CNBC, Change You Can Believe IN ??
Last night’s Jon Stewart Show was painful to watch. Jim Cramer, the lead hype dog for CNBC was reduced to whimpering and putting his tail between his legs. He now says he is going to change his ways and work to provide the real investment story to the public. We’ll see how that goes. It is ironic that this whole scene was setup by another of CNBC’s attack dogs, Rick Santelli, who is less a sleazeball than Cramer, and actually has a good grasp of the interest rate markets. Santelli with alleged backing from some ultra right conservative political groups went on a rant about the Obama approach to the mortgage situation. In effect last night you saw the public face of “Trickle Down” brought to task for the hype that helped Greenspan create all the BUBBLES. The Stewart videos of the Cramer interview are all over the Internet this morning.
In the markets yesterday, somebody is upside down, T-Bonds, Gold, and Stocks all rallied at the same time. Ok, who is out to lunch? It probably evidence of the different ideas that are out there at the moment. You probably have 10 percent who believe that we have seen the bottom, 50 percent who believe that we will see another new low soon, and 40 percent who have no idea of what to do now. This is a time to be both on guard and aggressive, something significant should come out of this juncture. The capitualtion phase that the market has been in since 1/20/2009 will not find investors in agreement until the S&P closes over 850, that is 100 points away.
The EMA ETF Fund NAV was 883 at yesterdays close.
7:39 AM CDT