A little market based observation, then I am calling it a week and getting into vacation mode.
Running of the Bulls
All I need to know about the market is summed up by the American Express news today. Loss estimates upped to north of 10% and a debt downgrade led naturally to a 20% run UP in the stock. Either AXP was priced for bankruptcy 20% ago or, well I have no real "or" on that one.
The Treasury was out in force calming the masses about the governments full pledge to bailout anything and everything come hell or high water. At least they are consistent on that message.
The president has yet another press conference scheduled for prime time next week. 100 days in office, 300 TV appearances. Somebody should tell him that words are more effective when they are used sparingly, not as background noise.
This indefatigable (I like that word) rally is starting to reach a critical mass where I think the markets can continue to rally, perhaps quite hard, but the indices are failing the laugh test. Everyone knows stocks are way out of control, but nobody wants to get steamrolled either.
My final take as I head off for the next 7 days: Sometimes you have to let children make mistakes so that they learn. While they may never really learn, you still have to try. Chasing up stocks in the teeth of the mortgage foreclosure wave and commercial real estate bust will end in pain, but there is no fun in staying in cash for some players.
The blogroll on the left, while it could never replace Economic Disconnect, should suffice for the week!
The wife and I are very fond of the Bahamas. We were married there. While I have not travelled extensively, my favorite is the Bahamas.
People ask me "what are you going to do, what are you going to see on vacation"? The answer is simple: pretty much nothing. I am not one of those types that go on vacation and go crazy doing all manners of things. I am going to settle in at the beach or pool, make numerous stops at the bar, nap a lot, and then go out at night and make numerous stops at the bar. I will try to play some poker at the casino, but No Limit poker with drunk tourists is like the stock market right now: You know how to torch the dumb players, but the cards are not falling your way.
I did find a coin shop in Nassau called Coin of the Realm in which I hope to find some cool stuff.
I do not bring a laptop, and I will not access any computer. I will get a Miami based newspaper every day, but thats it. Basic shut off which kind of stinks because the NFL draft is this weekend as is the NASCAR race at Talladega. Well, maybe I will sneak a quick peek to check on those!
Friday Night Entertainment
A little fun to to end the week.
As I have yet to really grow up, I cannot wait for the Transformers II fim to come out this summer. Check out a clip from the first film where A-10 Warthogs and an AC-130 Gunship go all out against a robotic scorpion:
Music and lyrics to start your weekend off.
As I will certainly be changing my latitude to a more southernly vector, listen to Jimmy Buffet and "Changes in Latitude" by request:
One of my favorite albums is "Jar of Flies" from the tragic band Alice in Chains. In a song you would not expect from them, take a listen to "Don't Follow":
One of Ozzy's least liked albums was "Bark at the Moon". I never understood why as there are several quality tunes on the record. One of my favorites is "Waiting for Darkness" with lyrics like "I know what they'll find, It's in their mind, It's what they want to see":
Somebody posted a song from a local band I really like called "Must". The song is called "Freechild" and I have no idea what it is about but the vocals are amazing as is the movement of the song:
I have no idea why, but I have always liked David Bowie. No, not like that! Take a listen to "Let's Dance": and see if I am crazy:
Last one for tonight!
While I usually hate remakes, some stand out as pretty good. Think Jimi Hendrix taking over "All Along the Watchtower" from Bob Dylan. The band "Ugly Kid Joe" redid the classic "Cats in the Cradle" and it was not half bad:
Take care all, I will return!
Have a good night.