Friday, January 30, 2009

GDP Was Behaved-I Guess

GDP came in at 3.8% against an estimate of 5.5% and a whisper number that was as high as 7% and futures have gone from down to about flat on the report. Bernie Marcus opined on CNBC this morning that the "stimulus plan" is now only devoting 5-10% to infrastructure, the original allocation was supposed to be much higher, as was the plan for massive job creation. It looks like President Pelosi, ummm ...Obama has started more of a payback plan than anything that involves stimulus. The insanity continues on both Wall Street and K Street. Stay tuned as this promises to be fun.

Oil is up a buck and a half and gold continues to the $900 level. A break above $92 on GLD would be bullish. Good luck today.


About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.