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Good News Is Bullish -- Bad News Is, Too

Daily Rap 10-18-2017

The early going today was a variation of the same theme we've seen repeatedly, with the indices meandering around unchanged. Meanwhile, nothing better exemplifies the futility of short selling or buying puts at the moment than IBM.

I had been afraid of this quarter mainly because of the recent weakness of the dollar and the fact that bad news is generally being ignored. Last night, IBM reported that revenues had declined for the twenty-second quarter in a row, but it was not as weak as perhaps had been anticipated and thus results weren't "awful enough," so the stock exploded for almost 10%.

Just a Little "Mad Money" When a rotting carcass of a company like IBM can see its share price do that on a mundane bit of news, it makes...more

Last year's posts for Ask Fleck

Q: In the last month or so much has been predicted about a big crash or at least a bear market.i.e Barrons. With such negativeity usually this will not happen . If you are a contrary oppinuist what do do think about this? Thanks

Fleck: Honestly, Barrons is a joke. I wouldn't make anything of it. Besides, there is little negativity, really. In any case, thinking a market is crash-prone doesn't equal thinking that the outcome is imminent.
(posted: 10/17/2017)

Q: Bill,

Do you think this is a big deal if it becomes a trend? Would it create chaos that would be favorable for gold?

"Italy, is now experimenting with paying for public services with tax credits."

The Great Italian Money Experiment


Fleck: I don't think this will lead to much.
(posted: 10/17/2017)

Q: Hi Fleck:

Do you think that the next leg up in gold is dependent on a stock market break? Thank you.

Fleck: No, but that outcome might help metals if it casts doubt on what the Fed might do.
(posted: 10/17/2017)

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