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AP Talks Up The Stock Market Yet Again

Here they go again.

From Wall Street’s newest cheerleaders at the Associated Press:

Wall Street heads for a rebound after big drop

AP Top News at 8:59 a.m. EST

NEW YORK (AP) — Wall Street is headed for a bounce Tuesday as investors recover from a massive selloff and await data on home and auto sales. Stocks often rebound after heavy selling as bargain-hunters emerge to snap up pummeled stocks.

Note that once again the AP is not reporting news. The New York Stock Exchange does not even open until 9:30 am EST.

As we noted previously, they have tried this tactic quite often recently.

Wall Street poised for moderately higher opening

By STEPHEN BERNARD

February 18, 2009

And:

Wall Street poised for moderately higher opening

By STEPHEN BERNARD, AP Business Writer

February 19, 2009

Alas, they were incredibly wrong on each occasion.

But this time their prognostications are bound to turn out correct.

Still, isn’t it funny how much more positive the AP’s attitude is now with a Democrat in the White House?

Why is that?

This article was posted by Steve on Tuesday, March 3rd, 2009. Comments are currently closed.

15 Responses to “AP Talks Up The Stock Market Yet Again”

  1. CaliforniaBear says:

    If at first you don’t succeed, try try again. It looks like they will be right eventually, if they do this every day for the next four years, they are bound to be right once.

  2. proreason says:

    Noted liberal market analyst Jim Cramer says it’s Obama’s fault.

    http://www.examiner.com/x-2888-World-News-Examiner

    Now, Cramer makes me look like a calm sea, but when people who are clearly liberal begin pinning it on Obama, it’s no longer only “nuts” on conservative sites that say it’s Obama.

    “slow motion accident that never seems to end”
    “won’t stop until we get some recognition from the President has caused some horrible reactions”
    “moment so perilous we need to put the whole agenda on hold”
    “it’s forcing everything down”
    “some kind of recognition…..that given the enormous destruction of wealth, much of it due to Obama’s agenda”
    “he’s made peole scared, affaid about their moneny….taxes too high……no bottom in the economy”
    “he….finds changing the world simply irresistable”
    “when you talk about wealth destruction…count me out…..poverty and despair”
    “we can’t affort the President’s agenda”

    Much more

  3. Odie44 says:

    SG –

    Know whats worse – the 8th grade language that it is written in.

    ‘Stocks often rebound after heavy selling as bargain-hunters emerge to snap up pummeled stocks.’
    And they often do not. This is a page from Stocks 101 – more of a prediction based on nothing, the ole “if it went down it should go up” Now go ask 50 former day traders how that worked out.

    “Wall Street is headed for a bounce Tuesday as investors recover from a massive selloff and await data on home and auto sales” What investors? The large equity, asset managers, hedge fund managers, etc – who made buy/sell decisions that got us in this mess? Or are they implying the average 401k Joe (thats you people) are going to actively take advantage, based on “market forces?” Or the bankrupt companies, looking for more handouts to cover their continuing losses? Like AIG’s $69B quarterly drop.

    Home and auto data? If that is the so called predictor – I have bad news for the Street, yet amazingly when a macro indicator – like retail sales being up 1% in Jan (as opposed to the genius estimate of down .9% from “experts”) gets buried in the news and does very little to move DOW 30 STOCKS, while ironically is a mush more accurate economic indicator, being a few thousand companies and millions of people, store owners, etc – thrive on sales.

    Lastly – at 10:51 AM E – Dow is up 50, or flat, NASDAQ up 11 or flat…

    Maybe the brilliant AP should have looked at the global markets performance yesterday (today for us) – not pretty.

  4. proreason says:

    Lots of conservative hate Dick Morris, but he DID accurate predict in early 2008 the economy from shortly before the election until now.

    Here is what he says today:

    “Obama has been instrumental in purveying fear and spreading doubt. It is his pronouncements, reinforced by the developments they kindle and catalyze, that are destroying good businesses, bankrupting responsible people and wiping out even conservative financial institutions. Every time he speaks, he sends the markets down and stocks crashing. He doesn’t seem to realize that the rest of the world takes its cue from him. He forgets that he stands at the epicenter of power, not on the fringes campaigning for office. This ain’t Iowa.

    Why does Obama preach gloom and doom? Because he is so anxious to cram through every last spending bill, tax increase on the so-called rich, new government regulation and expansion of healthcare entitlement that he must preserve the atmosphere of crisis as a political necessity. Only by keeping us in a state of panic can he induce us to vote for trillion-dollar deficits and spending packages that send our national debt soaring. ….

    The market collapse makes it evident that it is Obama who is the problem, where he should, instead, be the solution. “

  5. Reality Bytes says:

    Take a tennis ball – throw it down & watch it bounce – each time lower & lower until it stops all together. That’s the real Obama Bounce we were all promised.

  6. MinnesotaRush says:

    These dems and their liberal army called the msm have become expert purveyors of purposeful and self serving deception .. o-blah-blah is their poster boy extraordinaire .. the Grand Pubba of deception!!!

    The voice of those who will tell the Emperor that he has no clothes .. he’s naked .. needs to get more constant and louder.

    Thank God for those here at S&L and elsewhere who are turning up the volume of that voice.

  7. Right of the People says:

    I just checked at WSJ.com and the market has bounced up 0.88 or 0.01% so far today. I don’t think my heart can take all the excitement! I wish his aholiness who shut his piehole, every time he spews his rhetoric the market drops. My 401K can’t take any more of the “prosperity, hope & change” BS.

    10-7

  8. proreason says:

    Shockingly, the AP’s finger crossing prediction did not happen. Markets are closed now.

    Dow down 37 points. Major indices down between .14% (nasdaq) and 1.8% (small stocks).

    Fortunately, our brilliant national journalista rarely make such errors on matters of politics, foreign affairs or cultural matter. There, they are unerringly accurate.

    They learn the skills in “journalism school”.

    • Steve says:

      Yep. Though, looking through the headlines, the AP was in there pitching all day long.

      But in the end the market was down (both the Dow and S&P) to new 12 year lows.

      It’s almost as if the guys on the trading floors don’t read the newspapers.

  9. proreason says:

    No problemo…….The Moron says these little market gyrations are just “fits and starts” But no fault of the WH, oh no. “it will take time for the mistakes of the past to work their way through the system.”

    It just will take a little time…..so for those of you with a decade to spare…….cheer up!!

    http://www.foxbusiness.com/story/financial-crisis-dominate-obama-brown-talks/

    • Rusty Shackleford says:

      “it will take time for the mistakes of the past to work their way through the system.”

      Think they can run fast enough to catch up to the “mistakes of the present”?

      Honestly… At this point, it’s fairly obvious to even the most casual observer that as the market goes, so goes the economy. Just for giggles, I watched the nightly business report on PBS…almost busted a gut laughing as the PBS “correspondent” Erika Miller asked Arthur Cashin if there’s a bottom.

      ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: It’s a burning question most stock investors are asking these days: what will it take for stocks to find a bottom? I put the question to Art Cashin, who has been working on the floor of the New York Stock Exchange for over four decades. Do you think investors need to see some sign that the stimulus plan is working, that unemployment is leveling off, that things are not as bad as they fear?

      ARTHUR CASHIN, DIR., NYSE FLOOR OPERATIONS, UBS: The market actually tends to turn, particularly on the upside, slightly before the economy does or at least before the large signs of the economy turned. This is — I think they want to see the financial system begin to work again.

      Not only a very poorly constructed or thought out question, but Cashin’s non sequitur is a very odd statement.

      Understandably the purely liberal PBS doing its best to “report the news” by having “fun with words”. I would imagine that Williams, Couric, and the other clown on the other network probably weren’t much better. But most assuredly none of them stating that Bo-Bo has any responsibility to this.

      Point: If Bush or McCain were president…the blame factor would be inflammable. However, with the gifted all-seer of all things as the thrown-sitter….the “market is simply having a mind of its own”.

      Obviously the market is misbehaving and Bo-Bo will have to tell it to straighten up. That’ll teach it.

      This, meanwhile….I’m sure, is providing a smoke screen to hide his other misbegotten moves in foreign policy and the the “great sell-off of US security”.

      However, I see small glimmers of hope when noted liberals start recognizing that their blame compasses are pointing at El Presidente and his bridge trolls. If it’s already happening; Something many of us assumed would never happen….then maybe there’s hope for a better world.

      Or, he’ll simply have a hissy-fit and have them all executed. If not in reality, then politically. For it does not bode well to mock/goad/chide/poke/ridicule/satire or disagree with the brown clown.

      Or, it might simply be, according to Al Sharpton…that the stock market is a racist.

    • proreason says:

      PEs (Price Earning Ratios) are the established method to say whether the market is high or low. PE’s are calculated by dividing the Share Price by the earnings per share. For the market as a whole, PEs have fluctuated between 5 and 40. The average is about 15.

      SPY is an exchange traded fund that tracks the S&P500. It is widely held and currently has a market value of $90+ billion.

      The PE of SPY right now is 10.23.

      So, just based on what has happened in the past, the market could fall another 50%.

      But corporate earnings are going down not up, so it could fall more than that.

      Based on history, the Dow bottom could be in the 3,000 – 3,500 range. It probably won’t go that low, but it could.

      But frankly, I’m amazed that everybody seems to blissfully assume that we are just in a “down cycle” and that our market-based economy will survive.

      My question is……what makes people think so?

      It appears to me that the criminals in charge of our government intend to kill markets altogether.

      The bottom could be zero.

  10. reefdiver says:

    Seems that every time someone in this Administration speaks, markets start to tank. As the market seemed to be in a rebound today, Timmay the Treasury starts speaking and BAM, back down goes the SPX. Get a muzzle.

  11. Odie44 says:

    Bambi and his forest friends need to know something extremely important: The “market”, “street” , etc act on their own behalf and are not going to be swayed by hopeychangey rhetoric. They will crucify you, for it is a body worth trillions, representing millions of people in the global finance world.

    Trying to give a 47 IQ “economic assesment” may work for Bambi’s creed and followers – but not for Wall Street. This is a huge opportunity to short, buy puts for them – ahead of the “common man curve” and will eventually reap the rewards on the way back up. They will not put capital and/or capital sensitive investments because they know Bambi’s plan, policies and ethos has nothing to do with capital growth and return. Therefore, they will act accordingly.

    Sounds an awful lot like what Reps and cons have been saying from day 1…


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