- The Real Black Friday!
by Kurt Nimmo, www.Infowars.com
Ebullient consumers mask the real peril of stock market madness
Black Friday opened with a predictable boom that resounded favorably through the Big Casino on Wall Street. Stocks on the Dow Jones climbed to 22 points to 16,119 soon after opening this morning. Standard & Poor’s index bumped up a modest two points to 1,809 and the Nasdaq jumped 15 points to 4,060.
“Consumers weren’t the only ones shopping on Black Friday. Stocks pushed even higher into record territory, as investors returned from Thanksgiving break for a short, final day of trading in November,” CNN reports.
Despite modest gains on the stock market, the hype that revolves around Black Friday seems to be losing some of its media generated luster. The large retails chains – Wal-Mart, Target, Best Buy, Kohl’s, JCPenney, Kmart and Toys R Us – have downgraded expectations.
“Indeed the latest poll from AC Nielsen’s Holiday Spending Forecast study, which surveys over 22,000 households throughout the US, indicates that 85% of consumers plan on skipping the stores on Black Friday this year,” Zerohedge reports. “This is up from 82% in 2012, 82% in 2011 and 80% in 2010 so a negative four-year trend is taking shape. Black Friday shopping seems to be merging with Cyber Monday as well with 51% of consumers say they will do their Black Friday shopping online this year. According to the National Retail Federation, the holiday season generally accounts for about 20% of the retail industry’s annual sales so all eyes will be on retail sales updates/snippets over the weekend.”
The bullish frame of mind ruling the stock market is little more than voodoo. “We think odds favor some sort of a pullback in the coming weeks and months,”Jonathan Krinsky, chief market technician at MKM Partners, told the Wall Street Journal. For more than a decade, stocks have rallied in late summer only to fall off between Thanksgiving and Christmas. The bump gets harder which each passing year and nobody knows when it will finally bottom out.
The Real Black Friday
The real Black Friday happened on a Tuesday, October 29, 1929
The real Black Friday happened on a Tuesday, October 29, 1929, when the stock market experienced its largest one day drop in history – a precipitous 22% – and heralded in the first Great Depression.