There is an interesting dynamic unfolding in the housing market. Real estate agents in places like California are arguing that there is a lack of inventory and are also generally against the government unloading blocks of properties to big investors. Why? There has been bulk selling and buying to the investor class and a large amount of crowding out has occurred. This brings about an interesting set of problems for your average buyer in the current market. They are competing with swaths of big investors but also local flippers trying to make a quick buck once again courtesy of low interest rates and another mania in some markets. SoCal is now in a mania again as you will see with some of the patterns occurring. This is also happening in many other states as well. A new feudal system has emerged. The banks were bailed out by the Fed, were allowed to circumvent accounting standards, and now deep pocket investors in the financial class are buying up these places either to increase prices on flips or to hike up rents. In the end, if you want to compete in today’s market you need to bow down to the Fed, put on a football helmet and go head-to-head with big investors, flippers, suckers, and take on a massive mortgage.

Ominous storm update and a few other things...

That's another $190.1 Bn available to spend on IPad Minis and IPhone 5s in the Appleconomy!

If it wasn’t because the government sponsorship doping Q3 US GDP, we wouldn’t have much on the bright side.

European equities still desperate to shoot up. Feels like too many fickle shorts and too many uncomfortable longs at the same time.

Markets uneasy after round-tripping back to OMT / QE unleash levels and no follow-up stimuli to be seen.

Well, here you go! Apple missed a 3rd time in a year and a half, and after going against the crowd to call all three misses I now release my subscription valuation bands from the last two years for the fanbois, haters and honestly interested alike...

Gold climbed $11.80 or 0.69% in New York yesterday and closed at $1,712.70. Silver surged to a high of $32.232 and finished with a gain of 1.36%.

Gold in USD (2 Year) With Support At 100 and 200 Day Moving Averages - (Bloomberg)

Mario Draghi, feather merchant to northern Europe, is once again plying his dubious trade, this time with a slick sales pitch designed to persuade Germany that he can “save” Europe with a financial scheme that makes alchemy look respectable.

So now that Vikram Pandit has exited stage right from the CEO position at Citigroup, a number of people have asked me about the Zombie Dance Queen.  

What Could Possibly Go Wrong? aka Obama Activates Skynet

"Bernanke's little helper." Haven't I seen this guy before?

By my calculations, the SP500 will bottom near the 1260 level, which is nearly 150 SP500 points from today's prices.

No, I'm not surprised that there are zombies amongst New York's finest... 

Puh… Why don’t we just wait for Apple? They might pitch a maxi iPhone 6? Or so…

Otherwise, rather Bad Karma day.

Flat start, bullish morning, refreshing afternoon. Nothing concrete or fundamental, so it’s a spiritual thing.

The scientists were found guilty of providing: “Imprecise, incomplete and contradictory information”

Telegraph notes mystery German gold withdrawal and GATA's clamor about it

Submitted by cpowell on 10:47PM ET Wednesday, October 24, 2012. Section: Daily Dispatches