AAPL of My Eye

AAPL is in la-la land, trading within a narrow range. Therefore, I’m looking for a break one way or the other. Yeah, I’m trading short-term for want of better things to do.

I will go long on a break above 91, or a pullback to 88.90 that holds. Otherwise, I’d initiate a short position below 88.10.

Anywhere in between is no-man’s land. Avoid the churn and just sit and watch.

That is all. Carry on.

Look you stupid Republicans. I won the election. I’m in charge now because I’m better than you. Therefore, what I say goes. I’m the Prez now. If I want to give away $200 million in free “rubbers” and shit to copulating reprobates, so what? We’re trying to stimulate the economy here. Don’t you get it?

See, I just appointed a tax cheat to head the Treasury and oversee the IRS, that’s my decision. Rest assured, he’ll crack down on people who try to avoid paying taxes. To catch a thief, it helps to be a thief. Comprende?

You think Bush is the “decider”? I am the super-anointed decider, with a friggin neatly barbered afro to boot. There’s no comparison between me and Bush. He’s just a redneck cracker. I’m hot, and he’s not.

And if you think I’m going to put up with all the divisiveness and negativity, think again. I have zero tolerance for those who would oppose my decrees. If you disagree with me, tough shit buddy. I (and my adoring underlings) rule now.

Finally, I spit on the U.S. media. My first TV interview from the White House has been on Arab television. So there. I also plan to make Taboule and barbequed goat a staple at dinner tables across the U.S.

I have astonishing ambition. Change has come.

Short term/ day trade.

Just couldn’t stand it anymore.

Buy stop is at 79.75

The Dow made a valiant effort to rally this morning, but stopped short (no pun). At this point, I’m expecting the shorts to stomp it down at 8,144.

The S&P needs to hold 840, or it’s subject to a similar fate.

That is all.

Unbeknownst to you legions of stock jockeys, contango has narrowed on crude. In addition, on a technical basis it appears that the 5, 10 and 20 DMAs are in the process of being breached by current crude oil prices, which is a major development towards breaking the long term downtrend in crude oil. Those two conditions, contango narrowing and a break of the long term trend line, would set the stage for getting bullish on oil.

This, of course, flies in the face of the recent inventory numbers, that showed that supplies of crude oil rose 6.1 million barrels to 332.7 million last week, the highest since August 2007. When you add in distillate inventories rising 800k and gasoline inventories up 6.5 million barrels, inventories rose by 13.4 million barrels. Also, DOE reported that refinery operating rates declined from 85.5% to 83.3%. So, where is the bullish case, here?

However, look at oil prices today. How do you explain the rise, other than that the OPEC asshats are cutting production like a scimatar going through blocks of tofu. (Bad example, but you get the point).

That is all. I’m busy today messing around with my stupid hedges, and gold.

After a respite yesterday, the market is gettng merc’d today, much to the chagrin of the hopeful bulls. There is just too much weight and momentum backing the Bearish Camp (as opposed to the “Bullish Camp”, aka  “Camp Stupid”).

Housing starts fell 16 percent last month to an annual rate of 550,000 that was less than forecast and the lowest since the government started compiling statistics almost 50 years ago, a Commerce Department report showed. Initial jobless claims increased by 62,000 to 589,000, more than forecast, in the week ended Jan. 17, from a revised 527,000 the prior week, according to a Labor Department report.

We also have credit risk increasing by leaps and bounds, not only in the private sector, but also the public sector. You think some people are worried? “Bank bailout plans in the U.S. and the U.K. are leading investors to buy contracts that provide insurance on the debt of the two nations”, said Hideo Shimomura, chief fund investor at Mitsubishi UFJ Asset Management Co. in Tokyo.

According to Bloomberg, CDS on five-year U.S. govt. securities climbed to 60 basis points, the highest level since they started tracking the data. That means an investor would need to pay a record $60,000 to protect $10 million of debt. For the U.K., the contract rose to 1.47 percentage points, the most ever, from 1.07 percentage points at the start of the year, according to data compiled by Bloomberg. People are betting, and upping the ante, that the US and the UK may default on their debt now. No big deal. The US govt can just keep printing money and bailout the economy as they go their merry way, right?

It’s all about to come down this year. This stupid bailout mentality is going to drag the whole system down. Get ready to get poorer because socialism is just a few Executive Orders away.

Hideous.