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David Fry writes a subscription newsletter focused on technical analysis of exchange-traded funds, called ETF Digest (www.etfdigest.com). Dave founded the ETF Digest in 2001 and was among the very first to see the need for a publication that provided individual investors with information and... More
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  • FINANCIAL FANTASYLAND 4 comments
    Nov 23, 2009 7:57 PM

    MARKET COMMENT

     

    November 23, 2009

     

     

     

     

    The “trial balloon” rumor du jour via Reuters was JPM’s Jamie Dimon would replace Treasury Secretary Tim Geithner and Lawrence Summers would replace Fed Chairman Ben Bernanke.  Is that a positive?  It seems like a scalp hunt yielding little change.  

     

    The markets were more focused on a resurgence in the dollar carry trade (lower dollar is good goes the thinking) while home sales were up a substantial 10%.  As to the latter, low interest rates, tax incentives and a buyer’s market are behind this move.  So markets charge higher again as dip buying pile on supported by both items.   “Gains are coming on lower-than-average volume,” stated Yahoo/Finance which is the only fly in the ointment today. 

     

    While volume was low, breadth was quite positive.


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This post has 4 comments:

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  •  
    When home sales are up 10%, just wait until the banks come to realize they don't want to be holding 5 million foreclosed homes. The number of sales will really go up then. Won't do much for prices though. I don't see any good news in this spin from Financial Fantasyland. Who exactly do they think they're fooling by pretending the economy is so good that "home sales are up 10%"? One single investor with 3 million bucks can buy up 1000 homes in Detroit and skew that number pretty good. In fact, I heard one commentator saying that's exactly what it was, speculators thinking this is the bottom in housing prices. Good luck with that!

    .
    24 Nov 2009, 01:32 AM Reply Like
  •  
    How bizzare (nice photoshop, David)!

    LOL, but oddly enough, I think this is close to being real.

    Geithner will be leaving soon, and who will take his place...

    I had seen Summers in that slot, frankly.
    24 Nov 2009, 09:24 AM Reply Like
  •  
    I was on a discussion board at MF yesterday after work and Terrible Tim the tax cheat leaving was being discussed. General consensus seemed to be that he should go and that the precondition for his replacement would be that the individual has no ties to Goldman (GS) or Citti (C). I would heartily agree with that. Does such a person even exist?
    24 Nov 2009, 09:39 AM Reply Like
  •  
    Nobody seems to make the obvious points clear. It is a revolving door between the top executives at the top of the American Ponzi scheme called the Fed, the Treasury and BAC et al...if you are not part of the club you don't get a job at any of these institutions and more than likely you have to be a "legal professional" to get one of these posts as long as you maintain your robot like devotion to the Octodragon. No matter how much you purge the phony pillars of power politics, until America takes a giant sling and slays the Octodragon, expect more bubbles and busts.

    http://bit.ly/wyGFgE
    16 Feb 2012, 07:45 PM Reply Like
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