3 Month Libor (daily info)-no change
trend=up
high= 0.312
rev= 0.304; mid= 0.308
One look at the chart says it all. Somebody is getting nervous over there.
SPX/Gold Ratio (weekly info)new high 0.9711
trend=up
high= 0.9711
rev= 0.9288; mid= 0.9500
Still trying to figure out what happened in May-June 2002 to cause the huge gap down in the ratio. Area is definitely resistance if the ratio increases. Ratio also informs us that these "recovery" highs are not as good as we may think. This is where I was looking for investment news from back then: Investment News May 2002
170 comments:
I have looked at the 10 year this morning...due to my great sensitivity, I will refrain from further comment until I actually get to the mine later this morning.
..Please remove the pictures of the swords. They may prove dangerous...
Re: Meredith Whitney...
"She turned me into a newt!"
LIBOR = http://www.zerohedge.com/article/ireland-hikes-insolvent-bank-funding-acquire-another-%E2%82%AC12-billion-bank-loans-brings-total-dis
CV
Run Forest! Run!
Casinos barely profit from Super Bowl
http://msn.foxsports.com/nfl/story/Nevada-sports-books-make-small-profit-from-Super-Bowl-020811
"The Hilton took a slight loss on Sunday as those who gamble regularly on sports stayed on the sidelines, Kornegay said.
"The big sharp money just never materialized because they never got value," he said."
---
Thus - why CV basically stayed on the sidelines as well (the wimpy 1 unit play that I tossed out there just to grace everyone with a pick and take a side)... There was no VALUE
stock market says:
http://www.kontraband.com/pics/25664/Hilariously-Inappropriate-T-Shirts/?gpage=12#show
she want's $500 but your're thinking $5
(though, I hear she can suck the chrome off a trailer hitch)
ahab
"I wish these were brains" gets my vote.
Market weakness due to 10yr yield being too high before auction. My .02
morning! wrecked my coffee.. may have to re do.. JJC down.. let's see if yesterday was a bounce.. but the dollar, the dollar, is a disaster!!
Ruh roh - 30 yr fixed at 5.02%
from Bloomberg.com
Ra @ 9:20-
no doubt
WD Gann's 28 Trading Rules
Never risk more than 10% of your trading capital in a single trade.
Always use stop-loss orders.
Never overtrade.
Never let a profit run into a loss.
Don 't enter a trade if you are unsure of the trend.
Never buck the trend.
When in doubt, get out, and don't get in when in doubt.
Only trade active markets.
Distribute your risk equally among different markets.
Never limit your orders. Trade at the market.
Don't close trades without a good reason.
Extra monies from successful trades should be placed in a separate account.
Never trade to scalp a profit.
Never average a loss.
Never get out of the market because you have lost
patience or get in because you are anxious from waiting.
Avoid taking small profits and large losses.
Never cancel a stop loss after you have placed the trade.
Avoid getting in and out of the market too often.
Be willing to make money from both sides of the market.
Never buy or sell just because the price is low or high.
Pyramiding should be accomplished once it has crossed resistance levels and broken zones of distribution.
Pyramid issues that have a strong trend.
Never hedge a losing position.
Never change your position without a good reason.
Avoid trading after long periods of success or failure.
Don't try to guess tops or bottoms.
Don't follow a blind man's advice.
Reduce trading after the first loss; never increase.
Avoid getting in wrong and out wrong; or getting in right and out wrong. This is making a double mistake.
Selling into Strength...
Hat tip, B22
http://lh3.ggpht.com/_APmrYvpA45s/TVHGf6pim3I/AAAAAAAAJ1E/_ceUXI6Vhok/s1600-h/3%5B2%5D.png
Mr. Gann
Meet HFT & QE.
It'd be interesting to see all the "stop loss" orders that were filled during the flash crash when the market went bidless.
Just go with WB.
"Never lose money" - Easy when Brian Sack is your friend.
Well - I suppose they could try "plastic corn kernels" too...
http://www.zerohedge.com/article/corn-opens-limit-hft-robots-parse-what-ninefold-chinese-import-increase-means-fortran
I find Mr Gann's work to be every bit as accurate as he found it to be almost a century ago.
Think people have changed much since then?
It is PEOPLE who make a market, not machines and Federal Reserve experiments.
"Anyone who studies present and ancient affairs will easily see how in all cities and all peoples there still exist, and have always existed, the same desires and passions. Thus, it is an easy matter for him who carefully examines past events to foresee future events in a republic and to apply the remedies employed by the ancients, or, if old remedies cannot be found, to devise new ones based upon the similarity of the events. But since these matters are neglected or not understood by those who read, or, if understood, remain unknown to those who govern, the result is that the same problems always exist in every era."
-Machiavelli, "Discourses on Livy" 1517
Just read last night's thread (thanks, AR!) and Andy's comments, LOL!
Well, the dollar comments weren't so funny.. and it did break below his low level..
Andy, if you think feeding a few bites of popcorn is too much PDA.. you would be aghast at my behavior.. !!!
If Bucky's move is going to be as strong as we believe it will, then shakeouts are to be expected.
The cheaters like to buy alone, and let everyone else chase them.
TYX is gearing up for 48.00 and TNX has shrugged off earlier weakness and is pushing higher.
Take $tnx ten months.. what is gonna prevent that from playing out?
and it really looks like $tyx is gonna take out 48.58.. the 2010 high..
if the equity market isn't setting up for a sell off.. my head is gonna spin.
AR.. hadn't read your comment when i posted.. great minds, lol..
"Think people have changed much since then?"
No - I don't think people have changed.
But technology has changed. And people have been brainwashed to trust the technology.
They receive all their information (too much of it - in fact), in little sound bytes on their home web page and via tweets.
It's too much for the human brain to sort out. So they let machines do the sorting for them.
The machine "programmers", then exploit this because it's easy to detect a trend and develop algos to exploit the trend.
Thus, experiments go awry.
While there is little doubt that eventually the trend will unravel, the fact is that the it is the "machines" and the "experiments" that do, in fact, have an effect on the suspension of disbelief element.
For someone like yourself that is willing to swim in the pool of the suspension of disbelief period, more power to you, and be my guest.
But on countless days on no volume market melt-ups, where insiders are selling to the clip of 400-1, and there are net outflows to equity funds for months on end, nobody is reallly going to convince me that "people" make the market.
When we get to S&P 800 again, then I'll start believing people are in this market again.
Now that's a 5 min candle that gets my attention.
Thats how you buy alone, right there.
I've got a 21 year monthly $tyx chart up with an $spx overlay.. we are pushing the envelop here and now.. and with the auctions tomorrow.. next week should be a new ball game.
Remember the auctions are all about setting up profit for the P/Ds. So yields may back up higher even into tomorrow's 1pm 30y auction.
After that it is look out below for risky assets, we think.
The comment by Ra on the 30y mtg is quite important. If there is a line in the sand, and you can bet there is, it is more likely related to that metric than to the Treasury market per se.
For a view of the success of QE2 look at the spread between 10y and JNK, which was at 2.25% to 9.75% and is now 3.75 to 8.75 roughly, so we have gone from 750 bps to 500 bps.
COMPRESSION, baby.
Did BB say something bearish? LOL. He will probably support the bond market a bit today, after the ..um... treatment fixed income investors have suffered recently.
While I was busy watching SPX, it seems that the naz really fell out of bed.
I-man -- what's your stop on that dip?
The comments Bernank is making at the hearing right now don't lead me to think he has a clue--even about setting up profits for the PDs..
forget the naz.. look at spx!
Further on the "people have changed" subject, and the issue of brainwashing.
There are many instances of this throughout history as well.
- The "CATHOLIC CHURCH" had people brainwashed for centuries.
- There are some radical churches that still do.
- The Nazi party had people brainwashed.
These "spells" and strangleholds eventually break down. But to deny that they don't hold power while they are being played out, I'd say, is more far fetched, than acting in denial.
If "people" made the market in Nazi Germany, then there would have never been a holocaust (and you should know that I'm not talking about market behavior during the period), I'm talking about the capacity of the people to behave in a way where a particular so called leader has them spellbound).
Right now, 12170
I would have rather bought at 12171, but I didnt think we would hit it.
Thus far, YM low is at 12173
I had a bid at 12178.
Submitted by Tyler Durden on 02/09/2011 11:21 -0500
Wondering why the market suddenly appears as if Bernanke said he thought the dollar has hit a technical bottom? The reason is that there is a rumor (for now) that Paul Tudor Jones has just called a top in the S&P, and is also expecting a bounce in bonds. Unclear if PTJ used the Tepper "balls to the walls" trademark when referring to the selling that may commence.
We will bring you more as we see it.
Thanks, I-man. I'm just gonna watch for now.
First target on the trade is 12202, but I wouldnt be surprised to see 12206...
Heck, I wouldnt be surprised to see a full retracement, and have this next wave up take out the morning high at 12218.
I'll take the 12202 if I get it tho.
A more conservative target would be 12194
http://www.ritholtz.com/blog/2011/02/9010-day-was-7-days-ago/
I'm also guessing that in WD Ganns day, there weren't
- Instant tweets & info
- Presidents of the United States who come out and say the "profit" to earnings ratios look good to be in equities
- changes to FASB
- central bankers (Bernanke & Greenspan), who verbally say that strong equity prices = a wealth effect
"People" (who take those people as experts), because the only PHD the "people" have is in watching Dancing With the Stars.
Heh heh. Think about it. Silver was up, yields were higher, gold was up, dollar down, The Bernank spitting lies to Congress. TPTB don't like being the ones who dropped the soap. Hence the 10:55-11:30 move down in the markets. Yet it still failed to get the 10yr under 3.7% so it will still cost the US more to pay back debt.
I dont think WD would have cared about any of that from a trading perspective, tho I am sure he would be interested in it.
Pretty sure he would be just watching price charts, and getting his cues from that, because that is where the truth will be found.
And dude would be long COTTON, for sure.
TPTB don't like being the ones who dropped the soap.
We like the way you think... he he he
EEM wants to congest here before plummeting to 44.
Do you want a real "people make the market" story?
I'll give you one. This is true. Just happened yesterday.
I got an e-mail from a friend I hadn't heard from in a long time (but that I've known for more than a decade).
This person was always in stocks (was buying at the top in 2000 - and rode everything completely down in 2001-2002, rode it back up thru 2008, crashed and burned with everyone else, but has still hung in there in 2009-2010).
Near retirement now.
Wanted to know about "emerging markets". I asked him "why", he says that it's because that's what all the experts talk about.
Gets his info from CNBC. I've warned him that the system is unstable and that nothing has changed since 2008, and we're at risk of the same thing happening again, or worse because of the debt problem.
He says. He "just wants to get back to even". He believes that TPTB "have our back" on this and "won't let the system crash again".
So THOSE are the PEOPLE in the market (brainwashed by TPTB).
Based on him being a representative of "the people" in the market, it appears to can JBTFD all the way thru S&P 1500+x. (or at least until he and all those like him "just get back to even").
He believes that TPTB "have our back"
Not really. But I am always lurking....
People are so sweet and trusting. Never ceases to amaze me.
The device is working well, Lloyd. We are beta testing in Shanghai and Mumbai and the new turbo charger seems to be highly effective.
@ Jenn
If it snaps right back, I might get back in, but stepping back here.
We might have more fluff to work off.
Excellent. Now please get Gary and Abby out of there.
NO SCREW UPS this time.
He's not even the "Dancing with the Stars" crowd either.
I-Man -- I was going to btd here! Except that I have to go out in 30 min. Maybe just watch.
There's my answer.
Thats why I wanted to buy at 12171!
This move off the low will tell us a lot about how strong the uptrend still is.
If we get another 0% retracement, its still brawny.
I got a similar email from my ex-husband two morings ago, i believe.. asking me again if he should get back in the market (remember his little EM fiasco?) I implored him stop scaring me with that "get back into the market" bit.. reminded him that we already had enuf exposure thru stock options in a yet to go public or be bot start-up.. reiterated that the market was a flimsy house of cards.. and then sent him this article:
http://www.huffingtonpost.com/robert-auerbach/has-computer-trading-made_b_819664.html
EEM can't get a date, not even with JBTFDers.
Remember, HF hyenas isolate the weak, and attack in a pack.
Once the EMs have been savaged there will be a new target.
It's lonely for retail inwestors to be OUT of equities. This is b/c no-one they know is in bonds. All of them just got out at the wrong time. Apparently only 2-3% of retail inwestors have any exposure to Treasuries. A remarkable stat considering the way that real money funds work.
LOL at all my typos above.. sorry..
But could someone do something about the effing dollar!! ??
The retail crowd will ALWAYS be the last group to enter a rally.
If there is a such thing as certainty in the market, that is it.
EMB being hammered. If that breaks below 104, then BUCKY will be off to the races as a good old fashioned FTQ begins.
EMB has been leading EEM down. Inflation is turning into stagflation, just like your momma told you about, only not here. Over there. The BERNANK has recreated the 70s, in China, and the 30s, in the US.
PTD Calling a Top?
http://www.zerohedge.com/article/paul-tudor-jones-calling-top
The retail crowd will ALWAYS be the last group to enter a rally.
Yes, they were heavily targeted by brokers selling JNK late last year.
Nothing like waiting until the end of a 60% run up.
10yr T-Note (daily chart) closed above its SMA(233) on 1/10/10 and back below its SMA(233) 2/1/11. Weekly chart has it testing its 61.8% retrace (117.901).
Well,Ben, I sold that DOD stuff today...
It was time.
Good to know Bruce's future is in good hands..
http://news.yahoo.com/s/ap/us_lawmaker_hooters
look at HYG:LQD today..
We sold DF yesterday at 10.54, bought at 7.45
Maybe we left some on the table. But maybe not?
It is risk off in credit, but no FTQ in Ts. Not yet.
Yes, Lefty. Nothing sexier than barely dressed female representatives...
Paul Tudor Jones PR Firm Denies Any Statement From Hedge Fund On S&P
http://www.zerohedge.com/article/paul-tudor-jones-pr-firm-denies-any-statement-hedge-fund-sp
Whew! That was close... JBTFD
Nothing sexier than barely dressed female representatives...
Especially our own, here on the blog. What if we close red?
I am way too smart to call a Top in public.
We did hear that you have some great Tops here though....
I like red, or the lack of it...
Conference @noon...back later..
http://prudentbear.com/index.php?Itemid=57&option=com_content&view=frontpage
Anyway, Hedge funds are looking to short Munis...I hate FT...back after one.
Meredith is the bomb...
Bruce
re:FT
Paste into a text document before posting it.
Here comes the auction.
Don't worry about munis. It's contained...
TPTB need another asset class to blow up to get people into Ts.
Think like the weasel...
Whoa. Looks like the Fed went on a 10yr buying spree to drop the yields down to something more manageable.
uup at lows of day.. crude, gold, and copper don't care..
Gov't sells $24 bln in 10 yr debt. at a yield of 3.665% bid to cover 3.23. Santelli grades at A, perhaps A+. $$
Auction was very strong. Yields awarded were inside the market.
Bid/Cover 3.23
Total Amount $24 B
Yield Awarded 3.665%
A fixed income investor looked in her closet for something pretty to wear. Perhaps Ben does care, after all, she mused. He has been very busy, and preoccupied with his position at the Federal Reserve.
She began to regret even more her dalliance with the handsome stranger. His steely gaze and powerful thrusts had been quite exciting. But he turned cold after the heat of passion had dissipated.....
OK Henry Miller...
:)
Whew!
Sure happy to have those "dollars" in "nickels"
http://www.zerohedge.com/article/stunning-10-year-auction-closes-indirect-bidders-coming-all-time-high-directs-disappear
Looks like Japan and China didn't give up on Tsys after all. It will be interesting if they are buying again tomorrow in the smaller 30y auction or if the banks and P/Ds will be bellying up to the trough.
One thing we have been pondering is this. If Fan and Fred were really to be wound up, as has been discussed, with government exiting the mortgage market, then wouldn't that infer that mortgages would have to be put back en masse to the banks? If that's the case they will also need to load up with some Tier 1 assets before the radioactive stuff comes across their doors.
Anyone have thoughts on this?
See! The Asian buyer wants me....
My boots are a lot more comfortable today.
Anon
Cold Steel is waiting at the bar for Ben to go to work.
She will meet Ben for lunch. He will tell her that he still cares.
But Cold Steel will be waiting for her to call.
Right now Cold Steel is across town giving an Indian and a Brazilian a really good seeing-to.
Well, Lefty, I'm back and I can tell you things will be fine. Even our president, apparently in an effort to be re-elected, has moved to the center and has told everyone he has mended his free-spending ways. I think the deficit will be made whole and all our children will live in capitalist nirvana, drinking Evan Williams neat and watching Super Bowls, when seats are available...
...Now who let that little turd in here?
http://prudentbear.com/index.php?Itemid=57&option=com_content&view=frontpage
Obama Plans to Rescue States With Debt Burdens
...Oh, bother..Maybe Christopher Robin will run...
fun facts..
aapl hod = 359.00
amzn hod = 186.00
BTW, 3 month LIBOR up? Want to know why?
Irish election coming up. Fianna Fail will receive a biblical defeat, and the incoming Fine Gael/Sinn Fein coalition will want to do an Iceland.
That's when things will get interesting.
BTW, we assume that the THREAT LEVEL chatter is a distractor, and that something of importance is about to be smuggled through under the radar while everyone is running around harassing US Muslims.
We have to harass the US Muslims...
fixed income analysts for harassing are too hard to find...
http://fuelfix.com/blog/2011/02/09/%EF%BB%BFu-s-bound-supertanker-hijacked-by-pirates-off-oman/
http://www.zerohedge.com/article/barclays-starts-unwinding-inverse-triple-leveraged-etfs
hyg and jnk at/near lod..
Karen -- every buy puts on those leveraged ETFs? Some of the best trades I ever had...caught a $100 move in SKF in calls once back in '08...$7k in calls turned into something like $85k. Ahhh...those were the days. Maybe its time for some FAS puts.
If I was a fund guaranteeing 8% and I could get a 30yr at 4.7% then I'd buy it. The rest of the trades throughout the year would only have to bring in 3.3%. But I'd make sure they don't try to make it callable esp if I put up $1B.
don't worry about picking the bottom of this dip.. just start buying now.. you can't go wrong.
If I was a fund guaranteeing 8% and I could get a 30yr at 4.7% then I'd buy it. The rest of the trades throughout the year would only have to bring in 3.3%.
Exactly what we did last year. We made about 15% appreciation on the TLT as well. Ridiculous, how good we were with our FI trading. We screwed ourselves with PM shorts, though.. :-(
Nice move up in TLT.
Ra
Now you are thinking like a portfolio manager. Take the easy ones. Buy TLT and sit for 4.7%. Buy NLY and sit for 15%.. etcetera....
A falling tide in emerging markets will reveal a lot of fraud or "over-valuation" in China and India:
http://www.bloomberg.com/news/2011-02-09/anil-ambani-group-blames-illegal-trading-for-share-plunge-seeks-probe.html
Forex & Bonds Last Change Change %
EUR/USD 1.3719 +0.0089 +0.65%
USD/JPY 82.34 +0.06 +0.07%
GBP/USD 1.6097 +0.0027 +0.17%
5-Year Treasury 2.309 -0.076 -3.19%
10-Year Treasury 3.632 -0.093 -2.50%
30-Year Treasury 4.703 -0.06 -1.26%
http://finviz.com/
that Bond Massacre sure has been something..
:)
AAIP
Crude Oil 86.78 -0.16 -0.18
Natural Gas 4.053 +0.013 +0.32
Corn 696.75 +23.00 +3.41
Soybeans 1452.00 +17.75 +1.24
30yr Bond 118.21875 +0.90625 +0.77
10yr Note 118.562500 +0.578125 +0.49
NY Gold 1362.7 -1.4 -0.10
NY Silver 30.120 -0.151 -0.50
http://www.ino.com/
ibid.
Last April there was an impulsive move higher in yields and a very strong move up in TLT that formed a durable bottom.
We all like firm bottoms, right?
http://finance.yahoo.com/news/Lawmakers-oppose-federal-apf-4056367674.html?x=0&sec=topStories&pos=7&asset=&ccode=
Lawmakers oppose federal bailout for states
Lawmakers of both parties express opposition to federal bailouts for states, municipalities
...Well, at least there is that.
We are going to close red.
I-Man, you'd better get your dark glasses out....
Lefty,
You must have influence in the world of fixed traders..It seems everyone is following your menu, just a little later in the day...
You aren't A.J. Cohen, are you???
Thoughts on the close? Close at LOD ? Is 1315 going to hold?
@ Anon
Wanna bet?
We'll probably close right where we did yesterday...
The bowels of bonds..they are really moving! Such action!
Anyone up for a late waterfall? I am nostalgic for those.
We are hoping for one, especially in EEM. Massively short.
In the trading sense, obviously.
This is a real ruh-roh.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/von%20havenstein/Portugal%202.9.jpg
We are going to buy property in the Algarve one day. Even with Benny Bucks.
funny, i was just looking at a lovely property in portugal earlier this morning.. have always wanted to go there..
http://www.cnbc.com/id/41491100
Job Competition Rises to 9 People per Opening
"Adding underemployed people—full-time job seekers working temporary jobs to pay the bills—to the number of unemployed brings the ratio of people per job opening to 8.5, according to numbers crunched by BNY ConvergEx Group. That’s up from 8.3 per opening in November and the third straight monthly increase, said BNY’s strategists, who analyzed the thorough Job Openings and Labor Turnover treatise released by the Bureau of Labor Statistics Tuesday."
S&P downgraded New Jersey debt today...shocking. Their governor calls the state bankrupt months ago, way to go S&P.
If today turns out to be just another fantastic dip buying opportunity, I am going to be really sick to my stomach.
Why does everyone hate me so much?
Wouldn't worry, EEM is practically no bid today. Which is nice, b/c we are BALLS TO THE WALL short it, to the tune of 30% of the portfolio, breaking one of the I-Man's Gann rules.
The chart made me do it. Even K thought it was luscious.
Why does everyone hate me so much?
We don't hate the playa, we hate the game...
Why does everyone hate me so much?
We want to set you free.....
I want to set YOU free...
DVY -0.25%
EEM -2.60%
Sometimes the most obvious pairs trades really work.
Now think of leverage and think of the size of our operation.
Then you get some idea of the smile we are wearing today.
LB at 3:19.. you are so full of it! and what are you using to short eem, btw.
Keith McCullough
Emerging Markets $EEM look great today - must be that global inflation thing that Bernank says is unique to the rest of the world's humans
EDZ performs as advertised.
We just got a lot larger.
Pullin out the big guns, huh?
Wow! The Market comments here???
That is so irie...
Thats cooler than Freddie Jackson sippin on a milkshake in a snowstorm...
K
Careful, sometimes blogger breaks down when you do that.
Page hits go through the roof. Among other things...
http://www.bloomberg.com/news/2011-02-09/house-republicans-release-list-of-proposed-u-s-spending-cuts.html
Republicans want to cut Amtrak. Which is fine, we can all travel HOBO STYLE, by hitching a ride with Uncle Warren the engineer on a Norfolk Southern freight train. BOXCAR WILLIE will be the only one riding the rails in the new US of Bananamerica.
CNBC just reported that Assange admits he has nothing on BAC.
Anyone want to handicap INITIAL CLAIMS tomorrow?
Lower on THE ECONOMY or higher on THE WEATHER...?
The FX specs will determine tomorrow's market direction. Still time for another Asian government to tighten before the weekend.
Does the euro have the balls to make another run at 1.40? If it is done, then Bucky is not going to have a lot to run against.
Well, you are right. Why not sponsor the airlines then. Should get us there like the Amtrakians...
When you are sending 6 to Uncle every year, cutting spending seems like a more than reasonable thing...
..Devil's advocate..
http://www.bloomberg.com/news/2011-02-09/fannie-mae-freddie-mac-could-be-phased-out-under-treasury-s-housing-plan.html
The way that this plays out will have an interesting effect on:
TBTF banks
Mortgage REITs
Mortgage backed securities
Watch this.
B in T, nobody could send more of their income to Uncle than we do, since we lack any deductions or credits whatsoever.
Better to subsidize Amtrak than big oil or banker welfare.
You need to play with our train set some more.
Sorry. No money for the Fat Controller.
Its cool, Anon...
You can just blame it on Bernanke.
The DOW is green. SPOOZ and NAZZ red.
EEM wash in red ink....
:-)
JOHN E needs to wake up tomorrow and call BRIAN.
Sell the emerging markups, BRIAN, get me outta here....
;-)
Anon @ 3.53 was me doing a PASTICHE of a CV post.
Sorry and all that...
The problem with Uncle is I think his report card is lousy. Plainly just lousy.
Successful wars since WWII: C- to D+
Immigration problem: D
War on Poverty: C-
Education Improvements: D
SS guarantee: D- or F
Medicare: C- to D+
and yada yada..
It is not that I disagree with an income tax, I don't. BUT, government just seems to screw it up. If I ran my small business the way most administrations have since Kennedy, I'd be out on the corner with my tin cup and pencils Lefty..and they also seem to be unwilling to hold their nose and get on with the cure...
If I-Man was at the helm, businesses that employ workers would get a break on taxes, not the other way around.
This whole idea of taxing our companies on business they do overseas is just dumb also.
"BUT, government just seems to screw it up. "
Because big business gets its corrupt snout in the trough. I am all for small business and government of, by and for the people. When we return to constitutional values, this country will prosper.
Feel bad for me, Bruce, I have no vote and pay massive taxes.
No Taxation Without Representation...?
The tax system would work a lot better if we unwound all the credits, deductions and loopholes and incented people to work, to start businesses and to employ other without being raped by the insurers.
Transparency is the essence of a fair and just society.
Kinda torn on the income tax... its a fine line.
I guess I'm in favor of a flat percentage tax on income.
You make more, you pay more, but not on a percentage basis.
I think that is truly the best way.
Taxes on consumption are also ok, within reason, but targeting some products over others seems whack, and no one should pay a consumption tax on the food they buy.
Its going to be tough to cure the career politicians of their addiction to our money tho...
They'll probably keep sucking away until there is no more, or there are mobs outside the door.
But women can't resist the Englishman...it is the accent..!
Lefty,
who bought the bonds?
please do not get me going on taxes.. anyone in this country with a W-2 is royally screwed.. you pay tax on your income.. and what you have leftover to invest is taxed again via a 1099..
meanwhile the black market of self-employed, non-public companies, and small businesses (dry cleaners, cupcake sellers, plumber, electricians...) pocket cash.. not to mention the "service" trade is alive and well..
Crude Oil 86.88 -0.06 -0.07
Natural Gas 4.080 +0.040 +0.98
Corn 696.25 +22.50 +3.34
Soybeans 1451.00 +16.75 +1.17
30yr Bond 118.12500 +0.81250 +0.69
10yr Note 118.578125 +0.593750 +0.50
NY Gold 1364.2 +0.1 +0.01
NY Silver 30.185 -0.086 -0.28
Bruce,
to your point, EPA's Jackson says we need more coern-based Ethanol in our fuel tanks..
AAIP
Our only hope is with the spirit of American capitalism.
If we ever reach a state where no one wants to dream big or take risk, because they are afraid of paying the taxes... we're fucked.
We will be living in Karl Marx's dreamworld. And it will be a dark place.
I will fade many things, but I will not fade the desire of mankind to better their own lives. I thank Jah that I live in this country, where despite all the shit that goes on, you can still go out and get yours.
What you do with that is up to you, and that is where we have run into problems... but it sure beats the alternative.
karen,
it's as Lenin said: ~"to take care of the Bougeoise (sp.!), gring them between the twin Stones of Taces & Inflation.."
ibid.
who bought the bonds?
1. China
2. Japan
3. UK
4. The banks.
HS!
coern=Corn
Taces=Taces..
who knew that one can of whiskey...
Taces, of course, =Taxes..
sorry..
AAIP
taces or taxes?
You sure that wasn't two cans of whiskey?
;-)
The Bond Report 2.9.11
Maybe Ben does care about me, she mused, he was so doveish today... still I worry about those long nights working closely with Timmy. Cold Steel is still on her Rolodex... OK, on her I-Phone !!!
Corpies: LQD 0.65%; AGG 0.18%; JNK -0.62%; HYG -0.56%
Govies: TLT 0.87%; IEI 0.30%; TIP 0.29%
Munis: IQI -0.34%; MUB 0.28%
Mortgages: MBB 0.06%
Hedgies: TBT -1.63%
We did nothing today but did enjoy the respite provided by a risk-off day in credit after several days of getting much too familiar with Mr Steel.... too early to say if this was the peak in yields but the impulsive bounce off the sharp low yesterday had some elements of the bottom put in by TLT in April. Risks ahead include the PPI/CPI combo next week, and then the March jobs report. But we think a +250k is priced in, and it is clear that the QE2 is not going to be abbreviated.
The action in JNK and HYG today wasn't very bullish. Remember that credit usually leads equities.
AAIP:
If my typing teacher, a woman, hadn't thought the world of the cheerleader I was dating, I would absolutely have failed typing. We had what were termed "5 minute timed typing tests" that came straight from Hades!
Could turn you into a mass of quivering twitches faster than Karen's top can to the same to Lefty....
to is do
to is do
to is do...ah, well...
Now here's an instrument you lot might like to take a look at:
http://www.bloomberg.com/apps/quote?ticker=ZROZ:US
The Zero Coupon Treasuries have been a killer play when he have reached the peak of previous yield cycles. Don't pull the trigger on this one until we give you the official BOND GUY HAND SIGNAL.
Right Gary ?? These are killer if you can time it, eh?
You're dad gum right there, kiddo !
Um, yes, thanks, old man.
SAVED BY ZEROS !!!
Somewhere, across the country at Knife Catcher Capital.
Colin's fingers must be healing.....
The I's knife catchin hands got sliced a few times today for sure.
Retracements were a bitch.
Interesting..
http://www.bloomberg.com/news/2011-02-09/metlife-s-profit-falls-74-as-derivatives-losses-climb-with-interest-rates.html
i thot i was done for the day.. can't retweet this as my son follows me:
from Nic via Bankrchick..
http://www.c4vct.com/kym/humor/csex.htm
Body odor of a disgruntled yak 25 calories
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