Le Fly, despite the prognostications of Carter Worth, added to some of his positions today, mainly due to an oversold reading by The PPT (2.22). I am cognizant of the fact that trends are meant to be broken. However, for the better half of an entire year, it has made me money, quicker than a whore-pimp relationship in Vegas.
In closing: WHERESMYROOTBEER?
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the clues of a topping process have rarely been this obvious. I even doubt that we’ll see 10500. 10/4
That post should be “lanced”…
from your alleged knowledge of market history and the frequency of such obvious clues, would you care to enlighten those of us left in the dark, regarding exactly what clues you’re talking about, and why they’re so obvious?
hence the “lance”ing
I’ll try for him.
US equity mutual fund managers (the worst market timers in the world) are at their most greedy since July 2007 as evidenced by the very low levels of cash they’re collectively holding as a % of total assets. As of the end of September 2009 cash was 3.8%. Cash as a % of assets at US equity mutual funds bottomed out at 3.5% in July 2007, 3 months before the beginning of the downtrend. Stock mutual fund managers have no more dry powder to burn.
On November 17th both the S&P and the Nasdaq Composite scored a higher high by closing above their respective highs reached at the close on October 19th. However, both the number of new 52 week highs have contracted and the Cumulative Advance/Decline line of both the NYSE and the Nasdaq has made lower highs. Both of which are negative non-confirmations and are evidence of the foundation of this uptrend crumbling.
I think we get one last leg higher into January 2010 to suck in as much dumb money as possible but that will be the beginning of the next downtrend.
fifd
Hey Fly
HF’s link in “the recent comments” box is broken …. is that a pre-Coach indicator?
What’s Obama doing in the rootbeer video?
More reason not to trust anything out of Washington
As the debate over an audit of the Federal Reserve intensifies in the House, one camp is trotting out eight academics that it calls a “political cross section of prominent economists.”
A review of their backgrounds shows they are anything but.
In a letter to the House Financial Services Committee earlier this month, all eight wrote that they support the type of amendment now being introduced by Rep. Mel Watt (D-N.C.). Watt’s approach purports to increase Fed transparency while it actually would tighten restrictions on any audits that could go forward.
But far from a broad cross-section, the “prominent economists” lobbying on behalf of the Watt bill are in fact deeply involved with the Federal Reserve. Seven of the eight are either currently on the Fed’s payroll or have been in the past.
The Fed connections are not outlined in the letter sent around to committee members on Wednesday, but are publicly discernible through a review of their resumes, which are all posted online.
In September, Huffington Post reported that the Federal Reserve has accomplished a soft form of effective control over the field of monetary economics simply by employing — and being the means for career advance — for an overwhelming proportion of the discipline.
Let’s run the traps:
Frederic Mishkin is a former board member, having served from 2006-2008. His career at the Fed stretches back to 1977 and he currently holds two positions: one as a member of the Center for Latin American Economics at the Federal Reserve Bank of Dallas, where he’s been since 1996; and another as an academic consultant to the Federal Reserve Bank of New York, where he’s been since 1997.
Anil K. Kashyap is currently a consultant with the Federal Reserve Bank of Chicago, a position he’s held since 1991. He’s also on the economic advisory panel of the New York branch and was a consultant there in 2003. He was a visiting scholar at the division of monetary affairs at the Board of Governors of in1994, 2001 and 2005 and at the division of international finance in 1997.
Pete Klenow was a visiting scholar at the Federal Reserve Bank of Minneapolis from 1994-1999, 2003-2004, 2006 and again this year. From 2000-2003 he was also a senior economist at that branch. He’s currently a visiting scholar at the Federal Reserve Bank of San Francisco, a position he’s held since 2005. He was a visiting scholar at the Federal Reserve Bank of Kansas City from 2004-2006.
Ricardo J. Caballero was a visiting scholar at Federal Reserve Bank of Boston from 2004-2005 and a visiting scholar at the Federal Reserve Board on multiple occasions.
Robert Hall was a research assistant at the Board of Governors of the Federal Reserve System from 1982-1984 and an economist there from 1988-1991.
Thomas Sargent was an adviser to the Federal Reserve Bank of Minneapolis from 1981 to 1987 and continues to write frequently for Fed-sponsored journals.
Micheal Woodford is currently on the Monetary Policy Advisory Committee of Federal Reserve Bank of New York, a position he’s held since 2004. He’s also listed as a consultant to the research department there dating back to 2005. In the past, he’s been a visiting scholar at the Board of Governors and various regional branches in 1987, 1993-1998 and 2000-present, often at multiple banks in the same year.
That list of economists is anything but unbiased. The conflict of interest is clear, loud, and undeniable.
I was buying today’s lows based on the PPT. Thanks Fly!
http://safehaven.com/article-15054.htm
good article explaining why the real estate crash will continue
Mr. Mortgage’s new site is 2 doors down on the left.
seems my FAS probe got blown out of the sky @ 77 …fuckers
SocGen Analyst: Our Governments Are Insolvent, Gold To $6,300!
The Business Insider ^ | 11/19/09 | Joe Weisenthal
Posted on Thursday, November 19, 2009 5:19:00 PM by FromLori
The gems don’t stop coming from SocGen, which has been advising clients how to play the end of the world, while predicting fresh lows in the market in 2010.
And (duh) they love gold.
Rolfe Winkler: Is gold going to $6,300? Dylan Grice, an analyst with Societe Generale, says it’s possible, given the decline in central bank credibility. But investors need to keep one thing in mind: Gold is merely a vehicle to protect the purchasing power of money.
Gold is surging because investors see that the Federal Reserve — more concerned with deflation and unemployment than sound money — may be trapped in a never-ending cycle of monetary accommodation.
Why a never-ending cycle? Because of this: massive debt.
what happens at 6300?
i hope socgen analysts dick just leaps from his body into a nearby empty trash reciprocal
Duh. I should send those SocGen bastids a bill.
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im sure china will take alaska as payment for what the gooberment owes them ….good bye oil field..justa quick way to pay the bill
ITS TIME FOR NAT GAS TO RISE, BITCHES
Frickin right!!!!
Dell getting ball-batted in AH
as i sit here playn poker on my favorite site and pimpn 5th i ask myself why do i bother with the market ??? im not sure , as i would rather be lied to on a consistent basis by the poker pros than the people on the TV who cant lie worth a dam …with millions of poker players who can read tells ( lies ) who do the tv people think they are fooling?? i for 1 can say watch your heart pound thru jacket when you lie is very funny
It would be “la” bell as the word for bell, cloche, is feminine. For that matter, it is also, “la mouche”, the (la) fly. You shouldn’t use a French article if you don’t know how to use it.
If you’re a chick, your opinion is doubly worthless.
Southerner eh? No doubt one of those South Carolina dog abusers.
That is the trouble with Americans. You rarely know the difference between culture and women.
Fly will lose his ass even BIGGER again tomorrow along with j.
I laugh at Devil Dawg in his meager penury, whilst eating a salami and egg samich and rubbing my belly into the close.
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