Morning Audibles 6.28.10 - We're from the GOVERNMENT, and we're here to help!



On SURVIVOR CAPITAL over the weekend...



We're from the Government and we're here to help...
(after we tax you $1 billion for security and you pay out bloated pensions)




--- (reprinted from 6.27.10 - by Andy T)

Good Evening Survivor Captialists,






I must be honest here--my heart just wasn't into looking at markets after this weekend's World Cup matches, with both the  US and England getting bounced.  (More on this later.)







In terms of markets:







-  Too many people are talking about the developing head and shoulder top on the S&P 500.  I hate when that happens because it increases the chances it won't develop.  It seems like a pattern likely to disappoint and frustrate over the next several weeks.







-  I see more choppy upward-bias correction coming in the S&P this week.  It's difficult to visualize the market falling hard around the quarter end.  It seems fitting that "new money" must flow in before the next meaningful correction lower.







- The DXY looks like it needs more time to correct lower.  It could chop as low as 80 and still be considered bullish.  So, keep the powder dry there.







Some USA/England World Cup Thoughts....







The U.S. Team just looked “gassed.”  I think the intensity of the last couple of games finally caught up with them.  Jozy Altidore, in particular, looked in need of better conditioning and diet.  At times he looked clumsy and slow.  If the U.S. could have ever developed a real striker to go with Dempsey, Donovan and Bradley, they would have gone deep in this Tournament.  What is up with the early goals against the U.S?   I have to blame the coaching for that kind of letdown.  What kind of instructions was the team given for the first several minutes of the match?  It seems like, given the tendency to let down early, the coaching instructions would be to play tighter and more defensively minded in the opening stanza.  Instead, we get this looser game and defenders letting down.  Terrible.





England?  Perhaps it’s time for them to completely rethink the approach to fielding World Cup teams.  It’s pretty clear these Premier League “Superstars” just don’t play together well.  The old adage about too many chefs in the kitchen spoiling the stew is spot on here.  Sure, they were robbed of a goal today, but the German side looked much crisper and dynamic as they played as a “team,” and not a collection of superstars.  The better side advanced.



The Germany v. Argentina match this Saturday should be fantastic.  













293 comments:

«Oldest   ‹Older   1 – 200 of 293   Newer›   Newest»
CV said...

Meanwhile... While they're scrapping for the right to survive in Toronto...

Wall Street Hiring Increases Most Since 2008 as Guaranteed Bonuses Return

http://noir.bloomberg.com/apps/news?pid=20601109&sid=ageYemutfKQU&pos=10

CHANGE YOU CAN BELIEVE IN!

BinT said...

STRELNIKOV!

http://www.hussmanfunds.com/

This Week:
Recession Warning

Based on evidence that has always and only been observed during or immediately prior to U.S. recessions, the U.S. economy appears headed into a second leg of an unusually challenging downturn.

...By the way, Manny, I think I did see you at Marine on St. Croix, Minnesota. You guys were in the VW van with the flowers and you had the ponytail..the Obama sticker on the side, right?

And Krugman ruminating on a depression?

I leave for 5 days and come back to a major funk?

CV said...

Here is, most likely, a summary of the past week in the mind of a person like FRANKLIN411:

- They passed another bill in Congress this week FINREG... That's good, right?

- There was a G-20 meeting (so there was less media spotlight attention on the oil spill)... That's good right?

- The G-20 basically decided to DO NOTHING (at least anything that anybody will ever follow up on)... That's good right? (more Keynesianism)...

- Because all of the above is now in the rearview mirror, and it's Monday, the STOCK MARKET (and bank bonuses) are up... That's good right?

- Because Carrier Strike Group Ten, (built around the USS Harry S. Truman) and consisting of:

USS Hawes (FFG 53)
USS James E. Williams (DDG 95)
USS Kaufman (FFG 59)
USS Ross (DDG 71)
USS Oscar Austin (DDG 79)
USS Winston S. Churchill (DDG 81)
USS Elrod (FFG 55)

and most likely, two or three attack submarines as well...

has its way through the Suez Canal (and perched near Iran... That's good right?

CV said...

@Bruce

"I leave for 5 days and come back to a major funk?"

http://www.youtube.com/watch?v=OuZWkdg2aIQ

Well, at least that's what they were doing in Toronto last year at this time...

McFearless said...

@Manny,
other thread
P3 level....priceless

@Nic,

re: authoritarianism.....yes, none of that is really a surprise to any student of socionomics.

We should realize that many people are actually yearning for a strong controlling leader to promise them "safety"...fear creates the conditions for these people to gain control.

Some people are more likely to welcome this than others....as perfectly illustrated in the video.

This is only the start.

McFearless said...

re: authoritarianism


it's expected that the US will require internal travel papers in the next several years. I'd guess it's likely we'd already be required to have them had that car bomb in NYC that was there gone off a few months back.

Anonymous said...

and in other news-

"West Virginia Sen. Robert Byrd Dead at 92"

Byrd, a Democrat, was the longest-serving senator in history, holding his seat for more than 50 years. He was the Senate's majority leader for six of those years and was third in the line of succession to the presidency, behind House Speaker Nancy Pelosi.

CV said...

To all readers of SC... As of the publishing of the following paper, I freely admit that we've all been wrong all along... So you should all return to your homes in an orderly fashion (where you'll find your tax bill & 401k statement in the mailbox)...

"Economics is Hard: Don't let bloggers tell you otherwise"

by Kartik Athreya
Federal Reserve Bank of Richmond
June 17, 2010

http://www.scribd.com/doc/33655771/Economics-is-Hard

CV said...

@McF

"it's expected that the US will require internal travel papers in the next several years"...

OOH...

I live within a few hundred yards of the Potomac River (and near the confluence of the shenandoah)...

I smell the opportunity to start a BLACK MARKET ferry service across the river...

Ka-Ching!

CV said...

And if that's the case... Hopefully it'll keep the MAURAUDING BANDS OF PIRATES out of my backyard...

Hell - Someone from DC would have to pass 4 checkpoints before they ever got into my state!

Anonymous said...

and some other news-

The credit team at RBS in London are getting very bearish and warning clients to "get ready for the cliff-edge," where prices of stocks and commodities will "collapse."

. . . risks associated with us being wrong are low . . .But risks associated with us being right are 10 percent returns in (10-year US Treasurys) and at the same time that equities/commodities will collapse far beyond what even some equity bears anticipate."

. . .advising investors to get into maximum long-duration bonds in safe-haven markets. . . This means the US, UK and Germany in that order . . .Be long gold, think the unthinkable. Get ready for (sub-2-percent yields on two-year Treasurys, sub-2-percent on 10-year bunds) and the UK will not be far behind."


hmmm . . .TLT anyone?

CV said...

"TLT anyone?"

Moonshine bitchez! :-)

McFearless said...

"risks associated with us being wrong are low"

I'm becoming increasingly skeptical of a waterfall move lower anytime soon

lets not forget, this company can barely stay in business.

Anonymous said...

have to roll out early-

will check in in the afternoon-

CV- a la Snuffy Smith?

BinT said...

http://noir.bloomberg.com/apps/quote?ticker=bdiy&exch=IND&x=15&y=11

Uh oh.....

Anonymous said...

@ P3 parking level.

Here, in India, they are having this dance show for kids on TV where the kids do all sorts or tough moves and all that. One of the judges when she is especially pleased say, "You are my P3" with Perfect Technique, Perfect expressions and something else, i forgot.

Prashant

PS: I did not make that up.

CV said...

@McF

"I'm becoming increasingly skeptical of a waterfall move lower anytime soon"...

Not me... Or should I say... CV is INCREASINGLY becoming a believer that TBTB will go ahead and do an Israeli led "sortie" to take out whatever nuclear infrastructure they can...

Why?

Gives COVER for a stock market cascade (which would have been FINE due to the "typical economic recovery" that had been held together so well by Fed maneuvers and Keynesian fiscal policies)...

Save for these TERRIBLE BLACK SWANS that nobody could predict...

Or, if you want to create your own drama, go ahead... I just pulled that one out because it was convenient...

Anyway, if it DOES happen... Wait 3 days then BUY BUY BUY!

AmenRa said...

CV

Sounds like someone got pissed about people deriding economics. People have been calling it more of a social study than a science.

AmenRa said...

Everytime the EURCHF drops to new lows does that indicate a European bank run in progress?

CV said...

@Amen

Social Studies? Science?... HA!

This guy should have stuck with "HOME ECONOMICS" and called it a day...

CV said...

@Amen

"Everytime the EURCHF drops to new lows does that indicate a European bank run in progress?"

No... It means Goldman just issued a new BUY rating on it for their clients...

karen said...

good morning! no more posts till i get my coffee, pls.. Bruce, we missed you!

CV said...

Oh please!

Obama Says He's Serious About Tackling Deficits

http://www.cnbc.com/id/37968816

THE PLAN - will conveniently be unveiled after December 1st... (That's how SERIOUS it is)...

Mannwich said...

@Bruce: Nice stereotype, but no stickers or pony tails or anything of the kind.

I hope you ARE kidding. Otherwise, that's a bit of a low blow, IMO. WTF?

McFearless said...

Ra,

the bad thing about p3 is that it's going to have a lot of news events that allow traditional economists to "verify" their nonsense.

economics is social studies...social mood studies.

I-Man said...

Whatever Manny, you hippy.

AmenRa said...

10yr yield dropping below 3.05%. Hello 2.0%. Nice to see you again.

McFearless said...

10yr's are eventually going to the 1's....I don't think that's so hard to believe.

karen said...

this just came out and maybe the comments will be interesting..

http://www.marketwatch.com/story/us-savings-rate-inches-higher-in-may-2010-06-28?siteid=bnbh

CV said...

@McF

BOJ says...

"What's good for me is good for everyone... BANZAI bitchez!"

CV said...

@Amen

MUST...HOLD...DOW...10,000...

Kind of early in the week/morning to be starting with that right? :-)

McFearless said...

was at a 30th b-day part Saturday night....not a big party, maybe 20-25 people there....4 of them asked me if it was a good time to buy BP....

I-Man said...

audjpy teetering on support, might get a chance to sell higher...

I-Man was caught surprised by the speed this morning.

BinT said...

Manny,

I am just kidding you...you don't seem at all like the ponytail type....glad I got to see some of Minnesota...

Got to talk with some of my relatives who do tax returns full time...sister-in-law said that last 2 years "nearly all" returns on equities managed by someone other than the taxpayer had shown losses with her firm. She was adamant that managed money last 24 months was by and large a loser...

back in a few...salt mine swamped today.

I-Man said...

Side note...

Who the hell runs a weed whacker at 7 in the AM?

My neighbor...

CV said...

Hammer bottom (on 5 min SPX)... at 61.8% retrace to Fridays lows...

just saying

karen said...

Ben, four? was this a crack party?

CV said...

@I-Man

"Who the hell runs a weed whacker at 7 in the AM"

Answer: Every illegal alien in Beverly Hills...

CV said...

@karen @ben

Russian Official Says BP CEO Hayward To Resign, BP Immediately Denies

http://www.zerohedge.com/article/breaking-russian-official-says-bp-ceo-hayward-resign

CV said...

Hammer bottom (on 5 min SPX)... at 61.8% retrace to Fridays lows...

just saying

AGAIN!

Mannwich said...

@Bruce: No worries. I couldn't be further from that description though! Glad you got up here a bit. The weather has been a bit strange this June. Overall, it was nicer in April, which is very odd.

McFearless said...

Bruce,

why would that be a surprise that the last two years managed money showed losses, not to mention, all you see on the tax return is what was realized, not the account performance.

the question shouldn't really be if people lost money the last two years....I think it's fairly evident nearly everyone did, but if we are going to do this whole managed money was a big loser we'll have to discuss how much bigger of a loser it was after fees compared to what the individual would have done on their own.

Mannwich said...

TLT creeping to 100. I probably should just sit tight with what I have but it's tempting to grab more in case this thing breaks out a bit.

karen said...

Some recent economic data (like today’s downwardly-revised “final” reading on 1Q 2010 GDP) have suggested that the economic recovery is waning. Not surprisingly, talk of additional stimulus has started to show up. A widely circulated column from today’s UK Telegraph titled “Ben Bernanke Needs Fresh Monetary Blitz as US Recovery Falters” theorizes that the Fed is debating further asset purchases. The rationale is that since there is reduced appetite for further fiscal stimulus, the Fed will pick up the baton and expand its balance sheet, possibly to $5 trillion.

Our modest proposal? Don’t.

http://www.annaly.com/blog/

I-Man said...

Manny wears tye dyes...


Ok, I'll stop.

(I was on the receiving end of many hippy jokes back in highschool...)

:)

BinT said...

Yes, Ben, I agree with that thought...I imagine your clients are pretty happy.

McFearless said...

"Ben, four? was this a crack party?"


Oh no this was in a "high-end" area of DE, there's coke at those parties.

Crack is whack.

being serious though, no, it was a group of young business people in general, engineers, bankers, real estate, etc.

I had a lot of anecdotal stuff this weekend in fact.

I-Man said...

Oh yall are gonna LOVE this one:


http://news.yahoo.com/s/dailybeast/8741_jimcramerlennydykstrastockscandalreportsthezeroes;_ylt=AnhL1GgBalfj8k8.HP_YPCYb.3QA;_ylu=X3oDMTRqYnJ1MHE2BGFzc2V0A2RhaWx5YmVhc3QvMjAxMDA2MjgvODc0MV9qaW1jcmFtZXJsZW5ueWR5a3N0cmFzdG9ja3NjYW5kYWxyZXBvcnRzdGhlemVyb2VzBGNjb2RlA21vc3Rwb3B1bGFyBGNwb3MDNARwb3MDNARzZWMDeW5fdG9wX3N0b3JpZXMEc2xrA2ppbWNyYW1lcnN0bw

I-Man said...

Sorry about the link... but if you paste it, it works...

McFearless said...

"I imagine your clients are pretty happy."


Well, any logical person would, but not so fast....

McFearless said...

Bruce,

what I'd be more interested in hearing about is how many customers the tax accountant lost, if any...I know around here CPA's are taking a pounding, lot more people opting for turbo tax or something else and going it on their own to save a little money.

CV said...

Regarding my (8:44)

"Economics is Hard: Don't let bloggers tell you otherwise"

by Kartik Athreya
Federal Reserve Bank of Richmond
June 17, 2010

http://www.scribd.com/doc/33655771/Economics-is-Hard

--- EXCERPT (from paper) ---

"No PhD in economics? Then shut up about economics."

Funny comment CV read:

"No PhD in economics? Then shut up about economics."

No J.D. in law? Then shut up about legal issues.

Never played pro baseball? Then shut up about baseball.

Never been in a porn movie? Then shut up abou F***ing.

---

Don't y'all see? BLOGGING is just how CV gets his daily comedy! :-)

McFearless said...

Dykstra


Tool

McFearless said...

oh right, you need a PhD to even be allowed to discuss economics....what a dumb ass bitch.

sorry, I'm irritated this morning.

I-Man said...

DL I'm sorry I ever called you Denny Lyskstra...

karen said...

Ben, I am sorry.. I was being facetious. I just continue to be dismayed by otherwise capable peoples' gravitation to want distressed stock.. or any stock at this juncture : )

CV said...

@McF

For some strange reason, CV isn't all that irritated this morning...

If the world is going to "hell in a hand basket"... CV says "Screw that - I'm going to hell in a sedan chair"...

I-Man said...

I cant wait to see Cramer squirm under Jon Stewarts lights when asked about this one...

Who is the bigger tool? Dykstra for being a punk ass chump, or Cramer for being "swindled" by such a punk ass chump?

How low will Cramer have to stoop before someone throws shackles on his ass???

McFearless said...

so much for the g20 rally this morning eh?

I'm sure some super secret message is about to come out though *causing a huge rally, perhaps I can find report of this message from the likes of a jesse or a jim sinclair. Since they have "sources" that can often penetrate double secret meetings they probably already know what the announcement will be.

but really

just buy gold already

http://www.google.com/finance?q=gld

I-Man said...

And if he ever does get thrown in the clink, will Erin go visit him?

BinT said...

You are right CV, we are taking the "Grump of the Day" award from you today and awarding it to Ben....

Ben, you have unlimited license to be grumpy for the next 15 hours or so...at midnight you must shut down grumpytown so that it can be moved on to another rightful owner...

karen said...

and from that NLY piece:

Attempts to stop a deleveraging economy with quantitative easing and government deficit spending have reached a point of no (marginal) return. Recessions, though painful, have the effect of purging the economy’s excesses and setting the stage for future growth. Preventing this process often causes more problems than it solves. Just ask the Japanese.

and now this from the BIS:

http://www.zerohedge.com/article/bis-blasts-feds-zirp-policy-warns-about-negative-side-effects-extended-low-interest-rates

CV said...

Sen. Robert Byrd's (D-WV) death Monday morning could affect the passage of the financial reform bill, said Sheila Bair, the chairman of the Federal Deposit Insurance Corporation.

http://www.cnbc.com/id/37972901

CV said...

TWSWB Would have to "buckle down" and do a new report card...

McFearless said...

Karen,

it is amazing to observe. One of the guys there had his 30th party a few months ago, and he asked me then if I was buying and I said no, we were selling any last bits of stock clients held and were in safe fixed income, cash, or short for our risk takers. At the time he told me that at his company they were all thinking this year would be better than last and then he used that bullshit phrase:

I'm cautiously optimistic

His questions this weekend were still the same:
Are you buying? When I said no....again...the typical follow up was the response:

Well what are you looking for, with a twinge of anxiety in the question.

One track minds everywhere.....gonna take a lot of pain to shake that out of people.

AmenRa said...

Looks like somebody didn't like the 10yr getting below 3.05% (made it to 3.034% before reversing).

CV said...

Greece starts putting island land up for sale to save economy:

Desperate attempt to repay debts also driven by inability to find funds to develop infrastructure on islands

http://www.guardian.co.uk/world/2010/jun/24/greece-islands-sale-save-economy

AmenRa said...

Ben

I'm over here laughing. When will they ever learn?

Mannwich said...

@Amen: When they are flat broke. Now those people I DO blame for their ignorance and greed.

CV said...

Excerpt:

"The Guardian has learned that an area in Mykonos, one of Greece's top tourist destinations, is one of the sites for sale. The area is one-third owned by the government, which is looking for a buyer willing to inject capital and develop a luxury tourism complex, according to a source close to the negotiations."

---

Gee, I wonder if we could do that with Detroit?

karen said...

looks like another distribution day for JNK.. just sayn'

McFearless said...

Robert Byrd was a king of pork and completely in love with himself.

Perhaps C can remember him by taking a trip to the statue of himself in the state capital there. when the statue was built it violated state law prohibiting statues of government officials until they have been dead for half a century. I'm told if you stand directly under the statue his grimy hand points right at your pockets.

But CV, if you can't get to the statue, no worries, plenty of things carry his name in the state:

Robert C. Byrd Drive, from Beckley to Sophia (Byrd's hometown)
Robert C. Byrd National Technology Transfer Center at Wheeling Jesuit University
Robert C. Byrd Highway
Robert C. Byrd Federal Correctional Institution
Robert C. Byrd High School
Robert C. Byrd Freeway
Robert C. Byrd Center for Hospitality and Tourism
Robert C. Byrd Science Center

Robert C. Byrd Health Sciences Center of West Virginia
Robert C. Byrd Cancer Research Center
Robert C. Byrd Technology Center at Alderson-Broaddus College

Robert C. Byrd Hardwood Technologies Center, near Princeton
Robert C. Byrd Bridge between Huntington and Chesapeake, Ohio
Robert C. Byrd addition to the lodge at Oglebay Park, Wheeling
Robert C. Byrd Community Center, Pine Grove
Robert C. Byrd Honors Scholarships
Robert C. Byrd Expressway, U.S. 52 near Weirton
Robert C. Byrd Institute in Charleston
Robert C. Byrd Institute for Advanced Flexible Manufacturing
Robert C. Byrd Visitor Center at Harpers Ferry National Historic Park
Robert C. Byrd Federal Courthouse
Robert C. Byrd Academic and Technology Center
Robert C. Byrd United Technical Center
Robert C. Byrd Federal Building (there are two)
Robert C. Byrd Hilltop Office Complex
Robert C. Byrd Library and Robert C. Byrd Learning Resource Center
Robert C. Byrd Rural Health Center
Robert C. Byrd Clinical Addition to the veteran's hospital in Huntington

Robert C. Byrd Industrial Park, Hardy County

Robert C. Byrd Scholastic Recognition Award

Robert C. Byrd Community Center in the naval station, Sugar Grove
Robert C. Byrd Clinic at the West Virginia School of Osteopathic Medicine
Robert C. Byrd Biotechnology Science Center at Marshall University

"They call me 'The Pork King,' they don't know how much I enjoy it." - Sen. Robert Byrd

McFearless said...

I'm actually sort of shocked that WV hasn't been re-named Robyrd or something like that....

CV said...

@McF

"when the statue was built it violated state law prohibiting statues of government officials until they have been dead for half a century.

That violated no laws in CV's mind because IMO Byrd has, in fact, has already been dead for a half a century...

CV said...

McF

Byrd = tool

karen said...

anyone interested in oceanfront? http://lagunahomes.ocregister.com/

this is just one little so cal beach town, btw..

McFearless said...

well, if I ever come in contact with a WVa-er that is complaining about bank CEO's but is willing to tell me they voted for Byrd then I'll be tossing some STFU's their way.

CV said...

@McF

Being a senator or congressperson for a state like West Virginia is kind of like being a WARLORD...

Anybody will toss you a few "appropriations" money for your cheap little pet projects in return for your VOTE on larger issues...

CV is thinking about RUNNING FOR OFFICE!

karen said...

seriously, how many Bill Grosses are there to plop $21 million into a teardown?

CV said...

@karen

Why should I care about laguna when I can have MYKONOS for half price?

Oh yeah, I remember, because I can just SQUAT in Laguna!

karen said...

ben, aapl is down 15 pts from the high.. think i should buy it?

CV said...

@karen

All I know is if this is a wave 2 retracement on USO... (and this ship build-up off Iran are more than just games)...

There's more retracement to come...

McFearless said...

oh aapl is a

"screaming buy" here

that company is "bullet-proof" and they have a "wide-moat"

really, it's an "easy-trade" that even a "home-gamer" could do

there's always a bull market somewhere...of course, I'd argue right now that it's a big bull with an extended fifth leg in idiocy.

Anonymous said...

What's up with Gold?

CV said...

I'd buy AAPL if I...

a) had the money
b) was a tool

McFearless said...

Byrd was a real master manipulator as well, helping screw the sheeple by using language like this:

"You might as well slap my wife as take the highway money from West Virginia."


I despise people like him

McFearless said...

"What's up with Gold?"

could only be one of a few things:

1. Secret meetings that will devalue the dollar, don't worry abot the fact that the dollar has nothing to be devalued against, this comes from a source "on the inside"

2. shennanigans

3. the gold ATM's have already been depleted

I'd go on but I have to RSVP for the gold party this weekend.

CV said...

Made for POPCORN TV...

http://www.zerohedge.com/article/rick-santelli-implies-liesman-communist-almost-makes-cnbc-head-economist-cry-latest-cnbc-pay

CV said...

"What's up with Gold?"

#4. Someone just picked up an ingot from Fort Know and theur hand turned green...

#5. More SECRET MEETINGS

#6. It lost it's INTRINSIC appeal over the weekend... (Replaced by rubber bullets)...

McFearless said...

I really shouldn't rip anyone on gold though, I've gotten some big things right the last few years...gold is def. not one of those things...I've been dead wrong on gold.

I just like the conspiracy crazy talk that always surrounds it.

mcHAPPY said...

CV

9:41

I laughted at that as well.

10:50

lol

CV said...

@McF

CV was going through some old boxes buried in the basement over the weekend and came across a small stash of MINT CONDITION (proof type):

- Morgan Silver Dollars
- Peace Silver Dollars
- 1964 Kennedy Half Dollars
- Barber & Liberty Half Dollars/Quarters
- Barber & Mercury Dimes
- Liberty & Buffalo Nickels
- Lincoln Wheat & Indian Head pennies...

Unreal...

McFearless said...

oh boy, maybe this week I'll get to do two trades instead of one!

karen said...

i am distracted by a few minutes of sext and we get a melt up? oh, brother.. what did i miss?

McFearless said...

C,

damn, that's a nice box to find in the basement

sweet.

CV said...

@karen

"i am distracted by a few minutes of sext and we get a melt up?

---

Can I be the first to say... "You're screwed" :-)

CV said...

@MCF

I couldn't effin believe it!

CV said...

talk about buried treasure!

McFearless said...

last time I went through boxes in the basement I found my high school german notebook....I doubt it's worth much, lol.

I-Man said...

The bears will reawaken at 1080...

karen said...

CV, whenever I am digging in the backyard and hit a rock i pretend it is a small chest of gold coins! LOL.. I do have a vivid imagination : )

McFearless said...

"BP says captured 24450 barrels of oil Sunday"


this doesn't really matter unless anyone knows how much is coming out of there each day, the estimates for that are all over the map, so who knows if this is actually significant.

CV said...

@karen

Digging? No wonder you're in such good shape...

If you ever want to get fat like everyone else, just buy a metal detector...

The new ones, I've heard, can distinguish between gold & tungsten (so you don't waste your time)...

CV said...

"BP says captured 24450 barrels of oil Sunday"

Let's hope a "catch & release" policy wasn't in effect at the time...

karen said...

Karl's take: An amusing piece of mental masturbation from Richmond Fed Economist Kartik Athreya has been making the rounds....

http://market-ticker.org/archives/2458-Economics-Is-Hard.html

CV said...

@I-man

"The bears will reawaken at 1080..."

Then EVERYONE will be asleep by noon...

CV says... Watch for what happens AFTER Europe closes for the day...

I-Man said...

I've already tried shorting twice and been clipped out. (1071 and 1074)

I-Man said...

Probably another shot at 1078, but I dont trust it...

1080.75 is where my next sell limit is.

Nic said...

I am going to be asleep before noon at this rate ...

mcHAPPY said...

we are approaching the launch pad or the trap door.

1085.95 is what I am watching.

mcHAPPY said...

Any inability to get through 1083.56 is ominous as well. That should be answered very quickly though.

karen said...

Nic, i am doing push ups, literally, to maintain my energy level this morning.. the grayness outside is so thick with moisture it might be drizzling..

note to all.. gdx not selling down with gld..

CV said...

@mCHappy

I don't know... IMO when it goes snaking through a LD without much thrust (or without being rejected)... It simply means we have more CHOP coming...

JMO

BinT said...

http://finance.yahoo.com/banking-budgeting/article/109942/the-coming-storm?mod=bb-budgeting&sec=topStories&pos=8&asset=&ccode=

The Coming Storm
Alan Abelson

The Bulls are Ignoring the Economic Realities

"In a world weighed down by debt and low nominal GDP growth, with deflationary pressures mounting, it's a no-brainer that risk assets aren't likely to fare well."

...Us no-brainers have felt that way for some time....

karen said...

Monday, June 28th, 2010, 10:37 am
The Federal Reserve Bank of New York plans to engage this week in mortgage-backed security (MBS) coupon swap operations.

The Fed expects operations to begin tomorrow, with coupon swaps not expected to exceed the unsettled amount of $9.2bn in the Fannie Mae 5.5. The Fed also said the trading desk might continue to arrange dollar roll transactions as needed to facilitate settlement.

http://www.housingwire.com/2010/06/28/new-york-fed-to-settle-9-2bn-of-mbs-purchases?

I-Man said...

K,

These spiderman pushups are what I'm working on...

They are tough as hell.

http://www.livestrong.com/video/5245-spiderman-pushups-/

CV said...

Or... at this point, we get the next SNOOZEFEST to happen around 1090...

McFearless said...

as was discussed here many months ago, women gain power and authority during negative social mood. Recently MSNBC called the June primaries "Ladies Night"

Examples:

California: Meg Whitman wins GOP nomination for governor, and Carly Fiorina goes against Barbara Boxer in the fall

Nevada: Tea Partier Sharron Angle won GOP Senate primary. She will face Harry Reid in fall.

South Carolina: Nikki Haley competes in a runoff for GOP gubernatorial candidate later this month.

Sarah Palin anyone? undeclared leader of the tea party?

In late April, the Center for American Woman and Politics at Rutgers U counted a record number of women candidates for this fall's mid-term elections. Tally also includes a record 107 female republican candidates for seats in the currently Democratic house.

you go girl(s)

I-Man said...

Awesome! Lets see a Lil Kim and Foxy Brown tandem for 2012!

CV said...

@McF

Palin isn't a LADY, she's a MILF...

karen said...

Bruce.. one of the few articles i read this weekend was Abelson's..

and quoting Dee Keesler, Abelson says: He sums it all up this way: What we've had since May is a nice bounce by an oversold market. "The rally, however," he cautions, "has been ragged. I think it's very timely to sell those tired longs and short anything in the way of the coming storm."

karen said...

Thanks, I-Man.. forgot about those! we did them in my mat pilates classes one time.

McFearless said...

EWI has a very interesting count on the Tadawul Stock Exchange (Saudi Arabia)

not a market many people pay much attention to, however, they have the recent peak marked as the top of an (X) wave, if that market moves down in a Z wave you can bet for certain there will be a lot more trouble for that area in the coming months/years.

will be very interesting to watch oil prices the next few years, a real time socionomic experiment.

karen said...

CV, please don't make me ill talking about her!

McFearless said...

"Palin isn't a LADY, she's a MILF"


true, but she's no Foxy Brown or Lil Kim...

Lady Gaga for entertainment Czar!

McFearless said...

lot more people writing about deflation now....this should continue for a few years....not 12 months ago vast majority of articles were about inflation....

CV said...

@karen

CV is still more inclined to believe that there will be a lower low than 1040 before there is a serious re-test of 1131 (or above)...

However... I'm a little inclined to believe that there will be an attempt to inflict some ultimate BOREDOM or DISTRACTION before any selloff commences...

In aggregate, I think no matter what happens, there will be some typical PUMP & DUMP (for the July MF inflows - or what's left of them), and the classic pump & dump ahead of earnings season reporting of financials...

So for me, the strategy is to either wait for an unexpected dump to occur before the end of month (and play for a contrarian bounce)...

Or to just wait for all the churn between now and bank earnings, and dump then...

Nic said...

Special Ed Barbie

CV said...

@karen

"CV, please don't make me ill talking about her!"

http://www.youtube.com/watch?v=ihG5tH7IJ9U&feature=PlayList&p=37823BFDCAC51B14&playnext_from=PL&playnext=1&index=32

PS... Answer you your question "CV, are you trying to get on my LAST NERVE? = YES :-)"

mcHAPPY said...

@CV 11:59,

I agree. My trap door comment was for a 1040 area. Launch pad would be 1103 area. I do not see much lower or higher in either case. I'm inclined to go with trap door - my tune has changed a little since last week (uh oh contrarian indicator). The MF inflows would be a great wave 2 before the 3rd of minor 3. If this plays out a wave 3 could be easily looking at Andy's 878.

I-Man said...

Hmmm... might have to take another shot here in a minute...

1076.50 might be a good one.

CV said...

@mcHappy

I kind of hope it happens that way...

I'm still ever cautious about a FLASH CRASH move before the end of the month (which - I think would result in a HIGHER temporary bottom - perhaps 1020-1000)...

Gotta keep in mind, AT THIS POINT, the monthly 3lb reversal level of 1091...

BinT said...

CV,

the grumpy baton has been officially handed to Ben, so leave Karen alone...besides she said she missed me....ooooohh.

CV said...

Excuse me... 1089 (for monthly 3lb confirmation)...

CV said...

@BinT

Speaking of "batons"... Why didn't the Canadians invest $1 billion in these "baton weilding" types?

http://images.celebrateexpress.com/mgen/merchandiser/61053.jpg

I-Man said...

Finally have a position here...

Sold 1 @ 1074.25


Lets see if I can manage to keep this one for more than 3 minutes... lol.

CV said...

@mcHappy

Who knows? Maybe it'll play out this way...

1. Really not much happens between now & Wednesday...

2. July 1st is Thursday... Lloyd and Jamie start DUMPING all their shares (and MOMOS put all their cash to work buying those dips all the way down)...

3. When the carnage is complete (Thursday 1st, Friday 2nd)... Then, lo and behold, July 6th rolls around (Tuesday after holiday)... Everyone realizes the 50MA has crossed over the 200MA... The same guys buy massive PUT protection on all the shares everything they just bought...

4. Jamie & Lloyd hit the BUY button for a MONTH LONG wave 2 orgy back up to 1150 in time for all the puts to become worthless...

I-Man said...

If 77.885 support on audjpy goes, then spx shorts will be in the catbird seat...

Nic said...

FIFA to ban big screen replays http://es.pn/acpPwD

How ridiculous

Mannwich said...

Here's an idea, Nic - why not USE the replays to get the calls right? Too much common sense?

I-Man said...

F*ck FIFA.

I still dont know if its outright corruption of total ineptitude.

I've seen grammar school gym teachers call better games.

Dont get me started...

I-Man said...

Sorry, outright corruption OR total ineptitude...

Nic said...

AUDJPY 4hr hanging man. I am looking for 76.40 there I-Man

CV said...

@Manny

The thing is... You can't change that rule after the tournament has already started and is in progress...

For this World Cup... They'll have to "live with it"... It's probably a move so as to keep peace so people don't start killing and maiming each other before they get done...

But in that case, they'll probably have to ban cellphones too...

karen said...

oops on gdx... down with gld now..

Mannwich said...

That's true, cv, but going forward there's no reason not to use it in some fashion.

Nic said...

Richmond Fed's Kartik Athreya: "It was the bloggers that ruined the world economy, not central banks."

All your fault CV

I-Man said...

Kartik's bio says he worked at Citigroup... sure, it was the blogger's fault...

I-Man said...

I'm trying real hard to be nonviolent in my older age...

But shitheads like Kartik and FIFA make me want to go kick some ass!

BinT said...

@I-Man:

I think you and Obama would make a good A-kicking team on WWF...I'd pay to see it. You could call it the I Owe (I-O) Ass Kickers...

Nic said...

Mr Topstep says there is no meat on the bone:
http://www.youtube.com/watch?v=h3fxVbyk0xI

CV said...

@I-Man

"make me want to go kick some ass!"

Maybe Obama will make you his POINT MAN on BP...

mcHAPPY said...

I like your thinking CV. However, if 1131 breaks I am going to be extremely confused. I do not see 1150 being visited again until 2011 - i.e. after this intermediate 1 has run its course. We'll see though.

karen said...

look at the rev h&s on the 10 min spy... weird day.. it's getting jumpy.

karen said...

there is one on the 60min, too.. a three day one.. no big deal but that'll be my reason for a melt up : )

arbitrage789 said...

I-Man @ 10:19

I've long since recovered from the trauma of the incident.

I-Man said...

I'm agreeing with danny, I'm having a tough time keeping a position today...

Feels very predatory, both sides hunting stops in a range.

Probably just in doji mode.

McFearless said...

the top step video is interesting....many resistance levels above, getting back to 1150 is a tall order for the bulls.

I-Man said...

The "meat" on todays bone was early and swift... hard to catch it.

I-Man said...

I just tried shorting again, strictly on the basis of audjpy...

sold @ 1073.5

I-Man said...

Just looking for that 1068...

CV said...

@karen

If you draw it out to 4 days... you have another reverse H&S around 1090... (where there's a gap)

BinT said...

http://liveshots.blogs.foxnews.com/2010/06/28/high-courts-big-ruling-for-gun-rights/

"In its second major ruling on gun rights in three years, the Supreme Court Monday extended the federally protected right to keep and bear arms to all 50 states. The decision will be hailed by gun rights advocates and comes over the opposition of gun control groups, the city of Chicago and four justices.

Justice Samuel Alito wrote for the five justice majority saying "the right to keep and bear arms must be regarded as a substantive guarantee, not a prohibition that could be ignored so long as the States legislated in an evenhanded manner."

The ruling builds upon the Court's 2008 decision in D.C. v. Heller that invalidated the handgun ban in the nation's capital. More importantly, that decision held that the Second Amendment right to keep and bear arms was a right the Founders specifically delegated to individuals. The justices affirmed that decision and extended its reach to the 50 states. Today's ruling also invalidates Chicago's handgun ban."

...Whooooodathoughtit?

karen said...

yikes.. i almost missed mr topstep! thx nic!

sorry, but imo, this market is all about distribution..

karen said...

that was really a good one, too.. 980.. you bet.

McFearless said...

karen,
I think so too, it has been for months

re: distribution

arbitrage789 said...

B_in_T @ 1:07

I just wanna know when they're going to start selling uzies in 7-11.

McFearless said...

headlines that are funny:

"Incomes grew faster than spending in May, making it possible for American households to simultaneously increase savings and support the economic recovery."


mmm hmmm

of course, there's that pesky problem of debt service...


lightning bolt recovery.

CV said...

@DL

How about in "47-11"s

McFearless said...

"I just wanna know when they're going to start selling uzies in 7-11."

Ever been to Philly? Not at 7-11, go to the "china stores".

CV said...

@McF

"Incomes grew faster than spending in May, making it possible for American households to simultaneously increase savings and support the economic recovery."

A little fly in that ointment...

http://online.wsj.com/article/SB10001424052748704227304575327273014747664.html

McFearless said...

C,

Not reading that, I only read views that support recovery, economics are hard ya know...most people that are bearish are not looking at the data like a Phd. would and if you aren't a Phd you probably shouldn't even say the word economics, let alone try to analyze the economy.

I-Man said...

I really wanna punch that guy...

CV said...

@McF

I'm telling you...

Let's quit this and open up a franchise of AK47-11's

I smell a hit!

I-Man said...

My left hook would DEFLATE him with the quickness...

Mannwich said...

29 more shot over the weekend in Chicago. Sounds like fun.

http://www.huffingtonpost.com/2010/06/28/chicago-gun-ban-axed-afte_n_627773.html

CV said...

PHD = "Piled High & Deep"

I think it comes AFTER a BS in the Science of Econ...

karen said...

hey! my alert went off on jcg.. 38

arbitrage789 said...

BS: bullsh*t
MS: more sh*t
Ph.D.: piled higher and deeper.

CV said...

I man needs to get an I-Phone so he can get the I app - PUNCH the Clown and de-stress...

http://www.macworld.com/appguide/app.html?id=74525&expand=false

karen said...

jcg.. talk about a rounded top.. now we see if it breaks or takes out previous Feb low of 37.01.. that was some fancy distribution if you ask me : )

McFearless said...

I wonder if they ever had something like bow and arrow bans back in the day.

I found this headline from way back:

"why peasants don't need catapults"

Nic said...

I-Man
Draw the channel from the 8June Lows, I think that will be the low today, this market doesn't have the momentum to break it

karen said...

CV and DL, hope you haven't just insulted our PH D friends, laughing hysterically.. (Bruce doesn't count as he is a REAL Doctor.. )

CV said...

@I-Man

I'm not schooled in EW rules...

But...

If the move down from 1131 was a minor wave 1... Then I think you need at least a 23.6% retrace to call a completion on a wave 2... Which has not happened yet...

ben? McHappy?... am I right?

CV said...

@karen

I have an "honorary" PHD (how sad is that)?

I-Man said...

Nic, if we're talking the same channel, that would be 1065 on ES?

arbitrage789 said...

Karen @ 1:37

I know from personal experience how much "higher and deeper" it gets piled.

BinT said...

and I slept at a Holiday Inn Express this weekend...

karen said...

DL @ 1:40.. me too!

I-Man said...

Do we really have that many phd's round herre?

arbitrage789 said...
This comment has been removed by the author.
arbitrage789 said...

BinT @ 1:40

I guess that explains your success as a surgeon.

McFearless said...

C,

I'd be hesitant to call the top of a wave 2 at a 23.6% retrace, in fact on any larger scale I probably wouldn't, wave 2's are typically bigger than that...I know neely has a guideline or maybe it's a "rule" for him that wave 2's shouldn't retrace more than 61.8...I think that's what AT said anyway...EWI allows for a retrace of up to 100% of wave 1 before a second wave is invalidated

right now if you zoom out on your charts though, look at a YTD chart for example, I think we have to be honest with ourselves about the structure of the market....until proven otherwise, I think that the A-B-C corrective count down here just has the right "look" so I'm hesitant to call these impulses down and for certain Primary Wave 3. I think Prechter would have to agree if being completely objective about the waves. We need to count a solid five down on a larger scale before getting into full on P3 mode.

So, no confirmation on P3, but we got a big fat C wave coming I'm confident in that much.

McFearless said...

yellow card on DL, 1:40.

CV said...

@DL

I got it in Italy...

I wrote 3 Academic course manuals that an institute of higher learning wanted to push through as a curriculum...

Only problem was, STATE LAW prohibited these course manuals from being used unless someone had a doctorate...

So I was issued an "honorary" one...

Ain't life grand! :-)

72bat said...

re Kartik Athreya's Ph.D. asininity, let us not forget Chairman Greenspan's words on limits to Fed transparency, “We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand.”
so STFU all you rabble.

arbitrage789 said...

O.K., then "Dr. CV".

CV said...

@McF

What is the "normal" TIME DURATION of a 3 wave (with respect to A&B)... ballpark...

In RATIO terms...

CV said...

@DL

Yeah... and that goes to ALL of you...

I'm Doctor JERK dammit!

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