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Cramer Says “Sell” (No, Not Really)

Haven’t watched or heard CNBC’s Jim Cramer in some time, but, just the first few seconds of this clip from yesterday, after what can only be described as a monster rally sandwiched between two monster sell offs (the latter coming today, apparently) just seems so dated.

What does he have to say? CNCB puts it thusly:

Mad Money host Jim Cramer preps investors for the next blitz down.

I could only take it for about two minutes – he seemed pretty sincere.

For those looking for something more highbrow, see The Bear Case for Stocks at Barron’s

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My apologies in advance if this takes too long to load or is overly annoying (if so for the latter, just check back on Friday morning and the next links post will displace this post from the top spot), but I felt compelled to share the animated .gif that Bloomberg is using to alert readers that it can’t find the requested file during what can only be described as an “exciting” (if ultimately unsuccessful, so far) makeover of its website.

Money managers trailing U.S. index fund returns by double digits over the last few years no doubt share some of the sentiments expressed by the gentleman above when looking at their Bloomberg terminal … and that’s what kind of makes the graphic fun.

Amid all the hubbub about the implications of the Greek election and snowpmageddon on the East Coast we are reminded that there is a Federal Reserve meeting this week, during which central bank policy makers are sure to talk about the location of the dots and the shape of the curves in the graphic below from this story at the Financial Times.

Notwithstanding the fact that Fed funds futures are notoriously unreliable for saying much of anything relevant about the future of the Fed funds rate (though they’re  not nearly as bad as the Fed’s own projections in recent years), the point of this story is a good one, namely, that the brain trust at the central bank will be giving due consideration to a major re-think of the whole idea of a June “lift off” for short-term interest rates, though they’re not likely to share much about that discussion with the rest of us.

Given the global economic headwinds (everywhere but in the U.S., or so it seems), the bond market certainly isn’t expecting a rate hike anytime soon as yields have plunged anew and the Fed is surely not anxious for a repeat of Greenspan’s mid-2000’s “conundrum” that led to the events of 2008-2009. Things are getting interesting for Ms. Yellen.

In Davos, former Treasury Secretary and would-be Federal Reserve Chairman Larry Summers warns the U.S. central bank to put off any increases to short term interest rates, citing deflation and secular stagnation as the two major threats of the current era of central bank omnipotence (that, lately, is evolving into something of a currency war).

Summers also doesn’t think the European Central Bank’s money printing extravaganza, announced to much fanfare yesterday (and sharply higher stock prices around the world) is going to do the eurozone much good, that is, save for another round of asset inflation.

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