The stock market, up more than 900 one day, down more than 700 a couple days later.
This is like me calling my wholesaler and telling them I want everything in the catalog; then calling them a couple hours later and canceling. And then calling a couple hours later ordering everything again.
These are supposed to be smart guys?
This morning headline from USA Today, "Stocks down after initial flurry..." or something like that. Meanwhile, stocks edged up again. I've noticed they've thrown in the towel and the headline says, "Stocks lack direction."
Good call.
After ignoring a recession, that in my opinion started a YEAR ago, they suddenly decided it was important.
Ninnies, I tell you...
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The day to day stock market movement is largely driven by emotion and knee jerk reactions, long term trends are driven by fundamentals.
At this time, no one knows how to interprete the fundamentals or rather no one knows how much money will be available for investment when the deleveraging ends. In Japan the answer was that the ending amount was 20% of the starting amount. So while things look dramatically over sold, that could be a head fake as headge funds and others deleverage. Thus the things are over sold lets buy, gets over taken by others selling into the rallys creating pretty wild swings.
Like I said, ninnies.
Thing is, I've been watching these 'experts' for a year say, first that there was going to be no recession, then that there was no recession, and then that there was a recession but is was short and shallow, and then that it was a normal recession and -- this week, Oh, My GOD! a deep and long recession!
While on street level I've known for a year that it was going to be deep and long. Knew it in my bones. Knew it because I can read the signs. Knew it because my customers were changing their behavior in front of me.
Ninnies.
Sign of the times.
“Pawnshops have always done consistently very well in a down market,” said Randy Stormberg, owner of Bend Pawn and Trading Co. in Bend, Ore., who said business was up by 30 percent in his store. “They are there with merchandise at about half the price of new.”
http://www.msnbc.msn.com/id/27121805/
bend.craigslist.com in the last week of the month is also starting to see screaming deals.
bend.craigslist.com in the last week of the month is also starting to see screaming deals.
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