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Mama-San Chao


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Once again, the jobs report was dismal.

 

Mama-San Elaine Chao once again expressed her disappointment.

 

"So Sorry"

 

She went through her usual round of excuses and her usual rosy predictions for the second half.

 

But she missed the point.

 

The jobs report was essentially laughed off by the equity speculators. The initial gap down on the open was immediately bought.

 

After all, who needs a job when "work at home on the Internet" opportunities are available??

 

Online SwapMeets on EBAY. Buy and sell all kinds of junk. Is it any wonder that UPS and FDX are trading near all time highs?

 

PowerTrading stock index futures online. Any wonder that TRAD, AMTD, NITE are all exploding upward??

 

HomeMortgage by Internet. Send out on-line refi apps for the top retail banks like BAC, powering up to new highs daily.

No income verification, no credit score necessary. Loan documents Federal Expressed within 48 hours.

 

All service and industrial jobs are being sent to India. No problem. The U.S. will become the "investor class" of the world, where we simply engage in financial speculation while the "rest of the world" manufactures our SUV's, Coach handbags, and Pentium 4 PowerTrading Terminals.

 

The equity markets worldwide are engaged in an epic meltup. Extraordinary acrobatic feats like the Nikkei, going virtually straight up to outpace the Dow's 4 month gains in a matter of weeks.

 

Notice the "Alice in Repoland" behavior on individual stocks. Westwood One (WON) warns, gaps down, and is immediately jacked up in non-stop fashion on the Intraday.

 

Boston Scientific (BSX) warns, and the dippers pile on in the open, crushing hapless short sellers.

 

Seibel warns, says there is "no evidence of a pickup in IT spending" and that the second half is "dismal". That stock gapped down on the open, and Matrix Agent CIBC immediately slapped on a "sector perform" rating.

 

SEBL runs up 4% on the day.

 

AMD warned last week and was blown down on the open. Dippers immediately pile in, and the stock is now up 20% from those lows, now trading well above the "pre-warn" level.

 

Every day, we get +1300 TICK readings, with new records broken on the sentiment indicators, now redlined for the 3rd month in a row.

 

P/E ratios of 65 - 100 are now commonplace. No price is too high to pay for coffee shops, doughnut shops, and bread shops which do nothing different than the street vendors in an Iraqi Bazaar. Except they have that cool, buzzy, jazzy decor capitalized on the balance sheet which allows those 75% profit margins to flow directly to the bottom line without the inconvenience of outlandish leasehold improvements eating into profits.

 

And as Puplava mentioned, YHOO's market cap exceeds the annual revenue of the entire online advertising industy. Why is that? Because USAI's "Match.com" and YHOO's "Adultfriendfinder.com" services are now morphing into online prostitution rings, worth paying over 100x earnings.

 

No where else does the "War Rally" become a self fufilling prophesy, where huge equity gains jumpstarts an explosion in consumer spending, home buying, and financial speculation.

 

States are going broke, yet there is a maniacal appetite for low grade municipals, evidenced by New York State's successful offering yesterday. Just watch how many vulture funds clamor for California's $50 billion 100-year, zero coupon bond sale next month. $35 billion for deficit plugging, and another $15 billion for pension plan stock purchases.

 

Time and time again, equity markets sell off near the end of the day, drawing in eager short sellers, only to be Repo Blasted out the next day.

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Hilarious, Mark.

 

I was just about to post about Chao on the financial channels this morning. Poor girl was trotted out on Crapvision and then showed up on Bloomberg minutes later. She had time in between for a face powder [sweat wipe] and a nervous cigarette while muttering, "Jebus. I don't know how much longer I can keep BS-ing like this..."

 

She maintained that Mona Lisa smile throughout and found [bush protective: wants to keep job] many positive things to say.

 

So perky!

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All service and industrial jobs are being sent to India.  No problem.  The U.S. will become the "investor class" of the world, where we simply engage in financial speculation while the "rest of the world" manufactures our SUV's, Coach handbags, and Pentium 4 PowerTrading Terminals.

The "investor class" breaks down into producers and consumers. I know which side I want to be on.

 

It is a distinct advantage to be able to print cash and securities, rather than being forced to engage in distasteful activities such as work to obtain them, as the hapless investment consumers are obliged to do. :o

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Great column Mark, one of your best.

 

Does Yahoo actually own Adultfriendfinder.com?

 

Watching the markets continue upward while jobs are shipped overseas reminds me of my favorite parable for our economy.

 

The US is to the rest of the world as Rancho Santa Fe is to San Diego County.

 

Nobody in RSF works. Sure there are a few corporate chieftans and some entertainers, some investment bankers and some legal legends. But no real work, just ordering minions around, playing golf, and importing high class hookers

 

The little people scramble for cash, cleaning toilets, running errands, shuffling children about town and picking up horse crap, anything for a few sheckles.

 

Is their revolt in RSF by the little people? Of course not. They have their sustenance, and are encouraged to invest their savings so they too can some day live in RSF, or at least nearby. Any revolt would be squashed immediately.

 

As pissed off I am about ASSHOLE AL and his debasing of the dollar, I like living in the Rancho Santa Fe of the world.

 

Nothing else even comes close, except Australia.

 

I would speculate that one reason ASSHOLE AL can increase debt to his heart's content is because of the global population's desire to either live in America or send their children to America, and therefore be consumers of dollar debt.

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What does Crudvision have to say about the yield rise on the ten year treasury notes? Will I get another chance to refinace and buy an SUV and some beer, and conspicuously consume them? I remember reading that there was a jump in refis even though the rates went up. . .

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Put buyer's go ape-sh*t again today--overall ratio1.02%

 

Gang, sorry to sound like a broken record, but no significant downside is possible until the put addicts relax! The key is the put buying more so than the liquidity or the PPT---- Silver had a pulse today but all these little moves are meaningless--we can begin to discuss a possible bull move in silver when it closes over $5 for a week--but no bull mkt. talky-talk until it decisively clears the old Buffett high of $7.50 & change--after seeing a $50 high 23 yrs ago, $7.50 is the LEAST silver can do.

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Great Post Mark!

 

Madame Chowder Head spins the numbers to be read as a positive, exhibiting confidence about the future...while Krudlow eggs her on. These two should just have sex and get it over with.

 

Obviously, the only way to play this game is to be of two minds...the reality vs. the fed, and hedge your ass off.

 

Short CAL - Long SIRI, and so on.

 

Just heard the CEO of Monster.com state that "61% of graduating college seniors are moving back in with their parents." That's a shyteload of parents who thought they were free of the financial burden of their children - only to wake up one day with a new SUV, a maxed-out home equity line and a returning dependent who is utterly unemployable and sleeps til noon everday.

 

Wait until you get a load of the Consumer confidence numbers when the realities of this fine mess finally hit home..."Dad just lost his job and Jimmy's moving back home."

 

Have a great weekend Stoolies! I'll walk back over from the beach a few times to check in, if I can pull myself away from the bikini-clad Lauderdale beauties.

 

Feelin' hot, hot, hot - Plunger

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Happy 4th of July - Independence Day - to the Americans here.

 

The US Declaration of Independence and Constitution are two of the most remarkable and inspiring documents in the English language. The US was very fortunate to have such enlightened Founders.

 

A large part of the world owes the US a great debt for it's 20th role in containing

two of the most evil ideologies ever conceived - communism and fascism.

What will the US become in the 21st century?

 

Regarding the current situation, one of the Founders made a prophetic observation

 

"I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power should be taken from the banks and restored to the people to whom it properly belongs. "

 

--- Thomas Jefferson

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Three cheers to Mousey for arranging the NYCASS meeting last night AND for picking up the first round. Well above and beyond the call of duty.

 

The look on the hostesses face when I said I didn't wish to be seated downstairs because I "wanted to attend to some NYCASS business upstairs" was priceless. Kind of like a dog listening to white noise - but, that's what you get when you say stuff like that at my age.

 

Anyway, what a day on the markets. Bonds DOWN, stocks Down, and gold/silver mainly holding their own.

 

As rates rise, look for liquidity to dry up and for the markets to slump. My most reliable indicator these past few months has been Doc's Mogauge offset by 5 weeks. Works like a charm.

 

Only puzzling part about the NYCASS meeting was the number of stoolies interested in seeing a real gold eagle because they hadn't held one before. Please, everyone needs to buy just one. One. And put it in your pocket for a week. Then be sure to convert a few more of your worthless dollars into this real asset each week/month/whatever.

 

You won't regret it - Al's going to inflate this motherf****. Or die.

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Cardiff:

 

I need to drive down to Rancho Santa Fe and check it out.

 

The talent down there must be incredible. I think I'll start a pool cleaning business, so I can start banging those high class housewives, who were traded in for imported hookers.

 

There seems to be no end to the Asian Internet Madness. I grabbed that new screamer Pacific Rim Internet today, since I missed the 50% move on IIJI.

 

With such huge volume coming in, I really see little risk of breakdown on these.

 

Somebody knows something.

 

There is something going on with Asian Internets, but I haven't figured it out yet. The general public will know when its too late, and these stocks are trading at $200/share. And that's before they split.

 

I dumped the rest of my shorts today, like BBY, TGT, and INTC which have traded nowhwere the last week. They can't seem to push these stocks down.

 

Will be donging only until we break down outside the Boner Channel.

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50% short at close, balance to be applied next week on green daze, if we are lucky enough to get any.

 

This will be my last post (visit) on this "bull board" section of Stooleville as I do not need any senseless emotional distractions. I'll be back once we near bottom and this section becomes bearish and heavily short.

 

Good luck to all those dongers attempting to pick up pennies in front of the steamroller. :lol:

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In the "one more hazy statistic" department, the last time AMAT was above its 200 ema for any length of time was a year ago from March to the end of May - about 3 months. This year its only stayed solidly above it for about a month. Extrapolation - two more months of this?? I have to say though, that I'm surprised the semis aren't doing better in all this hooeyness.

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