Media Appearance: Kudlow & Company (2/27/07)
Back in the studio tonite, at 5:00 - 5:45pm.
The topics will include China, the global sell off, and the US market correction, the soon to be revised downwards GDP, and Q4 earnings.
The full show is on the Markets, and include a stellar collection of panelists: Herb Greenberg, Arthur Laffer, John Rutledge, Quentin Hardy, Robert Hormats, Lakshman Achuthan, Gary Shilling.
When I saw the futures this AM, I tagged the producer -- something I never do -- and said I've been Larry's whipping boy everytime there is a 100 point rally. Howabout some payback?
We will be going over some of the details of this.
UPDATE: February 27, 2007 10:59pm
Kudlow starts the show with the famous J.P. Morgan quote: Prices will fluctuate. I respond that we haven't seen much volatility, and prices have only moved in one direction for the past 8 months.
Larry corrects me, emphasizing the word "fluctuate."
My response:
"We got fluctuated pretty good today," thus ending my TV career . .
.
Tuesday, February 27, 2007 | 04:15 PM | Permalink
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Ahhh, sweet, we all knew this day was coming, you should wear sweater with a bear eating Goldilox on it.
Posted by: KirkH | Feb 27, 2007 4:22:45 PM
Why on a day like this would allow the likes of Larry Kudlow to appear on your Barry Ritholtz Show?
Posted by: Robert Coté | Feb 27, 2007 4:22:49 PM
Give Kudlow hell, he is one of the biggest morons on CNBC!!!
Posted by: gunthestops | Feb 27, 2007 4:24:11 PM
Barry,
Enjoy the payback. You have really earned it.
Posted by: Kevin Rooney | Feb 27, 2007 4:27:53 PM
give 'em hell , they should eat some crow
as for me , I covered 1/3 of my shorts and will do so again tomorrow .... with that , I shorted out-of-the money puts vs. the remaining shorts with the VIX spikes (VIX rallied from 12 to 19 ) to cover those remaining positions ...
crossing my fingers as usual, but this is usually a good trade even if the timing is wrong
still net long on a beta-adjusted basis , but only 42%
Posted by: jj | Feb 27, 2007 4:27:54 PM
It seems like only yesterday you were asking how long since a 2% correction.
Posted by: snarly | Feb 27, 2007 4:29:18 PM
This wasn't a correction, this was a bloodbath!
Posted by: Jdamon | Feb 27, 2007 4:33:55 PM
Just a few weeks ago, Chinese stock market had a 25% loss in couple of days. Nothing happened elsewhere. Now, all of sudden, China becomes forward indicator, go figure.
Posted by: yc32 | Feb 27, 2007 5:09:21 PM
400 points is not a sell off.
Posted by: ilsm | Feb 27, 2007 5:21:49 PM
Barry,
What the heck? You got bumped in favor of Art Laffer? Does Art have naked pictures of Larry with a room full of coke and teen hookers? Erin Burnett is, pound for pound ,the sexiest woman in the main stream media.
Posted by: Sponge Todd Square Pants | Feb 27, 2007 5:23:02 PM
When you see this type of spike in the VXO and huge volume selling, you HAVE to get a "line in the water". These fear spirals are a gift. And yes, congrats to the perma bears, you got a chance to either get back to even or book a profit. Take it.
Posted by: Fred | Feb 27, 2007 5:27:00 PM
The bears are eating bagels with Goldilox. Thanks for that image, Kirk!
Posted by: FredB | Feb 27, 2007 5:33:28 PM
Art Laffer says "There's nothing in the money supply that suggests inflation." He repeated no inflation several times and Kudlow made the point of repeating the money supply claim. Mr. R, could you please, please run a post discussing this?
Posted by: Robert Coté | Feb 27, 2007 5:53:31 PM
Sponge Todd Square Pants - AMEN!
Posted by: MAS (San Diego) | Feb 27, 2007 5:55:25 PM
barry,
i laughed out of my seat watching your eyebrows react to the pearls of wisdom ms. burnett kept spewing. you guys have to be going out of your minds sharing space with that clown.
by far the funniest television i've seen in quite some time.
Posted by: erik | Feb 27, 2007 5:59:06 PM
"This wasn't a correction, this was a bloodbath!".And funny thing is it's not over yet.It certainly not over.1987 selloff of 500 points came after the market was already down over 12%.Here we are up 20% without a correction.1987 all over again with plenty of room to go.the worse part 1987 was a speculative excess, this one is happening 'cause we have an economic malaise.In 1987 the
business cycle was in full bull swing that had started in 1982 and lasted 18 years.This one when the business cycle in full down swing only been postponed by Fed mismanagement aka Housing bubble.See where we stand today and how glaringly diffrent it is from 1987.That was a financial collapse, this one will lead to an economic collapse.
It pays well to listen to such astute economic observer such as Paul volcker, Marc faber, Peter Schiff, Bill Fleckenstein , Jim rogers and Barry ofcourse.
Posted by: jagmohan swain | Feb 27, 2007 6:04:32 PM
So what happens tomorrow? I've been on the edge of my seat all day. And I'm not playing the market; just watching from the sidelines.
I'm thinking we've got another bloodbath tomorrow.
Posted by: Brooklynite | Feb 27, 2007 6:11:21 PM
Actually, since August of 2006 it HASN'T paid to listen to the above mentioned. However, that doesn't mean now is not a good time to listen. My ears are perking up a bit after today.
Posted by: Jdamon | Feb 27, 2007 6:13:06 PM
Certainly it hasn't but that didn't make them wrong either.When there is a disconnect between mainstreet and wall street, wall street will follow mainstreet but only with a timelag.
Posted by: jagmohan swain | Feb 27, 2007 6:25:54 PM
I don't have to watch K&C to know what they are going to say...
Cramer at TSCM say it all here...
http://www.thestreet.com/_tscana/markets/activetraderupdate/10341324.html
Man is that whining, crying wolf, the blame game and/or just a disgrace to write a column like that!
JUST BLAME THE SYSTEM AND MOVE ON?
WHAT a CROCK!!!!
Cheers to all,
(we did survive now didn't we).
Posted by: MarkTX | Feb 27, 2007 6:28:42 PM
IMHO, tomorrow depends on the action overnight in Shanghai & Bombay.
1) The Bombay index did not crater overnight. Based on the loss today in Indian ADRs trading in NY, I think Bombay traders are going to wake up to some substantial volatility.
2) What will retail investors in Shanghai do? Earlier this year, the WSJ ran a piece about China recording 50K new brokerage accounts a day. Seems a lot like the dotcom bubble days. I think more than a few are going to panic. So I suspect we'll see more red in Shanghai.
IMHO, if both Shanghai & Bombay have a greater than 7% drop overnight, we're going right into another volatile session.
For those that do not know, you can easily track foreign exchanges on Yahoo here:
http://finance.yahoo.com/intlindices?e=asia
Posted by: Mr. Beach | Feb 27, 2007 6:30:23 PM
Well Barry may disagree... but Art Laffer and Larry Kudlow get PAID to ALWAYS be positive. They are highly paid salesmen for the keep your money in the market industry. They will NEVER tell you not to keep your money in the market. They like their jobs. They get paid a LOT of money to sell you on keeping your money in the market. Like most good salespeople they convince themselves they really BELIEVE what they're telling you. So honestly I think it's hopelessly naive to expect any sort of objective commentary from either of them.
Posted by: Bob A | Feb 27, 2007 6:32:52 PM
Sounds like a little group of 13-year-old boys, and one of 'em finally managed to get up the courage to buy a pack of rubbers, and they're all down in the woods now figurin' out who to screw with 'em.
Posted by: Eclectic | Feb 27, 2007 6:36:14 PM
Well, it didn't take the Goldilocks crowd long. They're saying this is a BUYING OPPORTUNITY !!!
There's this bridge in Brooklyn I can put on eBay....
.
Posted by: VJ | Feb 27, 2007 6:44:19 PM
By the time the buy-side media gets through, this'll look like the last change to get in on Moses doin' the IPO on dirt.
Posted by: Eclectic | Feb 27, 2007 7:24:56 PM
