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Posts Tagged ‘James Howard Kunstler’

The Tombstone Blues

The Tombstone Blues

Courtesy of James Howard Kunstler 

Vintage image of cemetery

       The latest version of Pretend – going on a couple of weeks now – is the nation whistling past the graveyard of mortgage documentation fraud while skeletons dance around everything connected with the money system. Halloween came early this year. The USA is getting to look like one big Masque of the Red Death, so I suppose it’s convenient that our pop culture has been saturated with vampires, zombies, and werewolves for a decade, coincident with the self-cannibalizing of our economy. Something in the zeitgeist told us to get with the program of a twilight existence. We’re well-schooled now in the ways of the undead, operating under cover of darkness, going for the neck at every opportunity, even eating our young – if you consider the debt orgy, both private and public, as a way to party like it’s 1999 by consuming your children’s’ future. 

      The big banks leading the charge of the anthropophagi are making like it’s no big deal that notes representing money lent have become mysteriously dissociated from the mortgages that secure them. In the good old days, these things traveled in pairs, like boy-and-girl, Laurel and Hardy, a horse and carriage. It made for straight-forward property transfers, where Person A could be confident he was buying something free and clear from Person B.  What a quaint concept, free and clear! 

     Nowadays, these documents can hardly be located at all – not such a surprise, really, since they were ground out like e-coli infested bratwursts in strip-mall boiler rooms run by former used car salesmen, and pawned off wholesale (literally) on banks who served them up sliced-and-diced, sloppy Joe style, on CDO buns to credulous pension funds, cretinous insurance company yobs, double-digit IQ college endowment managers, and other such nitwits bethinking themselves the reincarnation of Bernard Baruch, not to mention foreign sovereign nations who bought this smallpox-blanket-grade investment paper by the container-ship-load and, finally, the innovative geniuses at the very banks who engineered the stuff and got stuck with tons of it themselves when, as they say, the music stopped.

     The Big Picture looks even worse when you figure in the mischief of so-called synthetic CDOs that represent the multiple securitizations of single underlying mortgages – God knows how many times each – which mean,…
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Full Bore to the Vanishing Point

Full Bore to the Vanishing Point

By James Howard Kunstler 

Highway through desert in New Mexico

      Last evening at twilight I was driving my rent-a-car up Interstate Five north of Seattle with a vivid testicular fear of being trapped in the very metaphor of a failing society racing into a dark future. All around me loomed the monuments of an out-of-control financial credit Moloch – the tilt-up chain store boxes with their giant logos glowing against the distant craggy peaks of the Cascades (many of them active volcanoes which, like Mt. Saint Helens, might blow their tops any day). At every compass point sprawled the McHousing pods of American dream mortgage time-bombs silently blowing families to financial smithereens, and banks with them, including, incidentally last Friday, the state of Washington’s own Shoreline Bank just off I-5 north of Seattle, seized by the FDIC. My way was lighted, as darkness finally stole in, by the endlessly replicated dispensaries of fast food-dom (pizza-burgers-chicken-fries-and-shakes) provoking this nation of overfed clowns to ever-greater feats of gluttony, medical catastrophe, and bankruptcy. And, of course, these were my fellow-travelers in the perpetual stream of cars plying this great thoroughfare of the tragic western littoral, burning up gasoline that had traveled all the way from the sands of Abqaiq or from some sweltering platform off the Niger Delta, where dangerous, angry, armed men in Zodiac boats plot mayhem nearby among the mangrove thickets. Not to mention the row-upon-row of idle cars parked in the lagoons surrounding the countless malls and strip-malls and auto dealerships that flanked I-5 for fifty miles north of Seattle. Cars, cars, cars, as far as the eye could see where the sodium-vapor lamps cut through the crepuscular murk. Sasquatch was a no-show. But Sasquatch don’t drive.

      This was the week when the US housing fiasco got even more extra-special interesting as the Bank of America suspended mortgage foreclosures in twenty-three states, and the Connecticut Attorney General (Richard Blumenthal, who is running for Chris Dodd’s senate seat) declared a 60-day moratorium on foreclosures (a political ploy do ya think?). Also of interest, Ally Financial suspended foreclosures in twenty-three states – and note, by the way, that Ally is the mutant offspring of the bailed-out General Motors Acceptance Corporation (GMAC), which also spawned the infamous DiTech Mortgage finance company (remember those non-stop TV commercials a few years back) which specialized in jumbo…
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Skidding Toward Fall

Skidding Toward Fall

Courtesy of James Howard Kunstler 

     This economy has a destination for sure, but it’s not in the direction where all eyes are trained in moist hopefulness: that glimmering horizon of longed-for growth. You will not get that kind of growth — the kind that increases the overall wealth of the organism in question. A few people will make more money than they did before, but overall we are in an epic contraction. More people and organizations will go broke than will thrive. It will seem very unfair.

     The true destination of the US economy is to get smaller and for two reasons mainly: 1.) Capital ("money") is vanishing out of our system steadily and rapidly due to a massive collective failure to repay money owed on loans, mortgages, debts, and assorted obligations. 2.) Access to the primary resource we depend on for powering the economy (oil) is increasingly beyond our control — even worse, under the control of people who would like us to eat sh*t and die.

     We really have a choice between two ways of dealing with this. We can downsize and re-scale consciously and coherently, or we can continue to chase after the phantom of growth and allow the nation to fall into a shambles of desperation. So far into this long emergency of an economic fiasco, we seem to have chosen the pursuit of a phantom. That’s what President Obama was doing last week in Detroit, shilling for a new electric automobile which, he said, will make us "energy independent." If  Mr. Obama believes this, then it isn’t a very good advertisement for an Ivy League education.

     I’d like to know how many Americans believe that electric cars run on virtually free energy (but I don’t have pollsters on my payroll). I’d bet a lot of them do, including President Obama. Sorry to rain on this uplifting parade. At best, such a car fleet would run on coal — that is coal-fired electric power plants — but even that is a ridiculous fantasy when you actually pencil-out the details. Not to mention that a nation full of people with dwindling or vanishing incomes won’t be in a position to fork over forty-grand for one of those new pseudo "green" vehicles. Also not to mention — wait for it — that due to rapidly…
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What Is It?

What Is It?

Courtesy of James Howard Kunstler

Actor Mel Gibson poses during a photocall for the film Edge of Darkness by director Martin Campbell in Paris, in this February 4, 2010 file photo. Gibson, who caused a media storm four years ago over an anti-semitic statement, is again making headlines for using an apparent racial slur in an argument with his ex-girlfriend, according to excerpts published by celebrity news website Radaronline.com, on July 1, 2010. REUTERS/Charles Platiau/Files (FRANCE - Tags: ENTERTAINMENT HEADSHOT)

     The New York Times ran a story of curious import this morning: "MEL GIBSON LOSES SUPPORT ABROAD." Well, gosh, that’s disappointing.  And just when we needed him, too. Concern over this pressing matter probably reflects the general mood of the nation these dog days of summer – and these soggy days, indeed, are like living in a dog’s mouth – so no wonder the USA has lost its mind, as evidenced by the fact that so many people who ought to know better, in the immortal words of Jim Cramer, don’t know anything.

     Case in point: I visited the Slate Political Gabfestpodcast yesterday. These otherwise excellent, entertaining, highly educated folk (David Plotz, Emily Bazelon, and Daniel Gross, in for vacationing John Dickerson) were discussing the ramifications of the economic situation on the upcoming elections. They were quite clear about not being able to articulate the nature of this economic situation, "…this recession, or whatever you want to call it…" in Ms. Bazelon’s words.  What’s the point of sending these people to Ivy League colleges if they can’t make sense of their world.

     Let’s call this whatever-you-want-to-call-it a compressive deflationary contraction, because that’s exactly what it is, an accelerating systemic collapse of activity due to over-investments in hyper-complexity (thank you John Tainter). A number of things are going on in our society that can be described with precision. We’ve generated too many future claims on wealth that does not exist and has poor prospects of ever being generated. That’s what unpayable debt is. We have such a mighty mountain of it that the Federal Reserve can "create" new digital dollars until the cows come home (and learn how to play chamber music), but they will never create enough new money to outpace the disappearance of existing notional money in the form of welshed-on loans. Hence, money will continue to disappear out of the economic system indefinitely, citizens will grow poorer steadily, companies will go out of business, and governments at all levels will not have money to do what they have been organized to do.

LAS VEGAS - FEBRUARY 14:  Clouds of smoke rise after the eight-story, 166-room tower of the Bourbon Street Hotel & Casino was imploded early February 14, 2006 in Las Vegas, Nevada. Harrah's Entertainment, Inc. purchased the property last year for future development but has not decided what will be done with the site.  (Photo by Ethan Miller/Getty Images)

     This compressive deflationary collapse is not the kind of cyclical "downturn" that we are familiar with during the two-hundred-year-long adventure with industrial expansion – that is, the kind of cyclical downturn caused by the usual…
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What If He’s Right?

What If He’s Right?

Courtesy of James Howard Kunstler 

       Just when America was celebrating the provisional end of BP’s Macondo oil blowout, and getting back to important issues like Kim Kardashian’s body-suit collection, along comes Matthew Simmons with a rather strange and alarming outcry on doings in the Gulf of Mexico that contradicts the mood of renewed festivity, as well as just about every shred of reportage from any media outlet, mainstream or otherwise.

     Matt Simmons Houston-based company has been the leading investment bank to the US oil industry for a long time, financing exploration and drilling in places like the Gulf of Mexico. Simmons, 68, recently retired from day-to-day management of the company. For much of the decade he has been what may be described as a peak oil activist. His 2005 book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy, warned the public that Saudi Arabia’s oil production had reached its limits and, more generally, that an oil-dependent world was entering a zone of serious trouble over its primary resource. He took this aggressive stance despite risking the ire of the people he did business with. 

        Matt Simmons is a sober individual and a very nice man (I’ve met him twice over the years), a button-downed corporate executive who’s been around the oil business for forty years. His knowledge is deep and comprehensive.  From the beginning of the BP Macondo blowout incident in April, he’s taken the far out position that the well-bore is fatally compromised and that BP has been consistently lying about their operations to stop the flow of oil. Perhaps most radically, Simmons claims that an oil "gusher" is pouring into the Gulf some distance from the drilling site itself.

       Last week, Simmons came on Dylan Ratigan’s MSNBC financial show, but he did a longer interview over at the King World News website. (click here for ERIC KING’S INTERVIEW WITH SIMMONS). Simmons’s current warning about the situation focuses on the gigantic "lake" of crude oil that is pooling under great pressure 4000 to 5000 feet down in the "basement" of the Gulf’s waters.  More particularly, he is concerned that a tropical storm will bring this oil up – as tropical storms and hurricanes usually do with deeper cold water – and with it clouds of methane gas that…
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Say What?

Say What?

Courtesy of James Howard Kunstler 

     I think America missed something. It must be the time of year, what with inhaling all those fumes from the charcoal starter… and fueling up the Jet-skis so as to turn a perfectly good mountain lake into something like a Cuisinart on the guacamole setting… and the rousing evenings in the Nascar parking lots hitting palmetto bugs with your wiffle bat… and all that anxious waiting for a 10W-40 hard rain to fall on the Gulf Coast states – but President Obama made a very interesting remark when the financial regulation package passed in the senate the other day. He said the bill would make sure that "Main Street is never again held responsible for Wall Street’s mistakes."

     Whoosh….

     That was the sound of something going over America’s head. Something about the size of Rodan the Flying Reptile. And frankly I don’t think the president even meant to be coy or deceptive. It just means he doesn’t get it either. Never again….

     Never again?

     What the f*ck?

     Why even this time?  Why isn’t there an army of federal attorneys out there, their teeth bristling with subpoenas, beating the bushes in every lane and skyscraper floor of lower Manhattan (and Fairfield County, Connecticut, not to mention a thousand office parks around the USA) to roust out the grifters and swindlers who took Main Street to the cleanersthis time. 

     The audacity of cluelessness! And the hilarity of "next time."

     Earth to President Obama: there isn’t going to be a next time. This time was enough to git ‘er done. Wall Street – in particular the biggest "banks" – packaged up and sold enough swindles to unwind 2500 years of western civilization. You simply cannot imagine the amount of bad financial paper out there right now in every vault and portfolio on the planet. Enough, really, to sink any company even pretending to trade in things more abstract than a mud brick or an hour of labor. What’s more, the cross-collateralized obligations between them are so vast and intricate that all the standing timber in North America could not be fashioned into enough pick-up sticks to represent the hideous death-dealing tangle of frauds waiting for the wing-beat of a single black swan to come crashing down.

     Go out and get a…
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Where’s Rico?

Where’s Rico?

Courtesy of James Howard Kunstler

goldman sachs     It’s interesting and instructive to read The New York Times’ lead story this morning, TOP GOLDMAN LEADERS SAID TO HAVE OVERSEEN MORTGAGE UNIT. While it pretends to report all the particulars of the huge scandal growing out of Friday’s SEC action against Goldman Sachs, the story really comes off as an attempt to create an alibi for the so-called "bank." It pretends that some kind of an intellectual struggle was going on among GS executives as to whether the housing market was doing just fine or poised to tank — therefore muddling the company’s intent in setting up investment deals based on sketchy mortgages designed to blow up so that a favored big customer, John Paulson, could collect on the deal insurance known as credit default swaps.

     The truth is that anyone with half a brain could see the securitized mortgage fiasco coming from ten-thousand miles away. I said as much in Chapter Six ("Running on Fumes: the Hallucinated Economy") of my book The Long Emergency [The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century ], which was published in 2005 but written well before that in 2002-4. And I had had no work experience whatsoever in banking generally or Wall Street investment banking in particular.

     One week before the SEC action against GS, the Pro Publica website published a story about virtually the same kind of mischief being run out of the Chicago-based hedge fund Magnetar led by a clever young fellow named Alec Litowitz. Like Goldman Sachs, Magnetar deliberately constructed investments (bundles of bundled mortgage-backed securities called collateralized debt obligations) that were certain to fail so that Magnetar could collect on credit default swaps that amounted to a bet against products they themselves had participated in creating. There was no question that Litowitz and his employees did this absolutely on purpose. Nor is there any question that they aggressively sold positions in these CDOs to credulous investors like Thrivent Financial for Lutherans and others.

     The question that now begs to be answered is: why is this activity not being investigated and prosecuted under the federal RICO statutes against racketeering? The Racketeer Influenced and Corrupt Organizations Act was designed to punish exactly this kind of behavior, whether the defendant’s name ended in a vowel or not.…
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False Spring

False Spring

Courtesy of James Howard Kunstler 

     In a place like upstate New York, north of Albany, where April is more generally known as "mud season," and the wait for "ice-out" on the big lakes takes forever, and on frigid nights the windigos steal through the tops of the tall pines — it would seem foolish to complain about perfectly beautiful weather.

Cherry Blossom Festival Celebrates Washington's Symbol Of Spring

     We just had a week in the 70s, with more to come. The grass went from ochre to bright green in about thirty-six hours. The buds are popping like mad. This is usually what the first week of May is like around here, and that fact alone may explain New York state’s relentless population drain over the past forty years.

     I was out on my bicycle, naturally, taking it all in — like, why sit inside and sulk because the weather is strange in a pleasant way? — and I ventured into the outlands east of town, where an impressive number of gigantic new houses had landed like alien mother-ships in the former cow pastures and wood lots. Of course, the aesthetics were an issue apart from the socio-economics of it, but nonetheless interesting. 

     Each new, gigantic house seemed the result of a losing struggle to reinvent basic design principles that did not require re-invention. I doubt the spirit of joyous "creativity" among the star-architects has seeped down to the level of the provincial house-builders, who, after all, are just assemblers of modular materials like dimensional lumber and eight-foot sheet-rock. It’s their inability to assemble these parts coherently that’s really striking, so what you get is an endless variety of mistakes along with a complete absence of anything done really well — which may be the essence of what the "diversity" craze has really meant to us, the ethos of current times.

     The abiding quality of all these houses was grandiosity (by which I do not mean grand-ness). That, too, is a signature of these times in America — the nation too big to fail and tragically destined to do just that on account of its too big to fail-ness. And, of course, one could not fail to wonder, cruising by these hideously ponderous houses, whether as a matter of fact they were failing in terms of the owners’ ability…
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Where Have We Been; Where Are We Going?

Where Have We Been; Where Are We Going?

clevelandCourtesy of James Howard Kunstler 

     Driving down the broad avenues of Cleveland, Ohio, was like flipping through the pages of a picture book about the rise and fall of our industrial empire. Where demolitions had not removed things — a lot was gone — stood the residue of a society so different from ours that you felt momentarily transported to another planet where a different race of beings had gone about their business. 

     Among the qualities most visible in the recent ruins of that lost society is the secure confidence expressed in its buildings. Even the most modest factory or business establishment built before the 20th century included decorations and motifs devised for no other reason but to be beautiful -- towers, swags, medallions, cartouches — as if to state we are joined proudly in a great enterprise to make good things happen in this world. This was true not just of Cleveland, of course, but the whole nation, for a while anyway. 

     Equally arresting are the changes visible in the collective demeanor from the mid-20th century, especially after the Second World War, when the adolescent panache of a rising economy had morphed into the grinding force of a place devoted to the production of anything. The memory of the Great Depression lingered like a metabolic disorder, and the spirit of the place was no longer caught up in the muscular exuberance of self-discovery but the sheer determination to stay powerful and alive. This phase didn’t last long.

     By the 1970s, signs of a new illness were clear. Production was moving someplace else, incomes and household security with it. An existential pall settled over the city as ominous symptoms of waning vitality showed up in the organs of production. Steel-making and car-making staggered. Even the Cuyahoga river caught on fire, as if fate was a practical joke. Major retail was moving elsewhere — to the suburban outlands — where so many of the people who worked in the downtown towers had already fled. The population that remained in the city center was made of recently uprooted agricultural quasi-serfs who had only just come up to the city a generation before to make better livings in the factories that were all of a sudden shutting down. It seemed like a kind of swindle and they were understandably angry about…
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Winter Mind Games

Winter Mind Games

Courtesy of James Howard Kunstler

Woman posing with teapot

     Does anyone know exactly how the Winter Olympics got hijacked by the Canadian Hotel Housekeeping Employees Union?  Every time I turned the damn thing on, there were these ladies uniformed in manual labor casuals shoving teakettles across the floor while other ladies madly polished the forward path of said sliding kettles with Swiffer© sweepers. At least this was the first Olympiad to be dominated by Proctor & Gamble instead of some obnoxious Great Power nation with a political agenda. The NBC execs must have loved this weird new sport, because it was practically all they put on the air.

     My own interest in tea kettle shoving waned over the days, and a good thing too, because along came President Obama’s Health Care Reform Summit Meeting on Thursday to engage the whole nation in a rousing Olympiad of mind games, including a round-robin version of The Spanish Prisoner, a mixed set of the Republican Pigeon Drop, and variations on the Nigerian Lottery scam, with touches of the Madoff Ponzi Gambit here and there. After a few hours of that, one longed for the simple mindless bliss of tea kettle shoving, if only to relieve the headache.

      I wish I could fetch up something like the glowing false authority of Paul Krugman to pronounce on the fantastic bundle of conundrums, riddles, and fathomless mysteries that is health care reform but I was left far more confused about it after the summit. All I can offer, really, are observations: for example, that Congressman John Boehner (R -Ohio) needs a set of steel ball bearings to roll around in his hand to perfect his otherwise dead-on impersonation of Captain Queeg, the paranoid villain of that 1950s movie The Caine Mutiny. I kept wishing that President Obama would reach under the table for a fungo bat every time the miserable Mr. Boehner opened his Midwestern pie-hole to drone out a new lie, and split his fucking head open like a Crenshaw melon — but perhaps my fantasies are excessively baroque.

      My feelings toward the rest of the Republicans ran along similar lines.  Even that ole Teddy bear Lamar Alexander (R-Tenn) managed to put over a line of insolently mendacious  bullshit in the Republican effort to support the status quo at all costs. It brought to mind that…
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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743"

Thank you for you time!

 
 

Zero Hedge

Wall Street's Take On Jackson Hole: "Yellen Was Not Dovish Enough"

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Confused by what Janet Yellen said? As it turns out, so is everyone else, where the prevailing sentiment across the sell-side analysts was that Yellen was not dovish enough. Then again, with expectations bordering on Yellen giving the "BTFATH" green light, there is no way she was not going to disappoint...

First, and foremost, we start with the firm whose former employee runs the operational branch, i.e., the New York office, of the Fed, Goldman Sachs:

Goldman (Jan Hatzius):

  • We think the tone from Chair Yellen's Jackson Hole speech was broadly balanced, perhaps slightly more so than in past speeches.
  • She noted both the more rapid-than-expected...


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Chart School

ECRI Recession Watch: Weekly Update

Courtesy of Doug Short.

The Weekly Leading Index (WLI) of the Economic Cycle Research Institute (ECRI) is at 134.3, unchanged from the previous week. The WLI annualized growth indicator (WLIg) dropped to 2.8 from the previous week's 3.5.

ECRI has been at the center of a prolonged controversy since publicizing its recession call on September 30, 2011. The company had made the announcement to its private clients on September 21st. ECRI's cofounder and spokesman, Lakshman Achuthan, subsequently forecast that the recession would begin in Q1 2012, or Q2 at the latest. He later identified mid-2012 as the start of the recession. Over the past two years he has been a frequent guest on the likes of CNBC and Bloomberg TV. In recent months he has adjust...



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Phil's Favorites

Time to Short the US Dollar? Go Long Commodities?

Courtesy of Mish.

Is it time to short the dollar? Saxo bank chief economist Steen Jakobsen thinks so. Via email from Steen ... What is wrong with changing your mind because the facts changed? But you have to be able to say why you changed your mind and how the facts changed. Lee Iacocca

My biggest call all year has been for global lower rates,  and in particular lower core country (Germany, Denmark, and US) yields led by this magic trinity of factors:

1. China and Asia rebalancing growth away from nominal to quality growth
2. US current account deficit reduced by 50%  (see chart below)
3. A Europe where Germany will pay the price for the first two factors with a lag of six to nine months. 

The headline call was and remains that Germany will be close to recession by Q4-2014 or Q1-2015 setting up a desperate ECB and a E...



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Insider Scoop

Point72 Still Under A Cloud As President Plans To Step Down

Courtesy of Benzinga.

Related SPY 3 Reasons To Follow The Big Dog In Natural Resources Fed Issues FOMC Minutes from Jul. 29-30th, 2014 Meeting Dow 17K: A Story of Recovery, Perseverance (Fox Business)

Hedge fund giant Point72 Asset Management said its president, Thomas Conheeney, will step down at the end of 2014 and be succeeded by Douglas Haynes, managing director for human capital at Point72.

Formerly known as SAC Capital Advisors,...



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Option Review

CME Group Put Options Active

Options volume on the provider of futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals and alternative investment products is well above average on Thursday morning, due in large part to a sizable put spread initiated in the 19Sep’14 expiry contracts. Shares in CME Group (Ticker: CME) are up slightly on the day, trading 0.25% higher at $74.34 as of the time of this writing.

The largest trade on CME today appears to be a bear put spread in which roughly 1,500 of the 19Sep’14 74.0 strike puts were purchased at a premium of $1.44 each against the sale of the same number of t...



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All About Trends

Mid-Day Update

Reminder: David is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Sabrient

Sector Detector: Bullish investors jockey for position as if the correction is over

Courtesy of Sabrient Systems and Gradient Analytics

As many investors enjoy the final weeks of summer, some optimistic bulls seem to be positioning themselves well ahead of Labor Day in anticipation of a fall rally. Indeed, last week’s action was impressive. After only a mere 4% correction, investors continued to brush off the disturbing violence both at home and abroad, and they took the minor pullback as their next buying opportunity. But was that really all the pullback we’re going to get this year? I doubt it. But I also believe that nothing short of a major Black Swan event can send this market into a deep correction.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then ...



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OpTrader

Swing trading portfolio - week of August 18th, 2014

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

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.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

The Stock World Weekly Newsletter is ready to go! View it here: Stock World Weekly. Just put in your user name and password, or take a free trial. 

 

#120692880 / gettyimages.com ...

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Market Shadows

Helen Davis Chaitman Reviews In Bed with Wall Street.

Author Helen Davis Chaitman is a nationally recognized litigator with a diverse trial practice in the areas of lender liability, bankruptcy, bank fraud, RICO, professional malpractice, trusts and estates, and white collar defense. In 1995, Ms. Chaitman was named one of the nation's top ten litigators by the National Law Journal for a jury verdict she obtained in an accountants' malpractice case. Ms. Chaitman is the author of The Law of Lender Liability (Warren, Gorham & Lamont 1990)... Since early 2009, Ms. Chaitman has been an outspoken advocate for investors in Bernard L. Madoff Investment Securities LLC (more here).

Helen Davis Chaitman Reviews In Bed with Wall Street. 

By Helen Davis Chaitman   

I confess: Larry D...



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Digital Currencies

BitLicense Part 1 - Can Poorly Thought Out Regulation Drive the US Economy Back into the Dark Ages?

Courtesy of Reggie Middleton.

An Op-Ed piece penned by Veritaseum Chief Contracts Officer, Matt Bogosian

This past weekend (despite American Airlines' best efforts), Reggie and I made it to the Second Annual North American Bitcoin Conference in Chicago. While there were some very creative (and very ambitious) ideas on how to try to realize the disruptive Bitcoin protocol, one of the predominant topics of discussion was New York Superintendent of Financial Services Benjamin Lawsky's proposed Bitcoin regulations (the BitLicense proposal) - percieved by many participants at the event as an apparent ...



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Pharmboy

Biotechs & Bubbles

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Well PSW Subscribers....I am still here, barely.  From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.

First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices.  Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment.  Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer.  For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...



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