Lots happening today in the world of politics and finance. First, Romney wins Florida. Second, Facebook files its IPO paperwork. Tons to analyze.
We kicked-it off with the Morning Wake-Up Call. If you don't already subscribe, be sure to sign-up for your own FREE subscription by sending an email to info@LandColtTrading.com with the word 'SUBSCRIBE' in the subject line. We'll take care of the rest.
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Mkts around the world in a celebratory mood - European mkts all solidly higher with the FTSE +1.4%, DAX +2%, CAC 40 +1.5%, Eurostoxx Index +1.6% and Italy up a solid 2.14%. US futures are +9 this morning trading at 1317, still below resistance of 1325 but the move is on.
The Golden Cross happened yesterday and the technical BUY signal is flashing. Investors can't get enough; rumor that a growth linked "Sweetener" is being added to the Greek debt
negotiations. Any resolution will cause this mkt to explode to the upside!
MGS wins the prize - FACEBOOK is filing for its IPO today - where will it list??? Handicappers say the NYSE! I mean really - is there any other choice?
Flashback - Tuesday January 31, 2012…
Disappointing economic data, and struggling Greek negotiations worried investors and traders as stocks ended the month on a whimper; disappointing many who were betting on a strong showing. It appeared that the rally was beginning to show exhaustion.
The economic data is confirming what many have thought: We are looking at a cooling US economy over the next 6 months, and not that hoped for solid recovery. Consumer confidence plunges to 61.1 even lower than the most pessimistic forecast. Housing weaker still - no surprise there, resulting in more and more mortgages going under water - potentially leading to higher foreclosures.
Is the housing problem really a supply/demand issue or is it a confidence issue? Banks not lending easily, buyers short of the higher down payments and economic outlook not really improving. How do you expect people to commit to ownership when so much uncertainty exists and banks - well - they are not really being helpful.
The administration should come down hard on them, considering 50% of them would have gone belly up without the support of the TAXPAYER.
A new look at 4th Q GDP - do you know how they calculate it? You take the official inflation rate (similar to the CPI) also called the GDP price deflator. So take the computed growth rate and subtract inflation and you get the GDP. Well if you adjust the inflation number you can "fudge" the GDP number.
Case in point: Core inflation takes out the cost of food and energy and leaves us with things like tv's, appliances, computers, etc., thus we get a "lower" inflation rate - this helps the gov't produce a higher GDP. Hello??? How can you honestly remove food and energy when talking about
inflation? Have these bozo's been to the supermarket or the gas station lately? When was the last time you ate a TV or put a computer in the gas tank?
Clearly the democrats want to - in fact NEED to tell a good story - its election year. So ignore the facts and CREATE the story.
From a technical perspective - the mkt remains locked in the trading range - 1300/1325. As noted the 50 DMA has now pierced the 200 DMA (golden cross) sending a technical buy signal to the mkt, regardless of the fundamental economic data. We may witness a spike in prices and I expect that to take us right back to 1325 and then stall.
Remember the headline that the $1.2 bil at MF Global just "Vaporized?" Made no sense right - how could it just vaporize??? News out this morning that "almost all of the money has been found" - Wow! How did that happen? Investigators do not want to "disclose" their progress for fear of stalling efforts to reclaim it.
That is exactly the problem - shine the light on the thieves - follow the money. Throw the bums in jail and let them think about their actions. BTW - Corzine shopping for a multi-million $ penthouse apt in NYC...You can't make this up.
Take good care -
KP
Penne Norcia-
Norcia, a town located in the mountains of southeastern Umbria - in the province of Perugia. The
region is know for its beautiful scenery abutting the Monti Sibillini - a sub range of the Apennines Mountain range - and famous for it’s black truffles and pork. Some variations of this recipe use mushrooms vs. the black truffles but either way....it is delicious. You can serve this sauce on just about any type of pasta although a short dry pasta such as penne or rigatoni works best.
The lightly toasted chopped walnuts adds a bit of texture and is a great contrast to the creamy sauce. This pasta is delicious and filling....so a plate of toasted garlic bread and a glass of white wine make this a complete and simple meal.
You need: Italian sweet sausage, (out of the casing), yellow Onion Diced, Fresh Mushrooms cleaned and rough chopped, garlic - also chopped - not finely diced, Olive Oil, Dry White Wine, s&p, Heavy Cream. Chopped Fresh Parsley, Chopped Lightly Toasted Walnuts, Freshly Grated Parmesan Cheese
Directions:
Bring a lg pot of salted water to a boil.
Cook the sausage in a heavy saucepan over medium heat, breaking up the meat with a fork
as it cooks. Once the meat begins to brown, add the olive oil, onions and mushrooms
and continue to cook until the onions and mushrooms are soft and just beginning to brown, now add the garlic and cook for about 4 or 5 more mins.
Next add white wine - enough to just cover the sausage....do not drown - just bathe. Simmer uncovered until the wine has reduced by half. Add cream and season with s&p to
taste.
Continue to cook over medium low heat until the sauce has thickened, should be about 10 minutes.
Add the pasta to the boiling water and cook until it is al dente. Drain the pasta, always keeping a mugful of the pasta water. Add the pasta to the sauce and mix well.....if the sauce seems too thick then add in some of the reserved pasta water.
Serve immediately in warmed bowls - topped with chopped parsley and a handful of chopped toasted walnuts. have plenty of fresh grated parmegiana cheese on the table for your guests.
Buon Appetito.
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