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Apologies if this was already posted last week (I was out of town), but this was a good piece showing stock options are embezzlement:

 

http://www.financialsense.com/editorials/p...icks/020703.htm

I hadn't seen the article until today. Thanks for posting it.

 

The part Picks didn't address was the flagrant hypocrisy of companies being able to deduct options as an expense, all the way claiming they are not a real expense for accounting purposes. Such a scam.

 

I have noticed that the subject of employee options is remarkably quiet at the moment. Even the dividend tax issue is bigger than the options issue, at least it appears so according to the mainstream media.

 

And yet the employee options issue is, IMO at the very root of the whole issue we have with the market.

 

Resolve employee options accounting (yeah right), and IMO the bear market's days are numbered.

 

MWH

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"Joseph Mansueto, Morningstar's chief executive officer ... added that the 'Fidelity favorites' were selected by Morningstar Associates L.L.C., an investment-consulting subsidiary with researchers separate from Morningstar Inc., which conducts the star ratings." - from article linked by Tig ol' Bitties

 

That's like corporate ladder-climbers who claim they "graduated from Harvard." Then you find out they attended a two-week "executive education" seminar there, to supplement their junior college diploma.

 

Aren't we getting tired of a society where even after you carefully read the fine print, it's still hard to figure out what the scam is?

Don't they call the cashiers at K-Mart or Wal-Mart "Sales Associates"?

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Verry interesting day! My ladder is in place from 890 to 800 SPX puts every 10 points. The decline today was not impulsive looked and smelled like consolidation. Everyone and their Dog is yelling for a move to 869-870 in the SPOO's and then whammo-CRASH! Well when everyone is pointing one way-I get real NERVOUS-LOU could be right it could go straight down from here catching most by surprise but barring WAR or an INCIDENT there should (I say should) be some more upside. However today thru Monday is a fib turn window so maybe we see spike up then DOWN-so many freakin crosscurrents! Britain followed Canada today and ordered all their citizen's out of the Gulf and my Military contacts tell me the wind is up-so I agree with Lou this thing is going to blow-I expect on the weekend. Regarding OP/EX most of the squeezing and jamming required is over at the close today so the stage is set and TOMORROW will tell us wether we move higher first or crap out from here either way the BIG MOVE is DEAD AHEAD! Trade Safe!

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This link from Roger Arnold in his Daily Observations to a lengthy (57 page) on "Credit Risk Transfer" (CRT) by the Working Group on Credit Risk Transfer. Something Mark has been warning us about.

 

http://www.riskcenter.com/pdf/6160.pdf

 

Excerpts:

 

"The remainder of the Report (Sections V, VI and VII) identifies and analyses some possible implications of the evolution of CRT markets for the overall functioning of the financial system and discusses some of the concerns which have been expressed about the impact of CRT on financial stability."

 

"The Report analyses these changes in terms of potential market failures, for example asymmetric information, principal/agent problems and incomplete contracts."

 

Pretty heavy read, and I am only 1/3 through it.

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Dr B's post last night on the Japanese market was frightening.

 

The Nikkei rallied from 12,787 to 20,833 during the Japanese bear market.

 

However you have got to remember that this didn't occur

until the Nikkei had lost 67% of it's value from 38,915 to 12,787.

 

On the S&P500 we would need to be at around 510.

 

The Japanese bear market did have an earlier bear market rally from October 90 to March 1991. But this got smoked

once Tokyo land prices started heading south.

 

I think our market is on the verge of a big down leg - once our property market rolls over (refer Hypertiger's chart last night).

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Hmmmmm! Gold is up-the NIKKEI is getting ripped-Australia is getting ripped-Hmmmmm! Trade Safe!

Yeah but the AH in the Q's and SPY is on its highs? There are a bunch of numbers due before the open and something tells me the words out.

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