ain't no fortunate son

Cramer's Mad Money: Ron Insana Is Too Bullish (7/9/09)

There is one reason I watch this shill for a certain newly anointed "bank holding company" every once in awhile.

I keep waiting and praying for the day I see the U.S. Marshalls come on the set, slap the leg irons on him and haul him off on securities fraud charges.

That is when I will know the recession will be over.

Something Stinks At the Insurance Corral

Insurers are loaded to the gills in CRE and the Street is finally starting to figure out that the sugarplum fairy isn't going to magically save CRE at the last minute, which everyone seems to have just hoped would happen.

Most of these charts look like yesterday's breakfast, breaking down like many of the major indices yesterday like SPX and INDU below their inverted (basis the 200) 50 day EMA's.

If you look back to their action since they started deteriorating around the first week of June, they started to roll over, then started to form short 5 or 6 day bear flags where they made weak rally attempts that bumped up against overhead moving average resistance - often the 20 day EMA. Now they appear to be breaking down out of the flags, which is a typical result.

Interestingly, the two sickest charts are in the high quality pair - MET and TRV. If you held a gun to my head and said buy any two, without regard to fundies, I would take LNC and PRU because they are at least for today holding their 50 and trading relatively flat.

There are no oscillators on these charts, and its late so I'm not going to look them all up, but I'll take a wild guess and say the MACD and STO are rolling over on most of them, and exhibiting negative divergences.

Frankly, after looking at the performance of the indices yesterday, these are disturbing charts.