In less than a week, a couple of hundred people (maybe less) scattered around the country in data centers will decide who wins elections for the US House and Senate and other important elections, state-wide and local.
Do you think that's an absurd proposition made up by somebody overusing Zanax or other mind-altering drugs? Perhaps you haven't been keeping abreast of developments via the Brad Blog, Verified Voting or Bev Harris' Black Box Voting.
These and other web sites - no, you'll find nothing about actual vote manipulation anywhere in the mainstream media (MSM) or even on Fox News (who only make hollow claims that ACORN or other "liberal" groups are effecting voter fraud) - have been detailing our fully-rigged elections systems since the fiasco of 2000 in Florida. Or have you forgotten that George W. Bush was never elected, but rather, appointed to the Presidency by the Supreme Court in 2000 and that the 2004 election was largely stolen?
OK, take whatever meds you need to make you believe that all is well in our great union, but I'm here to tell you - again - that the country is being run by a criminal gang masquerading as politicians, funded by the gangsters of Wall Street, otherwise known as "banksters", who have defrauded millions of Americans over and over again through fraudulent mortgages, fraudulent assignments of mortgages (I personally own one of these), baseless foreclosures, phony mortgage-backed securities (MBS) which were sold around the globe, but also to pension funds to which YOU may be contributing.
I used to say the wheels are off, but it's worse than that now. The ship of state is floundering in a seas of fraud without a rudder. Consider our fates when abject morons such as Sharon Angle may actually defeat senator Harry Reid in Nevada, when a total business failure such as Carly Fiorina may defeat senator Barbara Boxer in California. Not that I'm a fan of either Boxer or Reid - they are integral parts of the rampant criminality of Washington, DC - but their proposed replacements are nightmares.
As a nation, we are well on our way to complete and total ruination at the hands of an oligarchy run out of control. Massive criminality is no longer prosecuted; indeed, it is likely praised behind closed doors. The government's preferred choice of action is to settle with criminals, taking money in lieu of prison terms, as in the case of Countrywide CEO Angelo Mozilo.
In normal times, deals like this would be categorized as bribes, but today the are SOP (standard Operating Procedure). In fact, our federal Attorney General, Eric Holder, hasn't led a sucessful prosecution of anybody involved in banking or the BP oil well explosion in the nearly two years be's been in office. The man just doesn't do his job and should be impeached, that is, if anyone can find him (he's nearly invisible).
To qualify that the US is off-course and headed for the rocks of desperation, depression and dissolution, a few headlines and stories should be required reading for today:
Run, Turkey, Run - PIMCO chief Bill Gross calls the Fed a Ponzi scheme
No Mr. President, Larry Summers Did Not Resolve the Financial Crisis for a Pittance, He Just Papered Over the Problem - William K. Black rips Larry Summers and calls President Obama a fraud.
Halliburton Knew About Bad Cement Job Before the Spill - Mother Jones reports that the company that former VP Dick Cheney once was CEO of, has been hiding the truth, again. Making matters worse, the company is now headquartered in Dubai, so even if we could locate Mr. Holder, the chances of prosecuting this rogue company are nil.
And of course, this: Leave Vera Baker Alone. She Did Not Have An Affair With Obama. - the internal US security apparatus may have the president by the short hairs. Nothing surprises us any more.
Not enough? We have witches running for Congress, a proposal to legalize marijuana in California being beaten back by the liquor lobby, other candidates who dress up in NAZI garb, others who invoke the Taliban when speaking of their opponent, and enough crazies running for office - like Carl Paladino, who threatened to "take out" a reporter - to make the original cast of One Flew Over the Kukoo's Nest appear completely normal.
On top of that, computers execute over 70% of all trades on Wall Street without any human intervention, and Joseph Murin, former head of Ginnie Mae, losing all credibility in this CNBC video, by first saying that now is the best time to buy a home and that the robo-signing scandal is "not about fraud, this is about process inadequacy." Incidentally, guest host Ken Langone's posturing that people are moving out of their foreclosed-upon homes into cheaper apartments and renting out the homes, is 100% pure falsehood.
How the markets responded to this crush of madness was the usual miasma of mix-up: The NASDAQ, S&P and NYSE were up, the Dow down, all marginally. Volume was normal, meaning, lousy.
Dow 11,113.95, -12.33 (0.11%)
NASDAQ 2,507.37, +4.11 (0.16%)
S&P 500 1,183.78, +1.33 (0.11%)
NYSE Composite 7,504.85, +23.98 (0.32%)
NASDAQ Volume 1,910,478,375
NYSE Volume 4,771,915,500
As such, there were 3152 advancing issues, 3205 decliners. New highs beat new lows, 413-58.
JP Morgan and HSBC Bank are being sued in federal court for manipulating the silver market [PDF]. Got coin? Silver exploded to the upside today, gaining 45 cents to $24.01. Gold was up $19.10 on last print, to $1344.10. Crude oil futures on the NYMEX closed up 24 cents, at $82.18. Note that above $80 per barrel is now the new normal, as is $3.00/gallon gas in many locales.
It's a mess, and come Tuesday, it's only going to get messier as we're likely to have a lame-duck congress followed by a completely stalemated one, with Republicans controlling the House and Democrats with a narrow (unable to override vetoes) majority in the Senate. Dr. Utopia will still reside in the White House, and, at a time when the nation needs leadership in the very worst way, we will have none.
Tomorrow, the initial estimate of third quarter GDP will be announced at 8:30 am ET.
Good luck with that!
Showing posts with label Halliburton. Show all posts
Showing posts with label Halliburton. Show all posts
Thursday, October 28, 2010
Thursday, May 13, 2010
All About Today's Reversal, And Why It Matters
The downturn in equity markets today should not have come as a surprise to anybody who understands charts and amrket dynamics.
A nice chart of the Dow covering the past six months reveals the condition. The market is sitting right on its 50-day moving average with no clear direction, though lower seems to be the most likely move as days progress.
Recall the events of the past 5 trading days: After the "flash crash" (thanks to the geniuses at CNBC for giving it a nickname) of last Thursday, the Dow sank on Friday, had a sharp opening gap up and maintained that stature on Monday, dipped a bit on Tuesday, rallied above the 50-day moving average on Wednesday, and today closed below that important measuring stick.
Now, there's an easier way to look at these events, especially if you're a cynical observer such as I. After scooping up shares at the bottom on Thursday and Friday, the power players behind the scenes made fast cash on Monday, sold a little more on Tuesday, sucked in more late-comers on Wednesday and now are selling in earnest. The moves are being made in conjunction with various and many stock option plays, the May variety which expire on Friday, the 21st, being the most active.
Depending on how badly these power players - the same group likely behind the flash crash and other recent organized selling - want to hit the little guys on the other end of trades - and how soon - this little episode could take on some very interesting dimensions. They might be over-weighted on the long end, or they could be itching for another downdraft. The latter would make more sense from a chartist's perspective. Once a market breaks through a key level - like the 50-day MA - the corresponding next moves are usually more of the same, and this move was one of significantly violent quality, so the downside appears to be the more obvious choice.
Of course, these insiders are a savvy bunch and they've likely already discounted the idea that the market should behave in patterned ways, so they just might keep stocks chugging along, mirroring the 50-day until options expire. The cynical view is that they bought close to the bottom and are slowly selling at fat profits presently, though, and that patten should continue.
At the end of today's trading, there was a rush for the exits. Stocks closed at their lows of the session, which is one of the more profound daily indicators one can find. It indicates a real reluctance to maintain positions and even less commitment to any new purchases.
Dow 10,782.95, -113.96 (1.05%)
NASDAQ 2,394.36, -30.66 (1.26%)
S&P 500 1,157.43, -14.24 (1.22%)
NYSE Composite 7,234.37, -81.99 (1.12%)
On the day, decliners took the advantage over advancing issues, 4193-2349. There were 192 new highs to a paltry 53 new lows. This is an interesting development. The market is holding judgement in abeyance, perhaps awaiting some catalyst, or just marking time until the next move lower. Volume was down for the third consecutive day, another indication that the markets are poised to head even lower, likely back to test the Friday intra-day low of 10,221.50.
NYSE Volume 5,477,719,500.00
NASDAQ Volume 2,321,865,500.00
Commodity prices continued to cool. Crude oil maintained its relentless slide, losing another $1.25 per barrel, to $74.40. Even gold bugs were either spooked or taking profits, sending the price down by $13.90 per ounce, to $1,228.80. Silver also ran down 16 cents, to $19.48.
Much of today's selling was blamed on some interesting and disturbing comments from mainstream retailer Kohl's, which issued 2nd quarter fiscal 2010 guidance that fell short of expectations and noted that the average amount per transaction was down in the most recent quarter. Macy's also cited the same metric, days ago. With retailers cautious about consumer spending, they are acting as the canaries in the coal mine, warning that the current recovery - if one exists at all - may not be sustained. If they're right, stocks will find no bottom in the near term and the remainder of the year may be a wipeout for many corporations.
It's interesting to note that the January indicator predicted that 2010 would be a down year for stocks and maintains a solid record of correctly predicting the future economy, somewhere in the range of 85% accurate. Since the major indices are right about where they began the year, that long-ago (4 months) indicator overhangs the market like the sword of Damocles.
While Wall Street pondered its own fate, oil continues to surge from beneath the ocean into the Gulf of Mexico. With the disaster now entering its 4th week without resolution, the slick continues to grow and the oil continues to flow. That oil will go somewhere, eventually, but the drama is playing out in what appears to be a slow-motion nightmare on Bourbon Street.
At the end of it all, expect to see the end of the rig company, Transocean, drowned in a sea of lawsuits. The CEO of BP, Tony Hayward, almost certainly will be sacked, if the company even survives. As for Halliburton, the love-child of former US VP, that company seems to be born under a lucky star. The damage to the Gulf waters, the shorelands and the wetlands may be unbearable and unresolved for years to come.
A nice chart of the Dow covering the past six months reveals the condition. The market is sitting right on its 50-day moving average with no clear direction, though lower seems to be the most likely move as days progress.
Recall the events of the past 5 trading days: After the "flash crash" (thanks to the geniuses at CNBC for giving it a nickname) of last Thursday, the Dow sank on Friday, had a sharp opening gap up and maintained that stature on Monday, dipped a bit on Tuesday, rallied above the 50-day moving average on Wednesday, and today closed below that important measuring stick.
Now, there's an easier way to look at these events, especially if you're a cynical observer such as I. After scooping up shares at the bottom on Thursday and Friday, the power players behind the scenes made fast cash on Monday, sold a little more on Tuesday, sucked in more late-comers on Wednesday and now are selling in earnest. The moves are being made in conjunction with various and many stock option plays, the May variety which expire on Friday, the 21st, being the most active.
Depending on how badly these power players - the same group likely behind the flash crash and other recent organized selling - want to hit the little guys on the other end of trades - and how soon - this little episode could take on some very interesting dimensions. They might be over-weighted on the long end, or they could be itching for another downdraft. The latter would make more sense from a chartist's perspective. Once a market breaks through a key level - like the 50-day MA - the corresponding next moves are usually more of the same, and this move was one of significantly violent quality, so the downside appears to be the more obvious choice.
Of course, these insiders are a savvy bunch and they've likely already discounted the idea that the market should behave in patterned ways, so they just might keep stocks chugging along, mirroring the 50-day until options expire. The cynical view is that they bought close to the bottom and are slowly selling at fat profits presently, though, and that patten should continue.
At the end of today's trading, there was a rush for the exits. Stocks closed at their lows of the session, which is one of the more profound daily indicators one can find. It indicates a real reluctance to maintain positions and even less commitment to any new purchases.
Dow 10,782.95, -113.96 (1.05%)
NASDAQ 2,394.36, -30.66 (1.26%)
S&P 500 1,157.43, -14.24 (1.22%)
NYSE Composite 7,234.37, -81.99 (1.12%)
On the day, decliners took the advantage over advancing issues, 4193-2349. There were 192 new highs to a paltry 53 new lows. This is an interesting development. The market is holding judgement in abeyance, perhaps awaiting some catalyst, or just marking time until the next move lower. Volume was down for the third consecutive day, another indication that the markets are poised to head even lower, likely back to test the Friday intra-day low of 10,221.50.
NYSE Volume 5,477,719,500.00
NASDAQ Volume 2,321,865,500.00
Commodity prices continued to cool. Crude oil maintained its relentless slide, losing another $1.25 per barrel, to $74.40. Even gold bugs were either spooked or taking profits, sending the price down by $13.90 per ounce, to $1,228.80. Silver also ran down 16 cents, to $19.48.
Much of today's selling was blamed on some interesting and disturbing comments from mainstream retailer Kohl's, which issued 2nd quarter fiscal 2010 guidance that fell short of expectations and noted that the average amount per transaction was down in the most recent quarter. Macy's also cited the same metric, days ago. With retailers cautious about consumer spending, they are acting as the canaries in the coal mine, warning that the current recovery - if one exists at all - may not be sustained. If they're right, stocks will find no bottom in the near term and the remainder of the year may be a wipeout for many corporations.
It's interesting to note that the January indicator predicted that 2010 would be a down year for stocks and maintains a solid record of correctly predicting the future economy, somewhere in the range of 85% accurate. Since the major indices are right about where they began the year, that long-ago (4 months) indicator overhangs the market like the sword of Damocles.
While Wall Street pondered its own fate, oil continues to surge from beneath the ocean into the Gulf of Mexico. With the disaster now entering its 4th week without resolution, the slick continues to grow and the oil continues to flow. That oil will go somewhere, eventually, but the drama is playing out in what appears to be a slow-motion nightmare on Bourbon Street.
At the end of it all, expect to see the end of the rig company, Transocean, drowned in a sea of lawsuits. The CEO of BP, Tony Hayward, almost certainly will be sacked, if the company even survives. As for Halliburton, the love-child of former US VP, that company seems to be born under a lucky star. The damage to the Gulf waters, the shorelands and the wetlands may be unbearable and unresolved for years to come.
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