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Dating Fraud


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Welcome to Los Angeles.

 

The Dating Fraud Capital of the World.

 

Girl meets guy in the coffee shop. He drives a new Mercedes Kompressor convertible, and he is wearing the latest fashions purchased at Neiman-Marcus.

 

?What do you do??

 

?I?m in entertainment production?

 

The guy is really a low grade gaffer on the Sony Pictures lot, making union wages while setting up microphones for the latest commercial shoot. In reality, he?s dead broke.

 

Large breasted skinny girl drops a can of cat food in the checkout line at Safeway. Guy behind her wearing jeans and a t-shirt picks it up for her. He asks her for her phone number.

 

?What do you do?, she says?

 

?I work in food service.?

 

?No, thanks??.?

 

Little does she know, she just passed up a major Home Run.

 

The guy runs a catering company, and has over 5000 Roach Coach Taco Trucks throughout the L.A. Basin. He makes a fortune.

 

Summer trading in Nasdaq stocks in an overliquified market is no different. Nothing is as it seems. Fraud everywhere.

 

Tarantella shares dive; co. to cut 30% of workforce (TTLA) by Michael Baron

Tarantella (TTLA) shares dropped more than 36 percent to $1.31 after the Santa Cruz, Calif., provider of application access management software forecast earnings of $2.9 million to $3.1 million for the third quarter. The company said its performance was hurt by changes in sales personnel in its North European territory due to 'isolated business practices.' Tarantella also said it needs to reduce operating expenses, and it disclosed plan to reduce its worldwide workforce by about 30 percent.

 

Covansys jumps on Robert W, Baird upgrade (CVNS) by Michael Baron

NEW YORK (CBS.MW) -- Covansys (CVNS) soared more than 47 percent to $5.52 after the company's shares received an upgrade from Robert W. Baird to 'outperform,' citing what it believes is a compelling valuation and improving internal execution. The firm also set a price target of $8. The near 50 percent gain extends a slight rise in the shares on Thursday after the Farmington Hills, Mich., provider of information technology services posted pro forma earnings of $510,000, or a penny per share, in second quarter on revenue of $96.2 million, and said it has completed the reorganization of its operations.

 

Note the description of the line of business:

 

?provider of applications management software? or ?provider of information technology services?

 

Earning Pro-Forma Pennies on miniscule revenue, only to later revise the forecast due to ?isolated business practices? or ?reorganization of operations?.

 

This kind of news is good for a 30% - 50% move in the stock in one day. Extreme Riverboating at its finest.

 

Check out these charts. Imagine Ivan Boesky or Boone Pickens? reaction to these kind of price moves. Remember how they paid millions for secret tips just to try to game a 5% move in a stock?

 

??????????.

 

End of Month Markup started early today.

 

No shortage of liquidity or borrowing power to jam up the favorites.

 

Note how Treasuries closed at the lows of the week.

 

Gold closed at the highs of the week.

 

BARE was kind enough to mention the record flows into the Rydex bear funds and the unavailability of QQQ shares to short. That should have been a heads up for a squeeze.

 

Interestingly, the two Barometers of Speculation (AMAT and SINA) failed to close at new highs today. SINA was pinned in a tight trading range most of the day, so it could go either way on Monday.

 

Market of "Haves" and "Have Nots".

 

Example of Have:

post-7-1059162914.jpg

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IMHO, SINA, SOHU and NTES and rest of Asian gals might be in the final stage of a blowoff move. I heard Crapvision just touted these stocks (which we know is to be faded). This is what I just found on a Yahoo! Bull board:

 

The anal cyst [from Piper Jaffrey] said all the things that shorts must hate to hear...if they were listening:

 

1. NOT a bubble given that previously even the thought of profit would drive these stocks (SINA,NTES, and SOHU). This time, it's about PROFITS and real growth in the 2nd largest internet market.

 

2. P/E's NOT to high given comparable values of other stocks and given that Chinese market is growing.

 

Hope the shorts weren't listening and that they short more on Monday.

 

What a "kiss-of-death" call. Maybe just like Dan Niles' upgrade for Intel, this will be the beginning of the end... :grin:

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Who was buying today? I thought it would be harder to push the market up if there was a drain. Were people sellling treasuries and putting the proceeds into the slot market?

Were some of them buying gold and silver too?

In my simple, uninformed opinion, money coming out of the bond market is looking for a better bet now that the rate-cutting game appears to be over in the U.S. Stocks and gold both offer possibilities.

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Guest AssMaster

Something to note. Once I checked out the Bullish Percentage charts someone posted, I noticed energy sentiment had been high for a loong time so dumped all energy positions except royalty trusts in the 401K.

 

75% miners, 10% foreign wireless, 5% biotech.

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S & P held the 50-day for 4 days, and today closed above yesterday's high on increased volume.

 

Nasdaq did a false breakout to the downside of the 20-day average, but reversed and closed above it. Yesterday's lows were taken out on lighter volume.

 

So far, there is nothing bearish about this scenario.

 

Sentiment remains pinned.

 

http://stockcharts.com/candleglance?$...#124;C|D20

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Dick: Sounds like a logical explanation.

 

There's a lot of money in bonds, I wonder if even after the refi money has ended and the ex-homeowners are living in abject poverty, if money could continue to go from the bond markets into equity markets. Somehow I don't think that the big bond selloff would be considered a happy outcome by Pumping Al.

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A throw away day-impressive?- sure- but we are still in a trading range between 9075 and 9300 with the top having been put in on June 17 at 1015.33 on the Spoo's. Pls Note another all time low on the VIX today low 19.86-close 19.94. We are setting up for a massive down move here, that can come anytime. That top at 1015.33 as I've said before is the maginot line and has held for well over a month-stay SHORT-I AM-Trade Safe!

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S & P held the 50-day for 4 days, and today closed above yesterday's high on increased volume.

 

Nasdaq did a false breakout to the downside of the 20-day average, but reversed and closed above it. Yesterday's lows were taken out on lighter volume.

 

So far, there is nothing bearish about this scenario.

 

Sentiment remains pinned.

 

http://stockcharts.com/candleglance?$...#124;C|D20

Wndy,

 

The ONLY bearish sign out of this is that they were unable to reverse the Bonds and stop Gold....a continuation in the Bond Prices will lead to a selloff in equities as the Refi's stop and the piddly yield of 4.25 - 5.0 % starts to look purdy to some folks.

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Dick: Sounds like a logical explanation . . .

 

Somehow I don't think that the big bond selloff would be considered a happy outcome by Pumping Al.

I agree that rising rates on the long end are counterproductive from the Fed's view. But then the Fed has already tipped its hand as to how it might nip that trend in the bud. Open that door and the next trick is to keep the hyperinflation bogeyman in the closet.

 

Al and the politicians have fewer options available, it seems, but I'm not one to say they are finished. It ain't over 'til it's over.

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