Weekend Reading 9/27/09
- Posted by Leigh Drogen
- on September 27th, 2009
Leaders from all over the world stepped up to the podium at the United Nations this week, lied to us, lied to themselves, and lied to their own people. As a realist, the United Nations is possibly the biggest crock of shit I can think of, it represents everything, well almost everything, that doesn’t work in international relations. There is only one instance where this laughably out of date institution gets it’s job done. It gives small militarily and economically powerless countries and brutal crazy psychologically unstable dictators a stage to voice grievances. Was any real progress regarding a significant issue made by having the world’s rulers invade New York this week, hahahahaha. I made more progress at sleeping with Megan Fox. Is the U.N. a waste of money, does it need reform, is it essentially useless to us, yes. Are you wasting your breath by screaming about the fact that we are letting these people step on our soil, waste our time, and badmouth us and our friends, yes. The best way to handle the U.N. at this point is to treat it like a whiny three year old, don’t give it any attention.
The market is finally taking a breather as the US Dollar has seen a slight bounce. This kind of action is very healthy for the market as we could have experienced a blow off top had the market kept running. Watch for the coming week to be a chop fest, we haven’t pulled back enough for buyers to step in, and the momentum is not yet there to scare those who have large unrealized gains or wish to put on short positions. My screens are still lopsided with new 50 day highs and sparse 50 day lows showing just how broad the equity and corporate bond rally continue to be. Bearish things that I am keeping one eye focused on are action in Crude Oil, Copper, Treasuries, a few momentum indicators, and the ridiculous P/E ratios.
Last week’s action:
Your weekend reading:
Where the hell is the exit Mr. Bernanke, we are all waiting.
Our military leaders are doing the right thing, they are speaking honestly to the civilian leadership, the last administration wouldn’t even listen.
What do you do when you can’t trust the market, move up the capital structure, hence you get the rally in corporate debt.
So let me get this straight, banks who took TARP are going to finance FDIC rescues of other failed banks……. glad we got that straight.
Equity mutual fund outflows are very interesting, one more reason the rally isn’t over.
Get ready for another wave of IPOs and secondaries, will the liquidity be there or is it drying up?
50% of people aged 16 to 24 who wish to be employed can’t find work, and you think you have a hard time finding a job.
Coming up with an acceptable unified field theory in physics seems like a walk in the park compared to Timmy’s job.
Personally, I love the Union Square farmers market, but this is an interesting take on local food.
I will keep harping on this, global trade is still dead and so is the shipping industry.
There have always been toxic assets, I feel like my hockey card collection should be counted among them.
What would you do with your 15 minutes on the U.N. stage?
Lucky bastard of the week award goes to this dude.
Tzom Kal to all of you who will be fasting tomorrow for the Yom Kippur holiday, personally throwing rocks in the ocean and going to synagogue is enough for me.
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Leigh Drogen is the founder and chief investment officer of Surfview Capital, LLC, a New York based investment management firm employing an intermediate term long/short momentum strategy. More »
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