Tuesday, October 14, 2008

Welcome Back Me

The only function of economic forecasting is to make astrology look respectable.
- John Kenneth Galbraith

Aaaaand I'm back at work. And the Toronto market moved over 1600 points higher (currently around 1000). DOW was up over 900 points yesterday. Yup, news obviously got out that my vacation was done.

I'm so glad everything that was wrong is totally fixed now and that we'll never see a market crash again. Yay!!

HAHAHAHAHAHAHA!! I kill me sometimes. The market is so fucked. This incredible volatility just means we've got another crash coming up. Everybody's all smiles and high-fives because they won't get fired this week.

I'm not sure when the market will take back what it has given these past couple days, but it's coming. Just wait until it really hits consumers this holiday season. I fully expect retail numbers in the new year to suck and we'll see consumer-related sectors get hit come February-March. Then we might actually hit the bottom.

But if you're a hyperactive trader, you're loving this market right now. If you're an investor, you're probably giving a "meh" and not worrying, or thinking about buying something. If you're about to retire, you're kicking yourself for not reducing your risk profile.

The US attempts are comical. They keep changing gears every week, and might now FINALLY have it partially right. Except for reports that the preferred purchases aren't voluntary and come with a cap to executive compensation. Despite Bush's protestations to the contrary, this is mighty socialist of them. It constantly amazes me how this administration (and the Fed and Treasury) keep missing the mark. I can't believe these clowns still have jobs.

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