Gore Effect Strikes Cancun Climate Conference

As if ClimateGate wasn't bad enough, the climate politicos in Cancun are amidst record cold temperatures. The Gore Effect, of course, is the inconvenient coincidence that when Al Gore attends a conference to give a climate speech, cold spells and freak snow storms attend. He is not even there this time. 

Global temperatures seem to have flatlined over the past decade, despite increases in Co2. The Cancun conference has little hope of changing the political climate, which is decidedly chilling against the concept of hampering economic growth to limit Co2 emissions. Instead it seems to be devolving into demands by the third-world for "climate justice" - meaning transfer payments from the developed world. See picture below.

While the climate parade marches into irrelevance, we do see progress on solving real problems, particularly rotating the fleet from oil to electricity. The electric car momentum continues, with Tesla's stock remaining buoyant and expectations for the Chevy Volt still high. 

Comments

[Paul]

What happened to this board? We used to discuss wave counts and the market. I missed the days of Prechter/Neely bashing.

[Hockthefarm]

I just noticed that pttrx (that is PIMCO's total return bond fund) lost 5.26% today.

Wow. Waiting to see if it is a misprint on Yahoooo.

Hock

[Hank Wernicki]

Did Prechter Actually State to "Sell" / Short Silver ?

And at what price with what Stop ?

Just Curious, I missed that one !

thanks

[yelnick]

Hank, I will post on prechter tonight or thurs am. Gotta get those bashers some fresh meat.

What says your fractals? Due for a down patch for a week or so?

[Account Deleted]

Yelnick,

There seems to be a genuine disinterest in the markets these days. There is not much excitement or any emotional elements on financial websites these days. It seems both bulls and bears have gone back to their day jobs and daily routines. Your current focus on political and social affairs seems to be consistent with this general trend. The same can be said about the recent lack of comments on this blog.

In Elliott Wave context, I interpret this social mood as complacency. Judging from the recent high bullish percentage readings in AAII, Investors Intelligence and other sentiment measures, I would say we are probably still in this year-long topping process.

[Dsquare]

Here's Neely's count from Traders Talk out this morning.

http://www.traders-talk.com/mb2/index.php?act=attach&type=post&id=18021

[twitter.com/Frac_Man]

Thanks !

[Virgil]

Temperatures leveled off this decade but this was a hot year because of the El Nino effect

http://www.drroyspencer.com/wp-content/uploads/UAH_LT_1979_thru_Nov_10.gif

[Virgil]

I'm not sure how to count it, but this year's waves look impulsive

[yelnick]

Jing, nice observation. Disinterest, not complacency. Retail traders are leaving the market and it is reflected in less activity across financial blog sites. Half the market today was Citicorp. WHat about the other 5000 stocks? I have been focused where the action is - QE and the impact on bonds, the USD and the Euro, the question of munis, the tech bubble. It appears a segment fo tech stocks will lead the next charge up.

[Hank Wernicki]

Today :

7:01 am

Seeing ( developing ) a 2h / 90m hour bottom for the ES near 1232.75

Very clear --- Perfect on a 90m chart

10/13 @ 12:00 am is the base

If it holds ( confirmation ) a Big rally on the jobless claims report for today

Ideally a little lower then a big Pop

Speculators can consider going Long here ( IF you can assume the Risk )

A Report brings spikes -------- use a tight Stop near 1132

I'm waiting .... for a small decline for a Positive Confirmation

[Hockthefarm]

Game, Set and Match:

http://pragcap.com/ireland-iceland-and-letting-banks-fail

Hock

[JT]

"Half the market today was Citicorp. WHat about the other 5000 stocks?" - Yelnick

There's so much volume that occurs via Dark Pools in Citi that it makes no sense to even compare the exchange traded volume in Citi to the rest of the market, especially at this time of year which sees volume dry up as Funds shut down for the year.

[JT]

"There is not much excitement or any emotional elements on financial websites these days. It seems both bulls and bears have gone back to their day jobs and daily routines." -Jing

Maybe that's because all of the people that have been following Prechter and the likes of all of the PERMA-BEAR websites like Binve, Daneric, Evil Speculator, Trading to Win, etc. have very little trading capital left after being short the ENTIRE year and missing out on one of the greatest BULL moves in Equities in a generation.

Oh, and Prechter missed the gigantic move in the metals market as well.

Is he still 50% short the S&P from SPX 1000 in early August of 2009? How about another 50% from the SPX 1038 level soon thereafter? Whatever happened to his 200% short recommendation a year ago from 140 S&P points lower???

You may call the lack of excitement on blogs and websites reflective of complacency. I call it the result of FOOLS and "newbies" having disrespected a strong TREND and losing much of their capital because they drank so much of the Perma-Bear "Kool-Aid".

THATS why these people have gone back to their "day" jobs!

:)

[coleman]

Stop bashing Prechter because his calls suck. Nobody's forcing you to subscribe.

[yelnick]

JT, I agree with your Citi comment! Indeed, exactly right. Better to look at the other stocks, their volume and trends. The top financial stocks have mostly dominated volume during the whole Hope Rally. It has masked a trend in tech stocks which is being revealed in the Nasdaq.

[yelnick]

Hock, great article. Makes the choice vivid: kick the can and suffer or deal witht he mess and prosper.

[Paul]

Yelnick, how about start a post on the latest gold or silver count from STU. I'm curious on their position. I know they issued an "important" Interim Report on silver a couple days ago when it tanked 4.3 percent.

[DG]

Better to look at the other stocks, their volume and trends.

I don't think volume really matters at all. At best, it's a "nice to have". If you buy and sell at the right price, even if you're the only volume at that price, your account gets credited with the same profit it would if there were millions of shares traded at that same price with you.

[Thrill]

Right on Hock! I think this ends very badly, this exchange of private debt for public... not for many years though when you can devalue your own currency all you want.