Dow Jane is a real nostalgia buff… every summer sends her into a wistful reverie when she thinks about her summers in Ontario on the Lake cavorting with her poodle in the sand, building drippy castles to the sky and eating sandy sandwiches, Canadian potato chips and Macintosh toffee.
Moral of the story… certain rituals are remembered with fondness and with that dear reader I herald the death of one of my most treasured summer memories - that of the summer rally… long gone and now soon forgotten.
Dow Jane is not happy… the market disobeyed me and went its merry way with a machete thru my portfolio… for this kind of action, I could just as easily have gone to san Sebastian and played dice with the Basques nibbling at tapas and throwing olive pits on the floor.
We had old people this morning across America puking up their oatmeal all over their 401k statements. The moral of this dilemma is… the fed is not to be played with. They are gods with access to unlimited funds sans M-3 constraint. Don’t play with Paulson... he is a street fighter with every power monger in the world cheering him on.
FNM has been saved. Get over it.
Doug Kass of all people, called the bottom today. Hope is right… is he ever? Dick Bove is getting sued for defamation? Now that’s news…
There were many “bargain” out there today… XTO, RIG, AAPL… but the dip buyers have of late caught so many knives, they’d have to hit the mouse with their noses today. Come to think of it, they might as well use it for that. There’s nothing to snort about these days…
But none of this is going unnoticed. Even Rush Limbaugh has an interesting take on the oil crisis: “About the only thing that's happened here is that the president has done a couple press conferences in which he's touted the strength of the economy. So these high prices that were forecast, $150 a barrel, $200 a barrel, the market could not support those. There's no way that they're going to be kept that high even if they got there for a day or an hour or whatever, and we've seen that, they did get to $147. Its $133.33 right now, got down to below $130 earlier today.
So it's fascinating to watch this, and watch now the oil price is coming down, and it's not being reported in too many places, and where it is being reported, it's being reported as a bad sign for Big Oil and the refiners and all these people who make their money selling the stuff. After six solid weeks of coverage bemoaning the effect on the poor American consumer, the price starts going down and the Drive-Bys run sob stories even about that! USA Today and these newspapers wonder why it is that their ad revenue is plummeting, their circulation is plummeting, and they're having to lay people off.“
Paranoia sells papers… and CNBC certainly keeps us chock full of all sorts of tasty rumors served up throughout the day by their coterie of Financial Hogwarts: Cramer, Faber, Bartiromo, Burnett… and of course Mr. FreeMarkets Larry Kudlow… and they certainly don’t want a market crash and lose all those viewers flinging themselves off a cliff… perhaps they will single-handedly save the markets as they have a LOT of skin in the game for both advertisers and viewers. Notice how often T Boone gets the airtime since he launched his self funded ad campaign? That’s not hot air regarding his new wind energy interest or his natural gas plans for the US. As they say stay tuned…
So in honor of those who are about to fry, I salute you and hereby announce the birth of a new cocktail…the Bloody Jane – A tangy biting concoction perfect for the post closing bell open wound crowd.
See it in my new section called “Money Hungry” where I will share some of my favorite victuals.that will provide gastric ka-ching sans the bling.
Salut!
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