The bears picnic is over!!!

Oh My!! So we had a 140 point pullback in 5 minutes yesterday when Bernanke opened his mouth, and today we get it all back 5 minutes after the opening.

Oh My!!!

Big Deal. The HFT boys just stepped in. You can't handle the volitility? You want to whine? Then get the hell out of the market. The market doesn't need you and it doesn't need your money, and if you want to whine, the market will take what you have left.

Get some balls, get some conviction, and get long!!

I've never seen a market that is so hated by the bears--who can't get anything right, and can't see anything positive because they've been wired to be losers, because they haven't realized that life goes on without them, and the economy just doesn't give a sh*t about individual's own hardships.

Let's go back last month to this cover on Bloomberg Business Week. (You can read it here) Notice the title:

GRRRRR!

What we can learn from the endless pessimism of Wall Street's biggest bears.

What can we learn? Nothing!!!

Prechter, in that article says "From a peak in 2010 the market should fall for six years!"

Roubini says, "...Everyone is delusional."

Nassim Taleb said, "The same analysis I made in 2006 holds stronger today...."

Meredith Whitney said "It's mathematically impossible to get a constructive jon growth scenario" "In fact, I am more bearish than I've been in a year."

Oh.

So don't send out those resumes, don't tap into your creative entreprenurial spirit, because we're all toast. Just load up on spam, and move into the neighborhood bomb shelter, and eat crickets and sleep with the spiders!

And if you're bullish, you can't do math, you're delusional, and you have another six years of hell!

Oh give me a break!

Newsflash losers--You can eat your own burnt toast, and keep your own burnt out predictions, and keep your own bearishness for your own peril.

The market and economy doesn't give a sh*t if you lose your job, and it doesn't give a sh*t if you lose your house, and it doesn't give a sh*t if you lose your health care, or if you lose your cable, or if you lose anything else in your life.

The bears seem to think that personal anecdotes have some bearing on this market. They don't!

And since the market doesn't care about your losses, then why should anyone even listen to these bears?

Why should they even give a sh*t?

They shouldn't!

And today, the market woke up and looked at CAT's earnings, and looked at UPS, and then they looked over at Europe, and then they had a WTF moment!

Well, that's what they needed. Because the bullish brew is back!

You want to buy stocks? Buy them! You want your hand held? Get a girlfriend! But don't look to the market. Because this market isn't in the hand holding stage.

Because this market is in the rip your hearts out if you are bearish!

It ain't even going to hold your hand!

It's going straight to the happy ending!

For the bulls that is!!

GM buys Americredit

$3.5 billion price tag, so they can finance automobiles, so its obviously a hug plus.

The other day, Harley Davidson's beat came from financial services (see page 5 below) so the importance of financing cannot be over-stated.

GM's move is a win for the economy, and the company.

Two more sex scandals for Al Gore

The ENQUIRER reports in an exclusive bombshell exclusive that police have investigated charges from TWO MORE WOMEN who claimed they were abused by former VP AL GORE!

The allegations come hot on the heels of an ongoing Portland, Ore., police investigation that reopened after The ENQUIRER exclusively revealed accusations by a licensed massage therapist who says Gore groped her in 2006.

The ENQUIRER recently uncovered shocking allegations, from two other massage therapists.

The first incident allegedly took place at a Beverly Hills luxury hotel when Gore, 62, was in Hollywood to attend the Oscars in 2007.

The second reportedly occurred a year later at a hotel in Tokyo.

A Beverly Hills hotel source told The ENQUIRER:

"The therapist claimed that when they were alone, Gore shrugged off a towel and stood naked in front of her.

"He pointed at his erect penis and ordered her, 'Take care of THIS.'"

Corporations are ready to spend some cash

WSJ
In what may signal an important shift, some chief executives say they are ready to start spending the mountains of cash they have stockpiled over the past year, despite lingering worries about the global economy.

Many companies, stung by the financial crisis, have hoarded cash as a cushion against continued economic turmoil. But their curbs on spending and investing have been damping economic growth.

At the end of March, nonfinancial companies in the U.S. were sitting on $1.84 trillion in cash and other liquid assets, up 26% from a year earlier, the Federal Reserve reported. In May, 43% of U.S. corporations had larger U.S. cash and short-term investments than six months earlier, according to a survey of 337 senior finance and treasury executives by the Association for Financial Professionals.

Now, some corporate leaders are starting to dip into their coffers, seizing the chance to make favorably priced acquisitions and expand and upgrade facilities.

"Our cash is piling up, and we're looking at the capital to fuel growth going forward," said Boudewijn Beerkens, chief financial officer of Wolters Kluwer NV.

The Dutch publishing company was holding €409 million, or roughly $530 million, of cash as of Dec. 31, up from €345 million a year earlier.

In a recent interview, Wolters Kluwer Chief Executive Nancy McKinstry said she is hoping to use some of that money for acquisitions. Last year, business owners were reluctant to consider selling their businesses because they feared they wouldn't get good prices, Ms. McKinstry said. She expects the improved economy this year will make them more willing to sell.

Mr. Beerkens said Wolters Kluwer wants to make acquisitions in the $100 million to $200 million range by year end, and is looking for software firms specializing in tax, accounting and health-care information.

Meanwhile, Pep Boys-Manny, Moe & Jack plans to use its cash to expand its network of tire and service centers, according to Chief Executive Officer Mike Odell. The Philadelphia-based auto-parts and service retailer had cash holdings of $87.8 million as of May 1, up sharply from $21.3 million a year earlier.

By the end of its fiscal year in January, Pep Boys plans to open around 40 tire and service centers, up from the about 25 it opened the previous year. Each of those centers will cost the company about $450,000 for equipment, inventory and facilities improvements.

Mr. Odell said low prices for leasing commercial real estate make this an attractive time to open the new outlets.

Last year, Pep Boys made a $4 million acquisition of a 10-store Orlando, Fla., tire-and-automotive chain and converted it into auto-service centers. Mr. Odell said he would like to find similar small acquisitions, but that he is open to buying larger chains of up to 100 stores.

"It's all about being opportunistic," says Mr. Odell. "If the opportunity is there, we'll do it via acquisition."

Other corporate leaders share that inclination. Merger-and-acquisitions activity is up this year, as are all-cash deals by value. Companies globally announced $1.2 trillion of deals in the first half of 2010, of which 66% by value were all cash, according to data provider Dealogic. That compares with $1.1 trillion in deals a year earlier, of which 54% were all cash.

Cree Inc., a Durham, N.C., maker of LED lighting, has boosted its cash holdings to finance expansion, said Chief Financial Officer John Kurtzweil. The company had $988 million in cash and short-term investments as of March 28, up from $367 million a year earlier.

Mr. Kurtzweil said the company will spend more than $250 million on factories, equipment and expansion efforts in China and North Carolina this year, $150 million of which it spent in the first half of the year.

In June, Cree bought a 60,000-square-foot office in North Carolina for its expanding sales and marketing staff. It also is renovating another space for research and development.

Mr. Kurtzweil said Cree is scouting for companies that create the technology for LED components. He said he prefers using the company's own cash for acquisitions, rather than being "beholden to any banks" for financing, partly because he is wary of banks' fees and approval bureaucracies.

Computer Sciences Corp. had $2.8 billion in cash as of April 2, up from $2.3 billion a year earlier, and is looking to ramp up spending on acquisitions, said Chief Financial Officer Mike Mancuso.

The information-technology-services company, based in Falls Church, Va., expects to spend an annual average of between $250 million and $500 million over the next three years on acquisitions in the cloud computing, health-care and cyber-security businesses, he said.

Mr. Mancuso calls the economic recovery "tortoise paced," but believes it still is important to invest in future growth. Although Mr. Mancuso is looking to ramp up growth, he also concedes, "It's a comforting feeling having that cash available."

Indeed, some companies said they have built up their cash piles mainly as a defense against further economic turbulence.

Office-supply retailer OfficeMax Inc., based in Naperville, Ill., had $540 million in cash at the end of the first quarter, compared with $149 million a year earlier.

"In the event that there was another downturn we wanted to be sure we had adequate liquidity to cover ourselves," said OfficeMax Chief Financial Officer Bruce Besanko.

Mr. Besanko said he is open to changing the company's position once the economy improves further, but first he is keeping an eye on the unemployment rate, especially among white-collar workers, and small business formation.

What say ye bears??? Oh My!!!!

The Ag lady who was forced to resign, beat out the USDA for $13 million in lawsuit

But it's not the first time Sherrod faced off against the federal government. Days before she was appointed to the USDA post last year, her group reportedly won a $13 million settlement in a longstanding discrimination suit against the USDA known commonly as the Pigford case.

The Rural Development Leadership Network announced last summer that New Communities Inc. -- a group Sherrod formed with husband Charles, who is a civil rights activist, and with other black farmers -- had reached the agreement. The RDLN said the USDA had "refused" to offer new loans or restructure old loans to members of New Communities, leading to the discrimination claim.

The announcement said that in addition to the $13 million to New Communities, Shirley and Charles Sherrod would each get $150,000 for "pain and suffering."

A USDA official told FoxNews.com on Tuesday that the settlement had "nothing to do with" Sherrod's hiring last year -- likewise, the official said her resignation was only the result of her comments in the video.

"This is all about her comments," the official said.

Democrats engage in some pre-election parasailing!

Get out the shopping carts!

Prices have come down into "Oh My!" territory again.

"Oh My!" Goldman sees business slowing. IBM top line slows. TXN is sloppy, and PIMCO is selling tail-risk. Who cares???

Stocks aren't at 1120, they're at 1060, and that "news" is already reflected in prices.

Get out the shopping carts!

Because this is all the fat and happy that the market will give the bears!

Another $11 billion deficit for New Jersey

 Corzine with his Wall Street "brilliance" couldn't fix NJ's deficit, and now neither can Christie.

TRENTON — New Jersey faces a $10.5 billion budget deficit heading into next year — nearly the same size as the gap that opened up before this year’s spending plan passed, according to an analysis by a nonpartisan legislative office.

The internal report, obtained by The Star-Ledger, means next year’s budget challenges could be just as difficult as this year, when Gov. Chris Christie slashed funding for schools, municipalities and property tax rebates...

Christie closed the gap in the $29.4 billion budget that took effect July 1 largely by avoiding costs such as funding for schools and rebates, rather than making major policy changes. He put off a $3.1 billion pension payment; next year, that bill is expected to increase to $3.5 billion, the OLS report says.

The analysis said many of the big items that made up this year’s deficit would return for the next budget, noting that schools will be due $2.3 billion more, and the state will owe $2.1 billion in tax rebates.

Black couple give birth to a white baby

 

Mum Angela, 35, of Woolwich, South London, beamed as she said: "She's beautiful - a miracle baby."

Ben told yesterday how he was so shocked when Nmachi was born, he even joked: "Is she MINE?"

He added: "Actually, the first thing I did was look at her and say, 'What the flip?'"

But as the baby's older brother and sister - both black - crowded round the "little miracle" at their home in South London, Ben declared: "Of course she's mine."

Blue-eyed blonde Nmachi, whose name means "Beauty of God" in the Nigerian couple's homeland, has baffled genetics experts because neither Ben nor wife Angela have ANY mixed-race family history.

Doctors at Queen Mary's Hospital in Sidcup - where Angela, from nearby Woolwich, gave birth - have told the parents Nmachi is definitely no albino.

Ben, who came to Britain with his wife five years ago and works for South Eastern Trains, said: "She doesn't look like an albino child anyway - not like the ones I've seen back in Nigeria or in books. She just looks like a healthy white baby."

He went on: "My mum is a black Nigerian although she has a bit fairer skin than mine.

"But we don't know of any white ancestry. We wondered if it was a genetic twist.

"But even then, what is with the long curly blonde hair?"

Professor Bryan Sykes, head of Human Genetics at Oxford University and Britain's leading expert, yesterday called the birth "extraordinary".

He said: "In mixed race humans, the lighter variant of skin tone may come out in a child - and this can sometimes be startlingly different to the skin of the parents.

"This might be the case where there is a lot of genetic mixing, as in Afro-Caribbean populations. But in Nigeria there is little mixing."

Prof Sykes said BOTH parents would have needed "some form of white ancestry" for a pale version of their genes to be passed on.

But he added: "The hair is extremely unusual. Even many blonde children don't have blonde hair like this at birth."

Hays Advisory gets a bit more bullish

hayes market focus

Goldman says goodbye to BAC

After Goldman was fined $550 million for the Paulson led ABACUS deal, Goldman now downgrades one of Paulson's largest position, BAC.


Bye bye BAC

Citigroup's "Who gives a sh*t" piece

If we have a job, and you don't--work who gives a sh*t. Just as people respectfully listen to their grandparents on the old days and then respectfully walk away and forget about what they said, it's the same with Wall Street. It's the "who gives a sh*t" economy. You lost your job? You lost your health care? Who gives a sh*t as long as Wall Street has work. And that's the gist of the latest piece from Citi. They just cloak it in better language, when in fact, they're just saying "Who gives a sh*t."

Unless of course, those on Wall Street or the banks lose their jobs!


Who gives a sh*t

Sarah Palin "twitters" about the Ground Zero mosque

I suppose we need a picture of her that is as real as her words!

Because she now claims she's Shakespeare!

The former vice-presidential candidate, who regularly uses the social networking website to communicate her views, made three attempts before writing an error-free Twitter entry, which can only contain 140 characters.

In her first effort, she asked "peaceful Muslims to "pls refudiate" the mosque. Having invented a word, in her second attempt she used "refute" incorrectly, calling on "peaceful New Yorkers to "refute the Ground Zero mosque plan".

Both those messages were removed from her Twitter page, though not before being salvaged by US news websites. The third attempt remains.

By way of explanation for her errors, the former Alaska governor posted a fourth "tweet" that said "English is a living language. Shakespeare liked to coin new words too".

Well, I guess that's true. Shakespeare now made the Urban Dictionary for "refudiate."

"When Sarah Palin decides regular English words aren't good enough, she'll just go ahead and make a new one. Here, Refudiate bridges the gap between "refuse" and "repudiate", to mean exactly what she wants it to mean."

her Twittering....

But really, a mosque on a 9/11 site?

I guess I just don't get that.

The Obama indicator

The "Obama" stock has been J. Crew Group, which now sports a double bottom.

Which means no matter how much stimulus that needs to be pumped into this economy to get the Democrats off their back---will be done--starting with the passage of extended unemployment benefits.

Even if you need booty implants to get the job done!

BusinessWeek's "cover" indicator

Check out this story on Businessweek, "How I stopped worrying and learned to short the euro."

The 16 European Union countries that use the common currency had amassed too much debt. If investors began to view any of them as a default risk, the traders would start selling their bonds, stocks, and other assets, driving the currency lower. For the first five months of the year, foreign exchange trades were the largest bet in Caxton's main macro fund, and those trades were making the fund the most money. About half of Caxton's risk was from trading currencies, a higher-than-normal level for the firm that Bruce Kovner, who boasts one of the best track records in the hedge fund industry, formed 27 years ago. Law, who grew up in Cheshire, England, and is based in London, has been with Caxton for seven years. He was named Kovner's heir apparent in 2008.

Rarely have global economic conditions been so ripe for betting on currency fluctuations. Most traders agree they haven't seen such a difference between outlooks for different countries in at least a decade, and exploiting that gap is how currency speculators make money. Recovery prospects for the U.S. seem to be fading as employment fails to pick up, and Greece, Spain, and other European nations face massive deficits. At the same time growth prospects in Taiwan, Brazil, Malaysia, India, and Australia are so strong that policymakers have been raising interest rates to curb inflation. China has taken steps to deflate its real estate bubble and has let its currency drift higher for the first time in two years.

It's time for JayZ and Gisele to be right again....

Spooks overtake Washington DC

Check out WaPo's "Top Secret America"

* Some 1,271 government organizations and 1,931 private companies work on programs related to counterterrorism, homeland security and intelligence in about 10,000 locations across the United States.

* An estimated 854,000 people, nearly 1.5 times as many people as live in Washington, D.C., hold top-secret security clearances.

* In Washington and the surrounding area, 33 building complexes for top-secret intelligence work are under construction or have been built since September 2001. Together they occupy the equivalent of almost three Pentagons or 22 U.S. Capitol buildings - about 17 million square feet of space.

* Many security and intelligence agencies do the same work, creating redundancy and waste. For example, 51 federal organizations and military commands, operating in 15 U.S. cities, track the flow of money to and from terrorist networks.

* Analysts who make sense of documents and conversations obtained by foreign and domestic spying share their judgment by publishing 50,000 intelligence reports each year - a volume so large that many are routinely ignored.

Flatulence alert as CNBC contributor touts 7,500 Dow

Dow May Crash to 7,500 If 10,600 Not Breached

Fast forward to today, we're seeing the Dow is developing a new head and shoulder pattern which indicates a beginning of a bear market. The rally peaks in the Dow appear in January and May and June. The downside projection taken from the neckline of the pattern sets a target at 8,400, or a 25% decline.

A very bearish analysis using the pattern of retreat behavior in 1930 suggests the Dow could retreat to around 7,500 in 2010.

The head and shoulder pattern in the Dow and its downside targets, are invalidated with a sustainable rise above 10,600. A move above this level does not signal a resumption of the uptrend, but it does reduce the probability of a double dip.

Oh My!!

Throw the anti-flatulence wet blanket on this talk!

Our Government in Action

Obama vacations in Maine, so I thought a few photos of our Government in action would be appropriate.

The sandbar, of course was closed, as the First Family vacations.



But somehow this trip reminded me of our Government in action!

230 year old champagne found in shipwreck in the Baltic Sea

Sunken treasure never tasted so good.

Divers earlier this week discovered about 30 bottles of centuries-old champagne in a shipwreck in the Baltic Sea. It is thought to be the world's oldest drinkable champagne.

The bubbly possibly dates back to the 1780s and is believed to be the top brand Veuve Clicquot.

It has remained perfectly preserved 180 feet deep on the seabed and "tasted fantastic," according to one wine expert.

Each bottle could be worth as much as $65,000 or more a piece if the authenticity can be verified. Samples have been sent to laboratories in France for testing.

A group of Swedish divers made the tasty find on July 6 off Aaland Island, midway between Sweden and Finland.

Aaland wine expert Ella Cromwell-Morgan tasted the find, which she described as dark golden in color with an intense aroma.

"I still have a glass in my fridge and keep going back every five minutes to take a breath of it," she said. "I have to pinch myself to believe it's real."

One going theory is that the bubbly was part of consignment sent by King Louis XVI to Peter the Great that never reached its destination.

"If it's really Louis XVI's wine," Cromwell-Morgan said, "it could fetch several million."

Droid X flies off the shelves: Steve Jobs says no-one will buy a big phone

At APPL's gabfest yesterday:

In response to a question at its press conference today about whether Apple could've done anything to avoid its antenna issues with the iPhone 4, Steve took the opportunity to rip on bigger rivals, saying that making a phone so big "you can't get your hand around it" helps, but that "no one's going to buy that."

The Droid X will now ship July 27th, as the phone is flying off shelves. I'm tired of my dropped calls, and having to carry a Blackberry with my iPhone, so count me in as a Droid X buyer also.

The phone is too big? Heck, at least you can see it. There's still a lot of over 40 folks that refuse to wear reading glasses to use a phone!

An AAPL's margin expansion has come from the iPhone and it's previous use cookie jar accounting.

And APPL's game of under-promising on its earnings calls is even getting old.

The iPhone sucks as a phone, but is great for everything else, but I think the the coolness factor of it is dissipating except for suburban housewives in mini-vans.

Sell AAPL on rallies!!

Kevorkian to be hired by Obama Administration for healthcare?

In case there were any doubts, a new study finds that dying is very expensive.

The paper, by Samuel Marshall, Kathleen M. McGarry and Jonathan S. Skinner, looks at how much people spend on out-of-pocket health care costs in the last year of their lives. This last year of care is generally expected to be quite expensive (it is, after all, the year when people are so ill that they’re on the verge of death).

The study estimated that out-of-pocket health care spending in the last year of life amounted to $11,618 on average, with the 90th percentile equal to $29,335, the 95th percentile $49,907, and the 99th equal to $94,310.

Yes, you read that correctly: Health care spending in the last year of life by the top 1 percent of Americans is nearly twice the annual income of the typical American household.

Won't the statisticians have a field day with this! Spending $94K on haelthcare on the last year of your life?

Time to call Jack!

Barron's give kudos to Zero Hedge

A few days back ZH had this story on China's 65 million vacant homes. Unless, of course, they are just getting their electricity for free:

"Adjusted for informal securitisation activity, Fitch estimates that the net amount of new CNY loans extended in H110 was closer to CNY5.9trn, or 28% above the official figure of CNY4.6trn...on a flow basis the volume of credit being shifted off balance sheets in recent times has been large and rising. Activity also is largely concentrated among just a few dozen banks, and institution?specific exposure is often much higher." And some are wondering why China's AgBank was scrambling to raise $20 billion via a hurried IPO... Yet this data pales in comparison with disclosure from a recent article in South China Morning Post, in which an economist at the Chinese Academy of Social Sciences noted estimates from electricity meter readings that there are about 64.5 million empty apartments and houses in urban areas of the country! This number is five times larger than the roughly 12 million in total US public (3.89 million) and shadow (8 million as estimated by Morgan Stanley) home inventory available currently. Forget Stephen Roach - China is covertly funding and creating a housing bubble that is at least 5 times as big as that of the United States. We leave it up to you to imagine the consequences of that particular bubble's bursting...

Another take is here.

A recent report from the State Grid Corporation of China (SGCC), a power grid corporation owned by the State Council, says 65.4 million houses in 660 cities across China have had zero electricity consumption for six months in succession. These houses, assumed to be vacant, can hold an estimated 200 million residents.

Among the many newly constructed projects, the “Jingjin new district” is claimed to be Asia’s largest luxury villa compound, located in a suburb of Tianjin, a metropolis 93 miles away from Beijing. The district has been an empty town since its construction was completed six years ago.

The Hyatt even built a new resort for the "vacant" city.

Barron's picked up on that this weekend, but they forgot to mention this story was six years old.

WE'RE INDEBTED TO ZERO HEDGE for a P.S. to the above. It cites a recent piece in the South China Morning Post, in which an economist at the Chinese Academy of Social Sciences reports that, based on readings of electricity meters, there are 64.5 million empty apartments and houses in the country's urban areas.

That, declares Zero Hedge, is five times the roughly 12 million vacant habitations (including shadow inventory) in the U.S. In other words, Zero Hedge exclaims, "China is covertly funding and creating a housing bubble at least five times as big as" our own late and unlamented housing bubble before it burst and left both housing and the economy in tatters.

An incorrigible optimist, we reckon that the consequences of a bust may prove only twice as bad in China as they did here. But why doesn't that make us feel any better?

Since Barron's was quoting Zero Hedge, I'll put out one of their latest germane pieces also:

The White House is claiming that the so-called stimulus created between 2.5 million and 3.6 million jobs even though total employment has dropped by more than 2.3 million since Obama took office. The Administration justifies this legerdemain by asserting that the economy actually would have lost about 5 million jobs without the new government spending.

I’ve decided to adopt this clever strategy to spice up my social life. Next time I see my buddies, I’m going to claim that I enjoyed a week of debauchery with the Victoria’s Secret models. And if any of them are rude enough to point out that I’m lying, I’ll simply explain that I started with an assumption of spending -7 nights with the supermodels. And since I actually spent zero nights with them, that means a net of +7. Some of you may be wondering whether it makes sense to begin with an assumption of “-7 nights,” but I figure that’s okay since Keynesians begin with the assumption that you can increase your prosperity by transferring money from your left pocket to your right pocket.

 

Apple will allow you to return your iPhone 4

So they can fix the "Antennagate" issues, and then sell you a refurbished phone!

When the phone was tested they saw that gripping the handset would lower the bar signal, but they didn't think it would be such a big issue.

Euro at 1.30?? Sell it!!!

Obesity rating to become law

New federal regulations issued this week stipulate that the electronic health records--that all Americans are supposed to have by 2014 under the terms of the stimulus law that President Barack Obama signed last year--must record not only the traditional measures of height and weight, but also the Body Mass Index: a measure of obesity.

The obesity-rating regulation states that every American's electronic health record must: “Calculate body mass index. Automatically calculate and display body mass index (BMI) based on a patient’s height and weight.”

The law also requires that these electronic health records be available--with appropriate security measures--on a national exchange.

The new definition of "brave"

“[When] other actresses who aren’t thought of, maybe, as being quite as attractive do full-frontal, they’re called brave. Nobody has ever said, ‘Eva, you’re so brave for doing full-frontal nudity.’ Just because I’m attractive doesn’t mean it’s not still scary. Why am I not brave?”

Goldman getting sour

US GDP 1.5% in 3Q and 4Q

Earnings of $78 for 2010, $93 for 2011


GS main 0716

Goldman's idea of doing "God's work" doesn't include the death cross. It still scares them.

• The last time a –ve 55/200-dma cross over took place (55-dma falling through an already declining 200-dma) was in November ‘00.
• It was an important signal from a LT (multi-month) perspective, however, the averages were re-tested as resistance before the market again fell away.
• So far things are playing out similarly this time around. The negative 55-/200-dma cross over is in place and the market has come back to test the moving averages as resistance (the downtrend from the April highs and 55-/200-dmas being converged 1,093-1,112). While the market need not fall away again immediately, the similarity of the current setup to November ‘00 is quite striking. Another eventual down move does still appear the most likely outcome.

Remember this???? As Advertised!!!

Friday, June 11, 2010

Time to cover the "squid"

The last few days, I've heard from exasperated traders who've told me that you can't make money in  this market, and another who hedged his portfolio at 1043 "just in case." Just in case??? We already had the just in case fall!!

And now, we know have the two companies hated the most----- BP and Goldman Sachs. Which is why I touted BP at 29 and change just a few days ago. Which means it is now time to cover your shorts on the squid.

Sure everyone hates Goldman; and sure Goldman has litigation risk, but does any of that really matter to Wall Street? Last I checked, in less than five months, the elections will be over. And if BP can bounce back, can't Goldman?

Because everyone needs an enemy to feel better, but this too shall pass.

And at these levels, I wouldn't be short Goldman anymore.

Because we've put in a bottom, and now, the market will be easy enough that everyone can start making money again.

Including all the bellyaching traders I heard from this week!!
 ------------------

Today we will have a settlement from Goldman with the SEC for just $550 million and the stock is trading up to 153. The stock was 133 on June 11, when you  had the above post.

How about BP? They have now stopped the oil flow from the well.  The stock is now 39, 12 points above the low it reached!  Did any of you shorts cover?

Two huge liquid multinationals, where free money was given for the taking!!

As Advertised!!

Goldman's latest

The commodization of stocks

WSJ
In recent weeks, stocks in the Standard & Poor's 500-stock index have shown an increasing tendency to move in the same direction at the same time. Last week, those stocks' tendency to move in the same direction as the index hit an extreme not seen since October 1987, according to research by investment group Birinyi Associates in Westport, Conn.

The market's flock-like behavior is one more reflection of the growing influence of investors using broad-based strategies to buy and sell large blocks of stocks. Instead of picking individual stocks to hold over a period of time, they trade in and out of the market using broad indexes.

Cavs owner, Dan Gilbert's letter to fans

And check out the front page of the Cleveland Plain Dealer!

Ouch!!!


Dear Cleveland, All Of Northeast Ohio and Cleveland Cavaliers Supporters Wherever You May Be Tonight;

As you now know, our former hero, who grew up in the very region that he deserted this evening, is no longer a Cleveland Cavalier.

This was announced with a several day, narcissistic, self-promotional build-up culminating with a national TV special of his "decision" unlike anything ever "witnessed" in the history of sports and probably the history of entertainment.

Clearly, this is bitterly disappointing to all of us.

The good news is that the ownership team and the rest of the hard-working, loyal, and driven staff over here at your hometown Cavaliers have not betrayed you nor NEVER will betray you.

There is so much more to tell you about the events of the recent past and our more than exciting future. Over the next several days and weeks, we will be communicating much of that to you.

You simply don't deserve this kind of cowardly betrayal.

You have given so much and deserve so much more.

In the meantime, I want to make one statement to you tonight:

"I PERSONALLY GUARANTEE THAT THE CLEVELAND CAVALIERS WILL WIN AN NBA CHAMPIONSHIP BEFORE THE SELF-TITLED FORMER ‘KING’ WINS ONE"

You can take it to the bank.

If you thought we were motivated before tonight to bring the hardware to Cleveland, I can tell you that this shameful display of selfishness and betrayal by one of our very own has shifted our "motivation" to previously unknown and previously never experienced levels.

Some people think they should go to heaven but NOT have to die to get there.

Sorry, but that's simply not how it works.

This shocking act of disloyalty from our home grown "chosen one" sends the exact opposite lesson of what we would want our children to learn. And "who" we would want them to grow-up to become.

But the good news is that this heartless and callous action can only serve as the antidote to the so-called "curse" on Cleveland, Ohio.

The self-declared former "King" will be taking the "curse" with him down south. And until he does "right" by Cleveland and Ohio, James (and the town where he plays) will unfortunately own this dreaded spell and bad karma.

Just watch.

Sleep well, Cleveland.

Tomorrow is a new and much brighter day....

I PROMISE you that our energy, focus, capital, knowledge and experience will be directed at one thing and one thing only:

DELIVERING YOU the championship you have long deserved and is long overdue....



Dan Gilbert
Majority Owner
Cleveland Cavaliers

What happened to the dreaded Iron, Black or Death Cross??

Oh My!!! Wasn't that supposed to mean something??? That we were supposed to go down??

I guess there's still only one cross that matters!!


Hays Advisory -

Falling off the rolls

Here's the folks that aren't getting extended unemployment benefits.

So now the Republicans that preach austerity, that voted against extending UC benefits, will help the unemployment rate to go down, as these people will no longer be counted.

And then Obama can say the job picture is brightening!

Oh My!!!!

What happened???

All the reckless bears that preached doom, that preached the end of America and the end of equities--Wait---There's still some people that want stocks???

You better believe it. Because you could see them beating their chests, as the last 2-3% down, emboldened even the most vacuous of clowns to proudly bleat  their next predictions of another Great Depression.

America is re-inventing themselves, and the entrepreneurial spirit is still alive and well. All those who want to bet on the collapse of America, and the collapse of the consumer---well go ahead and make that bet, so we won't have to hear from you!

It will be a Darwinian cleansing, as we get rid of these bearish pimps with their bearish screeds!

Now I have to go to the casino for some relaxation! We hear that the World Cup has slowed betting in Macau, so I want to help stateside.

And help lower their hold percentage!!

PIMCO's Panda Bear El-Erian now says even the gloom is too thick

Linsay Lohan's message to the Judge

It's the same message for the Pied Pipers of gloom.

Check out the Israeli solders in Hebron

Roubini gets courageous now that the market has corrected

Oh My!!

And he tells us to sell stocks at 11x earnings?????

Give me a break!!

Last night the Fed's were intervening on the market again, and their fiat pocketbook is still pretty big!!



 Heck NJ is even allowing bear hunting starting in August! Get the early July jump and start the hunting early!!

WSJ
 A record number of black bears have been sighted in New Jersey this year, prompting state officials to consider allowing bear hunting to control the population boom.

Bears have been seen everywhere from hospitals and senior centers to roadways and schools, sometimes alarming areas that haven't ever seen them before. And a bear attack last week on a hiker and his dog prompted a town to put off its holiday fireworks display until after July 4th.

"We've got bears in areas that haven't had a bear in 100 years," said Patrick Carr, a wildlife biologist for the state Department of Environmental Protection.

State officials, who have raised concerns about the increase in the black-bear population and their expansion of habitats, are close to approving a proposal to allow hunting to bring down the animal's population. A final decision on the hunting, which hasn't been allowed since 2006, will be made in August, according to an environmental protection department spokesman.

Vacation's over--Time to get back to work!

Start with buying LVS!!!

The 23 calls on LVS look like a good spec!

Libya looking at BP

Shokri Ghanem, the chairman of Libya's National Oil Corporation, told a newswire that: "BP is interesting now with the price lower by half and I still have trust in BP. I will recommend it to the Libyan Investment Authority."

Maybe  Libya has a copy of the 70's boardgame,  BP Offshore oil Strike!