Monday, April 19, 2010

A NEW DAY ON WALL STREET update II

Sorry. Not gonna happen. At least not today. The weather is still partly cloudy and no chance of rain unless you are a British or German bank invested in mortgage products purchased from the boyz.

Our job is to make money today so focus on the job at hand. Ignore the noise about Goldman. This is all planned. The question is what is their plan and only THEY know that so.....forgettaboutit. My advice here is simple. Hopefully you have a core of miners. Watch closely for any volume buy day durning the next couple of weeks. Exercise patience. Hope that they are using this to rip the market down so you can get a nice discount on the miners.

Is this Joe's hoped for 10% overall market correction with a 30% discount on our little bad boy miners? Maybe. So be very patient here. If you have a core then there is no need to be a hero. Play what the market gives you. There is a reason for this sequence of announcements .....let's see what it is.

On the link below pay close attention especially the last fan chart. THAT could get very interesting. gl gang

http://news.goldseek.com/CliveMaund/1271618448.php

Pulled this off of Jesse's and had to smile...I like the style.

The spin was running hot and heavy this morning.

The scandal was a one off, a rogue trader. The charges against Goldman are weak, nothing illegal, perhaps just immoral. But morality is not an issue with qualified investors, who should have known better. This has never happened before and is unlikely to happen again. No one forces anyone to be victimized by a fraud. They did it to themselves.

The outstanding talking head on Bloomberg TV was guest salesman Tom Brown of Second Curve Capital, who never met a Wall Street pustule he didn't wish to feed upon. And he was supported eagerly by the bobbing heads of Adam Johnson and some less memorable sycophant. And of course the ineffably endearing news anchor, Betty Liu, who is an understudy for Alicia Silverstone in the Wall Street version of Clueless.

But CNBC's Steve Liesman put out a description of the scandal that was so outrageous that it made Mark Haines cough up a donut. Mark still has a conscience apparently but Steve left his at a pawn shop in Moscow. His economic arguments, along with Cramer and Kudlow, drove me away from CNBC long ago. But there is little refuge at Bloomberg anymore except in the off continent off hours, and Fox, well, it is Fox.

I expected a slime trail to appear early on, and I was not disappointed. And its a shame.

Charley Rose has a special on Goldman tonight and it should be worth watching. Charley is a journalist, and tends to show some integrity, which is an increasingly rare commodity in the American mainstream media

update II Swan report
http://news.goldseek.com/GoldSeek/1271684580.php

"Do we need to bring a sleeping bag, or will the volcano keep us warm at night?" Documentary producer at Mt Etna in 2000.

30 comments:

  1. The GS news is just noise. BKK up this am 1.3%. ANDS looking ripe.

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  2. Temo,

    Good man, you are paying attention especially to ANDS when I posted, look at the pattern of behavior and the tape for the past couple of yrs on ANDS. 1.65 to low 2s is a good time to start buying and sell close to $3, look at pattern and how many times it has done it especially between last yr and this yr. After next Tuesday the 52 week high for ANDS will no longer be 6.50, it will be around 3.30, look at the chart.

    Joe

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  3. http://finance.yahoo.com/q/hp?s=ANDS+Historical+Prices

    Joe

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  4. Red,

    CNAM is getting there nicely, I know you are tracking it you vulture,heheeee!

    Joe

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  5. Thanks Joe,

    Just a little disappointed the DOW didn't get to 10950 yet, they can at least make it look a little convincing. The volcano brought fast forward the Eurozone competitive devaluation. Sorry not writing more got 2 weeks of hearings I have to go back in to .

    Cheers.

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  6. thx Joe and Immred re: CNAM... I'm afraid, could be wrong though, that it can go down to 6 first before turning up?

    BTW, the 2d volcano, Hekla has just erupted... ZeroHedge reported first, but the site is constantly down due to heavy traffic - so I found this news... bcbk

    http://www.businessandfinance.ie/cat_news_detail.jsp?itemID=1445

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  7. here's zero hedge link:

    http://www.zerohedge.com/article/breaking-news-hekla-erupts

    "We expect Katla to complete the trifecta any minute."
    bcbk

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  8. "Icelandic Met Office says no eruption at Hekla volcano"

    http://ow.ly/1AkVn

    bcbk

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  9. Goldman Sachs is up 1.50% KLI and Joe were right. It was all planned!

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  10. Morning boyz...heavy night..yup looks like they wanna put some short leverage going into GS earnings announcement tomorrow....hehehehe

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  11. TXB did you get drunk and fall off the blog...

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  12. Kli, drank myself into a coma. I'm awake now, back to reality. :) TXB...

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  13. atta girl......I wuz worried all of the excitement wuz tooo much for ya

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  14. NBC just reporting that the volcano is worsening.....not good.

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  15. From what I saw today across most of the indices and positions I watch, the downtrend that started Friday is still in place, and I would need to see a definitive move in more than KO with a GS end of day short squeeze to make me bite on the long side here. The internals all day just did not align with a support bounce and reversal back to a continued move higher. I'm not seeing it here. As with anything I could be wrong, it certainly has happened before, but the jury is out on this, and I am not trusting longside, not quite yet. There is also a break and backtest of the institutional index that is not helping matters either. Be nimble, no rush if you are not completely certain that the entry is a good one. For myself I would rather miss longside for a day if I am not convinced, than put on positions and get my head handed to me. Careful out there. - Analyze.

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  16. Watching the ags now...crop production could be affected(Europe)...wheat the most...we'll see. We should have a better picture in a couple of months. Something to start paying attention too...IMO...I've been swing trading POT(mostly) and MOS/AGU shares for several years...also had the POT Apr 115/110s puts :)..Had the POT May 105's(cashed those this morning)and have the May 100 puts..I'm thinking the volcano may well affect Ag stocks later taking them higher, for now they are in a weak downturn, may change soon...Corn goes above 375 and 400 for sure...buy calls out on POT...TXB

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  17. http://in.reuters.com/article/businessNews/idINIndia-47771020100417

    Goldman CDO could be tip of the iceberg...stay tuned folks...:) TXB

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  18. Yeah...MOS, POT, X, all those have been falling off a cliff, watching the latter two for reversal like last Nov and Feb this year. They tend to go on long runs when the reversals happen. Interesting to see the volcanoe effect like you mention TXB. - Analyze.

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  19. Joe/Red,
    Are you waiting for CNAM to drop below 6.57 and fill the gap? Volume low and below the 5,20 and 50 ema so it looks like more downward pressure is being applied.

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  20. Analyze are you looking at June/July ITM calls or a shorter time frame?

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  21. Temo, June for several watchlist positions, nothing triggered adequately today though. I had a lot of May positions that ran very well that I exited at SPX -4 on Friday, although none were hit very hard since they were non-financials, they were dinged again today some so it was a good exit, and I was not willing to see them turn into front month anyway. - Analyze.

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  22. TXB. Joe and KLI claim that the Goldman show is just that... a show. If Obama has the balls to toss those bastards in jail, then I'll change my opinion, but until then, I won't be holding my breathe.

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  23. Jay,
    I agree. This will be only a civil acton not a criminal one and my guess is some low level person loses there job, a fine is imposed and a toothless financial reform bill passes. The sheeple rejoice and all is well for the ponzi to continue a little while longer.

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  24. Keep on Sucking my DIG!

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  25. Temo,

    The march 4th Gap for CNAM is not filled yet, it would be nice if the AMEX specialist fills that gap and that would be 5.30 close in March 3rd.

    Joe

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  26. Anyone have thoughts on why JPM has been hit so hard? down like 7% over the last 2 trading days, I didn't think they were involved in any of these suits?

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  27. Hard to guess how many more days around the low, S&P and DOW could make another higher lower from yesterday next trading session 1185 and 10950+ due to still overbought on daily and needs a little more downdraft time before spring boarding higher. CNAM is a little more difficult, very oversold on daily and MM know the gap just not many people left to puke up any more shares and naked short interest should be acccumulating again, another needs a couple more days for enough naked shorts to try and play fill the gap to have an adequate low float squeeze.

    As for JPM they have a worse financial ratios than GS, eventhough they are more powerful in the Ponzi support business. Facts are the GS boyz run a much tighter pirate ship due to the culture regardless if you like them or not.

    Definitely keep an eye on European ag futures especially if the volcano extends or the big one goes off and from a dollar standpoint, if the Eurozone is forced to engaged in intense deficit spending to keep the masses employed and fed.

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  28. Forgot to add if things are getting really bad again the US market will be ramped back up sooner rather than wait to get every last short chump hooked.

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  29. Guess my analysis was right, therefore the ponzi buys up the futures all night to compensate. How naive to think we could go down. Gap day, those not gapping over resistance are just a ponzi donation. - Analyze.

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