Friday Markets


Here are the top headlines of the week

Sorry I couldn’t provide the links. Will do so next time.

GE next big one to go?

Porter Stansberry: Who says that anyone who doesn’t own Verizon shouldn’t be able to call himself an investor and has called the demise of the original AT&T, GM, Fannie Mae and Freddie Mac, now says that Continental and GE are net to go. GE has relied on its A+ rating to manipulate its financial program. But now it seems to be following CIT by-the-click.

Doug Casey: Every investor should own at least some physical gold in their personal possession.

FDIC chairman Sheila Bair told a Congressman there would be at least 500 more bank failures 10 times as many as have already occurred this year.

Richard Russel on Gold: In order for the US to justify the recent surge in spending and bailout money, rather than renege on its death, they will instead rid it through inflation and taxation. The only way for the average citizen to defend themselves? Gold. “Gold will be the last man standing. Gold is the secret, unstated world standard of money. It can’t be devalued, multiplied out of thin air, cheapened or devalued or bankrupted. It has no debt against it and isn’t the product of some nation’s central bank. Gold is pure intrinsic wealth. It needs no nation to guarantee it. Gold is outside the paper system.” On Stocks: “It’s clear to me that we are in a rally within a secular bear market within the confines of a long-term or secular bear market”.

William O’Neil: Stocks are in the midst of a bull market that began in March. We say cut every single loss when a stock goes down 8 percent below the price you paid for it. It’s like taking a little insurance policy.

Joe Biden: ‘We Have to Go Spend Money to Keep From Going Bankrupt’

Gary Shilling: Stock Market Will Crash As US Consumers Retrench. The economy won’t start to recover until 2010 as the US consumer is cutting back fast. Spending will drop from 70% of GDP to 60% as consumers pay down debt and go on a saving spree. Most recessions have a positive quarter or two of GDP, so if we get one, it won’t mean anything. The S&P will plunge 35% to 600 by the end of the year. Buy Treasuries.

Gold Bullion or ETFs? Hedge fund manager David Einhorn of Greenlight Capital had roughly $390 million invested in the GLD (SPDR Gold ETF) and then sold all his shares in favor of physical bullion. If you hold for a long time, bullion is likely cheaper. If you trade short-term (or in smaller sizes), GLD is likely better.

Jim Rohn: “It’s about your philosophy, not the economy”.

10 Things you should know before buying a car

Buffett’s 3 Rules for investing. 1) “If it seems too good to be true, it probably is.” 2) “Always look at how much the other guy is making when he is trying to sell you something”. 3) “Stay away from leverage”.

Lobster is now cheaper than hot dogs! LOB (not a real ticker) down from $10 to 2.25.

Buffett Dumps Moody’s (and it’s about time). “Moody’s and its rivals did such an awful job on the debt and mortgage ratings game”.

Goldman Sachs: S&P 500 to Rally Most Since 1982. Improving earnings will spur the steepest second-half rally since 1982. Expects S&P at 1000.

Stocks Both Buffett and Soros Hold: ConocoPhillips, Wal-Mart, Lowe’s, Home Depot, NRG Energy.

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