It may seem counterintuitive that US stocks are resilient after a morning of some of the bloodiest economic numbers to date.
Talking heads were on the financial channels proclaiming "Priced In!" and "a bottom is at hand."
It should be noted that this is a holiday-shortened week, heading into the November weekend close. Many financial institutions end their fiscal year in November.
The nation will not recover until the financial sector is brought back into a balance with the real economy.
Increasingly the public is not believing the usual lies and deceptions. A bottom may be in for the willing acceptance of fraud and a tolerance of white collar crime. The backlash could be terrific.
Dollar briefly extends declines vs yen after Chicago PMI
Wed Nov 26, 2008 9:58am EST
NEW YORK, Nov 26 (Reuters) - The U.S. dollar briefly extended declines versus the Japanese yen on Wednesday after a report on business activity in the Midwest fell more than expected...
The Institute for Supply Management-Chicago said its index of Midwest business activity fell in November to 33.8 from 37.8 in October. Economists polled by Reuters had forecast a drop to 36.7.
"The Chicago PMI is the worst number since Feb. 1982 and the numbers continue to show that the economy is still deteriorating," said Andrew Bekoff, chief investment officer at LPB Capital LLC in Doylestown, Pennsylvania.
