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Saddam Shocker


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As I said yesterday....SELL the NEWS.................if..

 

There is any more immediate "good" news..SELL that TOO.

 

Depending on where I can get in...Planning to SELL 2 more

SnP contracts tomorrow.......................................

 

Looking for first target to be filled @ gap in daily charts 1035.

DO believe that 1003 area going to get HIT on this trip.

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Mark - Great and funny opening, as usual. :D Some good calls were made last night. Congradulations.

 

A black hole is opening somewhere in the Bermuda triangle. Citcorpse has opened somekind of financial StarGate between Parmalat and what's left of Enron or some other as yet unknown company with billions in derivitive losses (GSEs?).

 

I wonder how many more are out there.

 

Mr Tanzi lost control of the ?7.5bn ($9.2bn) Parmalat empire on Monday night because he could not explain why the company has been unable to recover ?4.2bn in cash, much of it in offshore funds.

 

The Parmalat board - almost all family members, long-time executives and friends - met on Monday in Mr Tanzi's hometown of Collecchio, 11km from Parma. The board stripped him of his titles as chairman and chief executive.

 

All, or part, of the ?4.2bn may be retrievable from the galaxy of Luxembourg, Malta, Cayman Islands and Panama-based subsidiaries that handled hedge funds, currency swaps and other financial dishes Mr Tanzi's managers cooked up, with or without his full understanding. But as ratings agency Standard & Poor's, auditors Deloitte & Touche, City of London anal cysts and US fund managers acknowledged last week, no one understood or even noticed these opertions. It was only a week ago - when Parmalat admitted it could not find ?40m to redeem one of its bonds - that international bankers panicked.FT- Parmalat's home town finds scandal hard to swallow

Pyramid schemes, which essentially all employ the doubling theory, always have an end point. By their very nature, they are finite. At the end of the line in every pyramid scheme, there is always a final row consisting of the greatest fools at the point where the music stops. That point of recognition in the derivatives tower is at hand. It's probably safe to assume that there are hundreds if not thousands of greedy individual bag holders out there just like this guy, and they are reading this story and picturing themselves in the next article. They've all been living high on the hog on huge paper profits, but WTF?

 

"What do you mean I can't put my hands on the money? Where did it go?"

 

So many sphincters contracting simultaneously.

 

GMTFO!

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All, or part, of the ?4.2bn may be retrievable from the galaxy of Luxembourg, Malta, Cayman Islands and Panama-based subsidiaries that handled hedge funds, currency swaps and other financial dishes Mr Tanzi's managers cooked up, with or without his full understanding.

with or without his full understanding.

 

I bet this guy wouldn't even be able to explain the 'cost of carry' on a simple futures contract.

 

I still say they get back less than 50 cents on the euro.

 

However the guy who got fired may just be a normal manager (perhaps even a good one) who was under tremendous pressure from the shareholders, banks and the market in general to make big numbers, hence doing anything and everything neccesary to achieve this goal.

 

Einstein's law 3 again.

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Just got our new rates for health insurance starting in January- from $525 to $631a month. Glad inflation is virtually non-existant! :D

My orgn has pretty decent health insurance coverage.

I paid $168 per month for 2003.

This year they "upped" it to $250. The herd looked on in shock - then they gave a non-smoking discount of $25 per family member (obv without the kids!). SO it works out to 200 bucks a month.

No inflation?? Yeah right!

 

p.s. The non-smoke discount has a 1 pack a day smoker thinking twice about quitting! :lol:

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It all washes out- I can now buy a Dell computer with 17" FPD for $699. It's too bad I don't NEED one.

 

PS- last year I was paying just over $400 for the same policy. I think the uninsured are a large part of what is causing rates to rise as hospitals pass those costs on to those who CAN pay. God forbid anyone who has a large mortgage, loses their job and health insurance, and then gets sick enough to warrant even a short hospital stay. They could get wiped out in a matter of days.

The current #1 cause of bankruptcy in the US is medical costs...

 

You can export labor to China but you can not import Chinese medical labor...

 

Health care has pricing power...as the pool of victims able to afford medical care shrinks the cost must rise...

 

A nice self destructing cycle...

 

Eventually it will have it's final hyperdeflationary implosion...It is imploding now...

 

The whole system is in the terminal phase of collapse...only a handfull of months left in the good old days...

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The difference between the previous key bearish reverals and this one is that the previous reversals did not come at the very apex of the long bearish wedge that's been formed since the March lows. This reversal day has credibility.

 

Siggy's wedge watch.

 

I believe that's a "shooting star" candlestick at the end there, sometimes referred to as an "upside down" hammer.

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What a day!

 

It sure looks to me like the boys have figured out that the consumer is tapped out. If you're not short TGT yet, don't wait too long. TGT is the next Sears cliff dive chart in the retail category. The worst case scenario to the upside was hit today, and it's a long way down to fair value from here in my book. JNPR looks cooked right here too. GM couldn't get out of its own way, so the squeeze/ramp job appears to be played out here. The mortgage lenders look tired too. NCEN seems about ready now.

 

This will be an interesting scam week to be sure. It may just be that the old games won't work this time.

 

The Nikkei should get well and truly pasted tonight.

 

Are we having fun yet?

 

Plunger

I got burned on TGT last week. I was short at $39. Now it's down below that. Timing is everything. Plunger, what's your view on WMT? Do you see a bounce at all?

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OTOH, if it failed so many times, eventually it should work, just when everyone has given up.  Besides, here is most likely a better point for a reversal than the other 6 times:

 

Chart going back to 1987:

http://stockcharts.com/def/servlet/SC.web?c=$SPX,uu[g,a]wellynay[p][J19257732,Y]&listNum=19

"this is the best part of the trip. The part I really like". The doors Soft parade.

 

 

MWH,

 

I think this one will be it but, we have been fooled before. Every other time I was short and had to change positions. We shall see. Short and holding fur now.

 

I don't know what cuased it but, I am approaching Zero emotion on trades, long or short. Perhaps it was losing that did that. I am uncomfortably numb but, still able to trade. B)

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