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Romney and the Markets Turn Up
"In an effort to reboot his campaign, President Obama plans to announce some bold initiatives for his second term, including killing Osama bin Laden again." (WHITE HOUSE AUTHORIZES SEARCH FOR PRESIDENT’S MOJO, Borowitz Report, The New Yorker)
Thrilling Thursday – Romney and the Markets Turn Up
Courtesy of Phil's Stock World
One of the candidates will lower taxes for the middle class and small businesses while slamming shut loopholes on the rich and Big Business, limiting their deductions and raising taxes if needed, he will provide national health-care and concentrate on jobs, punishing outsourcers and educating US workers to get them on the path to full employment. The other candidate is already President.
Romney now claims there will be no 20% tax cut for the rich – I assume his rich backers assume he's lying to get elected (lying doesn't bother them) and President Obama was in no way prepared to debate the guy who showed up yesterday and he lost the debate in an embarrassing fashion.
From a market perspective, we were playing the weakness as nervousness ahead of the debates and accumulating long positions as planned yesterday. Oil blew past the $88.50 target I set in yesterday's morning post – all the way to $87.70 before finally bouncing back and hitting our target again overnight (now $88.64).
HPQ was irresistible as it tested $15 (long-term positions) and BBY gave us a good entry again at $17.50. We made a quick 50% on the TNA weekly $61.50 calls, which we grabbed for $1 in our $25,000 Virtual Portfolio at 10:09 in Member Chat and we caught a nice move up to $1.50 not even 30 minutes later as our 838 line (weak bounce) on the Russell continues to hold.
Our bullish stance on AAPL finally paid off as the stock went from $660 to $672 at the close – hopefully $680 is next. Gasoline only got to $2.75 (we were hoping for $2.70) but is back to $2.86 already in pre-market trading (/RB).
As you can see from Dave Fry's Russell chart, we're still in a bullish consolidation – just below our breakout level and today, so far, we don't have rising Dollar headwinds to hold us back as the Yen hit goal at 78.70 to the Dollar and seems happy enough above 78.50 (the Nikkei gained 1% and is back over 8,850 goal).
Neither the BOE or the ECB changed their rates today, that's weakening the Dollar as we are now engaging in more easing relative to those currencies and the BOJ knows better than to waste their money fighting the tide today but we can expect at least an attempt to support the Dollar at 79.50, which will be 78.50 on the Yen. Meanwhile, oil is up over $89 again and gold just hit $1,797 and silver is over $35 and that's going to be great for our long silver and gold hedges.
Spain had a bond auction that went pretty well this morning – selling $5.2Bn of 5-year's at 4.77% and 2-years at 3.28% – a huge improvement over last month so Draghi can take a victory lap this morning.
We have our own Fed Minutes this afternoon (2pm) as well as an update on the Fed's Balance Sheet after the close and a speech from Bullard (hawk) on Monetary Policy at 6:30. So far, the Fed hawks seem to have drunk the Kool-Aid and are as doveish as the boss so it will be interesting to get Bullard's take. It won't mean much to the markets with Non-Farm Payrolls over-riding all else tomorrow morning.
Hopefully, today will be the day XLF gets back over $16 (we're long). You would think backing the banks would be a no-brainer with Q-Infinity. But, so far, we're just not getting anything like the reaction we had to even operation twist last fall, which took XLF from $11 to $15.50 (up 40%). Granted, QE3 was anticipated and we already ran from $13 to $15.50 but where's my other $2? It won't be a real rally until the Financials participate. JPM reports next Friday – we may have to wait for that catalyst to ease the jitters that still surround US Banking….
Responding to a question of whether an ECB rate cut is even conceivable considering the "broken transmission mechanism," Draghi said the ECB's use of non-standard measures (OMT) "speaks for itself." In other words, the bank believes a rate cut will be of little use, so don't expect one. So the dollar will remain more favored than the euro as the borrowing currency for carry traders…
There's a lot of back and forth action now as Draghi answers questions and we're probably going to be testing our strong bounce lines again today. I'm not looking for a major breakout without about 150,000 jobs created tomorrow. In fact, anything over 200,000 would make Romney look foolish, despite his fine performance, so we'll see just how much pull Obama has at the BLS. The next debate is two weeks away, and if lack of job growth is off the table – it could be hard for Romney to score points on repealing Obama Care and raising military spending by 30%.
Oh, and the funniest moment from last night's debate – Romney told Jim Lehrer he would fire him and shut down his whole network. Now THAT's the Bain-Bastard Romney we all know and love because he said it with a smile too!
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Romney is a liar. But these days....who isn't?
[KR349] Keiser Report: Cadavers Collateralized Debt
http://maxkeiser.com/
" We bring a bankster rat onto set to discuss the civil suit against JP Morgan’s mortgage fraud. We revisit episode 97 of the Keiser Report on which journalist Teri Buhl had first warned you about the residential mortgage back security fraud issue on JP Morgan’s balance sheet – thanks to their purchase of Bear Stearns. In the second half of the show, Max Keiser talks to Dr. Michael Hudson, author of The Bubble and Beyond: Fictitious Capital, Debt Deflation and Global Crisis, about Timothy Geithner’s role in facilitating the takeover of the banking system by the Wall Street mafia and about the oligarchic counter revolution against democracy in Europe.
".
"..trickle down crime scene, the mafia didn't control
the education system or the government statistics,
these predators do." paraphrased
What next?
Bullshit from the BLS.
Pop quiz, geniuses: how many (thousands of) times would Romney have to "cut PBS funding" to cover his proposed tax cuts?
11,261.26
and in the process of eliminating the CPB from the Federal budget, he will have managed to cut the budget by .00012%. brilliant.
then we will no longer have to be subjected to programs like Frontline or NOVA and we can all focus on Dancing with the Stars and Football and an endless barrage of brain deadening commercials trying to convince us all to be good consumers.
it's just sad when every single decision a person makes has to be tied to their democrats vs republican scorecard. people here ranting about the content of NPR but never once mentioning the quality programing that is being provided. as far as childrens programming goes, the quality PBS provides is second to none. but most here don't care about that...as long as they can "chalk one up for their team"...fuck the consequences...keeping score is all that matters. THAT"S what is most wrong with this country.
YOU ARE 100% CORRECT
Either candidate is doomed this term according to projections, unless it's Ron Paul who wants to change the whole game entirely by abolishing the fed, etc...
Meanwhile CNN, you know one of those so-called "mainstream" and "unbiased" "news" networks, has just finished a 12-minute segment who's entire premise was "SAVE BIG BIRD!!!!!!!eleventy!!!"
Can I just vote already and be freed of this silliness? Please?
Just goes to show you how the markets are based on perception versus reality.
Either of these egotistical clueless power seekers could get elected and it won't change the control that the banks have.
With the politicians, the CONgress, the FED, the judiciary, and the MSM in their pockets what do the elites have to fear?
Sure, buy coal, buy Apple, buy whatever as the FED monetization continues unabated and the multitudes clamor over two figureheads.
If you don't know someone on the inside who will tip you off as to when the next engineered crash and bailouts will occur then go to cash.
EXACTLY! Which is why no matter your canidate crying about PBS is wasted energy directed away from those that cause the most damage. Small fish indeed. I agree we shouldn't have to fund PBS but like Alien-IQ said it's fucking insane listening to dipshits rant over it instead of being 100x more angry at the banks and the MIC and DHS with their endless wars and criminalization of everyday Americas.
Focus on the big problems and petty shit like a few mill to PBS will correct itself.
Fucking twits.
Phil of Phil's Stock World. One of those people who thinks Obama is a great president. Do you want to pay for advice from a guy dumb enough to fall for the Obama act?
Romney's Wet Dream: An 8.5% Unemployment Rate http://chartistfriendfrompittsburgh.blogspot.com/2012/10/romneys-wet-dre...
Actually, with all that they have been through, and Ann, and 5 boys, Willard is probably beyont your jejune assessment. Nor your implication for his need.
OTOH, here in the Commonwealth, with PC gasoline >$4.00/gal and one hears in the Califor[nate] that gas is > $6/gal, I'd say that the others will have a spot 'o trouble.
- Ned
{didn't do a reddie on ya, cuz the claim was so lame}
"Oh, and the funniest moment from last night's debate – Romney told Jim Lehrer he would fire him and shut down his whole network."
Tell me again why the taxpayer should subsidize NPR's editorial point of view? Their right to freedom of the press and speech ends when they stick their hand in my back pocket while .gov points a gun at my head.
The 444 million per year the CPB receives is but a mere fraction of what Sheldon Adelson alone would save in taxes under Romneys plan.
The cost of funding PBS is worth it if only to not have to sit through a bombardment of commercials every three fucking minutes trying to get people to buy shit they don;t need with money they ain't got.
Cutting funding to PBS has nothing to do with balancing a budget...it's all about eliminating one of the last places we can go to without being sold toothpaste and I-Phones. If only to keep the childrens programing on the air and commercial free it's worth it.
So shut up and give them YOUR money.
Four hundred forty million per year is nothing for someone like Soros, Buffet etal...let them pick it up instead of the taxpayer..sans commercials, problem solved ;-)
///////////
And no, that ain't my red.
I just find it amazing.
We spend $1,200 per person per year funding wars FOR 10 YEARS AND COUNTING...but nobody is complaining about that.
We spend $14.51 per person per year funding the Department of Homeland Security...but nobody seems bothered by that.
We spend $1.43 per person per year to fund commercial free public television...and everyone is outraged and they want that funding cut in the name of fiscal responsibility?
Sorry, but I'm calling complete bullshit on this argument.
If you don't like it just say you don't like it but do not try to hide behind some phony "we need to cut the budget" bullshit. That dog don't hunt.
I'm in line with Fred's way of viewing NPR and I do listen to it occasionally as well.
Leaving aside being forced to pay for something we may or may not listen to for the moment...there is also an inherent conflict of interest in government funded "news outlets".
Surely you can see that.
You're not going to get anyone here to defend DHS, it should have never been created and be should be disbanded tomorrow. We, as Americans, have never submitted to being treated as criminal suspects. Which is what DHS does ultimately. It seems they are trying to condition this as the "new normal" for the next generation.
And as for war, I think everyone is in agreement that ten years of undeclared war is financially insane.
You would sooner fund the bullshit that comes from the Pentagon's/Wall Street PR dept than Big Bird?... Oh wait... you never actually funded either, you had Ben print it up in his basement.
Big Bird?...lol...I think I could go halfsies on having a Jim Lehrer look-a-like "bird dog" O'Barry around his campaign events though ;-)
NPR is not commercial free. It is one long endless commercial for the liberal viewpoint.
Yeah, weren't Brooks and Shields (NPR, Lehrer) at the Democratic Convention?
I listen to NPR a lot but consider it as fair and balanced as Fox. I don't have to pay a cent to have Hannity prattle on but it burned me no end to hear Daniel Shore's rant and know I helped fund it. Sure it burns me more to have Obama kill a pipeline so his buddy's railroad could polute the air hauling oil, but that doesn't make NPR okay. It doesn't come close to representing the country. Let Soros and Buffet pay for it.
Agreed. Yet, It is funny to call NPR any political "philosophy." If anything, it is very soft criticism of the govt, whoever they happen to be at the moment.
jesus fucking christ is there ANYTHING in this world that you people cannot stuff into a liberals vs conservative / democrats vs republican paradigm?
is that ALL you think about? Is that the only way you are capable of seeing the world?
do you look at a woman and wonder if she's a lib/con/dem/rep before asking her on a date?
there is more to the world. if you can't see that, then it really doesn't matter who gets elected or what laws are passed or what is funded or not funded because if all you can see is red vs blue...then you're already fucked beyond all hope and absolutely NOTHING will ever provide you with even an infinitesimal moment of real human joy... and that's just fuckin tragic.
Hey - nmewn- The apex was when " TOTUS" looked at Romneys' shoes during the "hand shake", debate end.
According to Algo Rythum "GORE", it was the altitude.
Makes sense to me...
I thought he was too high as well.
"The apex was when " TOTUS" looked at Romneys' shoes during the "hand shake", debate end."
I kinda expected him to bow down at that point to get the sympathy vote...lol...President Empty Chair took a definitive ass whippin no doubt. But it was expected, the poor lad has been sheltered his entire life. Fed endless amounts of compliments and accolades for doing absolutely nothing. His arrogance is only surpassed by his incompetence.
My personal favorite was when Romney said of O'Barry's notion of a centrally planned economy/society concerning "green energy" and the blowing NINETY BILLION on it was this...
"You don't just pick the winners and losers. You pick the losers."...an insta-classic and completely true...lol.
apart like a bbq chicken!
- Ned
[ed. Eat More Chikn']
I'm glad theres not a Mercy Rule in these things...only a time limit.
Here ya go ;-)
http://washingtonexaminer.com/gallery/articleid/2509824/1/pictures/2544964
There should at least be a three-point goal. Romney hit them all last night.
My Bad, I forgot the , Burning Fisker<>
Not only that, but don't forget the "government/private partnership" with Solazyme who got TWENTY ONE MILLION in "shovel ready jobs stimulus " to build a bio fuel plant in order to then turn around and sell $27.00 fuel to the Navy (nine times higher than normal fuel).
T.J. Glauthier was on the Obama transition team and is listed as an advisor to Solazyme.
Theres a bunch of them Yen besides Fisker & Solyndra...LightSquared and Philip Falcone is another.
Most transparently corrupt administration...evah.
Good God, Obamas " David Axelrod", comes to mind. There's whole bunch of them nmewn, and I thank you for educating me beyond my own ignorance.
Uh-huh. Replace Obama's soft-kill domestic economic shills and replace them with Romney's hard kill Neo-con foreign policy psychos.
Talk about a lose-lose scenario.
Realistically, the voter is faced with the philosophical question:
Do I want to slit my wrists in the bathtub and slowly bleed to death or jump from the top of a building detonating myself and the surrounding neighborhood on the way down?
I don't recall an invitation? If you want to get "philosophical", spend 2 years getting to know me!
I don't appreciate you intercepting a conversation! Perhaps you should employ usual tactics?/
common knowledge, and the ability to understand!?
Wow. Note to self: Do not interject on Yen Cross' conversational threads as is the typical practice of comments on a private site dedicated to public discourse and discussion to elicit insight or opinion on political and financial issues.
My mistake, I only elicited your sense of personal opprobrium and what little insight that provided. Oh and I may have cost you a winky. For that I apologize.
Thanks for the lesson on philosophy and decorum.
Fuck u............Fill my bag and leave........2 another country????...Not sure which one.............................probably in the Carribeed or South Pacific..........WARNING.......................................there may be spelling and sentence structure errors.......do I give a FUCK!!!!...........Fuck you..........2 all the self-appointed English teachers out there...fuck u....perhaps I'll get some pscycho-analiyzizers out there..once again, very together...got more than u.....FU
This rant is a prime example of the frustration a person feels when he cannot properly express himself.
There's a freakin fart in the theater.
how clear do u want it...........in another language maybe!!!
Uh, yes, both are deep in the debt merchants bag. Heads (Obama) we win, Tails (Oromney) you lose. Got it?
"Step right up and guess which shell has the pea under it, you sir with the pretty lady how about it? Just a dollar, you get it right and win 50 cents, lose and we get to corn hole you"
http://kcur.org/post/economic-roundtable-post-keynesian-theory
Economic Roundtable: Post-Keynesian Theory
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http://solari.com/articles/quantitative_easing/
.
QE3 – Pay Attention If You Are in the Real Estate Market
By Catherine Austin Fitts
" I used to have a deputy who said that the FHA mortgage insurance funds were where mortgages went to die. That was, however, before the creation of MERS, derivatives and the explosion of mortgage fraud during the 1990's which in combination with the “strong dollar policy” engineered what I have referred to as a financial coup d’etat."
...
..
.
"..Finally, the way the Fed has engineered the Slow Burn to date is to continually offset monetary inflation with labor deflation. It is worth contemplating how much labor deflation will be required to offset QE3 and how sufficient additional labor deflation might be engineered. Ben Bernanke was quite clever to tie QE3 to unemployment. The problem has become the solution, which is the basis for QE-Infinity. " caf
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Wall Street Rolling Back Another Key Piece of Financial Reform
POSTED: September 20,
Read more: http://www.rollingstone.com/politics/blogs/taibblog/wall-street-rolling-...
.
" ..The details of this law are pretty hairy, but the basic idea is simple: provided a bank isn’t dumb enough to only provide advice, or to ask for separate compensation for advice, it doesn’t owe anyone any goddamned fiduciary responsibility. So they can keep screwing cities and towns as much as they’d like.
On the whole, this reminds me a lot of an episode of the classic British spoof show Brass Eye, which describes the sale of dangerous drugs as completely proscribed by law – unless the sale is conducted "through a Mandrill.""
mt
Read more: http://www.rollingstone.com/politics/blogs/taibblog/wall-street-rolling-...
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we have entered an entirely new, to us, paradigm of
criminality. also, we are approaching the moment where,
at any instant, one might logically expects either
nuclear annihilation, global financial collapse or
environmental armageddon on any particular morning,
no warning given other than it was obvious to anyone
willing to take the time to look into it.
.
stranger it becomes by the day, best to you.
"Now what?" War, Turkey just got a green light to bomb Syria and they are awaiting a no fly zone to be installed as I type this. Straigt on to Iran afterwards.
Why do you presume that is a bad development? Do you assume Iran is obstructing UN nuke observors because they are building Lego art? Do you presume the world needs another totalitarian nuclear power? Are you crazy or stupid?
Haha! was proven right, I really wish I wasn't though. N Korea and S Korea are now reporting being on the verge of nuclear war. And no.. Iraq didn't have WMD's, Sadam dropped the Petro dollar and Bibi made a bad call then and he is making a bad call now. as usual.
So WMD in Iraq was real?
Who's stoopidt? Iran on the verge to get the nuke is active since at least 1992.
Isn't that what love is all about? Shutin down PBS with a smile on your face.
That was a good comment. Personally I enjoyed Romney looking into obamas' eyes and trying to educate him about small business( structure), in America. (tinkle down guberment spending)