Tuesday, April 7, 2009

SELL! I mean BUY, No, I mean, turn off CNBC!

I don't know when it happened but sometime in the 1980's America became obsessed with the price of something somewhere all the time. When I moved back to the U.S. after a number of years living in Europe, I recall sitting down to watch television one evening only to have the program interrupted with the news of the closing price of gold in Zurich. What the hell? At the time I was a metals commodity trader but I remember thinking, they care about that in Iowa?! And so it began. America's love affair with 401k's. Not simply how much we'd managed to sock away in the past year, but how we did between 9:30 and lunch!

Jon Stewart in his inimitable way laments the stock market's obvious vote on the new president.

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But wait! He's loved again! Check out the Dow Industrials poll beginning the day of that comedic interlude. Obviously, the country has changed its mind overnight on the immediate glorious ascendancy back to prosperity.

Holy P/E Ratio! The Prez is back! Up 20% in a month? Why that's a whole year's performance in four weeks. Take that you 'publicans.

(The other side of the aisle gets there turn again next month I suspect. Fox News, get ready to rumble!)

Look for the big picture and the economic themes and try the Food Channel for the important news.

John Barnyak