Only idiots say: “hey, forget about America, shit is growing fast in India.”
Look you, America still counts, being the wealthiest, most powerful country and all. To ignore the slowdown in America is entirely and unequivocally fucktarded.
What do you think, the world is “decoupled” from us?
I think not.
All you have to do is glance over the shredded balance sheets of foreign banks to understand they have massive exposure to the growth prospects of the U.S.
Should we continue to deteriorate, their banks will suffer egregious losses, causing them to cut back on retarded lending practices. In other words, bucko, the world banking system is screwed, not just ours. When the banks go, so does the underlying economy.
With regards to China-India: I am not impressed. Their double digit inflation will hamstring growth. Don’t take my word for it, look at the best future indicator, their stock markets, for evidence.
Finally, today’s close was plain awful. I endured a slight loss, mainly due to pullbacks in [[FTK]], [[RIG]] and [[PCZ]]. However, my many shorts stemmed most of my losses and reduced them to a ‘nothing to see here’ type of day at the office.
At the present, my top picks are short [[FMBI]], short [[WFSL]] and long [[REW]].
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people display their ignorance when they declare the world economy is decoupled.
you hear me tim seymor?
FMBI “should” be paying a dividend this week. It looks like it has been paid around the 27th or 28th of June for the last couple of years Thoughts on this?
Looks like WFSL is in the same situation.
Hey, “The Fly,”
Thanks, again, for calling attention to MVIS. Had errands to run today, so cut it loose @ $3.10. Perhaps too early, but a nice gain out of nowhere. A better grade of single malt will be raised in your honor.
Oh, and thanks, “Liam.” If the SEC catches you, I promise to get you a subscription to Modern Bride before sentencing, so you can hit the ground running in prison.
Rousing speech! Fly for President 2008.
The US may be the least sucky place to be
Of all the Fast Money people, Tim Seymour bothers me the most. He once admitted (after repeated questioning) that when he refers to something being suitable for investors with a longer time frame, that “longer time frame” is 10 to 15 years. Well hell yeah the whole world will be different in ten to fifteen years and no one will remember then what you said about Tata Motors earlier this year. He should have a big sign on his forehead that blinks yellow and red, saying “Caution!”
So far in Canada we are not feeling it as much as other places due to high oil production in Western Canada….but anyone and I mean anyone doing any business with the US is suffering here right now as much as most American businesses are….the world is as strong as the US is….and thats a fact….in regards to FTK….gonna jump over the balcony soon if this thing doesnt turn around….LOL
From the Elliott Wave lives on:
Satisfying the projected targets of a lower low, near SPX 1300, without exceeding DOW 11,673, the market bottomed. A fairly solid rally followed until about 12:30 when the SPX hit 1325. After that, the market went into a trading range while making a slightly higher high at 1326.
Support for the SPX remains at 1316 and then 1283, with resistance at 1327 and then 1344. Short term momentum was oversold at the lows while putting in a positive RSI divergence. The near term indicators were oversold with positive divergences as well. The daily and weekly indicators are also oversold with positive divergences. Barring one last washout, which has occurred during the other downtrends in this bear market, this downtrend could have bottomed at SPX 1304. The short term wave count looks good, as this 5th Minor wave was shorter than either the 1st or 3rd waves. As long as SPX 1300 holds, and DOW 11,673 holds, we should now expect a new uptrend unfold, lasting a few weeks back to SPX 1383. This would project a 61.8% retracement of this downtrend (1440-1304).
Note the use of “spacing for emphasis” in the above blog post.
Also note, within the brief paragraphs, and intersticing of short and long sentences, again, for impact.
This is an example of “good writing,” and “writing well.”
Some of you PG retards might wish to take note.
(cough! cough! Green’iter!! cough!!)
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Update: AMENDED!! I take the above back, GW actually made a nice Peeg post today that is eminantly readable! I am embarrassed!
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Our boy likes to act “all tough and shit,” but I’m thinking the freak was an English major (or co-major, or at least minor) as a grub/maggot.
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Alan Farley
Click, Click, BANG!
6/24/2008 4:54 PM EDT
Crude oil is setting up for a -very- big move. The US Oil Fund (USO) posted a NR7 inside day on Tuesday, in its 14th session within a tight consolidation pattern.
Obviously this is related to the Fed meeting. I wish Ben could see the chart and the positive effect he might have on the equity markets if he shows a little backbone, tightens rates, and triggers a massive crude selloff.
Sadly, I don’t have much faith, and expect the smart money to be looking for a breakout and dreaded super-spike up and over 150.
Who doesn’t like Monty Python and Star Trek, anyway?
Why not put them together?
Massive crude selloff? The insiders at Valero VLO and maybe some other refiners are betting on that by buying shares. I can only see oil pulling back big if the economy really weakens or speculators become bearish. Many thanks to King Abdullah for the excellent help from his excellency.
Jake Gint,
That was absolutely awesome.
Nice find, JG.
While believing in decoupling of the economic breakdown of the U.S. makes you a complete webcock, I do think that that the decoupling of the “end of the recession” may exist. Meaning, I think it’s fairly likely that foreign countries’ economies will be fine and dandy in a few years, whereas the U.S. is royally fucked for a lot longer.
Have a look at this chart. Absolutely unusual, especially the black cross-over which never happened before:
http://www.kitco.com/charts/pd_leaserates.html
Discussions here:
http://seekingalpha.com/article/81291-recent-world-events-are-bullish-for-metals
I don’t want to hear any more ot this weak dollar bullshit. What’s good for the dollar is good for the muthafuckin’ world, god dammit. And you can take that to the bank, if it’s still in business when you get there.