"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Tuesday, November 16, 2010

Wrapping Up A Miserable Day In The Market

As of right now, I'm sitting here looking at
  • A Dow down 178.47 (1.59%)
  • A NASDAQ down 43.98 (1.75%)
  • A S&P 500 down 19.41 (1.62%)

That's pretty sad. What drove it? Funny as it would be to blame Apple's partnership with the Beatles, that's not really it. So what is? Well, here's some highlights from today's news:

  • Ireland, one of the PIIGS, is unwilling to accept a bailout for it's financial system.
  • In comedic counterpoint to the above, some EU members are unwilling to give a bailout.

(And does anyone else hear the dynamics of an elementary school in this? "I don't wanna bailout!" "Yeah, well we don't wanna give you a bailout!" "Yeah? Well I didn't want it first!" "Did not!" "Did too!")

  • Austria is threatening to withhold the next tranche of bailout funds from Greece, unless Greece gets back to following it's deficit-cutting plan.

(Accountability. The horror!)

  • China is requiring banks to increase their capital reserves, and is tightening up it's lending policies.

So yeah, the pain is all about the financial sector. Still. That seems an ill omen for tomorrow's CPI and housing starts figures (analysts are already looking for a 0.4% month-over-month increase in CPI, and a 20k drop in housing starts). Brace yourself.

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