Hard Times

So much for fishing... hot as hell and nary a nibble. Oh well, it happens NOW and THEN.

NOW -- Flooding the Market

BRIEF FLASHBACK TO THEN -- The trading floor of the New York Stock Exchange just after the crash of 1929.

NOW 2009 -- Prior to May, the highest level of new shares issued by existing companies in a given month was $38 billion. May blew that record out of the water, with a monthly total of $64 billion -- and the blistering pace has continued during the first two weeks of June.

This enormous level of stock supply was one of the key characteristics of the monster rally in November 1929 - April 1930 -- just before THE CRASH -- when from April 1930 through the low in July 1932, the Dow Jones Industrial Average (INDU) fell by 86%.

Commentary: The supply of stock is mushrooming -- a bearish sign

THE CRASH of 1930 via LearnToTradeFutures.com

Disclaimer: covertress holds no market positions.

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THEN -- Hard Times

Hard Times #1: Unemployment Blues

Harris Smart and Chris Wilson perform a series of musical reflections on the Great Depression in Australia in the 1930s.

Hard Times #2: On the Track

"I had to go 'on the track' looking for work. The worst part was having to leave the family at home."

Hard Times #3: Shanty Town

"A shanty town sprang up down by the river. People were living in tents and huts made out of tin and hessian bags."

Hard Times #4: Susso Kids

"The worst was when you had to go on the "susso" (sustenance ratiuons) and your kids would get called 'susso kids'."

Hard Times #5: Saturdee Nite Dance

"I used to go down to the back paddock to practise me dancing for the Saturdee Nite Dance." -- [LOL precious]

Hard Times #6: Stand Up for Your Rights

"It was a time of political turmoil. We were on the verge of revolution."

Hard Times #7: All Things Must Pass

"All things must pass, even the Great Depression."