One of the side effects of Ben Bernanke's $800 billion gambit - and there are many - is to send stocks directly upward, while also giving silver and gold somewhat of a boost.
A day after the announcement of $600 billion in QE2, plus another $150-200 billion more in re-allocated MBS, the Fed hit the trifecta with a 4$.5 billion POMO today and sent stocks to the their best levels since the crash of 2008.
Yes, siree! We're back on easy street thanks to Uncle Benji debasing the currency. Now all you people worried about your pension funds and 401Ks can rest easy, Uncle Ben's got ya covered.
Another side affect of QE is runaway inflation, but let's not talk about that now. Let's talk about that when gas is $4.25 a gallon, because that's where this is evidently headed. And word has it that if this round of stimulus via magic money creation isn't enough, don't worry, Ben can just conjure up some more. Isn't capitalism nice, easy, fun?
Oh, and you people who have saved diligently and are now in fixed income securities, bonds, and money markets, well, you're screwed. You'll still have money; it just won't be worth much, and, as an added bonus, it will buy even less in years ahead. Happy Retirement!
To the uninitiated, typical, dumb-ass American, they'll just see that the Dow was up AGAIN! and their stocks are doing well, so all is good in America. We've got a whole slew of newly-minted Republicans in the House of Representatives all set to slash taxes (for corporations), cut spending (on social programs) and usher in a new era of prosperity for the good old USA.
The problem with this scenario is that it's just all bunk. We're headed down the path of the Weimar Republic or, more recently, Zimbabwe, places where inflation was so out of control that restaurants asked patrons to pay in advance because by the time they'd finish their meal, it would cost more. The currency became essentially worthless in a matter of days and weeks.
Don't worry, though, we're just getting started. The fun part of hyper-inflation won't come until the dollar index hits something like 45. It's still above 75, or at least it was this afternoon. That could have changed.
Dow 11,434.84, +219.71 (1.96%)
NASDAQ 2,577.34, +37.07 (1.46%)
S&P 500 1,221.06, +23.10 (1.93%)
NYSE Composite 7,782.43, +174.02 (2.29%)
Gainers decimated losers on the day, 5265-1295. The new highs, new lows numbers were simply amazing: 1343 new highs; perhaps more amazing were the 112 new lows. From where did those come?
Volume was exceptional, for once, though considering that the Fed has only begun to pump nearly a trillion dollars into the stock market, we could see volume spikes which dwarf this in weeks and months to come. Today was a day to just pick some stocks you like and throw a bunch of money at them. They're almost guaranteed to go up. Even Bank of America (BAC) was up nearly 5%, despite the news that they may be on the hook for over $120 Billion in mortgage put-backs. In other words, the bank will be munching on those loans for years to come and, in fact, their exposure is probably more on the order of double or triple that.
NASDAQ Volume 2,533,570,750.00
NYSE Volume 6,609,444,500
The good news is that gold and silver went off like rockets today as well, because the really smart money (which gold and silver are) is into this space in expectation of enormous inflation and destruction of the dollar and other currencies. Gold was up $44.10, hitting a new all-time record high of $1392.90. Silver, in percentage terms, did even better, gaining $1.53, to $26.37, as JP Morgan and HSBC face criminal and class action lawsuits related to shorting and manipulating the silver market. Ouchie for them; great for anyone who loves silver.
It's a wild world out there; every man, woman and child for themselves.
Just a note in the wind. Keep an eye on House of Representative member Ron Paul, and his newly-elected Senator son, Rand. I'm promoting a Paul-Paul ticket for president and VP in 2012. A father-son team in the White House. Looks like a natural to me.
Oh, and never mind that unemployment claims were up 20,000 this week, to 457,000. That number will grow ever larger, likely to surpass 500,000 in December or by late January at the latest, while the stock market soars. Hey, who needs employees when you've got the Fed's printing presses on your side.
Tomorrow's non-farm payroll report for October should be a non-event, as will most fabricated economic data from now on. with money creation out the wazoo, there's no sense in measuring anything except the thickness of your bankroll.
Yippie! We're all going to be rich!
Thursday, November 4, 2010
Wednesday, November 3, 2010
Quickly, the News and QE2 and You
The news from the election front from last night: Republicans take control of House of Representatives, have a majority of roughly 60 seats. Democrats retained control of the Senate, though barely. 51 confirmed Democrats, enough to thwart any advances made by the newly-Republican House, guarantees the gridlock which will plunge the nation deeper into depression.
Obama, now neutered, leaves Thursday on a 10-day trip to India.
The FOMC kept rates unchanged at ZERO. The Fed did announce that it would be making additional purchases of Treasuries and other bonds to add to its already bloated balance sheet. Essentially, the Fed - though they won't say this in so many words - is sopping up more government debt and bad MBS from BofA, JP Morgan Chase, Citigroup and Wells Fargo.
The Fed announced that the size of what's known as QE2 (Quantitative Easing, Round 2) will be $600 billion, spread over eight months, or, additional purchases of $75 billion per month, beginning now and ending in June, 2011. All this amounts to, since the money will never actually be lent into circulation, is that the Fed is even more now the buyer of bad debts of last resort, the bag-holder for the broken banking community and bankrupt government.
Even if this money were to go into circulation, the effect of it, in simple terms, would be an additional $250 per month for every person in America. Now, for a family of four, that would be $1000, but the money will supposedly stop in June of next year. Were the Fed to actually do this, instead of playing their silly "we're so smart, you don't understand economics" game, it would actually be a short-term boost to the economy, but would not create a single job nor produce any desirable long-term result.
It would be similar to cash-for-clunkers or the $8000 home-buyer tax credit, a short-term boost, which basically steals sales from the future. In reality, when it ends (it probably won't) there will be a market correction, though, since it won't really end and isn't really stimulative since it's just journal entries and money changing hands between the banks and the Fed, the only real effect will be on the stock market, which is expected to rise because that's where the banks will invest their money.
Yes, it's a Ponzi scheme.
The market reaction to the major news that the Republican party had seized control of the House and the Fed's QE2: Not much.
Dow 11,215.13, +26.41 (0.24%)
NASDAQ 2,540.27, +6.75 (0.27%)
S&P 500 1,197.96, +4.39 (0.37%)
NYSE Composite 7,608.41, +26.27 (0.35%)
NASDAQ Volume 2,018,516,000.00
NYSE Volume 5,412,413,000.0
Advancing issues topped decliners, 3685-2692. There were 628 new highs to 84 new lows. Volume was a little more robust than normal, as evidence that the PPT is still operating behind the scenes appeared after the Fed announcement. Stocks slid quickly, then were boosted back to the positive. Apparently, some quants and hedge funds were unimpressed with the measly $600 billion pledged by the Fed, but the PPT quickly stepped in and quelled the uprising.
Commodites were little changed, though crude is getting a little out of hand, reaching $84.69 on a gain of 79 cents today. $90 per barrel appears to be the target, exacerbated by the weakening dollar. Gold was kept in check, down $8.70, to $1348.80, along with silver, a loser of 10 cents, to $24.84.
The Fed's QE2 is a curiosity to many, though to those in the know, it's nothing other than a temporary loan to the US economy to keep the powers that be in power for some time longer. It staves off the eventual economic collapse that many Americans are feeling first-hand and allows the government and the banks cover for more theft and stripping of middle class wealth.
Conventional wisdom says that commodities will rise if the currency is debased, though, since QE2 is not de facto currency debasement - a nice try, but no cigar - deflation will commence with renewed vigor, further depressing all asset classes outside of stocks, and that would include commodities and precious metals by definition.
Ergo, cash is once again king. Bookmark this post and check back in a few months to see if I'm not right. We will not have runaway inflation. The Fed is afraid of deflation and with good cause, but they are also too timid to actually confront it with blunt force, so they tip-toe towards it, throwing not enough money at it which the deflation monster merrily chomps upon, following the Fed down the primrose path to depression.
Cash is king again. Watch the dollar index rise.
Obama, now neutered, leaves Thursday on a 10-day trip to India.
The FOMC kept rates unchanged at ZERO. The Fed did announce that it would be making additional purchases of Treasuries and other bonds to add to its already bloated balance sheet. Essentially, the Fed - though they won't say this in so many words - is sopping up more government debt and bad MBS from BofA, JP Morgan Chase, Citigroup and Wells Fargo.
The Fed announced that the size of what's known as QE2 (Quantitative Easing, Round 2) will be $600 billion, spread over eight months, or, additional purchases of $75 billion per month, beginning now and ending in June, 2011. All this amounts to, since the money will never actually be lent into circulation, is that the Fed is even more now the buyer of bad debts of last resort, the bag-holder for the broken banking community and bankrupt government.
Even if this money were to go into circulation, the effect of it, in simple terms, would be an additional $250 per month for every person in America. Now, for a family of four, that would be $1000, but the money will supposedly stop in June of next year. Were the Fed to actually do this, instead of playing their silly "we're so smart, you don't understand economics" game, it would actually be a short-term boost to the economy, but would not create a single job nor produce any desirable long-term result.
It would be similar to cash-for-clunkers or the $8000 home-buyer tax credit, a short-term boost, which basically steals sales from the future. In reality, when it ends (it probably won't) there will be a market correction, though, since it won't really end and isn't really stimulative since it's just journal entries and money changing hands between the banks and the Fed, the only real effect will be on the stock market, which is expected to rise because that's where the banks will invest their money.
Yes, it's a Ponzi scheme.
The market reaction to the major news that the Republican party had seized control of the House and the Fed's QE2: Not much.
Dow 11,215.13, +26.41 (0.24%)
NASDAQ 2,540.27, +6.75 (0.27%)
S&P 500 1,197.96, +4.39 (0.37%)
NYSE Composite 7,608.41, +26.27 (0.35%)
NASDAQ Volume 2,018,516,000.00
NYSE Volume 5,412,413,000.0
Advancing issues topped decliners, 3685-2692. There were 628 new highs to 84 new lows. Volume was a little more robust than normal, as evidence that the PPT is still operating behind the scenes appeared after the Fed announcement. Stocks slid quickly, then were boosted back to the positive. Apparently, some quants and hedge funds were unimpressed with the measly $600 billion pledged by the Fed, but the PPT quickly stepped in and quelled the uprising.
Commodites were little changed, though crude is getting a little out of hand, reaching $84.69 on a gain of 79 cents today. $90 per barrel appears to be the target, exacerbated by the weakening dollar. Gold was kept in check, down $8.70, to $1348.80, along with silver, a loser of 10 cents, to $24.84.
The Fed's QE2 is a curiosity to many, though to those in the know, it's nothing other than a temporary loan to the US economy to keep the powers that be in power for some time longer. It staves off the eventual economic collapse that many Americans are feeling first-hand and allows the government and the banks cover for more theft and stripping of middle class wealth.
Conventional wisdom says that commodities will rise if the currency is debased, though, since QE2 is not de facto currency debasement - a nice try, but no cigar - deflation will commence with renewed vigor, further depressing all asset classes outside of stocks, and that would include commodities and precious metals by definition.
Ergo, cash is once again king. Bookmark this post and check back in a few months to see if I'm not right. We will not have runaway inflation. The Fed is afraid of deflation and with good cause, but they are also too timid to actually confront it with blunt force, so they tip-toe towards it, throwing not enough money at it which the deflation monster merrily chomps upon, following the Fed down the primrose path to depression.
Cash is king again. Watch the dollar index rise.
Tuesday, November 2, 2010
The End (of the ruling elite) is Here for the Taking... but is anybody listening?
Today is election day, but, for most of us, it is meaningless. The new bodies elected with do about the same as the ones being replaced: nothing, or make matters worse. To buttress my argument, I direct you to reading a post by Jim Quinn, detailing precisely how the government, with a grand assist by the private Federal Reserve, has misspent our fortune and has destined us to a future of depression and depravity. His tome is somewhat inappropriately titled, Suicide is Painless, because most people simply do not see that they and their neighbors are being slowly starved and/or bled to death, so maybe "assisted suicide is painless" would be preferable.
Now, how do we (wait, you did read the article linked above, right?) go about the destruction of the ruling elite?
Dispensing with the final scene of Fight Club, which would be thrilling and decisive, aleit never possible in the real world, we must find other means to our end.
We can start today by not voting, or voting for anybody but the candidates on the ballots (actually, the machines will change our votes to whatever they like, so just avoiding the polling places may be the best tactic).
Next, we must starve the beast. Grow your own fruits and veggies and instruct others to do the same. Cut out the Monsantos and McDonald's.
Cut utility bills by using less. Install a small solar panel or two, maybe a wind turbine, get the wasters (I have a neighbor who insists on keeping lights on in every room and two more outdoors almost all night long) to stop their own madness by showing them the reality of lower utility bills. If they don't listen, ridicule them, make them feel shame for their waste.
Kill the big banks. Take all money out of the 15 largest banks and put it in local banks or credit unions.
Keep buying gold and silver.
Fight and avoid taxation at every opportunity.
If opportunity presents itself, harm the interests of corporations. Be creative.
Foster an environment in which everybody is encouraged to be more self-reliant, less wasteful and point out the true enemies: banks, corporations, government at all levels.
It's a small start, but we must begin to take back the nation.
As for the markets, same old story. More gains on low volume.
Dow 11,188.72, +64.10 (0.58%)
NASDAQ 2,533.52, +28.68 (1.14%)
S&P 500 1,193.57, +9.19 (0.78%)
NYSE Composite 7,582.14, +72.93 (0.97%)
Advancers ran roughshod over declining issues, 4795-1663. There were 615 new highs and just 72 new lows. Volume: no comment.
NASDAQ Volume 1,923,377,125
NYSE Volume 4,254,097,500
My data is showing no change for oil, at $82.95, though I know it traded higher than that. Gold popped by $6.60, to $1,356.90; silver was also higher, up 28 cents, to $24.84.
There is a slew of data coming through on Wednesday, but tonight everybody will be focused on the election results. Somehow, Wall Street and their ilk believe that change is good or that somehow, electing a large number of nutjob, Tea Party Republicans is going to change policy in Washington. At best, it will produce a stalemate, which is exactly what is not needed. Change is needed. Changes in regulations, taxes, rules, but mostly in how we are governed and how the federal government communicates with the public. But that won't happen; we know it won't.
Wall Street, the real control of politicians, is full of itself and some other stuff that's usually found on cow pastures.
The data stream for tomorrow begins at 7:30 AM with the Challenger Job Cuts for October. At 8:15 AM, the release of ADP Employment Change for October, followed by the 10:00 AM release of ISM Services and Factory Orders. After the 10:30 AM release of Crude Inventories, the market will hold its collective breath, awaiting the FOMC Rate Decision at 2:15 PM, which is not really a rate decision, as federal funds rates are permanently stuck at ZERO, but the world expects to hear details on just how quickly the Fed is going to finish off the US economy through inflation, otherwise known as QE2, or, printing gazillions of dollars with nothing backing them.
Best guess moving forward is the Republicans gain control of the House, nothing changes, but the Fed produces runaway inflation in food, fuel and utilities, further crushing the middle class. Stocks will go to the moon, but the economy will be dead with unemployment approaching 25%.
There's a way out, but it requires a thinking, functioning populace that isn't dependent on the government for anything. Considering the 47 million people already on food stamps and even more on some form of government assistance (along the lines of 50% of the population), hope is fading fast.
Every man for himself? Could be.
Now, how do we (wait, you did read the article linked above, right?) go about the destruction of the ruling elite?
Dispensing with the final scene of Fight Club, which would be thrilling and decisive, aleit never possible in the real world, we must find other means to our end.
We can start today by not voting, or voting for anybody but the candidates on the ballots (actually, the machines will change our votes to whatever they like, so just avoiding the polling places may be the best tactic).
Next, we must starve the beast. Grow your own fruits and veggies and instruct others to do the same. Cut out the Monsantos and McDonald's.
Cut utility bills by using less. Install a small solar panel or two, maybe a wind turbine, get the wasters (I have a neighbor who insists on keeping lights on in every room and two more outdoors almost all night long) to stop their own madness by showing them the reality of lower utility bills. If they don't listen, ridicule them, make them feel shame for their waste.
Kill the big banks. Take all money out of the 15 largest banks and put it in local banks or credit unions.
Keep buying gold and silver.
Fight and avoid taxation at every opportunity.
If opportunity presents itself, harm the interests of corporations. Be creative.
Foster an environment in which everybody is encouraged to be more self-reliant, less wasteful and point out the true enemies: banks, corporations, government at all levels.
It's a small start, but we must begin to take back the nation.
As for the markets, same old story. More gains on low volume.
Dow 11,188.72, +64.10 (0.58%)
NASDAQ 2,533.52, +28.68 (1.14%)
S&P 500 1,193.57, +9.19 (0.78%)
NYSE Composite 7,582.14, +72.93 (0.97%)
Advancers ran roughshod over declining issues, 4795-1663. There were 615 new highs and just 72 new lows. Volume: no comment.
NASDAQ Volume 1,923,377,125
NYSE Volume 4,254,097,500
My data is showing no change for oil, at $82.95, though I know it traded higher than that. Gold popped by $6.60, to $1,356.90; silver was also higher, up 28 cents, to $24.84.
There is a slew of data coming through on Wednesday, but tonight everybody will be focused on the election results. Somehow, Wall Street and their ilk believe that change is good or that somehow, electing a large number of nutjob, Tea Party Republicans is going to change policy in Washington. At best, it will produce a stalemate, which is exactly what is not needed. Change is needed. Changes in regulations, taxes, rules, but mostly in how we are governed and how the federal government communicates with the public. But that won't happen; we know it won't.
Wall Street, the real control of politicians, is full of itself and some other stuff that's usually found on cow pastures.
The data stream for tomorrow begins at 7:30 AM with the Challenger Job Cuts for October. At 8:15 AM, the release of ADP Employment Change for October, followed by the 10:00 AM release of ISM Services and Factory Orders. After the 10:30 AM release of Crude Inventories, the market will hold its collective breath, awaiting the FOMC Rate Decision at 2:15 PM, which is not really a rate decision, as federal funds rates are permanently stuck at ZERO, but the world expects to hear details on just how quickly the Fed is going to finish off the US economy through inflation, otherwise known as QE2, or, printing gazillions of dollars with nothing backing them.
Best guess moving forward is the Republicans gain control of the House, nothing changes, but the Fed produces runaway inflation in food, fuel and utilities, further crushing the middle class. Stocks will go to the moon, but the economy will be dead with unemployment approaching 25%.
There's a way out, but it requires a thinking, functioning populace that isn't dependent on the government for anything. Considering the 47 million people already on food stamps and even more on some form of government assistance (along the lines of 50% of the population), hope is fading fast.
Every man for himself? Could be.
Monday, November 1, 2010
Thank Heavens the Elections Are Almost Over
Tomorrow, millions of Americans will go to the polls to elect another batch of worthless hooligans, crooks, thieves of all variety and generally people who can't do anything else but steal and spend other people's wealth.
The American system of representative democracy is so completely and irrevocably broken that there's little hope of it ever being repaired. People who are "elected" (make that "selected" by those in control of voting machines that don't produce a paper trail and are easily hacked) are supposed to represent the people of their district, city, town or state.
Sadly - and this has been an ongoing feature for quite some time - both newly-minted and re-elected representatives will be representing not the people, but the interests of the people who gave to their campaigns, mostly corporations or rich donors seeking special treatment. And they will get it, no matter the detriment to the public.
Anyone who cannot see that this is the operative nature of our politics is either not paying very close attention or is blinder than blind.
Essentially, the "big" races are those for control of the House of Representative and the US Senate. The Republican party, largely responsible for the fiscal calamity that is the US government and economy, is already claiming victory in the House, on the uncertain claim that they will restore "American values." It's the same old line that seems to be trotted out every couple of years, by both parties, both equally corrupt and useless.
Any change that occurs will no doubt be to the detriment of the majority of Americans, especially those known as middle class, now an endangered species.
Thank heavens this election cycle is finally coming to an end. Maybe the American public will have peace for a few weeks, or even days. We'd be better off if all the politicians just went home and stopped making so much noise.
In an apparent vote of no-confidence in anything, the markets today staged an incredible about-face on the back of a $2.5 billion POMO, otherwise known as quiet QE by the Fed. Stocks soared in the early going. Just after 10:00 am, the Dow was up almost 125 points, but spent the remainder of the session declining, actually going red for a short time, before a late-day rally boosted it back to break-even.
The S&P also ended marginally in the money, though the NYSE and NASDAQ weren't quite so fortunate. For those of the ilk that the Republicans will deliver peace, prosperity and zillions of new jobs, today's action was hardly reassuring. The market knows the economy stinks and congress will do little to change that. We are in the midst of a depression, one which neither party is willing to take blame for, though the truth is that both caused it.
Dow 11,124.62, +6.13 (0.06%)
NASDAQ 2,504.84, -2.57 (0.10%)
S&P 500 1,184.38, +1.12 (0.09%)
NYSE Composite 7,509.21, -4.14 (0.06%)
NASDAQ Volume 1,922,047,000.00
NYSE Volume 4,461,449,000
Oddly enough, declining issues far outweighed advancers, mostly on the NASDAQ, 3521-2915. New highs stretched to 540, against a mere 80 new lows. Volume was normal, meaning poor.
Crude oil was up $1.52, to $82.95. Gold fell $7.00, to close at $1,350.60. Silver lost a penny, finishing at $24.55.
Two things are for certain: 1. The USA is in a heap of trouble economically, and 2. looking to congress for answers is a huge mistake.
Is it too late to just cancel the elections and start over?
The American system of representative democracy is so completely and irrevocably broken that there's little hope of it ever being repaired. People who are "elected" (make that "selected" by those in control of voting machines that don't produce a paper trail and are easily hacked) are supposed to represent the people of their district, city, town or state.
Sadly - and this has been an ongoing feature for quite some time - both newly-minted and re-elected representatives will be representing not the people, but the interests of the people who gave to their campaigns, mostly corporations or rich donors seeking special treatment. And they will get it, no matter the detriment to the public.
Anyone who cannot see that this is the operative nature of our politics is either not paying very close attention or is blinder than blind.
Essentially, the "big" races are those for control of the House of Representative and the US Senate. The Republican party, largely responsible for the fiscal calamity that is the US government and economy, is already claiming victory in the House, on the uncertain claim that they will restore "American values." It's the same old line that seems to be trotted out every couple of years, by both parties, both equally corrupt and useless.
Any change that occurs will no doubt be to the detriment of the majority of Americans, especially those known as middle class, now an endangered species.
Thank heavens this election cycle is finally coming to an end. Maybe the American public will have peace for a few weeks, or even days. We'd be better off if all the politicians just went home and stopped making so much noise.
In an apparent vote of no-confidence in anything, the markets today staged an incredible about-face on the back of a $2.5 billion POMO, otherwise known as quiet QE by the Fed. Stocks soared in the early going. Just after 10:00 am, the Dow was up almost 125 points, but spent the remainder of the session declining, actually going red for a short time, before a late-day rally boosted it back to break-even.
The S&P also ended marginally in the money, though the NYSE and NASDAQ weren't quite so fortunate. For those of the ilk that the Republicans will deliver peace, prosperity and zillions of new jobs, today's action was hardly reassuring. The market knows the economy stinks and congress will do little to change that. We are in the midst of a depression, one which neither party is willing to take blame for, though the truth is that both caused it.
Dow 11,124.62, +6.13 (0.06%)
NASDAQ 2,504.84, -2.57 (0.10%)
S&P 500 1,184.38, +1.12 (0.09%)
NYSE Composite 7,509.21, -4.14 (0.06%)
NASDAQ Volume 1,922,047,000.00
NYSE Volume 4,461,449,000
Oddly enough, declining issues far outweighed advancers, mostly on the NASDAQ, 3521-2915. New highs stretched to 540, against a mere 80 new lows. Volume was normal, meaning poor.
Crude oil was up $1.52, to $82.95. Gold fell $7.00, to close at $1,350.60. Silver lost a penny, finishing at $24.55.
Two things are for certain: 1. The USA is in a heap of trouble economically, and 2. looking to congress for answers is a huge mistake.
Is it too late to just cancel the elections and start over?
Friday, October 29, 2010
More Non-Stop Nonsense in No-Move Market
What a way to end the week. First the government announces 3rd quarter GDP coming in at 2.0%, above estimates of 1.7%. Then they have this phony terrorist package from Yemen BS and that's all anybody can talk about on CNBC.
The whole mess is just so much baloney, it's truly dispiriting. So much so, that I am just going to copy and paste a comment I left on another blog:
That dipshit CNBC bitch Trish Regan keeps droning on and on about how packages are never inspected. Get ready for major price increases on cross border small packages, already ridiculously high. Just another crack on the back of small business in the name of "security."
This government sucks. Best to just ignore them.
Please don't ever vote again. It does only encourage the ass-holes.
Watch what happens next. More security inside the US, allowing Postal Service to inspect all parcels. I never use UPS - too expensive - but I think you have to bring packages to their offices open so they can inspect them. At least that's how it was in the immediate aftermath of 9-11.
My best guess is that about 15 banks are going under later today and this is their way of hiding the fact that America is Land of the Glee and Home of the Knave, and that your bank will be closed on Monday.
Maybe, if we get really lucky, they'll use this ruse to cancel the elections. Ah, crap, that means we'll have at least another two weeks of those damn political ads.
Crap, crap, crap. Give me Liberty or give me shit. Guess we all are getting it now.
The markets were their usual moribund selves on Friday. Nothing seems to move them any more. For the week, here are the moves on the main indices:
DJIA: HIGH: 11266.30,LOW: 11033.87, TOTAL POINT MOVE (from 10/22 close): -14.07
S&P 500: HIGH: 1196.14, LOW: 1171.70, TOTAL POINT MOVE (from 10/22 close): +0.18
NASDAQ: HIGH: 2516.20, LOW: 2470.12, TOTAL POINT MOVE (from 10/22 close): +28.02 WINNER!
NYSE: HIGH: 7615.23, LOW: 7417.42, TOTAL POINT MOVE (from 10/22 close): -9.56
Obviously, this wasn't much of a week for anyone. If diversified correctly, you may have even lost a couple of dollars. How's that retirement thing working out for you?
If the stock market - once the wonder of the world for its efficiency and ability to fund companies and create wealth - gets any more boring, I may have to take up knitting over blogging. If it were not so sad, I'd laugh. I used to love the stock market when I was a kid. Big companies were the stuff of dreams, of American success and exceptionalism. And now... now the stock market only represents greed, manipulation and the rise of the globalist agenda.
Dow 11,118.49, +4.54 (0.04%)
NASDAQ 2,507.41, +0.04 (0.00%)
S&P 500 1,183.26, -0.52 (0.04%)
NYSE Composite 7,513.35, +8.50 (0.11%)
Despite the squeamish headline numbers, advancers were all over decliners, 3868-2608. New highs bettered new lows, 400-59. Volume remains stuck at disturbingly-low levels.
NASDAQ Volume 2,010,327,375
NYSE Volume 4,128,324,750
Oil dipped 75 cents, to $81.43, but the precious metals were the stars of the day. Gold gained $15.10, to $1,357.60, closing in on record highs. Silver continued its massive build, up 69 cents, to $24.56.
There's usually something behind the phony terrorist "alarm" that has now preoccupied the airwaves. Apparently, the mainstream news media hasn't picked up on the fact the the bulk of Americans don't care or aren't scared any more, unless, of course, new coverage interrupts a sporting event or - God forbid - American Idol.
On that note, go scare some kids this weekend. They deserve it. Boo!
The whole mess is just so much baloney, it's truly dispiriting. So much so, that I am just going to copy and paste a comment I left on another blog:
That dipshit CNBC bitch Trish Regan keeps droning on and on about how packages are never inspected. Get ready for major price increases on cross border small packages, already ridiculously high. Just another crack on the back of small business in the name of "security."
This government sucks. Best to just ignore them.
Please don't ever vote again. It does only encourage the ass-holes.
Watch what happens next. More security inside the US, allowing Postal Service to inspect all parcels. I never use UPS - too expensive - but I think you have to bring packages to their offices open so they can inspect them. At least that's how it was in the immediate aftermath of 9-11.
My best guess is that about 15 banks are going under later today and this is their way of hiding the fact that America is Land of the Glee and Home of the Knave, and that your bank will be closed on Monday.
Maybe, if we get really lucky, they'll use this ruse to cancel the elections. Ah, crap, that means we'll have at least another two weeks of those damn political ads.
Crap, crap, crap. Give me Liberty or give me shit. Guess we all are getting it now.
The markets were their usual moribund selves on Friday. Nothing seems to move them any more. For the week, here are the moves on the main indices:
DJIA: HIGH: 11266.30,LOW: 11033.87, TOTAL POINT MOVE (from 10/22 close): -14.07
S&P 500: HIGH: 1196.14, LOW: 1171.70, TOTAL POINT MOVE (from 10/22 close): +0.18
NASDAQ: HIGH: 2516.20, LOW: 2470.12, TOTAL POINT MOVE (from 10/22 close): +28.02 WINNER!
NYSE: HIGH: 7615.23, LOW: 7417.42, TOTAL POINT MOVE (from 10/22 close): -9.56
Obviously, this wasn't much of a week for anyone. If diversified correctly, you may have even lost a couple of dollars. How's that retirement thing working out for you?
If the stock market - once the wonder of the world for its efficiency and ability to fund companies and create wealth - gets any more boring, I may have to take up knitting over blogging. If it were not so sad, I'd laugh. I used to love the stock market when I was a kid. Big companies were the stuff of dreams, of American success and exceptionalism. And now... now the stock market only represents greed, manipulation and the rise of the globalist agenda.
Dow 11,118.49, +4.54 (0.04%)
NASDAQ 2,507.41, +0.04 (0.00%)
S&P 500 1,183.26, -0.52 (0.04%)
NYSE Composite 7,513.35, +8.50 (0.11%)
Despite the squeamish headline numbers, advancers were all over decliners, 3868-2608. New highs bettered new lows, 400-59. Volume remains stuck at disturbingly-low levels.
NASDAQ Volume 2,010,327,375
NYSE Volume 4,128,324,750
Oil dipped 75 cents, to $81.43, but the precious metals were the stars of the day. Gold gained $15.10, to $1,357.60, closing in on record highs. Silver continued its massive build, up 69 cents, to $24.56.
There's usually something behind the phony terrorist "alarm" that has now preoccupied the airwaves. Apparently, the mainstream news media hasn't picked up on the fact the the bulk of Americans don't care or aren't scared any more, unless, of course, new coverage interrupts a sporting event or - God forbid - American Idol.
On that note, go scare some kids this weekend. They deserve it. Boo!
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