Submitted by RickAckerman on 10/19/2012 17:31 -0400
Federal Reserve
GOOG
Google
recovery
What kind of batter crowds the plate after a pitcher has aimed a fastball at his head? “Batters” have been doing it routinely on Wall Street lately — most recently yesterday, when they held the broad averages buoyant while Google shares were getting pasted for 80 points. During this single-stock onslaught, the Dow Industrials were never down more than 50 points and closed off only slightly with GOOG still $53 in the hole. This wasn’t the first time bulls have leaned into the plate while “dusters” whizzed past their ears. A day earlier, they pushed the blue chip average to a small gain while IBM was getting savaged on earnings that only somewhat exceeded analysts’ expectations. Big Blue got schmeissed again yesterday along with Google, but the body blows that sent two corporate giants to the mat evidently weren’t enough to unsettle investors.
Invincible Buyers?
If bulls have been acting lately like they’re invincible, perhaps it’s because they appear to have shrugged off Apple’s nasty plunge in the last month. At its recent lows near $624, the stock had shed 11% of its value – a very big hit for portfolio managers, since the company is the world’s largest by capitalization. But so what? That seems to be the attitude on The Street, where the lotus-sniffing stewards of Other People’s Money have been curiously calm through it all. With three absolutely crucial bellwethers falling from the sky, the Dow currently sits a mere hundred points from new recovery highs.
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http://www.zerohedge.com/contributed/2012-10-19/ignore-smell-blood-your-own-peril
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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