Daily Investment Interpretations
October 21, 2011
(Friday Night): The
equity markets soared again today: Stocks:
Back where we started, Three
weeks of S&P gains. The
NASDAQ Composite regained 38.84
to close at 2,637.46. The Dow lofted
the S&P 500 rose 22.86 points
to settle at 1,238.25. Oil adjusted down slightly to 87.62;
gold climbed to 1,640. The VIX fell 3.46
points to 31.32.
Brett Arends has written an amusing summary explaining Why Occupy Wall Street will fail. First, says Mr. Arends, they're in the wrong place. "Wall Street" is just a figure of speech. The real action is elsewhere, in, e. g., Greenwich, Connecticut. Second, there's no leadership or common cause... just a dissonant collection of dissidents. It's an exercise in herding cats. Third, it's all very well to camp out in tents in mild weather, but winter is coming on. Once snow begins to fly, the tent camper dilatants will disappear. Fourth, money talks. "Actually, these days, money shouts, and it will drown out whatever anyone else says." The demonstrators can demonstrate until Gabriel blows his horn, but in the meantime, backroom deals will be cut, and "No matter how much anger these protesters channel, the golden rule will prevail: Those that have the gold will make the rules." He says, "Politicians suck up to the banks for the same reason Willie Sutton once robbed them: That’s where the money is." And fifth, the media will lose interest in "Occupy Wall Street". OWS will move from page 1 to page 17 once the novelty wears off.
State of the Markets articles include:
Technical Talk: Reversing the Reversal of the Reversal
Next Tranche of Aid to Greece Has Been Approved
Let's All Play The Guessing Game!
Will Bernanke & Co. Step Up To Plate Again Soon?
GE Report In Line With Estimates
Philly Fed Index Bounces Back
Fitch Says There Are No Plans to Downgrade France
McDonald's Report Sends Stock Higher
Europe Update: Germany Explains Delay
German IFO Business Climate Index Falls Again
Why is Groupon Getting Grouponed and Users Getting In Facebook’s Face?
Marketwatch reports that Fed to try talking first with QE3 in reserve.
Mark Hulbert tells us What 2012 election means for stocks.
From Howard Gold: Big-name gurus not too big to fail. And Jeff Reeves suggests that we Short the euro-zone optimism. Then there's:
Franco-German debt split undercuts euro summit, and
• Brouwer: Another financial panic coming?
I hope your weekend goes wonderfully well.