Cry Baby Timmay And Some Other Items

No time tonight for a lot of extras. I clipped some of the best stuff I could find from the usual suspects today. I'd read it from bottom up (it is better that way). I am leaving the Ben rehired off the list, cause it was expected. They would not do anything to disturb the markets now. I do expect him to be fired before O's first and only term is up.

Mish - Talks about the wizardry of the grand illusionists and how they have all (well, most) of us fooled in Buying into the Rally, Hook, Line, and Sinker, "Whatever those earnings expectations are, disappointments are likely. Either earnings will miss targets, or the stock market will sink anyway because the earnings and then some have long been priced in. However, that is tomorrow's business. Today's business is about buying into the rally hook line and sinker, just as the charlatan wizards have hoped."

Prag Cap - Has an unusual Grantham bear quote? This is strange and almost makes me want to be bullish. JEREMY GRANTHAM SAYS STOCKS ARE OVERVALUED BY 15%. I guess he has to say this once every 10 years. "Mr. Grantham sees “seven lean years” of a sluggish market ahead, to atone for what the firm believes was a long era of overpriced stocks, according to his newsletter."

Naked Cap - A little diddy on the BDI in Baltic Dry Index Down 45% From High in June "Chinese imports have been a driving factor in commodities demand, which drives the BDI. The price of imported iron ire has dropped below $100 a ton and may fall further."

The Big Picture - A good chart of the BDI since we are on the subject Daily Baltic Dry Index Volatility.

Clac Risk - This is a good one. With the "positive Schiller numbers out today, this brings you back to reality nicely. Misc: A possible 1991 House Price Headline, and Falling Rents in NYC. "Imagine a headline in June 1991 (if Case-Shiller was around): "House Prices increase at 11.6% annualized rate in June!" The horrible price declines were over ... right? Nope. Real house prices declined for almost another 5 years. Just something to remember."

The Market Ticker - I'll let Denninger handle the rosy Consumer Confidence numbers. August Confidence and Richmond Fed "If we had learned ANYTHING from the 2001-2006 debt bubble it should have been that such "programs" make the inevitable collapse WORSE."

And last but not least, from Zero Hedge - Cry baby Timmay interview where he goes into Geithner: "Fed Audit Would Be Problematic For The Country". I think a little justice wouldn't hurt, don't you? (well, it may hurt someone, but it won't be us)

GL Trading