There's really no point for exporting interests in ANY country start dickering about weak/strong currencies. The issue is no longer about falling equity prices or stimulating demand.
Look at the progression of the crises:
Housing
Recession
Credit Concerns
Systemic Risk to Payment Systems
Currency
Oh, and by the way, currency risks was never implemented into Basel II.
Christmas is going to be bad...just ask Billy Ray Valentine:
Okay, pork belly prices have been dropping all morning, which means that everybody is waiting for it to hit rock bottom, so they can buy low. Which means that the people who own the pork belly contracts are saying, "Hey, we're losing all our damn money, and Christmas is around the corner, and I ain't gonna have no money to buy my son the G.I. Joe with the kung-fu grip! And my wife ain't gonna f... my wife ain't gonna make love to me if I got no money!" So they're panicking right now, they're screaming "SELL! SELL!" to get out before the price keeps dropping. They're panicking out there right now, I can feel it.
Mashed up Battenberg cake pattern now clearly visible. Groundhog has seen it's cousin's shadow and licked it's right buttock. Waves breaking off 8,500 shoreline.
This kind of clearsighted technical analysis usually costs subscribers thousands of dollars a month but today, for you, free of charge. Obvious buy signal! This is the bottom!
This kind of clearsighted technical analysis usually costs subscribers thousands of dollars a month but today, for you, free of charge. Obvious buy signal! This is the bottom!
"scaling down capital spending" - not so much or as important as the sharp shutdown in production. the overcapacity sectors in China (steel, light manufactures, etc.) have ceased entirely in some areas (steel in Henan, for example). US exports of scrap metal and paper have disappeared - the bottom is falling out for recycled paper. These are signs China is scaling back AHEAD of the downturn. Expect 2009 to be not pretty for our exports to China except advanced stuff like medical devices.
All the IT folks at the investment banks who got laid off never got a chance to turn off the "buy" programs. It'll be another month before anyone figures out what's going on.
bottom is in? You should try real time quotes. PPT started early today, and is already done and at the bar. This sucker is goin down! (or loosely translated, "this ship be sinkin!")
Date \tDebt Held by the Public \tIntragovernmental Holdings \tTotal Public Debt Outstanding
10/22/2008\t6,225,624,748,437.89\t4,270,044,643,001.81\t10,495,669,391,439.70
10/23/2008\t6,250,228,142,316.10\t4,273,884,843,486.77\t10,524,112,985,802.87
CHICAGO, Oct 24, 2008 /PRNewswire via COMTEX/ -- Citadel Investment Group will host a call today at 3:30 p.m. (ET) with holders of its medium term notes to provide a brief update on the state of our business and on the opportunities we see ahead.
Non holders of Citadel's notes may participate via a listen-only line: 866.314.4483, 617.213.8049 (international), participant passcode 34833597.
About Citadel Investment Group, L.L.C.
Citadel is a diverse global financial institution focused on investment strategies and financial services. The Citadel group of companies employs 1,400 professionals worldwide in Chicago, London, New York City, Hong Kong, Tokyo, and San Francisco.
I'm 25+ years away from accessing my 401(k) anyway, at least per today's rules... I'm still in cash - except for stuff I bought last week. I'll start getting back in at 7,500.
...just came in from the garden, wanted to see the daily dose from the PPT during the last hour - noticed they got to work an hour early today. 1pm instead of the typical 2pm. It sure is nice to know everything is all better now.
Next, I'm going to start betting on professional wrestling - there's a better chance of winning there.
Any time I hear a financial firm say things like "the rumors are categorically false", "our liquidity is strong" and "we are operating as usual", I think they're fried.
Regulators examining market close stock surges
Thursday October 23, 6:24 pm ET
By Karey Wutkowski and Jennifer Ablan
WASHINGTON/NEW YORK (Reuters) - U.S. regulators are taking a closer look at unprecedented volatility in stock markets near the close of trading, hunting for any signs of manipulation. Expired
The primary factor, a drop-off in demand by penny-pinching diners, has been in place since summer. But a secondary problem recently surfaced: the global banking crisis left Canadian processors short on credit, trapping Maine lobstermen and dealers with too much supply.
Barley -
Exactly +/- 100pts.
This market is easy to figure out. a day traders dream....
Citadel is toast. Griffin just doesnt know it yet.
Here comes the Dow!!!! Got to go and BUY!!!!!!!!!!
STOP talking about ending the housing slump. STOP talking about loan modifications and principle reductions. Nothing will stabilize the housing market except lower pricing. These analysts are paid in the high 6 figures and yet no one can figure that out/dares to speak the truth.
But a secondary problem recently surfaced: the global banking crisis left Canadian processors short on credit, trapping Maine lobstermen and dealers with too much supply.
We can't get trailers to load with corrugated scrap. We generate a lot of it and sell it to local dealers but the price is so low it's not worth their while to send us trailers to load. We'd probably give it to them just to get it out of the warehouses but they don't want it.
Jim Wilson, a professor of marine science and economics at the University of Maine, is astounded how the Maine lobster industry is being slammed indirectly by the mortgage crisis, Wall Street derivatives and bank failures in Iceland.
"It's rather amazing the interconnectedness that has built up in the economy," Wilson said.
Newbie 101 said: "The primary factor, a drop-off in demand by penny-pinching diners, has been in place since summer. But a secondary problem recently surfaced: the global banking crisis left Canadian processors short on credit, trapping Maine lobstermen and dealers with too much supply."
My brother's a lobsterman in Portland, and they're just about shut down in New England and the Maritimes. They're still going out some, but the prices are barely covering costs - if that.
The 'cash rich' Asian CB's aren't really. Holding a bunch of paper IOU's, that damage your economy if you sell them, does not help.
Gold Reserves (tonnes)
USA \t8,133.5
Germany 3,417.4 \t
IMF 3,217.3 \t
France \t2,562.3 \t
Italy \t2,451.8
Switzerland \t1,100.7 \t
Japan \t765.2 \t
SPDR Gold Trust\t745.2 \t
Netherlands \t621.4 \t
European Central Bank \t563.6 \t
People's Republic of China \t600.0
Gold's share of Reserves
USA 78 %
China 1%
Japan 2%
I've got home & Auto insurance through MetLife. Next Premium due on Nov 6th. Should I pay with a credit card in case they go under? (I can always call the credit card co and dispute the charge due to no services received).
Noteholders will have to watch the Fed stick into us a hot preferred equity injection into our funds. You will be able to do this from the sidelines or the rear. Regardless, you will leave feeling cheated and shortchanged since the Fed didn't give you one either.
Okay...now it's time for questions from the audience.
This is going to be a long, drawn-out downturn of about five quarters of negative growth and there will be very few major economies that will escape recession, said James Knightley, an economist at ING Financial Markets in London. With asset values falling, real incomes down and corporate profits declining we can see a real drop in investments and the government is in no position to help.
(It will be much longer than 5 quarters of negative growth. Only 5 quarters would be a blessing.)
for those of you listening in on Citadel's "captain bligh" moment..do keep us informed....although methinks the market will tell what is really going on.
A conference call to say that all is well?
...
Non holders of Citadel's notes may participate via a listen-only line: 866.314.4483, 617.213.8049 (international), participant passcode 34833597.
Can anyone get in on that call? I keep getting a busy signal... :/
itic Pacific Ltd., a leading symbol of China Inc., has become one of the country's biggest casualties of the financial crisis after a risky currency bet soured and the market turmoil made it even worse.
Citic Pacific, the Hong Kong arm of a high-profile Chinese government company, stunned investors this week when it revealed wrong-way currency hedges could cost the company more than HK$15.5 billion (about US$2 billion).
So the USA only has "reported" about 250 Billion US$ in gold? That's about 3 months worth of interest payments on the debt...excluding everything else.
That seems about just enough backing for me.
The lobster and scrap metal stories remind me of stories I'd read about the Soviet Union's command economy.
So, this worldwide mess could be characterized as the consequences of a worldwide command economy, of a different sort. I bet a good writer could make this case.
I think that Anonymouses prediction of a catastrophe this weekend in baloney. If he knows about it you can be sure lots of people know about it and the market would be doing something more dramatic right now.
On Citadel call - they are up high single digits for October and have net inflows this month. See once in a lifetime opportunity in credit. A big endowment has also committed to allocate $1B to them at the end of the year with increased fees based on performance.
itic Pacific, a Hong Kong-based and listed subsidiary, has been crippled by a vast foreign exchange bet on the Australian dollar staying above US87c, in an attempt to control the costs of its$5.2 billion iron ore project at Cape Lambert in Western Australia.
Yesterday the dollar closed in Sydney at US63.91c.
The losses from this disastrous hedging strategy have already reached $2.9 billion, and could get much bigger, even without taking into account the collapse in the share price it has triggered, falling two thirds on Tuesday and Wednesday before stabilising slightly. The company still has contracts to buy a further $9billion Australian dollars, at an average valuation of US87c, by October 2010.
Tom Holland of the South China Morning Post warns that the Citic failure does indeed have broader implications: "Shareholders in other Hong Kong listed companies should be nervous too. The rapid expansion of mainland (Chinese) companies into new markets over recent years has fostered a culture of risk-taking, while risk management procedures have failed to keep pace."
The parent group has 44 subsidiaries, with many entities listed in Shanghai and Hong Kong as well as in Australia, but remains majority state owned.
As the US financial collapse began, Citic was viewed as a natural leader of any move by China Inc to seize opportunities there. Citic Securities is China's biggest broking house, and China Citic Bank is the country's seventh largest lender.
I think its safe to assume that if the Citadel call gets pushed to post close it is bad news.
I need 200+ pts in either direction on the dow in the last 10 minutes - can it happen?
I think 890 is tough to crack because right now the definitive case isnt there for S&P 500 earnings under $60, so a fair value P/E ratio of 15 gives you 900.
"These rumors are categorically false and we continue to invest and operate," a Citadel spokeswoman said.
The firm's founder, Kenneth Griffin, will hold a conference call with holders of its medium term notes later this afternoon to update them on the state of the fund's business, Citadel said.
Speculation mounted on Thursday and Friday on trading floors in London, New York and Chicago that the Chicago-based firm, which manages roughly $18 billion in assets, had asked the U.S. Treasury for an injection of cash.
2006, Citadel and JPMorgan Chase acquired the energy portfolio of the failed hedge fund Amaranth Advisors, which had suffered a 65% ($6 billion) loss in assets
In 2007, Citadel acquired a sizable stake in online brokerage E*TRADE
No one cares how far down they are - just dont want them unwinded and they arent - yet. Wait til next week boys. Uh, oh, market falling - need another 170 down - go go go go.
Kim Taylor, president of CME Group's clearinghouse, said she's taking steps to ensure solid pricing data for its CDS clearing. The plan to guarantee CDS indexes and contracts on individual companies is a partnership with hedge fund Citadel Investment Group LLC and includes a trading platform, which will create prices for the contracts, she said.
The trading in the index products will migrate very quickly to the trading platform,'' Taylor said. Prices can also be created from market data, she said.This market already trades a significant amount,'' Taylor said. ``It's just that none of the information is public.'
I'm feeling a link between Lehman, chicago and Citadel (and CDS/derivatives exposure and losses).
See & Feel: In the paranormal and some works of science fiction and fantasy, empathy is described as a paranormal or psychic ability to sense the emotions of others, as opposed to telepathy, which allows one to perceive thoughts as well.
See: Fifth Third Bank has
signed Buffets, Inc., a restaurant chain with more than 500 U.S. locations
including Old Country Buffet(R), HomeTown Buffet(R), Ryan's(R) and Fire
Mountain(R) brands, to use the Bank's Remote Currency Manager solution.
"Fifth Third Bank's Remote Currency Manager is ahead of the curve in
both technology and processes," said Paul Holovnia, vice president of
finance at Buffets, Inc. "This solution allows us to streamline and
centralize our cash management throughout our 39-state area while receiving
provisional credit for that day's deposits."
As a contrarian, this is now officially entered into the terrirory I start to take notice.
Everyone and their pet is now selling. Asian stocks and companies are now like nuclear waste. Even my sister's hairdresser discuss what a relief now that she managed to sell all the stocks she owns this week.
Something doesn't add up.
We're must be very near the mother of all ***** in Asian market. Problem is I have a hard time filling in that ******.
In testimony Thursday afternoon to the Senate Banking Committee, Lockhart said the conservatorship and the access to credit from the U.S. Treasury provide an explicit guarantee to existing and future debt holders of Fannie Mae and Freddie Mac.
The choice of words an explicit guarantee immediately sent risk premiums tighter on debt securities
We're must be very near the mother of all ***** in Asian market. Problem is I have a hard time filling in that ******.
Chalk it up to the "Fog of War". Most indicators that have been used over the past decades are all messed up like moving a compass over lodestone, and what information we do have is blurry because of transparency and trust issues.
I spent some time with an economics professor who argued how the Dow would hold onto 8700 because of market fundamentals. Needless to say, they don't mean much either...
The U.S. Treasury Department is closely studying how it could give relief to insurance companies under a $700 billion financial services rescue package, two sources familiar with the deliberations said on Friday.
Ken Griffin was on a panel at Asia Society annual meeting last May, hosted by former BS Asia Chairman / ASSC chair Donald Tang. He shared panel space with El-Erian, among others. Claimed at the time there would be "bumpy road" but that things were going to be OK.
"Honored" at the fete was.... Bill Gross. TPG's Bonderman sat with Gross and Tang at the dinner.
I'm thinking all those guys have bricks in their boxers about now.
I'm looking for panic selling into Wednesday next week - maybe into Friday. There may also be a "huge news event" that causes a Monday legitimate crash
ontherun -
I was figuring Camels without filters - sounds just like Johny Most who called the Celtics - its uncanny.
Listen to this - could be the guy on cnbc: johnny most celtics - Google Videos
MS writes:
anyone else having "issues" with A-trade? Mine hasn't caught up with the EOD yet.
May be that's what I was seeing instead of volume..
They've been having some funny issues on the volume graphs. I find a refresh (changing the timespan for example) will get the volume back. Then it goes low again.
"At this point I prefer to believe that other markets are acting much more rational than the US."
Be careful. Some are battlefields between foreign institutional investors and domestic central banks. When a national government decides enough is enough, all bets will be off for that country's markets.
Ok so I have a couple of kids that play AYSO soccer. After the game each week a parent brings a snack. During the last few of years, this snack became a goody bag filled with candy and toys cheap plastic stuff from overseas.
This season? Its back to a pack of Oreos and a juice box. Thats got to account for a container or two of the inbound shipping decline.
Japan's market went back 25 years!!!! 25 years just evaporated? What next? 35 years?
A lot of chinese stocks are trading at 2x-4x PE, some at levels lower than book value or even cash value.
Hang Seng/Asia already went through a crash during SARS crisis, so it's not like it's starting from some frothy peak to begin with.
It's starting to actually sound like a good business plan to buy companies at these price, dismantle them for assets and scraps, and end up making a profit!
Maybe we're in the process of pricing in an asteriod-hit-asia, or asia-sink-into-the-ocean scenario? Because all the financial ratios seems to indicate that.
This is like the housing bubble all over again -- back then, I feel like I'm the only one insane as every other sane person believes renting is throwing money away. Now I must be the only one insane, because everyone else invest like Asia is going evaporate by 2009.
So much for Free Trade....Lots of money spent on Bangles....Send Bush and Company and Clinton and Company Beads and Bangles for Christmas, and don't forget Snow and Paulson.
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JS writes:
I think that Anonymouses prediction of a catastrophe this weekend in baloney. If he knows about it you can be sure lots of people know about it and the market would be doing something more dramatic right now."
I wish people would just post data, who cares about opinions without data or a half decent argument. Makes the board a really fast ""read"" though, and no temptation to even glance during trading hours.
Wal-mart...$18 billion in imports from China account for 80% of their product, and they sold $351.1 billion last year. That's the biggest f*cking rip off in the history of the world. It probably cost more than $18 billion just to get the product across the Pacific ocean.
Bad time for Panama to be expanding the Canal, what with shipping dropping off and the NorthWest passage opening up providing a quicker cheaper route between China and New York.
Panama will be obsolete once everything's transferred from China to Mexico and the trucker's union is finally destroyed. The writing's on the wall...plain and simple.
It's almost 3 P.M.
Do you know where your Yen is?
There's really no point for exporting interests in ANY country start dickering about weak/strong currencies. The issue is no longer about falling equity prices or stimulating demand.
Look at the progression of the crises:
Housing
Recession
Credit Concerns
Systemic Risk to Payment Systems
Currency
Oh, and by the way, currency risks was never implemented into Basel II.
This is going to go nuclear.
Decoupling, Peak Oil, "We're running out of land", "The internet is going to change everything"...
Will we ever learn?
Letters of credit are hard to come by too, further affecting trading/shipping.
CR. Yes, the problem with people in shock is that they don't act or think rationally.
It's not like Bretton Woods II is a surprise. It works until it doesn't. And when it doesn't, it ends badly.
Sigh.
This sucker's going down?
It hasnt broken 90
otherwise DOW would have been halted
PPT will work overtime till christmas ?
Christmas is going to be bad...just ask Billy Ray Valentine:
Okay, pork belly prices have been dropping all morning, which means that everybody is waiting for it to hit rock bottom, so they can buy low. Which means that the people who own the pork belly contracts are saying, "Hey, we're losing all our damn money, and Christmas is around the corner, and I ain't gonna have no money to buy my son the G.I. Joe with the kung-fu grip! And my wife ain't gonna f... my wife ain't gonna make love to me if I got no money!" So they're panicking right now, they're screaming "SELL! SELL!" to get out before the price keeps dropping. They're panicking out there right now, I can feel it.
The perfect storm!
Eventually, a downside break from this pattern at around 8,200 could finally spark the next big sell-off. Watch 8,200 closely.
the suckers are going down.
Secretary of Treasury is monitoring the markets. I wonder which stock he's monitoring?
HE is watching some food companues who make snake food
seriously, how did this snake guy enter here ?
Obviously, we need a FED facility that fills cargo containers.
Wow...we might end in green when the whole world was bleeding ?
Something wrong with USA fundamentally.
It has be with W
So much for decoupling. It's hard to believe this comes as a surprise ...
No, no - internal demand will make up for it all! Think about how much savings the Japanese and Chinese have put into agencies, treasuries, munis...
Another day, anothre financed closing not happening. Sob. . .
BOOOOYAAAAAAAAAAAA
get in there! up on the DAY!
Mashed up Battenberg cake pattern now clearly visible. Groundhog has seen it's cousin's shadow and licked it's right buttock. Waves breaking off 8,500 shoreline.
This kind of clearsighted technical analysis usually costs subscribers thousands of dollars a month but today, for you, free of charge. Obvious buy signal! This is the bottom!
Hell of a headfake rally right here. I still think this sucker is going down hard...
Get long ANYTHING!
It's 3pm? Do you know where your PPT is?
I've seen several citations of the letter of credit difficulties - always in reference to Baltic Dry.
How widespread is the problem? Is anyone working to resolve it?
This kind of clearsighted technical analysis usually costs subscribers thousands of dollars a month but today, for you, free of charge. Obvious buy signal! This is the bottom!
Watch out for inverted hammers!
Buy! BUY! BUYYY!!!!
BOOYAH. Lets get long
Called the upturn <a href="http://www.haloscan.com/comments/calculatedrisk/6034712203600110533/#685586>here
It's the Maria Gushing O 3pm closing bell index...
she's euphoric!
"scaling down capital spending" - not so much or as important as the sharp shutdown in production. the overcapacity sectors in China (steel, light manufactures, etc.) have ceased entirely in some areas (steel in Henan, for example). US exports of scrap metal and paper have disappeared - the bottom is falling out for recycled paper. These are signs China is scaling back AHEAD of the downturn. Expect 2009 to be not pretty for our exports to China except advanced stuff like medical devices.
Persecuted Comrade Anonymouse,
Weren't you also long SPX about 100 points higher though?
Definitely green on the day.
here is where the knife catchers, and greedy rally mongers get their heads lopped off. Watch.
Levitation Nation!
Bottom in.
I'm going long with everything I have.
I don't think they are really hiding the fact that the gov't now purchases stocks in the open stock market. Usually around 12:00:01 pst.
Seriously...wtf always happens at this time of day?
I don't like to believe in conspiracy theories but why would anyone be buying right now?
Lefty's Port sales are way up!
I closed those positions over the last week - I'm looking for a crash into next week
We've hit bottom after global capitulation today.
There is a 100 point spread in the min. averages. (~10%) Crazy.
anon-
haven't you made enough "calls" already?
Seriously.....don't pat yourself on the back. Oil trading closes at 2:30pm....not rocket science.
Ciao
MS
I prefer the Fonseca port.
Bottom is in!
YouTube - Georgia on my Mind- Ray Charles
Georgia on my Mind- Ray Charles
i'm just joking guys...
I'm cashcari
All the IT folks at the investment banks who got laid off never got a chance to turn off the "buy" programs. It'll be another month before anyone figures out what's going on.
apartments, you're really buying here? lol. At you.
bottom is in? You should try real time quotes. PPT started early today, and is already done and at the bar. This sucker is goin down! (or loosely translated, "this ship be sinkin!")
200 pt rally from 2:50 to 3:02. Gotta love it.
Date \tDebt Held by the Public \tIntragovernmental Holdings \tTotal Public Debt Outstanding
10/22/2008\t6,225,624,748,437.89\t4,270,044,643,001.81\t10,495,669,391,439.70
10/23/2008\t6,250,228,142,316.10\t4,273,884,843,486.77\t10,524,112,985,802.87
No dude. Being snarky.
Citadel hedgies just scheduled a telephone conference for 3:30pm today. Uh ohs!
Has Citadel blowed up yet?
safe_as_apartments,
you need to add the /snark tag. Some people on this blog REALLY do think this is the bottom.
Same as 3 months ago, and 6 months ago, but we don't see the oldie bottom callers anymore though.
yes Citadel will blowup next tuesday
the letters are being printed at a facility in Florida.
They will be sent by tomorrow.
A conference call to say that all is well?
CHICAGO, Oct 24, 2008 /PRNewswire via COMTEX/ -- Citadel Investment Group will host a call today at 3:30 p.m. (ET) with holders of its medium term notes to provide a brief update on the state of our business and on the opportunities we see ahead.
Non holders of Citadel's notes may participate via a listen-only line: 866.314.4483, 617.213.8049 (international), participant passcode 34833597.
About Citadel Investment Group, L.L.C.
Citadel is a diverse global financial institution focused on investment strategies and financial services. The Citadel group of companies employs 1,400 professionals worldwide in Chicago, London, New York City, Hong Kong, Tokyo, and San Francisco.
I read that Citadel accounts for 30% of all option trading on the NYSE. Citadel going down is going to kill a lot of option volume.
I'm 25+ years away from accessing my 401(k) anyway, at least per today's rules... I'm still in cash - except for stuff I bought last week. I'll start getting back in at 7,500.
hey, how many more minutes before we close ?
...just came in from the garden, wanted to see the daily dose from the PPT during the last hour - noticed they got to work an hour early today. 1pm instead of the typical 2pm. It sure is nice to know everything is all better now.
Next, I'm going to start betting on professional wrestling - there's a better chance of winning there.
and now, some tgif music in tribute to all our serf colleagues in the big box service industry.
YouTube -
ok, gotcha. its 45 minutes to close.
Soemthing dramatic is gonna happen.
We are plunging deep into red
48, per Yahoo.
My prediction for the Dow:
Up 189
OR
Down 417
Good luck
bad news coming from Citadel = big engineered rally into the news?
we'll see ...
Re Citadel, so say the kids over at dealbreaker.
Any time I hear a financial firm say things like "the rumors are categorically false", "our liquidity is strong" and "we are operating as usual", I think they're fried.
Wu-Tang is for the children!
Noes, nope, unh unh no manipulation heres! lol
Regulators examining market close stock surges
Thursday October 23, 6:24 pm ET
By Karey Wutkowski and Jennifer Ablan
WASHINGTON/NEW YORK (Reuters) - U.S. regulators are taking a closer look at unprecedented volatility in stock markets near the close of trading, hunting for any signs of manipulation.
Expired
The primary factor, a drop-off in demand by penny-pinching diners, has been in place since summer. But a secondary problem recently surfaced: the global banking crisis left Canadian processors short on credit, trapping Maine lobstermen and dealers with too much supply.
Lobster prices feel pinch - thestar.com
ice score Dea
regulators ? who are those ? Cox and family ?
U.S. regulators???????????????
There are no U.S. regulators.
You can't handle U.S. regulators!
why the hell are the doing it at 3:30
Shit-a-dell folks
I'm tempted to dial in...I really want to understand what opportunities they see going forward.
A pitchfork and bullhorn play?
Seriously .... where are you dude!
OCtober 24:
Spring On the Right side of Wall Street (Fall and Blood on the other)
MarketWarnings: Spring On the Right side of Wall Street (Fall and Blood on the other)
For God Sakes...I have had enough!
OCTOBER 24, 2008, 2:32 P.M. ET
Treasury Considers Stakes in Insurance Companies
From WSJ.
All I want to see is Maria Fartiromo running screaming from her chair with mascara running down her face. Preferably before 4pm.
from mish,
Australian Funds Block Withdrawals
The Age BusinessDay is reporting Four fund providers suspend withdrawals as redemptions soar.
got glod?
Mish's Global Economic Trend Analysis: Australian Funds Block Withdrawals
Re Citadel "opportunity".
We haven't quite lost ALL of your money yet, but going forward we see some tremendous opportunities to do so.
Thanks Ken. You go bye bye now.
Is another O coming?
My prediction for the Dow:
Up 189
OR
Down 417
Good luck
Rally Cap
Plus give or take 20% for non-visible opportunistic dampening winds
...." U.S. regulators are taking a closer look at unprecedented volatility in stock markets near the close of trading..."
Have them start checking in Washington DC - "Step away from that 'Puter Screen"....
Werz me poniez?
MW-
that would explain why some of them caught a bit of a bid.
life support methinks.
Can't wait until monday......
Ciao
MS
Barley -
Exactly +/- 100pts.
This market is easy to figure out. a day traders dream....
Citadel is toast. Griffin just doesnt know it yet.
Here comes the Dow!!!! Got to go and BUY!!!!!!!!!!
citadel party tonight in wall street.
STOP talking about ending the housing slump. STOP talking about loan modifications and principle reductions. Nothing will stabilize the housing market except lower pricing. These analysts are paid in the high 6 figures and yet no one can figure that out/dares to speak the truth.
This is going to be worse than just a few days of a capitulation sell off.
I think now we will lose an average of a 1000 points per week for the next 4 weeks.
If Treasury starts assisting the insurance companies, that $700B is going to run out REAL QUICK.
But a secondary problem recently surfaced: the global banking crisis left Canadian processors short on credit, trapping Maine lobstermen and dealers with too much supply.
Free the Lobsters!
Two words: Black Monday.
100 point swing in a few minutes. What a farce.
We can't get trailers to load with corrugated scrap. We generate a lot of it and sell it to local dealers but the price is so low it's not worth their while to send us trailers to load. We'd probably give it to them just to get it out of the warehouses but they don't want it.
PPT! PPT! PPT!
GH-
It's already gone.....IMO.
Can't prop it forever...seems like they need that every other day now.
Ciao
MS
Jim Wilson, a professor of marine science and economics at the University of Maine, is astounded how the Maine lobster industry is being slammed indirectly by the mortgage crisis, Wall Street derivatives and bank failures in Iceland.
"It's rather amazing the interconnectedness that has built up in the economy," Wilson said.
AIG burned through their $123B and now is asking for more.
I have heard rumors of MetLife and Prudential are both insolvent but hiding in the shadows.
We are now a socialist country. So very sad.
Newbie 101 said: "The primary factor, a drop-off in demand by penny-pinching diners, has been in place since summer. But a secondary problem recently surfaced: the global banking crisis left Canadian processors short on credit, trapping Maine lobstermen and dealers with too much supply."
My brother's a lobsterman in Portland, and they're just about shut down in New England and the Maritimes. They're still going out some, but the prices are barely covering costs - if that.
Nice and slow. Easy does it. We'll get to 7000 (6500?) eventually.
On the other hand, I'm sure the lobsters are delighted.
It's the lobster's fault.
Rally Cap said:
"Citadel is toast. Griffin just doesnt know it yet."
Yes, this was clear when they bought ABS from Etrade and a large equity position a year ago when the housing problems were apparent to everyone.
They paid $0.27 for paper that trades at $0.09 and $5 for equity that trades at $2 today.
Nice deal, Griffin. OTOH, he's the billionaire, not us.
Seems like they're desperate to hold the 8100 - 8200 level. If it breaks, will they even bother to support a fall back?
The 'cash rich' Asian CB's aren't really. Holding a bunch of paper IOU's, that damage your economy if you sell them, does not help.
Gold Reserves (tonnes)
USA \t8,133.5
Germany 3,417.4 \t
IMF 3,217.3 \t
France \t2,562.3 \t
Italy \t2,451.8
Switzerland \t1,100.7 \t
Japan \t765.2 \t
SPDR Gold Trust\t745.2 \t
Netherlands \t621.4 \t
European Central Bank \t563.6 \t
People's Republic of China \t600.0
Gold's share of Reserves
USA 78 %
China 1%
Japan 2%
"I think now we will lose an average of a 1000 points per week for the next 4 weeks."
I'll bet you a Corner Bistro burger that does not happen.
I see that BAC is offering bonus' that are equal to 100% if you push over a mil in revs....however the caveat is that they are payable over 7 year's.
Hope it's not in stock....
Ciao
MS
I've got home & Auto insurance through MetLife. Next Premium due on Nov 6th. Should I pay with a credit card in case they go under? (I can always call the credit card co and dispute the charge due to no services received).
Citadel:
Noteholders will have to watch the Fed stick into us a hot preferred equity injection into our funds. You will be able to do this from the sidelines or the rear. Regardless, you will leave feeling cheated and shortchanged since the Fed didn't give you one either.
Okay...now it's time for questions from the audience.
Berylmarkham writes:
"I think now we will lose an average of a 1000 points per week for the next 4 weeks."
I'll bet you a Corner Bistro burger that does not happen.
With cheese please....you are on.
- NY Times
U.S. Stocks Slide After Rout Overseas
This is going to be a long, drawn-out downturn of about five quarters of negative growth and there will be very few major economies that will escape recession, said James Knightley, an economist at ING Financial Markets in London. With asset values falling, real incomes down and corporate profits declining we can see a real drop in investments and the government is in no position to help.
(It will be much longer than 5 quarters of negative growth. Only 5 quarters would be a blessing.)
Who is this windbag?
for those of you listening in on Citadel's "captain bligh" moment..do keep us informed....although methinks the market will tell what is really going on.
Ciao
MS
I think the PPT started to work at 2pm today. Must be wanting to get home to the wifey.
When the Walton Family (think WalMart) start complaining publicly J6P will become alarmed. Maybe...
A conference call to say that all is well?
...
Non holders of Citadel's notes may participate via a listen-only line: 866.314.4483, 617.213.8049 (international), participant passcode 34833597.
Can anyone get in on that call? I keep getting a busy signal... :/
Why can't Citadel release its earnings after the markets close like every other...
oh that's right.
Who is this windbag?
OnTheRun | 10.24.08 - 3:36 pm | #
Me or him? LOL!
itic Pacific Ltd., a leading symbol of China Inc., has become one of the country's biggest casualties of the financial crisis after a risky currency bet soured and the market turmoil made it even worse.
Citic Pacific, the Hong Kong arm of a high-profile Chinese government company, stunned investors this week when it revealed wrong-way currency hedges could cost the company more than HK$15.5 billion (about US$2 billion).
And If I do not get a Dam Bank Failure today I am going home to take it out on the wife!
No, I can't get the Shitadel call on either...
So the USA only has "reported" about 250 Billion US$ in gold? That's about 3 months worth of interest payments on the debt...excluding everything else.
That seems about just enough backing for me.
must not be going over to well on the 'ole CC.
Ciao
MS
AIG:
Where are the panzers today?
It was a fake call to avoid traders placing thier SELL orders ?
MW, right on! But my QID will be happy if you win.
great.
the great frikin depression : the re-imaging.
thats why they had 330 time on it
The lobster and scrap metal stories remind me of stories I'd read about the Soviet Union's command economy.
So, this worldwide mess could be characterized as the consequences of a worldwide command economy, of a different sort. I bet a good writer could make this case.
If the FED tries to backstop citadel... i'm declarindg WAR
Decoupling, Peak Oil, "We're running out of land", "The internet is going to change everything"...
The internet did change everything.
CR. Yes, the problem with people in STOCK is that they don't act or think rationally.
Comrade Peronista | 10.24.08 - 2:56 pm | #
Fixed it for you...
I think that Anonymouses prediction of a catastrophe this weekend in baloney. If he knows about it you can be sure lots of people know about it and the market would be doing something more dramatic right now.
dd-
could be...wouldn't put it past any of them at this point. Why would you do it 30 minutes before the close?
Ciao
Should be "is" baloney. A catastrophe IN baloney would be interesting though.
see
now selling resumes
booya..shorts are making money
Most of my positions are within 2 % points of today's open.
JS,
The stock market is the LAST to know about credit market blowups.
FX markets -> Bond Markets -> Stock Markets
High IQ -> Some IQ -> GWB style IQ.
On Citadel call - they are up high single digits for October and have net inflows this month. See once in a lifetime opportunity in credit. A big endowment has also committed to allocate $1B to them at the end of the year with increased fees based on performance.
this is handy, an interactive world map of government interventions. taking an insolvent planet and fixing it with short term ad hoc responses.
FT.com / Video & Audio / Interactive graphics - Government interventions
DB is live blogging the citadel call...
JS-
you know if this were a more "normal" market I'd be buying hand over fist on that prediction......but it's not so I won't.
Gotta give him credit...he still makes 'em.
Ciao
MS
itic Pacific, a Hong Kong-based and listed subsidiary, has been crippled by a vast foreign exchange bet on the Australian dollar staying above US87c, in an attempt to control the costs of its$5.2 billion iron ore project at Cape Lambert in Western Australia.
Yesterday the dollar closed in Sydney at US63.91c.
The losses from this disastrous hedging strategy have already reached $2.9 billion, and could get much bigger, even without taking into account the collapse in the share price it has triggered, falling two thirds on Tuesday and Wednesday before stabilising slightly. The company still has contracts to buy a further $9billion Australian dollars, at an average valuation of US87c, by October 2010.
Tom Holland of the South China Morning Post warns that the Citic failure does indeed have broader implications: "Shareholders in other Hong Kong listed companies should be nervous too. The rapid expansion of mainland (Chinese) companies into new markets over recent years has fostered a culture of risk-taking, while risk management procedures have failed to keep pace."
So more "glass half full" no wonder they did it now as opposed to after the market closes.
Thanks Ken.....you POS.
Ciao
MS
No matter how this turns out, CNBS will be spinning it as positive because we didn't crash at the open.
Evidently "pundent" is the new nucular.
Dean writes:
DB is live blogging the citadel call...
"DB"?
Reading between the lines: Citadel done blowed up real good.
This is nothing but smoke up the ass until the pull the ripcord.
go to Dealbreaker.com first...
The parent group has 44 subsidiaries, with many entities listed in Shanghai and Hong Kong as well as in Australia, but remains majority state owned.
As the US financial collapse began, Citic was viewed as a natural leader of any move by China Inc to seize opportunities there. Citic Securities is China's biggest broking house, and China Citic Bank is the country's seventh largest lender.
This is more like watching greyhound racing than horse racing.
So are we going to see a bank failure today? As in, a real bank failure, not a containment action like NCC-PNC?
"3:29: Hold music. Hopefully I won't get mysteriously kicked off.
3:34: Now operator is saying we'll be starting in "approximately ten minutes."
3:41: The hold music is some techno-y, New Age stuff."
How convenient. Make everyone hold until it is too late to do anything with the information that will be provided on this CC.
I'm thinking the tin foil hat thought of "Keep 'em from selling today" is looking more valid...
Did someone say there was a catastrophe in baloney?
there is some amazing buying support at this level of around s&p 890
not sure if it is humans or computers, but it seems that this level is a really tough nut to crack
citadel call is waiting for the market to close.
captain fish. we don't allow bank failures anymore. nor insurance, nor car companies, nor homeowners. only savers get punished.
I think its safe to assume that if the Citadel call gets pushed to post close it is bad news.
I need 200+ pts in either direction on the dow in the last 10 minutes - can it happen?
I think 890 is tough to crack because right now the definitive case isnt there for S&P 500 earnings under $60, so a fair value P/E ratio of 15 gives you 900.
Is it me or did the volume just slow down to a crawl?
It's like the whole market is waiting for Citadel. Pretty scary if so.
Ciao
MS
As an aside, last night at the track I made $100 with my favorite dog, "Beer Can Nancy".
Still can't on the call, but DB says it's still hold music. They're stalling till the market closes, keep people away from their terminals.
ahhhh
"These rumors are categorically false and we continue to invest and operate," a Citadel spokeswoman said.
The firm's founder, Kenneth Griffin, will hold a conference call with holders of its medium term notes later this afternoon to update them on the state of the fund's business, Citadel said.
Speculation mounted on Thursday and Friday on trading floors in London, New York and Chicago that the Chicago-based firm, which manages roughly $18 billion in assets, had asked the U.S. Treasury for an injection of cash.
If they really were stalling, wouldn't folks have figured it out by now and just assume a bad report?
Strike that. Music now off. Just silence. Ominous?
Why all of a sudden is Bloomburg's chart of the market today back at 11 am? (and down 388).
Do they have a way-back machine? Is there a problem with trades today? What happened? 20 minutes ago I could get the current chart.
Looks like we may go positive. yeah baby!!
A comment above stated that the fit hits the shan for 'em on Tuesday. Depending on the CC today, it could make Monday quite eventful too.
I'm with MS that it seems like the market is in the eye of the storm if it is because of anticipation of this lone CC.
ew post
you'd think so.....
Not everyone is of free will...they are under orders.
Or they are just waiting for the last ten minutes to send it green on "happy news"....
Ciao
MS
If the report is bad but bad enough that they're getting money from the Fed wouldn't that mean rally time? Free money for everyone at that point.
Call started - news not bad - market going positive. Look out....
Reloading every 10 seconds now...
Looks like we've chosen a slow painful death.
Citadel only down 38% YTD. Our economy is saved!
Any two refreshes on real time quotes can give you 100+ point difference. Real time quotes are becoming useless to find direction.
this is the slowest EOD I have seen for quite some time.
Ciao
MS
2006, Citadel and JPMorgan Chase acquired the energy portfolio of the failed hedge fund Amaranth Advisors, which had suffered a 65% ($6 billion) loss in assets
In 2007, Citadel acquired a sizable stake in online brokerage E*TRADE
down 38%.
Citadel fine (although thats as relative as it gets). Move on. Old news.
How about the hairpiece on that guy screaming on cnbc? thats awful
Citadel done blowed up.
I think the 10-year is the story today.
Long Cialis into the close. Keeps a raging woody going all weekend and carries into the Monday open...
Bond dislocatsheon?
Lobsters = The New Ponies!
Deflation, you know...
No one cares how far down they are - just dont want them unwinded and they arent - yet. Wait til next week boys. Uh, oh, market falling - need another 170 down - go go go go.
Kim Taylor, president of CME Group's clearinghouse, said she's taking steps to ensure solid pricing data for its CDS clearing. The plan to guarantee CDS indexes and contracts on individual companies is a partnership with hedge fund Citadel Investment Group LLC and includes a trading platform, which will create prices for the contracts, she said.
The trading in the index products will migrate very quickly to the trading platform,'' Taylor said. Prices can also be created from market data, she said.This market already trades a significant amount,'' Taylor said. ``It's just that none of the information is public.'
Hairpiece, I thought it was a stocking cap.
ah yes, the used car salesman cracking wise to the bloated over-the-hill cash gash.
god bless america.
Yahoo's index quotes are stalled back at 3:44. Damn you, Jerry Yang!
Posted by guest, Oct 24, 2008 3:48PM
A reverse crank call?
lmao
SP 879.29
ontherun -
i think it may be painted on - you think he's smoked a few cigs in his day?
I like this page the best for updates (it auto refreshes) :
Markets Data Center Home - Market Data, Indexes, Stock Quotes & More - WSJ.com
[How about the hairpiece on that guy screaming on cnbc? ]
LOL, Reminds me of Marv Albert. Wonder if they share interests.
I'm feeling a link between Lehman, chicago and Citadel (and CDS/derivatives exposure and losses).
See & Feel: In the paranormal and some works of science fiction and fantasy, empathy is described as a paranormal or psychic ability to sense the emotions of others, as opposed to telepathy, which allows one to perceive thoughts as well.
Empathy - Wikipedia, the free encyclopedia
ice crash at the end. 312 and folling
-320 at the close.
CNBS will be spinning this as a positive.
Dammit, I'm hungry. I want some bank failures !
Rally Cap
Yep, Pall Malls
wanted:
shotgun.sawed off
short rope,tall tree
a few cyanide pills
a bottle of valium
a fenceless bridge
Fifth Third Bancorp beat to a pulp!
See: Fifth Third Bank has
signed Buffets, Inc., a restaurant chain with more than 500 U.S. locations
including Old Country Buffet(R), HomeTown Buffet(R), Ryan's(R) and Fire
Mountain(R) brands, to use the Bank's Remote Currency Manager solution.
"Fifth Third Bank's Remote Currency Manager is ahead of the curve in
both technology and processes," said Paul Holovnia, vice president of
finance at Buffets, Inc. "This solution allows us to streamline and
centralize our cash management throughout our 39-state area while receiving
provisional credit for that day's deposits."
There is a quadruple inverted sowcow pattern forming. Sell! Sell!
As a contrarian, this is now officially entered into the terrirory I start to take notice.
Everyone and their pet is now selling. Asian stocks and companies are now like nuclear waste. Even my sister's hairdresser discuss what a relief now that she managed to sell all the stocks she owns this week.
Something doesn't add up.
We're must be very near the mother of all ***** in Asian market. Problem is I have a hard time filling in that ******.
Anyone?
Re: CNBS will be spinning this as a positive.
What about Fox?
anyone else having "issues" with A-trade? Mine hasn't caught up with the EOD yet.
May be that's what I was seeing instead of volume..
Ciao
MS
Capitulation -
please bring your A game next time.
thanks in advance.
there is some amazing buying support at this level of around s&p 890
not sure if it is humans or computers, but it seems that this level is a really tough nut to crack
monta's ankle | 10.24.08 - 3:50 pm
Yeah, about a month ago 1270 was a tough nut to crack, too.
Yahoo finance still frozen, WSJ market data page looks right.
scared_in_pa,
I must admit that some of the emerging markets are starting to look juicy.
BUT with strong indications of a global recession coming and perhaps a deep on I think alot of them have more to fall.
But I agree I'm starting to look at Shanghai, HK, Nikkei. Hell Nikkei as back at it's 25 year low.
[As a contrarian, this is now officially entered into the terrirory I start to take notice]
Oh, maybe after a handful of countries fail, 1/2 of all hedge funds get wiped out and CDS is nationalized it's time to buy...
In testimony Thursday afternoon to the Senate Banking Committee, Lockhart said the conservatorship and the access to credit from the U.S. Treasury provide an explicit guarantee to existing and future debt holders of Fannie Mae and Freddie Mac.
The choice of words an explicit guarantee immediately sent risk premiums tighter on debt securities
The last hour (<a href="http://stockcharts.com/>see here) formed the dreaded Bart Simpson hair reversal - we'll crash Monday for sure
Mouse--this is the last time you get to call bottom.
-312 is the new green.
scared_in_pa writes:
We're must be very near the mother of all ***** in Asian market. Problem is I have a hard time filling in that ******.
Chalk it up to the "Fog of War". Most indicators that have been used over the past decades are all messed up like moving a compass over lodestone, and what information we do have is blurry because of transparency and trust issues.
I spent some time with an economics professor who argued how the Dow would hold onto 8700 because of market fundamentals. Needless to say, they don't mean much either...
The U.S. Treasury Department is closely studying how it could give relief to insurance companies under a $700 billion financial services rescue package, two sources familiar with the deliberations said on Friday.
Free cash for Buffett?
Ken Griffin was on a panel at Asia Society annual meeting last May, hosted by former BS Asia Chairman / ASSC chair Donald Tang. He shared panel space with El-Erian, among others. Claimed at the time there would be "bumpy road" but that things were going to be OK.
"Honored" at the fete was.... Bill Gross. TPG's Bonderman sat with Gross and Tang at the dinner.
I'm thinking all those guys have bricks in their boxers about now.
http://www.asiasocietysocal.org/assets/gallery/2008-annual-gala-dinner
Whatev,
I'm looking for panic selling into Wednesday next week - maybe into Friday. There may also be a "huge news event" that causes a Monday legitimate crash
Check out after hours on QQQQ etc.. A lot lower then EOD.
the graph of dji looks like a cross-section of hell.
Re: dreaded Bart Simpson hair reversal
I'm seeing an inverted head and shoulders which is like a PPT spike with a reality check collapse, followed by a PPT spike.
ontherun -
I was figuring Camels without filters - sounds just like Johny Most who called the Celtics - its uncanny.
Listen to this - could be the guy on cnbc:
johnny most celtics - Google Videos
Persecuted Comrade Anonymouse,
For a long term buy and hold I think some of the overseas markets are starting to look juicy,
China is only about 200 pts from it's pre-bubble price.
Forget India,it's got a long way to fall.
Hang Seng is down 60%++ from it's high.
As negative as I am I'm starting to look at overseas markets as well as oil and resources.
Perhaps after this washout, if we get it next week.
MS writes:
anyone else having "issues" with A-trade? Mine hasn't caught up with the EOD yet.
May be that's what I was seeing instead of volume..
They've been having some funny issues on the volume graphs. I find a refresh (changing the timespan for example) will get the volume back. Then it goes low again.
I don't know when it started but it's annoying.
jeebus cripes, wasnt the 120-odd billion enough?
4:11 p.m.
AIG borrowed $72 bln from Fed's revolving credit facility
Persecuted Comrade Anonymouse writes:
The last hour (see here) formed the dreaded Bart Simpson hair reversal - we'll crash Monday for sure
Persecuted Comrade Anonymouse | Homepage | 10.24.08 - 4:11 pm | #
Where do you get this stuff?
It wasn't a nothingburger, but today's action was fairly anti-climatic.
Friday night news dump up next!
choppy waters!
Gallery View - StockCharts.com
Rally Cap
LMAO
A-mouse,
Awesome TA on the BSHR pattern!
New closing low, but how was the volume?
Pissed off in Cali-are you taking into account the currency fluctuations? Way too much volatility.
ew thread
Bond Girl --
Where do you get this stuff?
I believe Ben Graham covered it in The Intelligent Investor.
Okay, let's review.
All in all, DOW closed down 3.5%. Is that catastrophic? Hmmm. No.
I won't name names, but the doomsday callers weren't right today. Could they redeem themselves next week? Maybe.
The thing about timing the markets is timing the markets. One of these days, if you wait really really long enough, you just might be right.
I'm not waiting in the pumpkin patch for the Great Pumpkin anymore. Life awaits.
I believe Ben Graham covered it in The Intelligent Investor.
funniest. comment. ever.
Non holders of Citadel's notes may participate via a listen-only line: 866.314.4483, 617.213.8049 (international), participant passcode 34833597.
So???
Uncle Ar,
Thanks for that hint!
I guess I'm just trying to diversify my losses right now.
Re: currency I'm a believer that USD will continue to strengthen against most currencies until the debt is flushed.
Hong Kong and Yuan are both pegged so I don't see much risk there.
Yen I agree.
LOL, Nemo
the mother of all tofu?
Outsider,
At this point I prefer to believe that other markets are acting much more rational than the US.
Credit markets and overseas markets are telling me that a major world-wide recession is coming.
US market is saying that we are bottoming now.
I prefer to believe the foreigners, currency traders and debt traders at this point.
"At this point I prefer to believe that other markets are acting much more rational than the US."
Be careful. Some are battlefields between foreign institutional investors and domestic central banks. When a national government decides enough is enough, all bets will be off for that country's markets.
ANECDOTE
Ok so I have a couple of kids that play AYSO soccer. After the game each week a parent brings a snack. During the last few of years, this snack became a goody bag filled with candy and toys cheap plastic stuff from overseas.
This season? Its back to a pack of Oreos and a juice box. Thats got to account for a container or two of the inbound shipping decline.
We are getting into ridiculous situations:
Maybe we're in the process of pricing in an asteriod-hit-asia, or asia-sink-into-the-ocean scenario? Because all the financial ratios seems to indicate that.
This is like the housing bubble all over again -- back then, I feel like I'm the only one insane as every other sane person believes renting is throwing money away. Now I must be the only one insane, because everyone else invest like Asia is going evaporate by 2009.
I think I'm just plain insane.
It's a perfect time to bring those jobs back to the USA. Screw Wal-mart. Screw China.
So much for Free Trade....Lots of money spent on Bangles....Send Bush and Company and Clinton and Company Beads and Bangles for Christmas, and don't forget Snow and Paulson.
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Los Angeles, California
Nice deal, Griffin. OTOH, he's the billionaire, not us.
Confused | 10.24.08 - 3:32 pm | #
Of course he doesnt have to give back any of that 2 + 20 from previous years.
JS writes:
I think that Anonymouses prediction of a catastrophe this weekend in baloney. If he knows about it you can be sure lots of people know about it and the market would be doing something more dramatic right now."
I wish people would just post data, who cares about opinions without data or a half decent argument. Makes the board a really fast ""read"" though, and no temptation to even glance during trading hours.
Wal-mart...$18 billion in imports from China account for 80% of their product, and they sold $351.1 billion last year. That's the biggest f*cking rip off in the history of the world. It probably cost more than $18 billion just to get the product across the Pacific ocean.
Korean stock market plunged for IMF worries.....any possibility?
Bad time for Panama to be expanding the Canal, what with shipping dropping off and the NorthWest passage opening up providing a quicker cheaper route between China and New York.
Panama will be obsolete once everything's transferred from China to Mexico and the trucker's union is finally destroyed. The writing's on the wall...plain and simple.
Deflation baby!
The answer? FXP!!! and the covered calls