Let's face it, ObamaCare, the health insurance mandate that all Americans MUST purchase, is an unmitigated disaster which, thankfully, threatens to bring down the entire government health care apparatus, and hopefully, the rest of the government with it.
The hits just keep coming for ObamaCare.
On Sunday, a major data hub failed, once again making the website, HeathCare.gov, inoperable.
Maybe the worst design flaw of ObamaCare is not the website, which hasn't worked since its rollout, October 1, but the soaring deductibles under the Affordable Care Act.
Experts are also questioning the security of the government's health care site, wherein customer data, including social security numbers, bank accounts and credit card information, can be easily hacked and stolen.
More lawmakers, including a swath of Democrats are now beginning to call for extensions to the "mandatory" filing deadlines, while others still are calling for the resignation of Health & Human Services (HHS) Secretary Kathleen Sebelius.
Members of the House Oversight Committee have sent letters to 11 of the companies involved with design and implementation of HealthCare.gov, threatening subpoenas if the companies don't supply the information promptly.
With any luck, the administration, in its abject refusal to release data about the botched rollout of the President's signature social program, may trigger a constitutional crisis, which would play right into the hands of both sides, who do nothing and prefer to shut down the government rather than deal with issues of importance to the American people.
How long it will take for people in America to stop complying with demands from an out-of-control, opaque, oppressive government that continues to operate outside the rigors of the constitution is unknown, but one thing is for sure: Obamacare is pushing the limits of people's patience.
On the other hand, the American public has so far tolerated rigged elections, countless government lies, being spied upon by the NSA, the closure of national parks and monuments, $17 trillion in debt, trillions more in unfunded liabilities, so maybe nothing will change until cities are drone-struck and people hauled off to FEMA camps.
In unrelated news, the artificially-life-supported stock indices continue to display symptoms of atrophy at or close to all-time highs. Volume remains at distressed levels, but that's what you get when the same computer algos trade the same stocks, day-in and day-out, ad nauseum, forever. Crash is an optimistic outcome.
Another Tesla exploded into flames a week ago (unreported), and Lou Reed is dead.
Disgust? It's what's for breakfast, lunch, and dinner, these days.
Dow 15,569.06, -1.22 (0.01%)
Nasdaq 3,940.13, -3.23 (0.08%)
S&P 500 1,762.12, +2.35 (0.13%)
10-Yr Bond 2.51%, +0.01
NYSE Volume 3,098,436,250
Nasdaq Volume 1,715,927,500
Combined NYSE & NASDAQ Advance - Decline: 2633-3071
Combined NYSE & NASDAQ New highs - New lows: 357-27
WTI crude oil: 98.68, +0.83
Gold: 1,352.20, -0.30
Silver: 22.54, -0.101
Corn: 430.75, -9.25
Monday, October 28, 2013
Friday, October 25, 2013
Sluggish Session Sends S&P to All-Time Highs in Final Half-Hour
The headline tells almost the whole story. Stocks languished in a narrow trading range all day until doubling gains in the final half hour. There was absolutely nothing newsworthy by which to move stocks in any particular direction.
All hail day-traders and Mr. Janet Yellen. Oh, and Twitter, the money-losing company with an estimated IPO value of $16 billion.
Cheers.
Dow 15,570.28, +61.07 (0.39%)
Nasdaq 3,943.36, +14.40 (0.37%)
S&P 500 1,759.77, +7.70 (0.44%)
10-Yr Bond 2.50%, -0.02
NYSE Volume 3,102,796,500
Nasdaq Volume 2,119,699,000
Combined NYSE & NASDAQ Advance - Decline: 2948-2668 (breadth, anyone?)
Combined NYSE & NASDAQ New highs - New lows: 472-29 (mark-to-fantasy)
WTI crude oil: 97.85, +0.74
Gold: 1,352.50, +2.20
Silver: 22.64, -0.183
Corn: 440.00, -0.25
All hail day-traders and Mr. Janet Yellen. Oh, and Twitter, the money-losing company with an estimated IPO value of $16 billion.
Cheers.
Dow 15,570.28, +61.07 (0.39%)
Nasdaq 3,943.36, +14.40 (0.37%)
S&P 500 1,759.77, +7.70 (0.44%)
10-Yr Bond 2.50%, -0.02
NYSE Volume 3,102,796,500
Nasdaq Volume 2,119,699,000
Combined NYSE & NASDAQ Advance - Decline: 2948-2668 (breadth, anyone?)
Combined NYSE & NASDAQ New highs - New lows: 472-29 (mark-to-fantasy)
WTI crude oil: 97.85, +0.74
Gold: 1,352.50, +2.20
Silver: 22.64, -0.183
Corn: 440.00, -0.25
Thursday, October 24, 2013
What We Said Tuesday Was Right; Corn Near 1-Year Lows
On Tuesday, Money Daily opined that there would be 100-point daily gains on the Dow for no apparent reason on a regular basis for the foreseeable future.
Today, no news, no rationale, BINGO, a 95-point gain. We'll take it.
Just keep buying, take gains as they come and don't get caught in the wake when the tidal wave of defaults comes, which eventually must occur, as the dollar declines.
Turn your paper profits into hard assets - things you can use or that have lasting function and/or value: land, gold, silver, machinery, fuel, transportation, guns, ammo, food, not necessarily in that order.
Dow 15,509.21, +95.88 (0.62%)
Nasdaq 3,928.96, +21.89 (0.56%)
S&P 500 1,752.07, +5.69 (0.33%)
10-Yr Bond 2.52%, +0.04
NYSE Volume 3,564,373,500
Nasdaq Volume 1,928,785,500
Combined NYSE & NASDAQ Advance - Decline: 3327-2278
Combined NYSE & NASDAQ New highs - New lows: 440-25 (THIS is NOT normal)
WTI crude oil: 97.11, +0.25
Gold: 1,350.30, +16.30
Silver: 22.82, +0.205
Corn: 440.25, -2.50
Today, no news, no rationale, BINGO, a 95-point gain. We'll take it.
Just keep buying, take gains as they come and don't get caught in the wake when the tidal wave of defaults comes, which eventually must occur, as the dollar declines.
Turn your paper profits into hard assets - things you can use or that have lasting function and/or value: land, gold, silver, machinery, fuel, transportation, guns, ammo, food, not necessarily in that order.
Dow 15,509.21, +95.88 (0.62%)
Nasdaq 3,928.96, +21.89 (0.56%)
S&P 500 1,752.07, +5.69 (0.33%)
10-Yr Bond 2.52%, +0.04
NYSE Volume 3,564,373,500
Nasdaq Volume 1,928,785,500
Combined NYSE & NASDAQ Advance - Decline: 3327-2278
Combined NYSE & NASDAQ New highs - New lows: 440-25 (THIS is NOT normal)
WTI crude oil: 97.11, +0.25
Gold: 1,350.30, +16.30
Silver: 22.82, +0.205
Corn: 440.25, -2.50
Wednesday, October 23, 2013
Whoops. That's Why We Don't Offer Specific Investment Advice
What happened?
We thought the government was giving Wall Street the "all clear" signal to send the stock market upward and onward to all-time highs. That's why we - somewhat tongue-in-cheek - suggested buying stocks all the way through Christmas. Maybe we were getting a little ahead of ourselves.
Well, a few, not-so-funny things happened on the way to laughing all the way to the bank.
Momentum stocks are beginning to take on water as high-profile investors like Carl Icahn start cashing out of investments like Netflix. Speculative stocks like Chipolte Mexican Grill, Tesla, Facebook, LinkedIn and others have soared by more than 100% in the past year. Many came under heavy selling pressure yesterday and today.
China's largest banks tripled their debt write-offs, bracing for a full-blown implosion of their over-leveraged, over-inflated real estate market, much like the housing crash in the US from 2007 onward.
JP Morgan is close to settling another lawsuit over bad home loans (really? who cudda guessed?), this one for a mere $6 billion.
Late in the day, Bank of America was found liable for fraud on claims related to defective mortgages sold by its Countrywide unit.
Soooooooo, the major averages finished in the red. Of course, this is only one day, and it will take many more down days and confirmation of a failed rally for Money Daily to proclaim a bear market which will precipitate a crash, eventually. Timing is everything, and the final, fatal blow to the abhorrent US stock markets may not come for months or years, though 2014 is beginning to look pretty ugly.
One thing which is a positive, yet unexplained, is the collapse in the price of crude oil, which has dropped more than $10 in the past two months and about $7 in the past 10 days. With lower oil prices come - naturally - lower gas prices. It could be seasonal, though we're hoping the decline is more of a permanent one. Lord knows, car owners need a break at the pump.
Also, bonds have been rallying hard since the government got back to work, sending yields on the ten-year note down 25 bips in just the past week.
With Halloween rapidly approaching, it might be a good idea to begin getting scared in advance, thus, the frightful future of the US economy, according to John Williams of shadowstats.com in this revealing, startling interview by Greg Hunter:
BTW: We're still screwed.
Dow 15,413.33, -54.33 (0.35%)
Nasdaq 3,907.07, -22.49 (0.57%)
S&P 500 1,746.38, -8.29 (0.47%)
10-Yr Bond 2.49% 0.03
NYSE Volume 3,695,265,000
Nasdaq Volume 1,866,661,875
Combined NYSE & NASDAQ Advance - Decline: 2382-3210
Combined NYSE & NASDAQ New highs - New lows: 300-32
WTI crude oil: 96.86, -1.44
Gold: 1,334.00, -8.60
Silver: 22.62, -0.173
Corn: 442.75, +4.50
We thought the government was giving Wall Street the "all clear" signal to send the stock market upward and onward to all-time highs. That's why we - somewhat tongue-in-cheek - suggested buying stocks all the way through Christmas. Maybe we were getting a little ahead of ourselves.
Well, a few, not-so-funny things happened on the way to laughing all the way to the bank.
Momentum stocks are beginning to take on water as high-profile investors like Carl Icahn start cashing out of investments like Netflix. Speculative stocks like Chipolte Mexican Grill, Tesla, Facebook, LinkedIn and others have soared by more than 100% in the past year. Many came under heavy selling pressure yesterday and today.
China's largest banks tripled their debt write-offs, bracing for a full-blown implosion of their over-leveraged, over-inflated real estate market, much like the housing crash in the US from 2007 onward.
JP Morgan is close to settling another lawsuit over bad home loans (really? who cudda guessed?), this one for a mere $6 billion.
Late in the day, Bank of America was found liable for fraud on claims related to defective mortgages sold by its Countrywide unit.
Soooooooo, the major averages finished in the red. Of course, this is only one day, and it will take many more down days and confirmation of a failed rally for Money Daily to proclaim a bear market which will precipitate a crash, eventually. Timing is everything, and the final, fatal blow to the abhorrent US stock markets may not come for months or years, though 2014 is beginning to look pretty ugly.
One thing which is a positive, yet unexplained, is the collapse in the price of crude oil, which has dropped more than $10 in the past two months and about $7 in the past 10 days. With lower oil prices come - naturally - lower gas prices. It could be seasonal, though we're hoping the decline is more of a permanent one. Lord knows, car owners need a break at the pump.
Also, bonds have been rallying hard since the government got back to work, sending yields on the ten-year note down 25 bips in just the past week.
With Halloween rapidly approaching, it might be a good idea to begin getting scared in advance, thus, the frightful future of the US economy, according to John Williams of shadowstats.com in this revealing, startling interview by Greg Hunter:
BTW: We're still screwed.
Dow 15,413.33, -54.33 (0.35%)
Nasdaq 3,907.07, -22.49 (0.57%)
S&P 500 1,746.38, -8.29 (0.47%)
10-Yr Bond 2.49% 0.03
NYSE Volume 3,695,265,000
Nasdaq Volume 1,866,661,875
Combined NYSE & NASDAQ Advance - Decline: 2382-3210
Combined NYSE & NASDAQ New highs - New lows: 300-32
WTI crude oil: 96.86, -1.44
Gold: 1,334.00, -8.60
Silver: 22.62, -0.173
Corn: 442.75, +4.50
Tuesday, October 22, 2013
Get Used to 100-Point Gains on the Dow for No Reason
Let's just make sure everybody's on the same page, OK?
The Fed will continue to continue buying treasuries and MBS to the tune of $85 billion a month, with no end in sight. Thoughts of tapering those purchases has been pushed back until March, 2014, at the earliest, that is, if they taper at all. CHECK
The federal government has suspended the debt ceiling, so the federal government can spend whatever it wants without any kind of cost-containment mechanism whatsoever. CHECK
Most government statistics are fabrications, designed to keep the facade of "recovery" (isn't it time we got past recovery, toward a normal economy?) intact. CHECK
Ergo, stocks will continue to rise despite economic conditions or fundamentals like real earnings (those not caused by stock buybacks or forced layoffs or restructuring) and revenue expansion. CHECK
Good. Now go buy some stocks. Nothing will change unless the people at the top (the legendary one percenters) want it to change.
This is the environment we are subjected to by massive frauds and a derelict society led by psychopaths, but, it really can't get any more accommodative for risky speculation. Might as well go right ahead and buy call options. Everybody is going to be rich.
That's it. Meanwhile...
How bad is the experience on the healthcare.gov website?
The National Review estimates that five million lines of code need to be rewritten.
In human terms, if a line of code is rewritten (fixed) every minute, it will only take about ten years to fix the entire site, rendering those who sign up for health care soon a moot point since most of them will be sick or dead by then.
Dow 15,467.66, +75.46 (0.49%)
Nasdaq 3,929.57, +9.52 (0.24%)
S&P 500 1,754.67, +10.01 (0.57%)
10-Yr Bond 2.51%, -0.10
NYSE Volume 3,766,323,750
Nasdaq Volume 1,780,039,250
Combined NYSE & NASDAQ Advance - Decline: 3653-1983
Combined NYSE & NASDAQ New highs - New lows: 717-31 (yes, this is normal)
WTI crude oil: 97.80, -1.42
Gold: 1,342.60, +26.80
Silver: 22.79, +0.512
Corn: 438.25, -5.75
The Fed will continue to continue buying treasuries and MBS to the tune of $85 billion a month, with no end in sight. Thoughts of tapering those purchases has been pushed back until March, 2014, at the earliest, that is, if they taper at all. CHECK
The federal government has suspended the debt ceiling, so the federal government can spend whatever it wants without any kind of cost-containment mechanism whatsoever. CHECK
Most government statistics are fabrications, designed to keep the facade of "recovery" (isn't it time we got past recovery, toward a normal economy?) intact. CHECK
Ergo, stocks will continue to rise despite economic conditions or fundamentals like real earnings (those not caused by stock buybacks or forced layoffs or restructuring) and revenue expansion. CHECK
Good. Now go buy some stocks. Nothing will change unless the people at the top (the legendary one percenters) want it to change.
This is the environment we are subjected to by massive frauds and a derelict society led by psychopaths, but, it really can't get any more accommodative for risky speculation. Might as well go right ahead and buy call options. Everybody is going to be rich.
That's it. Meanwhile...
How bad is the experience on the healthcare.gov website?
The National Review estimates that five million lines of code need to be rewritten.
In human terms, if a line of code is rewritten (fixed) every minute, it will only take about ten years to fix the entire site, rendering those who sign up for health care soon a moot point since most of them will be sick or dead by then.
Dow 15,467.66, +75.46 (0.49%)
Nasdaq 3,929.57, +9.52 (0.24%)
S&P 500 1,754.67, +10.01 (0.57%)
10-Yr Bond 2.51%, -0.10
NYSE Volume 3,766,323,750
Nasdaq Volume 1,780,039,250
Combined NYSE & NASDAQ Advance - Decline: 3653-1983
Combined NYSE & NASDAQ New highs - New lows: 717-31 (yes, this is normal)
WTI crude oil: 97.80, -1.42
Gold: 1,342.60, +26.80
Silver: 22.79, +0.512
Corn: 438.25, -5.75
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