Over the weekend after the terrorist attack, she said the system worked, when it obviously utterly failed. Only the independent actions of a Dutch man prevented a disaster.
The terrorist was flagged as dangerous, but was not searched prior to boarding the plane. Now she covers her ass by having everyone searched. How ridiculous !
These clowns in government didn't even revoke the terrorist's visa. What the hell is going on ?
From today's WSJ: "The warning by Mr. Abdulmutallab's father should have been combined with information from airline personnel, such the suspect's purchase of his ticket with cash and his carrying only a backpack for an international flight. That behavioral profile "doesn't mean he should be on the no-fly list, but he should be checked out," the counterterrorism official said."
Napolitano was the fool who last spring said that returning US war veterans were a risk for terrorism.
Now they impose intrusive searches on everyone coming to the US. That's the typical leftist proto-fascist response. Don't identify and target the likely terrorists. Waste billions searching everyone in the name of "fairness".
Hey Barry ! Get you butt off those Hawaiian beaches and fire her ! Get a real leader for that job.
Actions
I bought a short ladder of puts on the S&P 500 - the January expiration puts on SPY with strikes at 110 and 113. My 1-2-3 Fund is now about 300% short effectively from the option deltas. If the year end / year beginning drop does not occur, I'll roll them into longer term puts that have more staying power.
Word of the Day
"Rapscallion" - noun [$10] archaic or jocular; from "The Adventures of Huckleberry Finn" by Mark Twain.
Rapscallion means a rascal scamp, or rogue.
Sentence: Congress is full of rapscallions whose only actions are lining their own pockets and those of their supporters with or by means of tax money.
30 comments:
bunk....why are you soo bearish now?....you've been a big bull all year...played it to perfection...your timing cant be ignored....what are you looking for?...whats the playbook for 2010?
I may be early (or wrong), but recent economic news has been a bit weaker than I hoped. Example: the GDP downward revisions. Those should be upward revisions if we were getting a strong bounce. The jobs shold be better, too. I wanted a jobs gain by year end. It's still negative. Maybe Jan # (which is really the Dec measurement) will be a gain, but ...
I am following the 1974-75 playbook. 1974 to early 1975 a strong rally from very low levels. Then nine months of grinding down (not too far). Then a huge rally very late 1975/early 1976.
I think the health care bill will lead to a drag on new hiring, and weaken the bounce. Without a stronger bounce, those huge Treasury borrowings run more risk of troubles.
And what is now going to drive stocks higher ? Maybe to 1200 but what buying will price that in ? One has to expect better earnings to get buyers up there.
I got most of my "return to normalcy" but not enough to stay bullish.
I think the trend is flat to down.
Specifically, I think anyone who was rather long all year must do bigtime re-allocations at year end. That means selling. So my put speculation is to try to capture that short term move.
And in 2010, all those expiring tax cuts coming in 2011 will have to be priced in.
I got most of my move to over 1100 - I just don't see what will drive this market much higher now.
btw, the 2010 rally comes after the election.
John Bogle just threw up in his oatmeal....
"put speculation"
John Bogle blathers too much.
thanks bunk.....re-allocations....into what sector bunk for the late year rally?..the same leaders or will there be new leadership?...whats the playbook say?
the re-allocations go to fixed income, automatically.
I think that is the wrong move; I'd stick to cash.
Then buy TIPS when the fall a bit more.
eventually, buying quality real estate, too.
solid "Income" to the the 2010 word.
thanks bunk..no more questions..loool
Hey Barry ! Get you butt off those Hawaiian beaches and fire her
I thought Barry was a lil low keyed,going thru the motions yesterday...sorta like no crowds to work his shtick
Mr. Obama is not in Hawaii sitting on his butt....I will have you know that the USA Today reported that he has been in the gym every morning working out...
watch out lzzzzzzzrd...
loooooooooooooooool odds11-1
"eventually, buying quality real estate, too."...would you consider a wyoming ranch to be "quality real estate"....some interesting state laws.
It is illegal to wear a hat that obstructs people's view in a public theater or place of amusement.
It is illegal for women to stand within five feet of a bar while drinking.
You may not take a picture of a rabbit during the month of June
a ranch does not produce income, only losses.
Mrs. B might eventually want me to buy her a sheep ranch ...
;)
"too many complications"
on the pancake contest...what did that mean bunk..lool
certain Sal available to herd the sheep...nonono never mind...he's only into goat beastality.
sorry Mrs B...won't happen again.
ps...still wanna be pals?
Here is my list to receive my "au revoir". Some are New Year's wishes.
1. Hedge funds as an "asset class".
2. Hedge fund managers as demi-gods.
3. Pure libertarianism.
4. The home as a source of spending power.
5. The home as a retirement asset.
6. Credit default swaps.
7. Nominal CPI as a meaningful measure of true inflation - core rules !
8. The McMansion in exurbia.
9. The SEC as an independent agency.
10. Derivatives as unregulated markets.
11. "Market value" as a rationally derived number.
12. George W. Bush - aka "Lyndon" - as a President and leader.
13. The source of wealth of three of the world's "bad boys" (Russia, Venezuela and Iran).
14. Commodity "investing" in futures and derivatives - just speculation.
HAPPY NEW YEAR !
seems to me Bud either a.) shot off his own johnson b.) is working zeta's johnson c.) is working "jim"'s johnson d. ) is releasing the club
a familiar list, frosty ... still valid.
:)
Bunky you list #14...seems all the market pumps say the place to be again in 2010...what say you sir?
no, I think that place will not lead.
By now, new mine productions, etc is coming on. And lower world GDP means a lower level of deamnd to grow off.
after a 2-3 years, the substitutions, new productions, etc. can take hold.
sharkfolio....3rd red year in a row??..thank you sir may I have another....
Bunk...we looking for a (2-3%) shaker or something lil more serious?
Some might like this video I was just sent.
http://www.youtube.com/watch?v=1hhJ_49leBw&feature=topvideos
Perhpas it's Obamatopia ?
I think 5-7% or so.
Doubt any real dip buyers will be there for the first 2-3%.
thx Bunk, so when you cover are you then considered a real buyer sir?
lol, nope.
a real buyer can't end up net zero position.
I'll be a mere virtual buyer.
No one is allowed to get fired in this administration on simple incompetence. That would set a dangerous precedent.
Thanks for the thought provoking posts this year sir. A few have merited a printing and a admonishment to my teenagers to read along with all the gobbledygook that goes along with a private education these days.
I will mention a worthy book for your list for the future.
"The Time it Never Rained" by Elmer Kelton.
WSJ had a nice article on Kelton a few months back on his passing and this masterpiece.
A Happy and Prosperous 2010 to all.
We will see ya'll downrange.
thanks. cap off a few more me, teja.
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