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You're right, blasher. Amazing, isn't it, that we don't have more investigative reporters examining the areas that folks like Ty Durden bring to the forefront. This morning I listened to the idiots on CNBS and Bloomberg discuss Cat's great earnings. Only one of them mentioned that the company had fired 18,000 employees. Is it any wonder Cat had good results? And what about those fired employees? It was more important to CNBS that Cat shares were up three percent in the pre-market. What a bunch of jerks. Two
The Bilderberg Group is the "front man." But there are others who are more influential and work silently behind the scenes. Two
http://en.wikipedia.org/wiki/Bilderberg_Group
Hey, fish. The government has gone wild all right. But behind the government's power is the all-powerful world bank cartel, which is directed and supervised by our own "Federal Reserve." If you have a few minutes, I highly recommend reading Ty Durden's "How The Fed Bailed Out The World" (http://www.zerohedge.com/article/how-federal-reserve-bailed-out-world). $Trillions were spent by the Fed to bail out banks outside of the U.S. Our tax dollars at work to pay for bad banking practices implemented by greedy bankers across the globe. The reason our government doesn't work anymore is because it's controlled by the Fed. And Congress wants to give the Fed even more power? Two
What does the good Dr. McHugh have to say? He's been calling for a "significant top" for some time now. Of course, he's been stymied like everyone else. Two
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"There are large Bearish Divergences in volume, our 10 day average advance/decline line indicator, and the MACD. These divergences are warning in spades that a significant top is approaching."
Many thanks, you're one of the best! Two
Hey, Lindy. I don't follow that indicator. Please provide a quick translation. TIA. Two
My "other" $OEX chart suggests there's one more higher high. As someone once said, "discretion is the better part of trading." Two
That's the way I felt...and didn't play it. On another 5-min chart I use, it appears $OEX could put in one more higher high before it turns down. We'll see....Two
Hey, Fox. Did you get a sell signal on $OEX around 11:55 this morning (EST)? Sure looked like a strong sell to me. But the game is rigged, so who knows? Two
OT: "Inoculatedinvestor" at ZeroHedge wrote an interesting piece about GS. Pretty good win ratio, wouldn't you say? I'm sure it was legit (not). Two
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Goldman Sachs Group Inc. made more than $100 million in trading revenue on a record 46 separate days during the second quarter, or 71 percent of the time, breaking the previous high of 34 days in the prior three months.
Trading losses occurred on two days during April, May and June, down from eight in the first quarter, the New York-based bank said today in a filing with the U.S. Securities and Exchange Commission. The company made at least $50 million on 58 of the 65 trading days in the period, or 89 percent of the time.
Tell me that these results do not seem to be as improbable as Madoff’s long term returns in both up and down markets. This astonishing data means that from January to June (let’s call it 130 trading days) GS only lost money on 10 of those days. That’s almost like a baseball player batting .920 for half a season. A player who achieved that feat would immediately be deemed the best hitter to ever play the game. Since trading is a zero sum game, meaning that there is a loser on the other side of each winning trade, results like this should be impossible. Unless of course, the winner is cheating or has a skill level that is unlike that of mere mortals. Statistics like these illustrate how both Goldman and Madoff achieved such a mystique on Wall Street. Further, when the number of days that GS not only made a trading profit, but also made over $100M is added to the equation, the whole thing starts to look too good to be true. I am aware that the actions taken by the Fed and the government to backstop and liquefy the financial system have given the banks a license to print money, but I don’t believe a company can have that kind of success without taking substantial risk or engaging in dubious behavior.
spdpro, what's your take on AAPL's AH announcement? Looks like it wants to go down today. TIA. Two
OT: Answer to trivia question--Lord Blankfein, Goldman Sucks' CEO, who is struggling to improve his--and his company's--image. LOL. Two
Not even close, Gleno. Warren doesn't care about his image. This man wants you to really like him going forward. Two
OT: OK, I'm going to be generous and provide a few hints. He just announced his company was setting up a $1 billion foundation to help America's poor. And his company gave employees $43 billion in bonuses this quarter, and $48 billion last quarter. He also walked to school ten miles each way while barefoot as a boy. Now do you know? Two
OT: Doesn't anyone know which major bank CEO started out by selling peanuts at Yankee Stadium? Today, he's more powerful than the master of the universe, the Wizard of Oz (there's a distinct resemblance, however), the President of the U.S., and perhaps even God. Curious? Two
OT: Financial trivia quiz--which CEO of a major bank started his career as a young man selling peanuts in Yankee Stadium? Two
john, if you have a few minutes, you may want to watch Max Keiser talk about the fraud committed by JPM and GS. Two
http://www.zerohedge.com/article/max-keiser-jpmorgan-goldman-sachs-et-als-fraud
It sure wants to go up, Gleno, and I think it will. Two
OT: Great video of Alan Grayson taking on the Fed's lawyer re. why it's important to audit the Fed. Worth watching. Two
OT: The SEC just hired a 29-year-old Goldman Sucks employee as its chief operating officer. Nothing like putting the fox in the henhouse. (From ZeroHedge.) Two
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While one may or may not have feelings about Goldman's tentacled capture of various regulatory agencies, the most recent news out of the SEC that it would be hiring a 29 year old former Goldman Vice President Adam Storch as its COO, questions the rationale behind this move. First, and not being ageist here, but a 29 year old to run what is arguably the most critical post at the SEC - that in charge of operations? Keeping up to date with market developments, the one area where the SEC has been an utter disaster (along with all other areas actually), is a core responsibility: at least the SEC could have hired someone with actual market/broker experience. Based on his record, Mr. Storch is not even a licensed (Series 7/63) broker: would it not be logical to hire someone who has at least had some market experience?
Fox, wouldn't surprise me if Da Boyz brought everything up from 10:15 into the close...and we ended the day neutral. Two
I agree, Dan. My experience has been that e-wave is something akin to looking into the rearview mirror in your car. It's easy to see what already happened. Two
Hey, Foot. I'm not so sure the parabolic move is coming today, despite this morning's selling? McHugh seems to think we might have another up-leg very shortly. I can never figure out the e-wave mumbo-jumbo? What's your take on this? (By the way, McHugh's turn date is around Nov. 9, which corresponds with the Bradley turn date.) TIA. Two
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It looks to us as if the last wave of an a-up, b-down, c-up for (E) started Wednesday, and continued Thursday. Thursday morning saw small degree wave iv down in the morning, and v up in the afternoon, of what is likely the first of five waves for c-up of (E) up. In other words, it looks to us as if wave 1 up of c-up either finished Thursday afternoon or will Friday. This wave c-up of (E) up could be a strong rally leg that sends prices up another 5 percent or so. We recognized a new small Bullish Reverse Head & Shoulders bottom Wednesday in the Industrials that is looking for a rally to at least the 10,200 to 10,300 area. This could take a couple of weeks which is interesting as it places a top for this rally around our next phi mate turn date and Fibonacci Cluster turn window.
There are serious and large Bearish Divergences in volume, our 10 day average advance/decline line indicator, and the MACD. These divergences are warning in spades that a significant top is approaching.
They're setting up for a bounce day tomorrow, so I imagine your guesses are about right. Two
OT: The next AIG? Reggie Middleton thinks BAC fits the bill. Two
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News from Reggie Middleton's Boom Bust Blog
Newsletter
News from Reggie Middleton\'s Boom Bust Blog
And the next AIG is... (Public Edition) (by Reggie Middleton, published Thursday, 15 October 2009 00:00)
I have posted this warning of Bank of America's naked swap writing to my subscribers a few weeks ago. Since BAC is reporting this week, I have decided to make my suspicions public. I have found evidence that this bank has $32 billion of naked (as in apparently unhedged) swaps on its books - just like AIG. The difference is this bank is bigger, probably has more exposure, and has already been bailed out - several times. Oh, did I mention the insured collateral is nearly half BBB rated or lower??? How about extreme management issues at the top, and I mean all the way to the top (the CEO may actually bring down the ex-treasury secretary and maybe even the Fed Chairman. A trunk full of junk, surrounded by drama! It should be an interesting conference call tomorrow when they report, that is if anybody decides to ask the right questions...
As many of my subscribers and readers know, I have caught many companies on the short side as they imploded. One company that I did not get was American International Group. The reason it escaped me? I was too close to it. I have met Frank Tizzio (then president), Maurice Greenburg (then CEO and Chairman), and a several of their upper management to collaborate on deals, and was impressed with the way they ran their shop. Because of this, I didn't apply the same critical, skeptical eye that I used with the other prospects. Alas, because of such, I overlooked the inevitable, and in retrospect, the blatantly obvious. Well, I have learned my lesson. The lesson learned from AIG was not wasted on me, but does seem to have been wasted on many others. With this thought in mind, let's review the net, unhedged swap exposure of a few of our analysis subjects. I think a few of my readers may have their eyebrows raised. Some things are actually hiding in plain sight. I have made this short description of what I see as Bank of America, the naked swap dealer, available for free download, but you must register (I made the process very quick) to get it. I know it is a pain in the ass, but I want to be sure that the disclaimer is acknowledged by all who access the document. Thank our litigous society. See BAC Swap exposure_011009 2009-10-01 10:44:45 1.02 Mb. I need for all to know that, in my opinion, bank reporting is quite opaque, so it is not very easy to get granular information out of it. The conclusions drawn from this post and the accompanying downloads are derived from BAC's publicly availalbe documents and are the result of me and my team's best efforts to piece the information together.
Thanks, you. My charts think both will have some problems. But you could be right about the "buying opportunity" part of the equation. Two
Hey, spdpro, are you expecting anything miraculous out of GOOG and IBM after-hours? Their charts are negative right now, but I suspect they'll beat and we'll bounce tomorrow. TIA. Two
Good thing they keep debasing the dollar to float the market higher. At the rate we're going, perhaps someday we'll buy what we need with stocks, not dollars. Two
Dan, it is a fabricated rally. But don't tell that to all the bulls who lost their shirts last year and earlier this year. The stock market has become nothing more than a political tool. Totally managed. Two
The truth about Dow 10K (from ZeroHedge). Two
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Another great representation of the amazing loss of purchasing power by the US public are today's oblivious statements about the Dow at 10,000. While in absolute terms the Dow may cross whatever the Fed thinks is a necessary and sufficient mark before QE begins to taper off (Dow crosses 10k just as Treasury purchases expire), the truth is that over the past 10 years (the last time the DJIA was at 10,000) the dollar has lost 25% of its value. Therefore, we present the Dow over the last decade indexed for the DXY, which has dropped from 100 to about 75. On a real basis (not nominal) the Dow at 10,000 ten years ago is equivalent to 7,537 today! In other words, not only have we had a lost decade for all those who focus on the absolute flatness of the DJIA, but it is also a decade where the US Consumer has lost 25% of purchasing power from the perspective of stocks! You won't hear this fact on the MSM
POKERSAM, the author really gets it, doesn't he? Thanks for sharing. But I wonder when writers like him will dig a little deeper and try to understand what's behind the financial and social challenges we face today? It's more than just failed policies and inept government. At the core is wealth control and redistribution. There's only one power on earth capable of this: the international banking cartel. Geithner, Bernanke, Paulson, et. al, are the cartel's surrogates. They don't work for you and yours truly, but instead serve masters who can buy presidents and governments. Two
LOL, 2bit. Don't know of any, but you'd be better off looking for a job at Goldman Sucks. There, you'd be guaranteed a six-figure bonus no matter what your job. I bet you'd shine Blankfein's shoes every day for that bonus, right? Two
Yes. How many times have you seen "buying exhaustion" and then, miraculously, more buying takes hold? Nothing is "certain," of course. But it would surprise me if Da Boyz didn't achieve a 10K INDU close. It's a psychological thing, if you will, to incite financial headline writers and the like, as well as encourage more sideline money to enter the fray. Two
OT: Heard on Bloomberg this a.m. that the AIG mailboy got a $7K bonus. Good thing Timmy knew nothing about this and the $millions in other AIG bonuses. Otherwise, how else could we taxpayers reward outstanding bank employees for their dedicated and loyal customer service (lol). Two
Good observations, smilinghiker, and thanks. Whatever happens to the SPX, I think 10,000 INDU on a closing basis is a certainty. Two
Well, McHugh thinks wave C down is imminent and may already have started (?). I'm getting a little frustrated with his forecasts, as well as those of the ewavers who have been calling tops for months now. It seems to me that Da Boyz are able, through their enormous computer-trading capabilities, to steer the market wherever they want. Sell-offs have been controlled/managed and are really never that deep. And now that Goldman Sucks has stated publicly that it wants to be a "force for good" going forward, I'm doubly suspicious. Wave C sell-offs may never be permitted, especially if Da Boyz can use our tax dollars and their computers to buy at critical support levels (which they have done since March 9). As usual, we'll see.... Two
We've got the FOMC minutes and retail sales tomorrow. Anything happening after the close? Two
FYI...from ZeroHedge re. the latest POMO. Two
Today the Fed repurchased $2.949 billion of 7 year bonds via its second to last POMO. There is $2.7 billion of dry powder left: one last arrow in the QE quiver, best used on yet another down day.
And that's not all, Foot. The Daily Beast says he should win an Oscar, Man Of The Year, and a "Golden Obama" award. The man is amazing (lol). Two
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The Nobel is not the only award the president does not deserve. Mark Katz imagines the prizes yet to come.
As Barack Obama is busy drafting his acceptance speech he’ll take to Norway for the Nobel Peace Prize, former Clinton speechwriter Mark Katz is getting a head start on his remarks for other awards that even the president will admit he may or may not deserve.
Statement of President Barack Obama on Winning the Oscar for Best Actor
You love me!! You really love me!!
[PAUSE FOR LOUD, KNOWING LAUGHTER FOLLOWED BY THUNDEROUS APPLAUSE]
I would like to thank the Academy for this most unusual honor—which, if I understand it correctly, is being awarded to me for the outstanding performance that Denzel Washington will most certainly deliver in his next film, Brothers in Arms.
I understand full well that this award is not for accomplishments I myself have achieved but for the hope I have been able to inspire. And so I accept this award on behalf of those transformative actors who have inspired the world by their portrayals of great men: Charlton Heston as Moses. Ben Kingsley as Gandhi. And Jim Carrey for his portrayal of God in Bruce Almighty.
Of course, none of this would be possible with my agent, Ari Emanuel.
It is with deep humility that I accept this prize for the acceptance speech that I delivered with deep humility. In truth, I am in fact humbled by the very power of humility and have real doubts about my own ability to express its very deepness in the face of humilities’ daunting greatness.
Statement of President Barack Obama on Winning the Emmy for Best Televised Acceptance Speech of a Nobel Peace Prize
First of all, let's give it up for Neil Patrick Harris—the man who has successfully delivered real change and given new hope to the next generation of televised award-show audiences!
It is with deep humility that I accept this prize for the acceptance speech that I delivered with deep humility. In truth, I am in fact humbled by the very power of humility and have real doubts about my own ability to express its very deepness in the face of humilities’ daunting greatness.
But this award is not for me. It is for the power of stirring, goose-pimply rhetoric that makes those who are privileged to hear it swoon in rapture. And so I would like to take this opportunity to thank the person who first inspired me to talk the walk—and walk the talk. And to stare into a TV camera and wax poetic about truth, justice, hope, and all that. Won't you please stand up, Mr. Aaron Sorkin!!!
Statement of President Barack Obama on Winning the Man of the Year Award from the American Committee for Job Creation, Fiscal Responsibility, and Backing Up Rhetoric with Concrete Action.
Thank you. I would like to thank Chairman of the Republican National Committee Michael Steele for the inspiration he provided to the creators of this political action committee, which to be honest is just a letterhead generated by The Center for American Progress.
• Obama Won What?!: Daily Beast Contributors Weigh InVery clever, Podesta—you guys are good! However, in all seriousness, I believe there is truly a need for a prize such as this and I hope to win it again next year. In the meantime, I have decided to set up a trust to perpetuate this institution going forward and have decided to fund it with the money I was recently awarded with a MacArthur "genius" grant. In your face, Steele.
Statement of President Barack Obama Upon Being Awarded The First Annual Golden Obama.
It is indeed a double honor you have given me: First, naming this prize, which honors the public figure who exhibits the most prize-winning qualities after me. And then awarding to it me as its first recipient. I mean, I don't think Alfred Nobel won a Nobel Prize, nor did Joseph Pulitzer win a Pulitzer nor did Tony Randall ever win a Tony. I could go on and on. I hope I will continue to live up to the high prize-winning standards that are embodied in its namesake, President Barack Obama. Thank you and good night
Yeah, GS recommended all the financials, including themselves, and now they're selling their own stock to screw everyone who followed their recommendation (lol). Two