Nothing can compare to our regular Friday linkfest, but in Emmy's honor we will do our best.
Joblessness Probably Held Near 10%, Highlighting Fed Concern (Pre-release analysis)
Agriculture Minister Gerry Ritz claims the Aussies can’t produce food and “control fertilizer” at the same time
Did the Fed Just Cause Asia's Next Bubble?
Indonesia: This volcano brought to you by Philip Morris
Obama in India: What to Look For
Universities Tag Along With Obama to India to Set Up Ties Like Yale, Duke
Sweden: On the Millenium Trilogy Walking Tour
The Seven Circles Of Juarez
Opinion: The Election Has Made the US More Foreign
The Blundering Herd
How To Start a Hedge Fund (snark)
Will Trade Action Bring Back American Jobs (no)
A High-Speed Derailment
Comedy Central's Stewart Overtakes Letterman, Leno
Oil Trades Near Two-Year High; Relative Strength Index Signals Reversal
The Great Communicators of Wall Street
The Financial Industry Is Reviled but It Keeps Its Influence With a Simple Message (Good George Carlin quotes)
Thks Thor.
ReplyDeleteAlso worth mentioning is another nickname for QE2:"high grade effective heroin". nice.:D
That's from David Stockman for those who missed it:
“I think that the Fed is injecting high grade effective heroin into the monetary system of the country,” former Reagan administration Budget Director David Stockman told Bloomberg television November 4, “and one day it is going to kill the patient.”
Commodities Skyrocket After Fed Announces $600 Billion More Inflation
And, despite doubts regarding his ability to help the US economy recover, we can't deny BB has a good sense of humour. Creating an Office of Financial Stability Policy and Research, which "will identify risks to financial stability", next day after announcing QE2, now man.. THAT's teasing!
""This is an obvious attempt to use the Fed's propaganda site to make it look like they aren't supporting the stock market and, ultimately, working to fulfill their 1913 mission of collapsing the currency and siphoning off the savings of all men, women and children in the service of a New World Order," a pundit who wished to remain anonymous for fear of the Fed, wrote."
Fed Creates New Thing for Financial Writers, Bloggers and Pundits to Mock
Great links, Wolfie. I saw Stockman interviewed I think on 60 minutes and he was saying the same things.
ReplyDelete"This is an obvious attempt to use the Fed's propaganda site to make it look like they aren't supporting the stock market and, ultimately, working to fulfill their 1913 mission of collapsing the currency and siphoning off the savings of all men, women and children in the service of a New World Order," a pundit who wished to remain anonymous for fear of the Fed, wrote.
ReplyDeleteHooters Shows Why Deflation May Never Go Away: William Pesek
ReplyDeleteJapan’s newest sensation is one of the world’s oldest: scantily clad women serving cheap booze.
Yes, Hooters Inc. has made its way to Tokyo. Normally when hundreds of Japanese men huddle in line it’s for a new iPhone or video game. These days, it’s to be served beer and chicken wings by waitresses in white tank tops and orange short-shorts. The American chain is gaining popularity in Japan.
It’s also an unlikely sign that deflation will be with Japan for a long, long time.
Fed's Bernanke `Doesn't Understand' Economics, Jim Rogers Says
ReplyDeleteFederal Reserve Chairman Ben S. Bernanke’s decision to pump a further $600 billion into the economy shows his grasp of economics is weak, said investor Jim Rogers, chairman of Rogers Holdings.
“Dr. Bernanke unfortunately does not understand economics, he does not understand currencies, he does not understand finance,” Rogers, 68, said in a lecture at Oxford University’s Balliol College yesterday. “All he understands is printing money.”
Not much talk in the media about the jobs report which has been eclipsed by QE2.
ReplyDeleteLook at that. The Republicans did it already! Jobs way over expected.
ReplyDeleteMan, I thought elephants moved slowly!
I'm really depressed. Betty was asked a question where she had to think, and couldn't rely on the teleprompter.
ReplyDeleteShe guessed "no...not after that". Wrong.
I really thought she was smart. Magna Cum Laude, from (I forget, Mizzou?) So she completely dodged the question.
Sigh.
@Denise: "Jobs"?? What's that? ;-)
ReplyDeleteJobs are for chumps. Just play the market. Ben will make it right.
52-week low for FAZZY. Another reverse split coming? Who the eff is still in that piece of crap? Is just out there for shorts to hammer?
ReplyDeleteDoes this seemingly strong jobs report make Benny think twice about QE2? Politically does it put pressure on him to reverse course out of fear of inflation?
ReplyDeleteyou'd need at least a .5% to 1% drop in the actual unemployment rate.
ReplyDeleteYou could actually argue that hyper inflation would have the opposite affect on unemployment. It would actually get worse as a firms operating capital is eroded away.
I agree, Todd. We could get the worst of both worlds, higher unemployment AND higher prices. If we're going to have higher unemployment, we might as well get the low prices to go along with it, but Benny doesn't see it that way.
ReplyDeleteThose on food stamps hits new record. I wonder how many of those new "jobs" actually pay a living (or any) wage? Japan, here we come.
ReplyDeletehttp://www.zerohedge.com/article/americans-foodstamps-hits-new-record-august-increase-over-half-million-424-million-17-increa
Wow, these stats are mind-boggling. Hey, but we NEED that extra tax cut for billionaires in this country.
ReplyDeleteBy population, Washington, D.C. had the largest share of residents receiving food stamps: More than a fifth, 21.1%, of its residents collected assistance in August. Washington was followed by Mississippi, where 20.1% of residents received food stamps, and Tennessee, where 20% tapped into the government nutrition program.
Idaho posted the largest jump in recipients in the past year. The number of people receiving food stamps climbed 38.8% but their rolls are still fairly low. Just 211,883 Idaho residents collected food stamps in August.
The average benefit size per person nationwide in August was $133.90. Per household it was $287.82.
POMO day, Monday.
ReplyDeleteAmerican banks - there is talk of divdend hikes. Look at GS chart. WOW.
I Can
VXX continues it's collapse.
ReplyDeleteContinuation of yesterday's trend day up so far this morning.
ReplyDeleteMannwich - The only reason Idaho has "just" 211,883 residents on food stamps, is because there are only 238,752 residents in the entire state. But they do have the Boise State Bronco's making a bid for National College Football Champions.
ReplyDeleteGo BRONCOS!!!!
BTW - I always wanted to get a shirt that said Idaho except I would spell it out "I-Da-Ho"...
Mangy Mutt
Denise (And all) - I want to express a thank you ALL for your suggestions and input on trading.
ReplyDeleteAs I stated earlier this week I wanted to open a position on VXX, this was just before QE4Evah was announced and VXX was at about $12.50.
I put myself into a possition I could make a grab for some if things broke lower, but because of some of the lessons you people have laid out, I excersised patients and did not pull the trigger, there buy saving a BUNCH of money.
I still think VXX will be a good opertunity, but sometimes it is better to sit on the sidelines and wait things out, instead of pushing forward.
We will see what next week - Probably into Wendsday brings.
Best of luck to all of you all in trading this crazy market.
Mangy Mutt
So now the India trip by the O man is a "jobs mission"? Where? India? All of Asia. You can't make this stuff up.
ReplyDeletehttp://thecaucus.blogs.nytimes.com/2010/11/05/obama-recasts-asia-trip-as-jobs-mission/?hp
This is "W" all over again, but worse.
ReplyDelete@Mutt,
ReplyDeleteThat is why I suggested that a buy stop to pull you into the market if it started going higher is better than trying to catch a falling knife and guess where the bottom might be. And for a trade that will last for the longer term I would also suggest waiting until the end of the day to execute it, even if the price is higher.
I use this strategy when entering most of my trades.
Jobs for Indians?
ReplyDeleteSee the other link about Yale going to establish research centers in India.
China and India are so large that they can take all of our jobs and still have hundreds of millions of their own people unemployed.
(no offense, I Can)
@Manny,
ReplyDeleteObama is going to to be saying from now on that everything he does is for jobs. I think he got the message on Tuesday that he might be a one termer.
So are we finally selling the news?
ReplyDelete@Denise: It's clear to me that our policy is all about what's good only for big corporations and banks, as well as their CEO's and execs. It really couldn't be more clear.
ReplyDeleteShould I say GLOBAL corps and their execs.
ReplyDeleteMultinationals, the biggest contributors to the Chamber of Commerce.
ReplyDeleteWell, there you go, Denise. Yet they still HATE the O man, whose policies have been as about big corp-friendly as you can get. Very weird.
ReplyDeleteHey, he's a communist, socialist, Nazi, Marxist Muslim, even though anyone examining his record can see he is a right leaning centrist.
ReplyDeleteMannwich (12:29) - I am with you on that, the only problem with stating that is you automatically become a Conspericy Theorist and most people tend to stop listening, so it makes it difficult to assert that arguement.
ReplyDeleteNot that is makes a difference in the end, as the result is the same. I wonder if this is just how these things evolve or if it is by design. That I can go either way on - But as far as it is all about and for Corporations, I will be turning the pages for you on that.
Mutt
By the way, the housing market here basically fell off a cliff here over the past few months, as a few realtor acquaintences can attest. Time for another housing tax credit? Why not, money's just a concept anyway.
ReplyDeletehttp://www.zerohedge.com/article/pending-home-sales-drop-18-expectations-30-rise-down-big-prior-revised-44
I believe that Thor is celebrating his birthday with a friend this weekend.
ReplyDeleteMorning all! Man I am getting far too old to drink like that. I was so out of it when i got home last night I don't remember even writing this post! Seriously - Emmie, did you surprise us with a wonderful link fest? :-)
ReplyDeleteWhoever fixed my lame open thread for today - thank you!!
No sober person could post all those links!
ReplyDeleteHah, I know - Thank you Denise! :-)
ReplyDeleteI didn't make a new post so your name was on the bottom.
ReplyDeleteThor - Happy to hear you had a great time, even though you are paying for it today :)
ReplyDeleteMutt
Watching he market today.Not much to say at this point so far. Waiting
ReplyDeleteACAS, AMR,doing good EK just so so.
Thor touch with your pointing finger your nose if you can do it, you can blog :)
Dan
This is a typical consolidation day that follows trend days, no evidence of institutional activity (no tick extremes) just meandering around. The afternoons can see some price action but after the past week I would think it unlikely that there would be much of anything going on. Everyone is tired.
ReplyDeleteDenise - Thanks for your 1:56, I was trying to get a handle on why things were doing what they were, there was no break out either way. However I still believe we will be green for the day and depending on the news this weekend we will be into green on Monday.
ReplyDeleteBecause I thought today would be a solid green day,I thought maybe I missed something. But what you said makes sense.
I am being patient though.
Mangy Mutt
@Mutt,
ReplyDeleteWhen there is a large directional move like yesterday (up or down) the next day tends to be a consolidation day, but every once in a while there will be a second trend day.
Happy belated birthday, Thor.
ReplyDeleteHope you made money today. Green is good.
@Mutt:
The trend is your friend. Um, my friend too. Calling tops and bottoms or reversals has cost me a lot of money.
Trading on trend and following the 3LB has made me a lot of money. Normally, I would get out early and miss a significant part of the move, but the 3LB has calmed my exit strategy significantly. Also, it has made me wait to enter.
If you don't use it, check it out.
@Denise, Jeff
ReplyDeleteRe jobs moving to Ems, from American heartland and other western countries - We knew this would happen when free trade agreements were signed - NAFTA first during Mulroney, Bush Sr. and Mexico. Trade unions were crying out loud.
If there are no well paying jobs, no middle class, no tax revenue for local govts. no social security.......
It's all about multinationals.
India on the other hand is subsidising left, right to keep people from rebelling.
I Can
"Afraid to trade" blog has charts - Fibonacci -
ReplyDeleteS&P 61.8% is 1228. If the market breaks above that - its a bull market.
I Can
Rock (3:28) - I agree that the trend is my friend and there is no reason to try and get ahead of this without the trend.
ReplyDeleteI have to admit, I am afraid to go long at this point so have been sitting things out, waiting....and waitingggg.... AND WAITING..... for the trend to turn.
Unfortunatly I think we may soon be reaching the point that when there is an actual sell off, it will happen quickly and without warning, oh well I can still learn a thing or two by sitting on the side lines.
Mangy Mutt
@ICan:
ReplyDeleteThere's something I don't understand. All the pundits are saying: multinationals. Invest in the emerging markets, that's where the returns are.
I can't find them. EEM is tracking the S&P, percentage-wise, since mid-July. FXE has +/- tracked the S&P, sometimes up by 4%, sometimes down by 4%. EWZ has been a little better, but not much above an even with the S&P. Again, since mid-july.
But I look at something like DIG, and Zowie! way above the S&P.
So why do they say, invest in emerging markets?
Also, with QE2, the emerging markets countries that aren't pegged to the dollar will be getting expensive. We get cheap. China gets cheap (china's pegged to the dollar). But, South Africa, or Tailand, is not. So I'm thinking these emerging market countries aren't in such good shape with QE2.
How's India? I'm looking at INDY, and I see good performance up until October, but it's back on the rise again over the last week or so.
I'm not sure I understand where or how to invest in emerging markets. Any ideas?
@Rock,
ReplyDeleteI have EEM up 29.24% and the SPY up 19.56. ADRE up 23.55.
INP up 29.76. EWZ UP 29.01
@Rock,(4:17)
ReplyDeleteADRs, ETFs. Too late to buy real estate in India. Most sensitive/security industries are under govt. control. Things like Coal, natural gas, power, mining etc.
One stock I highlighted - MOTR, few weeks back.
As per Denise, INP. Reliance Industries are a good pick. Banks like ICIC, HDF.
India needs fuel, COOKING FUEL. There is always shortage of LNG. It's rationed. I think Reliance industries have some exposure to energy.
But Ems are already hot. All time highs and mostly foreign fund flows - both U.S. and Japan.
Food inflation is a big issue. over 20%. Negative interest rates.
India is more of internal consumption so currency appreciation is not as big of a deal as China. They most of their oil. So may be currency app. is bit good for them.
If I were you, I would find out who supplies them Coal/natural gas. Australia, Indonesia?
They have lot of coal burning power plants. More coming on line. Some nuclear too - agreement with the U.S.
Major POWER and Gas shortage. Money to be made there in the long run.
I Can
^net importers of oil.
ReplyDeletedisc. I don't own any of the securites mentioned above. Funny thing is I don't own Indian stocks or bonds.
My parents own agri. land and a house.
I Can
@Jeff, and Denise,
ReplyDeleteThat link to NY Times re Obama's trip to India.
It's jobs for America!. India has a huge defence budget.
"U.S. defence and nuclear deal could touch 15 billion". www.economictimes.indiatimes.com
GE is selling billions worth of wind turbines to Reliance energy.
Billions worth of other deals from different multinationals to India - in farming sector, education etc.
Most of all I second what Darth Beta said at BR's thread to Mannwhich's inquiry. India is U.S. ally against China and Pakistan.
Besides, O was attending G20 meeting in S. Korea anyway.
I Can
I Can
I can, I hope Reliance Energy can blow a profit with those billions spent on wind turbines.
ReplyDeleteWind is highly unperdictable, it can/should only be used as a back up or should have a good fast generating back up for when it doesn't produce.
Wind mostly blows at night when energy use is down and other forms of electical power, coal, gas, nuclear, hampster need to be slowed down to (or started up) to match the energy coming on line, so there can be a lot of troughs when wind is employed.
Wind engery is not (At least yet) what it is being billed as, but if someone could come up with a way to store and evenly distribute the energy created by wind. Now your talking.
Whewww this post is a little long winded.
Mutt
@Mutt(8:56)
ReplyDeleteJust PR thing.
Green energy intiatives are "full of hot air". But to please the massess and fool the green crowds, large energy companies want to be seen as doing something or covering their carbon foot prints. Everyone knows how stupid these intiatives are.
In Canada, oil majors like Suncor are doing the same thing.
I Can
@Mutt,
ReplyDeleteThe pollution out of China is incredible. Somewhere I read(not sure of this though) that they have one coal burning plant coming on line everyday!
IF you see weather on Google earth view, you'll see wind coming from China all the way to Canada.
In winter time India gets all that smog and smoke from China, you can hardly breath.
In Canada, in summer we get all that smog and smoke from U.S. mid-west.
I don't think one nation can do much to control pollution.
I Can
I Can, I have google weather I will check that out.
ReplyDeleteMutt