On the heels of government intervention stopping the hemorrhaging in China’s stock market, today two legends in the business sent King World News powerful pieces.
Today’s note from Jeffrey Saut (Chief Investment Strategist at Raymond James): The call for this week: When Turkey shot down the Russian fighter I instantly thought of the movie “Blackhawk Down,” expecting the stock market to crater. But after an initial 100+ point “morning melt” a funny thing happened, the Dow closed higher for the session. That caused one Wall Street wag to exclaim, “When stocks don’t react to bad news that’s good news!” Yet for the week the action once again proved frustrating, very much like this entire year.
So I will leave you with another Richard Russell quip. To wit:
“Nothing created by the mind of man has ever equaled the stock market in terms of its sheer ability to frustrate people. Why is this? The answer is that the stock market frustrates because millions of traders and investors across the face of the U.S. and the world are trying to make money out of the market. Now when millions of people are trying to make money out of the market, you know right off the bat that it can’t be done.
A majority of people are not fated to make money doing anything, much less beat the stock market. ‘It’s not fair’ you complain, ‘why can’t all those nice, well-meaning people make money with their trading and investing?’ There’s one simple fact that makes it difficult. And that fact is that throughout history there have always been a small number of financial winners and an army of financial losers.
So when we state that the stock market is frustrating, we must qualify the statement by asking, ‘frustrating for whom?’ And the answer again is that the stock market is frustrating to the great majority of participant-losers but highly rewarding to the small minority of informed, hard-working, intelligent winners.”
To which I would add, this is why you need a good financial advisor! Richard, you will be missed.”
Also, from Art Cashin’s note today: Overnight And Overseas – Asian markets were helped by a rather large reweighting. Nonetheless, Hong Kong and Tokyo faded near the bell but Shanghai had a late upside reversal that looked suspiciously like government intervention. European markets are almost all higher with London slipping on pressure in mining stocks. Crude is firmer while gold is mixed. Base metals have a very mild bid. The Euro is weaker as assumption of more QE grows. Short term yields in U.S. nudge higher on slightly higher probability of a December liftoff.
Consensus – European rally to three month high is heavily tilted to exporters led by the auto group. That’s attributed to further weakness in the Euro. Traders will look to see if that works against U.S. multi-nationals. Futures firmer helped by crude pop. Stick with the drill – stay wary, alert and very, very nimble. ***To listen to the powerful interview with Egon von Greyerz, the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events CLICK HERE OR ON THE IMAGE BELOW.
***To listen to one of the greatest interviews ever with Dr. Paul Craig Roberts CLICK HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: This Will Cause The Price Of Gold To Jump Hundreds Of Dollars In A Matter Of Days CLICK HERE.
© 2015 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the articles is permitted and encouraged.
