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Three signs that things are a little weird with the stock market:
1) National City[NCC
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] halts trading in its stock midday to announce that...nothing is happening. Really. They are not seeing any unusual depositor activity. That was it.
2) Wachovia Bank [WB
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]now has a market cap of $21.4 billion. That is well below the $25 billion price they paid for Golden West in 2006. And remember, they also paid $6.8 billion for AG Edwards, in 2007. So Wachovia has paid nearly $32 billion in the last two years for two big purchases, and the combined company is now worth $21.4 billion.
3) My mother writes the following note to me:
"Dear Robert,
Just received my quarterly statement, and was that sad... Found the name of a stock I was interested in called Palomar Chemicals, supposed to help removed tattoos.
Love, Mom"
There is indeed a company called Palomar Medical Technologies [PMTI
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] and they do indeed specialize in tattoo removal systems. The point of this is you know the world is weird when your mother writes to ask you about tattoo removal stocks. Not pharmaceuticals. Not IBM[IBM
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]. Not Caterpillar[CAT
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]. Tattoo removal stocks. And no, my mother does not have tattoos.
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