Roubini, Faber in Bloomberg's Top 5 "Market Oracle" list

RGE - Bloomberg Reports Roubini in Good Company as Investor with Most Wisdom:

"Billionaire investor Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., is regarded as the best assessor of financial markets by a plurality of almost one-fourth of respondents to the quarterly poll of investors, traders and analysts who subscribe to the Bloomberg terminal.

The closest runner-up, Bill Gross, the founder and co- chief investment officer of Pacific Investment Management Co., is chosen by 16 percent. Billionaire investor George Soros gets 10 percent, followed by Nouriel Roubini, the New York University professor who in 2006 predicted the financial crisis, and Marc Faber, publisher of the Gloom, Boom & Doom Report.

Fewer than 1 in 10 cited Federal Reserve Chairman Ben Bernanke, despite high marks for his performance as a central banker. Only 3 percent pick Alan Greenspan, the former Fed chairman."

Central Banks Buying Gold

Bloomberg.com:

"Central banks were net buyers in the second quarter for the first time since at least 2000, according to the World Gold Council."

Economy NewSpeak term of the day: Unexpectedly

U.S. Economy: New-Home Sales Drop as End of Tax Credit Looms - Bloomberg.com:

"Sales of new U.S. homes unexpectedly fell in September as the end of a tax credit for first-time homebuyers approached, highlighting the importance of government aid to the emerging economic recovery."

Unexpectedly.. as the end of a tax credit approached?

Who would have guessed.

Mish: A multi-year top could be in

Mish's Global Economic Trend Analysis:
"The important point in above chart is that the move up from the March low is likely a correction, not the start of a new bull market. That information alone is worth far more than any details as to how the market may decline from here. Many patterns are still in play.

Depending on the index, you can count these moves off the bottom as a simple A-B-C correction as shown, or as an A-B-C-D-E wedge. We'll know which one was correct in hindsight, but both suggest stocks will eventually make new lows - either sooner (in 2010) or later. A multi-year top could be in. Fundamentally, it should be in."

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