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oil, gold, & dax have bad breath.
ASStrikos might wanna wind his wristwatch...
bulldozer moved to DAX.
$325, then $328... es muy importante.
where is the "party"...
waterfall gets back into gear after a sharp rally...
doversold silliness, but the bulls are no longer giddy.
you can hear them pushing the "mute" buttons.
don't see them holding this mess to the elections.
we'll backtest and fail the lows. only question is where
we land; and suspect the point is 6300 (+/- 150). with a
six to ten month stablization, only top get creamed again
on the ust's failing.
you saw how japan's bond buyers responded to the bank bailout.
they said no thank you and added more gold reserves.
it's a mess out there manana. scares the crap out of me.
see if the real fear shows up soon. that will drive us down
and down very hard.
manana, watch BGO. nice churn volumes last few days.
"the grind may be behind"
hate to do this... but:
tuesday is EL CLIFFO.
my "hog" call.
apologies in advance to asstrikos.
looking at SUNW... nice squeeze potential. took off shorts.
flat, but long you know what...
phew!
good ride from 72s... short term pain, longer term gain.
the folly of swing trading b.s. fundas.
waterfall mode...
Burning Down The House
---------------------------------
Watch out you might get what you're after
Cool babies strange but not a stranger
I'm an ordinary guy
Burning down the house
Hold tight wait till the party's over
Hold tight We're in for nasty weather
There has got to be a way
Burning down the house
Here's your ticket pack your bag: time for jumpin' overboard
The transportation is here
Close enough but not too far, Maybe you know where you are
Fightin' fire with fire
All wet hey you might need a raincoat
Shakedown dreams walking in broad daylight
Three hun-dred six-ty five de-grees
Burning down the house
It was once upon a place sometimes I listen to myself
Gonna come in first place
People on their way to work baby what did you except
Gonna burst into flame
My house S'out of the ordinary
That's might Don't want to hurt nobody
Some things sure can sweep me off my feet
Burning down the house
No visible means of support and you have not seen nuthin' yet
Everything's stuck together
I don't know what you expect starring into the TV set
Fighting fire with fire
no focus on the day2day gyrations 2day... our very futures
are at hand.
the financial chernobyl envelopes the globe… and the boj decides to use the “big
stick”… after all, they’ve had 11 years of chop.
crooked markets fail to serve as “free markets” whereby goods & services are freely
exchanged between participants. no where is this more evident than on wall street.
of course the ollies on the street have a different set of rules in mind for us.
cannot see where enough of a “free market system” is left in which to invest. and
the koz in an orange jumper won’t help sway me towards 40 wall street.
saturday nite live ran a fantastic skit with bush & cheney… cheney in the chair
reached out constituients based on income levels: “is you make less than $250k,
please turn the channel”…. “ok, buy some guns and food n stuff… as when these
blue collar joes figger out what’s up, they gonna come afta ya”…
someday an army of lobbyists will descend on washington dc to ensure that large
amounts of money are set aside to purchase shares of stock in their clients companies
as opposed to etf’s; after all why should government intervention in “free markets” end
with just index components…
amat can foucs on lobbying, instead of promoting porsche ownership.
received an email from a friend who had an interesting tale about our new currency…
the “war currency”; colored funny money designed to prevent the flood of exogenous
dollars from flooding back to our shores like a 500 foot tsunami. this news came from
inside the beareau of printing & ingraving, they appear to be running the presses around
the clock.
when monetary inflation picks up from the massive overprinting of paper currency by
central banks around the globe, we’ll be exchanging the logo "in god we trust"
currency for "in gold we trust".
suspect the “we are not japan” rhetoric will be one of the more embarrassing foibles for
big al… and the programmed media. we are japan, but we far exceeed them in greed and
malaise.
pretty clear bill harrison is another ken lay… no clue as to the financial machinations
of the once grand house of morgan. after years of mergers with nyc’s money center
banks, the house is now a 500 story megalith built out of discarded pixie sticks, sucked
dry by toddlers with stained faces. the “morgan” folk departed a very long time ago…
no one really understands what morgan’s business in sum is… clearing, insurance, risk
management, investment banking, commercial lending… the monster has consumed its
offspring and just about everyone is fearfull of the “broken arrows” that might fly out
its butt at any moment. telco exposure is simply the very tip of the iceberg… and therein
lies the problem, it is very difficult to see 99.9999% of an iceberg. it, like the house of
morgan, it perilously scraping the floor of the globe… underwater. and god forbid
anyone decides to step close enuf to one of those windows from the 498th floor. the
whole damn pixie stick’d mess could tip over and crater.
here is a real gem:
"they were in there. they had access. they talked to management," a hedge fund manager said. "we think they're kind of dopey."
enron, worldcom and others, did little to bolster harrison’s credibility.
unreal…
just how is it the little guy/gal gets stiffed and ends up paying for it twice.
oh, yes, i forgot… “free markets”.
large OTC blocks on JPM @ $19.45.
looking an aweful lot like waterfall mode...
agreed manana, james sinclair suggesting JPM a better indicator for gold.
below 18.50 and it is in serious trouble.
also, derivatives square up in september.
long JPM & QLGC.
uh..................
ok, no more "frogs" due to the "graphic nature" of globilzation
and our peace dividend with the french.
"save bordeaux!"
interesting balance of week ahead.
looking for fed to cut rates. 50bps and one nasty short squeeze.
hello?
did everyone go the way of the frog...
train is leaving station for Burma...
jump when you reach the river kwai, it's a big gorge.
Among other things, he allegedly spent $1 million in Tyco money on a birthday bash for his second wife, Karen Mayo, that featured an ice sculpture of Michelangelo's David - which sprayed vodka from its penis.
complexity and shurb in the same sentence?
hoover, you are a mild mannered lois lane.
: )
to be blunt...
relieved myself before it revealed itself.
kinda like the market.
woke up to a frog in the toilet...
unfortunately for the frog, i was half asleep.
back from where it came. much like this latest
"mawkeet" folly.
US$ up and over 109... hmmm, i would guessed the
flight to "quality" was "war premium".
silly me.
spx futures up 12, gold tanking, US$ higher...
iraq has agreed to allow inspectors in... or so it is said.
i guess that means INTEL is a screaming buy...
us no longer safe haven for war?
perverse, i know, but think like a criminal.
gold will be smacked around for a few.
oh well...
be back before ya know it... may have to take week off.
can't watch this crap.
look for the break manana... 1 million ounce contract on
comex says someone is gonna press for delivery.
problem is, they DO NOT have it.
saik... uber goldbull... lol! epic buy signal.
a special message for the federal reserve: US$
"Semper Ubi Sub Su Ubi"
euro longs stops being run...
ie. the end is near for the US$.
"hoping" for one last epic jam thru 110 and cheaper gold.
one can "hope" right?
that whacky US$... 108s now.
126 -130 range on HUI holds and...
i will reload "woodshed"...
if it lets go, it spells ugly for a long time.
manana, 109 gone with authority...
time to watch. nice pivot call, btw, didn't see it getting
back to 110, but looks to be heading to the targets you posted.
shows ya what i see, was looking for 108.96 toppper.
never underestimate the power of feedspan. it will cost those
who do...
kudos to you bro!
obeying the charts in here.
"F" gets "F'd".........
Sunday Business - London UK
by Robert Bailhache
London City Editor
Ford Motor debt has been downgraded as 'Junk' by an independent US ratings agency, sparking fresh fears in global finacial markets that new credit problems loom for one of the worlds largest automakers.
Egan-Jones the controversial independent ratings agency based in Pennsylvania, has placed junk-grade ratings of 'BB with a negative outlook' on Ford's $165billion of senior debt, some 6 notches below Standard & Poor's and Moody's ratings.
Egan-Jones achieved prominence in North America by predicting credit problems at bankrupt companies such as Enron and Worldcom reducing their debt to junk, months before the bigger agencies warned investors of solvency risks.
As of September 13th 2002, S&P still has an investment grade ratings of BBB+ on Ford, while Moodys rates its senior debt as Baa1 - three notches above junk.
Both agencies are paid by the companies[Ford] they rate to prepare analyses for creditors. Analysts expect S&P and Moodys to 'act fast' to downgrade Ford if trading conditions deteriorate during the final quarter.
gold friday: 10 fingers on the close...
took off shorts and sold more golds,
low for this move should be in by end of next week.
good weekend all!
: )
US$ moonshot...
MANANA is it ORB time?!?!?!?
sold 1/2 golds here, booked profits.
market comments: september 12, 2002
manana, i am still bent over laughing on that last post, yer
in rare form once again!
one has to wonder just how long the rest of the globe will wait before they decide they have had
more than enuf of our illustrious central boobster.
i'd liken sir alan to the walking dead, but that's been done.
we are japan, only bloated with 5 times the debt... an no savings. we are too late.
herbert hoover once declared the same, but the 180.
we continue to deny reality and only manage to compound the problem.
today's dismal economic news will be compounded by tomorrow's retail sales report.
this provide a key read on consumer spending, which is drying up faster than anyone cares to admit.
estimates are for a rise off december's low. august was abmisal, and i doubt there has been any
gas added to the fire.
today's number show just how absurd the unemployment # really was:
initial claims: 426K vs, 400K
and our current accounts rapidly approaching 5% of GDP is getting to be a drag on the dollar.
this is very very bullish for gold, massive STAGFLATION. we debated this 4 years ago on the KGC board on yahoo.
it was certainly ironic now as it was then, as few could envision my scenario: "you get both"...
after repeated quips, against the forces of both deflation & inflation... turned out i was right. we will get
both, something dine's refers to as "infression". i am taking a bow now, as i was 4 years ahead of the pack.
i spoke consistently of a "dollar crisis" over the past 18 months... we are in the eye of the storm right now
and the tail end of it is going to be prolonged and extremely destructive. as in 30 to 40% gone. think
about what that implies globally.
it means most goods will be repriced outside of dollars, and we are in a seriously weakened position financially.
it is showing up in all the right places, BAC, JPM & C. the subprimes are patiently waiting for JPM to unload
the balance of it's positions in COF etal.
the PPI should be cooked towards weakness, but not enuf to alarm al as he still see's the "productivity miracle"
as a viable substitute for productivity... quazzie, really.
after the close today we get Adobe... lookout below. no one is buying photoshop in this environment, or premier for
that matter. free downloads of the pdf reader do not amount to revenues.
one look at the CRB says the US$ is about to plunge... keep a close eye on it as when it begins this next ABC down...
gold is going to go ballistic.
http://quotes.ino.com/
pressed GLG GG KGC PMU HGMCY & a few others this morning... looking good.
SLGLF looks utterly epic to me and they are sitting on some nice reserves.
the keys to the breakout kingdom are the US$... HUI 138 & XAU 80.
god bless you all,
jrm
watch that pesky US$ & CRB/OSX...
should get interesting as when the US$ loses 106, it will
be a long cold snowball to 97.5xs.
manana, suffering from "gold chaffing"...
had to bury it in back yard under dave's tent.