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Prechter Reiterrates Call For Dow 1,000, Even As Surging Gold And Plunging Dollar Leave Much Credibility To Be Desired
One has to wonder by now just what is so magical about the Dow 1,000 that Prechter has been so infatuated with since time immemorial. Why not 999? Or 1,001. Oh well, as the rest of the world continues to expect the Dow's drop to precisely 1,000, Prechter's call for a surging dollar (ahem), for a plunge in gold (ahem, ahem), and for a rout in stocks, has left quite a few investors with some unpleasant margin calls. What is odd, is that Prechter seems to completely miss the natural hedge offsets of his bearish trade, and he confuses both inflationary and deflationary outcomes that reinforce each other's loss, in his blind pursuit of a market crash. Perhaps Mr. Prechter would be wise to heed the statement from Brazilian finance minister, who earlier acknowledged there is now a full-blown war of central bank attrition. And, no this is not a zero sum war, as all currencies are devalued equally against each other, but absolutely lose value against other fixed assets like gold.
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He made the machine angry. Beware the Machine lads. Stay off the Moors.
Mr. Prechter: congratulations on your one lucky call way back when. Your 15 minutes of fame are up ...
Technical analysis.
What an interesting idea. The idea that you can predict, from past results, future results (performance). The assumption that economics is like chemistry. Or really, physics. The hubris of applying mathematical methods developed for physical sciences to economics.
Sounds like the same kind of thing econometricians do. Poorly. And with dismal results.
The idea that the available statistical methodology is appropriate for analysis of google-variate analysis (it isn't). The idea that you can predict weather years in advance (or months, or even weeks; the physical effects of Earth's orbit around the sun do not apply).
The tools aren't there. And the results of the technicians, carefully controlled for time, are no better than chance. They do well, for a time... and then their models fail. Because they always forget that the singer, singing a Debussy art song, can at any moment DECIDE (the operative word) to switch to "Whole Lotta Lovin".
More interesting than his loony models, and waves, and other BS, is the study of exactly HOW a guy like that gets to manage lots of money (and therefore perform a continuous, genteel act of rape), and continues to do so, even with his record of repeated, abysmal failure. Now THAT is a subject worth studying. A kind of "meta-analysis".
Impeccable timing that they put him on right before POMO Tuesday. They discredit the bear case in every way they can.
Almost as impeccable as FOFOA's posted article over the weekend, in which he says that Prechter will get his 15 minutes of fame when paper gold and physical gold diverge.
LOL at Prechter.
"Darkness was an angry record. I took the 10 toughest songs I had.I didn't want something with a broader, more compassionate overview. That didn't feel right to me."
Bruce Springsteen (Interview with Edward Norton at the Toronto International Film Festival, Sept. 2010)
The chart below presents the Dow Jones Industrial Average Gold Ratio with the two dates for the release of "Darkness On The Edge Of Town". My hypothesis proves to be true. Both releases align with a downward trending cycle.?
http://randomroving.blogspot.com/2010/09/darkness-on-edge-of-town.html
Right Here, Right Now
http://www.youtube.com/watch?v=R795KiMD4zs
fatboy back at ya:
http://www.youtube.com/watch?v=TS4HNruA1FU&feature=related
SPALDING!
DOOODEEEE!
Sack vs Prechter
Prechter likes DJIA 1000 because that's where the market broke out in 1982.
Actually the low was set in August 1982 at 776, The breakout was 802. I'm waiting for the retest to buy in.
never will happen.
Yeah prob bottom out at ..mmm...let's see.... 1000 ?
Right now the inflationary game looks pretty clear, but there are potential scenarios under which Prechter could be right.
A military imperitive combined with soaring oil prices for example, would force a reversion to a stronger dollar - and lower markets.
But that's not on the table... Yet, at least.
But we should all be keeping one eye on oil. Because while gold is a great indicator of confidence -- oil is the stuff that matters.
+10
...oh ok.
i love it.
DJIA 1000 means an average P/E of like 1.3. That's insane. But what if he's right? How could that happen? I suppose if deflation sucked in a bunch of dollars as the economy deleverage earnings would decrease as well. So P/E wouldn't go down that far. Maybe they get down to 5. Back of the envelope that would mean the money supply would have to contract by %50.
I guess I could see that happening if 3 or 4 big banks failed then Fannie/Freddie were restructured leaving half of their Bond holders up a creek.
Even though Prechter is a technician the fundamentals of what he's saying could make sense. There would have to be one heck of a bank run for it to happen though. Perhaps if a lot of money started chasing Gold it would drain the blood out of the system to precipitate a collapse.
Prechter is a perma-bear, and no one should be perma-anything if they want to be right.
He advised buying stocks in March 2009......
He was a bull for decades, now he is bear until the delevaraging cycle is over.
3,800 Fiat currencies failed - most thanks to printing.
Bob - This time will be different - Prechter. CNBS picks some talent.
Dow 1000 ?? That's baloney. Dow 1015 might make more sense :-) That I agree with, but 1000, no way. </sarcasm>
As much a bear as I am, these Dow 1000 calls are as nutty as dow 36K calls.
Why? NASDAQ fell 78pc peak to trough, Nikkei fell more than 80pc peak to trough so far. In GD1 the market fell more than 90pc. So why is this time different? Especially now that the US has no savings, is a debtor nation, 77pc of Americans live paycheck to paycheck up from 43pc in 2007. I'm expecting a 95pc decline in the stock market myself.
This guy is MUCH better. MUCH better. Esp from 7:00 Scary stuff:
http://www.youtube.com/watch?v=BoQ7LcYuwIg
1
Meh... I never really bought into technical analysis.
It's good at timing the short term oscillations, but not the capital waves. :)
Therefore it's completely discredited along with the birthers.
"... and here we go!"
http://www.youtube.com/watch?v=xHepV3-K5N4&feature=related
Joker
hi Joker, i like your swing coat.
90-60-90
red hair
6' high
cosmo face
Yoga
currently doing PHD in London
Is that you, my dear?
nope, got the wrong babe. tall some yoga, want to see?
He sheds some light on the intense ramp-up to 1500 by the powers that be over the past month - attempting to climb over the top of the long term channel.
He also claims that .gov's will confiscate profits of short sellers if it get's bad, and promotes gold ownership. Sounds more realistic, but what about inverse ETF's? I'm guessing that the markets as we know it will change, bigtime, if a real downturn happens. It's obvious that governments are desperate to revive the status quo.
Inny ETFs, futures, puts. That's the way to go. Cant see feds banning hedge products but he's not out on a limb calling for short sale bans. It's been done once and hey, they cancel all the HFT drive bys so it's clear the feds are cool with moving the goal posts now-a-days.
His elliott count is wrong. He has the top in 2007 labelled as 3, which would make this a 4th wave (corrective) in which his target is the 100 to 220 level. This would push his 4th wave into his 1st wave level thus violating one of the 3 basic elliott wave rules.
So use your count. S+P still measures 100-250.
So you shill for this guy saying he's much better, he claims to be an elliott wave analyst but his count is unworkable. If he's going to use elliott wave in the title of his web site he might wanna learn it instead of buying a computer to label it for him.
Interesting TA. Numbers seem far out if priced in current $, if inflation adjusted or in Gold, not so far out. Key phrase is "destruction of wealth", this has to happen at some point called the end game;either by inflation if the FED gets its way or deflation if there is an overwhelming shift to small govt ideology in the next series of elections.
Co-incidentally, his conventional technical analysis (TA) call corresponds to the cyclic call of Martin Armstrong of 09/22/2010 as the high cycle top. If they both are correct, then owning gold/silver equities like Homestake Mining of the 1930's would be one of the only industries to buy in the S&P 500 in a decline as the metals in the ground are a proxy for refined bullion.
I don't find his video to be scary at all. His AB=CD measured move is run of the mill TA.
Now that was a sparton of reality.
He didn't just come out and say "yes...1k." He waffled back and forth and danced...
Either you do or you don't. Christ. Make up your facking mind. Grow some. I happen to agree with Prechter to some extent. Hard deflation to come. Debt exceeds physical currency by a factory of 3-1. That doesn't inlcude the quad of derivatives. He just needs to stand by what he believes
I can excuse Maria for her girlish giggling at the end of the interview because she's hot for her age.
But in terms of her little man sitting next to her, someone should punch that clown in the face. The irony is that they giggled when folks would explain that housing and private equity were in bubbles, so how they can possibley have the curiouge to smirk at that is flat our stupid.
I'll also add that at the close, they attributed the decline eod to Prechter. LMAO. I'm sure the arsewipes on the floor waited with baited breath for what he had to say
He waffled because his nearer-term prediction is for Dow 3000. His long-term prediction is quite severe, and if it comes true, well, you had all better make sure your ammo is well supplied.
I would refrain from dissing Prechter, if I were you. He alone called the Crash of '87, in the midst of a huge bull run he also predicted. His Conquer the Crash is eerily prescient. In essence, he has predicted virtually every move that has occurred since the Great Recession began, except gold.
I think I know why he went wrong there. His gold charts do not take into consideration the fact that during the Great Depression, the $ was still more or less anchored to gold (for foreigners), despite FDR's horrific, unprecedented devaluation. Since 1971, this has not been the case, and the charts have no comparison point as a result.
"I think I know why he went wrong there. "
I would add he didn't consider the massive manipulation in the Gold market artificially suppressed the price like holding a big fat orange industrial strength thick plastic medicine ball "Deadliest Catch" sized crab pot buoy under water.
"He alone" ?? I've seen video of Martin Zweig on Louis Rukeyser's Wall Street tv program fearing a possible crash before the 1987 crash occurred.
And I understand why he was nervous. Fed tightening interest rates higher, P/Es near 20, the advance-decline line contracting, and the Investor Intelligence survey showing high bulls versus bears. I got out of stocks the month before.
That was back when fundamentals mattered. Can't use that system now. I use another one instead. It is very simple. Currently it signals a bull.
i use to watch louis rukeyser, R.I.P., on friday night, right. stoic men discussions. i remember martin z...weig.
I remember watching W$W when Marty made his "crash" prediction. Problem is, he made it Friday night after the markets had closed, and the crash happened the following Monday. What you really want is somebody to tell you to sell on August 25, the market top at the time. I don't know anybody who did that, but several folks predicted a big drop beforehand, Prechter and "legs" Garzarelli among them.
I read the book twice and it was grounded and interesting. But it was written in 2002. No one is ever wrong in this business, just early. That definitely applies to Prechter. More recently he started calling the top in the markets in August of last year. Trading on his advice would have been a losing proposition. No where in his subscriptions did he anticipate 12 months of sideways, range-bound trading. He has been continuously calling for a major decline since that time. In April he altered his stance to a slower decline that will take 2-3 more years to unfold.
He speaks well on TV and he and Maria seem to have a good rapport. He is an acceptable bear to them - but his predictions continue to be early, of not incorrect. Also, everything is based on a loss of investor confidence which is NOT triggered by a Black Swan event. Just happens somehow.
Does Robert want to make a little wager on tonight's Monday Night Football game? I'll give him the Dodgers +1000 points.
I'm no expect charist (or much of a bull here) and I'm sure this guy's a genius but saying that the market is going to sell off 90% over six years smacks just a bit of hubris. I mean, is that a real crystal ball...
- - - -
Picked the wrong day to attend to business I guess.... a conga line of great stories on ZH I see...I going to be up 'till 3AM!
Fed money is helping the market carve out chart patterns that put in line with the Great Crash. I believe that when this thing is over, public opinion about stocks will revert to what it was in the 1930's... equities are trash. (as you are aware, we're on our way already with fund outflows) It should be brutal.
Short/long term I think there are a number of things that could conspire to drive stocks higher but, yeah, long term I'm of the general, ZH/day-of-reckonin's-a-gonna-come school. Given all the real, macro/systemic problems we talk about around here, how could you possibly pick ultra low mutual fund cash positions as your favorite red flag for market disaster? Like, yeah, if portfolio cash averaged 10% it would be off to the races for the market and the US of A. Please.
Since we now live in an ultra-beta world I think it's more likely that managers are afraid of the index risk in having practically any cash position at all right now and that is what's keeping mutual fund cash levels low.
Merc- While I cannot assume to know why he chose MF cash positions, I could only venture a guess that it was something a retail listener might understand better in such a short amount of time to explain. However, you have an interesting observation in regards to how quickly the average fund manager has lost touch with the pain of 2008 and how quickly they are willing to engage in "risk on" and play the performance chasing game. Some of the top performing managers for the year have decent cash positions (over 3-4%) and are still relatively outperforming. Sad that most still only focus on the short term.
P.S.- I didn't junk you.
Oops. First words in my above post should read: Short/medium term...
He was very reluctant to discuss the 1000 prediction, but he did make a contrarian case for cash vs. stocks and especially junk bonds. Everyone thinks the dollar is toast, QExx is the "new normal", and it's a race to the bottom. In the long term, I don't think we can see anything below 6500 again without the markets closing. He has also missed the train on PM's. However, when was the last time "everone" knew the same thing in the markets? ;)
Here is my take: in any dymanic system there is a forcing function and a resonant function. Your car going over a bump in the road with worn out shocks, for example, is like stock prices after the crisis and QE1. Prechter, in my view, is one of the best in timing the oscillations, but not so when it comes to perceiving the upcoming potholes and speed bumps.
I've never met a market specialist who was the best at everything. :)
I've never met a market specialist who was the best at everything.
Precisely!
I think I know something and place my bet, then with just a wee bit of govt interference my move is wrong. So I stay out of the Wall Street Casinos - too many 'so called experts', too many misdirections and misinformation, and I don't have 36 hours per day to try and be a better day trader. I can only see QE1, QE2, and QE to infinity and beyond being the cause of hyperinflation. Long live the King of money, Gold - and the Prince, Silver.
Prechter?
He's more discredited than I am. :(
Maybe Kitco should hire him.
On the other hand, you party better!
On Friday August 13th 1982, I shorted IBM and MER when the market finally rallied. Guess I should have cannonballed and held on. Come to think of it, there is a gap in SP futures down around 120 or so that was never filled.
Its amusing where he says hold cash into a hyperinflationary bout. LOL. Totally blows his credibility on fundamental criteria. See 6:55 to 7:15.
For an alternative view of a Dow target 1000, in this case S+P 100, and why, see this technician especially from 7:00
http://www.youtube.com/watch?v=BoQ7LcYuwIg
If the SPX is going to 100 that's not hyperinflationary.
No. it wouldn't be hyperinflationary but it might be a result. I was making two independant observations.
In his Conquer the Crash, he has recommendations for holding cash/Treasuries in several different strong currencies, a pretty smart diversification recommendation. His theory of market results from social expectations is not too far removed from sentiment measures, ie VIX vs SPY relation, so trash him at your own risk. All in my very limited-grasp opinion of various market theories, any one of which you could recommend to us all...
Damn, he went from 3k to 1k since Friday?.
Must have been a bad lunch.
LOL, second one on this thread.
I guess the question is will the FED run out of Money. To some extent I guess they can't. But, I do think there is a tipping point. If you have the FED printing Money like there is no tomorrow, you have to assume that there is someone that is going to pay the interest on that Money.
What happens if more and more People are unemployed, under employed. Lower Tax Revenues. Who will pay? We now have over 40% of the People that do not pay income taxes. Where will the Revenue come from just to pay the interest.
I guess you can extend and pretend for a period of time but there has to be a time when someone, somewhere has to pay all of the accumulated interest from the printing.
Wall Street loves it because they can make a large amount of Money and run. But what about the rest of us? Will 70% of the people be on Welfare? Who then will pay all of the interest on the debt?
As I said there is a tipping point when people drop out of the workforce an resign to going on Welfare and Medicare and leave all of the Taxes and Debt to someone else.
Oh.. we will pay the interest. We will just print more money to do so. No Problem! Even if interest rate spread increases further, we will still just print more money to cover it! There really is no end game in town for that unless the world decides to stop using dollars, and then that is a different beast entirely. So don't worry about how we will pay it, we will most certainly have the means.
Never understood that. If the fed can print all the money they want, making it monopoly money vs. real wealth, why would they accept printed money as interest payments? After all interest payments have always been leveraged at the value of your future productivity. There is no value to the lender if interest is more of the same vaporware that produced the principal.
i highly doubt wall street would love Dow 1000. it is entertaining of course and i imagine that's the point. gold is the bug, though, isn't it? "wishing away the moments that make up a dull day. flitter and waste the hour in an offhand way. running around on a piece of ground in your home town. waiting for something or someone to show you the way." remember: welfare and medicare are paid for by taxes. that's cash. which is just as good as money.
Did you ever try to get one of those pumps going. The one's that have to be properly primed all the way to the source. And air got in the way. And the line was never laid with a pure gravity flow. So (air)bubbles got in the system.
Truly a pain in the ass to prime one of those back up.
Add to that, chafed pipe that is sucking sand ....
IF his bearish case played out it would be over a decade at least.. Maria the shrill made it sound like it would happen over night. Bob wasn't very clear either.
2005 Prechter said to short Gold! Now he says he always recommended 'owning some gold' .. LOL
i suppose you have read his report on gold and the stock market, a history. you can download it free at this website.
He will occasionally make short-term market calls, and has a series of services devoted to that. But he has indeed always advocated owning some gold, as stated in Conquer the Crash. His eventual scenario is deflation first (well, we're there, in many categories), then hyperinflation. Prechter is often early, but never entirely wrong as to the eventual turnout. I am a subscriber to several of his services, and have been for years. Relying on the short-term stuff is very iffy, and his minions always hedge their words.
Hey Puckles, how is History 101 going for you over at the community college?
http://en.wikipedia.org/wiki/Rudolf_H%C3%B6ss
Bob says sell everything, but own treasuries. I would rather own stocks. But I don't have any money to buy them. I spent it all on gold. (bitchez)
Prechter is the master of being perpetually wrong, yet receiving the crown of guru status forever.....
Last August, Prechter said sell gold and the spx when both were in the 960 area. That didn't work. Then in November 2009 he went 200% short stocks. His 20 year record is awful. So who cares what he thinks?
Prechter fails because he refuses to accept the dollar is a variable and not yardstick to measure against. I can't believe he keeps making these predictions. It is ridiculous. Without a gold standard, Elliot Wave is pretty much useless. It gets more useless the farther out you project.
Prechter is one of the first i know of to chart the Dow vs Gold. He has been saying that for years, that the DOW is losing value relative to gold. He dislikes paper traded gold for obvious reasons, in a selloff anything of value is sold to make the margin calls.
That's Dow 1000, not NASDAQ 1000. Prechter really put the super in super cycle.
I'd sell the market short, but I'm afraid I could never collect in such a case.
Fear sells Bob is in the Fear selling bizness. The whole EW gang is , as they charge your CC.
Looks like Ambrose Evans Pritchard has finally acknowledged that the Fed are going to go nuclear and that Bernanke is totally insane.
Oh and there is acknowledgement of the hillsman of Idaho seeing the light before him, yeehaw!!!:
totally insane? perhaps he's wildly wacky? or just loose as a goose? i'd go with the last one. Roosevelt said "i never let the left hand know what the right hand is up to" (translation: i'm a big time liar right to your face.) so maybe he's just confused. he does have a "committee" however. i'd like to have one of those.
I have nothing but contempt for this jackass, Prechter. He's nothing but a shill and a two-bit snake oil salesman.
There's no mystery behind his "natural hedge offsets". He's not stupid. He does that on purpose. Just like DannyC on the radio picking football games. You give one group USC and the other Notre Dame. The group on the winning side gets a call back next week offering the next pick for a fee. Prechter is playing the same game. When one of his picks moves, to the detriment of his others, he claims that he is demonstrating his genius. His moving is correct, the offset pick just "needs more time".
I don't know, frankly, who's the bigger asshole...Prechter or anyone dumb enough to pay for his "service"?
Elliot wave analysis isn't predictive, it's postulative, just like any casino analysis.
I bought on a book on Elliot Wave theory. I gotta say that there are so many exceptions to every rule, that you're better off consulting Astrology or Tarot cards.
I pay for his service but I'm really quite docile around humans. Cobras, on the other hand.....
Co_bras, never wore one, but my driver is a cobra.
CHARMER.
this is late and no one is gonna see it, but I can't help myself. Fuck the junker. You are awesome, Turd! my sentiments exactly.
We probably need to retrace all economic growth since the 87' flash crash. Prechters call is in part derived from his fractal based projections, but its also based on cycle studies and a guess as to which year the economy will revert to, once the credit bubble is fully resolved. Besides the credit bubble there is also twenty years of phony pro forma earnings, an issue which was discussed at the 2000 turn, but hasn't been since. Now we just say, this company makes money through financial engineering, and we leave it at that. The books have been cooked for three decades at least on the matter of earnings..
Prechter hasn't taken into account the ability of the government to control and delay these events, through extraordinary measures. He assumes free market forces will ultimately prevail, and that thing he calls social mood will turn negative. He assumes, that in aggregate people are unable to counter the effects of negative social mood, but that individuals have the power to recognize the problem. I think we can all agree with that, most of the posts here confirm that a great many individuals know the state of the economy is not good, and not honest, free or fair economy.
The Dow at the 87 crash was around 1000? He also believes that such a crash would entail great social disruption, and that history demonstrates that the threat to the individuals in any society is primarily from their own government.
he also is not worried about peak oil , or food shortages, as history also shows us that man is capable of finding new solutions to these problems and he mentions the some of the alternative energy solutions, and he probably sees genetically modified food, and he is comfortable that a market crash is not the end of the world by any means.
My feeling is DOW 1000 would bring the end of the political class, which runs the economy. For that reason it is inevitable.
its always easier to rag on something you don't understand, and most people don't understand Prechter. How many of you have read any of his books?
a shame people junk what they do not understand. next time DONT throw pearls to swine. if they knew how to make 50 million or more they would know what junk is.
i haven't. and something tells me i won't have the time. fractals? i understand it as "planets" because "it allows for fractals." and whatever else you want to have in your space/time continuum. right now mine's labeled "coors light."
"How many of you have read any of his books?"
Calculating Fibonacci Relationships tape 7 & Counting Waves Correctly tape 2
watch them in that order.
Prechter isn't sticking to his own work.
The Djin has broken out on the upside , will destroy the Fibonacci .618% retracement on the upside @ 11,280 as calculated by the Dow Jones nearest future traded at the CBOT and match or exceed the October 12 , 2007 top made at 14,280.
Equities are going up for perverse Apocalyptic reasons bet on by John Paulson & Dr Michael Burry and are a hedge against debasement of the pricing mechanism the dollar and repudiation / abrogation of the debt.But what do I know?
http://www.vanityfair.com/business/features/2010/04/wall-street-excerpt-201004
Someone please save this post for the permanent record.
wave theory does not consider government intervention because it follows a natural process that is proven over millions of years and neither government intervention nor reflexivity will not alter the process.
I think he will be right...eventually. When skynet takes over and terminator machines go to war with humanity the market will eventually decline towards one thousand and even lower. In fact....
"Over a long enough period, every financial market drops to zero"
"Over a long enough period, every financial market drops to zero"
Agreed! But does Gold?
I am surprised we have not seen a Peter Schiff siting as gold is approaching a cycle high (an 11 year cycle high according to Martin Armstrong- who sees a normal corrective wave starting in 2011 that could last 15 months) The Prechtor skit is no doubt a signal for at least 200 points up tomorrow courtesy of fed coPOMOcaine bullet
(I am long physical and have huge respect for Peter Schiff)
I like Schiff but he sure did miss the Euro getting pounded. No one bats 1000.
Don't be too hard on Prechter.
His analyses would be absolutely correct were it not for a little detail called...THE FED!
If there were no madman money printer at the FED, then Prechter would be right.
Unfortunately for him, the FED is nucking futs, and will print as much currency as it takes to fight not only deflation, but sub-3% inflation as well!
he has seriously underestimated this factor. He also offers the notion that states and municipal governments cannot run deficits. They can of course underfund the pension plans of their workers, they can issue bonds, beyond their rational basis to pay, and they can go bankrupt. His problem is that he accepts things at face value, and he fails to understand all the possible ways to accomplish the same thing. and while the Fed cannot throw money out of helicopters, the government can, and will. Of course it destroys confidence in the currency, which is why people spend it as fast as they can get their hands on it. Why the savings rate is zero, which is exactly what the pro growth economists/ the political class wants.
Don't forget about changing the accounting rules along the way...
Whoa. With all due respect, saying
"Don't be too hard on Prechter. His analyses would be absolutely correct were it not for a little detail called...THE FED!"
...is like saying...
"Equatorial Mercury wouldn't be so overly warm were it not for a little detail called...THE SUN!"
I can't stand him or EWT, but DOW 1,000 sounds probable (if there is a DOW when this whole storm blows over). Eventually the fraud game will come plunging down and the quadrillions of derivatives will rear their fugly heads. We're toast.
That is not so bad considering that a former French Justice Minister confuses inflation and fellation...
=======
French Politician Mistakes Inflation for FellatioBen Muessig Contributor
AOL News (Sept. 27) -- They say politics is a dirty business, and when politicians talk about oral sex on national TV -- even accidentally -- it's easy to see why.
In what sounds like a setup for a Bill Clinton joke, French politician Rachida Dati mixed up the word for "inflation" with the word for "fellatio" during an interview with Canal Plus television Sunday.
According to the Time Newsfeed, Dati -- the mayor of Paris' seventh arrondissement -- jumbled her words when asked about foreign investment during a time of economic instability. Talk about a slip of the tongue. Rachida Dati, former French justice minister and current mayor of Paris' seventh arrondissement, mixed up the word for "fellatio" with the word for "inflation" during a TV interview. "I see some of them looking for returns of 20 or 25 percent, at a time when fellatio is almost nonexistent," she reportedly stated.
Though the French words fellation and inflation have distinctly different meanings, they sound alike -- leading to Dati's slip of the tongue.
"I just spoke too quickly but, well, if that lets everybody have a laugh, then that's fine," she told the press this morning.
Dati served as France's justice minister until last year, when she stepped down after rumors started to swirl about her love life, her taste for high-end clothing and her management style, the BBC reports.
Read more at the Time Newsfeed and BBC.com.
Freudian slip. Someone is not getting enough fellatio
YOU SHOULD SEE, MY FREUDIAN SLIP.
i've always wondered about France's fatuation with inflation. thanks for enlightening me!
On Canal Plus TV no less. That's ripe.
Prechter is talking about 1,000 over 6 years. Besides isn't zerhedge and many others calling for a big down move right now?
the market creates the most pain to the most people, most of the time. i like Prechter's call. i you read ben's essays on the great D, it will give some good tells.
USD is a buy as the rest of the world inflates and US and China battle to be the stronger currency to the point where the US may go to war about the matter. because DOW 1000 is so crazy the market will make it so. the market is the final judge and jury and i will move with it.
my opinions are to be kept separate from the market.
What can you say? He is a deflationist's deflationist!
I believe we are going to have a crash, but Dow 1000? That is a little extreme.
In the past Elliot Wave interested me. It works on investor psychology. After following the market with this TA, it does not work in the short term for the simple fact that most of the trading on the stock exchanges these days are HFTs. Computers have no psychology.
Vamp excellent obsdrvation
Excellent observation TD----my experience from studying and following Prechter and EWI is he is almost always 100% wrong at critical turning points, so given that he is currently calling for lower prices again means we will likely be going much, much higher with QE2. Sure, a surge higher could be largely a short squeeze, nevertheless, Prechter is almost always wrong so the reasons are not material.
As another reader commented, his calls on Gold and Silver have been HORRIFIC for many years. Back in 2008 when we had that wonderful buying opportunity in Gold/Silver, Prechter and his EWI writers all had 100% conviction that prices for Gold and Silver would continue dropping much lower ($650 Gold, Below $6 Silver)----of course we all know Gold and Silver have been moving up since that time in a virtual non-stop straight path. It really doesn't matter the reason, because according to Prechter and his idiotic Elliott Wave theory, "fundamentals" do not matter, only social mood. Well, if that is the case, then why argue against gold/silver---social mood and a corrupt fed would dictate gold and silver would move higher from 2008 to now and those who listened to Prechter and his idiotic theory have missed out on a very nice move in the metals. There are many other examples, such as the Hulbert Financial Digest which ranks Precter's calls next to last over the past 20 years----his total return over the past 20 years is -95% (verify through Hulbert Financial Digest).
Bottom line is Prechter is either a raging idiot, or part of the Wall Street pump and dump machine; regardless, he is usually a contrarian indicator so I would say that the coming months may not be good for the bears if Prechter is out pushing shorts to increase their bearish bets----he is ALWAYS WRONG!
Even a broken clock is right twice a day so I think there's a better than 0% chance he's correct about DJIA1000.
You supply a good argument for relying only on your own judgment when investing, after all, at least you would only have yourself to blame if you lose some FRNs.
Credit deserved here. Who do you trust? Prechter has a reputation for a stage show right at bottoms. Fear Sells.
You said, "or part of the Wall Street pump and dump machine". Ironically, I asked them via Email about the same.
The problem with Prechter is, he does not trade his own forecast. But, he does sell a whole lot of Fear.
QE....Quarter End will bring people right back to this discussion. Look for a series of triple digit dysentary days back to back to back.
Simple answer: dude's on meth, that's it. Mind you, Rob Kiosaki, rich russel and joe granville are all calling for sub 4k dow, and that will come true very soon my friends. Own as much gold as you can bitchez
Tyler, get on max keiser show
Well lets keep it simple.
Next year ends lower than this year.
Everything Bernanke has done has been to slow the inevitable deflation.
Dow 1K is entirely possible, and very probable. the Dow was 6500 just a year and a half ago. where do you think it will be with 25-30% unemployment and debt bombs exploding all over the globe ? i think there is a real possibility there will not even be a stock market in 5 -6 years, maybe sooner .
No reason to defend Bob Prechter, he knows enough of the markets, but his call today could be the right day, don't trust your secure Pomo"s.
Movements in the euro today do give me ideas to short 200% by now.
Yes the dollar is dominant, but it is not just USA money, it is also worldmarket money for anthing, some movements make me full ready to jump into short.
i love it that even so called bearish guys here on zh are actually investing in a bullish direction. this confirms the herding phenomenon that is the core of elliott. u say u r bearish but you think stocks and gold are going up because u believe that stocks and gold are always positively correlated. so keep buying gold, keep buying stocks, keep selling treasuries and buying hy corporates.... in five years or so i'll buy an apple from you on the street corner for a penny.... and u'll think you're rich...
Only if it's a copper penny.
Long Live Prechter!
I like to think of the market as the "Macgyver Market". Nothing but Duct Tape and Bubble Gum holding it together...
10 year and GLD is telling everyone something, I'm afraid if we're too stupid to pay attention, it will give us what we deserve in the end
Think I'll go watch Cramer talk about LULU...
I wonder what the White Dwarf thinks of Prechter.
If companies had to mark to market and proper accounting then yes why not... broke is after all broke and companies that are broke have share prices that are well .....
ALL of these numbers are becoming totally fucking arbitrary. I don't give a shit if the DJ hits 24000 or -200...it's becoming totally irrelevant as the numbers are all pasted together via algos, PPT, FOMO, and every other silly acryonym lobbing shots these days. The point, as it stands, is that your free market ain't so free anymore, and when the douchebags at Mariner Eccles, et al, can't hold the Ponzi together anymore, society will separate into the only two classes that have ever mattered...those who can do, and those who will suck their thumbs while the shithouse implodes. Has it not been expressed thoroughly enough yet how abstract all of these numbers are becoming? And, by "abstract," I mean, "tied to nothing of any concrete value whatsoever."
The only question, of any real importance at this point, is whether or not, in the aftermath of this implosion, or reorganization, or whatever it is that the scumbags will call it in hindsight, you want to buy into whatever crock it is that they dream up to replace our current dying system. I, for one, will not...fool me once, go fuck yourself. TRY to fool me a second time, well...I hope you've got a great big shovel and a lot of dope to facilitate making me swallow that pile of bullshit.
you forgot the rock n rollers, man. ever seen the movie "Almost Famous"? oh, yeah. ohhhhh, yeah.
I'm with you on this! I believe that it will be a long time BEFORE anyone, let along the majority, will start using whatever new confetti gets printed up as a medium of exchange!
Lot of my friends have lost lots of money because they listen
to this incompetent fool,idot,clown,moron.
I am glad I never ever listen to this retard and kept on buying gold
and silver.
Fck you Prechter
The market is now guaranteed to break out of this range convincingly and head back to the highs.
Virtually every high profile bear has been trotted out the last 48 hours on CNBC, CNBC Europe, Bloomberg, etc.
But but but..."this time is different" Robo?
It's more than that, they're even wording headlines bearish now. For example, it was "stocks fall" today, not "stocks take a break from their week long rise". Etc. Just this afternoon I've seen it several times.
Check if for yourself, the latest one is about Asian markets dropping because of credit spreads in Europe and a drop in metals......
“How bad is our economy? Well, I’ll give you my two cents, which used to be a dollar.” -
Stephen Colbert
priceless
yes, the question is not what is prechter actually saying but why is he giving the airtime now to say it and which how far down did mistress maria want to play it?
Virtually every high profile bear has been trotted out the last 48 hours on CNBC, CNBC Europe, Bloomberg, etc.
It wasn't done by accident...
Yeah all three of them...
Hey Robo, It's a drag to say your right when fundamentals do not support you. But it is the ultimate contrariety.
Thanks to a little help from Prechter for confirmation. Looks like Foot in Mouth disease again.
lol, he's to scared to talk about gold.. what a fcking joke
Follow the rabbit turds
Thursday, September 30
11:00 AM CET (local time)
Assistant Secretary for International Markets and Development Marisa Lago
Remarks on "The Future of G20 Discussions"
Eurofi Financial Forum
Flagey Auditorium
Place Sainte-Croix, 1050
Brussels, Belgium
This event is open press. For additional information, please visit http://www.eurofi.net/Events/.
10:00 AM EDT
Deputy Secretary Neal Wolin
Testimony Before the Senate Banking, Housing and Urban Affairs Committee on Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act
Dirksen Senate Office Building
Room 538
Washington, DC
This event is open press.
11:45 AM EDT
Treasurer Rosie Rios
Remarks at the IMPACTO Latin News Business and Economy Symposium on Treasury's Role in Strengthening the Economy
The Harvard Club
27 West 44th Street
New York, NY
This event is open press. For additional information, please contact Rafael Romero at (212) 645-2132 or ROMEROgroup@aol.com.
http://www.ustreas.gov/press/schedule.html
--------------------------------
HearingsImplementing the Dodd-Frank Wall Street Reform and Consumer Protection Act
Thursday, September 30, 2010
10:00 AM - 12:30 PM
538 Dirksen Senate Office Building
The witnesses will be: The Honorable Neal S. Wolin, Deputy Secretary, U.S. Department of the Treasury; The Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System; The Honorable Sheila Bair, Chairman, Federal Deposit Insurance Corporation; The Honorable Mary Schapiro, Chairman, U.S. Securities and Exchange Commission; The Honorable Gary Gensler, Chairman, Commodity Futures Trading Commission; and Mr. John Walsh, Acting Comptroller of the Currency, Office of the Comptroller of the Currency.
Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.
http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Hearing_ID=45d8ba0b-04b1-41d6-b5b5-2008c0ce72d9
---------------------------
POMC
yeah, they love disabled people. those are the first they'll throw under the bus when the "priorties get rearranged." not that they haven't done so already of course.
Ummm.... We just launched a Trade War with China.
The United States on Monday set final duties ranging up to 61 percent on hundreds of millions of dollars of copper pipe from China in one of several disputes causing friction between the two countries.The U.S. Commerce Department announcement came one day after Beijing slapped final duties ranging from 50.3 percent to 105.4 percent on chicken parts from the United States.
https://ris.rois.com/FJEmHXEm5qeVzeXtW3U5IBUHKQJFEZF-6Jbv*QJ7PYutv/CTIB/...interesting.
came across some ZH hatred..
http://www.ritholtz.com/blog/2010/09/dow-zero-insurgency-peak/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+TheBigPicture+(The+Big+Picture)
F*ck Ritholz. His investment advice has the shelf life of seconds. He is a former member of a ragged house, long bereft of lordship.
agree, barry is a clown on stilts, he is really short.