Business Magazine

Crashiversary Week Continues – Thursday Thump

Posted on the 10 March 2011 by Phil's Stock World @philstockworld

There was a ton of negative news in our intra-day notes yesterday and, as I mentioned in the morning post – we’re very concerned that the consumer has been pushed to the edge of a cliff so, of course, we took the opportunity to get much more bearish during the day with several disaster hedges and, of course, the same DIA $120.75 puts at the same price we had so much fun with on Tuesday.  We also, as noted in the morning post, had fun shorting oil at the $105 mark – over and over and over again as it moved between $105 and $104 but 5th time is a charm as they finally broke hard this morning and fell all the way to $102.32 on the last drop, which now makes winners of our USO puts as well so, like I said – Wheeeeeeeeeeeee!  

So, let’s see which of the things we’ve been ignoring suddenly matter today:

INFLATION

  • Japan’s GDP shrank 1.3% last quarter on LESS consumer spending and LESS capital investment.  "Gee, I don’t know George, we raised all our prices and people bought less stuff – who’d have thunk?"
  • China posts biggest trade deficit in 7 years.  Prices go up and people buy less junk – even if it’s cheap junk. 
  • Moody’s downgrades Spanish debt.  Really?  Gee, we never saw that coming, did we?  
  • Borrowing costs for the PIIGS are back to crisis highs.  Same year-old link as above.
  • Only one in seven Americans believe we are in a lasting recovery and over 50% say they are WORSE OFF than they were two years ago. (And – don’t forget – they don’t even poll people)


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