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IDS World Markets Wed 18th March 09


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American Intl is trying to sell its headquarters - NY Post

 

NY Post reports the co is trying to scrape up another $100 million or so bucks by selling its 66-story Art Deco headquarters downtown. One of the potential buyers is the union that represents doormen and porters at office and apartment buildings, sources said. AIG hired Cushman & Wakefield, whose brokers, Darcy Stacom and Bill Shanahan, sent out an e-mail to prospective buyers Monday boasting of the "breathtaking views" from the site, 70 Pine St. But AIG probably will get only a fraction for the 77-year-old building that it would have gotten when the real-estate market was booming. Industry sources said 70 Pine could have fetched around $320 million then. Now AIG will be lucky to pocket $100 million.

 

www.nypost.com

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Seinfeld Stock Rally Built on Empty Chatter

 

March 18 (Bloomberg) -- This may end up being the Seinfeld rally. After all, the stock market?s recent rise seems to be based on nothing, aside from empty chatter.

 

Over the past week or so, the president and his minions, members of Congress, and a host of bank chief executives have made a concerted effort to spin the market. The message has been clear: It?s time to get on board with Team America where the glasses and bank balance sheets are officially half full.

Chort glass at $2.50. Oversupply.

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...gary dorsch commented monday night on a possible FOMC affirmation of a policy to buy treasuries...if i understood correctly...he said this could push money out of bonds into stocks and that it would be bullish for gold...

 

I would put that in the class of a speculation on a speculation.

 

On the other hand we have this gorgeous double top on the Dow at major resistance with massive negative divergences on intraday and very short term cycle indicators.

 

Which would you rather believe?

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