Trader Talk With Bob Pissant

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03 September 2010

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Posted by Ags Nightmare

"This is Bob reporting to you on the floor of the NYSE."

"Investors encouraged by the positive explosion in economic numbers this week put the "risk trade" back on, celebrating the early start of the Santa Claus rally. Folks, this is the first time the Santa Rally has been moved up and the buzz on the floor is we may see the January Effect next week."

"Let's take a look at leading industry groups, financial, retail, and housing that had small bounces. So far this month they are up 7%. What's that you say? This month has only been open for 16 hours or only two days? No problem. Look at the volume. The buyers haven't come in yet. If you extend out the gains to next September 3rd, we are looking at an annualized gain of 840%. That just may be enough to get investors to "nibble around this edges."

"As for Hurricane Earl? We scared you all week and it missed us which should be good for another 20% next week."

"Talking to a couple of traders down here, some were concerned about the non-manufacturing ISM number being so poor. Laddies and gentlemen, I didn't see it, did you? When Rick Santucci reported the 51.4 miss, we just put up 54.1 on the screen and ignored him. These numbers don't really mean anything anyway."

"I've had many people come up to me and ask me, "Bob, what does risk on mean?". Well folks, it means I could wave a bag of dog sheet over my head and say buy it and someone would. Discounting the future you say ? Many analysts and traders are now using 2018 estimates."

"Well that's it for this week's Trader Talk. Come out and join me this weekend at September Fest in the Hamptons. I'll be in the "Where's Bob?" tent running the walnut game. You see folks, I take three pictures of people who look at me, place the walnut shell over them, and you have too find Bob. The thing is, I can say all three are Bob and take your money."

"Have a great weekend, this is Trader Talk. Back to you. Moo....."