Tuesday August 21, 2012
A GT 40 used by McQueen in the Lemans movie has sold for $11 Milliion. Speculative fever is alive and well. Over the last two days we mentioned that retro nostalgia is a sign of fifth waves. Indeed, Ford Motor company commissioned a new series of GT 40s while Bill Ford was CEO. Ford was in trouble and this was a way of attempting to regain the former glory of the top of the 1966 market when Ford beat Ferrari four times running at Lemans.
It of course did not good whatsoever financially for Ford but nostalgic mood does not equate to profit.
Speaking of nostalgia, note the Gulf Oil emblem. Gulf never really made any headway with its sponsorship and was gobbled up by Chevron in the takeover mania of the Milken era.
Tuesday Pre market Openning
Stocks are quietly up as are gold and oil. The FED Jackson Hole meeting is next week. Speculation about FED easing continues. The Euro quietly moves up.
Jim Paulsen recites some of the same things we have noted, the move out of T Bonds, the move up in stocks, tech and materials in particular, and a quiet VIX.