It's been so cold outside this week, Joe Shareholder saw Obama and Harry Reid with their hands in their own pockets! 27 degrees in Miami! Snow in Orlando! Low teens in Houston, Dallas, and Jacksonville? Tea Party anyone? That'll keep you warm.
Anyway, Joe recently traveled to Reykjavik, Iceland to take part in this year's Coldandhaten' Treaty. For those of you who are not familiar with the Coldandhaten' Treaty, at this treaty the developing countries blindly pledge hundreds of billions of dollars to the developed countries so the developed countries can increase their CO2 output in order to induce Global Warming. Obama won't be attending this year. Neither will Reid. Nor will Pelosi. Joe invited JoAnn to come also, but she declined because Q4 earnings season is just getting started, and earnings season brings increased volatility - a trader's paradise. Hmmm, that was her excuse anyway.......I'm sure she was telling the truth.....or was she just being.....cold? Nah.
Speaking of earnings season, Alcoa officially kicked it off (Joe, no Superbowl pun intended) with a chilly 277 million dollar loss, which cooled global equity markets a few degrees on Tuesday. The markets will bounce back though, as the Federal and UnReserved Banking Union starts reporting on Friday (JP Morgan Chase) and into next week (Goldman, Citi, BAC). Click here for a complete list of the Federal Reserve's Federal and UnReserved member banks.
Speaking of chilly, frigid, glacial, sub-zero ice caps, the Federal Reserve, which has specialized in pouring ice water down the backs of investors for almost a full century now (Joe winning football coach, which, this year will probably be a cold weather team....sorry Arizona)...in the form of bank bailouts, and in the form of housing bubbles, and in the form of future commodity bubbles, and emerging market bubbles, etc - yes, that same Federal Reserve Bank recommitted itself this week to near zero interest rates for the foreseeable future. In other words, the Fed is going to keep blowing bubbles. Here's to hoping the foreseeable future for the Fed is similar in visibility to a windshield in Miami that has yet to be defrosted - because we all know that when bubbles freeze, they usually burst.