402 replies to this topic
Posted 12 August 2004 - 08:41 AM
The Fed said:
"High energy prices were responsible for slowing down the economic expansion in recent weeks."
They also said:
"We see the resumption of the economic expansion going forward"
Either the Fed knows for a fact that energy prices will be coming back down, or they need to find a good Psychoproctologist!
Posted 12 August 2004 - 09:18 AM
In my opinion, the Fed and particularyly Mr. Magoo need a major psychoproctological reconstruction. Of course this should be preceeded by a deconstruction, perhaps today.
One day sometime in the future he'll [Cramer] come blubbering and whimpering on air half naked and smeared with his own feces. It'll be the buy signal of the decade. --PhatBubble
One thing I think is certain. The more the world's central banks act to suppress the cost of long term capital, the more of it the market will demand, thereby keeping upward pressure on yields until the CBs have no choice but to relent. At that point we should see a massive final blowoff similar to that which occurred in 1980 and 1981. --Doctor Stool
In a topsy turvy world, growing more and more insane by the minute, terminal eccentricities, like buying Fanny, are barely noticed--Beardrech
"[George W. Bush] is Woodrow Wilson on amphetamines." --Patrick J. Buchanan
"I simply don't know where the money is." --John Corzine
Posted 12 August 2004 - 09:20 AM
When aren't the pundits looking for lower oil prices and higher stock prices.You forget to mention your cmap of oil, put out some months ago, showing a target of $53 - at a time when the pun-dits where looking down.
Posted 12 August 2004 - 09:21 AM
Well HPQ falls on its sword and 990N can't be found he is probably sleeping with the fishes. On Schlock Box this morning the co-host was Jack Perrugian everybodys Uncle Harvey lookalike with dirty glasses and ketchup stains on his tie. After retail sales when they went to the pit usually occupied by Uncle Harvey they got a guy called Wyse so Uncle Harvey throws his Comrade a softball and says "you manage a lot of money Jim where do you put it??" the guy says well you gotta be Short and then he realizes what he just said and you could hear Uncle Harvey's body hitting the floor. So the guy then says I mean you gotta be long volatility. Well Crew if you are long volatility then you are short the market indicies-so sometimes the truth comes out inadvertantly. Window at the Bell for 30 minutes. Helmets on, Buckle up!
Posted 12 August 2004 - 09:22 AM
Your avatar reminds me of Gene Wilder and Marty Feldman in Young Frankenstein:
"Damn your eyes!"
Posted 12 August 2004 - 09:27 AM
From CNN ... picture of Najaf (Iraq) this morning --
"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
Posted 12 August 2004 - 09:31 AM
The Chairthrower is in da house on this window and he looks pissed!
Posted 12 August 2004 - 09:33 AM
I am laughing.... my ass off!
Posted 12 August 2004 - 09:37 AM
Weather forecast .........Partially sunny with periods of total destruction.
Posted 12 August 2004 - 09:38 AM
Florida, Louisiana car owners want Shell, Texaco to pay for faulty gas damage
Aug 12, 2004 (The Miami Herald - Knight Ridder/Tribune Business News via
COMTEX) -- Some 25,000 Floridians have sought reimbursement for damage to their
automobiles that they claim was caused by faulty fuel sold by Shell and Texaco
gas stations, Shell Oil Products disclosed.
The fuel-quality fiasco that shut down Shell and Texaco stations over the
Memorial Day weekend impacted other companies as well. BP, ConocoPhillips,
Colonial Oil and Valero Energy Corp. were all supplied with the substandard fuel
from a Port Everglades terminal operated by Motiva Enterprises, a refiner
partially owned by Shell, a Shell spokesman said. Those companies, however,
reported few -- if any -- complaints from customers.
Overall, Shell said it has received about 70,000 claims from drivers in Florida
and Louisiana -- up from about 9,000 on June 1. The fallout resulted from
elemental sulfur found in gasoline originating from the Houston-based Motiva's
refinery in Norco, La. The sulfur can corrode the silver electrical contact on
the gas-gauge sensor in some vehicles, causing the fuel gauge to indicate the
tank is full when it's actually less than full or empty.
Shell and Texaco stations initially halted sales of regular and midgrade fuels
after the problem surfaced May 27. But by the next day, all of the pumps were
turned off at 450 Florida stations. Gas sales resumed at all affected stations
by June 2.
Shell Oil Products spokesman Shawn Frederick wouldn't say how much the mishap
has cost. Considering the cost to replace a gas-gauge sensor ranges from about
$150 to more than $1,000 in some high-performance cars, the figure will easily
run into the tens of millions of dollars.
Dumping inferior product on domestic markets because International markets didn't want or could not take delivery? There is more to this!
Posted 12 August 2004 - 09:38 AM
Here's my rant for this morning---all the talk about the interest rate hike on tv and in the print talks about the effect on the "consumer", how it will mean higher mortages, borrowing costs, etc. NOWHERE have I read of the benefits to the prudent people who actually have savings and welcome a decent return. You would think the AARP or some group would have been at least bemoaning the negatives of Greenspams agenda all these months. Oh well, I'll take every .25% I can get!!!!
Posted 12 August 2004 - 09:39 AM
SunTrust Robinson Humphrey downgrades APOL from BUY to NEUTRAL.
(Where were they for the last 20% down?)
Of course I'm caustic!
Posted 12 August 2004 - 09:45 AM
A 2.4% gain in motor vehicles and parts demand helped push up overall sales in July. Data last week had showed higher U.S. auto sales for the month as auto makers offered more generous incentives. Without the auto component, retail sales would have gone up only 0.2%. June sales excluding autos fell 0.3%, revised from a previously reported decline of 0.2%.
Of course the rise in retail sales has promted all the auto makers including the Japanese to let loose with the biggest incentives on record. Yeah we always cut prices when things are going well. Now if you remove the "fleet sales", actual retail sales of auto sales fell, but we won't really know until the end of the turd quarter when buried deep inthe reports will be the percentage of fleet sales which has been very high and is probably getting higher, just like the pile of horse manure they keep shoveling out.
P.S. We also have a few very nice bridges for sale
Posted 12 August 2004 - 09:45 AM
Temporary Open Market Operations for August 12, 2004
Last updated: August 12, 2004 08:43 AM
Number of operations today: 1
Delivery date: Thursday, August 12, 2004
Maturity date: Thursday, August 26, 2004
Type of operation: 14-day RP
Operation close time: 08:35 AM
Total Money Value of Operation (in $bil.) 6.000
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