potatohead Posted November 28, 2007 Report Share Posted November 28, 2007 Do not have the link but thought this was interesting...there is a reason oil is this high November 28, 2007: CHINESE TIGER HAS NOTHING IN TANK by Rowan Callick, China correspondent, The Australian CHINA is running out of fuel. Police are guarding petrol stations in several inland provinces to prevent fights, as shortages of petrol and diesel are causing huge queues of trucks, buses and cars. In Kunming, capital of the southwestern province of Yunnan, 1000 trucks are stranded. A truck driver named Li told the Chuncheng Evening News he had been stranded at the Stone Tiger Gate petrol station for three days after searching for fuel in other places, but failing. He said his delivery date was way overdue. Another driver, at Geiju city, said a job that would have taken one day in the past, now took three: one on the road, two queuing for fuel. Nine days ago, a truck driver was reported to have been stabbed to death in central Anhui province after a row about queuing. http://www.theaustralian.news.com.au/story...80-2703,00.html Link to comment Share on other sites More sharing options...
Yaryman Posted November 28, 2007 Report Share Posted November 28, 2007 So how far can this bounce go ? It looks and feels like it could go quite a bit like at previous IT lows. But if there was ever a time for this kind of setup to fail, it's now. 628733[/snapback] Subprime breaks Rates are rosy Doesn't anyone ever go to jail for all the lies in the marketplace? 628741[/snapback] If you are a teenager pimping penny stocks thru the internet, then yes the SEC will nail your arse. If you are the failed CEO of a large multinational company, then you get a $100 million golden parachute for screwing up. Nothing has changed. Link to comment Share on other sites More sharing options...
Drano Posted November 28, 2007 Report Share Posted November 28, 2007 I knew we were in trouble when Drano left the other day and the markets went north instead of south.... I guess the pigmen got the handbook... 628727[/snapback] In that case I'm absolutely petrified about tomorrow. I believe there will be a mammoth gap and later reversal on Thursday. I don't know whether it will be a gap up or down. However, there is very strong evidence that this will play out. Because -- I will be away all day Thursday. 628423[/snapback] 628735[/snapback] I think that if Drano is gonna' be gone all of the time, he shouldn't be in charge of the Markets anymore. 628737[/snapback] I wasn't familiar with all those new-fangled Kryptonites. I guess they got me with the GOLD stuff. I knew I should have closed those positions sooner.... Link to comment Share on other sites More sharing options...
Drano Posted November 28, 2007 Report Share Posted November 28, 2007 Cramer on CNBS, Arabs are saving C just like 1990. More bank mergers are coming. FED is fully engaged just like 1990. The bottom is in just like 1990 Buy the banks. Buy teck, Buy GS:blink:The operative guestion is, will the same play work again. Finally a ray of hope for bears. Link to comment Share on other sites More sharing options...
bondtrader Posted November 28, 2007 Report Share Posted November 28, 2007 this could be a short worth 20 points ?? Link to comment Share on other sites More sharing options...
patents Posted November 28, 2007 Report Share Posted November 28, 2007 So how far can this bounce go ?? It looks and feels? like it could go quite a bit like at previous IT lows. But if there was ever a time for this kind of setup to fail, it's now. 628733[/snapback] Subprime breaks Rates are rosy Doesn't anyone ever go to jail for all the lies in the marketplace? 628741[/snapback] The system normally only comes into effect when the market or stock goes down and the longs lose money. For example the Hunt brothers and their control of the silver markets only mattered when the market started going down. Did not matter so long as the market was going up in price. Only exception seems to be when some clerk gets inside information and makes money using the information. The pigmen then think that the clerk took the profits from them and the clerk goes to jail. It is the nature of people not to care so long as the shenanigans increase market prices. After all the "bears" seem to be in a distinct minority of the populace. Link to comment Share on other sites More sharing options...
bondtrader Posted November 28, 2007 Report Share Posted November 28, 2007 this one is about to lose it as well Link to comment Share on other sites More sharing options...
linrom Posted November 28, 2007 Report Share Posted November 28, 2007 AA is a stock that I plan to buy a lot of puts on. Since 2004 it has gone absolutely nowhere despite metals boom and high Chinese demand. The stock has been been trading in a range between $26 and $37 until rumors of a buyout send it way above its upward resistance last July. But here we are again at the $37 resistance level as Alcoa retraced about 62% of its move from $30 and turned down. I would expect it to re- test that $30 level again. Last quarter AA broke even before reporting proceeds from its sale of "investment assets" of $1.7 billion that created illusion of profitability. Also they had pre-announced some $800 million of restructuring costs of which I could only find 1/2 or about 400 million that they actually took. I have no doubt that before next quarter, investors won't be so kind as to overlook this buffoonery again. But just as importantly, the price of aluminum from same period LY has declined by about 10% from 120 to 112. I almost forgot the best part. Alcoa is one of those companies that greatly relied on expertise of MBAs and consultants who advised it that they could save a lot of money by moving their production overseas. The only problem with that is that it works very well when dollar is rising. However when cost of labor and material is rising faster than prices in US dollars while prices go down, they are screwed. Link to comment Share on other sites More sharing options...
shorty Posted November 29, 2007 Report Share Posted November 29, 2007 Oh now I get it............the C deal we'll give you $7.5 Bil cash, and we'll let oil prices drop 10 bucks you kick us back $3 Bil in interest over 4 years and set us up with some convertibles we can make a killing on by shamtrade-circlejerk-goosing the stock back up when the time comes, and you agree to fire 40,000 American workers deal? deal Link to comment Share on other sites More sharing options...
Private Skidmark Posted November 29, 2007 Report Share Posted November 29, 2007 Oh now I get it............the C deal we'll give you $7.5 Bil cash, and we'll let oil prices drop 10 bucks you kick us back $3 Bil in interest over 4 years and set us up with some convertibles we can make a killing on by shamtrade-circlejerk-goosing the stock back up when the time comes, and you agree to fire 40,000 American workers deal? deal 628753[/snapback] Maybe they also came to an understanding about not yapping so loudly about dropping the dollar peg. Link to comment Share on other sites More sharing options...
Peek Paper Posted November 29, 2007 Report Share Posted November 29, 2007 Since the retailers and banksters couldn't put an even remotely believable spin on their news, The Boyz had to line the SM planets up using seasonality, EOM, rate cut noise and bond-shorting. Pretty impressive show, I must admit. A 3-6 week rally seems to fit. Link to comment Share on other sites More sharing options...
DrStool Posted November 29, 2007 Author Report Share Posted November 29, 2007 The last time the financial media called for rate cuts, the Fed granted them. Will this time be any different? mob rule for the pigsters. 628717[/snapback] From my perspective, the two actions are not related. Link to comment Share on other sites More sharing options...
cwd Posted November 29, 2007 Report Share Posted November 29, 2007 this could be a short worth 20 points ?? 628746[/snapback] What is it? I can't read the chart as it is very blurry. Link to comment Share on other sites More sharing options...
cwd Posted November 29, 2007 Report Share Posted November 29, 2007 Doc Is this in the local papers? I can't get the link to open Florida School Fund Rocked by $8 Billion Pullout Amid Defaults Nov. 28 (Bloomberg) -- Florida local governments and school districts pulled $8 billion out of a state-run investment pool, or 30 percent of its assets, after learning that the money- market fund contained more than $700 million of defaulted debt Link to comment Share on other sites More sharing options...
Whadda I Do Whadda I Do Posted November 29, 2007 Report Share Posted November 29, 2007 Gloomberg The Florida pool's $900 million of defaulted asset- backed commercial paper now amounts to almost 5 percent of its holdings. The paper, which carried top ratings from Standard & Poor's, Moody's Investors Service and Fitch Ratings as recently as August, was downgraded after declines in the value of collateral affected by the subprime mortgage slump. Gee, I wonder if the ratings people could have required funds to be set aside for such future events and then granted a high rating. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.