Posted on 05/18/2011 2:15:35 PM PDT by blam
THE GOOD OLD DAYS ARE BACK, EVERYTHING GOES UP: Here's What You Need To Know
Joe Weisenthal
May 18, 2011, 4:00 PM
The wheel of fortune spins again!
But first, the scoreboard
Dow: +79.29
NASDAQ: +31.76
S&P 500: +11.46
And now, the top stories:
* It was actually pretty quiet for most of the globe for most of the day. The rally really started yesterday afternoon, when the Dow cut a 150 point loss in half. That continued through the evening (helped in part by good earnings from Dell, perhaps) with solid gains overseas.
* By the time early morning rolled about, it was up for everything: stocks, commodities, the precious metals, etc. Oil continued its bonkers activity, at one point going back over $100 (it was below $95 at one point yesterday).
* The morning saw mixed earnings. Staples got killed after sour sales. Deere on the other hand confirmed that the agriculture boom is in overdrive.
* The data today was light. FOMC minutes were basically a big, expected snooze.
* The market never cares about debt stuff, and didn't have any discernible reaction to news that the "Gang Of Six" -- an attempt at a moderate approach to the deficit -- collapsed.
* In the end: all up, risk on, old days, QE forever!
(Excerpt) Read more at businessinsider.com ...
Which means everything will go back down just as fast.
QE, great for people with lots of money, bad for us who have to buy gas and food.
“QE, great for people with lots of money, bad for us who have to buy gas and food.”
Very well said. The Republicans should use your one-liner on the house floor in the coming battle to implement QE3. I’m scared the Repubs are going to buckle and go with it, but for those who are going to fight it your comment makes a great battle cry.
It’s been a roller coaster for the stock market and all commodities for the last few weeks. Whatever assets one holds, they go up, then down, then up again.
I think people just have no real idea of what to do, so they do the same old thing, again and again.
bttt
QE3 is the locking pin...
The highly honed brightly polished edge of the guillotine’s blade is poised at it’s highest setting...
The worms and rats that dance on the chopping blocks edge will soon know what that hissing raspy metallic noise means...
When fools unhitch the locking pin...
The longer that government refuses to cut spending, the more spending will be cut later—especially if they take it to default. Huge numbers of people currently being paid for bogus pursuits (mostly social engineering tasks, “gatekeeping,” etc.) will have to start doing some real work. No work, no eats.
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