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CRB Explosion


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Sorry, I was too transfixed by the market action today, so I'll have to borrow a couple of lines from some of the other Stool Pigeons.

 

While the Cotillion Attendees (27-year old Fumble Managers) were busy HeatMapping the Large Breasted Wonders in front of the AMAT report tonight, some hotter action was to be had elsewhere.

 

Gold, Silver, and the CRB broke out to new multi-year highs.

 

Some simply stunning moves to be had in the gold and silver stocks, but you won't hear these moves reported on Crapview.

 

They are too busy dryhumping the Parabolic Charts of the SOX flyers, in an attempt to Boner Up the market caps of Putnam, Alliance, and others to squeeze out another billion or so in market cap before the redemptions hit.

 

Imagine that.

 

We have end of month tape painting.

 

And these guys have the nerve to throw their last .05% cash reserves at the tape to make sure they "generate cash" in order to handle the possible redemption streams.

 

Who knows?

 

May also be War Rally II unfolding, as bombs started falling in Baghdad today.

 

Al Green has his hands full.

 

Gold exploding, inflation accelerating, FNM and FRE teetering, Fukui jamming unable to get the dollar moving, Middle East unravelling, desperate T-Bone auctioneering, etc.

 

So he throws in a couple Repo Blasts and starts hitting the futures with his buy button.

 

Treasury auctions cannot succeed without the stock market moving north. Especially AMAT, the Leading Economic Indicator.

 

Soup described today's action the best:

 

No way there will be negative news out of AMAT, no way . They will say what all the bulls want them to say, why not? I am sure insiders have more to sell, and there are no repercussions for lying. Of course , how the market reacts is anyone's guess, but expect nothing but blue skies from sunny Jim Morgan.

 

Why have bond auctions? The Fed buys all the paper, why not throw out the middle man? Over 25 +1000 TICK readings ( by my count), looks like the govt /Fed is worried about something.

 

Something very bad is happening or about to happen, no way the government would be this obsessed with both the stock and bond markets otherwise.

 

Why do I feel like I am locked in a Soviet prison cell, circa 1980, held at gunpoint and being forced to read all govt reports from the ministry of propaganda?

 

Remember, Sunny Jim was most bullish in the Spring of 2000.

How come the shills never ask about jumping John Chambers' live performance in Dec of 2000, claiming he has never been more optimistic? Sorry, back to reading the Pravda.

 

Throughout the day, a buying panic ensued, as jrmfl put it a full blown TICK euphoria. "burning down the house".

 

The Epic Battle between the Monetarists and the Austrians continues.

 

So far, the Monetarists are losing, judging by the Scoreboard: The U.S. Peso

 

However, Al Green isn't about to give up.

 

Today's action resembles the battle scene in The Lord of the Rings Twin Towers, as mindless mechanized Robots stormed the stock market with buy tickets.

 

Timing has been excellent for Al Green:

 

Treasurys finish firmer after satisfactory auction ($TNX) by Rachel Koning

 

CHICAGO (CBS.MW) -- Treasurys finished Wednesday's U.S. trade modestly higher after a respectable turnout for an auction of 5-year notes and expectations Thursday's 10-year offering will meet with similar solid bidding. A benchmark 10-year note closed up 8/32 at 98 23/32 to yield 4.40 percent vs. 4.44 percent.

 

What better time to float some new 10-year T-Bone Promise Tickets the day after AMAT reports?

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Across-the-board, mutually interlocking, mutually confirming, 7-year highs today:

 

- Dec. 2003 Comex gold fuc-u-tures

- HUI index of gold stocks (which soared to a massive 7.58% daily gain)

- CRB index of 17 commodities (next target 263.80)

 

It doesn't get any clearer than this. The world has changed. The deflation story is dead. After years of unfathomable credit creation, the inflationary chickens have come home to roost. And that does not support P/E ratios in the thirties.

 

"Price leads the news." Watch and see.

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they did a PENNY?????? "Net income for the fourth fiscal quarter of 2003 was $15 million, or $0.01 per share, compared to a loss of $37 million, or $0.02 per share, for the third fiscal quarter of 2003, and down from net income of $147 million, or $0.09 per share, for the fourth fiscal quarter of 2002. "

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I don't have a report- only a headline for CBSmarket......

 

I had expectation of 5c/share.

Actual 1c/share

 

Did they miss by 4c or am I reading it bad???? (I'm sure I am!)

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