I hope you didn't miss the guy from SSB on CNBC just now, touting the market. His contention was basically that bad now means good. A good analyst, ya know.
In addition to the reassuringly awful NAPM numbers, here's why the market was up strongly today (from the NYT):
"The longest economic expansion in American history has ended.
"The nation's economy shrank this summer for the first time in more than eight years, the government said yesterday, with businesses further cutting investment while consumers increased their purchases only slightly. The terrorist attacks of Sept 11 played a key role, pushing an already-weak economy over the brink, analysts said, as travel temporarily stopped and spending briefly froze.
"'The recession has begun,' Stuart Hoffman, the chief economist at PNC Financial Services Group in Pittsburgh declared. 'The fourth quarter will show an even deeper drop than the third quarter.'"
Oh, someone yesterday said the Treasury's decision on 30-year bonds should have come as no surprise. Well, it did come as a surprise.
nytimes.com
I think westpacific was eaten by a shark, btw -- the same shark that got me today. Fortunately, I didn't have any followers in my life raft. |
