I have no time but wanted to chime in on today's events. I did my job to stimulate the economy in buying a faucet, range, and microwave. Tomorrow I have to locate a sink, flooring, and a range hood. What else can I do?
Cementing my "everyone is confused" line of thought as of late were the FED words, market reaction, and sudden admission of reality exploding all over the place. Here is my quick rundown.
"We did everything we could, then plenty we really cannot, and then some more. Things came back from the abyss, but what do you want from us? Ask the Congress for more cash already! We stand ready to change our minds in the future about this, but we will not tell you the how, why or when of that because we have no idea. That book from college never really made clear what "excess capacity" was dammit!"
"Here we are after goosing this pig of a stock market way higher and the FED still will not throw us the bone we want: A set target for the DOW at 16,000; the S&P at 1800 and the Nasdaq back at 5000, which when you consider Apple, is where it rightfully belongs! They don't care (sniffle, sniffle)! They don't understand (wimper, wimper)! We need help now! Let's dump this market and let Bennie and the boys rethink our relationship on the whole bond sale thing. Oh yeah, those algos work both ways Ivory tower boys!"
We are told we are in a V- shaped recovery and that things are better than green shoots, there is grass growing all over the place. If that is so, why this headline:
Bernanke's Lack of Urgency Gives Stocks a Chill
Urgency for what? IF all IS well THEN why would he be urgent about anything?
For a year I have had "rate of change getting less bad" bullshit up to my ears. If that's so hot, wait and things will get even better by that logic.
It's a mess out there.
Fear not. Bernanke knows full well it is far better to "surprise" than pre-anounce. They will be doing some things soon, but why use that ammo today? The table is being set as I had wanted it to be, all that is left for my evil plan is a solid downdraft in stocks and metals with a scary unemployment surprise number on top and it will be position time.
Don't disappoint me Boom Boom!
Have a good night.