A long weekend begins today- hehe, so many people take the day off to stretch it into a four day weekend - so the market would otherwise be dead.
But, we have Benspeak in ... Jackson Hole - sheesh! What a Junket!
And some economic news - the PCE inflation index comes out for July. That could be important. And the August Chicago PMI number comes out. That might be a sign if the economy got hit hard by the credit crunch.
So a lot might cause big swings on a thin day.
WSJ story says that investor properties in CA, AZ, FL, NV, etc. are causing about 30% of defaults. Serial flippers got caught on their last flip. That's just the greater fool theory at work. Tough. They have no excuses.
Fed says discount window borrowing has fallen, "suggesting the bank has managed to calm markets" ?! Bullcrap! The discount rate is a penalty rate STILL. Fed fools at work, being delusional on their government paychecks. Patting themselves on the back while failing. Grrr.
Futures are up quite a bit early, purported on a W speech on programs to help subprime borrowers. That's questionable reasoning.
I bought a good bit of stock yesterday and shifted more money from bonds (TIPs) to stocks (across the board). I think the Fed will be forced to act soon even if they are too bone-headed to do the right thing anyway. So I'm positioning for the next big move up.
PS: Year-over-year core PCE inflation is 1.9% for the second straight month. Inflation is dead. Overnight money at 5.25% vs. 1.9% inflation is tight money. Having tight money in the face of a risk of a slowdown is Hoover-esq.
PPS: The Chicago PMI for August was OK - 53.4 indicating the expansion is still working - no big drop in August. Good news.
P^3S: The Bernanke speech was rather poor, imho. He's not showing any leadership at all. He's not looking ahead at all. So far, he's just reacting and making inadequate moves. It's another example of why the Fed needs adult supervision. Compared to J. P. Morgan (the elder), today's Fed is a limp-wristed, bespecked fop.
About Me
- Bunkerman
- I have a pioneer mentality. My wife & I live in the woods - neighbors aren't visible except slightly in winter. Our "bunker" - hehe, really a fine home & barn - has plenty of security. We have four dogs: Krypto (age 9, Kelpie), Ava (age 13, Rat Terrier), Sky (Kelpie, age 5) and Lucky Star (age 1, kelpie). I don't take crap from anyone anymore, having enough resources & gear stocked up to survive in any circumstance. I have three degrees from Harvard including a Ph. D. in a physical science, and an MS in Management from MIT. I worked as an investment banker for about 25 years, mainly in secured finance, at three major Wall Street firms and for the last 17 years with my partners at our own firm. I'm semi-retired now, managing some private corporations and business interests and doing my own trading & investing. This is not to boast, but to give you an idea I know a little about some subjects from experience. The photo is my 1943 M16 half-track which I am restoring. These armored vehicles were ubiquitous in the US Army in World War II and Korea. It's driveable.
21 comments:
Bman you make it sound like the Fed is holdin it's meetin in monte carlo or fiji. Jaxon hole is part of the US and trips to wyoming shud be encouraged. Sheeesh.
Governemt paychex make one delusional? Fed governors paychex are prolly 200k annual. Thay can all make 7figures easily on wall street. Maybe you are the one who is delusional Bman.
This W speech sounds like a bailout to me. Thats what bloomberg tv said this morning too. I hate bailouts from the taxpayer for gamblers. Argghhhhhh
Congrats on your buys last nite Bman. You can flip into this morning pop for a well earned gain. That's what a beefer wouuld do. I know... i know......you're a real buyer ....you hold for the long term.
Here's my take on mlb after showdown week.
The losangeles angels are clearly the best team in baseball. Good starters and a very good bullpen. They play solid defense and are aggressive on the bases. Vlad guerrero is a beast....and if GA starts hitting.....they can't be beat.
Red sox got exposed this week. Punch and judy hitters. Also seem soft mentally......played very poorly in new york and got totally dominated. New york, cleveland and seattle also pretenders. Yankee starters are shaky and i also don't like their bullpen. Cleveland is good but young. Seattle has a great offense but starters are average ( except for king felix). Mariners do have the best closer in baseball....jj putz.
National league is wide open this year. Here come mern's phillies!!! 4 game sweep over the mets. I like their lineup....but the phillie pen is atrocious ....except for myers.
Met bullpen shaky too. Pedro is comin back and they shud be able to win the east. The cubs to me shud run away with the central. Ben sheets is back but the brewers have been playin very poorly. Padres v dbax out west shud go top the last game. Jake peavy and brandon webb are studs. Like i said....nl pennant up for grabs.
I'm outta here early today. I'm showin my appreciation for the workin man on his holiday weekend by......uh.....playin golf. $120 greens fees at the Confederate country club. I meant stonewall country club.
lmaooooooooooooooooo
the government can't go bankrupt and never fires anyone. That makes for delusions.
year over year core PCE at 1.9%. Uh, no inflation.
Stagger Lee lost half of himself. hehe ;-))))
Uh Bud, just don't play at a Nathan Bedford Forrest club. You can check him out hehehe ;-)
Looked him up.
Nathaniel Bedford Forrest (July 13, 1821–October 29, 1877) was a Confederate Army general during the American Civil War. Perhaps the most highly regarded cavalry and partisan (guerrilla) leader in the war, Forrest is regarded by many military historians as that conflict's most innovative and successful general. His tactics of mobile warfare are still studied by modern soldiers. Forrest is also one of the war's most controversial figures. He was accused of war crimes at the Battle of Fort Pillow for having led Confederate soldiers in an alleged massacre of unarmed black Union troops.
After the war he participated in the founding of the Ku Klux Klan.
What a pig. I hope he suffered a long and painful death.
PS...was he a republican too?
Bunk I told him to play Picketts Charge National...where all ya have to do is hit it down the middle...lol...get it?...down the middle??..lol
No Bud. He was a ... Democrat ;-)))
lolol spin. I get it, for sure :-)
The movie, Gettysburg, is really good, by the way.
prolly a dope but tossed my KBH ...filled that 30.19 gap
wondering if IWM has to catch up.....highest close in last 8 days is 79.639twice)...a close over that might light that candle
Have a great holiday guys...relax and enjoy....
Bye.
die GOP die !!!!!!
yeah, IWM has a W bottom setup.
S&P is hitting some resistance at the inverse H&S neckline. That's good as it indicates the pattern might be valid. I doubt if today can break thru. A breakthru on Tuesday on volume would be better.
The Bernanke speech was rather poor, imho. He's not showing any leadership at all. He's not looking ahead at all. So far, he's just reacting and making inadequate moves.
It's another example of why the Fed needs adult supervision. Compared to J. P. Morgan (the elder), today's Fed is a limp-wristed, bespecked fop.
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