Guest Posted December 9, 2002 Report Share Posted December 9, 2002 Looking at a sudden drop in the futz tonight, my only guess is that somehow tonight's appointment of John Snow as the Treas. Sec. is a negative. Dollar is tumbling. Nikkei rising. Anyone care to comment? Only that it is too early to tell. Both the FED and the White House have learned that they can use the stock market like an applause sign. I would guess that they will start flashing the sign before open tomorrow. The audiance will respond like the screaming idiots do to Katie Kurik. The media will focus all their attention on the new appointment and the unemployment numbers and UAL will disappear -- just like magic. The games we play. Link to comment Share on other sites More sharing options...
Guest Posted December 9, 2002 Report Share Posted December 9, 2002 Mousey, there is a huge article on wsj.online (subscription only), it's all over bloomberg tv and cbs marketwatch too. Here is the article from Wash Post Wash Post Article Thanks Drek! The Packer game just ended (Packers won! (Yes, this Mouse is a Cheese Head)). I'll check out Bloomberg TV and open a window to CBS Marketwatch. Link to comment Share on other sites More sharing options...
brian4 Posted December 9, 2002 Report Share Posted December 9, 2002 Drek- Aside from the fact that no one knows who the snow man is-the markets are crapping out because the freakin rally is over, done, finished! Hope ylou're short! trade Safe! Link to comment Share on other sites More sharing options...
Guest Posted December 9, 2002 Report Share Posted December 9, 2002 Drek, Changed the channel right before Bloomberg gave the story so I caught that, saw the Marketwatch article you mentioned and looked Snow up on Google, a great place to get background on people. I see nothing off hand that would make his nomination drop the futures as hard as they are (I don't consider the futures seriously until the morning anyway, but the have dropped hard from their open). Offhand, Snow's tenure at Transportation in the Ford administration and his current stint as CEO at CSX seem clean. He seems pretty well respected. He seems safe. Not a loose cannon like O'Neil was. Below are his directorships and his insider holdings. He looks pretty safe. SNOW, JOHN W.: Declared Holdings Circuit City Stores Inc Director NYSE:CC 2002-06-18 7,006 direct CSX Corp Chairman NYSE:CSX 2002-09-11 829,927 direct Carmax Inc Director NYSE:KMX 2002-06-18 161 direct United States Steel Corp Director NYSE:X 2002-01-15 4,689 direct Insider & restricted shareholder transactions reported over the last two years Date Shares Stock Transaction 2002-09-11 *100,000 CSX Disposition (Non Open Market) at $29.12 per share. (Value of $2,912,000) 2002-08-12 *142,425 CSX Planned Sale (Estimated proceeds of $5,981,850) 2002-08-08 *120,000 CSX Automatic Sale at $35.222 per share. (Proceeds of $4,226,640) 2002-06-18 *70 KMX Acquisition (Non Open Market) at $22.875 per share. (Value of $1,601) 2002-06-18 *398 CC Acquisition (Non Open Market) at $21.075 per share. (Value of $8,387) 2002-01-28 *85,966 CSX Planned Sale (Estimated proceeds of $5,981,850) 2002-01-24 - 2002-01-28 *152,400 CSX Option Exercise at $31.281 per share. (Cost of $4,767,224) 2002-01-24 - 2002-01-28 *135,966 CSX Sale at $39.50 - $39.515 per share. (Proceeds of about $5,372,000) 2002-01-24 *50,000 CSX Planned Sale (Estimated proceeds of $5,981,850) 2002-01-15 *1,656 X Acquisition (Non Open Market) at $18.11 per share. (Value of $29,990) 2001-06-15 *66 KMX Acquisition (Non Open Market) at $14.75 per share. (Value of $973) 2001-06-15 *594 CC Acquisition (Non Open Market) at $15.20 per share. (Value of $9,028) 2000-11-08 *133,400 CSX Option Exercise at $19.906 per share. (Cost of $2,655,460) 2000-11-08 *113,460 CSX Disposition (Non Open Market) at $25.875 per share. (Value of $2,935,777) * Indicates that some (or all) shares are held indirectly (e.g. in a trust, by a spouse, etc.) Link to comment Share on other sites More sharing options...
ThorAss Posted December 9, 2002 Report Share Posted December 9, 2002 First here's a chart on the NDX: I see some strong resistance at 1083 and a slow roll-over in the RSI. A penetration through the channel and weak reversal suggests to me a 1083 high at most then more downside. Watch the RSI. I think we see this whole rally from October unravel in half the time it took to get to the high. Whether there is another higher high is debatable. My feeling is maybe. :grin: I would love to address some of your questions and statements on Gold but I don't feel they're pertinent here. I'm going to start opening a daily discussion thread on Gold. Possibly, those with an interest in Gold could follow 2 threads and spare those people who have no interest in Gold wading through your posts. It may shorten the queue here somewhat. What say you? This will only work with everyone's support. PMs Daily Gold FURom Link to comment Share on other sites More sharing options...
Goldmember Posted December 9, 2002 Report Share Posted December 9, 2002 John Snow AND Stephen Friedman from GS From Reuters. Friedman, who spent 20 years at GS with Rubin, will essentially fill Lawrence Lindsey's shoes at the White House National Economic Council. Given the fancy title and all it seems rather obvious that print, derivative, print, derivative, print, derivative may be the order of the coming day. Frightening scenario! Ah, what's a few zeros anyway! Just more computer digits! Keep your eye on the money, as Doc would say. Is this just another smoke and mirrors act like Bernanke with no visible Feed to back Bernanke yet? The mere perception of a Wall Street friendly snake-oil salesman pulling the strings in concert with good 'ol Uncle Al, a desperate man himself who is getting concerned with is "reputation" for his slide into oblivion and may appreciate an accomplice in this dastardly last gasp effort. But you know what? I think they'll just keep yanking our chain with a bunch of bullcrap like Bernanke and not actually FEED much at all just to keep the bond market under control. Got a few other bubbles to keep pumping after all. Treasury Yields RULE EVERYTHING right now! Just keep the stock market pumped up with bullshit and no Feed for a little year end tape painting, if that can even be managed on the cheap, as they have been. Too much happiness for the stock market threatens the other bubbles, like mortgages, and Uncle Al ain't ready to take away those last life-lines of economic life support yet. The patient would die!! The fact the patient will die anyway, with more prolonged agony, does not prevent the surgeon from trying every last technique in his repetoire before calling the morgue. Uncle Al now has some Wall Street snake oilers to apply the anasthetic to the patient and perform mundane tasks like holding the surgical clamp on the exposed gold vein. Link to comment Share on other sites More sharing options...
rayok Posted December 9, 2002 Report Share Posted December 9, 2002 Speculator, no one ever has to buy U.S. dollars to buy gold, but a lot of U.S. dollars will sure be sold to buy gold. Think about it. rayok, First, the volume of gold traded is so small it cannot have any effect on the dollar. Second, tell me how someone with Euros, Pounds or Yen can buy gold without the funds being converted into dollars at the end of the chain. Gee you did not even try. As amazing as this may seem, citizens of other countries use their local currency for local trade(and foreign trade). The price of gold is quoted in all currencies. The U.S. dollar quote is used as a common reference among different countries with different currencies, they are under no obligation to use or even accept U.S. currency. The U.S dollar is just another over owned and over valued asset. The time is coming when foreigners will not be as willing to hold or accept depreciating U.S. dollars. Gold is a great hedge for that eventuality. Link to comment Share on other sites More sharing options...
ThorAss Posted December 9, 2002 Report Share Posted December 9, 2002 Hey welcome to the world. I offered US$ to the gold dealer and he asked if I didn't have Rupiahs plus I buy my gold in grams not ounces. The era of the US$ as the world's reserve currency is drawing to a close. Leave home without it. In Australia they quote Gold in AUS$ per ounce and outside of aviation it's about the only time they don't use the SI (metric system.) Link to comment Share on other sites More sharing options...
BAREister Posted December 9, 2002 Report Share Posted December 9, 2002 FUR all the RANTING and RAVING that goes on on this BORED and by Fleck, etc. against Mr Magoo aka Alan G, lettuce b FAIR boyz 'n gurlz. AG can't impose his will on the Fed, the Fed is MORE than AG and the FED is to blame FUR all these policies ass much ass Mr Magoo, ain't it? Or do the Governors ASSk "How high?" when AG 'bids' them to jump? So the likes of Mr Mc(S)teer et alia are culpable, ass well, of these charges, presuming they are justified, of course. History will issue it's verdict on these men and their actions or lack thereof, all in the fullness of time, ass'twere. And history, the late King Hussein of Jordan once trenchantly observed, is RUTHLESS. Link to comment Share on other sites More sharing options...
Bizarro-Greenspan Posted December 9, 2002 Report Share Posted December 9, 2002 McSteer and the mASSES,a potent force indeed. Is mASSES really trademarked? I like that one, muchly. Link to comment Share on other sites More sharing options...
Jimbo Posted December 9, 2002 Report Share Posted December 9, 2002 THE GOLDILOCKS FACTOR FACT ONE - BEAR MARKET FACT TWO - BEAR MARKET RALLY FACT THREE - BEAR MARKET RALLY IS GETTING OLD OLD OLD Definitely time to be on the short side. Goldilocks is about to be waken up by the 3 bears and it it not going to be pretty. Link to comment Share on other sites More sharing options...
Jimbo Posted December 9, 2002 Report Share Posted December 9, 2002 HEAD AND SHOULDERS ABOVE THE REST OR SPANK THAT DOUBLE BOTTOM Quote from recent Forbes article: When Head And Shoulders Above Isn't Good David Simons, 12.02.02, 1:45 PM ET " Head and shoulders patterns precede significant declines at least 80% of the time. That's better than twice the percentage of rallies from double bottoms that break out to new high ground. The greater the span between the shoulders, the larger the odds that the grim geometry will apply--as it did in the six wider-than-a-year head and shoulders patterns that I found in the Dow, from 1998 back to when it was born in 1896. Those averaged 20 months. The widest, at 26 months, preceded the second half of the 1973-74 bear market--second-worst to the 1929 crash until the current bear, whose head and shoulders top is a record 37 months wide. THIS HEAD AND SHOULDER PATTERN IS THE GREATEST IN THE HISTORY OF THE DOW AND AT 37 MONTHS IS DOUBLE YES DOUBLE THE AVERAGE TIME OF PATTERN OF 20 MONTHS. ONLY 6 OF THESE BIG MONSTERS SINCE 1896 AND THIS IS THE MONSTER MOTHER OF THEM ALL!!!!!!!!!!! ID SAY !00% PROBABILITY OF A FALL! THIS AINT NO DOUBLE BOTTOM. NO AMOUNT OF FED PLASTIC SURGURY CAN TURN A NECKLINE INTO A BOTTOM CRACK. Link to comment Share on other sites More sharing options...
DrStool Posted December 9, 2002 Report Share Posted December 9, 2002 IF you are getting the dreaded red x in you r avatar, go to "My Controls" and reset your avatar. Link to comment Share on other sites More sharing options...
anoscope Posted December 9, 2002 Report Share Posted December 9, 2002 IF you are getting the dreaded red x in you r avatar, go to "My Controls" and reset your avatar. I did a graphic to show the steps. the built-in avatars sometimes to not add the .gif extension. Link to comment Share on other sites More sharing options...
DrStool Posted December 9, 2002 Report Share Posted December 9, 2002 Tanks ano- I thought all the avatars inthe list worked. Maybe not. The problem actually was when the members list was converted from the old ikonboard. The extensions did not carry over at that time. Link to comment Share on other sites More sharing options...
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