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OT (sort of): Good interview of Janet Tavakoli, who does an excellent job of explaining the derivatives mess. Two
http://www.zerohedge.com/article/janet-tavakoli-why-meltdown-risk-now-greater-it-was-2007
you, this report from Pragmatic cap has me a little nervous about shorting at this juncture. Any thoughts? Two
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From Pragmatic Cap:
Some big money is moving into the XLF banking ETF before the banks begin reporting their earnings this week. 130,000 calls were purchased today with expectations of a greater than 7% rally in the shares. From the IB options desk:
XLF – Financial Select Sector SPDR – Shares of the financials exchange-traded fund are 0.75% higher today at $15.36. Massive call transactions in the November contract this afternoon suggest some investors expect further bullish movement in the price of the fund by expiration. Traders taking a near-term optimistic stance on financial stocks purchased approximately 130,000 calls at the November 16 strike for an average premium of 48 cents apiece. Investors holding the contracts may accumulate profits if shares of the XLF rally at least 7% to surpass the breakeven price of $16.48 by expiration. Finally, bullish sentiment spread to the higher November 17 strike where traders paid an average of 19 cents to take ownership of 12,600 call options.
capt, you might want to check out this site to learn more about the Nobel Committee's decision to award Obama the Peace Prize. Two
http://www.alternet.org/world/143210/nobel_committee_admits_getting_into_derivatives_trading_in_giving_peace_prize_to_obama
OT: Short quiz. Which professional league's players, the NFL or NBA, are responsible for these stats:
--36 have been accused of spousal abuse
--7 have been arrested for fraud
--19 have been accused of writing bad checks
--117 have directly or indirectly bankrupted at least 2 businesses
--3 have done time for assault
--71 cannot get a credit card due to bad credit
--14 have been arrested on drug-related charges
--8 have been arrested for shoplifting
--21 currently are defendants in lawsuits,
and
--84 have been arrested for drunk driving in the last year
Answer:
Neither, it's the 535 members of the United States Congress.
The same group of Idiots that crank out hundreds of new laws each year designed to keep the rest of us in line. Two
Hey, 2bit. Who predicted the 2:15 top? Two
LOL...! Two
Thanks, capt. If the Nobel Committee hadn't been so impatient and simply waited for the fixed GDP numbers to come out, perhaps they could have awarded Obama the Prize for Economics, as well (lol). Two
OT: Great 4-min MSNBC interview of Matt Taibbi re. "someone" who made a lot of money shorting Lehman and Bear Stearns, and the lousy job done by the SEC to investigate and prosecute. Two
http://www.blacklistednews.com/news-5781-0-17-17--.html
Thanks, blasher. By the way, my 5-min charts suggest strongly that GLD is going to take a major drop from 10/8's high of around 104. I've never traded this ETF, but I entered a small short position (DZZ) at 10:07 this a.m. at 103.90. As I say, this is just an experimental trade to test my chart. Two
Muchas gracias! Two
Thanks! Looked it up and there's also DGZ? Any difference? Two
One more question: Is there a short version of GLD? Two
Hey, blasher, why the sudden rise in the pog? I see GLD is up 55 cents this a.m.? My charts said it made a major turn down on 10/8 around 12:30? TIA. Two
We've seen this before, Gleno. At the conclusion of a rally, Da Boyz like to take it up one more day at the start of OE week, then drop the indexes on the second day. I wouldn't be surprised if we top out on the Qs/NDX by mid morning on Monday, drop by mid afternoon, and then close at or very near the high. Two
Looks like one more day up (Monday), and then we go down. Two
capt, I congratulate you for presenting one of the best (and easiest to understand) explanations of how the market is being manipulated. To sustain the manipulation, however, they have to allow brief and often shallow sell-offs, otherwise the market wouldn't appear to be "legitimate." Two
OT: Does Obama deserve the Nobel Peace Prize? Not according to Jesse at Cafe Americain. What do you think? Two
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Is the award taxable?
Not if his Treasury Secretary does his tax returns.
It's not the most undeserved award ever granted. After all, Henry Kissinger also received the Nobel Peace Prize. And Schicklgruber was Time's Man of the Year in 1939.
What has he done? What has Obama actually done?
What has Obama actually done to merit the Nobel Peace Prize this early in his administration? Besides talking.
Well he did pay the US' tab at the UN. But other than that, he has done nothing to merit this award, except for talking a good game. And so, he cheapens it.
Interestingly, 42.21 was that phantom spike down I reported yesterday afternoon. We're flirting with the CCI-144's zero line on the 5 min chart. Could drop a little lower in the a.m. and then start up. We'll see. Two
Very good. Down tomorrow morning, then up in the afternoon? Two
That number seems to be some sort of pivot point. Looks like it could go either way now that we're around 42.32. Good observation. Two
OT: Send this site to your Rep. to remind him/her of our collective and individual debt. (By the way, each individual in our nation owes about $39,000; and each taxpayer owes $118,000.) And the numbers keep growiing.... Two
http://www.usdebtclock.org/
I highly recommend a 10-min video interview of Steve Myers, Greenbelt Commodities, at Jesse's Cafe Americain. In the interview, Myers warns of a 40 percent market decline and even mentions November 9 (which happens to be a Bradley turn date). Two
http://www.jessescrossroadscafe.blogspot.com/
I'll drink to that, Fox, and hope you're right. Seems to me we need some sort of meaningful correction...better sooner than later. Two
Dan, Goldman Sucks wouldn't allow anyone to do that. After all, they facilitate/handle--and are the depository for--the lion's share of the opium dealers' profits, which may be as lucrative as receiving free bailout money from U.S. taxpayers. Two
Hope this helps, Fox? Two
http://www.zerohedge.com/article/sp-update-0
Fox, Ty Durden at ZeroHedge reported this ewave count. Two
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"If we do not break and extend, the Elliott wave 5 target of the move extension initiated yesterday morning is 1,075 on the nose, and the target for the move on 10/02 at the lows is 1,073. Given the previous highs are at 1,075.5, barring a break of 1,062 in the next few hours of trading it seems we are due for a retest." - Nic Lenoir
Exactly, blasher. Two
Revenues for the first nine months of 2009 were $13.0 billion, compared to $21.2 billion in the first nine months of 2008. Income from continuing operations for the first nine months of 2009 showed a loss of $719 million, or $0.78 per share, compared with income of $1.2 billion, or $1.40 per share, in the first nine months of 2008. The nine months of 2009 showed a net loss of $874 million, or $0.95 per share, compared to net income of $1.1 billion, or $1.35 per share, in the first nine months of 2008. Two
You, too, blasher...and thanks for your free commentaries. Two
Gleno, Ty Durden pointed out something interesting re. Alcoa. I think we go down tonight and tomorrow a.m. Two
==============
Alcoa Stock-To-Aluminum Price Ratio At Recent High Level
Submitted by Tyler Durden on 10/07/2009 12:51 -0500
AA Alcoa Aluminum Bubble China Credit Earnings
As everyone is waiting for Alcoa's stock price report later today, it is worth noting that the company's Stock Price-To-Aluminum Price ratio has hit a one year high: the last time this relationship was at 0.78, the stock proceeded to plummet almost straight line to its low reading of 0.4. Granted, last time around China did not have a rampaging multi trillion credit bubble. Yet the stickiness of aluminum prices has been troubling: Alcoa's top line may be a key determinant of how this earnings season progresses, and is precisely what most pundits will be focusing on.
I still think it will drop some more before we go up again. Two
It was "convenient," wasn't it? Thanks, Hook. Two
That could be it, Hook. What's your take? Two
Yes, but it wasn't a big POMO. So why are they keeping the indexes in a state of limbo today? I've got sell signals on everything from yesterday? I keep thinking it's the Treasury's budget announcement in 30 minutes. But who knows? Two
Well, remember my post re. "suspended animation"? I still think the Qs will drop today (bought QID yesterday at 23.06). But Ty Durden at ZeroHedge isn't so sure the indexes will drop today? Two
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It has been a while since Bernanke took matters into his own hands, which is why at 11am the Fed completed a $1.3 billion buyback of 2021 thru 2024 maturities. Ironically that's exactly the time when the market took a leisurely stroll into green territory, and hopefully should make today's auction of $20 billion in 10 Year Notes just a tad more palatable
It's possible Da Boyz keep the indexes in suspended animation today until the Treasury reports its budget numbers at 2 EST. If the numbers are as bad as folks think, watch out below. Two
OT: Gee...is this really possible (lol)? Our government lies and cheats? No, can't be. From today's ZeroHedge. CYA. Two
==============================
Submitted by Damien Hoffman of Wall St. Cheat Sheet
If you or anyone you know still believes the government (or the media) tell us only the truth, please pass them this direct admission that lying is a primary strategic device for so-called “authority figures”:
[T]he Treasury Department said that any review of [patently misleading and false] announcements last year “must be considered in light of the unprecedented circumstances in which they were made.
Translation: when our elected representatives and their appointed officials believe we need to be manipulated, they rationalize their lies based on whether they think we need them at the time.
I am not naive. I firmly believe we have a problem with ignorance and sheeple in our country. However, the only way to fix the problem is to distribute more accurate information — not the opposite. Further, for those of us who work hard to stay educated, we expect to be treated like adults!
In this specific case, the Treasury Department’s lies (via Hank Paulson) encouraged people to hold their investments. Therefore, if you listened to Paulson et al, you literally lost your hard earned money and life savings. Last time I checked, citizens should not expect to get fiscally hosed by their Treasury Secretary.
To be fair, this is not only a Wall Street and Washington problem. Seemingly, most public discourse these days centers around complete lies, myths, and other rhetorical strategies aiming to put insular interests ahead of what’s best for the nation. It’s time to demand at least our public stewards accurately explain the true state of affairs so we can make informed decisions.
2bit, there's only one worse scenario: if he/she's name is Nancy (lol). Two
Phantom Q spike down to 41.22, which is about where I think it will turn back up tomorrow. Two
I know...I was just kidding you. Two