IWM vs SPY (weekly info)WEEKLY REVERSAL new low 0.603
trend=no
direction=down (1 bar)
low= 0.603
rev= 0.628; mid= 0.615
I've read somewhere that this is a good way to view liquidity in the market. Since there was a weekly 3LB reversal down does this mean liquidity is starting to dry up? If it is then does that mean QE3 is closer than we think? It's also now below its monthly 3LB reversal price. Ruh roh?
vs 
Let the trash talking begin!!!
125 comments:
Amen:
Hussman's entire discussion today is on liquidity and interest rates. Worth a read.
"In terms of liquidity preference, a completion of QE2 requires liquidity preference to increase to 16 cents per dollar of nominal GDP - easily the highest level in history. We hit 15 cents at the peak of the credit crisis. To get past that, short-term interest rates will have to decline to the point where there is no competition from interest rates at all, but where the slightest amount of interest rate pressure would either drive inflation higher or force a massive contraction in the Fed's balance sheet to avoid that outcome. Then what?"
Interesting, both of you.. morning, btw..
I don't know much about your pigskin/gridiron game but the Jets showed a lot of heart to come back from 24 down. The Steelers run game (offense and defense) was the difference. Sanchez had a decent game. Mendenhall really was the engine for Pittsburgh.
The Bears QB situation seems odd. Cutler = MEOW. Next guy = Older than Favre, then Third Guy = Rookie. You get what you pay for, right? It's hard to say how good Green Bay are b/c Chicago was so poor.
I will be busy on deadline the next two days but will pop up with illuminating comments if anything interesting happens, which we doubt at the moment.
USO broke it's neckline.. and GLD i downtrend on chart.. GDX was the leader on that.. Andy put up the good charts last night if you missed..
Bruce
Another good quote from Hussman:
"As for the U.S. financial system - particularly major banks - I am continually perplexed by the juxtaposition of tens of millions of underwater mortgages and millions of delinquent and unforeclosed homes, coupled with a set of FASB accounting rules (revised at the height of the recent crisis) that allows these debts to be carried at face value upon the discretion of the banks that report the data. I'll say one thing - it should take less than two seconds of thought to recognize that allowing dividends, bonuses, and other withdrawals of capital - without the requirement that banks mark their assets to market - is quite literally how Ponzi schemes function. We've laid a lovely turf lawn over a toxic waste dump, and are all too willing to assume that the underlying issues have been solved. The FASB and the Fed have turned the U.S. banking system into the Love Canal."
GDX may be done and DUSTed.
Someone sent me a naughty text this morning that reminded me of the Love Canal, but not the Superfund site...
Karen
GLD is trending down on the weekly 3LB.
Ok WTH just happened? Is Ireland about to denounce the bailout and file bankruptcy?
AR, everything can be explained by one two things.. or both: POMO and THE ECONOMY.
Karen
LMAO.
WHO put a $500 price on AAPL?
(shakes head)
18
Bought a little more DOD today...Uncle Tepper would be proud of little me..
EEM double top 48.
Will see resistance at 47 if another shoulder forms.
If we clear 48, well, it is going higher.
That would be surprising in view of China.
But this is all liquidity and flow trading, so who knows..?
It's hard to imagine that we'll have downturn in equities until dumbo ears gives his SOTU address tomorrow night...
He needs to remind us how great this "recoveryless recovery" is going, that the "PROFIT" to earnings numbers look good, and to JBTFD...
wow, lots of funny comments to start the week by pundits, I especially liked this one:
"It suggests a return to normalcy in investing."
who cares what that comment is in relation to, the statement itself, right now, or lets say 12 months from now, no, 18 months from now....well, you decide, you think that's how this is going? If you agree, could you please explain to me what normal investing used to look like so I can judge for myself?
Couple videos (sorry if these were posted before):
http://www.bloomberg.com/video/65873484/
http://www.bloomberg.com/video/65553194/ (couple weeks old)
*note also in nearly every video with a major pundit what is being used to back up bullish arguments. The economy. Neely said in September this was exactly how it would play given the wave pattern requirement, I posted his quote here several times. I think it's fair to say he was correct in stating that within 4 months the economy would convince people it was safe to get into stocks again, couple this with the Fed's supposed magic and all these people calling for a correction are just salivating to buy the dip. We are wondering if this is a recipe for disaster. Just count each day how many pundits repeat "the economy is certainly improving" to help add to any bullish analysis, you might find that it is consensus!
Last, Bruce, I'm trying to wrap my head around your posts today.Your first was the Hussman article, which was interesting as most of his stuff is. Then I see you are buying DOD. Was that a typo? I needed to look up DOD as I didn't know the symbol. I see it's an ETN you are an owner of there. So, I'm curious, why are you buying ETN's if you believe what Hussman wrote, specifically what was posted by Ra @ 9:40?
ETN vs. ETF, not the same thing, at all. I'm curious why you'd buy one.
Last, Bill Gross Rec'd NLY in Barron's over the weekend. This was not a surprise, PIMCO is not expecting rates to come up any time soon. I have lunch with them next week but last I got together with them they weren't looking for a rate hike until at least 2012. The NLY investment thesis if that's your outlook is really very easy to understand.
good luck this week team, lots of earnings.
big volume spike on dia 11:10-11:20.. over 1.25 million shares to keep it up.. (clear from red..) this next ten minute is going to be interesting..
Good reminder on dumbo ears and SOTU.
K, it's important to keep it up.
oh, also, to understand bullish expectations for markets, lets keep in mind last weeks decline was the worst in two months
we hardly even moved down!
@cv. Good point on the SOTU.
Also, agree with you that we might see a blowout type Super Bowl again....
I'm going to go after those prop bets on Packers -14, etc....
anyone ever charted the SOTU to see market relationship?
I never have, never seen a study of it either.
Bankers now to go CoCoNuts in Banana World?
http://www.bloomberg.com/news/2011-01-24/barclays-may-pay-most-senior-bankers-bonuses-in-contingent-convertibles.html
Ben,
http://finance.yahoo.com/echarts?s=DOD+Interactive#chart1:symbol=dod;range=2y;compare=dia+^dji;indicator=ke_it+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
...As far as believing Hussman, and I do, I think as I stated when we first discovered Teppermania, that sometimes you JBTFD, even though you know in time how the story will end.
...just a trade not buy and hold..
"normalcy in investing" (ror) = JBTFD
Bruce,
well, I sort of figured it was a trade, but that's not really what I was getting at.
I don't know much about Elements, but maybe it's worth looking into:
https://www.elementsetn.com/PartnersPage.aspx
Also consider what an ETN actually is:
http://www.marketoracle.co.uk/Article8742.html
it would just seem to me if you thought banks really were running ponzi's and understanding that ponzi's can and do collapse very quickly, you wouldn't even want to "trade" that kind of paper with them.
From the article, as an example:
"The iPath S&P GSCI Crude Oil ETN (OIL) is very popular right now. It's designed to track the return of a crude oil price index. This gives you a way to participate in the crude oil market without using more complicated and risky tools like futures.
When you buy the OIL ETN you're not buying oil. You're buying a promise from the issuer to pay you some date in the future.
When you buy the OIL ETN, are you actually buying oil? No, you're not. What you are buying is a promise from the issuer — British banking giant Barclays, the corporate parent of iPath — to pay you a return linked to the performance of the Goldman Sachs Crude Oil Return Index at some date in the future.
So with OIL you don't get any oil, directly or indirectly. All you get is a promise from Barclays Bank that you'll be repaid when the ETN matures, with no claim on any particular assets. You are now an unsecured creditor of Barclays."
"This brings up another question: What guarantee do you have that Barclays Bank will be around to make good on its promise? Answer: none."
Why not just buy the stocks in the DOW? You've got a Schwab account, utilize the stop loss tools they have, that's likely lower cost for you over the course of a year and at least there you truly understand what you own. I know a standard argument to this is that "I have to follow the individual companies then" but come on, if you own DOD you should be doing that anyway...right?
Just a thought, you're my boy.
thanks, Ben. I will put a neuron or two on it.
the SF FED paper: "Operation Twist and Its Implications for QE2" http://bit.ly/gJ3USg
And i tot the indu would rollover today.. i keep misplacing my JBTFD memo.. that or my shock collar malfunctioned.
http://finance.yahoo.com/tech-ticker/obama-is-%22clueless%22-peter-schiff-weighs-in-on-sotu-jeff-immelt's-new-gig-535844.html
Wonder how much more overbot we can get? since the beginning of december.. RSI (14) getting close to 80.. as it did last April and November..
Ashraf Laidi
last time Dow had 8 straight up weeks was before the Flash Crash
http://www.reuters.com/article/idUSN2115073620110121
DETROIT, Jan 21 (Reuters) - J.D. Power, which tracks the U.S. auto market, on Friday raised its forecast for 2011 sales by almost 2 percent on the basis of a strong start to sales in January.
The forecasting and sales-tracking firm said it expected 2011 sales to total nearly 13 million vehicles, up from an earlier forecast for 12.8 million vehicles.
"Optimism is increasing for the auto industry following a stronger outlook for the economy," Jeff Schuster, director of forecasting at J.D. Power, said in a statement.
If the economy improves "and credit availability increases, further upside potential remains," he said.
...Let's see where gas prices go, and interest rates...but who knows?
Diana Olick
Dataquick: CA home sales up 15% m/m in Dec. Down 13% y/y
Bruce
Too many "ifs".
Bruce.. on the JD Power forecasts.. past performance is not generally indicative of future results..
except where the indices are concerned.. they are going up for ever on THE ECONOMY.
"J.D. Power, which tracks the U.S. auto market, on Friday raised its forecast for 2011 sales by almost 2 percent on the basis of a strong start to sales in January."
ooh ooh, let me try to re-write that:
J.D. Power, which tracks the U.S. auto market, on Friday extrapolated the current trend in auto sales and raised their forecast for 2011.
"We don't really have another method" Jeff Schuster, director of forecasting at J.D. Power, said in a statement. "Basically we assume if things have been going well they will keep going well."
As an aside, it took all of 3 minutes to see if this is all they've ever done, check out this magic quote from....yes Schuster, in summer 2008:
“The weak performance seen in June 2008 is expected to carry over into July, and year-over-year comparisons mark June as the weakest month on a seasonally adjusted annualized rate since 1993,” said Schuster.
Conclusion: JD Power doesn't give forecasts, they predict the past.
Minyanville Media
Here Is That Bullish 'New Super-Cycle' Report Everyone Is Talking About http://j.mp/gqdZD1
Also, another long weekend of study and I figured I'd share a little insight with some of you other TA junkies. This is real magic, so review it slowly.
In my reading of the chicken entrails work late Saturday night I finally figured out that it is the chicken that is sacred, the entrails are secondary.
Alright, off to apply for that new research analyst position at JD Power.
"When the Government of Thailand cut its GDP forecast in HALF this week (versus 2010’s +8% growth) to 4-5% for 2011 they weren’t thinking about how many cashmere sweater-sets Macy’s [M 23.47 0.33 (+1.43%) ] is selling on snow days.
They pointed to one issue - Chinese growth slowing.
Yes, at a point, Chinese demand slowing should take the edge off The Ber-nank’s inflation trades."
"But the best way to fight Global Inflation Accelerating, is for the world to see a sustainably strong US Dollar. That’s where the real popular political juice is. That’s where American credibility in the global financial community can find her footing again."
http://www.cnbc.com/id/41234185
I am just another empty suit on the 6.44 to Grand Central.
What do you expect, macroeconomic analysis?
If I was any good would I be at JD Power?
i wonder why USO has broken with the $spx..
Look I made a billion...
Even though I should be in jail with the Fabulous Fab...
http://www.bloomberg.com/news/2011-01-24/paulson-made-more-than-1-billion-on-citigroup-stake.html
Facebook Involved in 20% of American Divorces
http://www.minyanville.com/dailyfeed/facebook-involved-in-20-of/
K.
My LONGS are UP. Just thought you'd like to know.
Court Removes Rahm Emanuel From Chicago Mayoral Ballot...
I can hear the expletives now coming from Rahm.
More here: chicagotribune.com Court Rules Against Rahm
http://www.businessinsider.com/two-more-fresh-signs-that-were-in-a-bubble-2011-1
No worries. We'll RAHM it through the legislature.
where can i get my dow 12k panties?
I need as many puppets as possible running America.
where can i get my dow 12k panties?
I've already got mine on but you're not seeing them.
where can i get my dow 12k panties?
http://www.fredericks.com/Rhinestone_Thong/06181,default,pd.html?cgid=pa9
So...what happened to China tightening over the weekend and the whole market falling apart? I'm getting tired of waiting, and I'm running out of popcorn.
"The problem with the Fed is not its chairmen's decisions per se but its very existence. No Fed chairman has ever made a useful decision, because the institution itself is harmful and immoral. It is based on political privilege, monopoloy power, counterfeiting, partisanship and theft. The ecology of humanity, left alone, rewards and punishes the right people; initiating force is required only in order to circumvent justice. When Congress created the Fed, it initiated force against most Americans in order to reward undeserving people. The result has been colossal injustice."
Robert Prechter, January 2011, during his "broad view" of Greenspan's Challenge.
Other people, they tell you that we MUST have a Fed and not only that we must have them, but that any threat to their independence is completely out of the question.
Also as we have all already pointed out here:
"Fed Chairman Bernanke stated outright that one of his goals was to boost stock prices to produce a "wealth effect." But consider: Won't boosting prices for food, rent and gasoline produce a "poverty effect?" And won't the wealth effect, which affects only stockholders, be narrower than the poverty effect, which affects everyone?"
We might just kiss Dow 12k, Karen.
Do you kiss?
k-
maybe the 'Giambino' could assist you in locating one (?)
http://www.observer.com/2008/jason-giambi-and-king-thong
AAIP
Jennifer, patience is a virtue ; )
Seriously, it is getting a lot more interesting now.. i am reminded of blowing up a balloon from one of those really really cheap bags.. you know.. the ones that were so good for water balloons? but they were flawed and irregular and you never knew if it would blow up in your face! it got scarier and scarier with each breath..
Jennifer,
Hu's going to tighten, and when?
Those are the central questions.
Lunar New Year dead ahead of us, it won't be long.
But for the moment is it "LONG" or "WRONG"?
"Do not try to bend the spoon. Thats impossible. Instead, only try to realize the truth. There is no spoon. Then you will see that it is not the spoon that bends, it is only your self."
ben22
Step away from the Mises. You are awfully close to preaching, check your risk.
Mark
One would imagine that Jason and Karen don't wear the same size.
Mark, please, i didn't need to see that and wasn't impressed, LOL.
SEE! IT IS BENDING !!!
http://www.housingwire.com/2011/01/24/jpmorgan-homes-sales-must-average-5-5-million-yearly-to-absorb-liquidations
"Step away from the Mises. You are awfully close to preaching, check your risk."
lol, ok
and what, is my risk, exactly? care to reveal my trades to me.....
come on now, enlighten me....
oh, and if you care to "prove" Bernanke's statement, how about you step up, get a handle, and enlighten all of us mmmm k?
Nothing bending here...
and while you're at it, please provide a list of actions the Fed has performed since inception that are in the best interests of "the people"
I'll be waiting.
i am reminded of blowing up a balloon from one of those really really cheap bags
Do you have a lot of experience in blowing..?
We will not have much of a bond report today.... as still as the waves on Lake Michigan when it is 20 below.
bruce.. i am so perplexed over DOD.. low volume and it hardly moves! why didn't you stick with UPRO? unless you have your sights on 13k..
it takes 100 pts to get less than a half % out of it.. and vol is 2500 shares.. you must have been pulling our legs, LOL.
TBT still holding strong.. wonder if this "dip" is another buying op as they all have been since late august..
i sold some shipping shares today.. thanks to JPM upgrade to overweight..
No waves on Lake Michigan, only ice.
@14:33
it wasn't a "Size"-association, but a "Niche" one..
read: if he can find one in his Size, the same Shoppe, probably, has 'other' "Novelty" accoutrements..like DOW 12K-themed 'Apparel'..
ibid.
MackieFear,
speaking of LvM, you ever read his Book: "Human Action" ? it's a keeper, always amazed by its lucidity..
Exactly, nothing moving in bonds except JNK up a bit.
Auctions of 2s, 5s and 7s dead ahead this week.
Jennifer! laughing.. that is what he meant..
interesting tidbit if true: financials most shorted sector of sp1500 accounting for 21% of all shorts, consumer discretionary close second followed by technology
and get this from YahooFinance: Survey of BUSINESS ECONOMISTS shows improved jobs outlook.. http://yhoo.it/ikigN6
@Mark,
I haven't heard of that, I'll look for it on Amazon.
@karen,
I still don't understand why he just wouldn't buy high yielders in the DOW directly rather than that thing. Doesn't Schwab have 150 free trades or so? VZ took a nice dump, for example, that could be worth a trade if you think this is a dip to buy. Or, why not just buy DIA if you wanted broad exposure, ....maybe the div is lower on DIA.
Anon,
you know, you're likely the same person that got on here right before last april's top to tell me to "stop shorting this thing"
as if you have any clue at all what my "risk" is, simply another in the long line of people on blogs that feel the need to lecture me from time to time. And so it goes.....
stop thinking because you read some of my comments that you know anything at all about me and what I'm doing
pathetic
do not fear turnaround tuesday and jbtfd because this market can stay irrational ffe.
I'm forever blowing bubbles
Pretty bubbles in the air....
K.,
Do you need help blowing up your balloons?
[This reminds our correspondent about the au pair joke...]
Ben, i'm not sure that that anon wasn't LB.. in any case.. you are keeping me somewhat sane and I thank you for that.. you've taken the place of Bennet Sedacca for me.. : )
http://specials.msn.com/A-List/Lifestyle/Olbermann-fired-from-MSNBC.aspx?cp-documentid=27363041
Karen,
I doubt it, LB tells me when he thinks I'm wrong, and doesn't hide behind some anon handle, but maybe it was him, in which case, my response is still the same.
Glad you enjoyed the sermon this afternoon.
I might stop by and preach a little bit tomorrow as well.
Ben, half if not most of the anon posts above are LB.. don't you know him yet!? Personally, i didn't think it was sermon-like, anyway..
http://www.housingwire.com/2011/01/24/two-texas-republicans-taking-lead-on-gse-privitization-cfpb-creation
McB,
one can get a good look at it, here:
http://mises.org/resources/3250
sometimes I can tell it's him, other times I don't think it is
doesn't really matter either way
that post annoyed me, perhaps that was the point
it worked
http://search.yippy.com/search?input-form=clusty-simple&v%3Asources=webplus&v%3Aproject=clusty&query=mises.org+Mises+Human+Action+online+study+guide
ibid.
LB infuriates me all the time! LOL
I have no idea why ZH is saying this: The market is about to get an incremental $25 billion in excess weekly liquidity
IS JJC making a right shoulder ??
FCX is either a falling knife to catch carefully or headed for breakdown..
ben22:
It wasn't me. I don't sermonize.
I am no longer PERMALONG. In investing terms.
Now in other areas, Karen...
POMOs this week everything between 2s and 7s.
Which is handy since they are going to be selling more....
Now, i don't want to annoy anyone with this.. but it seems there are two sides to every coin:
http://www.businessinsider.com/busted-texas-was-the-1-stimulus-moocher-2011-1
Karen: re FCX, I caught that knife on Friday, but missed my exit today. Looking ugly right now...pondering my options :-)
oops on gold and gdx and most of the miners..
my ex holding NXG is the worst performer on my list today.. copper and gold jr..
FCX looks like a Major 'double-top'
http://finviz.com/quote.ashx?t=FCX&ty=c&ta=0&p=m
AAIP
past performance is not... but don't look for green shoots here:
Bay area forclosed resales increase for fifth consecutive month: DataQuick http://goo.gl/fb/tbJqe
We added to our short of EEM at about 2pm, in between some of the Dow 12k comments and Jennifer capitulating. Looks OK for now.
If only we could get Karen to capitulate...
worth a quick skim: http://www.dailyfx.com/forex/analyst_picks/todays_picks/john_kicklighter/2011/01/24/Heavy_Event_Risk_and_Big_Trades_Ahead.html
http://www.businessinsider.com/everything-you-need-to-know-about-the-rapidly-growing-lingerie-industry-2011-1
now, don't click to see the slides.. though this is a legit business article.. LOL
Took down more HY. Down to 13% HY now.
Sometimes hard to trade when K discusses lingerie....
@ben22
Don't think whoever that ANON is, that it's me...
I've been busy all day getting ready for my OSCAR PREDICTIONS...
But first I have to do my PREDICTION OF OSCAR NOMINEE PREDICTIONS (they come out tomorrow)...
I suppose we will probably have to endure Dow 12k before SOTU.
Can't Liechtenstein have a dodgy bond issue or something?
Not the Green Lantern...not that I would admit to having seen that over the weekend.
RSI (13) just hit as high as i've seen it on DIA.. that is d*mn high.. higher than last april (before the you-know-what) and higher than november before the mini correction : )
i
K
Did you take anything down today? We still have our shorts on but took down some HY.
Here's what I go thus far: (NOMINEES)
Best Picture
- The Social Network
- The King's Speech
- The Fighter
- The Kid's are Alright
- Black Swan
- True Grit
- 127 Hours
Best Actor
Colin Firth - The King's Speech
Jesse Eisenberg - The Social Network
James Franco - 127 Hours
Robert Duvall - Get Low
Ryan Gosling - Blue Valentine
Jeff Bridges - True Grit
Best Actress
Annette Bening - The Kids are Alright
Natalie Portman - Black Swan
Jennifer Lawrence - Winter's Bone
Noomi Rapace - The Girl With the Dragon Tattoo
Nicole Kidman - Rabbit Hole
Best Supporting Actor
Christian Bale - The Fighter
Jeremy Renner - The Town
Matt Damon - True Grit
Geoffrey Rush - The King's Speech
Sam Rockwell - Conviction
Best Supporting Actress
Amy Adams - The Fighter
Mila Kunis - The Black Swan
Helena Bonham Carter - The King's Speech
Hailee Steinfeld - True Grit
Melissa Leo - Winter's Bone
I listed ALL in order of how I'd handicap their chances of WINNING in the end...
7900 shipping shares.. the last 100 i'm still stuck with, lol..
almost took some profits on a few k dto but today exceeded my target my 1.5 pts so i want to let that ride for now.
gotta go...
is there a market?
do people actually trade stocks? :-)
CV,
Never in my life would I expect you to defend the fed or accuse me of preaching for saying anything bad about them, or simply re-typing what someone else said.
Of all the people I'd ever think of to defend the Fed, you'd be last on that list.
now that's funny
like I said, it is likely the same person that warned me to "stop shorting" last spring, they probably would find it really interesting that I've only been short about 15% of the time since October 2008.....
people should not confuse fundamental big picture discussions on the economy with trading
is there a market?
NO
do people actually trade stocks? :-)
WE DO
I like the ones who come on and say stuff like:
DO Not short Imperial mighty Red Dragon. Mighty Chinese nation of growing power will sweep away all western demagogues.
In America, you can always find market.
In China, market always find you.
China may be running scared of real hikes but India is joining Korea in nipping the food inflation riots in the bid before they begin:
http://www.bloomberg.com/news/2011-01-24/reserve-bank-of-india-says-monetary-policy-must-focus-on-curbing-inflation.html?t=E-SVMCF-FULL&pos=3
An out of control surge in rice prices would kill a lot of people in India, these commodity bubbles are no joke.
I'd like to see True Grit, sounded like everyone here liked it.
Crude Oil 87.89 -1.22 -1.37
Natural Gas 4.601 -0.142 -3.01
Corn 655.25 -2.00 -0.30
Soybeans 1404.50 -7.75 -0.55
30yr Bond 120.31250 +0.21875 +0.18
10yr Note 120.234375 +0.078125 +0.07
NY Gold 1335.1 -5.9 -0.44
NY Silver 26.950 -0.477 -1.73
http://www.ino.com/
Every time I look at my high yield positions, I think there I am, with too much risk on.... it feels very much like another flash crash set up, and I am nervous that everything will get smacked again.
OTOH, this doesn't feel like a load up on Treasuries scenario yet.
http://finviz.com/futures_charts.ashx?t=ZR
Rough Rice over 0.15
First UAV Flight in Support of Domestic Law Enforcement Operation Occurred in 2009 in Austin
January 24th, 2011
Via: Washington Post:
AUSTIN – The suspect’s house, just west of this city, sat on a hilltop at the end of a steep, exposed driveway. Agents with the Texas Department of Public Safety believed the man inside had a large stash of drugs and a cache of weapons, including high-caliber rifles.
As dawn broke, a SWAT team waiting to execute a search warrant wanted a last-minute aerial sweep of the property, in part to check for unseen dangers. But there was a problem: The department’s aircraft section feared that if it put up a helicopter, the suspect might try to shoot it down.
So the Texas agents did what no state or local law enforcement agency had done before in a high-risk operation: They launched a drone. A bird-size device called a Wasp floated hundreds of feet into the sky and instantly beamed live video to agents on the ground. The SWAT team stormed the house and arrested the suspect.
“The nice thing is it’s covert,” said Bill C. Nabors Jr., chief pilot with the Texas DPS, who in a recent interview described the 2009 operation for the first time publicly. “You don’t hear it, and unless you know what you’re looking for, you can’t see it.”
http://cryptogon.com/?p=20105
Peter Dale Scott: The Doomsday Project, Deep Events, and the Shrinking of American Democracy
January 24th, 2011
Via: Asia Pacific Journal:
In recent years I have become more and more concerned with the interactions between three important and alarming trends in recent American history. The first is America’s increasing militarization, and above all its inclination, even obsession, to involve itself in needless and pernicious wars. The second, closely related, is the progressive shrinking of public politics and the rule of law as they are subordinated, even domestically, to the requirements of covert U.S. operations abroad.
The third, also closely related, is the important and increasingly deleterious impact on American history and the global extension of American power, of what I have called deep events. These events, like the JFK assassination, the Watergate break-in, or 9/11, which repeatedly involve law-breaking or violence, are mysterious to begin with, are embedded in ongoing covert processes, have consequences that enlarge covert government, and are subsequently covered up by systematic falsifications in media and internal government records.
One factor linking Dallas, Watergate, and 9/11, has been the involvement in all three deep events of personnel involved in America’s highest-level emergency planning, known since the 1980s as Continuity of Government (COG) planning, or more colloquially as “the Doomsday Project.” The implementation of COG plans on 9/11, or what I call Doomsday Power, was the culmination of three decades of such planning, and has resulted in the permanent militarization of the domestic United States, and the imposition at home of institutions and processes designed for domination abroad..."
http://cryptogon.com/?p=20110
ibid.
The Bond Report 1.24.11
A quiet Monday. It was quiet, too quiet.... he mused, as risky credits rose by 0.2% for the 69th consecutive day. The recovery in munis continued among the eerie silence. Little action in Treasuries, with no macro data today and auctions of 2s, 5s and 7s ahead of us this week.
We listened for the buzzing of US factories and the jobless returning to work under President Obanana and his new Emplyment Czar and personal grooming advisor Jiffy Emmelt, but we heard nothing, not even crickets.
Only the stillness of the frozen tundra, the far away howl of a wolf, and snow falling on cedars....
Corpies: LQD 0.05%; AGG -0.06%; JNK 0.22%; HYG 0.14%
Govies: TLT 0.04%; IEI 0.01%; TIP -0.07%
Munis: IQI 0.68%; MUB 0.50%
Mortgages: MBB -0.01%
Hedgies: TBT -0.21%
We get nervous when it is too easy, so we trimmed our HY holdings again and added to our EM shorts.
13% HYG, 10% AGG, 5% TIP, 4% TLT, 3% LQD (total 35%)
14% long equities, 19% short EMs, 6% short gold.
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