- The stock market made a nice reversal mid-day, but now seems to be settling back into the big malaise. The talk today is of $GM and $GS. "Stock tickers that begin with G, Alex."
- Deutsche Bank downgrades $GM shares from hold to sell. Nice timing, fellas. The stock is at the lowest price since 1943.
- If you watch bubblevision, everyone always seems to think that $GS is a buy. Perhaps because Goldman Sachs contains the letters that spell GOLD. Well, almost everyone. Shares are up today despite a cut in estimates. And the consensus recommendation right now is hold.
- Larry Kudlow writes Mustard Seed, where he points out that while everyone seems to be expecting a big 3-4% 4th-quarter contraction, no one seems to be paying attention to what has happened with energy prices. $200 billion drop in energy costs for consumers. It's like a tax cut! Maybe that's why I've seen restaurants and casinos crowded the last few times I've been out. Very crowded.
- You figure folks were paying $80 a week to fill up their gas tank in June, and now they're paying $40 a week. That's an extra $40 a week to spend somewhere. And since the bank foreclosed on their homes, they are back to renting and have smaller monthly expenses and more money to spend.
