Marking Time

333
Wed, Oct 24, 2012 - 10:13am

While we await word from The Bernank and his Goons, here's some stuff to help you pass the time.

As you likely know, there's an FOMC Meeting going on. It wraps up later today and The Bernank will then issue his "Fedlines" at 2:15 EDT. What will they say? Will there be something contained therein that initiates a short-covering rally? We'll see...

In the meantime, here's some stuff to keep you amused. First, I was interviewed twice yesterday and both links are below. Though I'm still just a dope with a Macbook, there might be a few nuggets in here worth noting. The first interview was with Jason Burack of https://www.wallstformainst.com/. It's about a half hour in length.

Turd Ferguson of TF Metals Report- Gold & Silver Correction Almost Over Big Move Coming In 2013

Then, last evening, Rahul at https://www.altinvestors.com/ spoke with The Doc and I again.

Video unavailable

Lastly, I've posted a few links from "Trader Garrett" before and here's another. In this post, Garrett sees many of the same things we see here and projects some optimism for the days and weeks ahead.

https://marketpendulum.blogspot.com/

That's all for now. I'll be back with an update after the Fedlines.

TF

2:30 pm EDT UPDATE:

<yawn>

I could recap the Fed non-news but why bother? Instead, here's something fun. From my pal "Big Red" in Virginia, "Prepper Rock"!!

EXCLUSIVE 'Gettin' Down on the Mountain' by Corb Lund

About the Author

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turd [at] tfmetalsreport [dot] com ()

  333 Comments

¤
Oct 24, 2012 - 11:54am

True or false?

U.S. May Soon Become World's Top Oil Producer

By The Associated Press

Posted 6:25PM 10/23/12

By JONATHAN FAHEY, AP Energy Writer

NEW YORK (AP) - U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer.

Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951.


The boom has surprised even the experts.

"Five years ago, if I or anyone had predicted today's production growth, people would have thought we were crazy," says Jim Burkhard, head of oil markets research at IHS CERA, an energy consulting firm.

The Energy Department forecasts that U.S. production of crude and other liquid hydrocarbons, which includes biofuels, will average 11.4 million barrels per day next year. That would be a record for the U.S. and just below Saudi Arabia's output of 11.6 million barrels. Citibank (C) forecasts U.S. production could reach 13 million to 15 million barrels per day by 2020, helping to make North America "the new Middle East."

The last year the U.S. was the world's largest producer was 2002, after the Saudis drastically cut production because of low oil prices in the aftermath of 9/11. Since then, the Saudis and the Russians have been the world leaders.

The United States will still need to import lots of oil in the years ahead. Americans use 18.7 million barrels per day. But thanks to the growth in domestic production and the improving fuel efficiency of the nation's cars and trucks, imports could fall by half by the end of the decade....


https://www.dailyfinance.com/2012/10/23/u-s-may-soon-become-worlds-top-o...

Oct 24, 2012 - 11:56am

From "Before It's News"

Anybody got any ideas on this?

Video unavailable
Groaner
Oct 24, 2012 - 11:56am

for the crooks to do what they did all morning

I think the coming Bernank announcement will move the metals up.. they went to a lot of trouble and naked shorts to keep the metals in check for a reason

prius_driver ¤
Oct 24, 2012 - 11:57am

US produces approx 6M of

US produces approx 6M of crude and another 5M of "liquids" which come from NG drilling. The article compares the US crude + liquids against the Saudi crude only number.

Irish-Mic
Oct 24, 2012 - 11:57am

Dunno about you but

Dunno about you but this action heading into today's Bernanke Dance has me feeling better about near term action. If we were heading up into the Dance I'd be more nervous, as bad as the current action sucks. So many variables at play right now but I keep coming back to the elections, and the stock market. If Bernank doesn't do anything more than what he did last time around - the mathematical impossibility of coming up with something greater than infinity aside - the market will shit the bed. In that sense, doing nothing new right now on the eve of elections would be pretty bold.

We'll know soon enough. Bought some more of both kinds of shiny a few minutes ago, falling knives notwithstanding.

Cheers.

SilverSurfers TF
Oct 24, 2012 - 11:58am

Rolled Over

We had the 34/35 band on the upside, now we got 32 - 31/50 band on the down side, but, it seems that that the down momentum is easing a bit, indicating some wabble in here for awhile ... what do I know? just retouched yesterdays 31.55 chart bottom, bounce off 31.64

31 has allot of support, so, 31 and 1686 the lows for the this move?

stingbee30
Oct 24, 2012 - 11:59am

Re: The "Washout"/Double bottom

This little drop with not much volume pretty much indicates that we might have reached that area of capitulation for the correction. The Paper shorts have to cover before the FOMC meeting press release....

So, the area of $31.50 has been a very solid support...They have tried 3 times to go below that area....If you are planning to buy, this might be the time to buy....I expect we will make a run towards $32.00+ by the close of the session...We could see further action in Globex....My target for today is around $32.20-$32.30...Good luck...

Irish-Mic
Oct 24, 2012 - 12:01pm

Dunno about you but

double post, it seems. apologies.

Groaner
Oct 24, 2012 - 12:03pm
Magpie
Oct 24, 2012 - 12:05pm

ObamaCare v. women

https://www.nypost.com/p/news/opinion/opedcolumnists/obamacare_women_FYTsXImaj9vd4C7EBRbiAP

Beware of what it takes away

What health benefits are likely to be nixed from insurance coverage? Well, look at all of the things that the Task Force doesn’t recommend, and therefore won’t be mandated under ObamaCare.

Dozens of screening tests and treatments that directly benefit women are likely to be dropped from any coverage.

Here’s a sampling of what the Preventive Services Task Force dings: chlamydia screening in most women over 25; cervical-cancer screening in those over 65; breast-cancer screening using digital mammography or MRI instead of the traditional plain film.

Screening for ovarian cancer and the genes that raise a women’s risk of breast cancer also don’t make the cut. Same for clinical breast exams in women older than 40.

Even having a doctor teach women how to do a breast self-exam is unlikely to be covered, since the task force says women are rarely the ones to find their breast cancers.

Americans first became familiar with the Preventive Services Task Force in November 2009, when it made the controversial decision to advocate that women ages 40-49 shouldn’t get routine mammograms. More recently, it rebuffed routine use of tests for detecting the viruses that can cause cervical cancer. And now it’s calling the shots for what benefits must be included and what can be nixed from our plans.

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7/23 10:00 ET Existing home sales
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