There's not a whole lot to say about the "week that was" .... it was basically a "ripper" with the Dollar Breaking down below a shorter term trend-line. All we need to do is keep dropping Bucky, and we'll all be "richer."
Speaking of wealth, I found this fantastic 4-min clip on "Health" vs. "Wealth" from the BBC. Warning: This is a pretty cool and somewhat optimistic video.
(H/T: Houston's Clear Thinkers)
Levels of Support and Resistance for the Week Ahead:
S&P 500
R1 = 1227; R2 = 1239
S1 = 1207; S2 = 1199
Gold (Dec Futures)
R1 = 1418; R2 = 1424
S1 = 1399; S2 = 1383
DXY
R1 = 80.31; R2 = 81.02
S1 = 78.00; S2 = 76.71
129 comments:
Anyone else happy to see Peyton Manning sucking the big one?
Eleven Int's in the last three games?!? Four pick-sixes in the last two games.
He's putting on Favre-esque type performances now.
Andy T
Funny what happens when you don't have a running game...
This is what Ben looked like during his interview: Ben during interview
I'm still a little annoyed by response to the unnecessary roughness penalty on Ndamukong Suh during the Detroit/Chicago game this afternoon. The officials obviously blew the call, as the instant replay clearly showed him doing a two-handed shove to the shoulder pads on a rushing Cutler.
BUT!
The Marino, Cowher, Sharp, Esiason crew on CBS decided to basically demand a fine from the NFL for this hit (amusing, since the Fox crew seemed to think it was a perfectly legitimate hit). Cowher was especially annoying suggesting that special tackling rules need to be in play for rushing quarterbacks since they are "Marquee players." My dad came over in time to see the whole tirade and had this to say about Cowher: "When did he turn into such a candy-ass?"
Anyhow, here's my opinion on the hit. Cutler crossed the line of scrimmage. At this point, he is a running back, as far as the defense is concerned. He has two options:
1) slide and avoid getting tackled
2) attempt to carry the ball like a running back (challenge the defense)
Cutler chose option 2 and got a hard hit from a 300 pound muscle tower. It could have been a lot worse. Suh could have tackled him instead of pushing him down. I imagine that getting pushed down hard hurts less than getting wrapped up and pile-driven into the turf with 300 pounds on top of me.
So, the questions I pose to Cowher are:
1) If Suh can't shove Cutler down, can he tackle him?
2) How hard should someone be allowed to tackle a quarterback under your special treatment considerations?
3) Any legitimate hit looks like a vicious hit if a big guy does it to a small guy. Should quarterback tackling be restricted to cornerbacks?
4) Aren't you just trying to make football a less defensive game?
Re: Cowboys v. Colts
I don't tend to like Dallas, but it is nice to see the Cowboys get their feet on the ground.
And yes, it is nice to see Manning go through a bit of a rough patch and show how important an o-line is for a QB. They never get enough credit.
PS: Nice to see Farve get knocked out and give the Vikings a fighting chance (even though they did route my Bills).
@Matthew
It seems these NFL announcers (and the NFL rules committees) have turned into a room full of effin democrats...
They have to get in there and micromanage every tiny aspect of what WAS a game that people used to like, but are quickly losing tired of because of all this claptrap...
I've got news for you all... March 4th, 2011... LOCKOUT!
Replacement players (vis a vis 1987)... And let the replacement players beat each others brains out (and play by any rules they want)... Won't have to worry about MARQUEE players then now, will we?
Problem solved... REPLACEMENTS... Sound familiar Congress?
When people switch over to hockey, these finely tuned NFL jerks will get the message...
@McF
Don't blow a gasket when you read this...
http://www.bloomberg.com/news/2010-12-06/your-underwater-mortgage-needs-a-blow-up-raft-commentary-by-caroline-baum.html
"It’s true that the Fed can create money out of nowhere. What it can’t do is direct how those dollars are allocated: to stocks, to junk bonds or to consumer goods and services..."
---
Oh... and of course, in the article she basically says that inflation is GOOD because it'll inflate home prices, making less people underwater...
So I guess will be switching to catfood, and we'll all have to drive Fred Flintstone mobiles...
But hey, problem solved... More inflation is GOOD!
Thanks for the charts, Andy.
Anyone notice oil is nearly $89? Merry Christmas everyone!
@Andy T
I'll agree that the animation on the video was cool, but I tend to disagree on the conclusions...
All the matrix does is plot age and dollar incomes... (NOT "health" & "wealth")...
So my conclusion would be that the world is living longer/getting older (which doesn't necessarily mean "healthier")... One could also say that that has become an economic burden because of the social entitlement systems erected in the process... If those people are staying employed longer, it also means that there is less potential room in the labor force for new entrants... These are potential PROBLEMS (which is why someone like Bernanke has to go on 60 minutes and tell us all what financial wizardry tricks he's going to do to "get more people jobs")...
Gee... Here's a novel idea... why don't we line up all people over 50 into a firing squad and mow them down... (or do a Logans Run carousel)... If I have to stand for much more of this bulls***, hey, I'll volunteer!
As for WEALTH?... Again, that's just how many dollars you have? What if you had all the dollars in the world, but they couldn't buy you healthy food? Or what if all those DOLLARS were concentrated into such a small sampling of population, that were hoarded and marshalled by only the well off? The vast majority still live off of table scraps?
And of course, what's the difference if you live in a house that was "worth" $5,000 in 1960, that's "worth" $100,000 now? It's the same house, isn't it?
But you're wealthier? C'Mon! All WEALTH means (in those terms) is that you have a larger credit line... Meaning you have easier access to go into debt to make yourself insolvent and destitute!
Bear Market That Wasn't Gores Pessimists as S&P 500 Rebounds 20%
http://www.bloomberg.com/news/2010-12-06/bear-market-that-wasn-t-gores-pessimists-as-s-p-500-rebounds-20-.html
"Investors who heeded warnings about falling home sales, record European budget deficits and the debasement of the U.S. dollar can nurse regrets after the 2010 bear market didn’t happen.
The Standard & Poor’s 500 Index has gained 9.8 percent this year and 20 percent since hitting its 2010 low on July 2, defying pessimists from Robert Prechter to Albert Edwards and Nouriel Roubini, who expected an economic slowdown that hurt equities. Bulls, who looked like losers when the benchmark gauge for U.S. stocks fell 16 percent between April and July, were vindicated by the rebound that added $2.6 trillion in value."
---
I wonder if that dude looks at USD charts?
The Colts had 40 yards rushing, Andy. If Peyton doesn't throw and throw, what else can you do?
@Bruce
He sure wasn't on the same page with a lot of his receivers...
He even missed Reggie Wayne on a couple of head scratchers (where Peyton tossed a "go" route, and RW broke the route off)...
RW also dropped a pass or two...
And a bunch of missed routes by Blair White...
It's really a combination of things that are all adding up to the calamity...
CV:
Peyton is trying way too hard. They had 25 yards rushing last week and 40 yards rushing this week. It is like his first two years in the league, when all Indy had was Peyton's arm. They didn't win then, and they won't win now.
Peyton needs to get a pair, and ask for a trade, or a coach who can get him some linemen, and enough backups to last a season. A man who won 4 MVP's doesn't become Trent Dilfer overnight, and he hasn't. But he will end his career like his father if he doesn't get some help in a hurry.
imho, here's the only rule needed to protect nfl players. when a player is injured as a result of a play penalized for "unnecessary roughness", the penalized player goes out of the game for as long as the injured player is out of the game, whether that be one play, the rest of the game, the rest of the season or the rest of the injured player's career. period.
Strelnikov! Er, Hussman:
"With regard to Sunday's "60 Minutes" piece, I sometimes enjoy seeing Barbara Walters do a celebrity puff piece, but I expected more from a show on investigative journalism. Proper questions might have included, "Chairman Bernanke, how do you justify the fact that all of Bear Stearns' bondholders stand to get 100% of their money, plus interest, while at the same time, the Fed still holds $30 billion dollars worth of Bear Stearns' questionable MBS junk in an off-balance sheet shell company called Maiden Lane, which you justify by appealing Section 13-3 of the Federal Reserve Act, despite that this section deals explicitly with "discounting" - which everywhere else within the meaning of the Act allows nothing but a short-term check-cashing function, in nearly every case for paper of less than 90 days in maturity?" Nothing about Fannie or Freddie, or the fact that Treasury yields have increased since QE2 was announced."
good morning! i think i will be mostly speechless today.. will watch the video in the post above, after I finish with this one..
http://www.fundmymutualfund.com/2010/12/video-cnbc-always-eloquent-david.html
first, the 60 minutes interview was a johnny spot, it was JA analysis followed by half truths and just enough language to confuse most of the people all of the time.
second, it's hilarious that people think the "credit crisis" is over.
third, BB is 100% bought in to the potent directors fallacy, when asked if defaltion was a threat in the 60 minutes interview he calmly stated
"no, because we are acting"
think that through, is it a true statement?
I'd guess most here have already made up their minds as has everyone else, see point number 2.
I think that the folks around me, in my daily travels and travails in the world, realize that this central bank funding is not going to work. I don't talk with anyone who has real enthusiasm for the coming economy, and certainly after the tech bubble burst there were plenty of positive attitudes out there. Now people realize that economies are being run by central banks, whether in China or Europe or here, and that these economies are not living on their own merits.
People aren't stupid. No matter how much cheerleading is occuring on CNBC or elsewhere they still understand what is continuing in the housing market and elsewhere.
I think 2011 will be more of the same.
Carlyle Group looking to go public. Must have run out of ways to squeeze out a profit.
Will there be a EU bank run on 12/7/10?
Will Ireland pass a budget that includes austerity measures? Or will Ireland use Iceland as a guide?
Does the US even have a budget?
for fun, put GovMo on a 60 min candle chart since it debuted (30 days ago.) check the formation and then just FBTD.
crm went from 115 to 145 in two weeks..
spectacular visualization in Andy's video above.. the fact he called them bubbles instead of spheres or globes was noted..
The financialization of copper:
According to reports in the Telegraph, last week a mystery buyer stepped into the LME pits with a massive $1.5 billion purchase of copper - equal to "between 50pc and 80pc of the 350,000 tonnes in reserves".
Many on the LME suspect that this mystery buyer is actually JPMorgan [JPM 39.635 0.025 (+0.06%) ] and that the bank is positioning itself ahead of their copper ETF launch. This pushed up the metal's price to its highest level since the Lehman Brothers meltdown in September of 2008 (over $8700 per tonne).
http://www.cnbc.com/id/40530833
Karen
JPM has to do something to stop the hit they are going to take for shorting silver...
@karen (11:03)
Nickles bitchez!
Ra,
What's the point of a budget anymore?
this is a serious question, would seem a waste of time to me considering the budget is never followed anyway.
ben, for you: A significant production problem with new high-tech $100 bills has caused government printers to shut down production of the new notes and to quarantine more than one billion of the bills in huge vaults in Fort Worth, Texas and Washington, DC, CNBC has learned.
http://finance.yahoo.com/news/The-Fed-Has-a-110-Billion-cnbc-1062012685.html
When the government and US Mint declare (as they are sure to do in short time), that the copper content" of nickles will now be reduced...
You'll KNOW the game is on...
This will be the equivalent of 1965 taking silver out of coins...
I bet you wished in 1965-66 you'd saved all your pocket change...
"A significant production problem with new high-tech $100 bills has caused government printers to shut down production of the new notes and to quarantine more than one billion of the bills in huge vaults in Fort Worth, Texas"
Yeah - the problem is Timmy, who doesn't want to put his autograph on them...
karen,
no worries about cash, the credit crisis is over, the market "discounted it"
whoooopie!
@cv:
Why would they take the copper content out of nickels? Nickel is worth more than copper. They would prefer to take the nickel out of nickel in this grand comedy (or is it a tragedy?).
@Matthew
If the price is going up on copper, and if copper is 75% of a 5 gram nickel... They'll switch to zinc (like they have with pennies, dimes, & quarters)...
I think they should switch from copper to cat food in the nickel.
http://www.rttnews.com/Cust/ArticleView.aspx?Id=1498145
Eurozone Investor Confidence In Sharp Fall
"12/6/2010 5:02:38 AM An indicator of investor sentiment in the eurozone dropped sharply in December due to falling optimism over current conditions, a survey showed on Monday.
The Sentix investor sentiment index, an indicator of confidence among over 900 investors, dropped to 9.7 from 14.0 last month. A reading above zero means optimists outnumber pessimists.
The steep drop was mainly due to the current situation index falling to 12.8 from 21.8 in November, while the expectations index edged up to 6.8 from 6.5.
Sentix said investors were unnerved by renewed concerns over the solvency of some euro area countries."
watching David Einhorn is strange.
From where I sit he looks sort of like a little kid, but yeah, he's smart as hell.
http://www.rttnews.com/Cust/ArticleView.aspx?Id=1498375
Canadian Building Permits Level Off In October
"12/6/2010 8:39:13 AM Canadian building permits slipped in October after rising sharply in the previous month, official data revealed Monday.
Statistics Canada said municipalities issued building permits worth C$6.2 billion in October, down 6.5% from September, when permits were up 14.9%.
There was a modest downward revision to the September number, which was initially reported as a 15.3% increase.
Overall building permits have been unable to sustain any positive momentum over the past six months, having topped out above C$6.6 billion earlier in 2010."
...and think about it...
The US is large, but we're NOT the largest country in the world (in goegraphical square miles)...
Most of our own copper mines are known & old... Which means we'd probably have to import (except what we'd be ble to rip out of homes and POTS (plain old telephone service) lines...
If Bernanke insists on trashing the dollar, copper is going to become like oil (expensive to import)...
AnAmericans have a higher "per capita" need for copper in products... Especially if we insist on doing NIMWIT things like building electric cars...
The average North American car contains about 23 kilograms (51 pounds), while an electric car uses about 75 kilograms...
3x as much... (and that's not to mention the need to upgrade a decrepit energy transmission grid)...
A U.S. bankruptcy court judge ruled that Bank of America Corp (BAC.N) must pay about $90 million in interest to Lehman Brothers Holdings Inc (LEHMQ.PK) on top of the $501.8 million of deposits that the bank already has been ordered to return.
http://www.reuters.com/article/idUSSGE6B50K120101206
well, nothing but bears on this table (well, not in the long bond), perhaps supports the idea the market runs up higher right into the new year
https://spreadsheets.google.com/ccc?key=rQFT1bog0Gq2w4RfDrdquDw&hl=en_GB#gid=0
But I'll just keep saying here that you all ought to save your nickles...
And, of course... I'll continue to get laughed at...
And we'll just conveniently forget that if you exchange ANY currency for face value of nickles at a bank or convenience store... You've unwittingly profited 20% on that transaction...
And if copper prices DOUBLE from here... then your nickel... instead of being worth 6 cents will be worth 12 cents... (so that would have been about a 150% profit)...
I know... I'm a real asshat... You don't have to tell me...
Oh... and if there's deflation instead... You still own the face value of the coin...
Yeah, I'm a jerk, I know...
I wonder if the biggest unused source of copper left in the United States is the collection of garbage dumps. Extracting that copper from all of the discarded electric and electronic devices is probably expensive/impossible.
Ben
As long as they don't approve a budget then they don't have to recognize how bad the US situation really is. It's a sham/e.
@cv:
I was still in college in 2006, when I first became aware that nickels and pennies were worth more than face value. I've been saving every one that I received since then. Everyone thought I was crazy. I just need to find a way to separate the metals and then find a way to sell them at spot prices :D
@Matthew
I doubt it...
It's "transmission" lines (mostly - POTS lines that don't even get used anymore because people have gone wireless for phones)...
There's a MAD RUSH right now to get transmission lines underground and buried, due to "theft" of anything copper that's above ground...
Many of these abandoned & foreclosed homes have had the plumbing ripped right out of them...
"You've unwittingly profited 20% on that transaction"
sort of CV, in this case you have an unrealized gain unless you take more steps....I could have a 1950 nickel in my pocket but right now if I take it to the store it only buys me .05 of goods and services, not the actual value of the coin, if you take the coin to a dealer you won't realize the gain fully either.
now, one might argue this is me playing the semantics game, but in the real world you never make a profit until you realize it, in this case your unrealized gain isn't even on paper!
paper bitchez.
Silver over $30. JPM's sleepless nights are just starting.
It's a sham/e.
funny, I read that but my eyes got fuzzy, after I rubbed them a bit it became
p/e
lol!
@Matthew
No... you DON'T need to melt them down...
Trust me... If copper prices start to rise, there will become a cottage market for them...
That's the deal with silver right now... Much of the "silver" market these days isn't pure silver... It's JUNK silver (where dealers sell bags of old silver coins)...
It'll be that way with copper in the future (they bags will be worth the spot price of copper and spot price of nickel in the 5 gram content)...
Just save the coins...
@ben22 (11:51)
No... No... No...
If you read what I just typed... There will be a market for JUNK COPPER, just as you can by bags and rolls of silver coins now...
Trust me, the dealers aren't selling those for "face value" right now... In fact, they're going for MORE than the $30 spot price (x 90%) silver price...
You all are looking at WHAT IS...
CV is looking at WHAT WILL BE...
Ben
Point taken. Especially now that it's based on "forward" earnings.
i reviewed some of this presentation but still have trouble with it:
http://www.businessinsider.com/pershing-square-capital-time-to-buy-into-the-american-dream-2010-12#
@ben22
For you (from 60 minutes)...
Pelley: Is keeping inflation in check less of a priority for the Federal Reserve now?
Bernanke: No, absolutely not. What we’re trying to do is achieve a balance. We’ve been very, very clear that we will not allow inflation to rise above two percent or less.
Pelley: Can you act quickly enough to prevent inflation from getting out of control?
Bernanke: We could raise interest rates in 15 minutes if we have to. So, there really is no problem with raising rates, tightening monetary policy, slowing the economy, reducing inflation, at the appropriate time. Now, that time is not now.
Pelley: You have what degree of confidence in your ability to control this?
Bernanke: One hundred percent.
Canadian stocks rise to 26-month high
12:15 PM ET 12/6/10 | Marketwatch
SAN FRANCISCO (MarketWatch) -- The Canadian benchmark index extended its winning streak to a sixth session on Monday, trading at its highest level since September 2008 on the back of bullish gold producers and mining companies.
http://dealbook.nytimes.com/2010/12/06/banks-may-face-rating-cuts-analyst-says/
Is this a lackluster trading day or what? I can't tell if it's the bulls or bears hanging on for dear life. I see EURJPY, AUDJPY, BKX, XLF, JNK, HYG, EEM and bond yields are down. Dollar, gold, silver and oil are higher. No effin direction.
http://www.irishtimes.com/newspaper/breaking/2010/1206/breaking30.html
Germany rejects calls over debt fund
"International Monetary Fund chief Dominique Strauss-Kahn will call on ministers to boost the rescue pool and urge the European Central Bank (ECB) to step up its purchases of bonds to stem the crisis, according to an IMF report obtained by Reuters.
However, German chancellor Angela Merkel said she saw no need to increase the size of the bailout mechanism.
She cited legal obstacles to the issuance of a joint sovereign bond, or "E-bond" - an idea that was refloated jointly today by the chairman of the Eurogroup of euro zone finance ministers and Italy's finance minister.
Instead, Mrs Merkel called on European governments to implement tougher budget rules to prevent countries living beyond their means, guarding against the fiscal indiscipline that Germany sees as being the root cause of the euro zone debt crisis.
"The treaty does not in our firm view allow any euro bonds, so no uniform interest rate," Mrs Merkel told a joint news conference with visiting Polish prime minister Donald Tusk."
..I am thinking if Bernanke would fly over to Berlin and explain what deep thinking he's put into this money printing thingy...she'd cave in a New York minute...
http://blog.afraidtotrade.com/lessons-and-levels-to-watch-on-bank-of-america-bac/
Think I need to jump on OU and lay the 17pts right away...before that line gets any wider.
Oh, look there's another triangle on the SP futures (60 min chart)....
"Starting to feel like Bob Prechter in the '90's...All Bear All the Time. And all the old sayin's like "a bull market climbs a wall of worry" and " buy a market that goes up in the face of bad news" are runnin round my head.
Problem is: I hate buying a market that is being supported by only one factor, even if it is the Fed;"
http://www.crudewire.com/2010/12/tops-elliott-wave-and-stuff.html
"Also cheer-leading the markets this weekend was Bloomberg, who did all but call the bears (market bears, not cartoon ones) losers, who missed the market rally while worrying about silly things like "falling home sales, record European budget deficits and the debasement of the U.S. dollar." That’s not just a direct quote – that’s how they LEAD off the article! As Bloomberg points out, the Bulls were looking like losers in July but they "were vindicated by the rebound that added $2.6 trillion in value." I think that is just brilliant logic – especially in light of the fact that net cash inflows to the market have been less than $100Bn in 2010 so we are getting a fantastic 26:1 leverage of market value increase for every dollar that is actually put into the market – what can possibly go wrong with that model? "
http://ilene.typepad.com/ourfavorites/2010/12/monday-market-movement-pulling-on-global-threads-and-the-sep.html
"The Bernanke was on 60 Minutes last night and he said he is "100 percent" confident that, when necessary, the central banks can control inflation and reverse accommodative monetary policy. No, I’m not kidding – he actually said that! I know, what a friggin’ tool…
In The Bernank’s defense, I think he meant to say that inflation is AT 100% when you look at things like Oil, which has risen from $45 in April of 2009 back to $90 a barrel in 2010 despite an additional 5M people losing their jobs and an additional 2M people losing their homes. "
(from the above link, just thot it was funny..)
have i mentioned how shocked i am that the XRT is higher this december than it was in 2007 when people had jobs? (unemployment rate was 4.6%)
prechter was all bear all the time in the 90's, ....begs the question; then what was he in the 2000's?
oh yeah....Zombie Bear!! lol. He sent out an interim report today, wanna guess what it said, haha.
karen, re BB and inflation
I'll be interested in the first financial writer that is not such a dumb ass monkey that the moment inflation is discussed their first example is oil prices in the exact same breath as job losses and home foreclosures!!!!!!!!!
oh so conflicted and confused people are, it's fair to say the vast majority of people believe in:
"Problem is: I hate buying a market that is being supported by only one factor, even if it is the Fed"
IOW, this says the market is "up on the Fed". So, what makes them think the Fed can't be just as effective at bringing prices down?
If it was all the Fed blowing the last bubble seeing as how they get credit for "supporting asset prices", then why don't they also get credit for crashing it all?
if their track record might indicate what to expect from them in the future I'd say odds are way in the wizards favor, look how fast he brought oil prices down last time
oh, wait, what's that....the Fed doesn't get credit for the crash
this convo is a non-starter.....
Oh this is funny! :-)
http://www.zerohedge.com/article/barry-ritholtzs-advice-tim-geithner-how-make-comparable-killer-blog
3. Allow (moderated) comments:
Wanna learn what the public thinks? Allow comments. But not just any comments — the unwashed masses are, well, unwashed. This means you must be a little selective. Make readers register, and screen out the obvious loons. Once you eliminate the demented crazies, gold bugs, and ZH readers, you will be left with some interesting feedback from the public.
---
Might as well make a (3a.)...
Moderate ALL comments, and if they don't agree with your point of view, then delete the comments... Be a fascist liberal and deny freedom of speech...
And dog fotos... LOTS of dog fotos & vacation pics...
ben, i think the point is the fed can control the money supply but not where the money goes.. they can also monetize debt as we have seen.
alaidi
2 left shoulders, 1 head & 2 right shoulders $AUDUSD staring in left screen of this video http://bit.ly/fzXDY0
exactly Karen.....but people should be careful saying
"where the money" goes, this was the point he tried to make over and over again, they aren't printing any money, ...it's all debt!!! and certainly they can monetize, but this doesn't mean there is "more money" at all!
this is falling on deaf ears though, everywhere.
I see it every day, someone says
"the money has to go somewhere"
money maybe does, credit can just go poof, its magic, not to mention, imo this argument has turned into a derivative to the "cash on the sidelines" idea, where people act as if the market is a big balloon, that gets "bigger" as more cash comes in.
AGQ and SLV are getting scary..
@Andy
I'd disagree with the Oklahoma line... I'd take the points with UConn...
I'd actually only think about taking OU if the line were to move to 18 or 20 or something... It would mean that Vegas was "chasing" the line...
17 points is a lot of disrespect...
is that a rev h&s on the ten min spx??
@karen
I'll bet Blythe Masters is adding a lot of whiskey to her egg nog these days!
Oh... and if you all want a real hoot... Go to the CNBC website and click on the link to all their "predictions" for 2011...
Pretty much all of them revolve around BTE, stocks gaining 20%, sales rebounding, etc...
lol
I sort of fancy her as a scotch drinker, she's a man under her clothes....hairy chest, etc.
XRT on less than half volume today, beat Nov high..
I meant XHB.. NOT XRT..
new high in $wlsh.. i won't bother with the RSI neg divergence but am wondering if it can hold above 13000 3 days running..
if spx closes above 1220 for third time today, and dips tomorrow.. we will know what to do! JBTFD upro!!
$vix.x... is that a quadruple bottom since, like October?
Karen, you pro.
:)
http://247wallst.com/2010/12/06/rare-earths-and-the-rumor-trade-mcp-remx-ree/
rosie today brings up what we were discussing last week,
"ADP does it again! The indicator has botched the story now in nine of the past 11 months"
if you look at the table in his letter you can see how drastic it's been, but I bet you all CV's nicklez that if ADP prints hot again next time you'll start hearing about the huge BTE upside surprise that could happen in NFP
and so it goes
Convertbond
New 2011 German Central Bank #GDP forecast of 2% vs. 3.6% 2010, 30% of Euro-zone economy
i do wonder if we are seeing another buying op for TBT.. it has been a JBTFD since first week of October..
I don't think that one is done yet karen, but forget shorting the long bond, I've got bigger ideas for January
Zombie BEAR!!!!!!!!
From Yahoo Finance:
Obama's Tax-Cut Retreat, Through Two Lenses - David Leonhardt, NYT
"Which party would receive more blame for allowing tax cuts on everyone to rise?"
..Take a look at that last sentence. I think I need an interpretation. Please.
We're on 58 days above the 200say MA on SPX...
That 55 number has kind of been the near duration of a lot of moves...
- In the January 2010 low (to the April 2010 high), it was near that number...
- In the summer, it spent in that range under the 200MA, before pulling back again, then regaining it finally after all the QE2 crap...
Bruce, I am counting on you to decipher that for me..
http://www.huffingtonpost.com/2010/12/06/bank-of-america-bailout_n_792438.html
this can't be good for social security either.. in discussion last night, unemployment for 16-25 year olds is something like 25%
http://www.huffingtonpost.com/2010/12/05/job-market-unemployment-chart_n_792202.html#comments
http://www.businessinsider.com/tim-and-ben-cartoon-2010-12
What has obama followed through on from his campaign?
healthcare is the one thing I can think of, the one thing there seemed to be tremendous opposition against, though I'm likely wrong as he told Rolling Stone he'd already accomplished 80% of what he had set out to do as president.
the things that lots of people wanted, like ending the wars, especially that war on terrorism which has no defined enemy or purpose, or raising taxes on top 1%, things he promised that I can remember....lol, he's not doing that stuff dummies.
"he told Rolling Stone he'd already accomplished 80% of what he had set out to do as president."
Let's see:
- get a dog... check
- go on dope vacations... check
- get a new basketball court put in... check
- get a new big screen for the movie room... check
- create jobs... nope
Yeah, that's about 80%, I think he's just gonna need more time on that last one...
prechter's update had a funny line in it
"Bulls in numerous markets are as cocky as they get"
ha! you don't say, I thought all the "fed has your back" talkie was perfectly legit.
don't forget about the garden CV.
and, did they paint the WH roof white? you know, to save on energy....
Seriously though...
This political system is about the stupidest thing ever...
I mean... If this were a company, and the company bottom line was tanking through the floor, the board of directors would FIRE the President, and get on with new management...
It's called "impeachment" (not literally, but figuratively)...
What the hell are we waiting around for?... Two more years of sitting here doing nothing isn't going to help things much...
"did they paint the WH roof white?"
Not sure... But all I know is it's 9 degrees with the wind chill in Washington DC right now...
So I'm sure it's a GREAT idea if they painted the roof white... You know to keep it "cool", and get it down to somewhere around SUB zero without having to run the air conditioner...
(rolls eyes)
i think we can only give the gld:uup chart one more day.. tomorrow, to carry out or not carry out : )
http://www.forexlive.com/151789/all/e-bond-idea-not-getting-a-lot-of-love
YGBFKM...SPX pushing for a daily 3LB reversal up. So far they've failed to beat the high so now it's all or nothing.
$wlsh making new high on the day and year..
http://www.zerohedge.com/article/assange-arranging-meet-police-consent
Dec. 6 (Bloomberg) -- Goldman Sachs Asset Management Chairman Jim O'Neill talks about investing in emerging markets as consumer spending in the so-called BRIC economies surges. O'Neill, speaking with Bloomberg's Linda Yueh in London, said spending in Brazil, Russia, India and China may climb by more than $500 billion a year.
http://www.youtube.com/user/Bloomberg#p/u/1/Fmg0DFvOSPI
"consumer spending in the so-called BRIC economies surges."
Let me guess... They're BORROWING the $$ to spend from banks...
wow! there go gold and silver..
So who will be calling JPM with margin calls?
Ring ring. Pay up.
The White House was recently insulated with the furs from all of the ZOMBIE BEARS AHHHH! that they have been killing.
It aint just the Wizard of Oz and his boys in the USG that are killing the bears...
International. Capital. Flows.
87 octane "REGULAR" gas was $3.09 over the weekend around here...
U.S. share of world's 100 tallest buildings:
•1990: 80%
•2012: 18%
Obviously what is needed is skyscraper Viagra...
CV:
I had a good friend drive my Prius this weekend and is giving up his gas hog truck....
He thinks the difference in gas (medical salesman with a big territory) will make up the note...
not part of the "core inflations" statistics that the Bernank reads...
So NO... There's NO INFLATION!
@Bruce
That's not the point...
There are a lot of people who NEED trucks to do their work...
Yeah... I can't wait to see all the maintenance people and contractors showing up hauling trailers with their VOLTS & Prius...
I see Toyota with a hybrid truck in another 2 or 3. If it got 40, they'd sell a billion...
(and I know, CV, I'm not giving up my truck either until they pry my cold, dead, a## from the seat..)
Need that tree removed in your yard?
Yeah no problem... I'll come along and just remove it... and stick all the cuttings into the hatchback, and tie the rest to my bicycle rack on my Prius...
CV has Prius envy......
(smirk)
Gotta go folks...
Bruce... You know I'm just "funnin' ya" with that Prius talk...
CV will be back for C'MON MAN
I guess I'm going with the Patriots tonight (but it's a (0 unit) play for me...
I gave back yesterday with my EXOTICS... Panthers couldn't even cover a 15 point tease...
What a bunch of HACKS!
Bruce, what kind of rig do you drive?
these daily candles are all so fascinating (and similar): xlf, xrt, $spx, $wlsh
CV...no groan for the Prius envy wordplay? Do you know how hard I work for these moments...
...Humbug.
I man:
I do drive a Prius, and I use a GMC Sierra on the weekends. Farm/work truck...
??? !!! zerohedge
US Treasury says commencing underwritten public offering of 2.4bln shares of Citigroup (C) common stock
It used to be my main ride, I grew up on trucks. Love the height, glass, room...
Bruce,
don't take this wrong way but my main issue with the prius
those things are so ugly
now your GMC Sierra, that's pretty sharp looking imo
when I'm going for an auto it's all about the color and body style .... :-)
WASHINGTON (MarketWatch) -- The U.S. Treasury said it's planning to sell 2.4 billion shares of Citigroup (C 4.42, -0.03, -0.67%) stock, dependent on receiving an "acceptable" price. Treasury has already sold 5.3 billion of the 7.7 billion shares that the government received in exchange for Citi's participation in the Capital Purchase Plan. If the stock offering goes through, the Treasury would still hold warrants for Citi stock, and up to $800 million in FDIC-held trust preferred securities that the agency has to turn over to the Treasury unless it incurs any losses on debt of Citigroup that it's guaranteed.
I'm still trying to figure out if I want to get a Chevy, Ford, or GMC. I'd probably go with the Silv/F150/Sierra full size. Or maybe just a Suburban. Thankfully, I have plenty of time to decide, as I dont exactly have a stack of "high tech $100s" to throw around on the used market at this time. Prices keep coming down though... and man, are there a ton of sick boats for sale out where any of yall live, or what?
Traded all from the long side today, caught a few nice 10 tick-ers, but nothing fancy.
http://247wallst.com/2010/12/06/treasury-files-to-unload-citi-stake-c/
http://position-sizing.blogspot.com/2010/12/miniscule-volume-today.html
In a full day of trading with no obvious vacation disruption, SPY traded ~99 million shares today (the count as of 3:24 pm central). To put this in context, SPY volume has not traded below 100M shares in the last 2 years except for half days or days where the first stringers were likely to be on vacation, and the second stringers were running the show:
Nov 26, 2010 (half day after Thanksgiving = vacation/second stringers).
Dec 24-31, 2009 (half day on Dec 24, followed by short week to close the year = vacation/second stringers).
Dec 22, 2009 (second stringers).
Dec 24-26, 2008 (half day plus vacation = second stringers).
The 200-day moving average of volume in SPY is over 205M shares per day.
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