Monday, March 12, 2012

Golf Beats Dead Markets Any Day of the Week

Because the markets in this country - and just about everywhere else in the world - are so ridiculously contrived, manipulated and thinly-traded (meaning, they can't make realistic markets for a lot of stocks), I decided to cu out of here around 3:00 pm ET and play nine holes of golf.

Now, that may sound like a fairly mundane shirking of responsibility, but the fact of the matter is that I live in Rochester, NY, where the average high for March 12 is about 42 degrees, hardly good golf conditions. Today, however, the high temperature was around 62 degrees, and I played the nine holes in shorts and a short sleeve shirt. Shot a 54, which, for me, isn't bad, considering it was only the second time I've played in two years and outside of a 10 on the 16th hole (we played the back nine), it was a satisfying round, especially the tee shot I plunked down on 18 within 20 feet of the pin, which I then cozied up an tapped in for a par.

Since spending $12 playing golf makes more sense these days than putting money into this ridiculously-valued stocks market, the break from the routine was appreciated. Besides, with Wall Street on hold in anticipation of the Fed's FOMC doing nothing tomorrow besides possibly dropping "hints" on whether there will be more QE (free cash to big banks), it seemed prudent to bug out for an afternoon.

Checking back in here after 9:00 pm ET, it appears I didn't miss much, though this story: Entire Arena Football team cut during pregame meal at Olive Garden caught my attention. Only in America, the home of income disparity, can Peyton Manning, who missed all of last season with a neck injury and is 36 years old (nearing end of career), be traveling around the country checking out which franchise will pay him multiple tens of millions of dollars, while these poor grunts are eating at Olive Garden and being cut because the team, and the league, doesn't want to pay them more than $500 per game. Heck, that's what old AFL players were making back in the sixties.

Anyhow, don't get too excited when the FOMC says the federal funds rate will remain at zero to 0.25% tomorrow, because, after all, God created economists to make weathermen look good.

Also, and correct me if I'm wrong, but today's volume was easily the lowest for any full trading day in the past ten years, probably longer. Think maybe some people have lost faith in the Wall Street money machine? Hmmm? Just maybe?

This is a broken system my friends and it's only a matter of time before it all comes tumbling down. Two weeks, two years? Who knows? The people running the show are really good at impressions, and that's seemingly all that matters these days.

Dow 12,959.71, +37.69 (0.29%)
NASDAQ 2,983.66, -4.68 (0.16%)
S&P 500 1,371.09, +0.22 (0.02%)
NYSE Compos... 8,086.28, -15.83 (0.20%)
NASDAQ Volume 1,343,738,750
NYSE Volume 3,086,209,000
Combined NYSE & NASDAQ Advance - Decline: 2496-3094
Combined NYSE & NASDAQ New highs - New lows: 201-35 (yeah, really?)
WTI crude oil: 106.34, -1.06
Gold: 1,699.80, -11.80 (complete BS)
Silver: 33.41, -0.80 (utterly absurd)

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