A car full of MMs on their way to work Monday morning? If you were short from Friday, you didn't expect anything different did you? Well some of us did, and we're still a little soaked, to say the least, but all is not lost, as the charts will show. Consumer spending figures showed an increase last month (which in doublespeak means, gas is higher, most food products are higher.. and everything you don't need to live keeps going down.) Hurray! You had to spend more to survive on less income, congratulations! Meanwhile, things are SO good, the Home Affordable Refinance Program has been extended for a full year! Oh, the disconnect sometimes is mind boggling. Furthermore, Larry Summers is front running the jobs numbers on Friday right out of the gate this week... Forgive my ranting, some days I just can't hold it back. Buffet says all is well, so it must be so. Meanwhile some bears are becoming so paranoid that I read a comment on another blog earlier, and the poster was suggesting the tape painters are setting up bearish patterns just to boost the rope-a-dope a bit more. Quite honestly, the picture is muddy to be certain, so if you're not up to taking it in the chin with another left hook, I'd advise the SOH method of trading to preserve capital. (Maybe I'll get a George's opposite world having written all of this?)
Tomorrow's economic calendar includes: Before the bell: More Lies ICSC-Goldman Store Sales and the Redbook. Motor Vehicle Sales figures will also be announced, and there is a 4 week bill auction at 11:30. We’ll also be back to watching Toyota burned at the stake on Capitol Hill, bring some popcorn.
FX Traders: a nice article on the RBA announcement for you to read by clicking here. Good luck on your positions!
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And now for some DDT charts
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A quick look at Long-term Money Flows Data
Jay mentioned something about the 310 area code last night and it made me think back to many visits to the infamous Troubadour in L.A., and in particular this song for some reason. The words just seem so fitting to what we’re witnessing and discussing amongst ourselves day after day. Anyway, one of my favorite song writers and live performers. Me? I’m still dreaming about Everyman…
