"This way we’d know who owns them," Lol, what a great idea! – Ilene
MARKET COMMENT
Dave Fry, ETF Digest, May 19, 2009
That’s NASCAR driver Jeff Gordon pictured above festooned with sponsor logos. I’ve been thinking that politicians from the president down to an elected town clerk should be decorated like this. This way we’d know who owns them versus the people they were elected to represent. You’d have some with Goldman Sachs caps, UAW T-shirts and NEA jackets and etc. It would be fun and make things clear to us sheeple.
Okay, enough of the fun stuff and on to markets.
You know, sometimes bad news is really just what it seems no matter how some spin it. Housing Starts were “worse than expected” and GS Same Store Sales were also “less than expected”. That’s not bottom-type news bulls were hoping for but let’s give them credit for keeping the damage to a minimum.
Volume remains light and breadth was positive—mostly on the NASDAQ.
A quiet day but HPQ reported less than expected results tonight and it will be interesting to see how that is spun. Bulls will try to find another piece of news to trump and ignore it.
It’s interesting that now the Fed is ready to back up municipal bond issues through a joint venture by creating another bond insurance company with the National League of Cities. Why stop when you’re already have way down the river?
S&P PEs are now at 122.45 based on reported trailing earnings. The financial media likes to report operating earnings versus those based on GAAP (Generally Accepted Accounting Principles). If you used S&P’s own projection for 2010 of $35 then PEs are only (gulp) at 24.75. Hardly “cheap” as you so often hear in the financial media.
In a final note, how about seeing a story about SEC attorneys being investigated for insider trading? That’s a doozie!
Let’s see what happens.
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