Economic Commentary

[quote author="BondTrader" date=1256269188]Just wanna inform everyone I got the ax.....



I will try my best to keep this tread going and I'm interviewing for another position with my current employer.</blockquote>


Bond Trader! I am really sorry to hear that. Keep me posted.
 
I've been lobbying for a "Don't Like" button for some time for this sort of event.



Good luck with the interview, and I'm sorry for your loss of employment.
 
[quote author="BondTrader" date=1256269188]Just wanna inform everyone I got the ax.....



I will try my best to keep this tread going and I'm interviewing for another position with my current employer.</blockquote>
Aww man, I am very sorry to hear that. I'm sure you will land on your feet, keep your head up!
 
[quote author="BondTrader" date=1256269188]Just wanna inform everyone I got the ax.....



I will try my best to keep this tread going and I'm interviewing for another position with my current employer.</blockquote>


Sorry to hear BT. Good luck in your search.
 
BT - Thanks for all your support, I will keep you guys posted.
 
Best of luck to you BT. Your information is very good and one of the reasons I look forward to IHB each day.



I hope your unfortunate circumstance got nothing to do with your IHB postings.



Is now BT = Iceman?
 
[quote author="bkshopr" date=1256353426]Best of luck to you BT. Your information is very good and one of the reasons I look forward to IHB each day.



I hope your unfortunate circumstance got nothing to do with your IHB postings.



Is now BT = Iceman?</blockquote>


Ha, yeah. My parents are in town with some friends, so my job for the moment is a tour guide. And looks like me leaving Pacific Life finally brought out the bears.
 
[quote author="IcemanX" date=1256624321][quote author="bkshopr" date=1256353426]Best of luck to you BT. Your information is very good and one of the reasons I look forward to IHB each day.



I hope your unfortunate circumstance got nothing to do with your IHB postings.



Is now BT = Iceman?</blockquote>


Ha, yeah. My parents are in town with some friends, so my job for the moment is a tour guide. And looks like me leaving Pacific Life finally brought out the bears.</blockquote>


BK. I totally agree. Iceman is the real deal when it comes to the markets. This guy really knows his stuff.



This Video is for you Iceman :)



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
Some quick observations:





1) The market now has overhead resistance around 1075. "They" couldn't

trigger a short squeeze because likely the shorts were timid and there

was nothing to squeeze to help power things upward.





2) The focus is on the GDP report this Thursday might start another mad

run toward 1100+ on S&P if the number is better than 3%.



3) DOW is sitting on its log scale trendline. The NASDAQ played

catch-up to the downside today. It cannot be said that the NASDAQ

remains "strong" as it dropped 1.20% versus a green DOW. Very unusual

and it seems to have to do with the DOW holding its trendline. Weird.

The market thinks that chart is important. More evidence of a

fractured market. (or manipulated...)





The bottom line, my best guesses will be more downside pressure, at

least tomorrow morning to get S&P closer to the 1045 support line, but

what is going to happen afterwards is anyone's guess. My feeling is

S&P will try to top 1100 one more time before the big correction.
 
[quote author="IcemanX" date=1256624321][quote author="bkshopr" date=1256353426]Best of luck to you BT. Your information is very good and one of the reasons I look forward to IHB each day.



I hope your unfortunate circumstance got nothing to do with your IHB postings.



Is now BT = Iceman?</blockquote>


Ha, yeah. My parents are in town with some friends, so my job for the moment is a tour guide. And looks like me leaving Pacific Life finally brought out the bears.</blockquote>
Small world, you worked at Pac Life? So did I. I worked in the Real Estate department on the 4th floor from 2001 to 2004.
 
New Home Sales fall "unexpected" and mortgage application slides as $8000 tax credit expiring. Again, NASDAQ is playing catching up to the downside of Dow and S&P, guess it's time for them to pump those govt zombies to (BAC, AIG, C...) because the tech leadership is gone.



Some quick facts,



*Plans to purchase a home within 6 months fell to 2.3% from 2.5% in September and from 3.0% in August. Those planning to buy a new home fell to 0.3% in October after sitting at 0.6% in both August and September.



*Plans to purchase an automobile within 6 months is now at 4.4% versus 4.5% in September and down from 5.3% in August



*Plans to buy a major appliance is now down 2 months in a row and down in 4 of the past five months. The level is now at 23.3, which is the lowest since January 1995.



*As for intended vacations, it seems that a majority of Americans are not planning to vacation this winter as only 37.4% said that they would, down from 38.9% in the August survey.



U.S. consumer survey still sees a grim employment picture, which is affecting spending intentions. Bottom line is still jobs and we are still losing 500k a month last time I checked.
 
Goldman revised their predicted GDP number down to +2.7%. I think that's a pretty strong sign we're not going to see +3% tomorrow.
 
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