Jump to content


Photo

Gold Is Money


This topic has been archived. This means that you cannot reply to this topic.
123 replies to this topic

#1 wndysrf

wndysrf

    Dean of Stock Proctology

  • Banned
  • PipPipPipPipPipPipPipPipPip
  • 34,219 posts

Posted 13 February 2003 - 05:39 PM

Mark’s Market Commentary – February 13, 2003

I was out most of the day making my special purchase today, so this commentary will be short.

As usual, the Program Robots showed up precisely at the time when the October gap on the S & P’s was filled. All attempts were made by the Matrix Agents to round trip the indexes into the close, to make sure that the proper candle was marked to make sure the speculators were assured that the selling had come to an end.

Tomorrow, we’ll hear the bullhorns and loudspeakers blaring about yet another “bottom”, maybe close enough for a “triple bottom”.

The hysteria continues.

Notice how we are a stone’s throw away from the October lows, yet the Teller Window is wide open. Corporate borrowers are now rushing to the corporate bond window to issue new notes before credit spreads start widening and while the Teller Window remains open. Seems like everybody is floating new bonds, whether they need the money or not. Because these CFO’s know that this is the “Last Chance Saloon” to obtain financing at “As Good As It Gets” interest rates.

Remember Lucent and all the other junk borrowers feeding at the trough during the early summer of 2001? Before the September 11 crash? And then the next “GDP Recovery” splash during March of last year, when GE, FRE, and FNM were running to the Teller Window? It seems that all Teller Window runs occur immediately before a credit market crunch. So we’ll have to watch the credit spreads from here on out to see what happens.

In the meantime, the top Wall Street Operators continue to get off easy. Turns out that a large part of the billion dollar settlement will be tax deductable for the brokerage firms. Sandy Weill denied himself a bonus this year, but Citigroup’s Board of Directors granted him another $17.5 million in stock options instead. That compares to his 2001 compensation of $1 million in salary, a $17 million cash bonus, and $8 million in options. How about that for running the second largest derivatives house on the planet?

Notice how The Wall Struck Journal is reporting on European investors are growing tired of investing in the MTV Economy.

“Nervous European mutual fund investors are apparently reversing their earlier taste for a well-diversified portfolio. In the late 1990’s, the proportion of mutual-fund assets invested in U.S. funds rose sharply, but recent estimates show that proportion is heading sharply down again and put their money closer to home.”

Today, I made my first physical gold and silver purchase. 2003 Gold Eagle coins and Silver Eagle coins. Now I clearly understand why the Al Green Regime wants to discourage holding gold. Ever hold a Gold Eagle in your hand? Ever keep one in your pocket for a day? Now I understand what Merciless was saying when he felt so much pleasure holding his Krugerrands.

Gold is mesmerizing.

Why is that?

It’s a surreal feeling, holding one beautiful coin, worth $375, untarnishable, accepted as money anywhere in the world, knowing that payment is not dependent upon anyone else’s promise keeping.

Simply put, there was extraordinary pleasure knowing that at least a small portion of my net worth had been extracted from the Matrix. Now outside of the Paper Pyramid. Safe and protected against the antics of Bernake’s Printing Press. Immune to any kind of grind up from the Reliquifaction Blender.

I guarantee that if every citizen were allowed to carry a gold coin in their pocket for one day, feeling it, admiring it, dazzled by its 3000 year old history as Real Money, we would have a run on the dollar and a gold panic.

Now I clearly understand the term: Gold is Money. Once you hold the physical metal in your hand, and then observe the Speculative Globe obsessed with trading within the Paper Pyramid, it is very clear how totally absurd our financial system has become.

Now that INTU “beat the street” and DELL didn’t report a disaster, the bounce we have been waiting for is finally in. Better to get it over with now. We are close to the October lows. Several days of positive action, coinciding with the usual Options Racketeering next week should produce a green week to break the 4-week losing streak, and build up power for the next “ABC” move to the downside.

Good news for volume swing traders is that the Short Covering blast at the end of the day finally came in with decent volume, so a new low for the move was made on higher volume, confirming the downtrend. Now lets hope the volume dries up on the way up, as hopers still stuck at the January highs finally get the opportunity to sell on the bounce they have been waiting for. In the meantime, all shorts loaded up on this 9-day Razor Line consolidation among the Supermodels will be blown out on this move, setting up the next short clearing for the next decline to the downside.

On the other hand, the wild squeeze towards the end of the day could signal the beginning of an elevator shaft drop. We had a similar end of day hysteria squeeze job a week prior to the September 11 lows, and many during last summer’s decline.

As Lance Lewis likes to point out, we always have a monster intraday squeeze “when the wheels are starting to fall off and the helmets start coming out.”

Position Summary:

No changes.

Half Short:

MBI at $50
KLAC at $41
CYMI at $39
NVLS at $35
INTC at $18
MSFT at $56
WHR at $56
INTU at $49
AMGN at $53
CSCO at $14
ORCL at $12
DELL at $25
SBUX at $23
QCOM at $37
COH at $32

Quarter Short:

FRE at $68
LEN at $56
COCO at $40
NCEN at $28
CFC at $55
SYMC at $47

Half Long:

GG at $11
HL at $4.55
BGO at $1.31
PAAS at $5
DROOY at $3.35
GLG at $9
GSS at $1.72
WHT at $1.05
KGC at $2.35
HMY at $16
GFI at $12
PigMen Proprietary Trading Desk

The Weimar Run: Bullphoria!!!!

#2 anjing bau

anjing bau

    Associate Professor of Stock Proctology

  • Members
  • PipPipPipPipPipPip
  • 4,257 posts

Posted 13 February 2003 - 05:50 PM

Volume on the Dow in the last hour today was 400MM... nearly double the previous days last hour volume when we closed near the lows of the day..........

#3 machinehead

machinehead

    Dean of Stock Proctology

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 13,180 posts

Posted 13 February 2003 - 05:57 PM

GE, still one of the largest-crap stocks, hit a new 52-week low of 21.30 today, but rallied back above 22 to close down only 0.08.

After the close we found out why:

GE To Pimp Single Moms

Sorry, GE. You'd be better off with the jailbabes thing ... more provocative.
"GOLD -- it's not just for misers anymore."

"Dollahs -- fire-starters for the K-wave winter." - Drano

"Three humps and a dump." - anotherone, 21 SEP 2004

"No gold was harmed in the making of this movie." - Bizarro Greenspan

[i]"Da Track. Da place where Morons bet on Animals Controlled by Criminals."
- our jickiss

#4 3Martinis

3Martinis

    Bachelor of Stock Proctology

  • Members
  • PipPip
  • 570 posts

Posted 13 February 2003 - 06:04 PM

*hic*...ahhh wyndy...welcome to the goldbug brother/sisterhood......just don't tell anyone about your new found penchant for Fondling Eagles and Pandas...... :blink: *hic*

cheersh

#5 MrHanky

MrHanky

    Dean of Stock Proctology

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 14,306 posts

Posted 13 February 2003 - 06:06 PM

Thanks mark!!..congrats on your purchase!

Speaking of corporate bonds,morgan stanley offered me GM bonds last week and GE bonds this week.Lots of debt hitting the markets right now.GE seems to to a debt offering every month.the demand was so big,the recent bond offerings were increased by 50% on GE.

As for the market today,now doc knows why I keep worrying about the next squeeze!Dow bounced an astounding 75 points in 7 minutes at one point(an 1100 tick to boot),and bounced 150 points off the low intraday.Any significant rally I will add to my short positions,I hate doing it on the way down because of days like this.

For all I know we gap down tomorrow,who knows.but right now it looks like a good 25+ point day for the nascrap in the morning.

anyone have any upside targets to get more short?

Nothing


#6 MrHanky

MrHanky

    Dean of Stock Proctology

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 14,306 posts

Posted 13 February 2003 - 06:07 PM

GE, still one of the largest-crap stocks, hit a new 52-week low of 21.30 today, but rallied back above 22 to close down only 0.08.

After the close we found out why:

GE To Pimp Single Moms

Sorry, GE. You'd be better off with the jailbabes thing ... more provocative.

ge actually only hit 21.82 at the lows today,maybe you got a bad print.

Nothing


#7 longOnUranus

longOnUranus

    Associate Professor of Stock Proctology

  • Members
  • PipPipPipPipPipPip
  • 4,015 posts

Posted 13 February 2003 - 06:09 PM

anj- Doc has convinced me that volume analysis has limited utility. A/D and up/down volume support HeatMap gaming; the stairstep sell-off has been impressive and keenly stealthy: no front page headlines yet. Just a low pitched, but crescendo, sell-off.

Is it a wonder that the best pickpockets in the world have offices on Wall Street?

Another good day, thanks to Doc, SG - you called the bottom and bounce very well. I set limit orders on my puts which filled, even scalped a call for a few hundred bucks to catch the afternoon rally. Now mostly cash. Thanks, guys. EVEN slept through most of it.

On days I can't watch the tape, the strategy of CLOSING many of my option positions near the open and close has worked well. I miss out on some extra profits, but don't get screwed on bounces like today's. I'm buying into PM's and commodities next week, and will probably re-enter some SPX puts sometime tommorrow; as well as put some high five figures in Rydex for next week's party.

#8 machinehead

machinehead

    Dean of Stock Proctology

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 13,180 posts

Posted 13 February 2003 - 06:14 PM

Mr. Hanky - my info on GE came from BigCharts. But I didn't follow GE during the day, so it could be a bad tick or something.

GE chart

Yahoo's chart clearly shows 21.82 as the intraday low, but also indicates 21.30 as the low of daily range ... maybe a pre-market trade?

Yahoo chart of GE
"GOLD -- it's not just for misers anymore."

"Dollahs -- fire-starters for the K-wave winter." - Drano

"Three humps and a dump." - anotherone, 21 SEP 2004

"No gold was harmed in the making of this movie." - Bizarro Greenspan

[i]"Da Track. Da place where Morons bet on Animals Controlled by Criminals."
- our jickiss

#9 Guest_yobob1_*

Guest_yobob1_*
  • Guests

Posted 13 February 2003 - 06:23 PM

RE: Pimping mom

....and will feature the adult children of single mothers choosing among several candidates to decide who gets to go with their mom on a fantasy vacation.


What if the adult kids don't like Mom? Do they send her off with a drooling axe murderer. Or do they simply go for the deep pockets and ignore the cocaine habit?

Mark, feel free to add a couple of thousand years to that 3,000. Was watching a show on ancient Alexandria last night and they were diving off the mouth of the Nile amidst the apparent aftermath of an earthquake destruction coupled with a flood or maybe a tsunami. Anyway it looks like the people beat feet or were swept away leaving most of their goods lying around. They were pulling up gold coins of all kinds most dating to around 200 to 800 AD (sorry if that's politically incorrect). They were shiny as new. The thought occurred to me that those coins would still be negotiable anywhere on the planet just for the gold content. Try that with a dollar bill or one of those cute little Euros. Maybe this Iraq thing will cause France and Germany to rethink their membership in the ECU???? then where's the Euro?

And you're right. There is something about cradling a one ouncer that's comforting. I really don't know how to describe it. Maybe they have healing powers. :lol:

Fun read as usual Mark.

#10 MrHanky

MrHanky

    Dean of Stock Proctology

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 14,306 posts

Posted 13 February 2003 - 06:24 PM

my drcvx was up a whopping .01 today!

the drinks are on me!

( if the scam artists did not screw with the close,it probably would have been .06)




and yes 21.82 was the intraday low on ge.watched it all day.

Nothing


#11 machinehead

machinehead

    Dean of Stock Proctology

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 13,180 posts

Posted 13 February 2003 - 06:27 PM

OK, Mr. Hanky. GE messed my mind with its hot MILFs.
"GOLD -- it's not just for misers anymore."

"Dollahs -- fire-starters for the K-wave winter." - Drano

"Three humps and a dump." - anotherone, 21 SEP 2004

"No gold was harmed in the making of this movie." - Bizarro Greenspan

[i]"Da Track. Da place where Morons bet on Animals Controlled by Criminals."
- our jickiss

#12 wndysrf

wndysrf

    Dean of Stock Proctology

  • Banned
  • PipPipPipPipPipPipPipPipPip
  • 34,219 posts

Posted 13 February 2003 - 06:31 PM

Attention Volume Swing Traders:

The bounce may go up to retest the last big volume day, which was Jan. 30.

Bounce targets = low of the day on Jan. 30:

Dow 7900
S & P 840
Nasdaq 1310

Interestingly, the Dow and S & P seem more favorable for a bounce. The Nasdaq never got down far enough, and we are still close enough to the last resistance line.

Perfect setup. Bounce Friday, Tuesday, Wednesday, then Thursday we get the Options Racketeering Reversal day.
PigMen Proprietary Trading Desk

The Weimar Run: Bullphoria!!!!

#13 richmtn

richmtn

    Clinical Professor of Stock Proctology

  • Members
  • PipPipPipPipPipPipPipPip
  • 9,004 posts

Posted 13 February 2003 - 06:49 PM

Great work as always Mark. :wink2:

**********************

Iraq ate my homework

Seems like Saddam is responsible for everything wrong with our economy. Must be messing with me too.
February 13, 2003: 4:50 PM EST

Dear boss:

I'm sorry I'm late with my column this week. It's Saddam's fault.

Story

#14 simple guy

simple guy

    Elliott Professor Emeritus of Stock Proctology

  • Banned
  • PipPipPipPip
  • 2,226 posts

Posted 13 February 2003 - 06:56 PM

1279, 1285, 1291 all NAS targets for a mini 4th wave I put out this morning

1280 was finally hit... 1291 is possible tomorrow

QQQ 23.95 to 24.10 likely targets

Next leg DOWN is actually beginning tomorrow and continuing on Tuesday contrary to what Mark is thinking... E waves say so, and so do the Fibo Turn windows, which are not til the 19th roughly....

You can read my thread for more, just posted it on Simple Guy Waves....

And mark... this is more like it... what you said

On the other hand, the wild squeeze towards the end of the day could signal the beginning of an elevator shaft drop. We had a similar end of day hysteria squeeze job a week prior to the September 11 lows, and many during last summer’s decline.



#15

  • Guests
  • 0 posts

Posted 13 February 2003 - 06:59 PM

Holding the gold in your hand is much nicer still when you have just dug it up out of the ground.
My avatar picture is a 27 oz piece found about a metre underground. Always amazes me how old nuggets are, and I bet it was a VERY long time ago that anyone else laid eyes on this one before we found it.
When we show our nugget collection, you can literally see people get "gold fever" before your eyes - the weight is the first thing that fascinates them, and then you see their eyes glaze over when they find out something "so small" is worth so much. Imagine what they will say when POG returns to its highs. 20 years of being a gold bug, and it still fascinates me (but more so in the nugget form for its beauty).





Stock market portfolio giving you the runs? See Dr. Stool.

Take a subscribatory!
Download 
The Anals of Stock Proctology now!



The Daily Stool - Stock Market Message Board
Stool's Gold- Gold and Precious Metals Forum
Look Out Below Message Board

Support your local Stool Board.


The Al E. Greenspeuman designer line at Stoolmart. Get yours today! Click here now!
Get Mugged!


Dr. Stool's
Book Search

Enter title, author, or keyword
Just books
All Products





Old Stool Depository

Live Steaming Pile Chart