UPDATE AlERT
Cheney Adviser Resigns After IndictmentAP - 4 minutes ago
WASHINGTON - Vice presidential adviser I. Lewis "Scooter' Libby Jr. resigned Friday after being charged with obstruction of justice, perjury and making a false statement in the CIA leak investigation, a politically charged case that could throw a spotlight on President Bush's push to war.
Great news the last qtr GDP came in at 3.8 surprising the wiseguys. Now the funny thing the chain deflator makes it look like we have little inflation, and this little ruse INFLATES the GDP!! same time we have had pathetic readings for months in the LEI'S! Plain and simple the GOV statistics are nothing but pure BS.
NOT included in any CPI figuring is property tax increases NOR the rise in home prices! so what good is it?
CHI Consumer Sentiment fell below expectations and is down dramatically from its old highs.
The world economy depends on Americans consuming and taking on debt at continued historic levels. Our GDP doesnt show what we can make, it shows what we can consume!
On another jived rally day, we have new lows outpacing highs by 4 to 1 margin BULLY? on lower volume! BULLY?
Richard Russell's PTI has remained in bear territory and if when rising and positive you dont go against it? then when falling and negative.......
BOGUS GDP which also contains Hedonic gimmickery, might keep pressure on rising interest rates.......ouch
EDIT MKT CLOSE COMMENTS
Volume DID pick up near the close, but new lows paced new highs UP volume was 81%.
GDP figures came out at 8:30 1 hour before open, after gapping higher by 10:50 to 11:00 the market was near UNCHANGED, then BAMM at 11 AM the market didnt look back. WHAT changed at 11 AM for the near vertical rise? beats me.
Only SCOOTER getting indicted? wonderful.
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