NOAA's Climate Prediction Center announced its 2011 Atlantic hurricane season outlook at 11:30 this morning, calling for an above-normal level of activity:
- 12 to 18 named storms (winds of 39 mph or higher), of which:
- 6 to 10 could become hurricanes (winds of 74 mph or higher), including:
- 3 to 6 major hurricanes (Category 3, 4 or 5; winds of 111 mph or higher)
- Reduced wind shear and lower surface pressure over the tropical Atlantic
- Higher pressure in the upper atmosphere over the eastern Atlantic
- Warmer Atlantic sea surface temperatures
- Stronger African easterly jet stream
As this video from CNBC at 11:45 shows, Mr. Market couldn't care less. "Til it happens, we're just going to play it by ear", said a veteran trader.
If you think the market mechanism is a rational way to set energy policy, have I got a deal for you:
Note that the horizontal scale covers just a little over 2 and a half hours. The offering price for LinkedIn was $45. This is for a company which has no earnings and revenues which are about 1/30 of the IPO offering price.
Update: From someone who should know a thing or two about Internet bubbles, Henry Blodgett, see:
CONGRATULATIONS, LINKEDIN! You Just Got Screwed Out Of $130 Million