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World Record Deficit Reported, Investors Cheer and buy Dollars, Office Max, BRE Properties, etc.
The sovereign debt bear raids continue unabated, yet investors fear nothing, and continue buying U.S. Dollars, lap up new U.S. Treasury offerings, ramp up various consumer stocks and REITs. Another stampede towards the infalliable U.S. economy while the rest of the world crumbles.
Nothing new in the casino, as "Animal Spirits" are re-invigorated. Note the 10-year auction going off today without a hitch. The near panic buying in U.S. Dollars. And of course, heavily shorted stocks were powerjammed by the Goldman Prop Desk to continue their winning streak:
Office Max:
BRE Properties:
Wells Fargo sitting at 52-week highs:
And, of course, there is always the obligatory "buyout rumor" to get the starter pistol fired on a stock with huge short interest:
Nobody knows what the market is going to do next.
Half of the hedge funds are shorting into this rally.
The other half smell blood and are going long big.
And each hedge fund manager is looking over his shoulder to see what the other 9,999 hedge funds are doing, just in case.....
Note how the 10-day moving average of the put/call ratio is at the top of the range:
Maybe Trichet will get caught by a TMZ photographer while sneaking out of an opium den, have a heart attack, and lapse into a coma.
Perhaps Toshihiko Fukui will come out of retirement after enjoying 4 years in various massage parlors and will serve as interim head of the ECB and recruit millions of currency trading housewives to come rescue the Euro?
After all, we all remember during 2003 - 2004 how millions of currency trading housewives were more powerful than all the world's central banks combined.
All they need is to be horsewhipped into action by the venerable former master at the Bank of Japan. Who used to command the currency markets with "brute force":
For now, we get to enjoy another non-stop low-volume meltup, courtesy of the Algo/Igor/Robos...
The nerd programmers of which will be enjoying the finest Hamptons morsels this summer:
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Does this mean they use their food stamps?
i undersatnd that you can now buy long positions in Treasuries and the S&P on them.
Not for me..I wanna go long food stamps
We might all need to by the time the Egregious Ben Bernanke is through.
Being long food stamps is like being long GLD.
Being long GLD is like being long food stamps.
FFS, FSs - don't know whether to cry or vomit...
You know, because if TSHTF, neither of them are going to give you any claim on the real thing.
I know.
Whoa! Guys. Get some sleep. It is 'so worse' than that but still...
Take possession, get physical, run to the grocery store TODAY!!
Excellent! Don't be long food stamps!
Is that a oilspill in the background of the last picture?!
I just spilled something..
as my wife would say: USE A COASTER! :)
Don't know why it is, but I feel like messin' around, goin' out and buying some genuine imitations.
(and just so you know,I think she's milking her celebrity for it's worth).
Soon, the price on "You want happy ending?" will be a five followed by a long string of zeros.
try explaining that to the misses....
"Honey, what's that 5.000.000 redraw on your credit card for?"
euuuhhh....
MCC(s) doing her " FA Stephanie " look around Boeing cockpits today ..
http://www.thesun.co.uk/sol/homepage/news/article757277.ece
With Ms Drury now at HQ the Key demo battle is well and truly on. :-)
We don't need no stikin' flotation devices.
MCC(s) in the Cockpit piece ...(28 sec in....) http://www.cnbc.com/id/15840232?video=1492202051&play=1
The other flight attendant cockpit piece :-)
http://www.thesun.co.uk/sol/homepage/news/749215/Jet-pilot-Enjoys-hostie...
This is the funniest fucking site on the web. I'm going to lose my job from reading this stuff! And laughing out loud in my office!
My tray table seems to be stuck in the upright and locked position.
CSCO, WFMI, CAT, HOG, V, SLW.....
RT your posts are top notch. Thanks!
Cree is having a terrific week:
Textron is making new highs:
XL Capital will remain in the S&P 500:
Metabolix jumped after FDA approval:
And Sybase surged today on reports of a possible SAP bid:
I can just see those merger arb fund managers creaming in their pants!
Some fine looking charts.
It's bizzaro world in the world of finance: 0% interest rates, trillions in debt, soaring stock market, long-term interest rates below 5%, gold at all time highs.
You know the Gordon Liddy ad for gold? Conservative tv and radio shows are wall papered with them, but, in the ad, Gordon is concerned about the US debt of a mere 10 trillion dollars. Time to re-shoot the commercial. It's 13 trillion and counting!
Leo - has Robo sued over your intellect property theft yet...and your images are more brute force than Robo's...
You really need to ease up on the coffee and so do the rest of the fleas who keep flagging me and giving me one stars.. :)
I'm glad I'm not the only one who sees an imitator here. Find a different sctick, Leo. RT's got this one covered.
I don't see Robo complaining here, only some whiners like you.
i see this as pure teamwork - redundancy at it's best. hedging, you might say.
Do not fall for peer pressure Leo, the ocean can have two big fish.
Ah, "arb" must be a typo for "orb".
yeah, i am going out on a limb here†
you fuckin men, don't know how lucky you are that you can look at these females.
we only represent innocence.
you wish you had some.
not in your DNA, never was, never will be.
get humbled†
/yawn. tell me something I don't know.
yawn, glad you got some time on your hands†
are you a chick?
Velo, it's the mechanical bride thing, hon. It's detached from human.
you did use the phrase "*represent* innocence"...
but i'm married to one of you... i'm qualified to say i know better than that. (that's a truism, not a complaint)
"sugar and spice and everything nice..." - heh
viva la dif...
i give up, junked†
plus i can't sleep
people i am sensitive
"Nobody knows what the market is going to do next."
Except for JPM, GS, and BofA of course...
I can't stand it any longer!
Any old post offices for sale on E-Bay yet?
You'd have better look finding an abandoned bank building!
Farmington MichiganWow, that's better looking than the one I bid on last month.
paging SEC...SY options anyone???
Clearly, CLEARLY, no one knew about that acquisition....
since the market is in a pipe dream mode, it is the best time to go long weed: http://www.google.com/finance?q=OTC:CMSI
good call on that one mate. shoulda jumped into the pipe, but just inhaled the secondary smoke. might be worth researching a nice long-term hold on a dip. great biz idea for sure: cash for stash.
It's a meltup nothing more, and the people from europe who are running over here need a place that is "stable" in order to make sure they don't lose their shirts. In Europe the common man and women know how bad it is and even the rich do also, they are trying to find ways out and ways to protect their money. European bailout was just TARP 1 and in 2 to 3 months when they find out it isn't working what then? Nobody will believe that they can come up with another Trillion dollars of money to bailout europe again. If they do then Europe isn't in trouble after all, but all of us know they are and soon the US will when the states start to threaten bankruptcy and need Federal bailout. The reason why Obama won't bailout a state is once the first state is bailed out then the other 49 with their representatives and senators on the federal level will demand a bailout also. And this could come up to another trillion dollars (even states that don't need bailout will want it or will find a way to get it). Once the bailout is sent to the states then you will see the inflation/hyperinflation that they have been trying to hide (except in food) for so long by using treasuries. Because the states will have that money out on the street.
I beg your pardon, there are 52 states, Obama is saving all for the UK bailout. You guys have to pay for calling the prime minister of Britain "Yo Blair!".
I disagree about the state bailout. California is the 8th largest economy in the world. San Diego's regional economy is larger than Greece's or Portugal's GDP. You must always assume moral hazard will be the operative rule.
Therefore, you will never, ever get a vote on it. It will all happen completely behind the scenes.
Though you will feel a rumble.
Yes, state bailouts will be addressed in the 12,000 page financial reform bill, as note #7892, in the smallest font available, referenced to a yet-to-be published addendum ...and scheduled to be administered by a new arm of the Treasury (VMWOE, Vote My Way Or Else).
To avoid disturbing market equilibrium, the new bill will not be open to the public, as part of the Transparency Cloaking Act of 2010.
Sitka Pacific Capital Management
April 2010 Client Letter
http://www.sitkapacific.com/files/Sitka_Pacific_Capital_Management_April...
Good graphs on page 3 and 4.