Don't you miss that train
If you miss that train
Don't miss the party train
Oh...don't you miss that train
If you miss that train
Don't miss that party train
Everybody all aboard
I keep saying the fix is in, but it gets even easier when rails and coal stocks join the party. I think some of that is an attempt to buy laggards, but some is also a valid reaction to oversold conditions and some is just a reflection of an America that's going to make it. I have to say as an old school guy that likes to see the transportation stocks in the mix, it was pleasant to watch. Moreover, I have been burned in coal (no pun intended) and think it's oversold. In fact, the EPA's war on coal could backfire as the economy nudges back and demand increases as fewer plants means higher prices and higher profits.
If you don't believe me check www.whitehouse.gov.
I also don't think China is going to have a hard landing, and I see global demand remaining firm. In some ways it doesn't matter. Yesterday CSX gave a presentation that was confident and upbeat looking for steady growth in the economy with its business experiencing strong auto and domestic intermodal increases.
The fix is in and the party train is leaving the station—everybody all aboard!
Sour Grapes and False Gripes
So much has been made about that op-ed on Goldman Sachs, and I want to chime in, too. First of all, I would never try to justify rogue actions at Goldman or anywhere else on Wall Street. The fact of the matter is I started Wall Street Strategies because I felt investors were not getting the best service from the Street. In fact, as a broker, I saw firsthand the mentality that often puts the client second to the firm's bottom line. Sure, if you had a big enough account you were treated better, got the hot IPOs and your broker always picked up the phone. But, when they say retail broker they mean it like a retail operation that has to move inventory that's maybe old or not the best quality.
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for November 24th, 2014 | John Ransom
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance: William's Edge Webinar for November 21st, 2014 | John Ransom