21 November 2013

SP 500 and NDX Futures Daily Charts - Spinning the Records

The Dow Industrials managed to hang a close over 16,000 which is good for the tourist trade.

There was an analyst named Steve Kuhn who today was suggesting that Progressive Insurance is a short because soon cars will be self-driving and one will no longer have to buy auto insurance because there won't be any more accidents.

While I would certainly welcome such a world, especially since the freeways are too often a hair raising example of why the efficient market theory is hokum, I wonder how such a feat of transformation could be accomplished in a nation that does not seem to be able to find the funding and the will to perform a satisfactory level of highway and bridge maintenance. 

Most of the bridges in the US are over 50 years old, and far too many are substandard.  About half the people are on food stamps and one paycheck away from insolvency.   But soon we'll have self-driving cars everywhere, and accidents will be a thing of the past.  Is this what a national psychotic break looks like?

Have a pleasant evening.