TRADERS ANONYMOUS: Morning Corner 2.3.11

Morning Corner 2.3.11

Shanghai Composite (weekly info)
-no change
trend=down
low= 2715.29
rev= 2842.43; mid= 2778.86

Starting to turn bullish as it has closed above the weekly 3LB mid so far this week. Not sure why since their government economic reports are as manipulated as ours. We may have built more homes than needed but they have built cities that aren't occupied.

Year of the Rabbit

Egypt Compilation of the day (re-shuffle your i-POD's)

310 comments:

«Oldest ‹Older 1 – 200 of 310 Newer› Newest»

Anonymous said...: Paperback on the comeback Trail?

http://quotes.ino.com/chart/index.html?s=NYBOT_DX&t=&a=&w=&v=d6

77.286 +0.128 (+0.16%)

ibid.; February 3, 2011 at 7:16 AM
Bruce in Tennessee said...: http://www.taxfoundation.org/taxdata/show/336.html

...click the pdf over to 2008 to see where you are in the tax mess...it is easy. starts at 1977.

http://www.bloomberg.com/news/2011-02-03/christie-raids-illinois-for-jobs-as-deere-digs-to-pay-quinn-s-tax-increase.html

Christie Covets Illinois Jobs as Deere Digs to Pay Tax Increase; February 3, 2011 at 7:28 AM
karen said...: morning!! AR, interesting contrast with $SSEC which is not looking bullish to me but topping.. needs a confirmation candle today.. also.. isn't it at resistance.. 2806-7 area?? so will see how this chapter ends : ); February 3, 2011 at 8:32 AM
karen said...: well, this makes sense as I stopped shopping there: SKS same store sales up 4.4 percent versus consensus of up 5 percent; February 3, 2011 at 8:38 AM
Bruce in Tennessee said...: hmmmm...after the employment numbers futures became a little more negative.....; February 3, 2011 at 9:01 AM
AmenRa said...: Bruce

That might have more to do with EURUSD being down 1.00%; February 3, 2011 at 9:11 AM
Anonymous said...: EURUSD hit the 1.38 barrier, slightly above, turned around.
Top is in for that one.; February 3, 2011 at 9:21 AM
karen said...: yields up! today is not gonna be like yesterday..; February 3, 2011 at 9:28 AM
karen said...: aapl, goog, and GS all red.. just sayn'

tbt needs to turn yesterday or it will soar as everyone jumps on that trade.; February 3, 2011 at 9:42 AM
A fixed income analyst to be named later said...: Keep an eye on 2.15-2.20% on the 5y. That is a very strong area of chart resistance. We don't follow the 10y a great deal, we expect 10s to rise, but for 10s30s gap to close. 30y will be constrained. Mortgages...; February 3, 2011 at 9:42 AM
CV said...: No inflation here...

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/FAO%20January.jpg; February 3, 2011 at 9:43 AM
ben22 said...: got this song stuck in my head, the lyrics seem to "fit"

http://www.youtube.com/watch?v=Fd9ohpDDCRU

Don't it feels right like this
All the pieces fall to his wish
“Suck up for that quick reward, boy
Suck up for that quick reward,” they say

Then it comes to be that the soothing light at the end of your tunnel
Was just a freight train coming your way
Then it comes to be that the soothing light at the end of your tunnel
Was just a freight train coming your way
It's coming your way
It's coming your wayaaay oh yeah!
Here it comes

Play this one real loud.; February 3, 2011 at 9:44 AM
Anonymous said...: Forex & Bonds Last Change Change %
EUR/USD 1.3655 -0.0149 -1.08%
USD/JPY 81.82 +0.28 +0.34%
GBP/USD 1.6173 -0.0011 -0.07%
5-Year Treasury 2.161 +0.062 +2.95%
10-Year Treasury 3.531 +0.042 +1.20%
30-Year Treasury 4.654 +0.014 +0.30%
http://finviz.com/

Fixxy,

I always thought that 'Mortgages' were priced off the UST 10-yr Note, no?

AAIP; February 3, 2011 at 9:54 AM
CV said...: I'm not a "read the instruction manual" type of guy, but that last chart (9:43), to me, looks like the following:

1. If one were to make the SUMMATION that the GRAND SUPERCYCLE was over in the year 2000... Then that's where the FINANCIAL ASSET BUBBLE ended...

2. Since that time, through tinkering with interest rates inflated a HOUSING BUBBLE for a time...

3. When that burst, changing of accounting rules, and MOUNTAINS more debt heaped on the EXISTING DEBT (which is viewed as "money" to the issuers) was funneled in in an effort to maintain liquidity (which I will call THE MONTHLTY NUT)...

4. That "money" (which we know is not MONEY, it is DEBT, found, and is finding its way into food & commodity prices).

5. It never gets reported because food & energy aren't part of the CPI index.

So... as result of what should be DEFLATION (unpayable debt)... We get INFLATION by the magic of accounting and parlor tricks (that nobody actually performs and that have nothing to do with market movements)...

Pretty nifty huh?

Or... Maybe I'm just TOTALLY WRONG about this... Maybe I actually should read the instruction manual because I'm sure that my eyes are deceiving me when I see a small bag of spinach at the supermarket that costs $4, or a box of Cheerios that costs $5...

I never was too smart...

---

Now... If someone would like to follower further on my CONTRIVED logic...

Let's say we announce the end of QE tomorrow, and revert back to the old FASB way of accounting...

If asset & commodity prices were to collapse (I say "if" only because HOW THE HELL DO I KNOW WHAT WOULD ACTUALLY HAPPEN), let's say it would be LIKELY that we would dive in to the DEFLATIONARY spiral that we kinda oughta shoulda be in right now...

Which leaves me to ponder exactly what in the world is the "anti-gravity" that's holding everything up in suspended animation...

Any guesses?; February 3, 2011 at 9:57 AM
Helicopter Ben said...: Which leaves me to ponder exactly what in the world is the "anti-gravity" that's holding everything up in suspended animation...

It's all about me. I am the POWER.; February 3, 2011 at 10:00 AM
karen said...: Fantastic, Ben! Love it! Send that to "AT" his group will blast it properly : ); February 3, 2011 at 10:02 AM
karen said...: Big Short author Michael Lewis, our guest on Tech Ticker, describes how we wound up owning toxic assets http://yhoo.it/ggwvi8; February 3, 2011 at 10:04 AM
Anonymous said...: cv--

that's the thing with the 'Deflation'-theories..no doubt, in a 'hard money'-schema, We would have seen /Deflation/Liquidation/Default, a la '29-'33 ...

but, esp. post '71, it's crypto Petro$/all Paperback, all the Time (even the quality of our faux Coins has gone to S***)

LSS: these 'Prices' can be, to a very great extent, painted any which way that is desired..including Up..

AAIP; February 3, 2011 at 10:11 AM
Bruce in Tennessee said...: That income analyst who has been fixed could probably put more meat on the bone, but if rates keep rising, I would bet the farm that peeps will leave equities...

("Fixed" in the south implies, er, an inability to pass on one's DNA...); February 3, 2011 at 10:12 AM
Jennifer said...: Giles seems to have dug himself out from Westport or wherever and made his way back to the city.; February 3, 2011 at 10:14 AM
Bruce in Tennessee said...: I wouldn't be announcing that I'd been fixed were I an income analyst....but that is just me...; February 3, 2011 at 10:15 AM
karen said...: Nothing wrong with being fixed, Bruce!

Chet.. that chart was great.. we are right back to 2008 before the floor dropped out.; February 3, 2011 at 10:18 AM
Jennifer said...: My cat is fixed :-); February 3, 2011 at 10:23 AM
the bohemian said...: It never gets reported because food & energy aren't part of the CPI index.

the CPI includes food and energy- the "core rate" strips it out-

the Fed- for its purposes- uses the PCE deflator to allow for substitutions- you know- switch to soup bones when meat gets too expensive; February 3, 2011 at 10:23 AM
the bohemian said...: my SDS not looking too shabby today:-)!

Ra/Jennifer- so . . .how's the winter wonderland?; February 3, 2011 at 10:27 AM
Jennifer said...: Re: the snow -- I've never seen anything like it. We got about 2 feet, on top of the 6 inches we already had. But we had 70 mph winds with thunder and lightening so there are all sorts of huge snow drifts. The snow "wall" at the side of the driveway is about 4 feet tall -- it is higher than my little boy's head. We all had fun making a big fort in the middle of the cul-de-sac with the other kids on the street yesterday. Today though, it is too cold to play outside -- I think it is about 5 degrees which is pretty awful.; February 3, 2011 at 10:31 AM
AmenRa said...: the bohemian

Main streets are ok. Side streets and alleys are horrible. Not sure if Streets & Sanitation plows alleys. The drifts in the alleys cover up half of the garage door.; February 3, 2011 at 10:31 AM
the bohemian said...: maybe F will break $15 in the next day or two-

snow- cool to look at- but what a pain in the ass-

finally got my recycles out- 2 weeks worth- that were sitting in my garage because the garbage dudes couldn't make it in; February 3, 2011 at 10:36 AM
Bruce in Tennessee said...: Jennifer,

Actually, now that we know Leftback is fixed, I won't worry so much about you and Karen. Obviously, now, he's more bark than bite...; February 3, 2011 at 10:44 AM
A fixed income analyst to be named later said...: B in T said " if rates keep rising, I would bet the farm that peeps will leave equities..."

Yes, I think we are getting very close to those levels. The 4.65% 30y was snapped up this morning. We expect the 2.20% 5y to be bought when we get there. This looks like another good day to roll out of some HY and into a bite of Treasuries.; February 3, 2011 at 10:46 AM
Anonymous said...: Bruce,

as an aside, re: yesterday's Comment mentioning Wife's comment to you..

you know, you should let her know, too~

AAIP; February 3, 2011 at 10:47 AM
A fixed income analyst to be named later said...: B in T:

We are actually fully functional and a full service shop.; February 3, 2011 at 10:47 AM
Anonymous said...: to be Clear, ref. your reaction to her comment..

ibid.; February 3, 2011 at 10:48 AM
ben22 said...: AFIA,

Did you see Joe L at DB's calls yesterday?

Rate hikes start in June, quarter point at a time.

hehe.; February 3, 2011 at 10:52 AM
Bruce in Tennessee said...: Yep, actually guys, life is great. She is treated better than Leftback would treat Karen or Jennifer.....both she and I know how fortunate we are...; February 3, 2011 at 10:53 AM
the bohemian said...: I wonder if they're stacking up gold for Mubarak to abscond with when he catches the last plane out of Cairo; February 3, 2011 at 10:54 AM
Jennifer said...: The suction machine is malfunctioning.; February 3, 2011 at 10:55 AM
I-Man said...: How yall like that trap?

Pretty sick, huh?

Yall should have seen how many bids "they" had stacked up ahead of ISM, to get all the little guys bid up long ahead of the number...

And then, SORRY!

Its a dirty game...

Ashamed to say I've made bank off the long side twice since the swoon... but how can you short?; February 3, 2011 at 10:56 AM
the bohemian said...: now this is disturbing:

"Oysters disappearing worldwide: study"

nothing better than oysters- and a cold beer; February 3, 2011 at 10:56 AM
I-Man said...: Bear trap, Bear trap, Bear trap... rinse, wash, repeat.; February 3, 2011 at 10:58 AM
I-Man said...: The Russell was insane... 100 ticks in a heartbeat.; February 3, 2011 at 10:59 AM
ben22 said...: "Ashamed to say I've made bank off the long side twice since the swoon... but how can you short?"

that's nothing to be ashamed of

I gotta say, I'm a bit surprised the global warming crowds have not taken more advantage of the situation in Egypt. I thought you weren't supposed to let a good crisis go to waste?; February 3, 2011 at 11:00 AM
karen said...: http://economix.blogs.nytimes.com/2011/02/03/the-ruinous-fiscal-impact-of-big-banks/

I just read that pre-1982 pennies are worth 3 cents each..; February 3, 2011 at 11:00 AM
A fixed income analyst to be named later said...: Why short the US when you have this wounded beast to savage? China is a house of cards, the charts show it is lagging the herd, so why not just isolate it and tear it to shreds, along with the other EMs?

http://www.zerohedge.com/article/niels-jensen-asks-if-plunging-chinese-power-output-indicative-dramatic-economic-slowdown

If you think hedge funds aren't like a pack of hyenas, you obviously have never visited Greenwich.; February 3, 2011 at 11:02 AM
the bohemian said...: karen-

buy a smelter . . .just don't get caught; February 3, 2011 at 11:02 AM
Anonymous said...: Bruce,

I can promise you that we would treat Karen like a princess if we were ever lucky enough to have a date with the lady.; February 3, 2011 at 11:02 AM
the bohemian said...: China- great place to visit- but wouldn't want to be there when it all comes tumbling down-

I recommend taking the train from Beijing to Ulaanbaater (Mongolian Express)-

then when you get to Ulannbatter get out as fast as you can; February 3, 2011 at 11:06 AM
Bruce in Tennessee said...: Still, if I were Karen, I'd invest in a Taser...; February 3, 2011 at 11:07 AM
I-Man said...: I'm ashamed because of the manner of it... I know I shouldnt give a shit, but I do.

Feels dirty, but still a hell of a lot better than losing money.

As my buddy just said, "Mom and Pop have left the building, this is power money."; February 3, 2011 at 11:08 AM
I-Man said...: So watch for the mega head fakes all day.; February 3, 2011 at 11:08 AM
Anonymous said...: A real woman is a man's best friend.

She will Never stand him up and never let him down.

She will reassure him when he feels insecure and comfort him after a bad day.
She will inspire him to do things he never thought he could do; to live without fear and forget regret.

She will enable him to express his deepest emotions and give in to his most intimate desires.

She will make sure he always feels as though he's the most handsome man in the room and will enable him to be the most confident, sexy, seductive and invincible.....
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I'm thinking of whiskey.
It’s whiskey that does all that shit.
Never mind.; February 3, 2011 at 11:12 AM
ben22 said...: Whiskey in a can though right?; February 3, 2011 at 11:13 AM
Jennifer said...: That was fast.; February 3, 2011 at 11:14 AM
I-Man said...: Good whiskey only comes in JARS...; February 3, 2011 at 11:15 AM
A fixed income analyst to be named later said...: POMO 5s to 10s today. Short end tomorrow.
JBTFD.; February 3, 2011 at 11:15 AM
karen said...: "The N.I.H. has done a very good job in promoting medical innovation and this is in large part because it allocates funds on a relatively meritocratic basis; Congress doesn’t control particular grants and on many important fronts the N.I.H. has autonomy. It is one reason why the United States is the world leader in medical research and development and I would expand its funding, provided it retains this autonomy. "

http://economix.blogs.nytimes.com/2011/02/03/a-conversation-with-tyler-cowen/; February 3, 2011 at 11:15 AM
Lord Blankfiend said...: Giles, what is happening?; February 3, 2011 at 11:15 AM
I-Man said...: I-Man's pivot trick says to look for a YM low at approx 10:15 CST.; February 3, 2011 at 11:15 AM
the bohemian said...: Tim Knight- too damn funny- his most recent post-

If there's a God in heaven, he will take pity on Tim Knight and press the September 2008 button again. I'm ready for the world to spin into a vortex of doom again. I'm sick of sweetness and light. HEAR ME GOD?; February 3, 2011 at 11:16 AM
I-Man said...: It will take another 10-15 pts lower on YM to meet the price element though, 10:15 is just the time half.; February 3, 2011 at 11:17 AM
Giles Straightarrow said...: Sorry, Lloyd. One of the hookers dropped some blow and Gary was so excited he fell on the controls for the suction machine.; February 3, 2011 at 11:18 AM
Anonymous said...: McB,

that's really funny, that's exactly came to mind when I saw that..

personally, I think that would make for a great part of an ad campaign for 'whiskey in a can'..

ibid.; February 3, 2011 at 11:19 AM
Anonymous said...: I'm ready for the world to spin into a vortex of doom again. I'm sick of sweetness and light. HEAR ME GOD?

Bear capitulation is extreme.; February 3, 2011 at 11:19 AM
karen said...: "Mr. Cowen’s brief new e-book, “The Great Stagnation,” on the causes of the American economic malaise, has received a lot of attention in recent days."

Cowen: "Most of all, I have in mind a cultural change. Ask yourself a simple question: how many famous scientists are there? Not so many. Or try this one: how many men or women dream of marrying or dating a scientist? Not so many."

from the above article..; February 3, 2011 at 11:19 AM
I-Man said...: Tim Knight needs to get his head out of his ass...

Why would you in your right mind want to return to September 2008???

I suppose he would prefer we have soup lines, bank runs, and state sanctioned extortion of US taxpayers.

Sounds great...

Not trying to be too judgemental as I've never read the dude, but sounds like he is trapped in a short position to me... and I think his wish is kinda sadistic really.; February 3, 2011 at 11:20 AM
I-Man said...: Sounds like Uncle Rico in Napoleon Dynamite...

"I coulda won state!"; February 3, 2011 at 11:21 AM
the bohemian said...: F caught a bid

I-Man Says:

"and state sanctioned extortion of US taxpayers."

elaborate on that please- do you mean if the financial system had to be bailed out yet again?; February 3, 2011 at 11:25 AM
I-Man said...: I know its been awhile since we played this game, but I really enjoy it:

Bill Withers = Underrated.

Richard Marx = Overrated.; February 3, 2011 at 11:25 AM
ben22 said...: "Bear capitulation is extreme."

I'd like to see more of it. RR is now recommending for people to buy stocks and others, but the Demark call got more coverage than those guys buying stocks.

Just so long as Bob doesn't show up on Fast Money or on Kudlow soon, nobody wants to see that.; February 3, 2011 at 11:25 AM
Anonymous said...: Taleb is at it again. Broken record.

http://www.bloomberg.com/news/2011-02-03/taleb-advises-first-avoid-treasuries-then-dollar-update1-.html; February 3, 2011 at 11:26 AM
I-Man said...: @ Ahab

I mean when Paulson and Bernanke basically extorted Congress by saying that if we didnt fork over the TARP money, that our debit cards would stop working.

I'm not saying it was right or wrong, obviously, being a capitalist, and not some Nancy Capitalist, I didnt agree with it...

But just saying, that was so September 2008.

I dont want to go back there.; February 3, 2011 at 11:27 AM
Anonymous said...: Boz Scaggs = Underrated

Michael Bublé = ha ha ha; February 3, 2011 at 11:28 AM
CV said...: Good whiskey only comes in JARS...

x2; February 3, 2011 at 11:28 AM
Bruce in Tennessee said...: http://www.moneynews.com/StreetTalk/Shiller-Home-Prices-Slide/2011/01/31/id/384498

Shiller: Home Prices May Slide for Years

"Yale economist Robert Shiller says housing prices could continue to fall for years to come. “The peak in the market was around 2006; it went down for three years and if it behaved the same way it had in the last cycle, it would continue going down for years more,” Shiller told the Business Insider.

“The question is will it resume the downward trend? I think it could, maybe not rapidly, but I think there could be further house-price declines.”; February 3, 2011 at 11:28 AM
A fixed income analyst to be named later said...: "I suppose he would prefer we have soup lines, bank runs, and state sanctioned extortion of US taxpayers."

Food stamps = soup lines. Bank runs are on in Ireland and Egypt.
Extortion of taxpayers and savers = TARP + QE.

It is ON, bitchez. Every day. This is war.; February 3, 2011 at 11:29 AM
CV said...: Wait!... With a caveat...

"Good whiskey only comes in JARS... (with a few burnt oak chips tossed in)..."

There... fixed it... :-); February 3, 2011 at 11:30 AM
I-Man said...: I cant believe I just had the urge to sip some bourbon, and it aint even 9am yet.

I gots problems.; February 3, 2011 at 11:30 AM
Anonymous said...: "Ask yourself a simple question: how many famous scientists are there? Not so many. Or try this one: how many men or women dream of marrying or dating a scientist?"

What do you think, K? Surely there can't be any hot scientists?; February 3, 2011 at 11:31 AM
CV said...: Ben Rothleisberger = OVERRATED
Aaron Ridgers = UNDERRATED; February 3, 2011 at 11:31 AM
Bruce in Tennessee said...: Talked with my banker for 30 good minutes yesterday...they have been fortunate to only have a few foreclosures. Saw an auctioneer in the mine this morning who says that the Absolute Auction business has been saving his bacon lately. He and the banker are neutral on the economy in 2011..; February 3, 2011 at 11:31 AM
CV said...: "Rodgers"; February 3, 2011 at 11:31 AM
the bohemian said...: and fwiw- Tim Knight's a pretty funny dude- and that has its own merits regardless of anything else-

with me anyway

also- I think he (and others including myself) are expecting this whole charade to come apart at some point-

if it's so easy to just create money to alleviate our ills- then lets just do all the time-

right? makes sense to me; February 3, 2011 at 11:31 AM
CV said...: CV's typing skills = OVERRATED; February 3, 2011 at 11:32 AM
Tom Cruise & John Travolta said...: What do you think, K? Surely there can't be any hot scientists?

Do "SCIENTOLOGISTS" count?; February 3, 2011 at 11:33 AM
CV said...: THOMAS DOLBY = UNDERRATED

http://www.youtube.com/watch?v=2IlHgbOWj4o

ALBERT EINSTEIN = OVERATED; February 3, 2011 at 11:35 AM
karen said...: C chart! breakdown coming..; February 3, 2011 at 11:38 AM
ben22 said...: buble' has a good voice no doubt but it is all covers from him, so I agree with that call

re: famous scientists

I'm gonna go out a limb and say that people know just as many famous scientists as they do money managers. People know einstein and hawking, they know buffett, maybe Peter Lynch. No regular people know Stevie Cohen, Eddie Lampert etc. etc.

I asked roughly 50 people when I was considering moving to Fusion if they had heard of BR, who I consider a household name if you are on the street, and none of them did.

If I asked them famous movie starts, singers, or atheletes they could have given me 100's of names right off the top.

I doubt this changes other than the fact people will get attracted to different types of singers or movies. Remember when "bubble-gum" pop was all the rage in the late 90's and early 2000's, social mood was still wildly positive and we had Britney, N'sync, BSB, 98 Degrees, and on and on.

By 2002 many of those groups had fallen apart and the public ripped apart the persona's of some of these people as well, Britney being the obvious example. I rememeber well music that was really popular during 2001 and 2002, stuff like Limp Bizkit, a group that made specific point to be anti boy bands.

It's no surprise that when the up-trend in mood began in 2009 we get famous people like Justin Beaver on the scene.; February 3, 2011 at 11:38 AM
Anonymous said...: http://finance.yahoo.com/q?s=ZNC.TO&ql=1

if anyone likes 'jr. miners', this one has a good chance a tripling by ~Oct.

AAIP; February 3, 2011 at 11:39 AM
the bohemian said...: "Food stamps = soup lines. Bank runs are on in Ireland and Egypt.
Extortion of taxpayers and savers = TARP + QE."

EXACTLY- without SNAP and extended public assistance- people would already be burning down the Capitol and K street- people limping along- zombies-

so let's keep the charade going- so the people don't get pillaged again?

please- sell that shit to the Coast Guard; February 3, 2011 at 11:41 AM
I-Man said...: Warren Buffet = Overrated

Jesse Livermore = Underrated; February 3, 2011 at 11:42 AM
CV said...: Justin Beaver - ROR

---

I was watching TV last night, and some kind of crap comes on that Justin Bieber has a 3D movie about his life coming out...

http://mashable.com/2010/10/26/justin-bieber-movie-trailer/

It's a good thing I wasn't drinking anything because I would have ended up spitting it on the walls...

Nevertheless - My VERY FIRST thought when I saw that was...

"Leif Garrett"

Who TF is "Leif Garrett" you may ask?

EXACTLY!; February 3, 2011 at 11:43 AM
karen said...: darling interview!!

http://www.npr.org/blogs/money/2011/02/03/133462877/is-marriage-rational; February 3, 2011 at 11:43 AM
I-Man said...: ETFs and Stocks = Overrated

Mini's = Underrated

:); February 3, 2011 at 11:44 AM
CV said...: Let's see what ol' heartthrob Leif Garrett is up to these days...

http://www.tmz.com/2010/02/03/leif-garrett-arrested/; February 3, 2011 at 11:46 AM
CV said...: Seems 'ol Leif had a hard time KEEPING AWAY FROM RUNAROUND SUE...; February 3, 2011 at 11:48 AM
the bohemian said...: CNBC says: "it's hard to say if QE is causing commodity inflation"

ok then . . .; February 3, 2011 at 11:49 AM
karen said...: This comment has been removed by the author.; February 3, 2011 at 11:50 AM
I-Man said...: Just got short, first time today.; February 3, 2011 at 11:51 AM
CV said...: More "offshoots" from the Bernanke Bucks trilogy...

P Diddy getting sued for...(drumroll)... ONE TRILLION $$

http://specials.msn.com/A-List/Lifestyle/Outrageous-Lawsuits.aspx?cp-documentid=27508719&imageindex=1

---

I guess the cost for getting your nails done in LA is rising too... Is that part of the CPI index?; February 3, 2011 at 11:52 AM
CV said...: Either that or the court reporter in Los Angeles is from Waddell & Reed...; February 3, 2011 at 11:53 AM
the bohemian said...: did anyone catch how badly Allen Stanford (billionaire- Staford Financial Group) was beaten in jail?

http://www.judiciaryreport.com/images/r-allen-stanford-beaten-in-prison-12-24-10.jpg

and the dude's a big dude too . . .supposedly over a phone call; February 3, 2011 at 11:57 AM
karen said...: oh, funny.. just caught up with the music in the morning corner..; February 3, 2011 at 11:58 AM
CV said...: Rice Takes Out December 2009 Highs, Next Stop: $20, As China Distributes Fake Plastic Rice

http://www.zerohedge.com/article/rice-takes-out-december-2009-highs-next-stop-20-china-distributes-fake-plastic-rice

And so the tide rising all commodities keeps coming: rough rice has just passed its December 2009 high and is now at its highest since October 2008. When we predicted on Monday morning that "rice is next", little did we think that it would be up by 11% in 4 days. And with this important resistance level broken, it is smooth sailing to the next two resistance levels of $20 and $24. Of course, Bangladesh will be in flames long before any of those are hit. But a speculator has to eat, right. After all, none of this is Gen Ben's fault.; February 3, 2011 at 11:58 AM
CV said...: "Fake Plastic Rice from China

According to the Korean-language “Weekly Hong Kong” (which many Vietnam websites are referencing as well), Singapore media claim that fake rice is being distributed in the Chinese town of Taiyuan, in Shaanxi province. This “rice” is a mix of potatoes, sweet potatoes, and plastic. It is formed by mixing the potatoes and sweet potatoes into the shape of rice grains, then adding industrial synthetic resins. Since the rice does not behave like normal rice, it stays hard even after it has been cooked. Such synthetic resins can also be very harmful if consumed.

A Chinese Restaurant Association official said that eating three bowls of this fake rice would be like eating one plastic bag. Due to the seriousness of the matter, he added that there would be an investigation of factories alleged to be producing the rice. Meanwhile, the low cost of the fake rice is allowing wholesalers to make large profits."; February 3, 2011 at 11:59 AM
the bohemian said...: plastic rice?

'bout time- I am getting tired of styrofoam peanuts-

yum-o; February 3, 2011 at 12:03 PM
karen said...: yikes! what just happened in GLD.. ??; February 3, 2011 at 12:04 PM
Bruce in Tennessee said...: AGREE with the Jesse Livermore...I.

Einstein=overrated perhaps..

Newton= The greatest scientific mind to date...but an eccentric mess of a life.; February 3, 2011 at 12:06 PM
A fixed income analyst to be named later said...: Added to EEM shorts.

Even the disgusting governments of China and other Asian countries will have to act responsibly here. They cannot allow the food inflation to continue, even while their elite speculator class makes billions.; February 3, 2011 at 12:08 PM
ben22 said...: ahab,

saw that a while ago re: Stanford

his lawyer now claims he had brain damage if I'm not mistaken and so should be released as he can't stand trial.

Makes you wonder

maybe he ended up in a federal pound me in the ass prison though (office space joke in case people think I'm just being vulgar); February 3, 2011 at 12:08 PM
karen said...: Washington's spending spree is over - http://bit.ly/hZ1T

on GLD.. The Bernank must have said QE3; February 3, 2011 at 12:08 PM
I-Man said...: Holy GOLD; February 3, 2011 at 12:10 PM
A fixed income analyst to be named later said...: Bernanke is conducting a war against China. Do you see this? He is in essence starving the people by driving up the cost of rice and wheat, until the Chinese government tighten and thereby drive up the Yuan against the US dollar? Eventually they will not be able to resist. Revaluation or wage inflation, they have no choice.; February 3, 2011 at 12:10 PM
the bohemian said...: "pound you in the ass prison"- I know that reference well . . .classic

re Newton- didn't he lose his ass in the South Sea Company?; February 3, 2011 at 12:12 PM
I-Man said...: Gold chart + EUR chart = Default; February 3, 2011 at 12:12 PM
Anonymous said...: Gold is not going to be a great short here with rumors of imminent bank runs in Egypt and a demonstrable bank run going on in Ireland.

I-Man, we are rethinking this yen short. Going nowhere.; February 3, 2011 at 12:12 PM
karen said...: LOL!!! Why Tomorrow's Jobs Report Is A Much Bigger Deal Than Most Jobs Reports http://read.bi/g67aAw

(I'm not clicking on it : ); February 3, 2011 at 12:13 PM
I-Man said...: The JPY, USD, AUD, and CHF are looking real strong today...; February 3, 2011 at 12:16 PM
Bruce in Tennessee said...: Lefty,

Many have thought all along that that would be the result...

I hope he got switches and coal for Christmas...I have seen innumerable elderly who are spending their seed corn...He's a turd of the first order in my opinion...; February 3, 2011 at 12:17 PM
Anonymous said...: (AP:LOUISVILLE, Ky.) The owner of the Pizza Hut, Taco Bell and KFC chains is facing distasteful developments from inflation in China and a lawsuit challenging its taco filling.

Yum Brands Inc. executives said Thursday that they're bracing for commodity and wage inflation in China _ where their business is most profitable. Yum recently raised prices there to offset the higher costs.

Chairman and CEO David C. Novak said Taco Bell has been hurt by a false-advertising lawsuit alleging its taco fillings don't contain enough beef to be called beef.

Novak called the allegations false and said an advertising campaign is reversing the tide.

Yum executives outlined their strategy a day after the company said its fourth-quarter net income rose 27 percent with strong growth overseas and a rebound in the U.S...."
http://news.ino.com/headlines/?newsid=68976569278710

ibid.; February 3, 2011 at 12:18 PM
the bohemian said...: "He is in essence starving the people by driving up the cost of rice"

well now that there is plastic rice. . .problem solved-

fits in perfectly with the Fed's ideas of food substitution-

rice too expensive- plastic rice

pork too expensive- dog

chicken too expensive- pigeons

it's all good . . .; February 3, 2011 at 12:18 PM
Anonymous said...: This is going to be very ugly.

1620: BBC World tweets: "Egyptian security seize BBC equipment at Cairo Hilton in attempt to stop us broadcasting."

1617: New York Times columnist Nicholas Kristof tweets: "Govt is trying to round up journalists. I worry about what it is they're planning that they don't want us to see."; February 3, 2011 at 12:19 PM
ben22 said...: why would BB say QE3 when the "top economists" are saying he will raise rates starting in June

R
O
R

imo, NLY looks more attractive each day; February 3, 2011 at 12:20 PM
Bruce in Tennessee said...: Maybe, but Calculus sprang from his coconut without the help of anyone else...

He's not the greatest investor..just the greatest scientific mind...; February 3, 2011 at 12:20 PM
I-Man said...: Out of my short, I can already tell I'll be buying pullbacks from here on out.; February 3, 2011 at 12:23 PM
the bohemian said...: I don't know Bruce. . .Jethro Bodine was pretty good with his ciphering skills

I don't hear anyone talking him up; February 3, 2011 at 12:24 PM
I-Man said...: Should be a nice buyable low any minute...; February 3, 2011 at 12:24 PM
Jennifer said...: Today has that "calm before the storm" feeling. I don't like it.; February 3, 2011 at 12:24 PM
the bohemian said...: "Today has that "calm before the storm" feeling. I don't like it."

it would be intriguing to me if Ritholtz's 90/90 correction call comes to pass-

a two to seven day window from last Friday; February 3, 2011 at 12:27 PM
AmenRa said...: You pull coverage when SHTF and you're about to put the smackdown on folks. Probably learned that from us too.; February 3, 2011 at 12:29 PM
Bruce in Tennessee said...: It is hard for me to remember Jethro...I was always looking for Ellie Mae back in those days...; February 3, 2011 at 12:29 PM
the bohemian said...: trivia-

Jethro- the actor's dad- Max Baer was the heavyweight champion of the world in the 30's-

beaten by the "Cinderella Man"; February 3, 2011 at 12:33 PM
AmenRa said...: With the 10yr holding 3.5% and the 30yr holding 4.6% the Fed is having another bout of sleepless nights.; February 3, 2011 at 12:33 PM
A fixed income analyst to be named later said...: Today has that "calm before the storm" feeling. I don't like it.

China will make a large move, probably a rate hike, and perhaps India too. If they don't cap this moonshot in rice and wheat very soon then all Hell is going to break loose in their crowded cities.

The interesting thing is the hike will crash their RE market and a banking crisis will result. Got popcorn? Get yourself some USTs today and tomorrow, if the "surging US economy" can deliver a job or two.; February 3, 2011 at 12:36 PM
CV said...: Why Tomorrow's Jobs Report Is A Much Bigger Deal Than Most Jobs Reports

They're trying to find new and clever ways to say...

"The most important NFP in the history of mankind!"

This might be the "commemorative" edition (marking the 1,000th time someting has MADE HISTORY since Obama was elected)...

I'm pretty sure the US Mint will make a special COIN out of it... Made with Obama's image and cast in tungsten covered in 15 milligrams of .9999 (THAT's 4 NINES!!!!), pure gold...

Strict limit of 5 per person at the low low issue price of $19.99 (a $50 value)...

Hurry! Call now!; February 3, 2011 at 12:36 PM
Bruce in Tennessee said...: Amen:

It is like they say about liquidity...it is a global phenomenon...and everybody and his brother are becoming concerned about inflation here, and as mentioned earlier, perhaps imported by Bernanke into some of these smaller economies...

...This is soooo unlike the tech bubble..I still remain fascinated by how this is playing out...; February 3, 2011 at 12:36 PM
karen said...: he is clueless: http://www.businessinsider.com/bernanke-national-press-club-speech-2011-2

"On the inflation front, we have recently seen significant increases in some highly visible prices, notably for gasoline. Indeed, prices of many commodities have risen lately, largely as a result of the very strong demand from fast-growing emerging market economies, coupled, in some cases, with constraints on supply."

that reminds me of his view on home prices! how can we be repeated 07/08 already!!??; February 3, 2011 at 12:40 PM
A fixed income analyst to be named later said...: This is very much like our 2008 oil spike. Except for China it is the rice spike that will force them to burst the bubble.

My prediction was that the 10y wouldn't get to 4% this time, and it looks like I am going to be correct.

There is no escape from ZIRP. 1% on the 10y is a magnet. How else are we going to pay the interest on the debt?

We are close to peak FLATION here. China will tighten, EM flows will reverse, Bucky will strengthen and commodities will eventually correct.

Load up on TLT calls for the summer.; February 3, 2011 at 12:40 PM
Bruce in Tennessee said...: I foresee Econ 101 in 10 years devoting several chapters to "Interest Rate Manipulation and Its Consequences"...; February 3, 2011 at 12:40 PM
Bruce in Tennessee said...: ..lunch...in a few..; February 3, 2011 at 12:42 PM
Anonymous said...: "On the inflation front, we have recently seen significant increases in some highly visible prices, notably for gasoline.

You and I discussed long ago how $gaso was key in their plan to manufacture inflation, b/c it is passed through to many other prices.

Remember when we were at the Bottom™, one of the first things that moved was $gaso and JNK. We used to look at them every day.

Don't tell Bruce you like my JNK and my Bottom™...; February 3, 2011 at 12:43 PM
I-Man said...: John Prine = Underrated

John Mellencamp = Overrated; February 3, 2011 at 12:44 PM
CV said...: @Bruce

"Maybe, but Calculus sprang from his coconut without the help of anyone else..."

Call me a SKEPTIC on this...

---

I know that this is going to put me in the "WAY OUT THERE" crowd...

But I believe all these MATHEMATICS and GEOMETRY equations came LONG LONG before Sir Isaac Newton or anyone else... Even before the ancient Sumerians and Egyptians...

I believe OLD OLD things somehow managed to make it through the destruction of civilizations... While we BARELY have any artifacts (such as buildings and structures), the KNOWLEDGE, especially MATHEMATICAL knowledge was passed on...

It took awhile to resurrect (in new civilizations, because you needed the populace & other infrastructure to put it to good use)...

When the time was right, the knowledge fell into the hands of the right people...

I'm fairly doubtful that it just sprang from Newton's coconut... (Maybe he 'added to it' a little though)...; February 3, 2011 at 12:44 PM
A fixed income analyst to be named later said...: All the textbooks will have to be rewritten b/c there were never any chapters on ZIRP, QE, stealth bank recapitalization, and POMOs.; February 3, 2011 at 12:45 PM
the bohemian said...: dear abby, dear abby; February 3, 2011 at 12:45 PM
Ancients of MU said...: @CV

x2; February 3, 2011 at 12:45 PM
karen said...: sugar down about 4.8% now..; February 3, 2011 at 12:47 PM
Jennifer said...: Sneaky Giles...waited for lunchtime.; February 3, 2011 at 12:49 PM
the bohemian said...: my 12:45 in ref to I-man's John Prine reference-

also- future advice from the chair of the finance department

son . . .sorry you can't graduate until you complete Intermediate QE and ZIRP 301; February 3, 2011 at 12:51 PM
I-Man said...: Ok, one more lower high, and lower low, and we should be set to run into the close.

Its bagel time.; February 3, 2011 at 12:53 PM
I-Man said...: I smell macro pain... someone got a little caught in their corellations I think.; February 3, 2011 at 12:58 PM
A fixed income analyst to be named later said...: How long will it take the rest of the hedgies to realize there are way too many of them over there on the DGDF/long EEM side of the boat?

Once a few of them start running over to the EGDF/short EEM side, we will see more than a bit of "rebalancing".; February 3, 2011 at 12:58 PM
Bruce in Tennessee said...: I know that this is going to put me in the "WAY OUT THERE" crowd...

...Yes, it does. But we still love ya.; February 3, 2011 at 1:02 PM
Bruce in Tennessee said...: "My prediction was that the 10y wouldn't get to 4% this time, and it looks like I am going to be correct."

Hang on there, Sloopy. Sloopy hang on. What is the time frame your tea leaves were predicting this in? I have forgotten...; February 3, 2011 at 1:06 PM
Sir Isaac Newton said...: Geometry and trigonometry are ancient.
But I did invent calculus. Not that any Americans can use it...

Did you know you can still see my college room in Cambridge?
I used to get seriously hammered after the Tripos.; February 3, 2011 at 1:07 PM
Bruce in Tennessee said...: And I used to give parties and forget to come to them...; February 3, 2011 at 1:10 PM
A fixed income analyst to be named later said...: We were buying the long bond heavily last time we hit the 3.80 - 4.00% band in the 10y in April.

When we hit bottom at 2.35-2.50% or whatever this fall, we took MASSIVE PROFITS and we told you to SELL those Ts right now before the QE2 announcement.

During the steep bond sell-off we said that we would settle in the 3.5 - 3.7% range this time, and a 4.6-4.8% on the 30y. We are more or less here.; February 3, 2011 at 1:11 PM
Marc Faber said...: Noooo. Ze dollahr is doomt. Do not buy ze Trezhareez...
Eet ees a sooeeesideell infestment...; February 3, 2011 at 1:13 PM
Marc Faber said...: Zey vill bekumm vurthlezz...; February 3, 2011 at 1:13 PM
A fixed income analyst to be named later said...: Thanks for the counterpoint, Marc, we appreciate it.; February 3, 2011 at 1:14 PM
Anonymous said...: K.,

Just askin..'
If we close red, do we get to see...?; February 3, 2011 at 1:14 PM
Bruce in Tennessee said...: I think you are probably right again Lefty...and truthfully, I see you are probably making good money every month in fixed income. But I wonder if rates won't go higher later this year....; February 3, 2011 at 1:15 PM
Jennifer said...: You can see my college room in Cambridge too. Watch out for the horrible fruit fly infestation, which may or may not have something to do with the banana that got lost for six months behind the refrigerator.; February 3, 2011 at 1:15 PM
Anonymous said...: @12:44

cv--,

x3

ibid.; February 3, 2011 at 1:16 PM
CV said...: I learned everything I need to know about history from Bill & Ted...

http://www.youtube.com/watch?v=ijqnsRqSo2k

Be Most Excellent!; February 3, 2011 at 1:16 PM
Bruce in Tennessee said...: Oh, and I forgot to come to parties IN MY OWN HOUSE...now that is setting the bar pretty high..; February 3, 2011 at 1:17 PM
Jennifer said...: The suction machine's performance is clearly hampered by the cold. Perhaps the squid was too cheap to splurge for electric start?; February 3, 2011 at 1:18 PM
Bruce in Tennessee said...: Jennifer:

You lost the banana??

hmmmmm...; February 3, 2011 at 1:19 PM
Jennifer said...: On move out day it was found again....shriveled, black, covered with bugs.; February 3, 2011 at 1:20 PM
the bohemian said...: wow . . .late- gotta roll-

CV @ 12:45- knowledge came from somewhere right?

Chariots of the Gods (remember that?)

also- a good book for those to see how knowledge was preserved during the dark ages:

http://www.amazon.com/Irish-Saved-Civilization-Hinges-History/dp/0385418493

a very good read; February 3, 2011 at 1:23 PM
Bruce in Tennessee said...: Jennifer, you sweet innocent!

When I was growing up, hiding the banana or losing the banana had another meaning!

(And to find it shriveled, black, and covered with bugs!....an image of great pain and concern!); February 3, 2011 at 1:23 PM
Anonymous said...: So you lost the banana? Did you hide the pickle, as well?; February 3, 2011 at 1:25 PM
ben22 said...: for those that like to read the instruction manual, I would highly suggest reviewing this document.

Hat tip to Marc Faber, and I agree with him, if you read the report you can't conclude anything other than that we are doomed:

http://www.fms.treas.gov/fr/10frusg/10frusg.pdf; February 3, 2011 at 1:28 PM
A fixed income analyst to be named later said...: TLT has been bought aggressively every dip under 90.

JBTFD.; February 3, 2011 at 1:29 PM
karen said...: TBT is not standing down.. one more day or it's gonna rocket.; February 3, 2011 at 1:29 PM
Jennifer said...: Technically, it was my roommate's banana. We were all pretty upset once we figured out where the flies had been coming from.; February 3, 2011 at 1:31 PM
A fixed income analyst to be named later said...: So what happens to TLT/TBT if we have a very weak print tomorrow?

The whisper number is +250k. Consensus is 150k.
What happens if we print a zero?

January retail layoffs, the snow, and state/local govt layoffs.
On the other hand, the "RECOVERY" in small biz.

Just trying to give a balanced view.; February 3, 2011 at 1:32 PM
A fixed income analyst to be named later said...: I hope the Bulls sell the crap out of Treasuries into the close here.
We would be buying with both hands.

There is no fundamental driver for job creation in the US.
Any suggestion that we are returning to pre-crash employment is...

Nucking futs...; February 3, 2011 at 1:36 PM
karen said...: TBT has been bot aggressively, you mean.. it is the one in the uptrend.

TLT just made a lower low on the week!!

I am not denying your game plan.. but so far it's pushing the envelope..; February 3, 2011 at 1:37 PM
Anonymous said...: Brilliant from Barry !! Beware the recency effect.....

http://www.ritholtz.com/blog/2011/02/bill-miller-back-on-top-not-exactly/; February 3, 2011 at 1:37 PM
karen said...: And I am STILL routing for the BV.. if there are any.; February 3, 2011 at 1:43 PM
karen said...: what i really want is Bernanke thrown out of his Chair and Paulson in the Fed*

*..eral Penitentiary; February 3, 2011 at 1:45 PM
Anonymous said...: Don't root for the BVs. They will be routed.
Actually they have taken a different route and will rout Europe.

Where do we finish today? Green or red?
What will you wear, Dow 12k panties or SPX 1300 T-shirt?

Not you, I-Man... :-); February 3, 2011 at 1:46 PM
I-Man said...: Bond Vigilante's?

They're too busy getting hand fed doggie treats...

A mean dog will be nice as long as you have bacon in your hand, but when it runs out...; February 3, 2011 at 1:47 PM
ben22 said...: also, I just can't let a day go by without a little bit of semantics so for those of you that wish to review it, I'd start here:

http://www.nowandfutures.com/key_stats.html#m3b

no commentary from me other than to direct your attention toward the "M3 longer term chart" (see the power of QE on the green line, wow!), doesn't go back far enough for you to see, however, this is the first decline in overall money and credit on an annual basis since 1929-1933.

I just couldn't resist talking about actual inflation with all this discussion on prices

;-)

Enjoy.; February 3, 2011 at 1:47 PM
Bruce in Tennessee said...: http://www.foxnews.com/scitech/2011/02/03/worsening-winters-come-global-warming/

Al Gore Explains 'Snowmageddon'

...Many explanations and interviews...in other words..my theory explains both warmer summers and much colder winters. Or maybe not...; February 3, 2011 at 1:48 PM
I-Man said...: "Hand fed"... like that?; February 3, 2011 at 1:48 PM
karen said...: but ben, who needs money when you've got CREDIT ?; February 3, 2011 at 1:50 PM
I-Man said...: What's the difference?; February 3, 2011 at 1:51 PM
karen said...: JK.. that just brings us round to the debt service argument again..

what is it that Andy says? Laughing.. this will all end in tears..; February 3, 2011 at 1:53 PM
Bruce in Tennessee said...: Ben,

The Pain and Misery Index seems to be going great guns...I had not heard of this one.; February 3, 2011 at 1:54 PM
Bruce in Tennessee said...: "Skepticism is very clearly increasing overseas; a poll released this week by the Office for National Statistics in the U.K. indicated that the number of climate skeptics there had nearly doubled during the last four years. The proportion of people who said they were “not very concerned” about global warming now numbers more than one in five, the U.K. government said."; February 3, 2011 at 1:55 PM
18 said...: Yesterdays call, possible 1296 may be support looks true... so far...; February 3, 2011 at 1:56 PM
18 said...: but man, don't like that nasty gap just under...; February 3, 2011 at 1:57 PM
ben22 said...: there is no difference in our fiat system between credit and "money", what we call money is debt, just read your notes, they tell you as much. while there is no agreement on what the money supply is M3 includes both base money and credits and is the broadest measure, you'll see the trend for yourself if you simply look at the chart, I could blah blah for a month about it but the chart speaks for itself. The annual rate of change has turned up recently because this round of QE is real monetization, just keep watching that chart though if you care to.

My personal take is that if you don't think the first annual decline in overall money and credit since the GD is a big deal, then you are on some really good crack or meth, if that's your thing, or if you are too poor for those, maybe a few bottles of tussin.; February 3, 2011 at 1:57 PM
ben22 said...: this will all end in tears

I'd highly suggest reading the government link I put up before the M3 link

look at the very first chart in the presentation

Thanks Obama!

anyone think we can sustain that trend? lol.; February 3, 2011 at 1:59 PM
Bruce in Tennessee said...: http://www.koreaherald.com/business/Detail.jsp?newsMLId=20110203000027

"South Korea's food prices climbed the second most on-year among the organization for Economic Cooperation and Development (OECD) members in December, data showed Thursday.

Food prices in South Korea jumped 10.6 percent in December from a year earlier, higher than the OECD average of 2.6 percent, according to the data by the OECD.

Among the 33 tallied countries, Estonia topped the list at 12.2 percent. Hungary and Turkey followed with 7.6 percent and 7 percent, respectively, the data showed.

The overall consumer inflation rate in the same month came to 3.5 percent in South Korea, Asia's fourth-largest economy, higher than the OECD average of 2.1 percent, the data said."; February 3, 2011 at 1:59 PM
CV said...: @ben22

"direct your attention toward the "M3 longer term chart" (see the power of QE on the green line, wow!), doesn't go back far enough for you to see, however, this is the first decline in overall money and credit on an annual basis since 1929-1933"

---

Does that mean that if I go to the grocery store checkout line and show them that chart with a box of Cheerios in my hand, that they'll knock the price down from $5 to $2...?; February 3, 2011 at 2:05 PM
ben22 said...: I,

looks like another pennant, perhaps gearing up for an upside push into the close....; February 3, 2011 at 2:05 PM
ben22 said...: CV,

you aren't talking about the same thing as me, so there is no discussion to have.

and btw, if that drops more, then that's exactly what's going to hapen to your cheerios

Did you sleep through the second half of 2008 and early 09?

this is not a "theory" it's reality.; February 3, 2011 at 2:08 PM
CV said...: Answer:

Of course not...

So how do we deal with the apparent problem?

Ummm... How about PRICE CONTROLS?

Wait! No! Didn't NIXON try that? What was the result?

Some weren't alive to remember gas lines or W.I.N. buttons...

If the only remedy to higher costs is RATIONING, it's still a good idea to have a few bags of rice in the basement...

NOT the plastic kind...; February 3, 2011 at 2:10 PM

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Morning Corner 2.3.11

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