The Securities and Exchange Commission’s lawsuit against Goldman Sachs is revealing a cavalier culture in which the firm invested recklessly and bet against its own clients. Here are some of the company’s questionable practices:
Created its own blood bank and sat on all deposits until the Haitian earthquake
Tried their hardest to dissuade risk-loving pensioners and teachers’ unions from buying into unsound derivatives, but in the end it wasn’t enough to stop them
Drove up commodity index while hedging against price increases by maintaining a 20-acre facility crammed with full barrels of crude oil, stockpiled bales of cotton, and tens of thousands of lean hogs….
Invested in the highly lucrative underground organ trade through its Mexican subsidiary Goldmando Saques
LEXINGTON, MA—Describing himself as "terribly exhausted," famed linguist and political dissident Noam Chomsky said Monday that he was taking a break from combating the hegemony of the American imperialist machine to try and take it easy for once.
"I just want to lie in a hammock and have a nice relaxing morning," said the outspoken anarcho-syndicalist academic, who first came to public attention with his breakthrough 1957 book Syntactic Structures. "The systems of control designed to manufacture consent among a largely ignorant public will still be there for me to worry about tomorrow. Today, I’m just going to kick back and enjoy some much-needed Noam Time."
"No fighting against institutional racism, no exposing the legacies of colonialist ideologies still persistent today, no standing up to the widespread dissemination of misinformation and state-sanctioned propaganda," Chomsky added. "Just a nice, cool breeze through an open window on a warm spring day."
Sources reported that the 81-year-old Chomsky, a vociferous, longtime critic of U.S. foreign policy and the political economy of the mass media, was planning to use Monday to tidy up around the house a bit, take a leisurely walk in the park, and possibly attend an afternoon showing of Date Night at the local megaplex.
Sitting down to a nice oatmeal breakfast, Chomsky picked up a copy of Time, a deceitful, pro-corporate publication that he said would normally infuriate him.
Few stocks have attracted more news over the last six months than nutritional supplement maker Herbalife (NYSE: HLF).
Even casual market observers are aware of the circumstances surrounding the the initial bout of extreme volatility in the name back in December 2012. The shares went into free-fall at the end of the year after hedge fund manager Bill Ackman revealed in typical sanctimonious fashion that his firm Pershing Square Capital Management was short around $1 billion worth of the stock.
Amid much pomp and circumstance, Ackman laid out his short thesis at a New York investment conference and...
Interesting article by Joshua Brown on investors performing worse than the funds they trade in and out of. It's the same principle at play that Paul Price describes in his article: March Madness and Your Trading Decisions.
A confluence of events last week has me reminiscing about the days gone by and apprehensive about the future. I’ve spent a substantial portion of my adulthood rushing to baseball fields, hockey rinks, gymnasiums, and school auditoriums after a long day at work. I’d be lying if I said I enjoyed every moment. Watching eight year olds trying to throw a strike for two hours can become excruciatingly mind-numbing. But, the years of baseball, hockey, basketball, and band taught my boys life lessons about teamwork, sportsmanship, winning, losing, hard work, and having fun. There were championship teams, awful teams and of course...
SKS - Saks, Inc. – Timely bullish bets initiated in Saks options just seconds prior to the closing bell on Tuesday are generating sizable gains for at least one trader today, with shares in the high-end retailer up at the highest level since 2008. The stock closed Tuesday up 11% on the day at $13.67 after the company reported first-quarter revenue above average analyst expectations. Within minutes of the close shares in SKS moved sharply to the upside after the New York Post, citing a source familiar with the matter, reported...
With yesterday's dovish duo Bullard and Dudley to set expectations, the S&P 500 rallied in anticipation of Chairman Bernanke's congressional testimony and soared to its all-time intraday high, up 1.07% during his prepared remarks. But the Q&A deflated the balloon, and the 2 PM release of the latest Fed Minutes accelerated the decline. It seems that the possibility of tapering QE in the near term is not entirely off the table. The index hit its -1.23% intraday low about 30 minutes before the final bell. It then trimmed its loss to close down 0.83%. The 10-year yield jumped 9 bps to close at 2.03%, just off the 2013 interim high of 2.07% on March 11th and 37 bps off its 2013 low set 14 sessions back.
Here is a 15-minute look at the week so far.
Not surprisingly the volume on today's 2.32% high-low intraday range was 24% above its 50-day movi...
Doing a lot of data mining as we watch this market go parabolic.
The S&P 500 is 13.4% over the 200 day moving average. 10%+ is considered overbought, and 12% is very rare.
The current Relative Strength Index (RSI) on the S&P 500 is 75. Over 70 is generally overbought (below 30 oversold). To put in perspective in 1999 the S&P touched 70ish a few times but never hit 75. The NASDAQ in 1999 – early 2000 hit mid 70s a few days in July 99 and Mar 00. Then in the parabolic move in November and December 1999 (NASDAQ gained over 1000 pts!) it sat between 70 and mid 80s for most of two months; of course t...
So, what did the market want today? Nothing it appears. It traded on weak volume and had very little movement. This morning the market hated commodities especially silver, but by days end, the market liked silver, gold and even oil but not the dollar. Why?
Last week the economic reports were tough, with bad misses on more than one occasion. But the market tended to ignore the bad news, probably because money continues to pour into equities from money market funds, long term fixed income, and many struggling foreign economies. On Thursday, investors finally caved to even more bad news from Initial Jobless Claims and weak Housing Starts. Then on Friday, when Michigan Sentiment and Leading Indicators posted large positive surprises, the money came pouring back to generate qui...
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This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).
We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options.
Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.
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Reminder: Craigzooka is available to chat with Members regarding his virtual portfolio performance, comments are found below each post.
I am going to share with you how I manage my IRA and the power of reducing your cost basis. My goal each year is a 20% return in my IRA. Sometimes I make it and sometimes I don't, but I believe that all of my success is due to reducing my cost basis. To illustrate the power of reducing your cost basis here are some trades we did last year. These trades are taken from an educational portfolio we ran in a paper-trading account for a little more than a year.
We bought RIG on 5/15/2012 for $44.13, sold it on 1/18/2013 for $46 but booked a profit of $1,154.
We bought MT on 1/4/2012 for $19.24, sold it on 12/21/2012 for $15 but booked a profit of $454.
We bought CHK on 1/27/2012 for $21.93, sold it on 10/19/2012 for $18 b...
Stock market posts another record setting week, but the big news came after Friday’s close.
Courtesy of NASA
The stock market put on another record setting show with the Dow Jones Industrial Average (NYSEARCA:DIA) closing at a record high 15,118 and the S&P 500 (NYSEARCA:SPY) closing at 1633.70, another all time closing high.
For the week, the Dow Jones Industrial Average (NYSEARCA:DIA) gained 1%, the S&P 500 (NYSEARCA:SPY) climbed 1.2%, the Nasdaq Composite (NYSEARCA:...
Reminder: Pharmboy is available to chat with Members, comments are found below each post.
Well, well, well....it is good to know that there are others in the scientific arena who believed that YMI Bioscience's data (cough - Gilead) is a better drug than Incyte's Jakafi. Now, the definitive data are still unknown, but there was enough evidence from a Phase 2 trial to take a small risk for a huge reward. So, let's forget about Apple (AAPL), and do nothing but biotechs from now until Congress passes universal health care coverage for prescriptions....and drive the prices down so that research and development is no longer feasible to conduct in the US. Even Seattle Genetics (SGEN) has been on a tear as of late...
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