Wall Street Manna

An irreverent look at Wall Street

Friday, August 14, 2009

Consumer confidence drops

University of Michigan consumer confidence number rolls in at 63.2, and sellers can't find the exits quick enough as the trading robots front run the profit takers.

Retail sales were also lousy, even though we had the cash for clunkers program.

A bit of sobering reality from real life statistics has made Wall Street queasy and the 'bots have just amplified the selling, probably because the bulls have already left for the Hamptons and only bears and shorts are left fighting over some scraps today.


At August 14, 2009 at 11:31 AM , Anonymous Anonymous said...

so is it a good day to buy some C?

At August 14, 2009 at 12:02 PM , Blogger thestocktrader said...

Palmoni, check out this one: http://www.youtube.com/watch?v=yqkn1tviGMM&feature=related

At August 14, 2009 at 12:54 PM , Anonymous Anonymous said...

I've been hearing from 'market experts' on CNBC that there isn't much of a recovery. But I've been reading a lot of reports from investment banks such as Barclays, JPM, Citi, Goldman that there is a good chance for a strong V shaped recovery and that includes the jobs market.

There is a disconnect between the two, but since the banks control the money supply, you think they are front running the markets before they make those new loans into the economy?

At August 14, 2009 at 2:23 PM , Anonymous Anonymous said...

The only front running that is going on is investors front running a recovery. Palmoni interesting that almost every hfund now own BAC, but almost no hfund owns C. I am increasing coming to your view that we see a $7 on C

At August 14, 2009 at 2:41 PM , Blogger Palmoni said...

That was too funny!!!

At August 14, 2009 at 2:41 PM , Blogger Palmoni said...

Even Citi looks like a buy!!

At August 14, 2009 at 3:26 PM , Anonymous Anonymous said...

Your oil plays got wacked today.

Still recommend, for a hefty discount, or is this trade toast?

Tempted to pick up a few calls, but sentiment is so hard-core bearish on oil companies right now, it ain't easy...

At August 14, 2009 at 3:54 PM , Blogger Palmoni said...

I see how they got crushed today--I was wondering if I was biased toward them because I was staying up in "porcupine hill" a place in CA loaded with oil wells pumping every day between homes.

It's sitting on top one of the most productive oil fields in the world--back in the 20's it took four days to cap one of them and then they probably put up another 100 wells

I like the options here better than yesterday but I was too early--if they pull in anymore I'd go in the next strike down

That's why I was playing the options with these numbers and the out of the money cheapies--instead of playing the stocks

Just in case I was wrong

I'll buy some more Monday and see how things play out them

At August 15, 2009 at 5:55 PM , Anonymous Anonymous said...

I wonder if natural gas truly is bottoming?

At August 15, 2009 at 7:29 PM , Blogger Palmoni said...

Check the video! Hah!


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