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Art Cashin: "The Good News Is: September Is Over. The Bad News Is: October Has Begun"
The Fermentation committee will be heard on where the market has been and where it is headed. The Chairman has the floor.
From UBS' Art Cashin
The Good News Is: September Is Over. The Bad News Is: October Has Begun - Markets are starting the month in a nervous fashion. As daylight hit New York, European stock markets were down about 2% and Hong Kong was off over 4%. Here is an email that went out to a couple of trading groups around 6:30 this morning:
Sorting through the smoke. Greece admits that it will miss certain deficit targets raises new talk (and old fears) of a default. Simultaneously, Greece agrees to new tougher austerity target (may be a ploy to get next tranche despite admitting targets may be missed). Rumors that Greek problem may impact one or more banks in Belgium serves to confuse things further (contagion issue).
Markets weak, but avoid freefall (so far) trying to sort out timing and linkages of “missing targets” versus a real default or missed payment.
Hardest market hit was in Hong Kong (second day in a row) hinting that there is more here than just Europe.
Remember, this is about the banks and financials – not Greece. Greece is just the fuse.
The sense is that the auditors (the Troika) were in Athens over the weekend. It was obvious that Greece could not actually meet several imminent targets. The Greeks had to admit it, but tried to mitigate that by offering/agreeing to even more aggressive targets just a little further out. That, it was hoped, could provide cover for the Troika to release this round of bailout funds even though the original targets had been missed.
Markets are watching warily trying to gauge impact on banks. It’s about timing and level of contagion.
And as a bonus, today's Cashin trivia:
Today’s Question (in honor of the playoffs) - A few big league pitchers have thrown 4 strikeouts in one inning. How is it possible?
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One of the strikeouts was a third strike wild pitch/pass ball? Batter safe at first. Still scored as a strike out.
dropped 3rd strike, player safe at first.
Correct. The catcher has to drop the third strike, and fail to make the throw to first ( i.e., no out is recorded ). Then, the next batter is up, representing the ( fourth ) potential stikeout candidate.
Bottoms-up, Art.
Is this when Ben Bernacne is pitching?
Can we say Cy Young candidate ?
Why, look ! Here's "Fingers" Bernanke now -- taking in a Nationals game and, in the true fashion of a Prince of Academe, eating his ice cream in a cup, with a spoon. Cones are so gauche.
http://www.dollarvigilante.com/storage/thumbnails/7609397-10913300-thumb...
No, when The Bernank pitches, you can have trillions of strikes and no one gets called out.
I just hope silver makes a come-back to $ 40.00 oz.
That you can be certain of.
not so certain for October. margin hikes can happen at any time. just buy for the long term cuz it cant be manipulated forever
UTICA CLUB XX PURE
I just hope silver makes a come-back to $ 40.00 oz.
It will,just bide your time.
That's the key, eh? The timing. All predicitions are useless without a time horizon.
'Today’s Question (in honor of the playoffs) - A few big league pitchers have thrown 4 strikeouts in one inning. How is it possible?'
I don't know the answer but I think it's safe to say that trivia (panem et circenses) is now the only way to steer clear of the oncoming chaos.
Posts of tasteless sexual titillation help me steer clear of the chaos you refer to. :-)
First post, Bitchez!
Trivia question answer: One of the 4 strikeouts is a 3rd strike wild pitch/dropped ball and the batter makes it to first? I don't know how that would be scored.
Greece missing a previous deficit target of a previous bailout agreement gives new meaning to the proverbial kicking of the can down the road. How big is that pile of cans at the end of the road by now? We've got a can for everything - first debts, now cuts.
GREEN. You had me at 'First post, Bitchez!' Didn't even rea-
DB also responded. I think the error in that case goes to either the pitcher, or the catcher, if its a wild pitch or a passed ball. But it could also go to the first baseman if the throw was good and he failed to handle it. (or the second baseman if he was covering first, or the left fielder, et al) I think the strikeout counts in any case.
yea, what they said.
The answer is obvious.
They were playing Calvinball.
More rule changes to commence shortly!
But they weren't wearing masks...
A few big league pitchers have thrown 4 strikeouts in one inning. How is it possible?
because, like the porn watching sec, the umpire was too busy fucking the mascot to notice.
morgan stanley...........is a buy..............says cramer.............buy buy buy..............
but , but , but,...........aren't they heavily in trouble due to cds exposure?
Current Morgan Stanley stock price: "13.91"
Morgan Stanley just gave millions in 'contributions' to the NYPD to crack protestors skulls.
MS tits up like Eastman? Couldn't happen to a nicer group.
I thought it was Jamie Dimon from the Morgue that made that generous contribution?
Todays signal: http://www.youtube.com/watch?v=_gekaEzqj5g
http://www.youtube.com/watch?v=S8H2FIf1oH4&feature=related
SD-One,
If I worked for MS, I would be looking for a new job.
Sooner or later when the merry go round stops, that 4.6 mil, will not save their ass.
When the welfare class goes broke, the city will burn.
Cops or no cops...............
Cramer and Pisani in a full-out, bullish, foaming at the mouth, "valuations" screaming, "cash on the sidelines" forehead vein popping", "buy banks", total fuctard circlejerking rantfest.
Complete and utter displays of organic wastegate commentary.
They just dont get it LongSoupLine, this is not a debate about where the money is and what fuels the next bull rally, its a take-down.
i think simon hobbs got punished for daring to point out that cramer was pushing lehmen right up till the day they went tits up. so, if cramer does this again and it looks like he has, does this mean that he will be fired ?
Its real simple Art, they need to complete the total transfer of wealth, thats being fed into the fire control system torpedo as all 401K and pensioners are certain The Bernank will bail them out as their funds tank. Gee I wonder who is all-in record level shorts and puts here, the FED world bankers.
And people will actually say 'No one warned me'. Oh well.
yep they want all of the baby boomer retirement money that the sheep have been so kind to help store for them all of these years. a friend of mine remarked that she thought the whole retirement thing was a complete scam from the start and that they had planned to steal all of that money when the time came. i think she is right..
a friend of mine remarked that she thought the whole retirement thing was a complete scam from the start and that they had planned to steal all of that money when the time came. i think she is right..
In places like Argentina and Zimbabwe they just steal it with government decrees. Here in the USA they are much stealthier / deceitful and steal it by crashing markets and tanking the 401K values (then sheep panic and liquidate). THEN they will put some treasury backed guarantee plan together and offer an 'escape valve', suck the rest of the remaining wealth into Treasuries and print like fucking madmen.
And people in this country still think we're free. What a fucking sick joke.
Look ma..., no decrees!
Neat.
Nice nod to ZeroHedge on Kunstler this morning:
http://kunstler.com/blog/2011/10/here-come-the-owsers.html
More 'nods' to ZH as we go along...
Nice nod to ZeroHedge on Kunstler this morning:
http://kunstler.com/blog/2011/10/here-come-the-owsers.html
A hearty Congrats!!................how does it feel to be the NEWSMAKER.
( the SEER of the Financial Fiefdoms).
http://www.youtube.com/watch?v=6H44OVc-i20&feature=related
Trying hard to overcome Greece and Belgium right here, algos sweating large! Oct "must open green" :)))! Am not sure but my gut tries to tell me the next 2 weeks should "bring it"!
http://craigsenglish.com/blog/media/blogs/a/deer%20in%20headlights.jpg?m...
To quote Gomer Pyle: "Surprise, surprise, surprise!"
Excuse me while I go check on my silver sitting under a blanket in the closet.
It's no surprise that all of my neighbors and relatives don't get it; that vacant deer in the headlights stare is priceless but troubling.
"priceless but troubling"
ROFLMAO.... all too true.
Netflix and MS surged to new highs for the month. What? The month just started?
lolol. Good one Blorf
I sent an email to the idiots at cnbc and advised cramer is a health risk to investors. How can any programming director think it is OK to have this snake oil salesman on at 6AM west coast time touting his wares, when he is so wrong so often. Melissa and Carl are clueless, but at least they do not foam at the mouth.
Mute button is a Godsend.
Miners not holding, the only sector I trust but do not have any money in for now. Just keep buying physical on every pull-back.
Anyone want to lead us in a song, that usually helps.
What, no rule 48 open? What's the world coming to?
Don't answer that.
blahh blahh, ISM # better than expected..
ROTFLMAO. What a tool!
ROTFLMAO, indeed, what I see so far, that this site is huge toolbox of ignorant fools. Short some more, case we are about to see some short squeeze in the near term, Pray for collapse and keep your diapers ready :)
And BTW, China PMI on Saturday was much better than expected as well.
You say "short some more" advise taken, Soo Mr. Cresent wrench, we can easily see what your long in.. Eastman Kodak obviously.
Just a little FYI, This dosen't stop, it's like a machine placed in motion and if you did your research, you would know this.
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8802462/Protectionism-beckons-as-leaders-push-world-into-Depression.html
The Bad Guy.
No more evidence needed. You just confirmed what we all suspected. Go back and play with your digits; we will hopefully see you after the cleansing.
and from bloomberg, a quote from somebody thought to be intelligent, eric schmidt:
“The federal government can spend as much money as it wants because we borrow in our own currency,” said Schmidt, who led the world’s most popular search engine for almost a decade before Larry Page took the chief executive officer post in April. Overseas demand may not help much because “we already have one of the cheapest currencies we ever had and yet we still cannot export ourselves out of this recession,” he said.
GREEN , there ya go..
Cramer?? Take off your 3D glasses.
Pitcher gets traded to the opposing team in the middle of the game - winds up pitching for both in the same inning - could get six or more under the above mentioned scenarios.
Let me guess, China PMI is up 8.8% Damn they like that number. 8
It all looks like all the boys are playing Rugby, mate. And the question is what in the hell are they all doing inside those scrums? Rather than trying to get the ball, methinks they're playing hot potato.
why is it always October? the pressure is on the Bears. every day without significant news to drive the markets lower, the Bulls get more aggressive. They see a launching pad into Jan 1. This is when the YOY numbers have to be made, the tape has to be painted, Santa Claus green. This is like end of month and quarterly window dressing times 4 or 12. I look for 12K on the Dow at least, this is all about feeling good about the stock market, the wealth effect (so people will spend more) its a hackneyed strategy but it still works.
the market has had its washout, each day the Eurozone does not implode is a day the Bulls get a little braver. Come on Bears, make you case they say, and they keep pushing the market. The Bernanke comes in with a little present, gift wrapped. no POTUS wants to sit in the WH looking at a election year, and red all over the place. put in a phone call, gets those protestors out of the street and into the mall.
put some money in their pockets.
"The beatings will continue until morale improves."
Everybody recognizes the above statement as ridiculous, and yet the Troika thinks that Greece can achieve a budget surplus by slashing public spending. Every time Greece makes cuts, even larger revenue drops occur, and then they end up with a larger projected deficit. It's like the Laffer curve in reverse.
The same abuse of legal procedures that they used to incarcerate Martin Armstrong for all these years, I am sure could be used to detain Dimon, Blanky, Hawiian Tropic, Benny, Timbo & the rest of them indefinitely.
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