The Markets
- This is getting difficult. How to read the tea leaves?
- On the one hand we see CH Robinson* (CHRW), which is a truck-load aggregator (they don’t own trucks), blowing the top off of earnings. Then, today, we read that UPS disappoints.
- Apple continues to do what it does best; innovate and market.
- CSX tells us coal shipments are down 11% over the last four weeks as utilities produce less and less power.
- The IMF shocks us with the startling fact this is the worst recession since the Great Depression. Duh!
- The EU economy dips 4% this year. One wonders when we will hear of the first break-away country. Spain, for example probably would love to abandon the Euro and deflate a new currency.
- Then we hear Mike Jackson of Auto Nation tell us the bottom is in for car sales. The country turns in 13 million autos for junk each year. Combine that with 1 million new home formations and Jackson suggests a 14 million new car sales rate is on the horizon. That would be up from current rate of less than 9 million. Somewhat of a stretch, Mike.
- Remember my prediction the boys would be shorting OHI once I overpaid? Ha, am down 4% as I type.
- Fewer people in the USA moved in 2008 than in any year since 1962. Migration has been halted in its tracks.
A beautiful, beautiful day here, about 80 with full sun. Make it a great, great Thursday!
*My No. 1 nephew, Patrick, works for them in Fargo. He is a star there. I know he reads this and would be crushed if I didn’t mention him. Hi, Pat!
