There's an old adage that traders often cite which goes something like: The market can remain irrational longer than you can remain solvent.
This would be applicable today for anyone (present author included)who believes, a) the market is currently overvalued, and b) economic data should matter.
The latest Orwellian absurdity comes from the Department of Truth, otherwise known as the Bureau of Labor Statistics (BLS) which today produced the ultimate statistical aberration in saying that the number of net new non-farm jobs produced in America in the month of January was a mere 36,000, when expectations were for growth of 148,000.
Notwithstanding that number of new jobs doesn't even keep pace with new entrants into the work force (more on that later), the BLS also advised that the official unemployment rate fell from 9.4% to 9.0%.
By just about any measure, this is statistical nonsense. The only way the unemployment percentage could fall on such a low number of new jobs created would be if the labor force had suddenly declined drastically.
Let's check: no major disasters (well, besides a few big snow storms), an entire city was not wiped out by a nuclear blast and there was no mass suicide by employed people ensconced in office cubicles. However, the BLS has concluded that the US labor force declined from 153,690 to 153,186. In other words, more than 500,000 people just dropped out of the labor force in January.
On that topic, we wonder where they went and what they are doing to survive. Maybe they all were abducted by aliens, or since the weather has been so cold and snowy, decided to just leave their jobs. But, but, but, wouldn't that make the unemployment rate go up, rather than down?
Not according to the BLS. The true explanation is that these half million people were collecting unemployment insurance benefits since probably around February of 2009 and their 99 weeks have run their course, so, let's just not count them any more. Simple logic, but terribly, terribly wrong, because if we just dis-employ people, wait 99 weeks and then dismiss them from the survey numbers, we could see the unemployment rate at just 6 or 7 per cent before long, depending on how quickly the government decides that work is optional, and people can just survive on whatever scraps they pick up alongside the roads while they're on their way to... nowhere, presumably.
The BLS figures are so cockeyed as to make the authors blush, but we don't know who it is who puts these figures together each month, so we'll never know who should hold the shameful award for most obtuse statistics, which these most surely are.
Because the numbers are so incongruously incoherent, investors, or the computers running the algos in the market, must have completely overlooked them, because if the first number - 36,000 net new jobs - is true, the US economy is sinking faster than a mob informant in the East River.
But, if the second number - 9.0% unemployment - is the real deal, then corporations and small businesses are hiring at a break-neck pace and the recovery is on track and we should all be eating lobster tails for dinner every night.
(Whew! I need a drink, and maybe some pills and an IV.)
The truth of the matter is that neither number is correct, though the 36,000 figure is probably a lot closer to the truth than . They are both highly-massaged digits from an unreliable sample in a series that is hopelessly flawed in many ways. And so, the markets did what any overinflated, hyped-by-monetary-easing, derivative-driven market would: they ignored them and went higher, mostly (the NYSE finished fractionally lower).
Dow 12,092.15, +29.89 (0.25%)
NASDAQ 2,769.30, +15.42 (0.56%)
S&P 500 1,310.87, +3.77 (0.29%)
NYSE Composite 8,288.50, -0.55 (0.01%)
Losers finished ahead of gainers, narrowly, 3327-3150. On the NASDAQ, there were 167 new highs, 25 new lows. On the NYSE, new highs beat new lows, 221-12.
NASDAQ Volume 1,966,407,750
NYSE Volume 4,477,823,500
In the commodity space, crude took a dive of $1.51, to $89.03, on rumors that Egyptian president Hosni Mubarek would step down, which makes little sense, except if the price was already $1.50 too high to begin. Gold lost $4.00, to $1,349.00, while silver gained 33 cents, to $29.06. We may be witnessing another dislocation of correlation in the precious metals as the gold-silver ratio regresses to the traditional norm of 16:1, though that figure is still a long way off in the distance.
Taking the BLS numbers into perspective, we are reminded of the quotation, "There are lies, damned lies, and statistics," popularised in the United States by Mark Twain (among others), who attributed it to the British Prime Minister Benjamin Disraeli (1804–1881). The two are probably enjoying a good laugh and twirl in their respective graves over the follies of fiat currency tied to nothing but the "good faith and credit of the government, of which there is little of the former and too much of the latter.
The world is not coming to an end, though the world as we know it, is. Metrics and measurements change according to political whim, and we can be relatively assured that most of the statistics and rounding-offs coming from the public sector (and many from the private sector, like bank profits) are fatally flawed and not to be believed.
With this in mind, one should not fret much over the immediate future, for it will look much like the immediate past. Forget economics for the weekend, enjoy the Super Bowl and begin making plans for a radically-different future come Monday.
Friday, February 4, 2011
Thursday, February 3, 2011
The Long Wait
Waiting for anything can be distressing, anxiety-causing, even depressing.
Today we heard Ben Bernanke at the National Press Club explain that increases in commodity prices were not due to his easy money policies, though increases in stock prices were.
Were it true, the principles of economics could be stood on their heads and spit nickels all day long.
The wait for the end of the manipulation, the final, desperate push into insolvency of the nation and the currency, is not for the weak-willed nor for the non-believer.
Egypt is but one manifestation of Bernanke's policies. Higher cereal prices, beef prices, pork, chicken, you name it, are all the result of easy money created daily at the Federal Reserve.
Rather than drone on, as I have for many posts over many months, my sentiments are similar to those of Mike Krieger. And I'll leave it there.
Dow 12,062.26, +20.29 (0.17%)
NASDAQ 2,753.88, +4.32 (0.16%)
S&P 500 1,307.10, +3.07 (0.24%)
NYSE Composite 8,289.05, +16.48 (0.20%)
There were a few more advancing issues than decliners: 3371-3016. On the NASDAQ, 138 new highs, 24 new lows. There were 192 new highs and 7 new lows on the NYSE. Volume was level.
NASDAQ Volume 1,947,644,875
NYSE Volume 4,874,717,000
NYMEX crude moderated, down 32 cents, to $90.54. Gold gained $20.10, to $1,353.00. Silver was up 44 cents, to $28.73. Apparently, somebody sees something in the precious metals.
Tomorrow's non-farm payroll report is supposed to provide some clarity on jobs in the US. Most likely, it will not. Were there any real news we could trust, we might be able to make an informed decision.
Today we heard Ben Bernanke at the National Press Club explain that increases in commodity prices were not due to his easy money policies, though increases in stock prices were.
Were it true, the principles of economics could be stood on their heads and spit nickels all day long.
The wait for the end of the manipulation, the final, desperate push into insolvency of the nation and the currency, is not for the weak-willed nor for the non-believer.
Egypt is but one manifestation of Bernanke's policies. Higher cereal prices, beef prices, pork, chicken, you name it, are all the result of easy money created daily at the Federal Reserve.
Rather than drone on, as I have for many posts over many months, my sentiments are similar to those of Mike Krieger. And I'll leave it there.
Dow 12,062.26, +20.29 (0.17%)
NASDAQ 2,753.88, +4.32 (0.16%)
S&P 500 1,307.10, +3.07 (0.24%)
NYSE Composite 8,289.05, +16.48 (0.20%)
There were a few more advancing issues than decliners: 3371-3016. On the NASDAQ, 138 new highs, 24 new lows. There were 192 new highs and 7 new lows on the NYSE. Volume was level.
NASDAQ Volume 1,947,644,875
NYSE Volume 4,874,717,000
NYMEX crude moderated, down 32 cents, to $90.54. Gold gained $20.10, to $1,353.00. Silver was up 44 cents, to $28.73. Apparently, somebody sees something in the precious metals.
Tomorrow's non-farm payroll report is supposed to provide some clarity on jobs in the US. Most likely, it will not. Were there any real news we could trust, we might be able to make an informed decision.
Wednesday, February 2, 2011
Flat City
Maybe Tuesday's ramp-up was a little too much, or investors are actually a little concerned about events unfolding in Egypt, but whatever the case or cause, markets didn't do anything other than flatline on Wednesday.
The Dow traded in a 45-point range, while the S&P and NASDAQ were bound by 10 and 5-point ranges, respectively, proving that three's nothing like pushing already overvalued stocks even higher to stall out trading completely.
ADP released its monthly employment report, which suggested private payrolls grew by 187,000 in January, and revised December's report down 50,000, to 247,000. The revision means that the initial report was off by a factor of 16%, making it about as reliable an indicator as anything coming out of the Bureau of Labor Statistics (BLS), which, by the way, is the "official" measure of everything employment-related in the USA.
Market reaction to the number was a big yawn and the rest of the session more resembled churning of butter or grape-stomping rather than orderly markets. The day was a mash, and a dull one, at that.
Dow 12,041.97, +1.81 (0.02%)
NASDAQ 2,750.16, -1.03 (0.04%)
S&P 500 1,304.03, -3.56 (0.27%)
NYSE Composite 8,272.57, -17.52 (0.21%)
Losing issues took control over gainers on the day, 3569-2893. The NASDAQ recorded 158 new highs and 15 new lows, while the NYSE had 255 new highs and 6 new lows. This indicator has been stuck at roughly these levels for the past two months with no signal that they are going to change any time soon, thanks largely to the Fed's easy money policies of ZIRP and QE2. Volume was back at the usual moribund levels.
NASDAQ Volume 2,011,206,000
NYSE Volume 4,553,074,500
Commodities took the day off, especially crude futures, which registered a smallish gain of 9 cents, to $90.86. The precious metals continued to be depressed, with gold down $8.20, to $1,332.10 and silver off 23 cents, to $28.29.
Thursday will bring initial unemployment claims at 8:30 am and Friday will be the big number, the BLS' non-farm payroll report. Of course, none of these indicators really matter much with the Super Bowl on Sunday. As mentioned in previous posts, there won't be any real movement in markets (other than straight up) until after the big game.
Inflation remains a hot topic, with the official government CPI proclaiming it to be hovering in the 1 1/2-2% area, when everyone in the real world knows it's really 5-8% or higher, especially concerning food and fuel.
One area not experiencing inflation are payrolls, which haven't budged much in the last 10 years for most middle class jobs. How long the government can keep the Ponzi scheme of rising prices and stagnant wages going before the USA turns into either Ireland, Greece or Egypt is an open question, though considering the general stupidity and apathetic nature of the American public, it could carry on for some time, measured more in years than months.
But then again, nobody in the "official" world saw the Sub-prime or banking collapse coming, so the next Black Swan could be right around the corner, say, in Pakistan.
Leaders in Washington have been particularly silent of late, focused more on in-fighting than any meaningful, needed reforms, and that condition is unlikely to change. After all the next big congressional and presidential elections are only 21 months away. It's actually quite astounding that nobody from the Republican camp has declared themselves a candidate.
Maybe they're all scared of Sarah Palin, or something worse. But, is there anything worse than the former Alaska governor? Well, there is Michele Bachmann, the woman who keeps John Boehner in tears.
The Dow traded in a 45-point range, while the S&P and NASDAQ were bound by 10 and 5-point ranges, respectively, proving that three's nothing like pushing already overvalued stocks even higher to stall out trading completely.
ADP released its monthly employment report, which suggested private payrolls grew by 187,000 in January, and revised December's report down 50,000, to 247,000. The revision means that the initial report was off by a factor of 16%, making it about as reliable an indicator as anything coming out of the Bureau of Labor Statistics (BLS), which, by the way, is the "official" measure of everything employment-related in the USA.
Market reaction to the number was a big yawn and the rest of the session more resembled churning of butter or grape-stomping rather than orderly markets. The day was a mash, and a dull one, at that.
Dow 12,041.97, +1.81 (0.02%)
NASDAQ 2,750.16, -1.03 (0.04%)
S&P 500 1,304.03, -3.56 (0.27%)
NYSE Composite 8,272.57, -17.52 (0.21%)
Losing issues took control over gainers on the day, 3569-2893. The NASDAQ recorded 158 new highs and 15 new lows, while the NYSE had 255 new highs and 6 new lows. This indicator has been stuck at roughly these levels for the past two months with no signal that they are going to change any time soon, thanks largely to the Fed's easy money policies of ZIRP and QE2. Volume was back at the usual moribund levels.
NASDAQ Volume 2,011,206,000
NYSE Volume 4,553,074,500
Commodities took the day off, especially crude futures, which registered a smallish gain of 9 cents, to $90.86. The precious metals continued to be depressed, with gold down $8.20, to $1,332.10 and silver off 23 cents, to $28.29.
Thursday will bring initial unemployment claims at 8:30 am and Friday will be the big number, the BLS' non-farm payroll report. Of course, none of these indicators really matter much with the Super Bowl on Sunday. As mentioned in previous posts, there won't be any real movement in markets (other than straight up) until after the big game.
Inflation remains a hot topic, with the official government CPI proclaiming it to be hovering in the 1 1/2-2% area, when everyone in the real world knows it's really 5-8% or higher, especially concerning food and fuel.
One area not experiencing inflation are payrolls, which haven't budged much in the last 10 years for most middle class jobs. How long the government can keep the Ponzi scheme of rising prices and stagnant wages going before the USA turns into either Ireland, Greece or Egypt is an open question, though considering the general stupidity and apathetic nature of the American public, it could carry on for some time, measured more in years than months.
But then again, nobody in the "official" world saw the Sub-prime or banking collapse coming, so the next Black Swan could be right around the corner, say, in Pakistan.
Leaders in Washington have been particularly silent of late, focused more on in-fighting than any meaningful, needed reforms, and that condition is unlikely to change. After all the next big congressional and presidential elections are only 21 months away. It's actually quite astounding that nobody from the Republican camp has declared themselves a candidate.
Maybe they're all scared of Sarah Palin, or something worse. But, is there anything worse than the former Alaska governor? Well, there is Michele Bachmann, the woman who keeps John Boehner in tears.
Tuesday, February 1, 2011
Dow Breaks 12,000; Highest in 2 1/2 Years
It's hard to find the words to describe what happened today in the investing universe, because, seriously, if the economy is doing so well, why are 15 million Americans still out of work?
And why are home prices continuing to drop? Why are mortgage applications at their lowest levels in 25 years?
We have no manufacturing base to speak of in America, our federal government is running record-setting deficits and most states face bankruptcy from over-promising retirees.
43.5 million Americans are on food stamps.
There's a real disconnect between Wall Street and Main Street. As for Washington, well, they're doing what the American people have come to expect from them, nothing, except fighting with each other.
Since I don't have a rationale for why the market is so ebullient other than the continuous injection of $8-9 billion daily by the Federal Reserve, all I can say is enjoy it while it lasts.
Dow 12,040.16, +148.23 (1.25%)
NASDAQ 2,751.19, +51.11 (1.89%)
S&P 500 1,307.59, +21.47 (1.67%)
NYSE Composite 8,290.09, +150.93 (1.85%)
Advancing issues decimated decliners, 5218-1383. There were 185 new highs and 25 new lows on the NASDAQ. The NYSE recorded 329 new highs and a mere 8 new lows. Volume was actually fairly robust for a rare change.
NASDAQ Volume 2,281,301,250
NYSE Volume 5,423,585,500
Commodities reversed course completely from yesterday. Oil futures were off by $1.42, to $90.77, while gold added $5.80, to $1,340.30. Silver also gained, up 35 cents, to $28.51. One of the odder headlines ever seen was posted today on Yahoo Finance, saying, "Metals up due to improved economy," which is precisely why I didn't read the story. Normally, precious metals gain during times of unease or uncertainty. The unfolding drama in Egypt would be more a reason for them to gain that a wholly great economy.
It's a conundrum. Grow cauliflower.
And why are home prices continuing to drop? Why are mortgage applications at their lowest levels in 25 years?
We have no manufacturing base to speak of in America, our federal government is running record-setting deficits and most states face bankruptcy from over-promising retirees.
43.5 million Americans are on food stamps.
There's a real disconnect between Wall Street and Main Street. As for Washington, well, they're doing what the American people have come to expect from them, nothing, except fighting with each other.
Since I don't have a rationale for why the market is so ebullient other than the continuous injection of $8-9 billion daily by the Federal Reserve, all I can say is enjoy it while it lasts.
Dow 12,040.16, +148.23 (1.25%)
NASDAQ 2,751.19, +51.11 (1.89%)
S&P 500 1,307.59, +21.47 (1.67%)
NYSE Composite 8,290.09, +150.93 (1.85%)
Advancing issues decimated decliners, 5218-1383. There were 185 new highs and 25 new lows on the NASDAQ. The NYSE recorded 329 new highs and a mere 8 new lows. Volume was actually fairly robust for a rare change.
NASDAQ Volume 2,281,301,250
NYSE Volume 5,423,585,500
Commodities reversed course completely from yesterday. Oil futures were off by $1.42, to $90.77, while gold added $5.80, to $1,340.30. Silver also gained, up 35 cents, to $28.51. One of the odder headlines ever seen was posted today on Yahoo Finance, saying, "Metals up due to improved economy," which is precisely why I didn't read the story. Normally, precious metals gain during times of unease or uncertainty. The unfolding drama in Egypt would be more a reason for them to gain that a wholly great economy.
It's a conundrum. Grow cauliflower.
Monday, January 31, 2011
Bulls Dance with Bernanke (the Bernank) through January
Apparently, in this new world order, international crises affect stocks for only one day.
And that day was Friday. Today's trade was "risk on" again, even as the situation in Egypt crept closer to complete anarchy, rioting and food shortages.
Not to worry, Ben Bernanke, according to the schedule, furnished the Primary Dealers with between $6 and $8 billion through outright purchase to grease the skids... er, goose the...um, pump, ah, well, you get the picture.
Stocks went on another tear ahead, leaving Friday's sudden decline for the losers who sold. As all great analysts of today know, you don't fight the Fed or sell the dip. You buy the F-ing dip.
Since there was no news - good or bad - upon which to move markets, we find the tenor of today's trading most appropriate, since CNBC or any other financial journalist doesn't seem to feel a need to mention the beneficial nature of the Fed's QE2 program to stocks, nor the fact that it is inherently inflationary, destructive to capital and a huge Ponzi scheme.
Since this is the final day of trading for the month of January, there was probably some degree of window dressing being done by fund managers and also large dosages of red Kool-aid for all.
Wall Street is drunk with the power of money and fractional reserve banking and is officially in another universe, divorced completely from reality and interested only in fattening the wallets of their directors, themselves and their largest clients.
Egypt will fall, and maybe Saudi Arabia next, but the masters of the universe will still need to keep the stock market going higher, if only to delude millions of Americans that everything is all right. The party will go on as long as nobody removes the punch bowl from which they all drink, and making matters worse is the Ben Bernanke is both designated driver and punch bowl spiker. He has the keys to everyone's cars and an unlimited supply of monetary booze.
Party on! The Bulls are loving the frozen tundra of January, which, by way of reference, we bring the January Barometer, which preaches, "as goes January, so goes the year." And we have no reason to argue with the logic, at least until June, when QE2 is supposed to expire. Besides, the January Barometer has been wrong the past two years, so it should come back for a win in 2011, no?
Dow 11,891.93, +68.23 (0.58%)
NASDAQ 2,700.08, +13.19 (0.49%)
S&P 500 1,286.12, +9.78 (0.77%)
NYSE Composite 8,139.16, +76.52 (0.95%)
Advancing issues beat decliners 4230-2265. Oddly enough, there were only 68 new highs and 39 new lows on the NASDAQ. On the NYSE, new highs beat new lows, 125-18. Volume was well short of Friday's big number, but that's the norm here and has been for some time. Ask yourself, if there's more selling than buying, why are stocks going higher? Then hit yourself in the head with a hammer a few times. That should give you an idea of how convoluted our national markets really are.
NASDAQ Volume 1,991,840,000.00
NYSE Volume 4,939,404,000
Of course, the situation in Egypt, while good for stocks, apparently, is also good for screwing consumers at the pump. Crude futures started the day in the red, but quickly reversed course and ended the day more than 4% higher, up $4.32, to $92.19, even though the Suez Canal remains open and oil continues to flow to its destinations without interruption. There are no disruptions, except for those in the heads of people who believe we must pay more per gallon for gas, no matter what, forever and ever, amen.
And since there's an international crisis, gold should be bid up, but of course, the elitists controlling the precious metals can't have that (they want to buy more at low prices), so they sent the glittering metal down another %10.70, to $1,333.80. Silver also is desirable, though not as much, so it was allowed to rise 85 cents, to $28.17. These commodity trades make no sense unless you have your tin-foil hat firmly attached and antennae up. Otherwise, you don't get it.
While Cairo devolves into a weeping slog of hungry humanity, Wall Streeters will be anxiously awaiting the most current estimate of national shame, Friday's non-farm payroll report. We'll get the highly-discredited ADP report on Wednesday and there will be much speculation. The market experts expect the US to have added between 125,000 and 150,000 jobs in January. That number might be enough to keep up with population growth, and it's well short of anything even suggesting "growth" in job creation, but, if it falls short of the desired result, the very same experts will blame it on the weather, or snowfall, or just ignore it altogether as they usually do.
Because Uncle Benji will be delivering more Bernanke Bucks, and everything will be just fine, you just wait and see.
BTW: The Dow is up more than 300 points this month and since September 1, 2010, it's up almost 1900 points, good for a 19% gain in just five months. See? Everything is just fine.
And that day was Friday. Today's trade was "risk on" again, even as the situation in Egypt crept closer to complete anarchy, rioting and food shortages.
Not to worry, Ben Bernanke, according to the schedule, furnished the Primary Dealers with between $6 and $8 billion through outright purchase to grease the skids... er, goose the...um, pump, ah, well, you get the picture.
Stocks went on another tear ahead, leaving Friday's sudden decline for the losers who sold. As all great analysts of today know, you don't fight the Fed or sell the dip. You buy the F-ing dip.
Since there was no news - good or bad - upon which to move markets, we find the tenor of today's trading most appropriate, since CNBC or any other financial journalist doesn't seem to feel a need to mention the beneficial nature of the Fed's QE2 program to stocks, nor the fact that it is inherently inflationary, destructive to capital and a huge Ponzi scheme.
Since this is the final day of trading for the month of January, there was probably some degree of window dressing being done by fund managers and also large dosages of red Kool-aid for all.
Wall Street is drunk with the power of money and fractional reserve banking and is officially in another universe, divorced completely from reality and interested only in fattening the wallets of their directors, themselves and their largest clients.
Egypt will fall, and maybe Saudi Arabia next, but the masters of the universe will still need to keep the stock market going higher, if only to delude millions of Americans that everything is all right. The party will go on as long as nobody removes the punch bowl from which they all drink, and making matters worse is the Ben Bernanke is both designated driver and punch bowl spiker. He has the keys to everyone's cars and an unlimited supply of monetary booze.
Party on! The Bulls are loving the frozen tundra of January, which, by way of reference, we bring the January Barometer, which preaches, "as goes January, so goes the year." And we have no reason to argue with the logic, at least until June, when QE2 is supposed to expire. Besides, the January Barometer has been wrong the past two years, so it should come back for a win in 2011, no?
Dow 11,891.93, +68.23 (0.58%)
NASDAQ 2,700.08, +13.19 (0.49%)
S&P 500 1,286.12, +9.78 (0.77%)
NYSE Composite 8,139.16, +76.52 (0.95%)
Advancing issues beat decliners 4230-2265. Oddly enough, there were only 68 new highs and 39 new lows on the NASDAQ. On the NYSE, new highs beat new lows, 125-18. Volume was well short of Friday's big number, but that's the norm here and has been for some time. Ask yourself, if there's more selling than buying, why are stocks going higher? Then hit yourself in the head with a hammer a few times. That should give you an idea of how convoluted our national markets really are.
NASDAQ Volume 1,991,840,000.00
NYSE Volume 4,939,404,000
Of course, the situation in Egypt, while good for stocks, apparently, is also good for screwing consumers at the pump. Crude futures started the day in the red, but quickly reversed course and ended the day more than 4% higher, up $4.32, to $92.19, even though the Suez Canal remains open and oil continues to flow to its destinations without interruption. There are no disruptions, except for those in the heads of people who believe we must pay more per gallon for gas, no matter what, forever and ever, amen.
And since there's an international crisis, gold should be bid up, but of course, the elitists controlling the precious metals can't have that (they want to buy more at low prices), so they sent the glittering metal down another %10.70, to $1,333.80. Silver also is desirable, though not as much, so it was allowed to rise 85 cents, to $28.17. These commodity trades make no sense unless you have your tin-foil hat firmly attached and antennae up. Otherwise, you don't get it.
While Cairo devolves into a weeping slog of hungry humanity, Wall Streeters will be anxiously awaiting the most current estimate of national shame, Friday's non-farm payroll report. We'll get the highly-discredited ADP report on Wednesday and there will be much speculation. The market experts expect the US to have added between 125,000 and 150,000 jobs in January. That number might be enough to keep up with population growth, and it's well short of anything even suggesting "growth" in job creation, but, if it falls short of the desired result, the very same experts will blame it on the weather, or snowfall, or just ignore it altogether as they usually do.
Because Uncle Benji will be delivering more Bernanke Bucks, and everything will be just fine, you just wait and see.
BTW: The Dow is up more than 300 points this month and since September 1, 2010, it's up almost 1900 points, good for a 19% gain in just five months. See? Everything is just fine.
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