Thursday, September 4, 2008
College Football Selections... Market Commentary... Is this Guy for Real?
College Football September 6, 2008
1. We like Ole Miss plus the points against Wake Forest. The Rebels are an 8 point dog to Wake. However, we are confident that Ole Miss will come to play. Pick Ole Miss.
2. The Naval Academy always puts together a great team, even with the rigorous requirements of this institution. The MAC (Mid American Conference) has a tendency to under-estimate the academy teams including Akron v. Army, and a beating by the Midshipmen of Bowling Green several years ago. We like the Middies plus the points.
3. Our final pick is Pitt. -13 to Buffalo. Word is that Pitt. has had one heck of a week practicing since the Bowling Green loss last week. Bowling Green is better than they appear, and Pitt. is not as bad as they played last week. We like Pitt. minus the points to a team that still seems to be adjusting to D I style football.
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I have to admit it, after seeing the retail numbers this morning followed by an employment report that would make Ebenezer Scrooge's toenails curl I thought we would see another 300 plus point move to the upside. Why you may ask? It is quite simple, it would be just one more irrational move in this stock market. After all, we have seen up ticks for the past six weeks on headlines such as "FDIC seeks line of Credit from Treasury", "Banks show record borrowing from the Discount Window", "List of Banks in Jeopardy of Failing Rises to 117", and "Lehman still shopping for a Buyer."
I am an optimist by nature. I have never been one to see doom and gloom in the world. But, I do know a bad market when I see one. And this market qualifies as the perfect storm. This is not to say that the U.S. and world economies are not going to pull through this economic mess they have created. Quite simply, it is the acknowledgment that 1. there is a financial crisis... 2. that the financial crisis will be better weathered when companies and governments come clean as to the amount of damage that has been done. That is where the real confidence in the economic markets come from. Not digging holes and burying bad news like it is not there. Rather, owning up to the truth and believing that transparency is the best thing a company let alone a market place like Wall Street can have. With the onset of emerging markets Wall Street needs to separate itself through honesty. Let the rest of the world be the liars.
Is this Guy for Real?
Jim Cramer might as well run for political office with some of the information he is feeding his viewers.
1. For instance, the claimed that the housing bottom would hit sometime in the next 300 days. Tell that to the people who were part of the unemployment statistics today. They may beg to differ with you Jim.
2. The FDIC has a plan to buy the "bad assets" of companies. Not at this point in the election cycle Jim. The government is supposed to look out for the best interests of the citizens, not the doe-does who created this mess.
3. Gasoline prices are coming down which will be like a tax cut. Jim, don't you get it? There is a complete disconnect between your world and the average person on main street. Let me know when it hits 2.50
I guess it is Jim Cramer's job to instill confidence in the market. But I simply want to remind listeners that this guy is right sometimes, and wrong sometimes. Just like the rest of us. Jim, you would better serve your viewers with a plea to Wall Street to simply tell the truth as opposed to prolonging the agony. Keeping Wall Street the world's premier market place is in the best interests of everybody in the United States.
Don't worry folks Ben "Bailout" Bernanke will probably make himself available sometime tomorrow to tell us everything is o.k.. Who knows, maybe Hank "Homer" Paulson will make special arrangements for the credit cards companies to have access to the discount window. Remember, it that happens you heard it here first!
Posted by at 7:07 PM