an educated man is unfit to be a slave
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Biden - "It's a depression for millions of Americans"
http://www.prisonplanet.com/biden-its-a-depression-for-millions-of-americans.html
10.20.2009 - Ron Paul on CNN -
***Keep an eye out on the signals, 10.19.2009 may mark the top...
Well that's one strategy to avoid an answer...
Any news tomorrow, 10192009 or 19102009 (?)
What is bubble boy really hiding (?)
1929x2 (?)
Doji on most volume in past six months, 2009 high =
Are you Melgarejo?
Nice post, I was a long-time mod here, I'm surprised they haven't done an R/S yet here to get this P&D going again.
Did anyone ever find out how many shares outstanding are in here? This would certainly help figure out the magnitude of the fraud that was perpetrated by the insiders as they knowingly dumped on the market!
Market top represented by symbolism in the news?
Balloon takes off (with a kid) and balloon pops (no kid, he was hiding in a box the addict all along!) Hoax perpetrated, but could it have a bigger meaning?
TBD...
10.19.2009
10-1929 = October 1929?
Wondering what's going to happen Monday, it's a strong (prime) number, it's a Monday, the markets opened, and the politicians will be in office.
Next market smash could coincide with this healthcare bill being passed?
Or maybe nothing at all, just throwing it out there since the market is technically at or near a resistance point... and the 10.19.2009 date has been something in my mind as a date with strong numerological meaning.
How to play it? The dollar would gain support as baby boomers dump their 401K plans... granted artificial support, could in turn allow the volatile metal silver to sink enough to create a good buying opportunity along with the more stable, gold. Puts or shorts in the publicly-traded healthcare companies, such as UNH, AET, and CVH - while a risk could pay off, not only does a slowing economy add risk to these companies, but the current government is the biggest competition and risk. Could also use the coming drop to search for cheap "green" companies. Who knows, just some ideas...
No, at this point, the shareholders are pretty much screwed, they're not going to file because they don't want to admit to guilt or how many shares are really trading in the open market.
The SEC is now involved, the ponzi scheme involving certain parties and the companies they were tied to is over and this stock will forever be officially tainted.
Mods: I once said the phrase "ponzi scheme" when this issue was near its highs, and the post deleted, I hope you now understand why I used that phrase, if you don't by now, you may never see the truth.
Who failed nicknick?
Fractional Reserve Banker - Better question would be - what was the average length of the recessions...
Gold Market: Almost 100% Of Money Managers Are Long
Gold Market: Almost 100% Of Money Managers Are Long
Vincent Fernando|Sep. 22, 2009, 8:54 AM
If you are long gold, you're no contrarian. U.S. Commodity Futures Trading Commission (CFTC) data shows that the net long position of speculators in gold has reached an all-time high of 93.6%.
Worse yet, nearly 100% of money manager speculators within this data, such as gold-related index funds and managed accounts, are long gold.
There's a dearth of traditional market players on the long side. Which has caused some professional traders to worry they might run out of people to sell to, once investment funds' buying interest is exhausted.
Hard Assets Investor: For now, there seems plenty of contracts on offer by others in the gold trading ring as commercials and swap dealers got even shorter last week. Even large noninstitutional traders and small speculators lightened up their net long exposure by taking some money off the table.
Open interest is still building in gold futures, so new traders are entering the fray. But, with every trader category getting shorter, and only money managers
as net buyers, you've gotta ask yourself: "What do these guys know ... or think they know?"
LINK: http://www.businessinsider.com/gold-almost-all-money-managers-are-long-2009-9
The change in the symbol is because they are not timely in their filings with the SEC, non-reporting companies get delisted and sent to the pink sheets, right now the company is in the grace period.
If they fail to file during this grace period, they will be removed and put on the pink sheets.
SPNGE - What's the Vegas line on this one headed to the pink sheets?
Any way I can get a retro to Baltimore for week 1 (my hometown) and Minnesota week 2 ;)
Reverse Split effective 09.22.2009 -
See previous responses and the outburst I got from the so-called "die-hard" long shareholders!
http://finance.yahoo.com/news/SpongeTech-Delivery-Systems-bw-1275536109.html?x=0
Gold Rises to Six-Month High as Weak Dollar Spurs Metal Demand
By Nicholas Larkin and Halia Pavliva
Sept. 3 (Bloomberg) -- Gold jumped to a six-month high, reaching $999.50 an ounce, on speculation that a weak dollar will boost demand for precious metals as an alternative investment. Silver surged to the highest price in 13 months.
Gold has gained 4.6 percent in the first three days of September, the biggest three-day rally since March. The euro has rallied 13.5 percent against the U.S. currency in the past six months. Gold tends to rise when the dollar drops.
“The dollar is going to be the main driver for gold strengthening for the rest of the year,” said David Barclay, a metals analyst at Standard Chartered Plc in London.
Gold futures for December delivery advanced $19.20, or 2 percent, to $997.70 an ounce at 1:30 p.m. on the New York Mercantile Exchange’s Comex division, after earlier gaining as much as 2.1 percent to the highest price since Feb. 23.
“Gold looks poised to make a real run at the $1,000 mark,” Miguel Perez-Santalla, a Heraeus Precious Metals Management sales vice president in New York, said in a note to clients.
In London, bullion for immediate delivery climbed $16.43, or 1.7 percent, to $994.93 an ounce. Spot prices last topped $1,000 on Feb. 20, and reached a record $1,032.70 in March 2008.
Trending Higher
“The next trending step higher is under way” for gold, SEB AB analysts in Stockholm said today in a report. The metal may rise to $1,112, according to the report.
Silver for December delivery jumped 92.5 cents, or 6 percent, to $16.29 an ounce in New York, after reaching $16.31, the highest price since Aug. 7, 2008. In London, silver for immediate delivery climbed 6 percent to $16.29.
“Gold prices continue to surge higher as safe-haven buying pushes prices,” Suki Cooper, a Barclays Capital analyst in London, said in a report.
Gold rose to $983 in the London afternoon “fixing,” the price used by some mining companies to sell their output, from $982.50 in the morning fixing.
Before today, gold futures climbed 11 percent this year as the U.S. Dollar Index, a six-currency gauge of the greenback’s value, slipped 3.6 percent. The MSCI World Index of developed- country equities jumped as much as 0.7 percent today after yesterday falling to the lowest level in almost two weeks.
Market Risks
“Investors are still worried about a potential correction in the stock market,” London-based broker ODL Securities Ltd. wrote today in a report.
The European Central Bank left interest rates at a record low 1 percent today and signaled no quick withdrawal of emergency stimulus measures. ECB President Jean-Claude Trichet, at a press conference in Frankfurt, said the euro region’s recovery will be “rather uneven.”
A private report showed U.S. service industries shrank at a slower pace in August than forecast, adding to signs that an economic recovery is emerging. Yet U.S. unemployment continues to rise, and research firm Retail Metrics said sales at U.S. retailers probably dropped 3.4 percent last month at stores open at least a year, a sign of weak consumer spending.
More U.S. workers filed first-time claims for jobless benefits last week than forecast, government figures show, indicating companies remain focused on curbing costs. Initial unemployment claims declined to 570,000 last week, the Labor Department said today in Washington. That topped the 564,000 median forecast of economists surveyed by Bloomberg News.
ETF Record
Holdings of bullion in the SPDR Gold Trust, the biggest exchange-traded fund backed by the metal, increased 1.53 metric tons to 1,063.36 tons as of yesterday, data on the company’s Web site showed. Gold held in ETF Securities Ltd.’s exchange-traded commodities added 3,283 ounces to a record 7.99 million ounces yesterday, according to its Web site.
“A good deal” of gold’s move higher “is technical, with models likely to be chasing the break of a recent tight range,” Sydney-based Greg Gibbs, a Royal Bank of Scotland Group Plc strategist, said today in a note. “The ability of gold to continue to rise perhaps tells us that investors are far from calm about the longer-term global economic outlook and the policy response to it.”
To contact the reporters on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net; Halia Pavliva in New York at hpavliva@bloomberg.net.
Last Updated: September 3, 2009 14:07 EDT
LINK: http://www.bloomberg.com/apps/news?pid=20601087&sid=a6NMs8fTFiAE
What's going on with Newmont, it's been consolidating around the $40 mark all year long...
Zimbabwe considering gold-backed currency - Gono
THE EFFECTS OF HYPERINFLATION
Zimbabwe considering gold-backed currency - Gono
The country is looking for an alternative to its hyperinflation-ravaged Zimbabwean dollar that was replaced by multiple currencies in January
Author: Nelson Banya (Reuters)
Posted: Thursday , 20 Aug 2009
HARARE (Reuters) -
Zimbabwe's central bank governor Gideon Gono on Thursday proposed the introduction of a gold-backed local currency, which was destroyed by hyperinflation and replaced by multiple foreign currencies in January.
A unity government formed by rivals President Robert Mugabe and Prime Minister Morgan Tsvangirai in a bid to end a political crisis introduced multiple foreign currencies to stop sky-rocketing inflation and revive the economy.
But Gono, a Mugabe ally whose reappointment last year has been opposed by Tsvangirai, says the shortage of foreign currencies in the country was hurting economic recovery efforts.
In an article he wrote in the state-controlled Herald newspaper, Gono urged the re-introduction of the Zimbabwe dollar to ease the liquidity crunch, but said this was not a call for "a blind return to the money printing press".
"Rather, what I am calling for is the guarded reintroduction of the Zimbabwe dollar where such a new currency will be fully backed by credible, tangible and locally available assets, such as gold, diamonds or platinum, among several other possibilities," Gono said.
Zimbabwe's inflation has tumbled from an official annual rate of 231m % in July 2008 -- which independent analysts say was understated -- to a monthly rate of 1% in July 2009 following the decision to abandon the local currency.
But the unity government, which says it needs at least $8.3 billion for reconstruction, has so far failed to attract anticipated foreign financial aid, with Western donors demanding broad economic and political reforms.
"Whilst Zimbabwe has managed to stabilise the hyperinflationary pressures that characterised 2008, the country has relapsed into a serious demand deficiency loop that is threatening to choke the productive sectors across the board," Gono said.
"As a country we had pinned our hopes on vibrant financial liquidity being injected by outsiders. This has not yet happened. Industrialists too are on the brink of relapsing into the downward spiral due to the severe demand deficiency now dangerously characterising the country's goods and services markets."
Although Gono also floated the idea of issuing domestic currency under a currency board, he expressed reluctance at the loss of monetary authority that this system would entail.
He, however, proposed an independent body to evaluate mineral reserves and recommend the amount of local currency to be issued.
"Government will establish an independent committee to ascertain and certify the quantity of gold or diamonds produced to back the issuance of local currency," Gono said.
Although Finance Minister Tendai Biti was not immediately available to comment, he has previously said the Zimbabwe dollar would not be re-introduced any time soon.
Tsvangirai, who has also ruled out the immediate return of the local unit, is at odds with Mugabe, who has backed Gono on the matter. (Editing by Andy Bruce)
© Thomson Reuters 2009 All rights reserved
LINK: http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=87809&sn=Detail
Deflation Theory Is Lemon We Have All Been Sold: Matthew Lynn
Commentary by Matthew Lynn
Aug. 18 (Bloomberg) -- For much of the last year, central bankers, industrial leaders and politicians have been warning us about deflation. Falling prices, they tell us, will create another 1930s-style depression. The only answer is to print money furiously.
Now it turns out the theory is a lemon.
Deflation is no threat at all.
It doesn’t prevent an economy from functioning, and it doesn’t stop it from recovering either. The evidence suggests a period of sustained deflation might be what indebted economies need to get them back on the right track.
U.K. Chancellor of the Exchequer Alistair Darling said in a speech earlier this year that the Bank of England must be “prepared to act” to prevent price deflation.
“We are very keen on avoiding deflationary risk,” said European Central Bank President Jean-Claude Trichet in an interview this month. Much the same message has been pumped out around the world by economic leaders.
Nor have they been slow to put their freshly minted money where their mouth is. The Bank of England has embarked on a program of “quantitative easing,” or creating new money, to stave off the threat.
The trouble is, the theory doesn’t stack up.
Deflation, after all, has already arrived.
Falling Prices
In the euro region, prices fell a record 0.7 percent in July from a year earlier, after declining 0.1 percent in June, according to the European Union’s statistics office. In Germany, Europe’s largest economy, consumer prices posted their first annual drop in more than 22 years in July. Wholesale prices plunged almost 11 percent.
So the “deflating” euro area is disappearing over an economic precipice, right? Not quite. It is leading the world out of recession. Figures released last week showed Germany and France were hauling the region out of the global decline -- both expanded 0.3 percent in the three months through June after four consecutive quarters of contraction.
Not much sign of the dangers of deflation there.
In reality, anyone with a sense of economic history would have been aware that the whole deflation story was oversold. In the U.K., the House of Commons Library publishes data on prices going back to 1750. From 1814 to 1914, prices rose a bit in some years, and dropped a bit in others, so there was no real change in the price level over the century.
Greatest Power
In other words, there were plenty of deflationary years. Yet over that period, the U.K. became the greatest economic power in the world: Its relative decline only started once inflation took hold. Deflation didn’t stop the Industrial Revolution, one of the most sustained times of economic creativity ever seen.
Likewise, a 2004 study by the Federal Reserve Bank of Minneapolis looked at the data on deflation across 17 countries over 100 years. It found that although the Great Depression of the 1930s was linked with falling prices, that wasn’t true of any other historical period. There was, it said, “virtually no evidence” that deflation caused a depression.
Why should it? We are constantly told that deflation is bad because it makes consumers hold off from buying things, thinking they will be cheaper tomorrow. But that is just silly.
Two Impulses
Everyone knows that a computer or an iPod will be both better and cheaper in six months. And people really want one right now. Torn between those two impulses, plenty of shoppers go out and buy computers and music players. It is true in the electronics industry, and, once they get used to falling prices, it will be true for other industries as well.
Deflation may be bad for particular interest groups, which happen to be very powerful. It is bad for chief executives. It is easier to keep your profits rising in a mildly inflationary environment. You can just jack up your prices a bit, and you can often cut workers’ wages by stealth by holding wages steady.
The banking industry, which has come to rely on inflation to make highly leveraged loans sustainable, also dislikes deflation. Likewise, it is bad for governments, which use inflation to reduce the value of their debts.
On the other hand, deflation is good news for savers, who get richer just by hanging on to their cash. And it is beneficial for consumers, who get cheaper prices. It is usually good for workers as well, as they can generally hold the value of their wages, even while prices fall.
There are winners and losers, just as there are from most economic developments. The important point is that the people who lose are more powerful than the people who gain. That might explain why we hear about the dangers of deflation, and not about its advantages. It still doesn’t make them right.
There is no threat from deflation. It may even be desirable if it encourages a balance between saving and consumption, and discourages governments and banks from taking on debt.
(Matthew Lynn is a Bloomberg News columnist. The opinions expressed are his own.)
To contact the writer of this column: Matthew Lynn in London at matthewlynn@bloomberg.net.
Last Updated: August 17, 2009 19:00 EDT
LINK: http://www.bloomberg.com/apps/news?pid=20601039&sid=a_IZywsbozWg
Currently at the apex of a pennant or cup and handle, we'll see what happens... the T/A on the doji played out like a textbook though from late May on the decline to go with the overbought conditions at the time.
The bollinger bands have tightened now and the 50 day average is flat, we'll see what happens from here:
~~~~~~~COMPX 7/17/2009~~~~~~~
Previous Close 1885.03 +22.13
1867 FinancialAdvisor
1840 BullNBear52
1823 SSKILLZ1
Woo woo, Casey, Howell, and Wall at -2, and I got one dude flat, who the hell knows where my other choice went... looking pretty good, well found him, he's at +5, damn Waldrop, what I get for picking someone who sounds more like Nascar...
So I'm -1 collectively, not bad after day one considering the average of the field is shooting easily over par, not under it...
How's everyone else doing, +1 for Woods, I knew my strategy had a shot at working! ;)
Thank you sir, that was my intention
CASEY, DOUGHERTY, HOWELL, WALL, WARDROP
TB: 277
Long shot, but let's see what happens, looks like 99% of the board picked Woods, so I'll take my chances with this Casey fellow and his fellow englishmen...
Good luck!
Wow, I'm honored to get a response with such substance!
I just wanted to show up and say I told you so, I called the .07's coming back when this was trading near .20 if I do recall...
The problem here is you people are too busy plastering press releases all over the place, or pictures of advertisements at baseball games.
Well I got news for you, advertising costs money. Rarely if ever do I see folks on this board talking about how "great" the products they sell are. It's always the press releases and the advertisements, and costly ones at that.
This was a no-brainer move, and a helluva shakeout, who knows if it's over. I'm not buying in since the company has and is heavily diluting at the moment to pay for the costs associated with advertising $5 sponges.
Dig deep enough and thou shall be granted information as far as the I can see... let's just say SALI ain't locked up in the closet with T.A. ;)
Guess whom is selling "shares" through SALI?
Gagged! Yikes... someone pay the ransom, gangsters have taken over!!!
Look at the 50 day moving average on April 29th, volume also far superseded the previous session:
I agree, don't worry, they've already figured out an argument against it, "naked short selling!"
Screaming it from the rooftops while a la insider issued stock gets sold! Seen it a million times on the pink sheets, at least this is a real company selling real products, the only thing we don't know for sure is just how much weighted shares are really out there, kind of hard to figure out when the transfer agent is gagged (seen that a million times too!), go figure!
They will not get listed on the Nasdaq without doing a reverse split. So if you are so sure about your statement, then you can also be sure about them not getting listed on the Nasdaq unless they can grow the market cap. of this stock to over 3 billion dollars. Selling just sponges... to have the market cap. at 3 billion dollars, ummm yeah... good luck with that!
And that's assuming that there are 750 million shares outstanding into the future, and I doubt there would be since the fully capitalized stock currently sits at an estimated 2.5 billion!
There's no way they're making profits to pay for all this advertising we are seeing on TV and in professional sports off of 5 and 10 dollar sponges!
And yes, the ballooning accounts receivable concerns me. This is one of the main things an auditor will look at when and if this company is actually auditing to obtain a reverse-split in order to up-list on to Nasdaq (Small-Cap).
That doesn't mean I can't play the up-waves in the consolidation pattern, does it? Not sure why my post was deleted, it was not off-topic or against any TOS, I'll have to contact Ihub moderation to restore it.
Yes .106 to .1355 (half-out). Like I said, I'll dump the rest, especially if I see .14 being a monster to break and I forsee a new low in this consolidation, the next wave will either confirm the .101 low as a bottom in consolidation or a new panic low will emerge in the single digits which should adequately flush out the supply at this level.
I played this recent wave knowing that heavy resistance lies between .135-.14, I got in at an average yesterday of .106 and just now dumped at an average of .1355. I'm looking for a climax lower and may dump the rest if I forsee .10 being broken which would insinuate a nice panic sell-off before the ponzi-scheme continues.
That's the bet right now, the bulls are betting that the excessive cost of advertising (dilution) will be outweighed by the future profits. We shall see and I can agree that toxic financing does tend to plague many small companies as the creditors tend to short against their investment so they make out either way.