Monday, August 8, 2011

Jokes as a Market Indicator (I'm not hearing any yet)

First posted March 10, 2009 referencing a point I made the day before, the day of the the market's closing low.
As I say in the headline, this key sentiment indicator isn't flashing at the moment.

Tuesday, March 10, 2009
Jokes as a Market Indicator

Leading is more valuable than coincident but we take what we can get.
Yesterday, in "Top 10 headlines that could signal a market bottom", I noted:

One possible sign will be the humor. I haven't heard many jokes that compare with these from China.
Today's Daily Brief posted:

And the Cab Driver Was ... Rick Wagoner!

Economic jokes are flying thick and fast again on late-night TV.
David Letterman on The Late Show last night:
"Stock market keeps going down and down and down. Today I tipped my cabdriver with 100 shares of GM stock."
Letterman added:
"The New York Stock Exchange, by the way, if you are interested, is now a 99 cent store so get down there and do what you can."
Jay Leno on the Tonight Show was also weighing in on Wall Street:
"Astronomers say they have discovered enormous black holes 5 billion light years from Earth that is sucking up everything in their path. They name the black holes 'AIG-1'" and "AIG-2."