However, how many new cars and Walmart crap items will the extra 533,000 newly unemployed in the States we buying? I agree with the previous post that described the illogical DOW rise, however it may indicate just how badly the market wants to rally on the flimsiest of good news. I can't imagine there being any bad news that eclipses the horrible story to date (other than the Auto bailout getting canned) between now and early new year. So theres a good argument for the bear rally.
Just one thing i notice BHP hasn't fallen % anywhere as much as AngloAmerican, Vale, Rio, so its still got a large premium in comparison. Has me worried this may turn into a nasty bear trap. earnings could be smashed next year if oil heads further south, no money in metals, coal and steel to get slammed; so i have to wonder wheres the profit? $10 oil (as Voltaire suggests) would be a disastrous for the stock. Back to $8 maybe....
Perhaps it seems too obvious a rally is on the cards???
BHP Price at posting:
$26.15 Sentiment: None Disclosure: Not Held
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