The Fed released its Beige Book today. The whole report was pretty much a snooze fest.
Here is the one statement from the report that the traders focused on:
"The overall U.S. economy was still growing in late summer, but there were "widespread signs of deceleration," the Fed said."
The balance of the report was filled with the usual Fed spin on the economy as they discussed "pockets of strength" in various areas of the country.
"Pockets of strength"....Please...Spare me the details....It's such a joke. I am sure there were pockets of Rome that didn't burn when the Empire collapsed.
The bottom line here folks is nothing has changed. The market looked directionless today as it wobbled around in slightly green territory.
I will close today with a CNBC commentary followed by another soundbite I picked up from the RT on the US housing crash.
FYI, expect to see more reports from other parts of the world on this blog because it's becoming increasingly more difficult to find anything that even resembles the truth from our own financial media.
Who would of thought 25 years ago during the peak of the Reagan era Cold War that Americans would have to read the Russian media in 2010 in order to get accurate financial reporting on Wall St.
I searched CNBC today and what I found was a joke.
Cramer was out with his "Four signs that the bull could prevail".
He rattled on:
"The bears need to spread these negative stories to stop the bullish advance and they do it because it works," said Cramer. "The bears have been incredibly effective at spreading innuendo and fear."
"Things are still looking better for the bulls," said Cramer. "Today's action could be merely the death throes of a bearish defense that’s on its last legs."
Surely you jest JC. Your first comment is the exact opposite of what is really going on. For Cramer to suggest this is ludicrous.
How many "green shoots" pieces are seen on CNBC every day versus "gloom and doom"?
How many bulltard talking heads do you see on this network every hour telling you to buy stocks?
The reality here is CNBC viewers are baited into buying stocks 90% of the time the network is live on the air.
If CNBC wanted to be fair and balanced then why don't they give Dr. Noriel Roubini a time slot after Cramer and let him interview the ever growing list of bears that now reside on Wall St?
Investors have had stocks shoved down their throats by this network ever since the late 1990's and they now have NOTHING to show for it.
Why hasn's CNBC changed with the times and realized that the smartest guys on the street no longer are in stocks?
The only ones left playing in stocks are the HFT's and the hedge funds. The institutional guys are only there because they are forced to put money to work, and trsut me, they are not happy about being forced to play in the sandbox.
In fact, they have recently started to complain because they find themselves getting fleeced by the predatory traders who sit in the shark tank waiting for them as they put bids in for stocks.
Anyone network that's telling you to jump into this tank must be ignored at this point.
If you are must watch some TV during the day then I suggest you change the channel over to "Judge Judy".
At least there you will be able to find something that represents truth and justice.
Here is the RT blip I promised above: