Maybe The End Is Not So Nigh After All
I am beginning to think that we can extend and pretend indefinitely as the floor should have dropped out of this bitch back in March of 2009. Anyone else get that creepy invisible hand feeling tickling their spine?
Pending sales of previously owned U.S. homes rebounded unexpectedly in July and new claims for jobless benefits fell last week, helping dampen fears the economy could face a double dip recession.
The data on Thursday, including sturdy sales from U.S. retailers last month, followed a report on Wednesday showing a surprising gain in manufacturing activity and suggested the economy retained some underlying strength.
"This is an economy that has hit a soft patch. It's not an economy that appears to be heading toward a double-dip recession," said Brian Levitt, an economist at OppenheimerFunds in New York.
Investors appeared to agree earlier fears of a double-dip recession might have been overdone as they sold long-dated U.S. government bonds and bought some stocks. The broad Standard & Poor's 500 Index .SPX was up 0.32 percent at midday.
Listen, there are no real investors left in the S&P or anywhere else for that matter, it's just robots versus the invisible hand up in that bitch and apparently that little pissing contest can go on pretty much forever. Sure something like 22% of America is unemployed (don't let the government statistics fool you) and sure decent folks are losing their homes left and right but who cares, DOW 28,000,000 baby!!
If that's the case... where'd all the bulls go?
If you ask me I think we just saw our last sputter, that invisible hand has to be tired from jerking off HFT robots day in and day out for the last year and a half.