I hope you enjoyed the 200 point rally. This was a 2% rally.
I hate to tell you, but November 4, 2010 was the day that the Shit Started To Hit the Fan.
- Gold went up $54 (4%), twice as much on a % basis as stocks.
- Silver went up 7%.
- Oil soared to $87 a barrel.
- Coffee went up 5%.
- Cotton and Wheat went up 3.5%.
- Sugar went up 5%.
- Copper went up 3.5%.
Bernanke has unleashed the Cracken
The wheels are coming off in Europe. When commodities go up twice as fast as the stock market, how does that benefit the average Joe. A gallon of gasoline will cost over $3 by next week. The winter is upon us. Soaring oil prices will not benefit American families barely scraping by. Does anything you eat contain wheat or sugar? Are your clothes made of cotton?
Today had a ZIMBABWE like feel to it. The market soared, but you fell farther behind. We’re all Zimbabweans now.Today In Athens: Firefighters Brawl With Riot Police And There Are Bombs Everywhere
Today’s chaos in Greece involves firefighters brawling with riot police to protest impending layoffs.Meanwhile the radical left has planted bombs around the country, which police are defusing in Hurt Locker-style bomb suits.
Ironically or intentionally, all of this is bound to eviscerate Greek GDP.
Bernanke’s cheap money is going into everything today. Everything except Irish and Greek debt, that is.
Check out the yield blowout.
Insane Footage Of Riot Police Face To Face With Dublin Protesters
Despite the bill’s passing, protesters aren’t backing down, such as Jean-Luc Jean-Georges, member of air transport section: “No, it’s not a lost cause. The reform has been voted, but we can say no to the people who voted this bill, and that we disagree with this completely unfair reform.”
The country’s four main trade unions organised more demonstrations at other airports across France, including Toulouse and Nantes. More protests are planned for Saturday.
French President, Nicholas Sarkozy, continued with the unpopular reforms despite weeks of strikes which shut down schools and blocked oil refineries. The bill still has to clear a legal hurdle to decide whether it is constitutional, but it look almost certain to become law.