Bill Cara’s Blog for Oct 20, 2010 [See post-close report]

October 20, 2010 by Bill Cara Bookmark and Share

Morning Call [6:55am ET] A second day of gains in the US Dollar on Monday roiled the equity market and hammered the gold complex. The $GOLD future plunged from a Thursday intra-day high of almost 1390 to yesterday’s low of about 1330 as the $USD future lifted from 76.50 to 78.60.

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Not just the Goldminer stocks ($XAU) got beaten up yesterday, there were red arrows across the board, but the damage there was the worst ($XAU down -4.7%). So blame it on China whose central bank decided it was finally time to arrest that country’s inflation problem, caused in part, they believe, by a massive inflow of Foreign Direct Investment (FDI) and cheap loans from its domestic bankers. These actions strengthened the Yuan and with it the US Dollar as these two are joined at the hip apparently or at least they will be until the People’s Bank of China decides to sell Dollars and buy Euros.

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The question now is whether the equity market is ready to collapse – there are many sound reasons for that to happen – or to shake off this pressure from the currency market and move higher. Put another way, were the Goldminers the last ones off the dance floor on Friday and Monday or is the music still playing and they are ready to party yet again?

I think the answer lies in this article from Bloomberg’s William Pesek:

http://www.bloomberg.com/news/2010-10-14/currency-war-is-solved-with-one…

The most significant paragraph in Pesek’s article is this:

Think of markets as a giant game of Whac-A-Mole. Officials from Beijing to Brasilia stand at the ready, hammers in hand, to whack down any spike in exchange rates. The trouble is, everyone is whacking at once. When everyone tries to tame currencies simultaneously, there will be few, if any, winners.

What he implies of course is that the world of monetary authorities is made up of the Fed on the one hand, who have embarked on a soft money policy, which inflates other currencies, and Fed-up, those non-US central bankers who are standing by ready, willing and able to push their currencies back down in response.

Wars start when there is some semblance of balance between the opponents, and following the transformation from G-7 to G-20 it’s apparent that the US Fed is no longer the only 800-pound gorilla in the room. Apart from the major fights within the G-7, others from Beijing to Brasilia, Moscow to Mumbai, and from Mexico City to Melbourne are now in the mix. Everybody wants their piece.

So when the Fed’s Bernanke and Treasury Secretary Geithner say that a lower US Dollar price is the way for the US to solve its problems, there is the sound of one hand clapping in central banks and government finance departments abroad.

http://www.bloomberg.com/news/2010-10-19/geithner-weak-dollar-policy-see…

To follow up Pesek’s assertion, when everyone tries to tame currencies simultaneously, there will be a winner and that is the traders/investors who hold gold. Make no mistake about this. The action of the People’s Bank of China shook up the currency market and has sent the $USD soaring for a day or two – actually two because there were clearly many insiders who knew on Friday this action was coming – but the bigger picture is the one framed by the other 800-pound gorilla in the room.

Got gold?

Gold is always popular when markets are unstable, the economy is transitioning, and the people are unhappy. It’s a time when political power shifts. The Gallup Poll this week shows that the Republicans are leading the Democrats 53% to 42% for mid-term election votes. The last time we saw such a shift was when Reagan took over from Carter, ousting the Democrats at a time – the Carter years — that gold had been soaring. We are in the midst of that process today I believe. The rationale for change is explained here:

http://www.gallup.com/poll/143840/Satisfaction-Pace-Lowest-Midterm-Elect…

Have a good day. But, I emphasize, don’t sell your gold just yet.

CTA Trading Desk Post-Close Report

Good evening. Patrick here. [6:09pm ET]

Those crafty pre-POMO buyers were the big winners today as equity markets built upon Tuesday’s last-hour rally, bolting higher for almost the entire session before a late bout of profit taking pushed the popular averages off their daily highs (S&P+1.05%). The risk trade was back in vogue with traders dumping dollars (DXY-1.28%) to buy emerging markets (EEM+1.30), precious metals (SLV+2.36%; GLD+0.89%), and crude oil (USO+2.89%). Veteran currency traders are in the driver’s seat these days with fluctuations in the Euro (FXE+1.60%) immediately causing knee-jerk (computer driven algos?) movement in the stock futures market. It was almost as if the POMO people figured out buying the Euro was the easiest way to push their long equity positions higher.

The S&P broke its uptrend line yesterday and managed to come back and kiss the underbelly of the line at the highs today. Nothing really has changed over the past few days; rallies over S&P 1185 suggest a test of 1220 while a decline beneath 1150 suggests the S&P will probe 1130.

It certainly is possible the market chops around for the next few weeks ahead of the midterm elections and the all-important early November Fed meeting. That of course would be the path of maximum frustration for short-term traders but mama always told us there would be days like this.

Oh, to be a fly on the wall at the G20 meetings this weekend; we would expect the US to get an earful about their not-so-subtle “currency manipulation”, as China and other countries holding vast amounts of US dollars and debt might feel compelled to read the US officials the riot act.

The US has lost control of its own destiny, and the new world powers might remind the once-great nation that it isn’t a good idea to publicly trash its banker.

Have a great evening.

Login or register to post comments Bookmark and Share Comments You got the lyrics… Submitted by Grym (2669 comments) on Wed, 10/20/2010 – 07:42 #72180

From Beijing to Brasilia,
from Moscow to Mumbai,
Wherever the Forex blows
The Fed is 2-faced…

(Couldn’t resist—You know the tune.)

Login or register to post comments Cara 100 Ratings Changes For POMO Wednesday Submitted by Bull Hunter (1528 comments) on Wed, 10/20/2010 – 07:56 #72182

Good morning.

“…the world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payment on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title.” – Anon.

POMO Injection Scheduled For Today

7:00 MBA Mortgage Apps (-10.5%)
10:30 – Crude Inventories
14:00 – FED Beige Book

Cara 100 Earnings:

ABT (1.05 vs 1.04)
BA (1.12 vs 1.06)
ECA (.13 vs .19)
UTX (1.30 vs 1.28)

After the close: NE

——-

JNPR – Upgraded to Outperform @ Oppenheimer. Target $36

PFE – Pfizer upgraded to Outperform from Neutral at Cowen.

Login or register to post comments Jim tells it like it is Submitted by speculation101 (9 comments) on Wed, 10/20/2010 – 08:09 #72183

I admire Jim Rogers because he’s one of the few who comes on CNBC (mostly in Asia) and gives the real story. Check out what he has to say in the video about banks, inflation, etc. http://www.cnbc.com/id/39754296

Login or register to post comments Rare earths opportunity? Submitted by Jack Senett (66 comments) on Wed, 10/20/2010 – 08:21 #72184

According to the BBC, China mines 97% of the specialist metals crucial to green technology and other technological uses. US trade officials are looking into a New York Times report that China is blocking shipments to the US and Europe.

http://www.bbc.co.uk/news/world-asia-pacific-11581288

Is this an exploration opportunity waiting to happen? I’d be interested in hearing from any Community participant with knowledge in this area of mining.

Login or register to post comments Gold Submitted by pal (1 comments) on Wed, 10/20/2010 – 08:23 #72185

Hi, I am very new at this and am looking for some advice on where to buy into the gold miners. It looks like a good time to buy into gold and maybe silver due to recent pull back. Any suggested gold miners stocks to buy (indexs?)? What about slw? Thanks and sorry in advance for such a novice question!

Login or register to post comments Morning Write up Submitted by kim. (12 comments) on Wed, 10/20/2010 – 08:31 #72186

+1 for you “BC”

Login or register to post comments Re: Rare earths opportunity? Submitted by sumo (2 comments) on Wed, 10/20/2010 – 08:36 #72187 (in reply to #72184)

Rare earth miners make up about 30% of my portfolio. The other 70% is mostly gold and silver bullion (in a vault).

Login or register to post comments Keep it simple Stupid (K.I.S.S.) use a razor to cut through… Submitted by gforce (400 comments) on Wed, 10/20/2010 – 08:45 #72188

…the hype!

It appears most people have unprecedented access to unbiased or less biased information but choose instead to insert said head into said crevice (am I being harsh here?)

http://sethgodin.typepad.com/seths_blog/

Ah, but heres the rub…Johnny Cochran of OJ Simpson fame understood that simpler is better and micro is poetic especially when it conveys a responsible message(who among us doesn’t everyday know that things have to change?)

http://changethis.com/manifesto/75.02.MicroscriptR…

Login or register to post comments Is this a “Dip”? Submitted by 4ever (100 comments) on Wed, 10/20/2010 – 08:46 #72189

Since June of last year, gold has risen over 45%. Since last Thursday, the decline is over 4%. Is it time to add?

I did notice where the CFTC won’t rule on silver price discovery issues until mid January 2011 at the earliest. Seems like some accusations have risen over a certain judges’ corruption lately.

Got gold and silver?

Login or register to post comments Re: Rare earths opportunity? Submitted by Les (3594 comments) on Wed, 10/20/2010 – 09:07 #72190 (in reply to #72184)

another pertinent video Jack:

http://www.bloomberg.com/video/63400346/

I’ve been wondering if Kaimu would be interested in starting to investigate this sector following the big gold rush happening now?

Login or register to post comments Credit Suisse revises gold price higher Submitted by Bill Cara (1855 comments) on Wed, 10/20/2010 – 09:21 #72191

Gold Price Revisions – We are raising our gold price forecast for 2010-2013. We are now assuming average gold prices of $1,210/oz for 2010 (vs. $1,145/oz prior), $1,315/oz for 2011 (vs. $1,105/oz prior), $1,250/oz for 2012 (vs. $1,180/oz prior), and $1,280/oz for 2013 (vs. $1,220/oz prior).

CS also set higher 12-month price targets today for Newmont (NEM) and Freeport McMoRan (FCX) because of the gold price revision.

Got gold?

Login or register to post comments Cara 100 Update (Final) Submitted by Bull Hunter (1528 comments) on Wed, 10/20/2010 – 09:43 #72192

BBBY – numbers boosted at Goldman. Shares of BBBY now seen reaching $50. Estimates also upped, given higher square footage growth expectations. Neutral rating.

GILD – PT Lifted from $38 to $40 @ Wedbush. Underperform

GILD – price target boosted at Barclays to $46 from $45. GILD beats on EPS, HIV sales in line, Barclays said. Maintain Equal Weight rating.

GILD – estimates upped at Citigroup through 2011. Company is seeing better anti-viral sales and buying back stock. Hold rating and new $41 price target.

JNJ – estimates upped at Morgan Stanley through 2012. Despite lower organic sales, the company is performing above base-case expectations. Equal-weight rating.

JNJ – estimates reduced at Goldman through 2013. Earnings growth is slowing down across the board. Neutral rating and $60 price target.

JNPR – price target trimmed at Credit Suisse by a dollar to $30 on weaker revenue. Maintain Neutral rating.

JNPR – estimates increased at Morgan Stanley through 2012. Bookings are surging, despite a soft quarter. Overweight rating and $37 price target.

KO – numbers raised at UBS. Shares of KO now seen reaching $69. Estimates also increased, given higher expected volumes. Buy rating.

SCHW – numbers lowered at UBS SCHW estimates were cut through 2011. Company is hurt by lower interest rates. Buy rating and new $18 price target.

UTX – United Technologies downgraded to Hold from Buy at Standpoint Research.

Login or register to post comments Re: Credit Suisse revises gold price higher Submitted by teamonfuego (2248 comments) on Wed, 10/20/2010 – 09:52 #72193 (in reply to #72191)

All of those averages are below the current price. Not saying they’re right, but I’d rather invest in companies.

Login or register to post comments Re: Cara 100 Update (Final) Submitted by Bill Cara (1855 comments) on Wed, 10/20/2010 – 09:52 #72194 (in reply to #72192)

Bull Hunter,

Thank you for keeping track of all that every day. It’s a terrific help.

Login or register to post comments Re: Credit Suisse revises gold price higher Submitted by Bill Cara (1855 comments) on Wed, 10/20/2010 – 09:56 #72195 (in reply to #72193)

teamonfuego,

If you are thinking Goldminers, then ok, they’re leveraged and that’s the best place to be in a rising gold market.

But nobody should miss the point that CS is saying that the POG is sustainable and we also know that the cost per ounce of mining is low and under control, so the margins are phenomenal for most producers. The cash flow they generate today at these gold and silver prices is exceptional.

Login or register to post comments Re: Rare earths opportunity? Submitted by ChrisM (150 comments) on Wed, 10/20/2010 – 10:05 #72196 (in reply to #72184)

Reuters article lists some miners involved in Rare Earths:
http://www.reuters.com/assets/print?aid=AFSGE69J0A…

No position

Login or register to post comments Re: Gold Submitted by manx928 (62 comments) on Wed, 10/20/2010 – 10:27 #72197 (in reply to #72185)

pal,

This is a great place to read what other’s are doing and discuss things, but not really a place to find someone to tell you what to do. You’ve got some homework to do to read the blog entries for commonly discussed stocks and in particular, to look at the Cara100, (see the black bar at the top of the page).

But, I’ll go this far … if you’re a novice, you may want to lean towards etfs as a quick entry rather than trying to pick individual stocks. See XGD if you’re looking for a Canadian one.

Login or register to post comments Markets Looking Strong Submitted by jet8400 (180 comments) on Wed, 10/20/2010 – 10:42 #72198

Glad I sat yesterday out. I think we close 1184ish S&P.

Login or register to post comments Re: Gold Submitted by Les (3594 comments) on Wed, 10/20/2010 – 10:46 #72199 (in reply to #72185)

Hi pal,

find the handle ‘Kaimu’ and read through all his comments (not the comments about debt, just his comments about mining companies :). He has a number of highly speculative small cap and junior names, along with the Cara 100 selection. GL.

Login or register to post comments Re: Jim tells it like it is Submitted by BOB 47 (95 comments) on Wed, 10/20/2010 – 10:56 #72200 (in reply to #72183)

speculation , Thank you , yes Rogers thought are valuable . Bob .

Login or register to post comments Re: Credit Suisse revises gold price higher Submitted by teamonfuego (2248 comments) on Wed, 10/20/2010 – 10:57 #72201 (in reply to #72195)

Yes, I’m referring to the mining companies but more generally to any company. In my mind I can easily determine how profitable a company will be or I can speculate on its valuation much more easily than I can with the price of gold. It’s highly speculative and its fundamentals are so vague.

Login or register to post comments Re: Gold Submitted by jack black (920 comments) on Wed, 10/20/2010 – 11:13 #72202 (in reply to #72185)

While gold and miners are great long term investment, this is NOT a good entry point. Research the charts (best weekly and at least 3 year horizon) and see where gold and silver goes after bouncing back from RSI(7) of 90(!) on daily and weekly charts.

Pardon a personal question, but is your profession a cab driver of shoe cleaner by any chance?

Login or register to post comments dollar did faulter today big time Submitted by jack black (920 comments) on Wed, 10/20/2010 – 11:24 #72203

and hence “strong” stocks. However, they are up less than USD down thus not as strong as they appear.
SLV and GLD and not making substantially higher highs yet also, and at a safe distance from my stops.

DBA rising fast though and I will be stopped out from my shorts soon. Darn, I should have covered yesterday, but who would know?

Edit: UUP is mounting a defense at 22.36-22.38. Lets see if it holds.

Login or register to post comments Re: Gold Submitted by jet8400 (180 comments) on Wed, 10/20/2010 – 11:22 #72204 (in reply to #72202)

HaHa oh that’s funny. We need a cab driver/shoe cleaner weekly investment poll. I think gold prices see some sideways action until Nov 3rds FED meeting and we get a better idea of the dollar’s future. Looking for a clear trend but right now we have a ceiling and floor to watch and trade in.

Login or register to post comments Re: Gold Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 11:33 #72205 (in reply to #72202)

jack black –

“While gold and miners are great long term investment, this is NOT a good entry point.”

This is silly advice to throw at a new poster.

This is a great entry point. Gold and silver have dropped back into their respective channels and will continue to climb. It’s a pause to refresh. RSI(7) at 90 means nothing when you have a breakout driven by currency devaluation and sovereign precious metal HOARDING in light of the mother of all debt bubbles. G19 (Brazil’s a no show) next week will just add to the anxiety. China keeping all its silver production now too. CFTC in the process of setting trade limits. BAC sued by THE FED, TREASURY, et al., to guarantee its securitized mortgages will trigger major banking collapse soon. U.S. election will defang socialist spending spree and initiate austerity policies leading to public welfare riots (See France today for example). Gold and silver will benefit from it all, my friend.

The gold and silver TRAIN IS LEAVING THE STATION. Get on it or say goodbye.

Cheers.

Login or register to post comments Bears Submitted by teamonfuego (2248 comments) on Wed, 10/20/2010 – 11:32 #72206

If I was a bear I would be throwing up right now. Any doubt that yesterday was a shakeout?

Login or register to post comments Re: Gold Submitted by jack black (920 comments) on Wed, 10/20/2010 – 11:36 #72207 (in reply to #72205)

I forgot to mention, monthly RSI(7) is near 80 (83 for SLW).
FD: I believe in gold investing, but lets get real and look at the charts.

Login or register to post comments Re: Bears Submitted by jet8400 (180 comments) on Wed, 10/20/2010 – 11:41 #72208 (in reply to #72206)

I have no doubt it was the FED selling more than anyone. The market is their play toy and I don’t know how much they’ll want to play post election. I think we’re near a top for the rest of the year.

Login or register to post comments Re: Markets Looking Strong/ Sitting Out This Dance Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 11:42 #72209 (in reply to #72198)

jet8400- It does appear that way, although I’ve elected to watch from the sidelines today.

What’s on my mind right now is capital preservation. Not that I’ve managed more than a 7-8% YTD return, almost all of it since the end of August. But in a year like this, that actually seems like a decent return.

Login or register to post comments Re: Gold Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 11:44 #72210 (in reply to #72207)

jack black –

“I believe in gold investing, but lets get real and look at the charts.”

Charts show me gold and silver pulled back into their respective tight (i.e., high volume demand) channels and will continue to climb at a more sustainable pace. How REAL do you want it?

http://tinyurl.com/289pnj3

BAC RICOed in Indiana today. Pucker factor: 11

http://tinyurl.com/34s6c4w

Cheers.

Login or register to post comments Nice Submitted by London (181 comments) on Wed, 10/20/2010 – 11:45 #72211

China IPO is KH.

Login or register to post comments Bill Cara joins Nasdaq Community contributing editors Submitted by Bill Cara (1855 comments) on Wed, 10/20/2010 – 11:47 #72213

I have just completed boot camp for Nasdaq Community contributing editors. I get to post directly on the Nasdaq site, which I’ll start doing within a week, possibly every Sunday evening. Stay tuned.

I haven’t decided on the format yet, but it will be “Investment Commentary”, probably 1000 words (i) summarizing comments from the WIR, (ii) rating/commenting on the Nasdaq 100, and (iii) views on gold/goldminers.

Unlike Seeking Alpha, which now has some 3000 contributors, I have been told that Nasdaq intends to keep the list to about 60.

I get to upload and publish directly, with no reviews/spell checks, etc, and the interesting thing is their publishing system, while sophisticated does not enable drafts, just upload and it goes live. To avoid embarrassment, I’ll finally have to do some personal editing. 🙂

Btw, when you put yourself out there in the ether, you take huge reputational risk, so you must focus harder on the market to avoid embarrassment. More than any other reason, this need to focus on price trends and cycles is what drives me. I’ll probably never retire because I enjoy doing this so much.

Login or register to post comments Re: Gold Submitted by jack black (920 comments) on Wed, 10/20/2010 – 11:50 #72214 (in reply to #72210)

We are simply looking at different charts. You are looking at a channel that started in August 2010. I look at the channel that started 2 years ago.

Login or register to post comments Re: Rare earths opportunity? Submitted by kaimu (1857 comments) on Wed, 10/20/2010 – 11:50 #72215 (in reply to #72190)

ALOHA!!

Les-I am not interested in a metals market or any market where CHINA controls 95% of the supply. No more than I am interested in clinging to a debt currency where a group of private bankers controls 100% of the supply. There is a word for those types of markets … MONOPOLY!

I have no interest in rare earths …

I do follow some of the minor metals prices though since they are by-products. Here is where I go for pricing and news.

LINK: http://www.minormetals.com

Login or register to post comments Re: Bill Cara joins Nasdaq Community contributing editors Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 11:50 #72216 (in reply to #72213)

Congratulations, Bill. You could go viral.

Login or register to post comments Re: Bears Submitted by davefairtex (2417 comments) on Wed, 10/20/2010 – 11:55 #72217 (in reply to #72206)

TOF – “If I was a bear I would be throwing up right now. Any doubt that yesterday was a shakeout?”

Well for one, the bounce back was only 50% of the loss, so no, its not necessarily a shakeout. When it goes above yesterday’s high, then that’s a shakeout. A day-trading bear might have covered at end of day yesterday, and find a nice entry point on the expected bounce back today.

For two, equities aren’t doing all that well. The euro is up, what, 1.7% and equities manage only 0.95% gain? Not that impressive. I’d guess that if the euro were flat, we’d be down today, but that’s just a guess.

Just to reassure you, I’m not throwing up. Perhaps that’s because I’m not taking a lot of risk right now. Know why? I haven’t seen any real signs of the market turning down. Like, lower highs, and lower lows – simple things. So, is it possible for me to be bearish, and yet sit and wait for my entry point? Who says that bears have to be stupid bears, i.e. fully invested short at all times. Are bulls like that – fully invested long all the time?

I must admit, I did go short XLF a few weeks back, because I did see a lower high. And that’s worked out for me.

I’m bullish on the buck – although today that’s not looking so good. Yesterday I was happy though. We’ll see how that turns out.

I’m bullish on gold. Maybe I am a bull after all. Perhaps that’s why I’m not throwing up. : )

Login or register to post comments Re: Markets Looking Strong/ Sitting Out This Dance Submitted by jet8400 (180 comments) on Wed, 10/20/2010 – 11:57 #72218 (in reply to #72209)

I’m being extremely choosey with entry and exits as well. If we see a rally to the close I’m picking up some VXX to flip tomorrow for a quick .25 or so.

Login or register to post comments Re: Gold Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 12:06 #72219 (in reply to #72214)

jack black –

“We are simply looking at different charts. You are looking at a channel that started in August 2010. I look at the channel that started 2 years ago.”

Okay, the new guy wants an entry point. Chart on gold looks good going back to 2005. Why is your two year channel more valid in light of the worsening macro economic environment?

http://finviz.com/futures_charts.ashx?t=GC&p=w1

Login or register to post comments Re: Bill Cara joins Nasdaq Community contributing editors Submitted by gforce (400 comments) on Wed, 10/20/2010 – 12:12 #72220 (in reply to #72213)

Congratulations, this is big. I am wishing you the best!

Keep it simple and “micro them” with heuristics that they can’t resist. I have been accumulating RBY and UXG even yesterday when it appeared the thing not to do according to my cerebral cortex, but my gut won out…thanks.

addition of the small stuff:

http://changethis.com/manifesto/75.02.MicroscriptR…

Login or register to post comments Re: Sitting Out/ High Speed Evasive Driving/ White Belt Rules Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 12:01 #72221 (in reply to #72209)

The FBI offers courses on tactical driving techniques. This blog really offers the same for traders.

In the 5+ years I’ve been reading/posting here, I’ve learned enough to keep myself out of trouble.

There’s a ritual for beginning karate students- complaining about having to learn how to fall when all they want is to learn how to deliver a blow.

I would summarize the White Belt Rules as:

(a) Take losses quickly. Aka capital preservation. Aka making a U-turn immediately, rather than continuing down the wrong road.

(b) See above.

(c) See above.

(d) See above.

(z) Usually by the time you get to (z), if you get to (z), you’ll have gotten it!

Login or register to post comments Re: Bill Cara joins Nasdaq Community contributing editors Submitted by aiki100 (99 comments) on Wed, 10/20/2010 – 12:11 #72222 (in reply to #72213)

We are lucky you enjoy it so much – may you never retire as long as you are happy in your craft!

Congrats on the further expansion into the blogoshpere – your work is exceptionally deserving of much wider recognition.

Way to go!

Login or register to post comments Re: Sitting Out/ High Speed Evasive Driving/ White Belt Rules Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 12:12 #72223 (in reply to #72221)

This would also be a good time to thank Bill, Vad, the Cara Trading Team, and the Cara Community for making this blog an invaluable resource for traders.

Sometimes I wonder if I would have survived 2009 without a place to talk things out.

Login or register to post comments Re: Sitting Out/ High Speed Evasive Driving/ White Belt Rules Submitted by jack black (920 comments) on Wed, 10/20/2010 – 12:13 #72224 (in reply to #72221)

yes, but there is also an art of taking profits when they are due. If not, any trade goes back to point a) taking a small loss when stopped out.

This is something I’m still struggling with need to optimize.

Login or register to post comments Re: Sitting Out/ High Speed Evasive Driving/ White Belt Rules Submitted by aiki100 (99 comments) on Wed, 10/20/2010 – 12:23 #72225 (in reply to #72223)

I second that, 2nd!

Many thanks to all.

Login or register to post comments Re: Gold Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 12:35 #72226 (in reply to #72205)

Dr. Stangelove – “U.S. election will defang socialist spending spree and initiate austerity policies”

No offence, but when have Republicans ever been known for initiating austerity policies – that’s an oxymoron if I ever heard one. Eight years of Bush/Cheney created the huge mess the US in in now.

Login or register to post comments Take The Gain! Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 12:36 #72228

There’s something unsettling about a +159 point move on the DJIA today, coming on the heels of a -165 point sell-off yesterday. If I had any remaining positions, I’d be telling myself to-

http://tinyurl.com/2abdm7o

take the gain!

Login or register to post comments Re: Sitting Out/ High Speed Evasive Driving/ White Belt Rules Submitted by Vadym Graifer (1559 comments) on Wed, 10/20/2010 – 12:38 #72229 (in reply to #72223)

It’s very rewarding to read this. Thank you

Login or register to post comments re: Gold Submitted by weekender823 (15 comments) on Wed, 10/20/2010 – 12:39 #72230

I just read through the StockCharts Chart School section and my understanding is that RSI is not as good an indicator in a strong trend as it is in a market that is drifting sideways. My take is that we could see quite a bit more RSI(7) > 70 action before a reversal occurs.

Any other opinions on the reliability of RSI under different market conditions?

Login or register to post comments re: Gold Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 12:47 #72231 (in reply to #72230)

I find sometimes a simple EMA crossover will provide better confirmation of a reversal. You can use 4/9 for short term, and if that occurs then try a slightly longer one like 9/18 or something in between. I always look at the MACD as well – see attached chart.

http://tinyurl.com/2bgcvuj

Login or register to post comments re: Gold Submitted by Bill Cara (1855 comments) on Wed, 10/20/2010 – 12:49 #72232 (in reply to #72230)

weekender823,

It’s true that RSI is a cycles analysis tool that is much more useful for sidetracking market analysis. Trend analysis is better done with MACD. Because markets run fast and cold, I just have difficulty finding appropriate look-back periods for MACD. Maybe a combo MACD-ROC is needed so that in break-out markets, the indicators are less likely to steer you wrong.

Following up with DaveM’s comments, I always keep an EMA 8 on the 1-, 5-, 10-and 15-minute charts, and find it useful.

Login or register to post comments Re: Sitting Out/ High Speed Evasive Driving/ White Belt Rules Submitted by westcoaster (336 comments) on Wed, 10/20/2010 – 12:49 #72233 (in reply to #72223)

Ditto, learning every day
2% Stop update. Out of INTC at 18.9 and Cnq.to @ $36.9. These have not worked out…traders gun stops, but I’m not watching all day long either, so I’ll take the medicine. It is aggravating to see INTC finally rise today.
Another lesson, I find it extremely difficult to sell losers and let winners run, eg yesterday I sold AVL.to and PCY.To during the mini-crash as they held up. AVL up another 5% today, PCY down 3% so could reload.
Did hang in with CRK.to, and PMV.to yesterday and they have bounced back today. I might have added. I did double down on K and buy some CIEN which are working out. Grist for the mill.

Login or register to post comments Re: Gold reply to #72226 which replied to #72205 Submitted by tobyt (86 comments) on Wed, 10/20/2010 – 12:51 #72234

Hate to bring up how our system works but CONGRESS has the power of the purse and unless I have been miss-informed I believe Reid/Pelosi had significant input starting in 2006. Just bgt a bunch of ARIA and sold the nov 4 calls for a 7% cash on cash return for the month. JAG at 6.75 w/ this mo 7 1/2 at .20 looks interesting for a total return also….DYOD

Login or register to post comments toby Submitted by baz22 (1439 comments) on Wed, 10/20/2010 – 12:59 #72235

if interested, adult cell final phase II presentation is 11/18…

Login or register to post comments re: Gold Submitted by manx928 (62 comments) on Wed, 10/20/2010 – 13:04 #72236 (in reply to #72231)

pal,

So there you go – you initiated a debate on whether this is a good entry point for gold and got some strong and different opinions. And that’s what this site is very much about. At the end of the day, (metaphorically speaking, seeing as most of us are making trading decisions throughout the day), you decide what stock to buy and when to buy it.

For the purposes of disclosure, I’ve been adjusting my gold and miners position size for the past number of years, and in particular, I adjusted it upwards today.

And by the way, I’m looking forward to you answering the question about whether you’re a cab driver! 😉

Login or register to post comments Re: Sitting Out/ High Speed Evasive Driving/ White Belt Rules Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 13:07 #72237 (in reply to #72233)

westcoaster- Yeah, I think that’s the right attitude. Where would we be if we all gave up the first time we tried out for freshman football, or if we walked off the field after a pass interception? The real winners are those who use early failures/mistakes to motivate themselves into becoming exceptional players.

Login or register to post comments TZA @ 22.47 Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 13:15 #72238

Famous last words, maybe. There’s just something wrong with today’s rally. Let me rephrase that- it’s just not right. Is it really as easy as selling off the dollar, or should we be ‘working’ a little harder at backing and filling?

Login or register to post comments RBY update Submitted by papadynamite (191 comments) on Wed, 10/20/2010 – 13:21 #72239

Drilling results were released a few days ago and produced favorable results in the F2 zone. The stock price has done nothing but drop a little and consolidate even though some analysts have now upped the amount of gold thought to exist. The next item coming up is a bulk sample of the F2 core. I would expect that to drive the price up.
In the meantime, I have sold all my RBY stock and converted the money to Dec and March $2.50 calls. This gives me greater leverage without having to tie up a ton of money. The premiums were so small that my breakeven is under $3.95. With 59-150 days to go, I have sufficient time and opportunity for a price breakout. If the stock doesn’t move by December, I will probably rollover the Dec calls to March.

Login or register to post comments Oracle speaks Submitted by westcoaster (336 comments) on Wed, 10/20/2010 – 13:23 #72240

Buffet interview: Takeaway: Yes there will be a recovery and it will be slow, but buy some stocks. BRK doing some hiring, where needed, not because gov says so or a tax credit. Also BAC buys Merrill and saved the system. People are scared. Tax the really rich: social equity. In sync with this blog. Good leadership I think.

http://money.cnn.com/2010/10/18/pf/investing/buffe…

Login or register to post comments with ya 22.50 tza Submitted by ebelog (54 comments) on Wed, 10/20/2010 – 13:33 #72241

with ya 22.50 tza

Login or register to post comments Re: Gold Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 13:41 #72242 (in reply to #72226)

Dave M –

“No offence, but when have Republicans ever been known for initiating austerity policies – that’s an oxymoron if I ever heard one. Eight years of Bush/Cheney created the huge mess the US in in now.”

Bush has fully retired to Texas and Cheney is clinging to life owing to a miracle heart pump surgery. You must look forward instead of yelping “oxymoron” to austerity.

Remember that Obama will remain president along with 2/3 of the Senate after this election. Incumbents are out; new breed of fiscally conservative politicians are in regardless of party affiliation. Bye bye to supersized idiots Polosi, Frank, Reid. Time to reign in QE and the Fed which will initiate the end to this Kensyian tomfoolery. Your stuck in the Military Industrial Complex vs. Social Welfare two-party deficit one-upmanship to Empire building mindset which is now on the brink of hyperinflating into a full blown living hell. I’m more positive than that, my friend. Austerity, which is another word for COMMON SENSE, is underway in UK and Europe. Just read today’s news and hope it develops in the U.S. soon before IT’S TOO LATE.

In UK:

http://www.bbc.co.uk/news/uk-politics-11579979

In France:

http://tinyurl.com/2vex3x7

Login or register to post comments Re: TZA @ 22.47 Submitted by davefairtex (2417 comments) on Wed, 10/20/2010 – 13:44 #72243 (in reply to #72238)

2nd, I watch this stuff in real time every day. This is what I see happening. It’s not always 100% currency linked, but it’s close.

When you have the dollar in one window, and SPX in the other, and when one ticks down, and the other ticks up, and it happens almost all the time, you begin to get the idea there is a strong link there. It is especially prevalent in asian market trading.

Today the link wasn’t 100% there, not sure why. In other words, euro went way up, and equities didn’t go up nearly as much. Likewise, the link to gold wasn’t as strong today as it usually is. Gold should have really popped at several times, but it just didn’t.

It might mean something – I’d interpret it as being slightly bearish for equities and gold, but that’s just a guess. Or perhaps someone’s computers were down or otherwise taken offline.

Login or register to post comments Re: Sitting Out/ High Speed Evasive Driving/ White Belt Rules Submitted by aiki100 (99 comments) on Wed, 10/20/2010 – 13:50 #72244 (in reply to #72237)

Concerning cutting losers and letting profits run….

I have this at the top of my trading playbook, a gift from St Vad:

Repeat often: I am a member of the Church of Opinion-less trading.

Right below that is this:

If you have a clinging attachment to ANY BIAS that you cannot immediately and happily discard, you are going to be toast.
(hint: once in a trade, you will have a bias)

You will learn more from your mistakes if you analyze them. I can attest to this because I have made many of them 😉

If you were long and subsequently stopped out:

Where did this reverse? Were there big sellers there? What was the volume like? Did it turn when the market turned? Is it a high-beta joined-at -the-hip market stock? or did it go it’s own way?

Was my stop too tight? Did you use a technical price level or ATR or some other method for setting the stop? Or did you get out because it was causing too much pain dollar wise? (you can use share size and stop size to control risk).

Did the stock reverse, or just pull back? Did it stop in a an area of previous support? Does this area coincide with a fibonacci retracement of 38%, 50%? A moving average?

Is this the time to reverse the position (get short) or to re-enter what I thought was a good stock at a better price? If short, hasn’t the downside move already taken place, or is there more to come? Should I initiate a short on a bounce from this temporary support and if so, where? Things can always more oversold, and the oversold can get oversoled-est (right, Vad?)

Here is my personal favorite (and I mention this because I’ve had strong feelings about this in trades going both FOR me and against me. i.e., the totally “irrational” parabolic moonshots or outright off a cliff crashes):

WHY is this happening? Strike that off your list right now: it DOESN”T MATTER.

Down is down, up is up. It doesn’t matter who or why. Down is down, if you’re long, cut the loss quickly and reassess. If short, cover.

Your bias in any trade will have you ask WHY as the dollars drain away if you’re not careful – you’ll never know right now, and probably never, or maybe you’ll get a clue later after some deep refection and research –

Asking WHY takes your attention off cutting the losers fast, or letting the profits accrue.

This is not to say run at the first sign of trouble – you should have your reasons and stick with them, but if those reason disappear – it’s time to go, and your brain is going to make you not want to go.

2nd Ave is right: 1) cut losses quickly. 2) see number one.

Trading doesn’t begin until the first loss – how you handle your losses (hint – a good deal of it is in your head) will determine the length of your trading career.

hope this helps -good luck to all!

Login or register to post comments baz22/bio Submitted by tobyt (86 comments) on Wed, 10/20/2010 – 13:51 #72245

thanks for the heads-up, in addition to ARIA I just bgt some more IMMU in high 3’s and sold this mo 4 calls for .25……..trying to scarf up dimes and quarters in front of the steam-roller……..

Login or register to post comments BYD Submitted by teamonfuego (2248 comments) on Wed, 10/20/2010 – 14:00 #72246

Noticed this in case anyone is interested in BYD:
http://xml.10kwizard.com/filing_raw.php?repo=tenk&…

They have to respond to the offer given to MGM by 11/12/10.

Also, I found out that Credit Suisse’s outperform on BYD included a price target of $11, which would be a 42% upside from here.

FD: Long BYD at $7.8. Long BYD March 2011 $8 calls at $1.07 average.

Login or register to post comments Beige book Submitted by Vadym Graifer (1559 comments) on Wed, 10/20/2010 – 14:01 #72247

14:00:15
*(US) FED’S BEIGE BOOK: ECONOMIC GROWTH CONTINUES AT MODERATE PACE, HOUSING WEAK IN MOST DISTRICTS
– Input costs, most notably for agricultural commodities and industrial metals, rose further. Shipping rates increased, and retailers in some Districts noted rising wholesale prices. However, prices of final goods and services were mostly stable as higher input costs were not passed on to consumers. Wage pressures were minimal.
– Housing markets remained weak. Most District Beige Book reports suggested overall home sales were sluggish or declining and were below year-ago levels. There were scattered reports of some improvement in sales in a few Districts, however. Philadelphia noted an increase in sales of existing homes, and Richmond, Kansas City, and Dallas reported upticks in sales of higher-priced homes. Sales reports were mixed in the St. Louis and Minneapolis Districts, with increases in some metro areas and declines in others. Home inventories were elevated or rising according to most District reports. Home prices were generally stable since the last report, although Kansas City noted a decrease in prices, and New York and Minneapolis reported declines in some metros.
– Conditions in the commercial real estate sector remained subdued. Reports suggested rental rates continued to decline for most commercial property types. The one exception was the apartment sector, where higher leasing activity led to fewer concessions, most notably in Manhattan.
– Lending activity was stable at low levels across most Districts, but there were some reports that demand picked up slightly.
– Demand for commercial and industrial loans remained weak as businesses continued to postpone capital spending plans because of economic and public policy uncertainties
– On the consumer side, lending was sluggish, but there were scattered reports of improvement. Contacts in the Cleveland and Dallas Districts reported growth in auto loans.
– Input costs rose slightly, but prices of final goods and services were stable across Districts. Upward pressures on agricultural commodities and industrial metals prices were reported by several Districts. In addition, shipping costs increased in the Philadelphia, Atlanta, and Dallas Districts, and retailers in the Philadelphia and Chicago Districts reported higher wholesale prices
– Wage pressures remained minimal. Most District reports found little evidence of wage increases in general. There were widespread reports across Districts that firms anticipated increased costs of employee benefits as a result of healthcare reform.
– Hiring remained limited, with many firms reluctant to add to permanent payrolls given economic softness. Reports from staffing firms were mixed. Staffing firms in the New York and Dallas Districts noted a slowdown in demand for their services, and contacts in the Cleveland District said new job openings declined. Richmond’s report noted demand for temporary workers picked up slightly since the last report, and staffing contacts in the Philadelphia District said clients were adding positions as workloads increased. The Atlanta report noted a preference for increasing staff hours and using temporary help rather than hiring additional full-time staff.

Login or register to post comments re: Gold Submitted by weekender823 (15 comments) on Wed, 10/20/2010 – 14:05 #72248

Here is a quick chart of GLD that includes RSI(7), EMA4 and EMA9. It looks to me like jack black could be right.

FD: got stopped out of my PM positions last Friday, reloaded this morning with the presumption that this is a dip, not a reversal. All green so far, but now who knows what tomorrow brings? Thats what stops are for.

Good luck all.

AttachmentSize gld.jpg 71.31 KB Login or register to post comments Gone to cash Submitted by jet8400 (180 comments) on Wed, 10/20/2010 – 14:09 #72249

Wild action. I’m going to let the market figure this one out and find a good entry.

Login or register to post comments Re: Gold Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 14:09 #72250 (in reply to #72242)

I seem to recall John McCain in 2008 talking about spending his way out of the economic crisis, while maintaining the Bush/Cheney tax cuts for the rich, war in Iraq, etc. etc. You can’t have your cake and eat it too. California has been implementing huge austerity measures, but they have lost their ability to raise taxes and as a result there is a real possibility of going bankrupt. To get out of the huge mess the country is in, Americans are going to have to accept tougher medicine then they are willing to stomach.

Login or register to post comments Re: Gold Submitted by davefairtex (2417 comments) on Wed, 10/20/2010 – 14:14 #72251 (in reply to #72242)

Dr S – “Incumbents are out; new breed of fiscally conservative politicians are in regardless of party affiliation.”

Really. I think that’s the triumph of hope over experience. Both parties together have shown exactly zero ability to make choices, except for the choice marked “yes, I’d like all of it, and a little extra too please for my district.” Bush deficit, Obama deficit, its one of the very few truly bipartisan activities in government – well except for things that benefit banks. That’s bipartisan as well. Are we hearing specifics about tough choices from these allegedly fiscal conservative candidates? I think “austerity” for them includes things like extending tax cuts for everyone. Paid for, of course, by more borrowing.

As for actual austerity, that’s only going to happen when the US gets a wakeup call from the bond market. That’s the only time I saw anyone talk about austerity in Europe, when the bond market made its presence felt. So far, I’m not seeing that happen in US treasuries, although there were hints of it these last few weeks.

So if you want to vote for someone, vote for the Bond market. Its the only thing likely to bring real change.

Login or register to post comments Re: Gold Submitted by jet8400 (180 comments) on Wed, 10/20/2010 – 14:31 #72252 (in reply to #72250)

Dave,

Currently states cannot go bankrupt. Not possible.

Login or register to post comments Re: Sitting Out/ High Speed Evasive Driving/ White Belt Rules Submitted by westcoaster (336 comments) on Wed, 10/20/2010 – 14:34 #72253 (in reply to #72244)

Thanks AIKI100, good mantras. Ironically, I took a look at CNQ after reading and it was touching down again at my stop, so I took a half position back on.

Login or register to post comments Re: Gold Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 14:37 #72254 (in reply to #72252)

Jet – perhaps not legally, under the constitution, but certainly technically. By most accounting practices, California probably already is bankrupt. See attached article:

http://www.slate.com/id/2246915/

Login or register to post comments saved by the dollar Submitted by davefairtex (2417 comments) on Wed, 10/20/2010 – 14:38 #72255

Really huge volume in BAC today, and if things close like they are now, it will print a lovely hammer. TA-wise, it looks like a good candidate for a buy. I can’t possibly do it, but the option premium is pretty high (IV around 40-50), you can get 50 cents for the December 2010 11 puts. If it weren’t BAC, I might think about it.

It was looking for a while today like all the TBTF banks were going to have another unpleasant high volume down day, until the sinking dollar rescued them all.

Login or register to post comments Re: Gold Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 14:39 #72256 (in reply to #72251)

dave –

“Really. I think that’s the triumph of hope over experience.”

I’d hardly refer to Obama as a triumph. Thankfully, states can’t print money so municipal bonds will eventually collapse. I’m with you on the bond market calamity will produce austerity measures. Snagged from Jim Sinclair:

http://pittsburghlive.com/x/valleynewsdispatch/s_7…

Login or register to post comments Re: Gold Submitted by davefairtex (2417 comments) on Wed, 10/20/2010 – 14:41 #72257 (in reply to #72256)

Dr S –

I was NOT referring to Obama as a triumph. I was suggesting that YOU were hoping for austerity from this “new crop” of representatives, and I was implying it was not likely to happen. I was saying that your own personal hope in this outcome was triumphing over your common sense and experience.

Login or register to post comments Dave M Submitted by jet8400 (180 comments) on Wed, 10/20/2010 – 14:44 #72258 (in reply to #72254)

I completely agree that California is in a bad place. They also are the only state to have the balls to possibly pass laws to correct it. They’re better off than Japan IMO. Just making sure we were on the same page with the legalities.

Login or register to post comments Is the US system rigged for the rich? Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 15:13 #72259

While the poor get social programs worth $365 billion, the rich get more. Subsidies to help the prosperous build wealth added up to $384 billion last year.

The shift of income to the top has occurred in the most prosperous English-speaking nations, such as Australia, Britain, and Canada. But it has been most pronounced in the United States. Thirty years ago, the richest 1 percent of Americans got 9 percent of total national income. By 2007, they had 23 percent. Last year, new census data show, the rich-poor income gap was the widest on record.

Wealth is more unevenly distributed. The top 20 percent of wealth-holders own 84 percent of America’s wealth. What’s causing it?

http://www.csmonitor.com/Commentary/David-R.-Franc…

Login or register to post comments Re: Gold Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 17:01 #72260 (in reply to #72257)

dave –

Sorry. Whenever I hear ‘hope’ over ‘experience’ I think of President Obama. I’m thinking QE to infinity, as Sinclair puts it, is really really hard to reverse at this point and some politicans will seek to hold power through austerity measures as the end game nears on the USD/debt collapse.

Hope, without it, you’re dead. I should know. I’m a pancreatic cancer survivor and was given less than 1% chance to live!

Cheers.

Login or register to post comments Get your NE …. Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 15:11 #72261

… before the earnings call after the bell today. Drill baby, drill!

FD: Got mine.

Login or register to post comments Re: Gold Submitted by jack black (920 comments) on Wed, 10/20/2010 – 15:23 #72262 (in reply to #72242)

“Remember that Obama will remain president along with 2/3 of the Senate after this election. Incumbents are out; new breed of fiscally conservative politicians are in regardless of party affiliation. Bye bye to supersized idiots Polosi, Frank, Reid. Time to reign in QE and the Fed which will initiate the end to this Kensyian tomfoolery.”

If you believe so, why don’t you put money where you mouth is and get prepared for massive deflation (or the slow one-Japanese style)?

Login or register to post comments Re: Gold Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 15:28 #72263 (in reply to #72262)

jack black –

“If you believe so, why don’t you put money where you mouth is and get prepared for massive deflation (or the slow one-Japanese style)?”

Prepared for the massive inflation first with austerity and deflation later. I’m all in, jack.

Login or register to post comments Re: TZA @ 22.47 Submitted by jack black (920 comments) on Wed, 10/20/2010 – 15:36 #72264 (in reply to #72238)

I think you are into something.
I examined the NASDAQ chart closely and it now produced a pattern identical to that of end of April 2010. Remarkably so, MACD, RSI, volume, etc.
I was not going to short markets, but there is something unsettling about them to me too. I found some QQQQ puts with little time premium.

Login or register to post comments Reggie Middleton is deserving of a listen(read) Submitted by gforce (400 comments) on Wed, 10/20/2010 – 15:39 #72265

I liked the video too:

http://www.zerohedge.com/article/we%E2%80%99ve-bee…

One theme I ascertained is “will it work this time” with all the shift in the way we can instantly communicate. Reggie says that the MERS v. RICO situation was passed over with the bank stress test.

Login or register to post comments Re: TZA @ 22.47 Submitted by jet8400 (180 comments) on Wed, 10/20/2010 – 15:40 #72266 (in reply to #72264)

Fantastic call 2nd. I picked up a half position in VXX. Tomorrow if I’m right I’ll make money. If it’s cheaper in the morning I’ll decide to buy full or cut losses. ATT is tempting here with all the iphone sales. Any buyers?

Login or register to post comments Perplexed Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 15:59 #72267

I still find it perplexing that the markets cheer when the USD tanks – I suspect this inverse relationship between the $SPX and $USD is a relatively new phenomenon. I guess if you want inflation you will get inflation. I recall going to Maui in 1999/2000 with my 0.65 Canadian dollars, and seeing my $35 bill for pizzas and beers showing up as $55 on my Mastercard statement. Or my $30,000 van being advertised for less than $20,000 in the states. Although I’m sure it hurts Cdn exporters, most of us appreciate the spending power the stronger dollar gives us, which means we’re more likely to spend money stimulating our economy.

The Wall Street Journal called Canada a banana republic back then. Yesterday the Globe and Mail was referring to Helicopter Ben as Banana Ben. I guess it all goes in cycles, and knowing it won’t last, I buy up USD every time our currencies touch par, to pay for my pizzas and beer next time I get to Maui.

Login or register to post comments nothing has changed for me Submitted by NYUGrad (2964 comments) on Wed, 10/20/2010 – 16:05 #72268

Still sitting out. not doing anything until i see USD tell me if its going straight to 50, bouncing first, or reversing up.

The fact Gold is down along with the USD is ringing alarm bells in my ear. in addition to the low volume bargain hunting, if selling yesterday was overdone.

Login or register to post comments Re: nothing has changed for me Submitted by gforce (400 comments) on Wed, 10/20/2010 – 16:40 #72269 (in reply to #72268)

I read somewhere(sorry I read so much yesterday) that the Euro was going to make a last gasp up to 1.45. If it does before the dollar strengthens, well Kattie isn’t letting anyone in.

edit: of course, dynamics could and can change, but up till now a stronger Euro was good for precious metals. Bill might be able to provide some clarity on this, if he is able and willing that is.

Login or register to post comments Re: nothing has changed for me Submitted by NYUGrad (2964 comments) on Wed, 10/20/2010 – 17:11 #72270 (in reply to #72269)

Wanted to correct myself that gold is not down along with USD. just not as strong as i would suspect on dollar trashing.

Login or register to post comments Gold commentary … Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 17:14 #72271

This says it all.

Cheers.

Login or register to post comments Jim Rickards outlines the double whammy Submitted by gforce (400 comments) on Wed, 10/20/2010 – 17:30 #72272

It is worse than we think…coming to a roost near you.

http://kingworldnews.com/kingworldnews/Broadcast/E…

Login or register to post comments Is Betting Against the US Dollar Really Such a Good Idea? Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 18:11 #72273

Dollar bears currently outnumber dollar bulls by outlandish numbers. According to Shawn Hackett, founder and president of Hackett Financial Advisors, only 3% of traders are bullish the US dollar right now. In June, that number was 95%.

“That is such an extreme sentiment; I mean, we see this at bottoms, not tops,” Hackett tells Minyanville. “I think we’ve really, really played this inflation trade to its fullest. Now that everyone’s bearish on the dollar, I wouldn’t be surprised to see a big bounce on the horizon. This could be exceedingly difficult on precious metals — just today, gold is down $28/oz, silver is down 75 cents. To me, the story over the next month or two is a macro one, with the dollar reasserting itself on the expectation of inflation subsiding.”

Pundits are parsing the words of Timothy Geithner, who said yesterday that the US would not devalue the dollar for export advantage.

http://tinyurl.com/342y9zk

Login or register to post comments Re: Jim Rickards outlines the double whammy Submitted by NYUGrad (2964 comments) on Wed, 10/20/2010 – 18:17 #72274 (in reply to #72272)

thanks for the link. But does anyone believe that the banks are going to say “yes our toxic assets that sit in limbo, are worth less than toxic?”

this is why i am surprised the Fed, Bank of NY, PIMCO are all going after BAC in the public eye.

their best chance is to just shut up and let the Dow go to 20k.

But then again, you now have lawyers involved on both the consumer foreclosure side and on the corporate side, and they will go after these juicy settlements.

Login or register to post comments Sign of the Times Submitted by Seamus (378 comments) on Wed, 10/20/2010 – 18:45 #72275

You’ve heard about the escalating violent crime in Mexico, killing of police, the attrition rate. Now comes this:

20-year-old student named police chief in Mexico town

She was the only one to accept job in violence-wracked part of country

http://www.msnbc.msn.com/id/39760545/ns/world_news…

Login or register to post comments Re: Sign of the Times Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 19:28 #72276 (in reply to #72275)

seamus- That’s pretty sad. No one but a 20-year-old student with the cojones or the idealism to tackle the responsibility of public safety? That’s like the Latin American concept of machismo getting its bluffed called, and backing down.

The same is true in the States. It’s all about being ‘politically correct.’ What a load of buffalo chips. If we want real change, we have to elect politicians willing to piss (certain) constituents off- that’s just the way life is. There will be takeaways. There will be times when it’s necessary to tell the minority fringe to ‘shut up’ without apologizing. When the going gets tough, the tough get going- or do they withdraw, cater to the squeaky wheels, and hope it all stays under control until their terms end?

Login or register to post comments What Bernanke isn’t saying is as important as what he is Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 19:24 #72277

Well, this refutes my previous post on the USD and confirms what all the gold bugs are saying:

http://www.theglobeandmail.com/globe-investor/what…

article by David Rosenberg

Login or register to post comments Chinese peg amounts to protectionism Submitted by westcoaster (336 comments) on Wed, 10/20/2010 – 20:11 #72278

A lot of discussion here about US deflating their way out of debt. China has had a big role in putting the US in jam it now finds itself in. Kosto here presents a cogent argument that US fecklessness in the face of China peg has caused the drain of jobs and wealth. (Equivalent to drafting and worse) Anyone concerned should read these articles.

He argues that rather than hoarding US dollars, fair trade would have China buy something in return and keep the balance of trade even over time instead of persistent surpluses.

http://www.minyanville.com/businessmarkets/article…

link to 2nd installment included, and 3rd tomorrow.

Excerpt:

“Conclusion

Chinese protectionism is blatant, and it’s being carried out on a massive and historically unprecedented scale. Furthermore, as a result of this Chinese protectionism literally trillions of dollars of income have been lost, millions of jobs have vanished and hundreds of productive facilities representing untold trillions in national wealth have been shuttered. Indeed, I find it to be truly extraordinary that an article needs to be written at all in order to address something that’s so obvious.

The only thing that I find even more extraordinary than the need to inform the public about the blatant nature and extent of Chinese protectionism is the fact that many intelligent people around the world actually recognize this fact but simply say: “No worries, the US as a whole actually benefits from blatant and massive Chinese protectionism.” According to this line of argumentation, while it’s acknowledged that some US workers do indeed lose their jobs as a result of Chinese protectionism, the vast majority of the US population is said to benefit from the lower prices of Chinese goods, thereby making Chinese protectionism a net benefit for US citizens.

I must say that this is truly one of the most extraordinary arguments that I’ve heard uttered from the lips of otherwise intelligent people, and I will address it in Part 3 of this series.

Login or register to post comments The Fed Has Gone Insane Submitted by MtnGntx (189 comments) on Wed, 10/20/2010 – 20:30 #72279

…..So I’ll Just Pick Up Some More Gold and Silver
Mogambo
http://tinyurl.com/36swgbp

Login or register to post comments Re: Jim Rickards outlines the double whammy Submitted by gforce (400 comments) on Wed, 10/20/2010 – 20:34 #72280 (in reply to #72274)

Your welcome for the link. We need to prepare I think.

Login or register to post comments Re: What Bernanke isn’t saying is as important as what he is Submitted by knifecatcher (334 comments) on Wed, 10/20/2010 – 20:35 #72282 (in reply to #72277)

Interesting read. Funny how wide spread the fallacy of equating the “Federal” Reserve with “the government” is…

“Quantitative easing, or QE, is a policy in which the government creates money out of thin air to buy bonds, thereby driving up the price of those securities”

KC

Login or register to post comments Black Hawk Down – Mad World Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 20:46 #72283

http://tinyurl.com/2b6zev7

The power of music + film in conveying an emotional gestalt is quite remarkable. The link above combines images from a great film with the haunting lines of an understated yet overwhelming song.

The SPX has soared to 1180 from 1050 in 7 weeks? Common sense alone tells me we need to stop and consolidate. Yesterday’s sell-off made sense in that regard. Today’s rally did not. I really think today’s buyers will pay the price for climbing aboard. Bad move, IMO.

Login or register to post comments Borrow USD interest free… Submitted by NYUGrad (2964 comments) on Wed, 10/20/2010 – 20:48 #72284

and go into Chinese currency? is this something that would make their currency in more demand while they raise interest rates?

Login or register to post comments Re: Chinese peg amounts to protectionism Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 20:51 #72285 (in reply to #72278)

westcoaster –

It’s just so damn easy to blame the Chinese but it’s all about the runaway debt of Western fiat currencies which China is attempting to shield from its overheated economy. Look at Brazil. Same thing. Listen to Rickards (King World News). Read Armstrong.

Cheers.

Login or register to post comments Re: Borrow USD interest free… Submitted by Dr. Strangelove (814 comments) on Wed, 10/20/2010 – 20:55 #72286 (in reply to #72284)

NYUGrad –

“and go into Chinese currency? is this something that would make their currency in more demand while they raise interest rates?”

China is not a debtor nation; it’s a creditor nation. The yuan isn’t sloshing around by the trillions into various currency markets on a daily basis.

Cheers.

Login or register to post comments Re: The Fed Has Gone Insane Submitted by gforce (400 comments) on Wed, 10/20/2010 – 20:59 #72287 (in reply to #72279)

Wow, passionate prose…I like it. “If it fits you can’t acquit.”

Login or register to post comments Re: Black Hawk Down – Mad World Submitted by knifecatcher (334 comments) on Wed, 10/20/2010 – 20:59 #72288 (in reply to #72283)

This is the end
Beautiful friend
This is the end
My only friend, the end
Of our elaborate plans, the end
Of everything that stands, the end
No safety or surprise, the end
I’ll never look into your eyes…again

Login or register to post comments Re: Black Hawk Down – Mad World Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 21:05 #72289 (in reply to #72288)

knifecatcher- Quite possibly the best (as well as quickest) rejoinder to one of my posts.

Login or register to post comments Macro: QE2 no good outcomes left Submitted by westcoaster (336 comments) on Wed, 10/20/2010 – 21:22 #72290

I sense exhaustion on the blog so here’s my last post of the day. It’s a good one on the macro picture, particularly with QE2 looming. Options are outlined in this commentary by a hedge fund manager who posted some big returns between June 2007 and March 2009. He sees no good outcomes possible. We’re backed into a corner, and something is going to happen soon. We’re running out of time.

I believe Canadians can protect themselves by putting some of this fund into their portfolio

http://www.ci.com/web/portfolio_mgmt/trident/pdf/c…

http://globefunddb.theglobeandmail.com/gishome/pls…

Login or register to post comments Re: Black Hawk Down – Mad World Submitted by knifecatcher (334 comments) on Wed, 10/20/2010 – 21:34 #72291 (in reply to #72289)

Thanks 2nd-
Your observation “The power of music + film in conveying an emotional gestalt is quite remarkable” really resonated with me; it truly is amazing how once you experience something that powerful it becomes a part of your life forever.
KC

Login or register to post comments Re: Black Hawk Down – Mad World Submitted by knifecatcher (334 comments) on Wed, 10/20/2010 – 21:34 #72293 (in reply to #72289)

Thanks 2nd-
Your observation “The power of music + film in conveying an emotional gestalt is quite remarkable” really resonated with me; it truly is amazing how once you experience something that powerful it becomes a part of your life forever.
KC

Login or register to post comments TSE:ORE Submitted by Johnny (862 comments) on Wed, 10/20/2010 – 21:41 #72294

Dr. Strangelove or Kaimu, what do you make of this company “Orezone Gold Corp
(Public, TSE:ORE)”. Is it typical pump and dump or ? ..and how do you find out with out jumping on a plane with your mining geologist buddies and flying off to Bombore, Africa.
It’s late and I need sleep.
G’nite blokes.
J

Login or register to post comments Re: Macro: QE2 no good outcomes left Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 21:49 #72295 (in reply to #72290)

WC – the fund did well during the big downturn from late 2007 to March 2009, but has underperformed for the past 18 months, losing about 10%. I guess if you expect another correction of that magnitude, maybe it would be a good hedge. Will keep it on my radar.

Login or register to post comments Re: Gold commentary … Submitted by gforce (400 comments) on Wed, 10/20/2010 – 21:53 #72296 (in reply to #72271)

I don’t really know what this says, but it is interesting:

http://www.chaostheorien.de/artikel/-/asset_publis…

Good night all

Login or register to post comments Nikkei rockets from -60 to +60 as the Yen drops Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 21:58 #72297

http://tinyurl.com/2adalzf

When Geithner talks, people are now actually listening.

Login or register to post comments As The World Turns Submitted by 2nd_ave (4865 comments) on Wed, 10/20/2010 – 22:04 #72298 (in reply to #72297)

Now a financial soap opera…

Login or register to post comments Re: Nikkei rockets from -60 to +60 as the Yen drops Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 23:09 #72299 (in reply to #72297)

This seems consistent with the article I posted earlier, “Is Betting Against the US Dollar Really Such a Good Idea?”, where it was noted that only 3% of traders are bullish the US dollar right now. In June, that number was 95%.

Hackett said even if the dollar isn’t phenomenal right now, it’s “the best of the worst.” What currency would you buy instead? “The Japanese yen?” He asks? “Japan has four times the debt-to-GDP ratio we have. The Chinese yuan is a blocked currency. The Brazilian real is too illiquid. And the euro arguably won’t be around in ten years. So, the US dollar isn’t backed by gold? Well, nothing is these days. Agree or disagree, it never hurts to hear another perspective. Because many times, 3% of people get it right while the herd comprising the other 97% do not.”

Login or register to post comments Re: Nikkei rockets from -60 to +60 as the Yen drops Submitted by Dave M (214 comments) on Wed, 10/20/2010 – 23:51 #72300 (in reply to #72299)

Nikkei now down -30, Asia and Australia also looking weaker

Login or register to post comments heads up: dollar goes up afterhours Submitted by jack black (920 comments) on Thu, 10/21/2010 – 00:07 #72301

Lets see if it sticks during the trading hours. I would be surprised it it did not though, but volatility is expected. Dollar was extremely volatile in early June 09 before it killed stocks and gold for several weeks.

Login or register to post comments Re: Chinese peg amounts to protectionism Submitted by Ross (389 comments) on Thu, 10/21/2010 – 00:21 #72302 (in reply to #72285)

Mr. Kostohryz is no doubt the grand nephew of Senator Smoot. His points are well taken, in a vacuum. After reading many of his articles and looking at his Bio, I can only conclude that he is attempting to kibitz his way into some conservative populist paradigm. Maybe he’s just trolling for a publisher.

One of his prime questions regards recycling dollars. The decline of U.S manufacturing has been debated for at least the last 40 years. Maybe longer. Trade surpluses, in the form of fiat digital dollars has to be used or parked somewhere. China can buy ‘stuff’, invest in areas outside China or purchase the sovereign debt of their respective trade partners. This is recycling.

The fact that China is forced to buy overvalued U.S. Treasury debt is a face saving stunt by them and of great benefit to us. In short, they are wincing and we are giggling…

After 31 years of great progress, China is at a crossroad similar to what Japan was facing in the late 80’s. I assume they will make better choices but the jury is still out. To bait them when they are on the verge of the most severe contraction in their economy since 1979 is to court retaliation.

I’m sure today in China, the powers are bemoaning the ‘cheap’ labour that is available in Vietnam, Malyasia and Indonesia and are begining to debate the slope of decline of manufacturing in China. So it goes…

The West had a big problem in the 1970’s. A gagajillian intellectual hours were spent on the question of the recycling of petrodollars. What could we sell to bedouins that they needed? Tent rope? One Persian Gulf country ordered 100,000 flush toilets from American Standard. At that time they lacked the infrastructure for waste disposal so the merchandise sat on a dock for 5 years. At last, 100,000 pieces of porcelain where sledgehammered and used as rip rap for their harbour. What a waste.

Rapacious debt expansion in the West has allowed shylock banksters aided and abetted by corrupt legislatures to rake in obscene profits with no risk to themselves from the socialist class of mis-educated holpoloi who have been convinced that the American Dream comes with a free lunch and a jumbo slurpee.

In short, we have experienced one of the most misallocated capital schemes in the last 500 years. Don’t blame China.

Login or register to post comments trashing your banker Submitted by davefairtex (2417 comments) on Thu, 10/21/2010 – 01:18 #72303

Patrick – “The US has lost control of its own destiny, and the new world powers might remind the once-great nation that it isn’t a good idea to publicly trash its banker”

Brings to mind the old saying, “If you owe your banker money, he owns you. If you owe your banker a LOT of money, you own him.”

Login or register to post comments Best Obama impersonation i have seen! Submitted by NYUGrad (2964 comments) on Thu, 10/21/2010 – 01:39 #72304

http://bit.ly/9CqCa2

Login or register to post comments “Regulator for Fannie Set to Get Litigious” Submitted by NYUGrad (2964 comments) on Thu, 10/21/2010 – 01:53 #72305

Google the headline “Regulator for Fannie Set to Get Litigious”

1st link should bring you to the full WSJ article.
http://bit.ly/aVWqRi

“The federal regulator overseeing Fannie Mae and Freddie Mac hired a law firm specializing in litigation as the agency considers how to move forward with efforts to recoup billions of dollars on soured mortgage-backed securities purchased from banks and Wall Street firms.

The Federal Housing Finance Agency, which in July issued 64 subpoenas to issuers of mortgage securities, bank servicing companies and other entities, is working with Quinn Emanuel Urquhart & Sullivan LLP, a Los Angeles-based firm that specializes in business litigation, to coordinate its investigations.

…The FHFA hasn’t disclosed the targets of its subpoenas, though some banks have acknowledged receiving them, including J.P. Morgan Chase & Co. The probe is focused on so-called private-label securities that were originated by mortgage companies, packaged by Wall Street firms and then sold to investors.”

Login or register to post comments Credit Suisse Posts 74% Profit Drop on Lower Trading Submitted by NYUGrad (2964 comments) on Thu, 10/21/2010 – 02:17 #72306

http://bit.ly/b4BiaQ

“Oct. 21 (Bloomberg) — Credit Suisse Group AG , Switzerland’s second-largest bank, reported a 74 percent decline in third- quarter profit as lower client activity curbed trading revenue.

Net income fell to 609 million Swiss francs ($630 million) from 2.35 billion francs a year earlier, the Zurich-based bank said in a statement today. Earnings missed the 861 million-franc median estimate of 11 analysts surveyed by Bloomberg.

A slump in trading also hurt revenue at U.S. competitors, including Goldman Sachs Group Inc. and Morgan Stanley. Chief Executive Officer Brady Dougan said the quarter was characterized by “challenging conditions with low market volumes and subdued client activity,” and reiterated the bank’s intention to boost market share at the investment bank.”

PDF released by CS:
http://bit.ly/cIepZV

Login or register to post comments futures 3am – Asia pulling back Submitted by Les (3594 comments) on Thu, 10/21/2010 – 03:40 #72307

S&P-1.20 / -0.10%
Level1,173.50
Fair Value1,174.61
Difference-1.11
Nasdaq+2.75 / +0.13%
Level2,086.50
Fair Value2,083.45
Difference3.05
Dow-18.00 / -0.16%
Level11,045.00

see Bombay Sensex attached. Support following recent surge penetrated. Suggests risk being withdrawn – probably best to wait for a bounce. shortable ETF is EWX – emerging market small cap. 56 short with stop above high of bounce could be interesting. Korea – another strong market – looking like a dt.

http://online.wsj.com/mdc/public/npage/2_3051.html…
No position.

AttachmentSize sensex daily 96.99 KB Login or register to post comments rare earth metals – MCP Submitted by Les (3594 comments) on Thu, 10/21/2010 – 04:37 #72308

http://www.bloomberg.com/news/2010-10-20/china-ple…

I can see from couple of bloomberg articles that someone is pumping this stock.

Interesting to note that Molycorp was listed in August only. Is this Wall St. selling a story? Certainly doing nicely having gained 100% since its IPO.

Login or register to post comments Twiggs latest – anticipates $ bounce for test of 80 resistance Submitted by Les (3594 comments) on Thu, 10/21/2010 – 04:28 #72309

http://www.incrediblecharts.com/tradingdiary/2010-…

Login or register to post comments FUNDAMENTALLY FLAWED Submitted by kaimu (1857 comments) on Thu, 10/21/2010 – 06:01 #72310

ALOHA!!

Yes Les … charts and trading are good for traders only if they can consistently use them to turn a profit, but for the masses, including day traders, the fundamentals of the US Treasury are flawed. It really does not matter what Geithner says or what the G20 or G7 or GWIZ does …

When you spend $11.91BIL USD in one day(UST for Oct 19th) and only take in $776MIL net revenues then you have fiscal immorality. When you spend over 15 times more than you earn then you’re in trouble and it matters not that you can print money out of thin air. Next time Geithner is on TV jawboning the USD, like Ben, then look at a US Treasury Statement. Fundamentals always win out in the long run … No Empire has ever spent more than it earns and survived. It goes against the laws of monetary gravity!

When Ross uses a word like “misallocation” then it is time for a MISES quote!

Nobody believes that the states will eternally drag the burden of these interest payments. It is obvious that sooner or later all these debts will be liquidated in some way or other, but certainly not by payment of interest and principal according to the terms of the contract.- Ludwig Von MisesHuman Action 1939

Login or register to post comments WHO ISN’T GREAT? Submitted by kaimu (1857 comments) on Thu, 10/21/2010 – 06:25 #72311

ALOHA!!

The US has lost control of its own destiny, and the new world powers might remind the once-great nation that it isn’t a good idea to publicly trash its banker.

Just a reminder to not confuse a country and its people with a corrupt government. The USA is still a great country and I have faith in each and every American to eventually do the right thing, but I have no faith in our monopolistic government and banks. I have even less faith in the global system of floating currencies. I find it offensive that G20 and FOMC Meetings exist.

That said … today I printed up this many floating currencies:
PMV-$114,000CDN
SLR-$22,000AUD

I only spent $350USD on employees and my electric bill. See TIM that is how it is done. You spend LESS and earn MORE and you issue NO DEBT!!! If you want lessons then fly on over here and I will show you … but pay for air fare yourself! Oh wait … you cannot pay for anything yourself so long as you are an employee of the US Taxpayer. You live off OPM …

Login or register to post comments futures 6:30am – strengthening Euro bidding up Europe? Submitted by Les (3594 comments) on Thu, 10/21/2010 – 06:54 #72312

S&P+4.60 / +0.39%
Level1,179.30
Fair Value1,174.61
Difference4.69
Nasdaq+9.75 / +0.47%
Level2,093.50
Fair Value2,083.45
Difference10.05
Dow+27.00 / +0.24%
Level11,090.00

autos and banks up in Europe. Or falling long bond yields giving equities a boost?

http://www.bloomberg.com/news/2010-10-21/treasury-…

USD/JPY continues to test support.

Login or register to post comments Re: What Bernanke isn’t saying is as important as what he is Submitted by Grym (2669 comments) on Thu, 10/21/2010 – 07:10 #72313 (in reply to #72277)

Dave,

That’s what we get when we put an “Academia Nut” in charge. Never ran a business, never met a payroll, and allowed to experiment with unlimited tax dollars.

Login or register to post comments Re: Chinese peg amounts to protectionism Submitted by Grym (2669 comments) on Thu, 10/21/2010 – 07:17 #72314 (in reply to #72278)

Westcoaster,

Of course they are protecting their economy — picture a billion angry Chinese out of work.

There was a time when we could have protected our own jobs. We could have allowed imports (including those of US expatriots) only if produced under the same requirements as our own laws impose here — OSHA, EPA, Minimum Wage, Child Labor, Unemployment Insurance…

Instead the lobbyists in charge got legislation pushing manufacturing out the door.

Login or register to post comments Re: Best Obama impersonation i have seen! Submitted by Grym (2669 comments) on Thu, 10/21/2010 – 07:40 #72315 (in reply to #72304)

NYUGrad,

Terrific! Good way to start my day. Thanks.

Login or register to post comments Whipping the slaves Submitted by MtnGntx (189 comments) on Thu, 10/21/2010 – 08:02 #72316

Did I mention that this was not such a good idea…

The Big Wall Street Banks Have Found A New Way To Strangle The American People: Predatory Property Tax Collection
http://tinyurl.com/34v8jcc

This is only adding fuel to a rapidly increasing and uncontrollable fire. But then again, Wall Streeters only understand slash and burn nowadays. If these guys don’t stop very soon, the slaves are going to turn in massive unison and lynch them in the streets. We are getting very close to that tipping point already with the French breaking the trail.

The funny thing about all of this is that Wall Street still doesn’t see anything wrong with continuing their unscrupulous thieving ways. Their ignorance will be their death… sigh.

It doesn’t have to be this way.

Login or register to post comments Re: heads up: dollar goes up afterhours Submitted by jack black (920 comments) on Thu, 10/21/2010 – 08:29 #72318 (in reply to #72301)

Never mind, it went down again when I went to bed.

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