Tuesday, January 26, 2010

BUNNING DROPS BOMBSHELL updated

Senator Jim Bunning on CNBC this morning revealed that he had gone down to the FED and read E mails regarding AIG decision and found that Bernanke's staff had recommended NOT bailing out AIG. His pointed assertion that Bernanke's decision was not only questioned by us but by his own staff reveals a Fed Chairman that was coming apart at the seams. You can't put the genie back in the bottle but this is where our country and its future was destroyed.

Don't be too concerned as I said....this is all water under the bridge and there is NOTHING you can do about it.

Market shoul grind up some shorts soon so be careful. As stated I am hoping for a nice dollar strengthening overall but it won't occur overnight. Keep some cash on standby for a final low on miners.

My small DTO position I bot yesterday looks good.. Oil should break 70. But don't short heavy.gl gang

Nothing extraordinary today.....you were provided nice gaps on all the miners...If we go blood red for the 1085 area tomorrow then you will get your chances.....REMEMBER FOMC 2:15 tomorrow and BO speaks at 9:00PM....Pay attention

23 comments:

  1. did you hear arts comments? he said benny was getting calls from all over the world not to let aig fail. benny knows to obey his handlers.

    bunning must be reading your blog. he also said timmy wont last the year.

    dollar looks like its trying to take out its nov highs. theres a lot of overhead supply there

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  2. temo this timmy thing is just noise....he is toast and was from day one....sad.. but his replacement is already known. His firing will be after bens approval is assured.

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  3. Nice trading gap for AUY today. The stock is below 200 dma of 11, droped to 10.37 earlier in the morning, now it's over 10.70.

    palmer

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  4. good gap fill on ego, jag and gld

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  5. Temo,

    another gap trade for SWC and PAL. Look at charts, PAL holds around 3.88 and up from there, SWC holds around 11.50 and up from there, nice 0.30 to 0.40 gap, heheeeee!

    palmer

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  6. Analyze,

    Made my money today from AUY, SWC, and PAL. Gap trading is beautiful.

    palmer

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  7. caught auy and anv gaps....out..still in core

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  8. The market can break either way right. Gotta look for the final triggers. Care to share you think those are? And why the fuck would anyone trade a limbo market that can break either way? You like risk, stick your head in a garbage can with some rattlesnakes.

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  9. Palmer, I like that rock solid bottom on SWC....oh, yes...Analyze.

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  10. Anon,

    Market is not for you, stay out. I noticed you posted your crap in the previous articles as well. This site is not for you.

    palmer

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  11. Anon.....these guys know how to trade gaps...obviously you don't ....and they aren't playing with a few hundred shares...but feel free to watch.hehehe

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  12. Analyze,

    PAL 50dma is 3.40
    SWC 50dma is 10.12

    So far 11.50 for SWC and 3.88 for PAL in the down side has held which I believed they would for today to play gaps, I like to see those two test the 50 DMA next couple of weeks.

    palmer

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  13. Palmer, sounds good, no need to find a new well to go to as long as there is water in these positions, very good behavior as noted by Temo and Kli above. - Analyze.

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  14. Ok, I won't mention the CVM gap if anon is around. heheheh

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  15. Analyze,

    I have not covered my shorts on PBR yet, is any one else shorting PBR ?

    palmer

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  16. Red,

    Thanks for bringing up PBR while back, it has turned out to be an excellent short so far.

    palmer

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  17. Glad you like PBR, my personal favorite both long/short as a high beta proxy for oil prices without the decay due to insider games like etf like DXO/DTO or the unleverage pos UNG and USO.

    If you believe oil is headed towards sub 70 along with the S&P, then PBR is headed towards 35-36 in a falling knife manner.

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  18. Kli, small note here. I don't know if you or your readers are aware.

    The US Supreme Court ruled that corporations and unions can spend an UNLIMITED AMOUNT OF MONEY on any politician (or against) they want.

    For additional context, I have also included a link to the ABA's (American Bar Association) views on upcoming financial reform. It's actually light reading as far as a legal paper goes and is quite enjoyable as the authors had to dumb it down for the likes of Barney Frank and friends who they presented it to this Monday.

    http://debtsofanation.blogspot.com/2010/01/debts-of-spenders-us-supreme-court.html

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  19. I like that PBR chart, looks like it will fall under its own weight down to those targets. Barely looking over its shoulder as it just crashes down through past support levels. Looks like a short on any spike. X is another one jumping off a building here too. - Analyze.

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  20. Notice NTRI is treating upside like a foregone memory too, mentioned it last night, definitely had downward mojo today. FCX is looking unhealthy here too. - Analyze.

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  21. Red,

    Did you trade CVM today? It gave you a nice 0.10 gap, that's huge especially at the price level it's sitting, nice turn from 0.66.

    palmer

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  22. Not doing any serious trading in the casino Joe. Wouldn't post publicly anymore if I did especially on penny stocks, or hold them overnight like PBR or miners. Just pointing out where other may take note if they want roll the dice. CVM is very close to capitulation question is it 40s or 60s, if you don't care you can try to scalp the gaps and close the day out in cash. I am just waiting to accumulate some PBR, AUY and CVM, because I am guessing we are about 1-3 weeks before the weekly stochs on the S&P will be optimal for a brutal V reversal on all those clamoring for another P3 666 March.

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  23. Red,

    Those who think this is P3 or S&P is going to 600 this yr will have a real awakening. Max down side I see this round in S&P is 1025/1030.

    palmer

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