Where Are the Buyers?

Thu Nov 20, 2008 10:29am EST 10

Play for a bouce? Just know that there are more shoes to drop in this multi-footed market. Next up are the insurance companies, laden with their ghetto-centric commercial real estate portfolios and related securities.

This destruction of capital and asset base will result in more credit downgrades. I don’t see how companies will be able to raise capital without much pain and consternation. Forget about the debt markets. They’re currently broken and not scheduled for repair.

I spent all day yesterday blowing out of all my long positions, with the exception of stocks like Verizon Communications Inc. [[VZ]] , Wal-Mart Stores, Inc. [[WMT]] , The Procter & Gamble Company [[PG]] , Abbott Laboratories [[ABT]] , Archer Daniels Midland Company [[ADM]] , Entergy Corporation [[ETR]] , FPL Group, Inc. [[FPL]] , NSTAR [[NST]] . It’s called rebalancing, with extreme prejudice. There is no sense in waiting for the inevitable and using the strategy of “hope”.

My sense is that we will test the 2002 lows around 7,200 DJIA. Below that, and we see 6,000 in short (no pun) order.

Currently sitting on 45% cash and 20% munis.

I’m also surprised by the appetite of The Bear, so I also bought a little [[QID]] $91.80 (9:31 ET), [[REW]] $144.09 (9:33 ET) , and [[EEV]] $114.52 (9:33 ET), sprinkled with a little [[SCC]] $185.25 (9:35 ET) for flavor.

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Behold! Yet Another Way to Bank Coin (Or Not)

Tue Nov 18, 2008 7:46pm EST Comments Off on Behold! Yet Another Way to Bank Coin (Or Not)

It figures. “They” had to come out with yet another ETF.

This time, a launch of Northern Trust’s newest member of its NETS exchange-traded fund family, the NETS FTSE CNBC Global 300 Index Fund [[MYG]] , which as its name suggests provides global exposure to 32 developed and emerging markets across the globe. According to NETSetfs.com website the fund will track the largest 15 stocks in each of 18 developed market industry sectors, as well as 30 of the largest emerging market stocks in terms of market capitalization. A prospectus for the fund can be found here.

Northern Trust I know, and FTSE is recognizable, but seriously, CNBC? Why condemn an investment to be affiliated with anything having to do with that gregariously egregious group of sychophants?

As to be expected, market up today, MYG down.

Exactly.

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Sold SDS, SKF, SRS

Tue Nov 18, 2008 4:52pm EST 1

I lifted my hedges today prior to the end of day rally, selling [[SDS]] , @ 106.18 (3:13 ET), [[SKF]] , @ 194.26 (3:13 ET) and [[SRS]] , @ 192.62 (3:15 ET), thus banking coin on these and on my other long positions. Righteousness prevails.

This market has forced me into becoming a semi-scalping day trader of sorts, wielding a bloody tomahawk.

Who knows what will happen tomorrow. Seriously.

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Hedging With SDS, SKF, and SRS

Mon Nov 17, 2008 2:43pm EST 9

With 15% of my cash position, I bought [[SDS]] @ 99.04, [[SKF]] @ 172.74 and [[SRS]] @167.10.

Taking into account how many asshats keep talking about a rally, my guess is that one won’t materialize. Sorry. The rally may be cancelled.

I’m not taking anymore stupid chances, ergo the hedges.

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You Can’t Make This Stuff Up

Sat Nov 15, 2008 3:44pm EST 49

On the questioning Obama’s place of birth…..

This is interesting. Supreme Court Justice Souter has now told Barack Obama to produce the vault copy of his birth certificate by December 1, 2008. Will the messiah will defy the Justices?

Imagine if there is something on that birth certificate that disqualifies Obama from the office of the President. What are you going to do? Start a civil war? There will be blood in the streets if you try to enforce the rule of law. This should have happened before the election. Obama knows it too. Did any one in the DNC even bother to vet P.E. Obama? Did they even care to? My guess is, not. They were to enamored with the idea of having the first black man as President. Problem is, he’s also half-white.

Here is the fraud report first reported at Atlas…..(read)

“If The Supreme Court Decides…?

At this point, Supreme Court Justice David Souter’s Clerk informed Philip J. Berg, the lawyer who brought the case against Obama, that his petition for an injunction to stay the November 4th election was denied, but the Clerk also required the defendants to respond to the Writ of Certiorari (which requires the concurrence of four Justices) by December 1. At that time, Mr. Obama must present to the Court an authentic birth certificate, after which Mr. Berg will respond.

If Obama fails to do that, it is sure to inspire the skepticism of the Justices, who are unaccustomed to being defied. They will have to decide what to do about a president-elect who refuses to prove his natural-born citizenship.

“I can see a unanimous Court (en banc) decertifying the election if Obama refuses to produce his birth certificate,” says Raymond S. Kraft, an attorney and writer. “They cannot do otherwise without abandoning all credibility as guardians of the Constitution. Even the most liberal justices, however loathe they may to do this, still consider themselves guardians of the Constitution. The Court is very jealous of its power – even over presidents, even over presidents-elect.”

Also remember that on December 13, the Electoral College meets to casts its votes. If it has been determined that Mr. Obama is an illegal alien and therefore ineligible to become President of the United States, the Electors will be duty-bound to honor the Constitution.”

Get ready for the next leg down on a market.

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How to Lose Money in 2X ETFs

Fri Nov 14, 2008 3:31pm EST 14

01/04/08

QID $42.40

QLD $88.24

Total: $130.64

06/30/08:

QID $44.83

QLD $73.35

Total: $118.18

11/13/08

QID $71.28

QLD $29.48

Total : $100.76

When you look at the totals, do you notice a trend?

If you hold the 2X ETF’s long enough, like a degenerate, you are guaranteed to lose money. Why? Because due to the nature of percentages gained and lost, they are wasting assets. Egregious.

Just trade ’em.

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