Now that's what I call Obama power. In one day in merry ole England he's helped influence what is usually a tough crowd and under these economic conditions he has passed in flying colors. Uncle Gordie Brown helped things along as well and this has even got George Soros changing his tune that the worst may have been averted as he stated the G-20 has "pulled a few rabbitts out of the hat". Now coming from him while he pumps his new book on the coming doom and gloom makes you wonder if this is the beginning a major rally like non other ?Time will tell as the correction I predicted was very short lived,tomorrow should be interesting to see where we close but breaking 8000 though brief was a biggie.
On the gold front, the sheen may be off in the next while as the IMF plans to dump 400 tons into the market. Gold held $900 so it should be interesting if the gold bears cream gold to the low 800's or it settles around here so the IMF gets a good price when they do sell over the coming months.
Soros being a cheerleader on the sidelines is not good, it's just not cataclysmic. He's retired again, and yah this will help easter Europe, but it's net inflationary on top of the crazy deficit spending we're already waist deep in trying to stabilize, and hope for recovery.
ReplyDeleteMy bets ...
$ up
CHF up
Euro to 1.23 as we see how bad GDP really is there
gold down
S&P down
60% cash
20% international
20% technology / communications
and watch out for that jobs report to come in north of 700K
Welcome gastronomic,
ReplyDeleteLooks like we came in just under 700,000 on the jobs,still not good.
I agree on Soros,I was unaware til the other day he was retired. Inflation is a sure bet in my opinion but hard to say how soon it will kick in a big way. Inflation is what Bernake wants,deflation could get us into a real bad scene.
Nice blog you have,I'm getting hungry. :)