Wild Thing
This is brutal.
I feel as if I'm at a ballgame. Fireworks are planned to start as soon as the game ends and the kids won't leave until they see them. We've been here so long that I don't even care about the game anymore, I just want it to end. But the problem is, the game isn't ending as quickly as I'd like. The home team took the lead in the eighth but now the visitors have tied it in the top of the ninth and as we head into extra innings, the kids are getting restless and the parents are getting bored and cranky. Beer sales ended an hour ago and no one is happy. When will it end? Hopefully, soon! But in a game with no time clock, it's always hard to say with certainty. Sometime soon, though, the game will end and the home team will emerge victorious. Of this, I am certain. We simply need to retake the lead and bring in our closer.
For today, though, nothing has changed so here we sit, grinnin and groanin...
Just a couple of other things to start your week. First, read this article. It's written by Henry Blodget who should be selling cars in Duluth after what he did and the bullshit "analysis" he wrote back in the late 1990s. Blodget was a top "internet analyst" back in the day and was all gung ho for stocks like Worldcom and eToys. Whatever. In America, you simply move on and hope people forget. See Bill Clinton or Al Dunlap. More recently, see Dick Fuld, John Thain, Jimmy Cayne or Jon Corzine. That said, in this article Blodget writes about the common underwriting practice of "greenshoe" whereby the IPO underwriter has the luxury of printing stock to either participate directly if a deal is "hot" or put on a risk-limited short if the deal sucks. As you know, Facebook sucked and the underwriters utilized their greenshoe to profit handsomely regardless.
http://www.businessinsider.com/facebooks-bankers-shorting-facebooks-stock-2012-8
And, in closing, another movie clip. I stumbled across this one over the weekend and thought I'd include it this morning. From 16 years ago but certainly spot on still today.
Have a great day.
TF
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Comments
Actaully
The roman numeral for 1000 is M. It is that M that I am using.
I have used M and not K for my entire career. Used to be standard parlance in the financial world.
SWAG
Three outta four ain't bad.
But the Chilean stuff is swiftly going down the hatch.
[Just had an idea for taking the spices out of mulled wine and replacing them with colloidal silver. Do you think it could be a hit? Or then again maybe retsina is ripe for a metallic makeover. Just what did it contribute to the Greek balance of payments anyway?]
Nice follow-up...
The fact that after the initial spike up, rather than immediately starting to drift down, we now have a continuation move up is a good sign. Let's see if we can close above $29 today :)
@ TF-This is almost too much
Damn TF, you're "on the ball" as usual. I was just getting ready to post this story:)
Rickards Road Map
http://www.usnews.com/opinion/blogs/economic-intelligence/2012/08/20/how-china-is-driving-federal-reserve-policy
Excerpt:
"So look for the following sequence of events. On August 31, the Fed will give strong indications that more quantitative easing should be expected if economic conditions do not show substantial improvement. On September 6, expect the European Central Bank to lower its main lending rate by 25 basis points to 0.50 percent. Then on September 7 look for an employment report weaker than consensus estimates due partly to quirks in seasonal adjustments. This will give the Fed economic justification and political cover for the start of a new quantitative easing program on September 13. This double-dose of ECB and Fed ease should give stock markets a lift through the fall at least until the twin dangers of the fiscal cliff and war with Iran stare investors in the face later this year."
@ johnboatcat
BATS, it's what for dinner tonight!
Bacon
Avocado
Tomato
Sandwiches
with mayo
YUMMM
--------
Bacon Wrapped smokies
Cut bacon strips in 1/3s or 1/4s
Wrap raw bacon around smokies, secure with toothpick.
Place in oven safe dish, liberally sprinkle with brown sugar. Bake 350 to 375 about 45 to 60 minutes.
---------
BLT Dip
Equal amounts of:
Crisp chopped bacon, almost power fine chop.
Tomatoes, peeled, seeded, finely chopped and drained in sieve for 1 hour.
Mayonnaise, REAL mayo, not miracle whip, not salad dressing.
Sour cream.
Mix all ingredients in bowl. Refrigerate. Serve with toast points.
Great on baked potatoes too or use as a spread on any sandwich.
Enjoy!
The Battle Royale II
Should be interesting to see how it plays out. I can't wait to read Ranting Andy later, he should have some pretty good comments!
Actually - TF
Still is.
29K=29M
In French, 29,000 = 29M (for mille)
I didn't know Turd was a closet Frenchman, but that little slip was a big giveaway.
edit: oops, just saw Turd's response. Sooooooo, an Italian then.
Ciao baby
M K I have seen both over the 43 years
I have been in business
nothing surprises me or phases me-different schools, different work experience,
Hermosa Beach CA pays meter maids 100k plus benefits--Mayor says in order to preserve Union Jobs.
Meanwhile Laguna Beach outsources the function for much less cost including profit for the outsourcing company.
go figure.
@ Gold Buffalo
Good stuff! Say what you will about Rickards, he has been pretty much spot on in his monetary analysis.
People Are Going to Suffer on a Biblical Scale
http://usawatchdog.com/greg-mannarino-people-are-going-to-suffer-on-a-bi...
People Are Going to Suffer on a Biblical Scale
Greg Mannarino is a former Bear Stearns floor trader in the mid 1990’s. He has written seven books on the ongoing financial crisis. His latest is called “The Politics of Money.” Mannarino is a rising star on the internet for his YouTube commentaries. He says, “The global debt bubble is the biggest in all of mankind, and every single one has burst in the past.” He thinks what has been going on since the 2008 financial meltdown, “Is theft on a scale that is unimaginable.” When this debt bubble bursts, Mannarino thinks, “People are going to suffer on a Biblical scale. . . . People are not going to be able to acquire basic resources.”
He predicts, “I am certain we are going to see violent crime erupt on a global level.” Mannarino shucked it all to go to medical school, and today he is a practicing physician’s assistant. He’s back on the internet to warn people of what he sees coming in the not-so-distant future. Join Greg Hunter as he goes One-on-One with Greg Mannarino
The Age of the Chartists
We were in the 18.20s. Now the 18.32 Reform Act is more or less a done deal. Bring on the Year of Revolutions!
Gold is little more than buoyant whereas silver is racing ahead. Obviously pessimism is left behind and a new era of industrial prosperity beckons (in BAU World). Stop making sense.
$1650 & $30
I think it would be huge at this point if they both closed at those levels on Friday and didn't sell off on a Sunday night and actually continued into London/NY to start the week off.
Of course though, anything out of Jackson Hole one way or another could blow it all out the water. I like what I see right now and its a whole lot better to see it going up then falling backwards. :-)
I don't see $1500 or $25 anytime soon. If it does, it won't be for long imho.
Used to be standard parlance in the financial world.
yeah, cut him some slack.
also, apparently those wascally financiers spell actually kinda different too.
Timing isn't right !!
I don't think QE will be coming before the election Obama seems to be holding his ground against that Romeny chump last thing he wants is to give him ammo . For the moment Obama can control what is released to the public so he will paint a rosey picture but after his win ( thats right his win Qe will be released) . So be careful of the setup !!!
Just my opinion
Regards
@ clueless one
What an adorable little one!
Thank you for the smile, things have been very difficult lately, I lost my momma not to long ago and well sometimes it hurts so bad it's hard to breath.
Mamma knew what was coming too and we talked about it often....if not daily....
Gave way to my beginner
Gave way to my beginner trading skills and added 600 Oz. Now I have 1000 Oz at 28,74 average. I lost patience waiting. The dip in GSR convinced me next dip should not knock me out if it comes. Still have some dry powder left..
Long on Au & Ag for sure
Well here's the spike...
...congrats to everyone who made money today. Me, I'm staying out till I hear Bernanke say the words. If that means I miss the front run, so be it.
O_O
Been following Turd for years
Been following Turd for years and never seen him, or anyone else, use M to mean "thousand". It isn't important, only the clarification that the horse shoer is important, to keep the level of outrage in check.
I personally could care less if some newly third world city wants to throw money down the union toilet. The scale of that crime pales in comparison to the crimes that are being committed by the Fed every day. Scales are important, especially given the fact that human beings don't really have a good sense of scale. Eddie Izzard pointed this out:
Similarly, there was a study some time back about the amount of money people would be willing to pay to save a single bird from an oil spill, ten birds from an oil spill, and a hundred birds from an oil spill. As I recall, those numbers were something like $10, $28, and $26 respectively. This is bug in human cognition. We can visualize a single bird, flopping around in oil, and it gets to us. But a hundred? Or a thousand? Can't see it. Similarly, we can see a single person causing greater than a $50,000 tax drain and get outraged, but the outrage isn't much less than when a banker steals $50,000,000,000. And that amount of outrage is about the same as the outrage we have at the concept of a $1,500,000,000,000,000 derivative bomb.
This is not a jab at Turd, but simply an attempt to get people to recognize a problem with human thought processes, and to account for that when they make decisions. This helps to prevent the mass media from distracting you with petty little things.
M vs K
I used to get tripped up when I saw numbers like $29M thinking it’s $29 Million , but that’s because I’m thinking in computer tech mode of “K” for thousands and “M” for millions etc.
Just think of what the context is when you see “M” and whether it’s intended as a Roman Numeral and then it makes sense.
Mining stocks
Miners appear to be under heavy pressure today, relative to gold & especially silver.
From my limited perspective, the pressure seems to be heavy short selling. One might be forgiven for thinking that stocks option expiry was this week, instead of last week, as key round number $ levels are being contested.
Makes me very worried about silver & gold being "allowed" to maintain near these levels into Friday.
Lurkers
It's been awhile since I've seen some long time names/avatars on here.
So whether it's the sideways grind in the markets, boredom or nothing to really say I'll just throw a 'Hello, is there anybody out there?" to all the you quiet and thoughtful Turdites. I can't be the only one wondering if some of you are ok.
Hope to hear from some of you soon
"m" v. "k"
there are several styles of notation. those with a scientific background are likely to use "k" for a thousand, also those from cultures that have a long tradition with the metric system ("k" for kilo = 1000 in ancient greek).
traditional american/brit usage is "m" for thousand and "mm" for million. (mille = 1000 in latin. the roman mile was a thousand paces march for a legion).
some use "thou" and "mil."
some spell it out in letters, some use arabic numbers. (1,000 - 1,000,000) europeans use commas and periods reversed from american/brit usage.
some use powers of ten.
life isn't simple, neither are people. that's part of what keeps it interesting
No beatings today
Of Course Banks and Financial Institutions Are NOT Limited
http://beforeitsnews.com/science-and-technology/2012/08/indian-governmen...
Indian Government Imposes 5 SMS Per Day Limit For The Next 15 Days
In a very insane move by the Indian Government, a limit of 5 sms per day has been imposed on GSM and CDMA mobile users of India. From August 18, 2012, mobile users can send only 5 sms per day to the maximum after which the messages don’t get delivered with a prompt indication from the mobile operator.
The move was made by TRAI (Telecom Regulatory Authority of India) to curb the spread of rumors which was meant to spread fear and to vacate North Eastern Indian’s from certain states. Home Ministry said that the rumors led to the flee of North East Indian’s from states like Andhra Pradesh, Karnataka and Maharashtra and hence the move was necessary. The rumor SMSs contained misleading information related to Assam Violence
The restriction does not apply on the transaction SMS related to Banking, Financial Institutions and Railway alerts.
M & K
In the manufacturing and engineering world:
C = 100
M = 1000
MM = 1000000
K is simply not used.
K is slang for 1000, such as like "bill" or "Benjamin" = 100
We can probably drop the M v.
We can probably drop the M v. K v. MM debate any moment now.