Warren is hopeless and is easily pushed around by astute liars such as Geithner. Off goes the TV, especially now that Krudlow is adding to the lies. Still have a QLD buy signal from yesterday. Two

Hey, Fox, seeing any "engineered market support" this a.m. (lol)? Hope you've noticed the lady with big eyeglasses sitting directly behind Geithner and displaying a pink sign that states "Give our $ back!" Two

I think you're right...but perhaps not today? Two

I have a minor QLD sell signal starting at 9:55, but the major buy signal from 3:25 yesterday is still in effect. Two

Looks like you were smarter than I, Gleno. But prices may turn up this a.m. Things are getting desperate in the town where I live. Now they're conducting topless job fairs. I think even some men are applying. Two

http://www.msnbc.msn.com/id/30315301

Yes, Gleno, I got a QLD buy signal (the final one) at 3:25 Eastern. Although it's on a buy, I'm inclined to think QLD will rise tomorrow but not come close to Friday's QID buy signal at 2:40. So, I'm holding my Friday QID purchase and have a QLD hedge that exceeds the QID purchase in total dollar value from 3:25 this afternoon. Two

Gleno, the Minneapolis Star-Tribune reported in 2007 that Obama's security costs were $44K/day. I'm sure his security costs more now than it did before he became president. I imagine his cabinet members' security costs are somewhat lower, but not much. The point being, Obama and his cabinet probably cost taxpayers much more than $100 million/year in security costs. These costs get a lot bigger when you add in security for the VP, Congress, et.al. Obama must think the American public will be impressed by $100 million in "potential" savings? Two

Foot, I agree with you and Dan. Easing of the rules has changed everything. By the way, it was just reported that your "hero" plans to cut the budget by $100 million (one-twentieth of one percent of just the March federal deficit). That should materially change things, I'm sure (lol). Two

==========================


By STEVEN R. HURST, Associated Press Writer Steven R. Hurst, Associated Press Writer – 1 min ago
WASHINGTON – The Obama White House zeroed in Monday on ways to slice the budget by $100 million, a fraction of the federal deficit reported for March alone.

Just back from a Latin America summit, President Barack Obama was ready to "challenge his Cabinet" on budgetary savings, the White House said in a statement released as he convened his first formal meeting of department and agency heads.

A senior administration official, discussing the closed-door meeting only on grounds of anonymity, said Obama planned to remind Cabinet members that families across the country are struggling to make ends meet and need to know the government is spending their money wisely.

The federal deficit for March alone was $192.3 billion, and $100 million would represent a minuscule portion of that sum, roughly one-twentieth of 1 percent. Obama in February brought forward a $3.6 trillion budget for the 2010 fiscal year, beginning Oct. 1, a proposal that would produce $9.3 trillion in deficits over the next decade.

I think AAPL reports after Tuesday's close (but someone please correct me if I'm wrong). Two

Plenty of fakeout buy signals, but no follow through...so far. Two

Most of you probably saw this already, but I thought I'd post Karl Denninger's report this morning re. the bank "stress test." You be the judge. Two

===============
Monday, April 20. 2009
Posted by Karl Denninger in Banking System at 10:06

Treasury: Caught Lying Again
Last night Hal Turner (who has a reputation that is best described as heavily-adorned with Reynolds Wrap) published this:

The Turner Radio Network has obtained "stress test" results for the top 19 Banks in the USA.

....

1) Of the top nineteen (19) banks in the nation, sixteen (16) are already technically insolvent.

2) Of the 16 banks that are already technically insolvent, not even one can withstand any disruption of cash flow at all or any further deterioration in non-paying loans.

3) If any two of the 16 insolvent banks go under, they will totally wipe out all remaining FDIC insurance funding.

4) Of the top 19 banks in the nation, the top five (5) largest banks are under capitalized so dangerously, there is serious doubt about their ability to continue as ongoing businesses.

He then goes on to list things that we know to be factual, including derivatives exposure (mostly in interest-rate swaps and similar.)

This appears to have led to Treasury issuing the following statement this morning:

The U.S. Treasury Department has not yet received the results of "stress tests'' on the health of the nation's 19 top banks, spokesman Andrew Williams said Monday, after a blog said it had obtained the test results and some U.S. bank shares moved lower.

That's a lie.

How do we know its a lie?

Because of this from April 10th:

April 10 (Bloomberg) -- The U.S. Federal Reserve has told Goldman Sachs Group Inc., Citigroup Inc. and other banks to keep mum on the results of “stress tests” that will gauge their ability to weather the recession, people familiar with the matter said.

The Fed wants to ensure that the report cards don’t leak during earnings conference calls scheduled for this month. Such a scenario might push stock prices lower for banks perceived as weak and interfere with the government’s plan to release the results in an orderly fashion later this month.

How can you be ordered not to release something you don't have?

Since that was published on the 10th of April, we therefore know that the results exist and Treasury, the banks involved and The Fed have them, as The Fed was concerned that some banks might try to use them (perhaps in a misleading fashion) during their first quarter conference calls and earnings releases.

Sorry guys, but whether Hal Turner has the real results or not is no longer material. What's material is the claim that Treasury doesn't have them, since they told the banks on the 10th not to release them, and you can't release what you don't have.

The problem with lying is that eventually you forget your previous lies and thus get caught when you contradict yourself.

My response to Treasury's claim is best expressed thus:

STOP LYING TIMMY; THE MARKET IS REACTING VERY, VERY BADLY TO THIS OBVIOUS AND TRANSPARENT LOAD OF CRAP YOU ARE TRYING TO FOIST OFF ON IT THIS MORNING.

gleno and fish, you know they're going to push it to the limit this afternoon. I see two down days coming next week, then up Wednesday for AAPL's bogus numbers? Two

Hi, Fox, thanks. Still a little more upside in the NDX this p.m., then perhaps we close slightly lower than yesterday? Anyway, my daily charts are on sell signals (again). Five-minute charts are getting there, but not quite. Good luck. Two

POKERSAM, SPX now at 870 and closing in on your 875. I think this is the end of the run, but I thought that at 852? Two

Hey, fish, is the NRA ready to fight? Two

Hmmmm...weren't there a few Obama appointees who didn't pay their income taxes? Two
===================

The statute that revised Section 7623 of the Internal Revenue Code provides awards of up to 30 percent of the amount that is ultimately collected by the IRS to persons who identify underpayments of tax. When the tax whistleblower makes a substantial contribution the minimum award -- by law -- is 15 percent of the collection. The award is calculated based on the total of the tax, interest, penalties, and additions to tax that is collected by the IRS as a result of the allegations or information provided by the person who comes forward to reveal the underpayment. An award may also be claimed for reporting information about an underpayment that would reduce the amount of a refund claimed by a taxpayer. There is no cap on the size of the reward, so for example, a whistleblower who reports a billion dollar underpayment of tax (including penalties and interest) could result in an award payment of up to three hundred million dollars.

What is the smallest underpayment that can be reported that will still result in an award?

At this time, the program is targeted at revealing large underpayments of tax. A person can only receive an award under the program if the total amount of the underpayment of the tax, interest, penalties, additions to tax, and additional amounts in dispute that are ultimately collected by the IRS exceeds $2 million. In addition, the income of an individual taxpayer who owes tax that has been reported under this program must exceed $200,000 in the year the tax was due. As a practical matter, penalties ranging from 20-40 percent of the tax due and the effect of compounding interest often result in the doubling of the total amount of a deficiency of tax that would have otherwise been paid if it had been properly reported on a tax return in the first instance.

http://www.tax-whistleblower.com/practiceareas

No problema. It's beginning to look like they'll take up prices very slowly and test yesterday's highs. Anyone else seeing that? Two

Since I don't follow the put/call volumes, I wasn't aware the put vol. was so much heavier? That seems to explain why I'm seeing 33 being defended (it got down to 32.93, however). But who knows? Two

Who is/are Da Boyz? Picked this up on www.goldmansachs666.com. Two

=======================
Friday, April 17, 2009
Former Goldman Sachs Exec Running the New York Stock Exchange
For the past few days Duncan L. Niederauer, who know runs the NYSE, has been telling the world that the recent rally was not driven by actual fundamentals but rather by trading. This is a wild statement coming from a former Managing Director of Goldman Sachs.

The number show that Goldman Sachs did more program trading during this artificial rally than the next 14 largest program trading companies in the world . . . COMBINED. Moreover, Goldman Sachs did it in their own Principal account.

So if the SEC and the NYSE want to get to the bottom of things like this, I suggest they open an investigation. But that would never happen with a Goldman Sachs man at the helm of the NYSE and Goldman Sachs team members in Washington . . . and beyond.
Posted by Zak at 8:39 AM 0 comments Links to this post
Labels: Duncan Niederauer

Beerworld, allow me to play devil's advocate. Wouldn't there be more money to be made now by screwing all those with heavy call commitments? Two

In your estimation, where do they want this to end? A close that hurts shorts more than bulls, or vice-versa? My guess would be a neutral close (i.e., very little gain or loss). Two

Gleno, I sure had some strong sell signals at 3:40 yesterday and went short. But I suspect there will be some chicanery today, don't you? We can't have an OE Friday go by without Da Boyz messing with both longs and shorts. Two

Great, I'll look into it this weekend (after trading). Thanks again. Two

Snootmagruder, thanks, but does the StockCharts support group help out with posting a rival company's (Prophet) charts? Two

teaparty, I use Prophet.net charts and have yet to learn how to post them? If anyone on this site can provide posting assistance, I will gladly display my charts. Thanks. Two

teaparty, your tracking of the $OEX has gotten me very interested in this index. As a result, I've developed several $OEX charts of my own and believe the index is a very accurate "barometer" of the overall market. That said, tonight's $OEX close, if I am to believe my charts, did not satisfy all my criteria for a top. It appears there's more upside potential (tomorrow?). Do you concur? A personal thank-you for all the charts you post as well as your trading ideas and the sharing of those ideas. Two

Guess someone liked the rumor as the price is climbing again (lol). And so are the indexes. There can't be much more room for a rally tomorrow, can there? The stochs and CCIs are very high on any timeframe chart? Two

Hook, maybe I'm mistaken, but it looks like GOOG started selling off after the suspected leak? Two

Cannabis, have you done this before (bought equal amounts of QID/QLD when they're the same number)? Sounds too good to be true, but I've never tried it? Two

Hey, Hook. GOOG on the daily charts looks cooked as far as much more upside potential, frankly. But the stock that looks like it has great potential to rally the indexes tomorrow is C. Two

blasher and Fox, looks to me like they'll take up prices one more day (Friday), then lower the boom next Monday. Two

Thanks, blasher. Two

Gleno, thanks for sharing this guy's reports. He seems to be pretty good. What has been your experience tracking his results/analyses? Two

My system went long QLD twice yesterday--at 11:15 and 3 p.m. It's still on a hold long signal and I haven't seen any serious sell signals. The daily charts are suggesting more upside tomorrow, as well. That said, my guess is that Da Boyz will drop prices a little going into the close, which will set up tomorrow's rally when C and GOOG announce before the open. I'm also guessing that we'll top out on Friday and drop a bit next week before the end-of-month play. Two

I think they save the rampo for tomorrow a.m. Two

Wonderful and funny story, Fox. Can't say I have one that's as funny. But when questioned for a jury dealing with a man who had murdered someone in a very malicious way, I was asked if I supported the death penalty. To which I responded, "No...I support death by drawing and quartering." You're excused, sir. Two

You know, NM, the longer I daytrade the more I see the same damn patterns. These guys aren't as smart as you think. Or, should I say, their computer programmers aren't too innovative. I can go back five or more years and see the same patterns play out over time. I'm sure you're very aware of this. We know there's massive manipulation. So the question is, who's behind the manipulation? Some folks I read say it's the floor traders on the major exchanges. Partly correct, I think. But who's behind them? Who has the money to buy and set up the best/biggest computers in the world with smart algorithms that keep the patterns repeating over time? Who decides when the rallies or declines occur, and for what reasons? Someone does. Is it Goldman, a consortium of international bankers, or something larger? Whatever/whoever it is, it has the power to run the world. Two

blasher, good points re. separating tax cuts/debt issues. Re. jury duty, I've never had to serve either. Anyone with a strong opinion on any subject is usually rejected immediately. And do I have strong opinions on most subjects, I ask rhetorically (lol)? Two

All makes sense to me! Robbins' "Mini-Max" rule of government is "Any minimum criteria set will be the maximum value used." But I like Walton's law of politics better: "A fool and his money are soon elected." Two

NM, you're right. That's why I think they'll take up prices now, then drop them to a new intraday low after the big, bad "Beige Book" report. But once everyone realizes the report is just stating what we already know, the bounce will commence. JMHO. Two