1. The 1000 SPX blow off with the New Moon goes as expected and a close above the 1018/20 will trigger follow through fools rush in action – not talking about traders but people who think they get much higher prices going forward. I am afraid if you have a gift you might squeeze out some if you catch the right sectors as we will have hefty sector rotation. But its going to be a painful trip as we already at Tuesday / Wednesday may start a volatile correction for the rest of the week. The days towards month end and Labour day will be to the upside again but starting the 8th Sep people will be very nervous for any setback as many are looking for a correction. Volatility will rise in any case and a nerve wrecking trading time will frustrate bulls and bears for the most of Sep.
2. Existing Home Sales rose due to deep discounts and the pressure of the final weeks of the first buyer perks from the government – this is a one time special effect creating this effect and has nothing to do with sustainable economic activity. After Nov we can expect existing home sales to retreat again as the subsidies will be off.
Sales of previously owned U.S. homes in July notched their fastest pace in nearly two years, an industry survey showed Friday, the strongest sign yet that housing was pulling out of a three-year slump.
The National Association of Realtors said that sales jumped 7.2 percent to an annual rate of 5.24 million units, the highest since August 2007, beating market expectations for a 5 million unit pace.
The median sales price was $178,400, down 15 percent from $210,100 in the same month last year.
3. Finally Prof. Stiglitz came out with the goal as he urged to create a reserve currency which is the agenda of the Bilderberger as the groundwork to create a global central bank – all milestones of the New World Order. It appears as Talebi said recently noone with a tie and a suit can be trusted. I do not see any benefits of an artificial currency which can be even more manipulated as their is no natural demand and flow.
4. Bernanke upbeat about the recovery of the global economies, trying to tout his own horn – Summers will take over as Obama could have announced his renewed term long ago. Besides none of his economic calls have turned out to be right as his P/L is as poor as it gets as a depression’ specialist’. Summers will not be any better though but he can use the old trick to blame all on Bernanke once he takes over but lets remember he is a close protege of Rockefeller and does not work for Mainstreet hence no improvement can be xpected rather a more evil brain will run the FED then.
5. Most important criteria to be hired for Bloomi TV seems to be stupidity beyond bearable levels – they should offer Bush a job as anchorman – he would fit right in – Clinton might love to join him as he could chase all the young pretty chicks. They are reporting all day that one off the biggest criminals of this century D. Fuld sold his appartment for 26 mil. – still believe he belongs in one cell with Madoff.
6. Lipsky one of the opportunistic puppets of the IMF called chief economist just said that they might even inrease the positive outlook after it turned out as theey anticipated – you guys must be kidding – 6 months back they were screaming depression. This experience gets very obvious in extreme times as the magnitude of error is so shameful of this so called acedemics – I am not really sure how they ever got the myth of being superior to anything since any dart throwing monkey beats a regular CFA,MBA,Ph.D money manager from any ivy school.