Mick: Just a word on my take on the markets.
Friday morning CAT missed the earnings estimates. Frankly I'm a bit surprised about that. So, how do we square that up with the Cheerleaders on TV? All day every day we have to hear Ron Insana, through Becky Quick and Maria tell us how tremendous things "really" are, and yet here's CAT, the outfit that makes the trucks, tractors, dumps, engines, etc that move the world. Why is CAT saying that slowdowns around the world and especially here in housing is taking a toll? Maybe they should watch CNBC and learn how great they're really doing?
The old saying is that a stopped clock is right twice a day and I admit that constant droning about being overdue for a pulldown is a bit repetitious and probably annoying. But unless you are in a coma, ( or work for CNBC) you have to see the fraud, the poor economic reports, and wonder "what's going on?"
Friday morning CNBC had another rocket scientist on that has something to say along the lines of "the retail investor hasn't been doing much in the market, they are still a bit wary of it" and then went on to question their sanity. Don't they know earnings are up and all is perfect? Uhm, no. The average guy in the street hears that there's no inflation, while he's holding his kids college tuition bill in his hand and it's up 12% over last year, and he gets "confused". The average guy learns that the production line he works on is being shut down, and he's about to lose his 22 dollar an hour job, but he shouldn't worry because Wall Street say's we're fine.
Then again Analystslie or do they?
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