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May 18, 2009
Toles on the Second Derivative
Catching up with the irrepressible, irreplaceable
Tom Toles
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May 18, 2009 4:15:31 PM
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Economics
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Markets
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Dueling Realities
We're disinclined to attribute single-day trends in the capital markets to anything in particular, but it does appear that today's reports out of India and Lowe's have boosted traders' enthusiasm. Here's a bit from the Lowe's announcement, quoting CEO Robert Niblock (emphasis added in bold): "The economic pressures on consumers remain intense, and bigger ticket projects continue to be postponed as wary home improvement consumers watch the economic climate and housing market dynamics very closely," Niblock added. "But, as spring arrived, we saw relative strength in smaller, outdoor projects." Niblock clearly understands the "intense" pressures on consumers, but traders might...
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Fun With Headlines
From the hope springs eternal file, a few headlines in today's "Before the Bell" missive from Reuters: "Oil firms above $60 on U.S. refinery fires, Nigeria" "Japan GDP sinks at record pace" "Deere quarterly net falls 38 percent" "Toll Brothers' homebuilding revenue dives 51 percent" "Hewlett-Packard outlook disappoints" and... "Stock futures point to higher open on economic optimism"
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