Amateur Hour at the White House

Discussion in 'Stock Market' started by Toro, Jun 4, 2010.

  1. Toro
    Offline

    Toro Diamond Member

    Joined:
    Sep 29, 2005
    Messages:
    50,786
    Thanks Received:
    11,059
    Trophy Points:
    2,030
    Location:
    The Big Bend via Riderville
    Ratings:
    +25,119
    The market got hammered today, in big part to the jobs report, which was weaker than expected.

    On Wednesday, both Obama and Biden were out talking up the economy, saying that the jobs report was going to be good. When the market got wind of that, stocks spiked, finishing very strong. On Thursday, several Wall Street economists lifted their estimates on the number of jobs they thought would be reported, and stocks followed through on the good day Wednesday, showing decent gains.

    Today, jobs came in weaker than expected. Stocks were hammered and gave up all their gains over the past two days and then some.

    Stocks did not go down solely on the jobs report. The euro fell 2 cents - a huge amount in the currency markets - on continuing worries in Europe. However, there is no doubt that the market believed that the President and the VP got wind of the jobs numbers, which caused people to buy.

    This is bush league stuff. The President nor the VP should never be commenting about pending economic data. It whipsawed investors and creates unnecessary volatility in the markets. The Bush administration had a policy never to comment on any upcoming releases. That is the right policy.

    I hedged out most of my equity exposure Wednesday morning, and got scalded on the short side as the market rip higher into the close. I recovered on my shorts today, but I'd be enormously pissed if I had reacted to the market's movements over the past few days.
     
    • Thank You! Thank You! x 1
  2. Modbert
    Offline

    Modbert Daydream Believer Supporting Member

    Joined:
    Sep 2, 2008
    Messages:
    33,178
    Thanks Received:
    2,957
    Trophy Points:
    48
    Ratings:
    +2,962
    Ouch. They shouldn't comment on upcoming releases, agreed.
     
  3. Baruch Menachem
    Offline

    Baruch Menachem '

    Joined:
    Sep 12, 2008
    Messages:
    14,204
    Thanks Received:
    3,235
    Trophy Points:
    185
    Ratings:
    +3,305
    Given my feeling toward these people, I would not be surprised if the true numbers hadn't been leaked to a few friends on Wednesday.
     
  4. Toro
    Offline

    Toro Diamond Member

    Joined:
    Sep 29, 2005
    Messages:
    50,786
    Thanks Received:
    11,059
    Trophy Points:
    2,030
    Location:
    The Big Bend via Riderville
    Ratings:
    +25,119
    The President is told the night before. He didn't have the numbers on Wednesday.
     
  5. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    Unfortunately, it's gonna end up as four years of amateur hour at the White House.
     
    • Thank You! Thank You! x 1
  6. elvis
    Offline

    elvis BANNED Supporting Member

    Joined:
    Sep 15, 2008
    Messages:
    25,882
    Thanks Received:
    4,303
    Trophy Points:
    0
    Ratings:
    +4,303
    you mean eight.
     
  7. SFC Ollie
    Offline

    SFC Ollie Still Marching

    Joined:
    Oct 21, 2009
    Messages:
    28,742
    Thanks Received:
    4,418
    Trophy Points:
    183
    Location:
    Extreme East Ohio
    Ratings:
    +4,458
    Longest hour in the history of the USA. And the saddest.
     
  8. Paulie
    Offline

    Paulie Platinum Member

    Joined:
    May 19, 2007
    Messages:
    31,606
    Thanks Received:
    4,856
    Trophy Points:
    1,130
    Ratings:
    +15,485
    Can someone tell when was the last time it wasn't amateur hour at the WH?
     
  9. Modbert
    Offline

    Modbert Daydream Believer Supporting Member

    Joined:
    Sep 2, 2008
    Messages:
    33,178
    Thanks Received:
    2,957
    Trophy Points:
    48
    Ratings:
    +2,962
    When Teddy Roosevelt was hunting gators through the halls of the WH? :lol:

    Good question.
     
  10. Paulie
    Offline

    Paulie Platinum Member

    Joined:
    May 19, 2007
    Messages:
    31,606
    Thanks Received:
    4,856
    Trophy Points:
    1,130
    Ratings:
    +15,485
    I can't give an exact time myself, but feel pretty safe in saying it was DECADES ago.
     

Share This Page