Posted on 11/04/2010 1:36:48 PM PDT by blam
Stocks Surge, And Everyone Is Terrified As Hell: Here's What You Need To Know
Joe Weisenthal
Nov. 4, 2010, 4:00 PM
A mini taste of Zimbabwe today? It kind of felt like it:
But first, the scoreboard:
Dow: +222
NASDAQ: +35
S&P 500: +23
And now, the top stories:
* Well, obviously "today" started yesterday at 2:15 PM ET when the Fed announced its quantitative easing initiative. What's funny is that it didn't actually move the markets all that much (after some initial chaotic trading). Click here for a refresh on that.
* But stocks surged higher in Japan last night, and that set the tone for a monster global "risk-on" rally around the world. China had a monster night as well.
* Of course, "risk-on" is codeword for "dump the dollar and buy everything else in sight" so there were huge rallies in Treasuries, precious metals (new highs in gold and silver!) industrial commodities, agricultural commodities, and of course stocks.
* Notably weak: PIIGS debt. Spreads are blowing out wildly in Ireland and Greece, though the effect on the euro really is almost non-existent. After all, the euro isn't the dollar, so it is something to be held. Also, there were riots and bombs around Athens all day, but again, nobody cared. Click here to see the pictures >
* In the US, the big macro data of the morning was the weekly jobs report which jumped and was worse than expectations.
*Did we mention that gold surged? Yes, we did, but it's worth mentioning again. It's above $1390.
* As for stocks, well, they surged all day, ending right near their highs. And look, Bernanke literally said last night that higher stock prices were part of his goal...
[snip]
(Excerpt) Read more at businessinsider.com ...
Dow Jones up 200 pts... My portfolio gained 3.64%. Not complaining.... YET!
” Dow Jones up 200 pts... My portfolio gained 3.64%. Not complaining.... YET! “
http://www.freerepublic.com/focus/f-news/2621424/posts
(enjoy...)
;)
Gold is $1391.65 up $43.37 today. I am not complaining either but dread what this means for the ecconomy in general.
What’s scary is that marxists are in control of the economy in this country.
Hell, even Stevie Wonder saw this one coming...
"They want us to join their fighting
But our answer today
Is to let all our worries
Like the breeze through our fingers slip away
Peace has come to Zimbabwe
Third World's right on the one
Now's the time for celebration
'Cause we've only just begun"
This is why I have ignored the lament of “get out of the market”. Capital and savings can’t all go to Gold. As the inflation starts some has to go to Real Estate and equities with the resulting price boom.
This is the delusion they want you to believe. The dollar has been tankings.
Zimbabwe went up 25,000% as the country became totally worthless.
http://www.zerohedge.com/article/market-down-only-15-priced-gold
You will be. The dollar is losing 20% of it’s value. That 200,000 people saved for retirement is now worth 140,000...
Alternatively foreign market stocks or mutual funds. Nothing in USA/Zimbabwe.
Yup. Seniors and baby boomers are so screwed. Very sad.
“Buy when everyone else is selling, and hold until everyone else is buying.”
J. Paul Getty
Looks like food stamps will be the next currency for everyone in the US.
IMPEACH! IT’S TIME!!
[ Looks like food stamps will be the next currency for everyone in the US.
IMPEACH! IT’S TIME!! ]
Food Stamps: A fiat token based off of a fiat currency.
Another bubble on the way.
You didn’t gain anything until you sell.
(Really—congratulations—now sell and buy something you want.)
Only because the dollar is worth less, thus it takes more to buy these stocks, so, the value of the stocks rose. Cash it out, and see how much less you can buy today vs. yesterday.
hmmm
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