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business newsPre-Market Primer: Doctor Doom Joins the Bulls
By
Vincent Trivett
Feb 10, 2012 9:30 am
Rosenberg said it best, quoting Bob Farrell, "When all the experts and forecasts agree, something else is going to happen."
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If you were smart, you would have invested in balaclavas and Molotov cocktails and sold them in Athens. The austerity measures passed yesterday might save the country from default, but it really hits Greeks where it hurts. Police estimate that there are 13,000 protesters overwhelming the streets of Athens. Surely, the Greek politicians are aware that the austerity measures are not popular. Things could really go south if those politicians want to do something to keep their jobs.
If Greece breaks its promises again, that crucial bailout money might never come. Eurogroup head Jean-Claude Junker summed it up when he said, "In short, there is no disbursement before implementation [of the fiscal reforms]."
Earlier this week, Nouriel "Doctor Doom" Roubini, king of the perma-bears, recommended that investors overweight equities (echoing Larry Fink and Warren Buffet). Gina Sanchez, Roubini’s director of equity and allocation strategy told CNBC that her firm thinks that the rally "has legs." Roubini is reportedly bullish on technology, agriculture, staples, telecom, and livestock. (See The Smartest Guys in the Room Scream, "Get Into the Market!")
To celebrate this, an interesting chart has been circulating around Wall Street trading desks this week. (Thanks to Barry Ritholtz.)
Click to enlarge
Seems like the prophets of the markets are better at looking at the recent past than predicting the future. Should we be afraid? Does this mean that the markets are peaking?
For the record though, Roubini true to form, is only bullish for six months ahead and Rosenberg is as bearish as ever. Rosenberg said it best, quoting Bob Farrell, "When all the experts and forecasts agree, something else is going to happen.”
Asian markets closed down today and European markets are falling as well. US stock futures are looking pointing towards a low open.
LinkedIn (LNKD) doubled its profit year over year for the fourth quarter. The social network earned $0.12 per share, excluding special items. Analysts forecasted profits of only $0.07. LinkedIn added 14 million users in the last three months of 2011.
The Congressional Ethics Committee is investigating one of the most powerful members of the House. Representative Spencer Bachus of Alabama, chairman of the House Financial Services Committee, made some really wise bets during the financial crisis that all seemed to coincide with major policy announcements. The House passed a version of the STOCK act yesterday, banning themselves from insider trading. Yes, it used to be legal.
Twitter: @vincent_trivett
If Greece breaks its promises again, that crucial bailout money might never come. Eurogroup head Jean-Claude Junker summed it up when he said, "In short, there is no disbursement before implementation [of the fiscal reforms]."
Earlier this week, Nouriel "Doctor Doom" Roubini, king of the perma-bears, recommended that investors overweight equities (echoing Larry Fink and Warren Buffet). Gina Sanchez, Roubini’s director of equity and allocation strategy told CNBC that her firm thinks that the rally "has legs." Roubini is reportedly bullish on technology, agriculture, staples, telecom, and livestock. (See The Smartest Guys in the Room Scream, "Get Into the Market!")
To celebrate this, an interesting chart has been circulating around Wall Street trading desks this week. (Thanks to Barry Ritholtz.)
Click to enlarge
Seems like the prophets of the markets are better at looking at the recent past than predicting the future. Should we be afraid? Does this mean that the markets are peaking?
For the record though, Roubini true to form, is only bullish for six months ahead and Rosenberg is as bearish as ever. Rosenberg said it best, quoting Bob Farrell, "When all the experts and forecasts agree, something else is going to happen.”
Asian markets closed down today and European markets are falling as well. US stock futures are looking pointing towards a low open.
- Dow (^DJI) futures are down 97 points to 12,745.00.
- S&P 500 (SPY) futures slipped 12.90 points to 1,335.40.
- Nasdaq (^IXIC) is down 22.25 points to 2,538.75.
LinkedIn (LNKD) doubled its profit year over year for the fourth quarter. The social network earned $0.12 per share, excluding special items. Analysts forecasted profits of only $0.07. LinkedIn added 14 million users in the last three months of 2011.
The Congressional Ethics Committee is investigating one of the most powerful members of the House. Representative Spencer Bachus of Alabama, chairman of the House Financial Services Committee, made some really wise bets during the financial crisis that all seemed to coincide with major policy announcements. The House passed a version of the STOCK act yesterday, banning themselves from insider trading. Yes, it used to be legal.
Twitter: @vincent_trivett
No positions in stocks mentioned.
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