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This will curdle your milk....
ICGE (split adjusted) went from $14 to $245 to 14 CENTS and back to $14.
Now for the curdle part... from the Amazon.com review page for Cramer's book, "you got screwed";
"In late December 1999/early January 2000 at the height of the tech bubble, Jim Cramer appeared on CNBC and screamed this mantra like a maniac at viewers,"
"If you don't buy ICGE now you are an idiot!! ICGE -- ICGE -- I SEE GE -- I SEE THE NEXT GE -- Get it -- Get it now!"
"If I remember correctly those were the words he screamed in a fury. The word "idiot" may have been "imbecile" but the point is he wanted to make you feel really stupid if you missed this golden opportunity."
Cramer hasn't changed, but his chosen bubble darling has.
In 1999 it was ICGE, in 2007, it's GOOG!
http://72.14.205.104/search?q=cache:t6H9joMZ-EQJ:www.amazon.com/Screwed-Wall-Street-Tanked-Prosper/d...
CMGI? ICGE? Remember how these two Internet Incubators were going to rule the world?
GOOG/AAPL/2007 = QCOM/AMZN/1999. Price target competition is entering clown territory. FWIW, the GOOG $750 target is 30x 2009 estimates. That's 2009.
Disturbing addendum to the Low Volume story; floor trader on CNBS said most of the buying is coming from foreigners. What is the history of foreigners being the primary buyers of an already parabolic asset? (California real estate in the 80's comes to mind). QQQQ's up over 20% from intra-day lows in 40 trading days - that's parabolic.
I'm waiting for Mary Meeker to put an $800 handle on it.
GOOG going to $740 - so says Merrill Lynch analyst Henry Blodgett, who claims to be even more confident in this call than he was in his "QCOM to $1000" call of 1999.
OK, so maybe I added the Henry/QCOM part, but the calls are starting to sound similar...
When do the FOMC minutes get leaked?
6 month/daily QQQQ RSI(14)@ 75, UltOsc(7,14,28)@ 73. Those are nosebleed numbers! Meanwhile, volume yesterday was 62.9m, 2nd lowest of the year (after May 7). Got QID?
That's an amazing essay, Joe. I hope someone in the "official" financial press picks it up.
CNBS' Rick Santelli said the fixed income markets were wondering if Emeril was now working in the government kitchen, because that's the only way to explain those numbers... cooked!
Fed wants to teach overpaid traders and bankers
By STEVE PEARLSTEIN, Washington Post
Published September 6, 2007
You read it here first: The Federal Reserve will not lower interest rates when its policy committee meets Sept. 18.
That's not to say it couldn't lower rates before Sept. 18 if financial markets experience another meltdown or if there is credible evidence of a dramatic slowdown in the economy. Or any time after Sept. 18, for that matter.
But it ought to be clear to anyone who has been listening to Bernanke & Co. that the last thing they want to do on Sept. 18 is be seen as giving in to the pleading of overpaid traders, bankers and fund managers desperate not to confront the consequences of their mistakes.
In truth, it probably doesn't matter what the Fed does on Sept. 18. It was not primarily the Fed that created the credit bubble - it was the traders, investment bankers and fund managers, working through unregulated global financial markets. And now that all that market-created credit and liquidity has suddenly disappeared, there is little the Fed can do to replace it, even if it wanted to. Which it doesn't.
Cramer Takes Credit for Fed Rate Cut; Then He Doesn't
By Michael Janofsky
Aug. 17 (Bloomberg) -- Jim Cramer, the CNBC television host who led the howls for the Federal Reserve to cut interest rates, got his wish today.
"They obviously heard us, they acted," he said on the air. "This is the beginning of the run to 14,500."
The Fed lowered the interest rate on loans to banks by 0.5 percentage point, to 5.75 percent. The surprise action came after weeks of debate between investors looking for looser credit and economists who argued that a rate cut could hasten inflation.
"It's a brilliant move by the Fed," Cramer said. "Two weeks ago when I had my talk with you, they were doing the exact opposite." On his show "Mad Money" this afternoon, he applauded himself again, saying "I love to say I told you so," adding later, "I think I nailed it."
The idea that Cramer or anyone else outside of the Fed would take credit for the Fed's action struck some economists as chutzpah.
"Policy makers can't see themselves as giving in to a crank," said Stephen G. Cecchetti, professor of economics at Brandeis University International Business School in Waltham, Massachusetts. "Maybe Jim Cramer is better informed than they are. I would be shocked."
Among economists who saw hypocrisy in wealthy investors and Wall Street traders urging speedy Fed intervention -- a turnabout from their usual stance -- was Richard Yamarone, chief economist for Argus Research in New York.
"My mother always told me those who play with fire get burned," he said yesterday. "Here, that apparently doesn't hold true. Someone is making my mother out to be a liar, and that's not a good thing."
Growing Chorus
Before today's Fed move, Barton Biggs, a former Morgan Stanley strategist who runs the $1.5 billion hedge fund Traxis Partners LLC in New York; Credit Suisse; and Marco Annunziata, chief economist of Unicredit Markets & Investment in London, had joined the chorus.
In an interview yesterday, Biggs said the Fed should lower rates "pretty soon."
"People are losing faith in credit, so the economy is seizing up," he said. "That's why it's important that the Fed cut rates and get confidence back in the system."
Credit Suisse warned in a report two days ago that markets had reached a point between a "healthy" correction and the prospect of "something far more sinister which could lead to real economic distress."
"If policy makers don't act today in a strong and concerted fashion, we are at risk of seeing the biggest market- driven tightening of global financial conditions in a very long time," according to the report.
Bernanke "Nuts"
Annunziata stopped short of calling for interest-rate cuts in his report but said the situation had reached "a critical crisis" that "needs to be cushioned."
On CNBC two weeks ago, Cramer blasted Fed Chairman Ben S. Bernanke and William Poole, president of the St. Louis district bank, calling them "nuts" for leaving interest rates unchanged as global credit was under siege. The segment drew more than 1.6 million hits on YouTube, the video-sharing Web site.
Cramer singled out Poole as being "shameless" for favoring a cautious approach and accused Bernanke of having "no idea how bad it is out there."
Poole said in an interview Aug. 15 that only "a calamity" affecting the economy would justify an interest-rate cut. Poole didn't address Cramer's remarks, and his spokesman, Joe Elstner, said he would have no comment. Michelle Smith, a spokeswoman for the Fed in Washington, declined to comment on Cramer's remarks directed at Bernanke.
Altruistic Motive
Cramer said today that he wasn't seeking interest-rate cuts just for Wall Street investors but also to help average homeowners on the verge of default.
After taking credit on-air for nudging the Fed, he backpedaled.
"It's obvious they didn't listen to me," Cramer said in an interview later.
"Things have now happened that make me look good, but it wasn't really my video," he said. "I may be prescient, but I'm not taking a victory lap for something that didn't happen right away."
The shills are all squeeling about how great this rate cut decision is, but in the details of their justification, they're disclosing how truly dire the situation was, er... is.
If the credit/mortgage/liquidity crisis really is BAD, a window rate cut won't even put a dent in it. All it did was goose the options expiry opening prints and kill a lot of bets.
Translation; the situation is still really BAD.
Cramer just said the market was going to crash by at least 1000 points today or Monday, but instead - thanks to Bernanke - today the market will have the biggest point GAIN in history.
He also said the 2008 prez election was just decided by Bernanke's action. He then giggled like an uncaught criminal.
Wall Street sure did a great job of hiding the knowledge of today's planned crash from us regular folk. Wonder what else they know but aren't saying?
" The opportunity to purchase QID shares below $43 existed for all to see and act upon ".
My recent sub 43 buy (and sub 45 sale) probably would never have happened if I didn't exercise a prudent use of the Ihub ignore feature <g>. The noise around here is deafening!
Out of QID @ 44.94 for 2.30 em
Got 2nd serving SHOO @ 30.62 em
SHOO - Steve Madden Shoes - In @ 31.88 for 1st serving.
Are either AAPL or AMZN vulnerable? Not AAPL, everyone knows the I-phone is going to save the world. But AMZN is interesting....
AMZN revenue estimates are at 2.81b vs 2.14b last year. EPS is supposed to come in at .15, with a high estimate of .20 and a low of .08 - lots of uncertainty.
edit; last year's eps was .05
A 200% increase of EPS on a 31% increase in Revenues?
Anything in Internetland suggest these margins may not happen?
(Hint - Goog)
p.s. - Last years juneQ EPS of .05 was a .01 miss
The Dow's darling CAT coughed up a fur ball, and the Naz's darling GOOG gagged. One more surprise miss and the lemmings will head for the nearest cliff.
Buy low, sell too soon <g>
Seriously, when the 6 month/daily chart says oversold (RSI and Oscillator 30ish or lower) and the 10 day/hourly chart agrees, and the price has moved a standard deviation away from the 50dma, pushing on the bollanger band, and sentiment becomes insanely lopsided, and the CNBS clowns are screaming "this is the real thing!!!" ...
That's when I take a first serving position...
In QID @ 42.64 - gotta follow my system...
EPCT up 26% pre-market on this;
New Research Demonstrates Broad Efficacy of Azixa(TM) (MPC-6827) Against Multiple Tumor Types and in Drug Resistant Cell Lines
Friday June 15, 12:01 am ET
Study Results Published in Cancer Research
TARRYTOWN, N.Y., June 15 /PRNewswire-FirstCall/ -- EpiCept Corporation (Nasdaq and OMX Stockholm: EPCT) today announced the results of scientific studies that (1) demonstrate that Azixa(TM) (MPC-6827) is effective in treating multiple types of human tumors in animal models, (2) reveal a mechanism by which MPC-6827 exerts its effects, and (3) show that MPC-6827 is not affected by cellular proteins known to be involved in cancer drug resistance. The study results appear in the June 15, 2007 edition of Cancer Research, a journal published by the American Association of Cancer Research (AACR).
More;
http://biz.yahoo.com/prnews/070615/nyf021.html?.v=95
I was looking at a 15 minute chart - RSI and Oscillator both around 20 there.
QID oversold here, but tough to step in front of tomorrow's CPI...
Sold LOGI @ 26.32 for .72 em
Sold CTSH @ 76.44 for 1.54 em
Back in CTSH @ 74.90 em
LTBH note; My ABB holding is now 1 year old and is almost a double. I still think this is a bulletproof winner long term.
New first serving LOGI @ 25.60 em
Morgan Stanley issues "full house sell signal"
By Polya Lesova
Last Update: 9:14 AM ET Jun 6, 2007
NEW YORK (MarketWatch) -- Morgan Stanley has issued a "full house sell signal" as of Monday, saying three of its leading indicators - bond yields, Institute for Supply Management new orders, as well as valuation and risk - showed it was time to sell. "Such a full house sell signal across these three indicators is rare, and has occurred only five times since 1980," said analyst Teun Draaisma in a European strategy research report. "Equities have always been down in the next 6 months, on average by 15%. Previous occasions include September 1987 and April 2002. We prefer to be on the right side of those odds." Draaisma also said that cautious sentiment can negate a valuation sell signal.
Sold CTSH @ 79.00 for 1.94 em
Bid of 77.06 filled on CTSH earlier. em
I must say, your table-pounding on MCZ was a hell of a call. You've got cojones! Congrats.
Out of both servings LOGI @ 26.09 for .64 and <.35> em
Another 2nd serving of LOGI @ 25.45 em
Sold 2nd serving of LOGI @ 26.31 for .62 em
Back into a 2nd serving of LOGI @ 25.69 em
Out of ALKS @ 16.78 for .53 em
Out of 2nd serving LOGI @ 26.57 for .73 em