Citi: Bear Market Rally Behind Us, 1,000 on the S&P Ahead
While we are the last to put much weight in the predictive power of technical analysis, lately it has become all too clear that the only thing more worthless than technicals is fundamentals. Which unfortunately means that with the lowest common denominator (and marginal price setter) in the market being robots, in turn programmed by 20 year old math Ph.Ds who only know charts, it may be time to revise our skepticism. Enter Citigroup's Tom Fitzpatrick, who together with Goldman's John Noyce, are the two best sellsiders in this particular field. In short, neither has much good to sayl in fact when it comes to near-term bearish sentiment, it will be hard to find someone as pessimistic as Fitzpatrick, even among the Janjuahs and Rosenbergs of the world. Citi's conclusion from a just released note should be enough to scare anyone who believes that the bear market rally started just about a month ago will persist: "While we respect the October monthly close on the S&P 500, we did not close above the 12 month moving average...we believe the bear market rally is behind us and anticipate a move towards the 1,000-1,015 target over the weeks and months ahead." And while charts will never be a good guide as to what words may come out of G-Pip's mouth next, with so much market action these days being purely backward looking, we would urge caution.
From Citi:
What to make of the monthly close on the S&P 500
- October 2011 saw the largest monthly gain on the S&P 500 in almost 20 years (since December 1991)
- We also saw a bullish outside month posted in October
- Does that mean everything is fine and we are set to go higher? No
- While the monthly close may seem constructive it alone is not enough. The charts below instead suggest that the downtrend has resumed and a move towards our 1,000-1,015 target area lies ahead
More restaurant violence. I just don't get it.
Police Arrest 3 Men in Machete Attack
PATERSON, N.J. (CBSNewYork) — They’ve got their men.
Police said Wednesday they’ve arrested the trio caught on tape attacking two people, including chopping at one victim with a machete. The Paterson Police Department turned to social media in its hunt for the attackers, posting the stunning video of the attack on its Facebook page.
WARNING GRAPHIC VIDEO: Click Here To Watch (Must be logged in to Facebook to view video)
The incident took place on Sept. 10 at the U.S. Chicken restaurant at 194 Straight St. Police said the “vicious assault” began just before 4 a.m.
There were two attacks, said Paterson Police Capt. Heriberto Rodriguez.
“Both attacks were unprovoked, as far as we could see. Nothing was taken in the second attack,” Rodriguez told CBSNewYork.
In the first case, the victim, seen on the video wearing a white shirt with a black insignia on the top left corner, was attempting to walk out of the restaurant when he was confronted by two men in the doorway. While they talk, police say Omar Villota, 22, comes up behind him and pistol whips him in the back of the head. The trio tumble into the street.
Things then go from bad to worse.
A few minutes later, the group comes tumbling back into the restaurant, this time struggling with a second victim. The second victim is seen on tape being repeatedly punched in the face, allegedly by 20-year-old Johel Gomez. Police said Tyree Seegers, 22, then started hacking at the second victim with a machete.
According to police, Seegers is seen on the tape hacking at the victim at least 14 times with the machete. During one of his swings, he chops into Villota, who is continually pistol-whipping the victim. Seegers nearly severs Villota’s right arm, leaving a blood trail that the cops used to track them down.
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All the Hog fans saw that Wade was suppended for the game this weekend because of a hit on a Vandy punt returner. It was vicious but the public outrage is ridiculous. Here is the hit.
What I want to know is why this player from Bama didn't get suspended. The guy lowers his helmet right into the returner. Oh yeah, he plays for Alabama.
Lastly, I'm sick of the attacks on Arkansas by ESPN. Or should I call it the Home Depot Network. Petrino left Atlanta years ago, get over it Arthur Blank.
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This is just funny. I'm not sure I want Todd's job.
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Here is another reason why Greece is still hosed.
The latest rumblings are all about how the IMF won't be paying out a dime more to Greece unless it gets its act together and resolves this referendum issue in one way or another.
The question is: How long does Greece have to pass the referendum, get the money, and pay off its debts.
This chart should answer that.
Sent to use from Erwan Mahe of OTCexGroup, it shows when Greece has some big debt payments due. Obviously, you can see why Greece can't wait until next year.
12/29 looks like a pretty certain drop dead, if not before that.
The question is: How long does Greece have to pass the referendum, get the money, and pay off its debts.
This chart should answer that.
Sent to use from Erwan Mahe of OTCexGroup, it shows when Greece has some big debt payments due. Obviously, you can see why Greece can't wait until next year.
12/29 looks like a pretty certain drop dead, if not before that.
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