) Read more at cnbc.com ...
But it’s not Dec. 21, 2012, yet.
lol maybe the build up has to come first.
It’s a disaster. Given that the longest recession on record was 16 months prior to this, and we are now at 19 months with no end in sight, it’s time to start using another word to describe it: depression.
Nothing about jobs or the economy.
Real stimulus would have been no FICA for 6 months.
Agree wonder who he wants to pay back with the next one?
http://www.bloomberg.com/apps/news?pid=20601068&sid=ajQbZ.WrAVwQ
A stock trader could probably learn a heck of a lot hanging with Art Cashin for a few days.
U6 numbers as of July 2, 2009 have gone from 6.7% to 10.8% in one short year.
U6 accounts for the folks below, as well as the newly unemployed. Basically it lumps together EVERYONE that’s without a job, or those WITH part-time jobs who are ready, willing and able to work full time:
“Marginally attached workers are persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.
Discouraged workers, a subset of the marginally attached,
have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.
http://www.bls.gov/news.release/empsit.t12.htm
No jobs, no prospect of jobs, no recovery. The Porkulus Bill didn’t create a SINGLE job that can be found. Porkulus II won’t do a d@mn thing but completely seal the fate of our kids and grandkids as endentured slaves to Government.
It’s really pretty simple. And pretty depressing!
So......we now know the secret identity of Captain Obvious.
ping
Duh! I’m sorry. Yes, that’s correct. I posted the U1 number in error.
A politician I saw in a clip of a hearing on the Porkulus Bill and where all the money’s at, called the Porkulus
“Scam-Wow!”
Thanks
Pretty much like the one who signed the bill.
I’ve seen lots of roadwork going on, with signs trumpeting it is from the American Recovery and Reinvestment Act. It’s the same companies that get all the government road work contracts. The so-called Stimulus Package was just an insurance policy to keep the Dem supporters working thru a recession. Courtesy of the American taxpayer.....
I agree a real stimulus would have been to cut taxes.
When you look at the trillions that have been handed to the banks, GM, and Democrat supporters via the various handouts, a curtailment of income, capital gains, and inheritance taxes would have had an immediate impact and cost the same.
But the Democrats could not allow that to happen as they had to give a big thank you gift to the groups who got them elected in November 2009.
The stimulus programs and bailouts are nothing more than paybacks to the people that elected the Democrats. At some point the voters are going to wise up to this fact.
“The so-called Stimulus Package was just an insurance policy to keep the Dem supporters working thru a recession.”
That’s an excellent observation.
I was in Wisconsin a couple of weeks ago and there were many roads being repaired and signage telling the motorist that it was a stimulus project.
But these roads were roads that should have been a regular budget item for the State of Wisconsin.
What I am observing in the blue states is a tendancy to let their infrastructure decay so they can cry for Federal dollars to pay for repair projects they ought to be doing themselves.
But we all know why the liberal states are short money for infrastructure repairs. Namely, they spend their tax dollars on leftist social engineering.
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