Today the Dow closed strongly at all-time highs. So did China.
Here are the major headlines:
UBS writes off everything but the hookers;
Citi is run by a drunk Prince in a smock and writes off everything as well;
Foreclosures at record levels;
The US dollar is now worth less than a a dollar that has a moose and duck on it;
Homebuilder index down 60 plus percent;
Ebay writes off a few billion on Skype
I am glad I have been able to check my opinion at the door for the most part this year. I would be short like the rest of the ‘smart people’.
PS – Bill Fleckenstein is thankfully still bearish and calling for the 11th recession this year. Phew!
Howard,, China is close all week for holiday….. and yes price all that matter and who knows better than me a Jew living and trading trend following system in Asia … hey trends work here too…. maybe someone should tell bill fleckenstein
Howard, I will remind you of the last time you called Bill a permabear fucktard. It was the morning of the beginning of a 10% correction over the next month. Lets see what this dishonorable mention brings … perhaps a small correction beginning today?
Be careful of APPL, it seems some people are upset they bought the phone, so what do you do if you live in the USA,
Woman Sues Apple For $1 Million, Incensed Over IPhone Price Cut
17:28 EDT Monday, October 01, 2007
SAN JOSE, Calif. (AP)–A New York woman is so angry at Apple Inc. (AAPL) for lopping $200 off the price of the iPhone that she’s filed a lawsuit seeking $1 million in damages.
Dongmei Li of Queens, N.Y., claimed the company violated price discrimination laws when it slashed the price of the 8-gigabyte iPhone by a third, from $599 to $399, within two months of the gadget’s June debut.
Apple lowered the iPhone’s price on Sept. 5 and also said it would stop selling the $499 4-gigabyte model. Hundreds of early customers who paid full price didn’t expect the reduction to come so soon and complained.
Apple issued an apology the next day. Under its return policy, Apple refunded the $200 difference for those who bought the phone within 14 days of the reduction. Also, in a move to make peace with those who purchased the higher- priced phone before that period, the company offered a $100 credit at Apple stores.
According to Li’s lawsuit, filed on Sept. 24 in the U.S. District Court, Eastern District of New York, the price reduction injured early purchasers like herself because they cannot resell the product for the same profit as those who bought the cellphone following the price cut.
Li purchased a 4GB iPhone for $499 and alleged that owners of the 4GB model were given less favorable terms than those who bought the 8GB model at the premium price, according to the lawsuit.
An Apple representative did not immediately return a call to comment Monday.
The lawsuit also named AT&T Inc. (T), the exclusive carrier in the U.S. for the iPhone, and alleged the two companies’ required two-year service contract for the iPhone constituted unfair business practices.
Mark Siegel, an AT&T spokesman, declined to comment, saying he had not yet seen the lawsuit.