Well, my 1051 target got chewed up and spit out surpassing even my wildest dreams. Thanks goodness for alternate targets. Will someone tell me where all the bulls went? Are the bears coming out of hibernation? Are the HFT's and the Fed allowing the plummet? Did the GDP miss speculation/revision from GS spook the market that bad?
Bloomberg says in U.S. Stocks Retreat, Extending Global Drop, on Economy Concern that, "U.S. stocks fell, extending a global slump, as an unexpected decrease in new-home sales added to concern the seven-month rally in equities outpaced prospects for economic growth. The dollar rose against most major currencies and Treasuries gained, while oil and metals fell." I don't buy some of that as we've been IGNORING bad news for MONTHS now. Why all of a sudden does the market not just shrug off this news? Smells fishy to me. (dollar short squeeze, end of POMO or these among other possible set up options by "them"?)
I'm still not conceding the top as the lies and manipulation (although unfunded for now) will continue. I'm like 75% the top is in. More on this in the am.
No witty comments today, not feeling it at all as reality sets in and the future is simply bleak. P3 was fun to look forward to and to bitch about. Now that it is here (or just around the corner), the gut check for America is upon us. Just check out these headlines and links. (Sorry - a bunch from ZH as they appear to be the last bastion of truth on the planet.)
Multi-Year Stock Market Top Could Be In
THE GURU OUTLOOK: GEORGE SOROS SAYS MARKET AT RISK OF DOWNTURN “Those earnings are not the achievement of risk-takers. These are gifts, hidden gifts, from the government.”
September New Home Sales Drop 3.6% From Up 1% Previously, Miss Rosy Expectations
The Collapse Of The Muni Bond Market (This has been a huge concern of mine and the implications for many can not be understated))
Ravitch Says States Face Total Deficits of $500 Billion in 2011
Senate Said to Revise Plan to Extend, Expand Homebuyer Credit (You can expect a lot of last ditch efforts at this time as they begin throwing everything they have left at the problem - problem is they have launched the nukes and hard core ammo and unfortunately missed the broad side of the barn (or they got sucked into the black hole of bankster fraud).
Deal Reached on Bank Crackdown (via Denninger) Sticking with the "better late than never" theme from above - throwing more shit at the fan in a last ditch effort. I would not be caught dead owning a bank stock (any stock really right now).
Report: The WaMu "Bank Run" Rumors were True Folks, EVERY bank, well OK, 98% are insolvent I'm speculating.
New and Existing Home Sales: The Distressing Gap
Reflation Trade Shifting Into Reverse? (via The Big Picture)
Norway Is First European Country To Lift Interest Rates
If you want more, just click. Freaking click anywhere. Sadly, enough don't click and won't and although it is most likely already too late for all of us, at least those that click and act now have fighting chance.