Short term trades in the stock market •$$$$$•

[SpasticGramps]

Gold almost at $1900 today. Very nice.

Dollar is wallowing around in the gutter depressed, abused, and going through some nasty withdrawals.

BofA CDS exploded today.

SocGen or BofA will be the next Lehman IMO. I'm thinking it will be SocGen or one of the other insolvent European banks (unicredit etc) collapsing then quickly collapsing a dying BofA.

I think BofA was setup as a toxic dump zombie bank post 2008 anyway. They had to eat all of Merrill's and Countrywide's toxic garbage. It's just one big toxic paper garbage dump ready to implode.

 

[SpasticGramps]

Also Blankfien of Goldman Sachs just hired a high profile defense attorney. Something big must be about to go down. GS stocks crashed into the close. Gold futures are now about $1900. Homie better hire some body guards pretty soon too.

 

[SpasticGramps]

And......

All you need to know about the liquidity (or complete lack thereof) in Europe.

August looks great lol. Running on fumes and getting down to crunch time.

 

[DiscoBiscuit]

... Homie better hire some body guards pretty soon too.

We could get Rick Perry to drag his ass across the Texas prairie behind a pickup truck. Just kidding, couldn't resist.

 

[SpasticGramps]

You must spread some Reputation around before giving it to DiscoBiscuit again.

LOL good one. Rick's trying to jump on the "fuck the FED" bandwagon, but he's a slimy stooge IMO. You see lots of Veto Perry stickers around here. Keeps getting elected though. Never lost an election in his whole life. Means he's a better liar than most.

 

[SpasticGramps]

Japanese Prime Minister capitulates. Benocide Bernanke suicides the standing Japanese government. Obviously the nuclear meltdown didn't help anything, but notice what he is talking about as he leaves office.

Japanese PM Naoto Kan Is Out August 30

The latest update in this news-heavy night is that Japan's unpopular Prime Minister is out, after tellng his cabinet ministers that they have about one more week before packing up and looking for new jobs. As Reuters reports "The ruling Democratic Party of Japan is planning to pick a new leader on Aug. 29, setting the stage for parliamentary confirmation of a new premier and the selection of a new cabinet." We hope for the sake of the G7 that there is no massive crisis in the next 10 days, as a leaderless Japan will hardly provide confidence that any crisis can be circumvented. As for the Yen, it is hardly troubled and at last check was trading at 76.75 to the dollar. Not an all time record... but pretty close.

From Reuters:

Japanese Prime Minister Naoto Kan told his cabinet ministers on Tuesday that they are likely to resign on Aug. 30, Japanese Economics Minister Kaoru Yosano said on Tuesday.

The unpopular prime minister's comments effectively confirmed his intention to resign in coming days, clearing the way for Japan to select its sixth prime minister since Junichiro Koizumi ended a rare five-year term in 2006.

The ruling Democratic Party of Japan is planning to pick a new leader on Aug. 29, setting the stage for parliamentary confirmation of a new premier and the selection of a new cabinet.

Yosano also told a news conference that the government needs to devise steps to cope with the negative effects of the yen rise in the coming third supplementary budget for this fiscal year.

Good luck to the next guy. Bernanke is dropping bombs. I think the PM realizes that BOJ intervention half life is only hours long now and the game is up. Bernanke is going to crush the dollar. Kan is jumping off the ship.

Another spoonful of uncertainty for Mr. Market.

 

[SpasticGramps]

S&P President gets professionally suicided tonight too.

Standard & Poor's president to leave firm: report Marketwatch

SYDNEY (MarketWatch) -- Deven Sharma, president of ratings agency Standard & Poor's will step down from the company, the Financial Times newspaper reported, citing people familiar with the matter. Sharma will be replaced by Douglas Peterson, chief operating officer of Citigroup C -0.15% unit Citibank, according to the report. Any departure from the firm for Sharma would take place just weeks after the ratings agency downgraded its rating on U.S. government debt. Standard & Poor's is a unit of McGraw-Hill Cos.

ex COO of zombie bank Citigroup runs the rating agency/text book company. Wow. Not that simple, but that's a pretty all round incestuous relationship to me.

USA should soon be getting upgraded to AAAA++ Pays immediately! Will use again!

 

[yesum]

I have money in BOA, any thoughts about that Gramps? They are insured to 200k per account, well over my amount in there. Makes me a little jumpy. Would be a pain to take out now.

Not touching gold and considering adding..... You are negative to be sure Gramps, but the events are unfolding pretty bad too. I think at best we have a reset that puts stocks well below their current level. Worst is.... well I do not want to think about it.

 

[joeuser]

LOL good one. Rick's trying to jump on the "fuck the FED" bandwagon, but he's a slimy stooge IMO. You see lots of Veto Perry stickers around here. Keeps getting elected though. Never lost an election in his whole life. Means he's a better liar than most.

No...better FUNDED than the rest! More money means more wins! I hear the 2012 elections will cost over $1 billion this year.

I have money in BOA, any thoughts about that Gramps? They are insured to 200k per account, well over my amount in there. Makes me a little jumpy. Would be a pain to take out now.

Not touching gold and considering adding..... You are negative to be sure Gramps, but the events are unfolding pretty bad too. I think at best we have a reset that puts stocks well below their current level. Worst is.... well I do not want to think about it.

Such short memories...remember the savings and loan fiasco? Sure...the accounts were insured...but it took up to a year for people to get their money.

Just saying...

 

[CascadeFarmer]

I have money in BOA, any thoughts about that Gramps? They are insured to 200k per account, well over my amount in there. Makes me a little jumpy. Would be a pain to take out now.

Not touching gold and considering adding..... You are negative to be sure Gramps, but the events are unfolding pretty bad too. I think at best we have a reset that puts stocks well below their current level. Worst is.... well I do not want to think about it.

At the least I would not keep $ in B of A because I would not want to let them use my $ for more shenanigans. IF B of A folds and you have to go through FDIC for your money how long do you think that will take? Do you think you'd get it back? How many other people would be waiting in line? Where's all that money going to come from to pay everyone back? I don't know how the FDIC is structured but those are questions that come to mind.

I don't see Gramps as negative. He's just focusing on info/events that highlight some of the major downside issues facing us and unfolding. If you can find 'positive' info as significant as Gramps' 'negative' info I'd like to see it.

Ruger...lots of people really like this stock. Here it is at it's 10 MA and during the recent market 'crash' it only fell to it's 20 MA and even then held up flat during the first half of the crash compared to where we are now...

 

[CascadeFarmer]

Here's a leading stock, Hansens, that's held up very well and jumping on strong volume out of a consolidation where even when the market went to shit there was a lot of buying. Stocks like this are few and far between.

 

[DiscoBiscuit]

Boomer Retirement May Weigh On Stocks For Two Decades: Report

Boomer Retirement May Weigh On Stocks For Two Decades: Report

By Michael S Derby of the Wall Street Journal
First Posted: 8/22/11 06:07 PM ET Updated: 8/22/11 06:07 PM ET

The next quarter century or so could be a tough one for the stock market, researchers at the Federal Reserve Bank of San Francisco warn.

In a paper released by the institution Monday, two of its staffers said the retirement of the Baby Boom generation stands to strip away from equities a key source of support. The ongoing wave of retirees won’t crater the market, but they may well be “a factor holding down equity valuations over the next two decades,” writes Zheng Liu and Mark Spiegel write.

As they see it, what the Baby Boomers have given to the market is something like what they will be taking away. Allowing for the “theoretical ambiguities,” the economists noted “U.S. equity values have been closely related to demographic trends in the past half century” across several key metrics. “In the context of the impending retirement of baby boomers over the next two decades, this correlation portends poorly for equity values,” Liu and Spiegel write.

http://www.huffingtonpost.com/2011/08/22/stock-market-baby-boomers-prices-report_n_933579.html

.

 

[CascadeFarmer]

Here's another stock that's holding up pretty well. I've mentioned Nuskin before. Considering they do a huge business overseas a weakening dollar will only help.

Boomer Retirement May Weigh On Stocks For Two Decades: Report

Yeah that.

 

[rasputin]

I have money in BOA, any thoughts about that Gramps? They are insured to 200k per account, well over my amount in there. Makes me a little jumpy. Would be a pain to take out now.

Not touching gold and considering adding..... You are negative to be sure Gramps, but the events are unfolding pretty bad too. I think at best we have a reset that puts stocks well below their current level. Worst is.... well I do not want to think about it.

Do yourself a favor and get your dough out of BoA. Bring it to a local credit union or under your mattress. It ain't doing much better at BoA, that's for sure.

But as for being negative, or bearish ... being realistic, informed and aware is not negative. Sure, we'd all like betters news but the news is the news. Like you said, things now are very bad. Just a simple acknowledgment of reality. Not a negative thing. If there's a positive spin on collapsing economies and currency debasement, I'd love to hear it.

The fundamentals of what is occurring are sound. High irony, I know.

To paraphrase Jim Leahy, the perfect shit storm is brewing and the shit winds are soon to come.

 

[SpasticGramps]

I have money in BOA, any thoughts about that Gramps? They are insured to 200k per account, well over my amount in there. Makes me a little jumpy. Would be a pain to take out now.

Insured by the FDIC, yes lol. What do you think would happen if banks started collapsing again as BofA continues to do this morning down another 5% to ~$6? Add the rumors spreading that it too is grossly under-capitalized even after the Fed has suspended all accounting rules and everyone is on the Enron standard. How is an insolvent FDIC going to bailout and insolvent Too Big to Fail bank?

FDIC's Bair: Insolvency A Possibility Huffington Post

Bloomberg:
March 4 (Bloomberg) -- Federal Deposit Insurance Corp. Chairman Sheila Bair said the deposit insurance fund could dry up amid a surge in bank failures, as she responded to an industry outcry against new fees approved by the agency.
"Without these assessments, the deposit insurance fund could become insolvent this year," Bair wrote in a March 2 letter to the industry. U.S. community banks plan to flood the FDIC with about 5,000 letters in protest of the fees, according to a trade group.

You and every other Joe Six pack will be standing in line holding the bag full of the Good Faith and Credit of the insolvent USA. Best to put your money into a strong local non-publicly traded bank or a big ass concrete floor safe.

I'm not negative actually. I just post relevant data and information that pertains to today's current economic environment. I believe there is more downside risk than upside at present. I'm a realist who doesn't live with his head in the sand. Anyone is welcome to counter my data with relevant happy happy data if they can find it. Good luck with BofA. FYI, it is now taking almost 1 week to take delivery of large sum physical paper from BofA.

Bank Of America Scrambles To Defend Itself From Henry Blodget's Allegations It Is Massively Undercapitalized

Early this morning, Henry Blodget penned a post titled "Here's Why Bank Of America's Stock Is Collapsing Again" in which he used Zero Hedge data among other, to determine that the capital shortfall for the bank is between $100 and $200 billion. It took BAC exactly 6 hours to retort. Below is the full statement.

I don't see Gramps as negative. He's just focusing on info/events that highlight some of the major downside issues facing us and unfolding. If you can find 'positive' info as significant as Gramps' 'negative' info I'd like to see it.

 

[DiscoBiscuit]

... But as for being negative... being realistic, informed and aware is not being negative. Like you said, things now are very bad. Just a simple acknowledgment of reality. Not a negative thing. If there's a positive spin on collapsing economies and currency debasement, I'd love to hear it.

The fundamentals of what is occurring are sound. High irony, I know.

To paraphrase Jim Leahy, the perfect shit storm is brewing and the shit winds are soon to come.

Bearish might be a closer term. I've been bearish for the last 3 years but I'm still optimistic we'll:

end the temporary tax cuts

break up the biggest banks

thwart monopolies

reform the tax code...





Just kidding. I'm not optimistic that big money will tilt the field against greed.

 

[CascadeFarmer]

Besides extended unemployment benefits that will most likely be discontinued after January 1 unless they make another deal here's something else that will soon, IMO, be on the chopping block. With the whole budget issue on a federal and state level hard to believe they can sustain programs like this...

USA becomes Food Stamp Nation but is it sustainable?

NEW YORK(Reuters) - Genna Saucedo supervises cashiers at a Wal-Mart in Pico Rivera, California, but her wages aren't enough to feed herself and her 12-year-old son.

Saucedo, who earns $9.70 an hour for about 26 hours a week and lives with her mother, is one of the many Americans who survive because of government handouts in what has rapidly become a food stamp nation.

Altogether, there are now almost 46 million people in the United States on food stamps, roughly 15 percent of the population. That's an increase of 74 percent since 2007, just before the financial crisis and a deep recession led to mass job losses.

 

[headiez247]

D +322 +2.97%

N +100 +4.29%

SP +38 +3.43%

 

[SpasticGramps]

Gotta love the volatile schizophrenic market. One day the world is melting down the next everything is rosy. How much QEIII do you think is priced in the market right now? 500billion is what I've heard thrown around. Jackson hole in t minus 2 days. Print or crater? To be or not to be.

 

[SpasticGramps]

I know why we rallied today. It was the terrible the housing numbers and the Richmond Fed printing at -10 lol. Not to worry says Mr. Market, QEIII is going to make it all better (or not).

This quote for Marketwatch says it all.

Dow gains 3% at day's high after bad (but not horrible) data from U.S., Europe and China.

That's what I call grasping for straws. Rally on!!!

New-home sales fall, 2011 could be worst year yet

WASHINGTON (AP) -- Sales of new homes fell for the third straight month in July, a sign that housing remains a drag on the economy. If the current pace continues, 2011 would be the worst year for new-home sales on records dating back at least half a century.

Sales fell nearly 1 percent in July to a seasonally adjusted annual rate of 298,000, the Commerce Department said Tuesday. That's less than half the 700,000 that economists say represent a healthy market.

Last year, 323,000 homes were sold - the worst year on records that go back to 1963.

Gold cratered. Shanghai hiked margins for the second time this month.