fanatic Posted July 29, 2011 Report Share Posted July 29, 2011 Seems to me that if the INDU has already gone up over 125 today, that future incremental gains from the actual passage of the debt ceiling bill might not be that great. It's still my plan to go majorly short once the theatrics are over. Link to comment Share on other sites More sharing options...
Bungster Posted July 29, 2011 Report Share Posted July 29, 2011 Look'n like a turn day to me...small rally that is... Link to comment Share on other sites More sharing options...
MisFit Kid Posted July 29, 2011 Report Share Posted July 29, 2011 Look'n like a turn day to me...small rally that is... could have a big tail on the charts, but the day is young.... (what was that GDP report again....) Link to comment Share on other sites More sharing options...
Bungster Posted July 29, 2011 Report Share Posted July 29, 2011 Look'n like a turn day to me...small rally that is... Of course the other option is that this move is just back to the top of the channel.. Link to comment Share on other sites More sharing options...
DrStool Posted July 29, 2011 Report Share Posted July 29, 2011 Gold stocks still acting shitty. Link to comment Share on other sites More sharing options...
dogsie Posted July 29, 2011 Report Share Posted July 29, 2011 CANTOR SAYS HAS VOTES TO PASS BILL. Vote some time later today. Link to comment Share on other sites More sharing options...
Scully Posted July 29, 2011 Report Share Posted July 29, 2011 Of course the other option is that this move is just back to the top of the channel.. That is my vote. I mean really, even if it passes, the GOP bill is just going to get vetoed anyway. This is a support point on the charts, both at the 200 day and at the bottom of the 10 day cycle channel, but to me it does not feel like we did enough work at the bottom of the channel to form a bottom. Link to comment Share on other sites More sharing options...
MisFit Kid Posted July 29, 2011 Report Share Posted July 29, 2011 Big Stick Save on the Mortgage-Reits/High dividend stocks CIM, ARR, NLY, AGNC, etc.... Link to comment Share on other sites More sharing options...
specie Posted July 29, 2011 Report Share Posted July 29, 2011 Big Stick Save on the Mortgage-Reits/High dividend stocks CIM, ARR, NLY, AGNC, etc.... amazing i wonder if that emergency meeting this morning with all the dealers was to address the collateral issues along with the treasury issues Link to comment Share on other sites More sharing options...
Scully Posted July 29, 2011 Report Share Posted July 29, 2011 The Treasury does not have to replace the pension funds because they never took any. What they did was to declare some portion of the Treasury IOU's held by the funds, void, essentially. No money was involved. That's how I understand it. So they can just give them new IOU's which is costless. It will just burn through a portion of whatever the new borrowing allowable is. So if that is Boehner's $900 billion and that is gone by Feb people are going to say WTF. (Intergovernmental IOU's were first used during WWII when, let's say the Dept.of the Interior lent money from its appropriations to the Army. Later it evolved into the Treasury writing IOUs to SS or in this case government pension funds. The courts found back in the 40's that these intergovernmental IOU's had the same force of law as any government debt. Had the same obligation as any marketable Treasury security. To wit their repayment was demanded as per the full faith and credit of the US. Of course that will be voided soon enough with SS, if they can't finesse it) Thank you for clarifying this. I did not understand it very well until your post. Link to comment Share on other sites More sharing options...
DrStool Posted July 29, 2011 Report Share Posted July 29, 2011 CANTOR SAYS HAS VOTES TO PASS BILL. Vote some time later today. DOA in the Senate. Now the real work starts. Getting a reconciliation through both chambers. Link to comment Share on other sites More sharing options...
dogsie Posted July 29, 2011 Report Share Posted July 29, 2011 Tough call on where market will trade today, like a FOMC day. Friends don't let friends trade... Link to comment Share on other sites More sharing options...
specie Posted July 29, 2011 Report Share Posted July 29, 2011 trading based on (news)Noise is for douchebags Link to comment Share on other sites More sharing options...
Trader Joe Posted July 29, 2011 Report Share Posted July 29, 2011 Triple-digit green close, douches. Concise and to the point Link to comment Share on other sites More sharing options...
dogsie Posted July 29, 2011 Report Share Posted July 29, 2011 Great summary of what is going in DC. great negotiating Link to comment Share on other sites More sharing options...
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