5/1/12
The picture could change markedly by the market open, but I
do this early morning Tuesday 5/1 post since I will be doing radio at 10 this
morning. Listen live at:
http://www.live365.com/stations/wrcr?site=pro.
This show that I am hosting at a terrestrial station closer to me pulls in top
ratings in this locale, or bedroom community just 20 miles northwest of NYC.
BUT, the A.M. dial venue is becoming less significant (unless you’re on a
50,000 watt stick in the middle of a big city). What we’re planning to do with
these broadcasts is to repurpose the interviews into web content that can be
accessed from pretty much anywhere at any time.
To digress briefly, on our recent trip to the mid south, I plugged
my RAZR smartphone into the auxiliary jack of the car radio and used an app to wirelessly
receive traffic reports on KYW (philly), WTOP (DC) and WBAL (Balto), etc an hour before the stations would
have been heard on a conventional radio. Every radio station on this app is
available via smartphone. Traditional radio is going to go the way of
newspapers and watching tv using those once upon a time goofy looking roof
antennas.
Back to Info About My Radio Show
Today’s interviews include Robert Higgens, the co president
of Certified Assets Management International (CAMI). Bob is sponsoring this
broadcast venture. He is a veteran of the coin industry. There will be much to
talk about.
Maurice Rosen, the longtime editor of the Rosen Numismatic
Advisory newsletter will also join the program. His views and analysis of the
coin industry are sought after.
Onto the Markets.
The sell in May and go away meme will no doubt grace our tv
sets and browers for some time to come. Getting things off to a sour start –
China: While official manufacturing is portrayed as growing in China (at odds
with HSBC’s report already showing contraction), the official numbers were
still short of expectations and barely above the growth line. As I write this, they are still in REM sleep
in Europe, so whatever happens there later in the morning will either enhance
investor disappointment over the China data, or could serve to offset some of
the Tuesday gloom that could come due to China. Yesterday’s low volume standoff between the
bulls and the bears resulted in a 14 point Dow decline – like watching cement
cure.
Miserable Monster
The takeover rumors spread by the Wall Street Journal and
its media friends, family and even competitors about Coke buying Monster are a
disgusting example of poor sourcing and reporting. Monster shot up from the mid
60’s into the low 80’s when the Journal report crossed the wires. I can just
imagine the screaming hissy fit mode that the Fox Business newsroom must have
gone into on word of the big scoop from sister publication WSJ. Blech. Who on
the street bought in the 80’s when the stock spiked? Is the Wall Street Journal
going to become the next Times of London (they are under the same troubled
Rupert Murdoch wing) and earn a reputation for calling 7 of the last 3
takeovers? It was gratifying to see Coke quickly deny any buyout interest in
Monster. Monster shares then returned to the mid 60’s. The in your face denial
of the erroneous report by Coke (where most companies choose to say they don’t
comment on rumors and speculation) makes me wonder if anyone at the Journal
bothered to call Coca Cola in Atlanta BEFOREHAND. Yes, there is this technology
called a telephone. Doh!
Good rule of thumb: TIPS ARE FOR CABBIES AND WAITRESSES!
GOLD and Silver
Gold was down to the 1640s area for a time yesterday, but
bounced back to 1665 by the NY close on Monday. That helped to limit gold’s
monthly loss in April to just a half-percent. Silver was down 4.5 percent in
April (ouch). I did discuss some of the factors at work in relation to silver
vs gold in yesterday’s report.
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More later!
