Keep in mind, 41 states have budget shortfalls. Due to the poor economy, all have been forced to cut spending and raise taxes, some more than others. Here is the rub: more than 50% of states have already assumed that the Federal government will extend their assistance programs into 2011 and have accounted for it in their spasticly retarded 2011 budgets. ROFL. However, with Tea Party people going bananas and public opinion vehemently against bailouts, it will be a difficult, but entirely necessary, bill to extend.
The market will view this as a possible negative, as 2011 approaches, especially if the GOP picks up seats. I know that is like “1,000 years from now,” but remember the answers, for you will never know the questions.
Look, I am 100% convinced this market is set to move 10% inside of 3 short months. You need to keep your eyes on the TLT, GLD, FXY, USO, UNG and all of the basic resource stocks, daily, to get a feel.
The only reason why this market is not down 150 today is because of strength in the banks. The European “stress tests” were a great success, in that the share prices are ripping higher. Look at BCS, UBS and RBS for proof. It really is a fucking joke to report the stress tests were a success. I mean, who the fuck are they kidding? It’s not like they were going to say “OMG, holy shit steaks, our banks are Le done. Bye Bye.” Fuck those Euro losers.
Personally, I prefer the American loser, for he is fatter and much more jaded.
Get ready to lose your teeth. The market is into punching out punks (no idea where that came from. 10,000 apologies).
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Dow 9k.
Le Done
Gold Jerry.
FIG Baby FIG
What time frame do people start taking gains to avoid the tax enema coming jan 1 2011.
that is weird: cramer ad on this site. that gives me the willies… i will not press on the link but i do kind of wonder where it takes you; can only imagine it is someplace ugly.
we need a state or two to go broke and we need to raise taxes. we have all (not me) lived in ‘buy now pay later’ la la land for too long.
We need to cut spending to the dry bones.
And then leave those bones out in the sun to bake for three days.
Then we can figure out what our tax situation needs to be.
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“We need to cut spending to the dry bones.”
Except for spending on random wars with brown people, eh Jake?
Why are you such a racist, Purdy?
Do you think “brown people” are less dangerous as enemies than the more traditional white Russians or Germans whose uniforms you so admire?
Here’s what I’ve got for you, comrade: Providing for the national defense is actually written into the Founding Document.
Good reading, you ought to take a crack at it one of these days.
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48 states can all use a little Chris Christie (there’s plenty of him to go around)
And that’s hard for me to stomach (pun intended) since I hate New Jersey…
Chris Christie is great – I’m just afraid he might have a coronary one day with a Big Mac in his mouth…if he makes it to 2012 it would be a great election – fat white people against skinny black people.
I say a stroke, a Philly Cheese-steak in one hand and Chalupa Supreme in his mouth…imagine the controversy.
We’re lucky that it’s a fat white guy? Because if it was a fat white chick she would really get “fucked”.
Exit 38 here.
Garden State Parkway for all you ” don’t know Jersey” readers!
EU stress test was a joke, when you take a look at the parameters used.
But here’s a funny thing. Almost all of the banks passed and public opinion will probably be vastly against any further bailouts needed – that might actually be veryyy bearish for the markets, with everyone and their dogs against EU QE 2.0.
Wow, every post a masterpiece.
I am the Picasso of this blog game.
You should buy a Picasso, Fly. The paintings hold value better than that archaic gold metal.
Basil Marceux will give you all the stimulus you need.
He is certainly pro the grass-planting industry
I’m taking the advice of wiser heads, and getting ready to follow the market, rather than try to guess its next move (since everyone agrees the next move will be a big one!). Little long, little short, 80% cash… Let the market melt (up/down) begin!
However some of those “Euro losers” are fun to watch as they walk around Disney World.
With their fanny packs, mouse ears, plaid bermuda shorts,black socks, and tank tops exposing their pasty white skin all the while eating a giant smoked turkey leg.
Makes for a good show.
I was watching that euro rally of the banks last night…USB reported earnings last night that made europe so hot for it. …for all the other stuff, I see it, I just have to put up with these rallies on our way down.
“… I am 100% convinced this market is set to move 10% inside of 3 short months.”
Is that UP, DOWN or UNKNOWN?
I think the next unemployment number will do the trick. Oblablabla don’t expect any improvement in 2010, 2011, 2012, 2013……… . 4 trillion dollars missing in mortgage value to secure mortgage liability. The great Ponzi banks makes Maddof look like Mikey Mouse no offense to a great mouse. It will take 10-12 years for home prices to get back to 2007 levels. Recessions comes every 4 years. next one due 2012. There is not enough time to inflate the next bubble before we have to blow it up again.
Bought TZA @ 29.81 and EDZ today @ 35.51. Follow the Fly. Thanks
I hope Maria on CNBC asks the new CEO for BP where she can get some good cheese grits and Crawfish, but I doubt it (she probably doen’t know what it is).
It’s funny, this Doodle/Dudley got so used to being a king in a typical Inc. owned by many minorities, and thus uncontrollable, that he had a culture shock when Russian oligarchs who were owners of TNK-BP demanded accountability from him. What!? Work?? Can imagine what kind of work he’ll do here… Still makes me laugh.
This market is so fucked up! One week it’s all gloom and we’re headed into the shitter with the turbo on, and a week later everything is great and the market is sucking it’s own cock again. I think last week’s Bernanke-wank was quite telling…fucker just said “unusual” and the market tanked 3% instantly. It won’t take much to send sheeple screaming for the exits again, shitting their pants on the way. I’m heavy on the PUTS and waiting on the COIN.
And it is just this unraveling from your disbelieving dour sentiment levels that will keep us in the green til November.
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Well apparently the consumer lack-of-confidence number agrees with me…see today’s worse than expected 50.4 number. It’s all about the (lack of) jobs. No jobs = no money = no spending = no growth. After this bullshit earnings season is over, with all it’s charades from companies “crushing” estimates that were previously revised to floor level, what will be the catalyst for a move higher? MA200 is the SPX short-term ceiling, then down we go.
Can’t believe this market is staying neutral/positive….who in the flying F is buying this.
Robots.
Have you ever seen the show 24? Jack Bauer explains perfectly. Says something like, “I need cover fire, shoot slowly, space out your shots and just shoot to keep the (opponent) defensive) I’m going to get in better position to make my move”.
All this is, is cover fire. The bulls are providing cover, driving prices higher with low volume. This way their partner can get in position to short with the intent to go for the kill at higher prices.
Bears use CNBC for cover fire in a down market as the retail investors get long. Or in up markets, the markets spread fear for “cover fire” so retail investors can provide cover fire by selling out of fear.
Then again, bulls might argue that they’re keeping the bears out of the way so that they go for the bait and try to mount a high volume counter attack and it’s only then when the bulls come in with the heavy artiliary, thus trapping the bears, akin to jack bauer surrendering in order to lead his team right into where they need to be.
then agin, I’ve been watching too much 24, curtosy of netflix, so maybe this doesn’t make sense to anyone, lol!
Virginia finished in the black, with a surplus of 440 million.
No diff between Dems and Reps, though Wood.
Remember that.
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I’m not sure that Virginia is the best example of that.
so does n Dakota and Wyoming.
We have Winchesters to discourage the spendthrifts out here.
Bad mgmt …now VA taxpayers will end-up paying for the excesses of other states without having themselves enjoyed the party.
Ummm, Virginia taxpayers are enjoying the benefits of being located next to Washington D.C. and feeding on the Federal tax dollars that are sent their from the other states. I’m not taking issue with the bad management statement.
Off to drive on some roads repaved with “stimulus”.
Yeah, about 8% of the stim money is going to that.
You would think it was 98% considering all those ridiculous back-patting signs they’ve got up.
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Gotta run up a lil more, tommorrow. Then we can really PB
Problem is WE already saw a shitty Unemployment #…WAY over expectations and we Viagraited North with a surging throb-master..
Explurts sat araound rubbing heads trying to figure out why they were cross-eyed.
Markets were down across the Globe early on and then we hit China…up up and screwed our shorts off
and thats the missing-link
China-driver…from that moment we were going up and stayed up regardless if everyone was collecting pop bottles on the side of the road for pocket change or not.
Our Chauffeur is barely tall enough to see over the steering wheel…but the little prick has a lead foot and a white-knuckle death grip on the wheel
At least thats what my imported-Wal-Martesque-Crystal-Balls said
This market is one big Fushigi Ball.
If the market runs up tomorrow consider it a gift and an opportunity to short more or buy more TZA and EDZ . The higher it goes the more I love my shorts.
I gonna sic my pit on that bootie, yall.
In da VXX to deh.
5% IN EDZ
10% IN TZA
85% IN CASH
there seems to be alot of jawing going on concerning euro banks ..so i tender my opinion to you..
they are not like us and were not like us during this debacle ..the U.S. govt sold alot of their gold stock pile in the 80s to the likes of me in the form of coins…a fella would have to ask did the other countries do the same ??
no they did not..some a small amt..so what did they do with it ??? they did what they were supposed to do, sell it to the doom and gloomers at high prices to raise cash to hand out..
they raised the cash and things seem just lovely , which will bring gold prices down …the world banks will rebuy it then and the process will start all over again…how low ? i have a rough idea …when ? they have all the time in the world,and you dont
Monsieur Fly,
Could you post some country western videos for me and Woodsheder?
http://www.youtube.com/watch?v=0ylRplLnU84&NR=1
Best Country songs ever
So funny. Needed that. Thanks for sharing.
Mr fly, dont you know resource etfs are subject to contango? Watch the futures, not the etf 😉
One of them, (d)UNG bears no resemblance to the price of NG.
Buy the banks! (or we’ll fucking kill you!)
De Fly I have been a concrete contractor for the past 26 years , college educated and certainly not as smart as you but I feel you don’t know the half of what is coming. So for you and the stream consider what I am seeing if you will .
I am in a heavily saturated military area ( hampton , VA ) and have seen terrible construction data constantly over the past years .As recently as two weeks ago my local builder’s exchange reported bid results for the previous week ( what I call the funny papers ) and the information contained within was both staggering and desparaging for the future . Seven results for ” stimulus projects in Site work ( my line of work sitework is road construction , utilities sidewalks and pavements by the way ) resulted in the low bidder ” buying the job” at an average discount of 25.9 % less than the second bid . This is not bidding but is in fact buying work at , let’s see , with no profit , no overhead , no equipment costs and in fact some ” feeling ” they can in fact keep their company alive by such actions . The reality is ( and their banker would tell them if they asked ) , is they in fact have a plan to fail and not a business plan . As a banker would you lend money against a plan to fail ? Recently on the TV I saw the head of BAC say the exact same thing and he said he would not make those ill advised loans ! I am here because over 2.5 years ago I saw the writing on the wall and knew I would have troubles going forward with my buisiness . I don’t even want to sell out to any one because I know there is no future in an industry which is predominately controled by persons which ” feel ” things will be better when the facts staring them in the face do not confirm this . Please note the unemployment rate for the Hampton Roads region is +/- 7.1 % . So going forward I have already sold my bull dozer and a roller to others , I didn’t need this equipment any more but already miss the chance to flatten someone elses house ( Very powerful to own a dozer ) and all of the proceeds were spent before the end of march . I intend to daytrade for a living from here forward and will need others help to do so, I have employed as many as 15 people in the past and just know there is no future in construction or any other reputable activity
Dan, i also second what the others have noted.its not what you think. i to have a handyman business for a long time, and now all the sudden, everybody wants to be a handyman. and the worst thing, they all want to use the name of my company,try fighting stupid idiot fuckfaces that think they can do so,all because they think they are a corporation, or an S corp. this truly is a craft,and i’ll use “a plumber”, as the example,only because a plumber has the longest apprentice ship of any craft. but it goes beyond the apprentice stage, you need to get some expirence behind what you’ll learn. the more you do it,the easier the learning becomes,stay committed and you’ll get there,i started this over 4 1/2 yrs ago. i have another 14 yrs till i can, by gubment rules,retire. see where i’m going with this, who knows,if i’m still alive,i’ll daytrade my ass off. i started out trading options,cause i had a 70 yr. old woman mentor me,she handicaps the ibd,and has done so for 35 yrs plus.and still calls all her orders in and wont use the computer.and yea, you’ll lose some coin,it just goes that way. maybe you can speed up your learning process and jump on the PPT,or the power dip system here at the site. good luck…….its a bitch out there,especially in the construction biz.people that know absolutely nothing are bidding on jobs that they, for the most part, cant execute,but idiots shop price,not quality
Dan- don’t plan on daytrading for a living, unless you intend to nearly starve until you learn how to do it, or give up trying.
(unless you have a few years of living expenses ready in addition to your trading capital)
I second that.
Do not daytrade unless the following conditions are met: wife has a good job, kids are older and college and weddings are paid for, retirement is almost funded, and expect to lose money for several years and perhaps never make it.
If you still want to daytrade limit the trades (no overtrading) by going into only the best setups and initially follow a select group of stocks so you know how they react (and thus maybe an edge).
And most importantly keep your costs low by trading with Lightspeed or Interactive Brokers (unless you go prop and they want you to trade like a maniac in terms of volume). Use their per share basis commission (about .50 per 100 shares including ECN fees) as you start out.
There is plenty more but I am sure you will discover this on your own.
Oh yeah- one more thing don’t sign up for any of those BS trading classes. If those people knew what they were doing they wouldn’t be giving away their plans.
Dan….my $0.02—-
Don’t believe the bullshit ads on radio or TV. Trading is not easy. It takes time, dedication and discipline—plus a certain temperment and the humility to admit mistakes and change your thinking or approach.
It also takes capital—lots of it, because as anyone will tell you who has been doing this for a while, you WILL lose money. Plan on it. TC’s comments are spot on.
When people talk about spending a minimum of 10,000 hours to master a skill, they ain’t lying.
That said, if you consider yourself a capitalist, it’s one of the best businesses to be in , imo.
Weigh your decisions carefully, and go for it if it makes sense for you.
Thanks dan
Le Fly is Le Blogger of the Decade (the fact that he hasn’t been blogging for an entire decade is irrelevant).
Decade’s not over, yet, so no worries.
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