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Submitted by Cameron Hanover, who are experts at what will be the most prominent topic over the next month: oil.
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To Infinity - and Beyond...
Chart: ES
A new day, folks.
http://99ercharts.blogspot.com/2010/11/es_5470.html
http://www.zerohedge.com/forum/99er-charts
Throwing financially prudent people under the bus once again. I remember having a passbook savings account when I was a kid. I think I got 6.25% on it. After every few months ther was a real difference in what was in there. Wall Street scum managed to trick us all into thinking that 401K's were the way to real accrual of money. The repression of interest rates helped. Banks in response, being dissatisfied with the dwindling returns of the guaranteed money machine that is conservative and prudent "banking", ceased to be banks, and became Wall Street, essentially. If you can't beat 'em... Not content to just loan, they speculated and securitized. The loan activity was just churn for the real action. They churned alot of sewage, and sold it worldwide, rated grade A pasteurized butter and cream. Alot of people, institutions, and countries got sick. Now we're on our last bag of antibiotics, bleeding out of every orifice in our dehydrated fiscal bodies.
Just as an FYI, sports fans.
Dollar vs Euro today -0.7% or thereabouts.
Oil today: +2%.
Don't let yourself be persuaded it's just dollar dilution, and if you really want to you can delude yourself into believing there is buoyant economic growth everywhere and oil demand is spiking.
Or . . . you can dig really, really deep and notice that the EIA and IEA both have now admitted that Iraq's oil minister is a crackhead and his predictions of 12 million barrels/day of production by 2013 are not just wrong, but insane. Iraq will likely NEVER produce more than 5 mbpd, and it would take them 20 yrs to get there.
But IEA and EIA have been banking on that extra 10 mbpd to fuel the engines of the world.
It won't be there. Neither will you.
Thank you for that info, crash.
We are so, sooo doomed.
Hemp byproducts are the only thing which could mitigate the back side of the curve...rather cliff.
Inflation is the target.... Why it's the target nobody but "Ben" knows.
Most people like money as a medium of exchange. My time on your thing = my money back on my thing, etc...
Won't do will it though, for these guys. Oil going for $87/b now. All bought with your freshly minted dollars.
Think you will share in the proceeds? What a staggering piss-take this has all become.
All bought with your freshly minted Clownbucks.
There, fixed it for you...
Can't believe they didn't mention Diwali (especially given the timing of this article)!
Happy Diwali to all that celebrate it <and honestly - sarcasm off>. It is a major holiday for many around the world.
For those that want to learn more:
http://en.wikipedia.org/wiki/Diwali
They make money on the way down and on the way up.
They don't give a rat's ass about the retired, the children, the country, anything.
They know that in 20 years they will likely be pushing up daisies so they are taking what mammon they can get and enjoy for now and pass on to their brats.
Lather, rinse, repeat.
Cameron Hanover pick up on the interesting market psychology of "good is good and bad is good". If unemployment rises, then QE3 which will make things go up. If unemployment down, then no need for QE3 which makes things go up. In reality, it seems as if the bad news is more bullish than the good news. Good news has been tepid at best, leading to anemic moves in assets. Bad new, on the other hand, has reinforced printing and monetization, leading to lovely rallies in everything that matters to those who own "stuff".
There is something fundamentally wrong with this situation. Good and bad can't both be good, if not only for sake of pure logic and fundamentalist preachers.
I think I get it now. When gasoline goes to $7/gallon, people without a job won't feel so bad because they won't be paying half their salary to commute to work.
DOW/S&P500/FTSE daily and weekly overbought charts are now at an extreme level. Similar extreme conditions were detected before the correction started in mid 2007.
http://stockmarket618.wordpress.com
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