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True Grit


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For hours last night I was at loose ends as to what to open with this morning. Despite my ever-increasing resource base nothing seemed quite right for this point in time. I had, in fact, already resigned myself to the prospect of having to write about the fact that I couldn't think of anything appropriate to write about when . . .

 

. . . Shortly after midnight the name Barbara Morgan popped into mind. I had heard it mentioned once last Saturday during the marathon coverage of the tragedy. Surely this was a gift from God, for which I gave thanks, coming at a time when my brain-cell activity was starting to slide downhill as general fatigue was spreading through my bod.

 

On December 12 last year NASA assigned her to fly on the November 15, 2003 STS-118 mission, which is scheduled to deliver the second to last truss segment to the International Space Station. Part of her job in space would be to choreograph the three scheduled spacewalks from inside the shuttle.

 

Barbara is a teacher and had originally been selected as Christa McAuliffe's backup candidate for the NASA Teacher in Space Program on July 19, 1985 for the ill-fated Challenger flight. For five months she trained alongside Christa for that mission.

 

Speaking of hanging out and keeping the faith for seventeen years! Absolutely a shining example of true grit and intention and we can only hope that the shuttle flights are resumed in time to see her long-standing dream come true.

 

And since I am incredibly overtired from having gotten very little sleep last night I'm doing the changing of the IDS threads prior to bed since it's highly unlikely I'll be getting up much before 8:30 or so.

 

FLORIDA TODAY Article

 

NASA Biographical Data

 

 

an2.gif And Happy Anniversary to razf1 who joined the community one year ago today.

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Thanks, Glad.

 

I'm adding a quote from Peggy Noonan's piece in the WSJ that reminded me of how traumatic the Challenger was for school children, including my then ten year old daughter:

 

"The morning the Challenger blew up, the grade-school daughter of Ronald Reagan's chief speechwriter, Ben Elliott, was spending the day with her father in the White House. She came into my office, this little blond child, and said softly that the teacher was on the Challenger. Is the teacher OK? I realized: schoolchildren across the country were watching the Challenger go up, they were watching on TV sets and in auditoriums, because Christa McAuliffe, the first teacher in space, was on the flight. The children saw it all. It was supposed to be part of American schoolchildren learning about space, that's why the schools were showing it live. It was a learning tool.

Well it was, and the children learned more than anyone would have expected. They got a lesson in bravery, on why men go forth into space, on what it means to push forward, and what courage it takes. What it is to be an American pioneer.

 

Today the tragedy feels less like something that teaches than something that reminds. We were reminded of what we know. President Bush referred to it when he lauded the astronauts' courage. We forget to notice the everyday courage of astronauts. We forget to think about all the Americans doing big and dangerous things in the world--members of the armed forces, cops and firemen, doctors in public hospitals in hard places. And now, famously again, astronauts. With their unremarked-upon valor and cool professionalism. With their desire to make progress and push on.

 

Buzz Aldrin captured it this morning. He tried to read a poem about astronauts on television. He read these words: "As they passed from us to glory, riding fire in the sky." And tough old Buzz, steely-eyed rocket man and veteran of the moon, began to weep.

 

He was not alone.

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Good Morning and Good Stool to all!

 

Doc has to laugh. Last night over on Mark's board, seems most were worried about a rally, and were pointing to all the signs. This morning everyone is all excited about the fucutures being down. The mood swings are incredible.

 

One stoolie noted last night that Hulbert says the newsletter writers bearishness was a tipoff to a short term rally.

 

It's all BS. Of course, I'm getting tired of what I've been saying for so long, that the market is going sideways. It will eventually break down, but only the market can tell us when that will be, and she hasn't told us yet. As I noted in last night's Anals, this could go on for weeks. I hope it won't. Cycles can fail early of course, but the current read hasn't shown that yet.

 

Rally? Make me laugh.

 

See you in Stooltrading. First post at 9:15.

 

Stoolwethers are posted and I will have Suctor Watch up around 8:30 NY time.

 

Chow!

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todays reuters headline really pisses me off,I am sick of the media putting blame where it does not belong.

 

 

reuters headline reads"Eyes on Powell as War Worries Hit Markets"

 

so I sent the editor a quick e mail:

 

Every time the stock market goes down or futures are lower you blame it on "war fears".this is totally irresponsible and most of all it is a total lie.markets go down for one reason,that is overvaluation.please report the truth and not speculation and blame.you are a news agency and your opinion is not relavent.i'm really getting sick of the media reporting things that are not factual,if the truth was stated in the media people would not be loosing all their money in the stock market.

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GF, have you found any fund other than the Canadian-only AGF Managed Futures Fund? The only thing that I found here in the lowlands is the "PIMCO Commodity Real Returns" fund - invests in commodity futures and backed by intermediate term bonds. Anybody know anything about this fund? It was opened end of June last year. I can't even find a symbol for its class A/B/C/D shares on any of the usual places - morningstar, etrade, schwab, ameritrade. The yokel manning the etrade phone couldn't even tell me how much the loads were. And the prospectus seems to have it except I haven't managed to find it yet.

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MK- Nope, but then, I haven't looked. The AGF fund is still doing quite well- I added more to it, scared like hell to buy at its high, and it's continued to climb- currently a 17% return since I bought it earlier this month. I believe that the Rogers Raw Materials Fund (not sure of its exact name) is similar, but I don't know if they trade short as well as long. Worth a look.

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A quote from wahoo,

 

?Nonstop television coverage of the space shuttle Columbia disaster on Saturday kept riveted consumers away from stores, hurting retail demand last week, according to a report released on Tuesday?

 

Bet that War gets people out and shopping though. Need to stock up on chips and brew so we can rush home to see those 800 ($3,000,000.00 each) cruse missiles descend on Baghdad.

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SG dings

 

And so it begins, SG's minuette wave iii of 3 finally starts today on the QQQ.

 

Like I said, "orders will be cancelled in q1", this I predicted 3 weeks ago... you will see it soon, today just a hint...

 

Technology stocks were set to bear the full brunt of a selling assault after telecom equipment maker Alcatel (NYSE:ALA - News) forecast a 25-30 percent decline in first quarter sales, backing an equally grim outlook from Ericsson on Monday. Read London Calling.

 

... SG again reiterates sub 24, a move to 23.30 ish... followed by a stop at 22.49 ish.... where I will cover, and reshort in th 23.30 to 23.40 range (buying more shares this way)

 

... news is noise, except when the tidal wave of bad news finally is accepted by the participants, and interpreted as bad....

 

Let the selling begin (The real selling starts Thursday)

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