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Monday: Clear Proof of Massive Market Manipulation

SPY 5 MINUTERemember this?  

Sure you do, this was Friday's intra-day chart of SPY, the ETF that tracks the performance of the S&P 500.  It's pretty similar to what happened every day last week, with a high-volume (relatively) sell-off followed by a recovery on almost no volume into the close, giving us the impression that the markets are flat

Only Friday was a bit different.  On Friday, the market manipulators were so desperate to close the week on a high note and so greedy, that they also got sloppy and now we have some very clear evidence of what complete and utter BULLSHIT this market is:

What do we see here?  Despite a 0.45% rise in the S&P and a 0.39% rise in the NYSE, 0.4% in the Dow,  0.45% in the Nasdaq and 0.25% rise in the Russell, the FACT is that there were FAR MORE shares DECLINING than there were advancing.  In fact, on the NYSE MKT (what used to be called the AMEX), declining volume outpaced advancing volume by 115%.  115%!  Yet we get a 0.4% RISE in the index?  

On the NYSE itself, 2,079 stocks declined while only 1,057 (33%) of the stocks advanced and there was 56% more volume to the declining shares than the advancing shares yet, MIRACULOUSLY, 160 NYSE stocks made new 52-week (and, often, all-time) highs while just 30 made 52-week lows.  That's 84% positive!  Isn't that amazing?  Isn't that UNBELIEVABLE???  

It is unbelievable, as in – something that should not be believed by intelligent people.  When you see a magician on stage sawing a woman in half or levitating – you might be amazed at what a good trick it is but you don't start believing in magic, do you?  What if that magician asks you to bet your retirement on the fact that he is really levitating people or that his assistant can medically be cut into pieces and reassembled?  

You wouldn't risk your money on such obvious fakery, would you?  You wouldn't give your hard-earned money to a person whose job it was to deceive you, would you? THEN WHY ARE YOU PUTTING YOUR MONEY INTO THIS FARCE OF A MARKET?  The action on Friday wouldn't even constitute a "good" magic show:  Boo, hisss – we can see the wires!  The fakery is so obvious a child would question those numbers vs the illusion of the chart that the magicians produce.   Yet people are literally betting their life savings on this ridiculous fakery.  Crazy, isn't it?  

By manipulating a few key, popular stocks that are overweight in the indexes (indexes the same manipulators designed and control) and pushing them to new all-time highs, the market manipulators are able to lead investors around by the nose.  As noted in Edwin Lefevre's no-longer published "Reminiscences of a Stock Operator":

"Manipulation consists in leading the stock market horse, otherwise known as the public – to water, and making him drink; or, as the case might be, in making the public believe the securities it holds are worthless or about to sell on that basis.   

Most of the time, manipulation was used to advertise a certain stock by creating an illusion of deep trading interest through action on the ticker machine.  Such action piqued the interest of the gambling, bucket-shop types who shunned statistics and earnings trends for the latest hot tip.  

It allowed insiders to distribute their holdings.  

When a man sees a stock going up, up! UP! something goes to the very soul of the greed-stricken man, who visioning to himself a dazzling money-happiness, reaches out quivering fingers, clutches eagerly in the air for the fortune within his grasp…  Men do not read the papers with their very soul; and that is the only way they reach the ticker.  The mirage is so real!  They buy and later, they curse the manipulator who deceived them."

We accept a little manipulation in the markets as a usual cost of doing business but Friday's action illustrates how blatant it has now become.  Lack of enforcement by the regulators coupled with ENCOURAGEMENT by our own Central Bank has led to a completely out of control market that has risen 200% in 5 years and is STILL being cheered on by a Mainstream Media that is owned by the very same people who manipulate the markets in the first place.  

It's a never-ending feedback loop.  Well, never-ending until it all blows up in our face in a "black swan" event that the MSM will convince you that no one could have seen coming.  Well, we see it coming and we flipped our Short-Term Portfolio more bearish on Friday because we can clearly see the way shares are, in fact, being distributed by insiders while, at the same time, their media lackeys chase the retail shareholders into the markets to hold the bag. 

It's almost like a cattle drive to push small investors into the market.  Inflation and a weak Dollar is eating into their buying power and salaries aren't keeping up and the banks don't pay any interest to save the money and housing isn't an attractive investment anymore and bonds don't keep up with inflation either.  It's like sealing off all the exits and driving the cattle into the pass, isn't it?  

The fact that the actual state of the World Economy is bad and getting worse is simply one of those "inconvenient truths" that the media has already practiced getting you to ignore so their Corporate Masters can continue plundering and pillaging without criticism.  

You might think that Central Bank policies that accelerate the decline in Global GDP would be called to task but, instead, they are cheered on by the press – mostly because the press is owned by the kind of people (a few Billionaires) who benefit from the current Central Bank policies and not by the Billions of poor schlubs whose standards of living depend on that GDP number.  

Like frogs in slowly boiling water, people don't even know there's a problem until it's far too late to do anything about it but, if this house of cards gets too high and things begin to collapse – you will feel a lot more like a frog in a blender – there may not be time to save yourself from that!  

Be careful out there, 

- Phil

 


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  1. Oil Lines

    R3 – 96.80
    R2 – 95.90
    R1 – 94.67
    PP – 93.77
    S1 – 95.54
    S2 – 91.63
    S3 – 90.41


  2. Phil,

    i am not disagreeing here but I would like your thoughts on who the market manipulators are and exactly how do they do this?

    thanks


  3. From Bloomberg, Sep 8, 2014, 7:30:10 AM


    Sept. 8 (Bloomberg) — BlackRock Fixed Income Chief Investment Strategist Jeffrey Rosenberg discusses the U.S. economy and Fed monetary policy on “Bloomberg Surveillance.” (Source: Bloomberg)

    U.S. stock-index futures were little changed after a five-week rally pushed the Standard & Poor’s 500 Index to a record.

    To read the entire article, go to http://bloom.bg/1oijARO

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  4. From Bloomberg, Sep 8, 2014, 3:29:54 AM


    Sept. 8 (Bloomberg) — BlackRock Fixed Income Chief Investment Strategist Jeffrey Rosenberg discusses the U.S. economy and Fed monetary policy on “Bloomberg Surveillance.” (Source: Bloomberg)

    How do you make sense of lackluster flows into equity funds amid the longest outperformance for U.S. stocks since the presidency of Richard Nixon?

    To read the entire article, go to http://bloom.bg/1rYYQU0

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  5. From Bloomberg, Sep 8, 2014, 7:50:00 AM


    Pro-Russian rebels ride on a tank near the village of Berezove, eastern Ukraine, on Sept. 4, 2014, after a clash between pro-government troops and Russian-backed separatist militia. Photographer: Sergei Grits/AP Photo

    Ukraine said today its army positions were being shelled during the cease-fire with pro-Russia rebels as the United Nations human rights chief said the conflict has claimed at least 3,000 lives since mid-April.

    To read the entire article, go to http://bloom.bg/1upwNgw

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  6. From Bloomberg, Sep 8, 2014, 7:35:37 AM


    Keith McLoughlin, Chief Executive Officer of Electrolux AB. Photographer: Chris Ratcliffe/Bloomberg

    Electrolux AB (ELUXB) agreed to buy General
    Electric Co. (GE)
    ’s century-old appliances unit for $3.3 billion in
    cash, putting the Swedish company on a par with industry leader
    Whirlpool Corp. (WHR) of the U.S.

    To read the entire article, go to http://bloom.bg/1rsjTub

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  7. From Bloomberg, Sep 8, 2014, 12:00:35 AM


    Sept. 8 (Bloomberg) — California Governor Jerry Brown, a Democrat, talks about political gamesmanship and the art of building coalitions in order to pass legislation.
    Brown speaks with Bloomberg’s Matt Winkler, Michael Marois, Alan Goldstein and Jeff Taylor on Sept. 5 in San Francisco. (This report is an excerpt of the full interview. Source: Bloomberg)

    By the time Jerry Brown returned to the California governor’s office for a third term, he had as Oakland’s mayor eschewed affordable housing for $1 billion in downtown development and as attorney general sued the biggest U.S. mortgage lender for stoking the financial crisis.

    To read the entire article, go to http://bloom.bg/1rZ3ZeH

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  8. From Bloomberg, Sep 8, 2014, 6:54:36 AM


    Morgan Stanley’s chief international economist Joachim Fels sees a 40 percent chance President Mario Draghi’s European Central Bank will buy government bonds. Photographer: Martin Leissl/Bloomberg

    Get set for one of the longest
    global economic expansions on record.

    To read the entire article, go to http://bloom.bg/1oiH9tH

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  9. From Bloomberg, Sep 8, 2014, 12:00:01 AM

    Halcon Resources is drilling in the Tuscaloosa Marine Shale. The layer of rock, two miles underground, is interlaced with rubble and sand. The formation stretches from Louisiana’s western border to southwestern Mississippi. Photographer: Michael Friberg/Bloomberg Markets

    Floyd Wilson raps his fingertips
    against the polished conference table. He’s just been asked, for
    a second time, how he reacted when his Halcon Resources Corp. (HK)
    wrote off $1.2 billion last year after disappointing results in
    two key prospects.

    To read the entire article, go to http://bloom.bg/1nFjGCY

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  10. From Bloomberg, Sep 8, 2014, 12:01:03 AM

    July 16 (Bloomberg) — Federal Reserve Chair Janet Yellen says it would be a “grave mistake” for the central bank to depend on a rule-based system in making decisions.
    She speaks in response to questions at a House Financial Services Committee hearing in Washington. (This is an excerpt. Source: Bloomberg)

    Federal Reserve Chair Janet Yellen has tried to repair damaged relations with Congress during her first seven months in office. The fix-up isn’t going very well.

    To read the entire article, go to http://bloom.bg/1rZ6JZD

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  11. From Bloomberg, Sep 8, 2014, 12:01:00 AM

    Lightning-fast refreshing of visuals inside General Motors Co.’s Research Driving Simulator are helping advanced technology developers study how drivers interact with Super Cruise, the semi-automated driving system that could be in Cadillac models later this decade. Source: General Motors via Bloomberg

    General Motors Co. (GM), the largest U.S.
    automaker, will introduce a Cadillac model in two years that can
    travel on the highway without the driver holding the steering
    wheel or putting a foot on a pedal.

    To read the entire article, go to http://bloom.bg/1rX2MVh

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  12. Watch this video at http://bloom.bg/1tzk3G0

    Alibaba Aims to Make History With $21 Billion IPO

    Sept. 5: Alibaba Group Holding is seeking to raise as much as $21.1 billion in its initial public offering, in what could be the largest sale of new stock in the U.S. ever.

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  13. From Bloomberg, Sep 8, 2014, 8:19:29 AM


    Sept. 8 (Bloomberg) — Lena Komileva, chief economist at G Plus Economics, talks about Scotland’s Sept. 18 independence vote and its potential impact on markets.
    She speaks with Tom Keene, Scarlet Fu and Adam Johnson on Bloomberg Television’s “Surveillance.” John Sculley, former chief executive officer of Apple Inc., also speaks. (Source: Bloomberg)

    The pound weakened the most in more
    than a year against the dollar and U.K. banks led shares lower
    after a poll showed a majority backed Scottish independence.
    Brent oil fell below $100 for the first time since June 2013.

    To read the entire article, go to http://bloom.bg/1q3KKRY

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  14. From Bloomberg, Sep 8, 2014, 12:57:45 AM

    Hedge fund bulls accelerated their
    withdrawal from U.S. natural gas markets as volatility and
    prices declined on abundant supply.

    To read the entire article, go to http://bloom.bg/1rqXltK

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  15. From Bloomberg, Sep 8, 2014, 7:35:50 AM


    Harvard University’s Ricardo Hausmann said, a “massive default on the country’s import chain” is part of what has allowed the nation to keep paying its foreign bonds. Photographer: Scott Eells/Bloomberg

    As Venezuela racks up billions of
    dollars of arrears with importers that are fueling the worst
    shortages on record, one of the nation’s top economists is
    questioning the government’s decision to keep servicing its
    foreign bonds.

    To read the entire article, go to http://bloom.bg/1q3KulW

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  16. From Bloomberg, Sep 5, 2014, 6:00:29 AM

    New regulation meant to ensure banks
    have enough easy-to-sell assets to survive a crisis is creating
    doubt over whether $1.1 trillion of mortgage debt qualifies,
    potentially hurting demand in a key cog of the U.S. home-finance
    system.

    To read the entire article, go to http://bloom.bg/1BfFvBd

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  17. From Bloomberg, Sep 8, 2014, 12:00:01 AM

    U.S. Senator Charles Schumer’s bill addresses the practice known as earnings stripping, the post-inversion steps that companies take to reduce U.S. taxes on U.S. income, often by loading up interest deductions in the U.S. Photographer: Andrew Harrer/Bloomberg

    A top Senate Democrat’s proposal to
    limit future deductions for companies that moved tax addresses
    out of the U.S. as many as 20 years ago would penalize dozens of
    so-called inversion deals.

    To read the entire article, go to http://bloom.bg/1w4uDWu

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  18. From Bloomberg, Sep 7, 2014, 9:21:14 PM

    Sept. 8 (Bloomberg) –- Bloomberg’s David Ingles reports on Japan’s just released economic data for the second. He speaks to Angie Lau on “First Up.” (Source: Bloomberg)

    Japan’s economy contracted the most in more than five years, highlighting the challenge for Prime Minister Shinzo Abe in steering the nation through the aftermath of a sales-tax increase.

    To read the entire article, go to http://bloom.bg/1uryb24

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  19. From Bloomberg, Sep 8, 2014, 4:08:05 AM

    A pedestrian looks at residential property advertised in the window of an estate agent in Stockholm, Sweden. The country’s housing shortage has caused prices to more than double since 2000. Photographer: Casper Hedberg/Bloomberg

    Sweden’s Social Democrats are
    heading for a national election victory backed by housing plans
    that could dig the country deeper into debt.

    To read the entire article, go to http://bloom.bg/1pG14SR

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  20. Elon Musk hints at future Tesla-Toyota deal • 7:09 AM

    Clark Schultz, SA News Editor

    Tesla Motors (NASDAQ:TSLA) CEO Elon Musk says he wouldn't be surprised if the EV automaker strikes a major deal with Toyota (NYSE:TM) in the next two to three years.

    Though Tesla has supplied batteries for some RAV4 EVs over the last few years, there has also been a bit of friction between the two companies in a war of words over the use of hydrogen fuel cell technology.

    Musk's comments were made in Japan where Model S deliveries are starting.

    TSLA +0.7% premarket


  21. Caution sounded by Morgan Stanley on U.S. auto demand • 8:33 AM

    Clark Schultz, SA News Editor

    Morgan Stanley takes a cautious view on the U.S. automobile industry in a sector-wide downgrade.

    Easy financing and leasing terms is pulling forward demand from the future, according to a forecast from MS.

    The investment firm's price target on General Motors (NYSE:GM) was reduced to $29 from $33.

    Related stocks: TMOTCPK:FIATYHMCOTCPK:NSANYTSLAOTCQX:VLKAYOTCPK:DDAIF,OTC:HYMLFOTCPK:BAMXY.

    Previous: Ford cut to Underweight by MS.



  22. Good Morning!


  23. good morning


  24. "Earnings Stripping"

     

    Is this bullsh*t or what?…….


  25. That could prove interesting:

    http://qz.com/261034/a-majority-of-scots-approve-of-independence-for-the-first-time/

    A surprising new poll by YouGov for The Sunday Times (paywall) shows that 51% of people in Scotland approve of independence compared to 49% who do not. That is a remarkable turnaround; a month ago, the unionists had a 22-point lead over secessionists. The poll comes with less than two weeks before the Scots referendum. The head of the Better Together campaign, the former chancellor Alistair Darling, said the poll was a “wake-up call.”


  26. Good morning! 

    Manipulators/RMS – Well, look above this comment, Musk is one.  What a load of crap!  It's generally the same people who got in trouble last time, GS and their various alumni (including Cramer, Draghi, Carney), MS – who cheerlead companies like TSLA and put out Monday statements like S&P 3,000 (and don't forget, it's no accident that all the Investment Banks schedule their M&A announcements for Monday mornings) and then there's Murdoch – who owns the WSJ and Dow Jones and Fox News and Financial and certainly has a vested interest in how viewers see things.  

    The thing is, when you only have a few thousand Billionaires on a planet with 7Bn other people – you don't need big conspiracies to make sure that the Billionaires act in such a way that aligns their interests against the other 7Bn.  The Billionaires ALL have real estate and stock investments, they ALL want the markets higher, they ALL want the regulators off their backs, they ALL want the press to be nice to them and they ALL want TV shows to be about nice rich people and evil poor people.  

    The only way a conspiracy would be hard to pull off would be if the bottom 6.999996Bn had just as much power as the top 4,000 – they don't.  None of those people own a TV station or a newspaper or a radio station – none of those people can schedule lunch with almost any politician they need to speak to, none of those people have off-shore tax havens or benefit from environmental waste and pollution in the air and water supplies.  The power to vote is an illusion when you are presented by the person who is really in power with two choices they already approve of.  

    When I offer my kids a choice between salad for dinner or seamed tofu and vegetables and I let them vote – is that really a democracy?  I've got all the power, I've already decided they will get one of two outcomes I find acceptable to make my goals.  I consider myself to be a benevolent dictator because I feel that my actions are for their own good but the reality is I'm offering them nothing that they actually want and I KNOW they don't want it, but I have controlled the outcome so that, no matter what they choose, I win.  Now, go pick something to invest in and see who wins….

    There's the bell and we're still at 17,100, 2002, 4,087 and 1,168.50.  We might get a bit of a push up but I'm still looking for places to short.  Europe is down about half a point but they are recovering because our Futures didn't look bad and now our open is green(ish).  Everyone wants to see something nice in the market and pretty pictures are being painted. 

    Also, it's Monday – never trust Mondays.  

    Oil at $91.89, Brent under $100 for first time in ages.  Maybe XLE finally gets real?  


  27. Quote of the day:

    Jason Zweig, “So try to socialize—in the real world and in online social media—only with investors who are calm and methodical. After all, whatever your peers pay attention to, you will also concentrate on—so following more-sensible people will help inoculate you against panic.”  (WSJ)


  28. Interesting analysis of AMZN with lots of charts:

    http://ben-evans.com/benedictevans/2014/9/4/why-amazon-has-no-profits-and-why-it-works

    Amazon has perhaps 1% of the US retail market by value. Should it stop entering new categories and markets and instead take profit, and by extension leave those segments and markets for other companies? Or should it keep investing to sweep them into the platform? Jeff Bezos’s view is pretty clear: keep investing, because to take profit out of the business would be to waste the opportunity. He seems very happy to keep seizing new opportunities, creating new businesses, and using every last penny to do it.

    Still, investors put their money into companies, Amazon and any other, with the expectation that at some point they will get cash out.  With Amazon, Bezos is deferring that profit-producing, investor-rewarding day almost indefinitely into the future. This prompts the suggestion that Amazon is the world's biggest 'lifestyle business' – Bezos is running it for fun, not to deliver economic returns to shareholders, at least not any time soon.  

    But while he certainly does seem to be having fun, he is also building a company, with all the cash he can get his hands on, to capture a larger and larger share of the future of commerce. When you buy Amazon stock (the main currency with which Amazon employees are paid, incidentally), you are buying a bet that he can convert a huge portion of all commerce to flow through the Amazon machine. The question to ask isn’t whether Amazon is some profitless ponzi scheme, but whether you believe Bezos can capture the future. That, and how long are you willing to wait?  


  29. Major Earnings for the Upcoming Week:

    Monday:

    A.M CPB, GFN

    P.M. – CASY, PBY

     

    Tuesday:

    A.M. – BKS, RSH, TITN

    P.M.– KKD, PANW, PPHM, SAIC

     

    Wednesday:

    A.M. – MANU, VSR

    P.M. – FIVE, MW, RH

     

    Thursday:

    A.M. – KR, LE, LULU

    P.M. – NQ, ULTA

     

    Friday:

    A.M. – DRI, SNOW

     

    Economic Releases (9/8 – 9/12):

    Monday:

    11:30 am CT– TD Ameritrade IMX ($IMX)

                                                                                                                                                                                    

    Tuesday:

    6:45 am CT – GS Store Sales

    9:00 am CT – JOLTS

    11:30 am CT – Fed’s Tarullo Speaks

    12:00 pm CT – 3-year Note Auction Results

                                                                                                                                                                                                                  

    Wednesday:

    6:00 am CT – MBA Purchase Applications

    9:00 am CT – Wholesale Trade

    9:30 am CT – Oil Inventories

    12:00 pm CT – 10-year Note Auction Results

     

    Thursday:

    7:30 am CT– Weekly Jobless Claims

    9:30 am CT – Natural Gas Inventories

    12:00 pm CT – 30-year Bond Auction Results

    1:00 pm CT – Treasury Budget

                                                                                                                                                                                                            

    Friday:

    7:30 am CT – Retail Sales

    7:30 am CT – Import and Export Prices

    8:55 am CT – Consumer Sentiment

    9:00 am CT – Business Inventories

                  


  30. stjean – So, I'd guess Jason Zweig reads PSW?….. :)


  31. ~~Though Tesla has supplied batteries for some RAV4 EVs over the last few years, there has also been a bit of friction between the two companies in a war of words over the use of hydrogen fuel cell technology.

    Jabo Toyota stopped the EV, as I remember @ less than 2,000 sold.


  32. 1020 – Probably only a selective reading of PSW… Not all the comments :-)


  33. Autos/Jabob – We knew that trend wouldn't last. 

    Scotland/StJ – Must be the same pollsters who thought Romney was going to win the election.  

    AMZN/StJ – The only issue I have with that article is the assumption that there are profits to be made.  AMZN, to me, is a grow or die business because they only look good while they are growing – as soon as they stop, they give the competition time to catch up in technology and price and their advantage and margins disappear and, very quickly, all that very expensive market share begins to erode.  

    They can't get big enough to wipe out the competition so it's a futile effort, though not for the people who make Billions off the stock that will never be a profitable company.  AMZNs total sales are $74Bn out of $7.5Tn worth of retail sales.  Last year they made $274M, about what AAPL makes in 48 hours.  WMT made $16Bn, so each week they make AMZN's whole year and WMT sells $500Bn worth of knick knacks.  

    If what AMZN did made sense, WMT would be doing it.  They might not "win" but they would at least be the Samsung to AMZN's Apple – it's ridiculous to think AMZN is doing anything WMT can't do or, more likely, already does internally but simply doesn't see the point of running a money-losing web operation to compete with AMZN at this time.  

    Earnings/QC – Thanks.  Unfortunately, you highlighted the only interesting ones.  

    Nas stopped at 4,100 (/NQ) again – good shorting spot.  Dow 17,110, /ES 2,004.5, /TF 1,172.


  34. Well if you are a buyer of TSLA because you are excited about their possible earnings 3 years from now, it makes sense you would buy them today on a possible deal with toyota 2-3 years from now.


  35. Several "new" MoMos on the move today :

    ANET,GPRO, FEYE, AMBA, etc.


  36. BTW, momo should be changed to momomo because every Monday the momentum stock have a nice push up.


  37. I can't believe Musk gets away with that kind of language:  "he wouldn't be surprised if the EV automaker strikes a major deal with Toyota (NYSE:TM) in the next two to three years" – what if all CEOs start speculating on partnerships that would change the value of their company if they come to pass?  There's simply no accountability to these things – especially when you consider he is also the primary shareholder and directly benefits from making misleading statements.  

    Good point on momomo.  


  38. I will finally short GPRO with calls if it gets to 100.  Else I'm just watching this crazy move from the sidelines.


  39. Meanwhile CMG which was a freight train has settled into the same range for over a month.


  40. MSFT – It's a shame they didn't replace Ballmer years ago !  Has been a boring stock for years, now all of a sudden it's up strong.


  41. Phil – Elon buys puts and then says TSLA is overpriced afterwards he buys calls and then floats a rumor/speculation to pump TSLA up … rinse and repeat.  


  42. Diamond – He's much too smart to engage in blatant insider trading like that. 


  43. Musk/Diamond and Albo

    The conspiracy is does Elon help GS trade the stock by telling him what he will say in the next week knowing how much they have helped him and how much they have personally loaned him to buy his own stock at 92.


  44. YHOO starting to take off as AliBaba IPO gets closer.  

    I like AliBaba a lot but why buy it when you can buy YHOO instead and YHOO owns    Our trade in the STP is the Jan $38/45 bull call spread from 6/30:

    YHOO/Albo – Why not just buy YHOO?  YHOO is $35Bn and owns 22% of AliB while SFTBY is $91Bn and owns 33% of AliB, so you get a lot more bang for your buck with YHOO, whose forward p/e is only 19, than SFTBY, whose forward p/e is about 17 – so not all that significant.  Of course, more significantly is the potential impact of (guessing) $50Bn worth of AliB on a $35Bn company!  

    So we don't even have to go crazy if we want to play the "YHOO is undervalued" game.  The Jan $38/45 bull call spread is $1.60 on the $8 spread with 400% upside if YHOO gains 28%.  I think that's worth $800 for 5 shares in the $25KP (stop at $400) and $4,800 for 30 in the STP with a stop at $2,400.

    Submitted on 2014/07/16 at 11:57 am

    YHOO/Jabob – That's not good, down 5%?  WSJ is responsible for mathing down Yahoo's stake:

    Yahoo's fortunes have rested on its 24% stake in Alibaba, which is due to launch an initial public offering imminently. Assuming a market value of $150 billion for Alibaba, that stake is worth about $23 billion after tax—equivalent to about two-thirds of Yahoo's market capitalization.

    Suddenly $50Bn (25% of $200Bn) is now $23Bn and people are bailing.  Let them go and then buy more!  

    YHOO/JPH – Yep, I'd keep pressing them but 5% is a big drop – make sure they've found a floor before committing too much. 

    Don't forget the WSJ competes with Yahoo, as do other media outlets.  Of course they are going to paint a dark picture.  It's like when the WSJ tries to scare all investors out of NYT while offering them a buyout.  

    I think ad sales is one of those things where the mix is just wrong once in a while, for the year, they earned $272M vs $335M last year but X 4 = $1Bn + against the $34Bn valuation and even if you ONLY use the WSJs $23Bn AFTER TAX cash from AliB – you've got a net p/e of about 11.  

    $33Bn (down 3% more) is 10 and 10 is ridiculous so I'm all for selling 2016 $32 puts for $4 to net in at an even more ridiculous $28, though I think it's fine to sell the 2016 $35 puts for $5.50 too.  Those can be paired with the 2016 $30/40 bull call spread at $4 and that's a nice, easy way to play AliB being worth more than $150Bn.

    Submitted on 2014/07/18 at 12:29 pm

    • YHOO – This is an AliBaba play.  We expect a $200Bn value which gives Yahoo, which is now valued at $33Bn, $50Bn worth of AliBaba stock.  Even if you throw Yahoo in the trash, that's still $50 a share.

    Submitted on 2014/07/25 at 9:36 am

    What about YHOO?  My premise on them remains that AliBaba will make their 25% stake worth more than the entire company ($36Bn at $36 per share) is valued at.  If anything, BIDU's earnings make that point for AliBaba and you can still buy the YHOO 2016 $35/42 bull call spread for $2.65 and sell the $30 puts for $2.35 for net 0.30 on the $7 spread with pays 2,433% on cash if YHOO goes up 7%.  Why mess around with BIDU when they are giving things like this away?  

    If it makes you feel better, sell a BIDU 2016 $160 put instead for $12 for each 6 of the YHOO spreads and then you net .65 per $7 spread and still have a 1,000% upside and your worst case is getting in on BIDU back where you wish you got in in Feb!  

    So that's where it stands now.

    The premise remains and you can still sell YHOO 2016 $35 puts for $3 and use that to buy the $40/50 bull call spread at $3.40 for net .40 on the $10 spread.  Even on this rally, YHOO is at just $40Bn in market cap and their 22% stake in AliBaba is likely to be worth upwards of $40Bn by itself.  Even if you think it's priced in and YHOO alone is worth just 25% of that $40Bn, it's still likely to hit $50Bn ($50 per share) at some point if AliBaba proves out it's IPO at $160 per share ($160Bn).  


  45. Phil TSLA Toyota

    The RAV 4 was way worse than Musk is implying, He is trying to fix the mess. Toyota not only disliked his opinion of fuel cell development they said TSLA's products were too expensive to market and that experiment proved it. Musk could kiss their ass and it wouldn't work. It also proves TSLA lower priced EV is never going to succeed. It has to be around $20K.


  46. Phil – Well played on YHOO.  I have a little. (Wish I had more.)  Still sitting with SFTBY also, which hasn't performed as yet.


  47. albo – I think if the SEC investigated (huh?), then they might actually find some “very timely” put/call buying somewhere. Maybe in GS accounts (rustle123).


  48. CLF/Phil – time to sell some puts?


  49. Please realize the problems with EVs are massive and the worst one for mass market is it is imposable to actually save money while dealing with significant restrictions.

    Personally I stopped buying diesel to heat my house in 2009 because electricity was 1/2 price with inefficient $30 heaters, that was halved by the heat mump. I have done the math on plug in cars, under $.07 per KW rate, and government rebate, doesn't make sense. Considering how dirty power production is the clean air doesn't fly either. 


  50. IWM went up on vapor while TLT also went up so I would watch for the short any way you care to do it.


  51. GPRO/Rustle – I is just like 1999 all over again:

    MSFT/Albo – Ballmer cost investors in that company Billions over the years.  Probably cost Bill Gates $50Bn – most expensive friendship EVER!  

    Musk/Daimond – Nice work of you can get it:

    May 30, 2013 MUSK ELONOfficer 1,084,129 Indirect Purchase at $92.24 per share. 100,000,058
    Aug 5, 2014 MUSK KIMBALDirector 13,000 Direct Option Exercise at $9.96 per share. 129,480

    That's almost $200M on those shares alone made by Musk on a move from $100 to $300.  Wouldn't you be out talking up your company if you made this much doing it and there were no regulators to stop you?  You might even be inclined to fly out a few analysts and show them a really good time in hopes of getting some upgrades in their next report.  You might even get angry and cut access to an analyst that badmouths you company.  You might…

    Kimbal's (Elon's little Brother) 13,000 shares are already worth $3.6M, a very nice 2,600% gain in August.  Proving once again that good genes are very important in investing!  He wisely just sold $5M worth of shares at the top last week (9/2) – again with the great timing!  

    TSLA/Shadow – Even if he is making progress with TM, the point is that it's unethical for him to engage in speculation regarding his own stock.  

    SFTBY/Albo – I just thought Yahoo was a much safer way to play.  

    CLF/Scott – Oil needs to stop dropping before we go that way.  Energy sector in big retreat at the moment.  


  52. Small dip in progress, watch 2,000 to hold on /ES – or at least be bouncy.  1,165 on /TF too. 

    Oil testing the $92 line!  


  53. Good article on Chinese steel production and iron ore prices.

    http://www.reuters.com/article/2014/09/08/china-steel-home-idUSL5N0R92RY20140908


  54. Phil – Springheel Jack expects oil to test the 90.5 to 91.24 area (link: scroll down).


  55. Steel/Albo – No mention of stockpiling, also a factor.  

    Jack/Diamond – Oh yeah?  Where was he when oil was $110 with that prediction?    I like Jack but I want these chart "experts" to learn how to make a call BEFORE there's a huge down-trend – THAT would be impressive.  

    Still looks like $85 to me, same as it looked when oil was at $110… wink


  56. Phil jabo rustle

    Please keep in mind what I often post is not todays headline and I don't remember where or when I read things. The issue on the RAV 4 was about that segment of cars and gave Toyota's evaluation of the EV experiment that goes beyond the TSLA parts try. They can't justify that direction at all but have a Purist in limited production, limited miles, their parts.


  57. Motor Week on PTV had a nice review of the BMW I8 Saturday, I am sure it can be repeated on their web site if interested. One thing was clear the car was built to performance not EV goals. Toyotas Purist EV has a motor also but no 4.2 seconds to 60 mph.


  58. stjean

    Is the dollar at the next resistance?


  59. Dollar / Shadow – Good confluence around 84 going back last May. We hit 84.50 and then retreated all the way to 81. I don't see that right now looking at all the geopolitical situation and the weakness of the euro. It looks like we are going higher. The next goal line is the highs of last year around 85. You need to go back to 2010 to see higher that than.


  60. Oil / Phil – Good support around $91 which is a Fib line and also some confluence there. But you are correct, below that, little support until $85. And then another big hole until $78 or so. But I am sure they'll manufacture some crisis before we get there! Putin can't live with $80 oil for sure.


  61. STJ lol, u r right, putin can't live with oil so low. But, i think that's what it will take to make him realize crimea invasion is a mistake.


  62. DRIP / Phil – craigs620 made a comment yesterday regarding dividend reinvestment and I share his curiousity. What are your thoughts on this technique?


  63. stjean oil

    This has to be the big economic sanction against Putin. What I find very disturbing after Phil's morning rant is they can influence oil prices but usually screw the consumer by political pay offs.


  64. 2 hour update        NO VOLUME!!!!


  65. Oil/StJ – I think below $85 is not at all likely, production costs are much higher than they were in 2008 and, even then, below $60 was just a blip.  

    DRIP/Brill – Totally valid strategy but you don't have to push them into the same stock – you can pick out other dividend payers and diversify your holdings.  Everything we do, long-term, is about reinvesting profits – dividends are no different.  

    Volume/Shadow – Pretty normal for a Monday and, finally, very profitable in our Futures trading too.  


  66. Ouch on Japan:


  67. Phil/Manipulation – You posted a zero hedge article over the weekend about proof that central banks were directly manipulating markets.  I think that is relevant to your post today.  Could central banks be "they"?

     

    http://www.zerohedge.com/news/2014-09-05/whats-point-hiding-it-any-longer


  68. US Silca shares are dropping in price and I haven't found any news to explain.  Has anyone seen anything.  This company is making more money than they ever have mining/refining sand for the oil & gas industry.  Might be an entry opportunity if there is not some fundamental trouble afoot.  Perhaps the drop is related to oil's plunge.  Fracking will not continue at current pace if oil remains too soft. 


  69. Phil,

    Curious as to your rationale with YHOO 40/50 bcs (re Alibaba IPO) in using the 1/16 bcs rather than an earlier version, say 1/15. Since the Alibaba IPO is due to come this month, why would you want to pay for the extra time (12 mths – 1/15 vs 1/16) since this is a piggy back play on Alibaba.

    Thanks


  70. aaii bear sentiment


  71. NKE – all that move just because UA pushed out Adidas to be #2 sportswear co? 


  72. They/Palotay – There are a lot of "they's", it's a very small group of very rich people whose interests are aligned.  Whether you  are American, Russian, Japanese, Chinese or African – if you have $1Bn+ you want low tax rates, cheap labor, buyable Governments (in case you need a deal pushed through), buyable courts (in case you get caught with a body), lax regulations, no inheritance taxes, etc.  You don't want your Government "wasting" money caring for the bottom 80%, you want ridiculous strong lending laws so you can collect all your debts too and you want an undereducated, compliant population:

    All banks are part of this cartel and the banks are owned by the ultra-wealthy and the Central Banks are simply clubs for the bankers of each country – all controlled by the same people world-wide.  That's why they now "coordinate" their policy – even when their plan is "horrifying".  

    SLCA/Sibe – Straight up lack of demand I imagine.  Everything is slowing down.  I keep telling you guys this but everyone would rather believe the MSM and ignore the signs.  I'm sure, to a large extent, that SLCA (the ETF) shouldn't have gone so high in the first place and this is just a correction to a more normal range – maybe $40-60. 

    YHOO/8800 – In the 2nd one, we missed the easy money, where I was happy to be very aggressive back on 6/30.  By the time we had subsequent trade ideas (7/16,25 and today) it made sense to go longer, where we could sell more premium and give ourselves a better net.  Things can always go wrong, you know…

    NKE/Scott – Also partnerships with AAPL may be getting speculation.  


  73. Ex-U.S. Envoy Khalilzad Money-Laundering Probe Leads to Austria

    It pays $$$ to be highly connected/protected …

    The U.S. had asked Austrian authorities not to seize Benard’s account, Bielesz said in a phone interview. A decision on whether to unfreeze the account is expected ‘quite soon,’ he said.”

    Even the courts help you out …

    “The documents alleging the misconduct were part of a cache of sensitive papers retrieved from a garbage bin earlier this year by a Vienna-based blogger. Austria’s courts have instructed workers to take better care of sensitive information, Salzborn said.”


  74. Why I don't listen to GS.  I saved their top 40 shorts for the next year which was a year ago.  If you just took their top 5, goodbye portfolio.  Here's how they did:

    Goldman Sachs Top 40 Short list

    Stock                     Price at time       Prediction           Current Price     Since

    CMS                        42.54                      -10.7%                    30.63                      -28%

    KR                           39.27                      -10.9%                    52.11                      +32.7%

    ADI                          49.38                      -10.9%                    50.19                      +1.6%

    PH                           103.28                   -10.9%                    117.60                   +13.9%

    DISCA                     79.72                      -10.9%                    42.56                      -46.73%

    BCR                         114.60                   -11.0%                    149.77                   +30.7%

    BBBY                       76.47                      -11.1%                    65.05                      -14.9%

    COL                         71.17                      -11.5%                    76.79                      +7.9%

    COH                        53.13                      -11.5%                    37.59                      -29.2%

    PGR                         26.01                      -11.6%                    25.00                      -3.9%

    PNW                       58.90                      -11.7%                    56.90                      -3.4%

    MSFT                      31.84                      -12.1%                    46.43                      +45.8%

    ECL                          92.14                      -12.1%                    115.62                   +25.5%

    FMC                        66.16                      -12.3%                    66.35                      +.029%

    SCG                         51.91                      -13.3%                    51.32                      -1.13%

    NDAQ                     32.40                      -13.6%                    43.11                      +33.1%

    FTR                          4.36                        -13.9%                    6.69                        +53.4%

    BK                           31.45                      -14.1%                    39.48                      +25.5%

    SPLS                        17.02                      -14.8%                    12.69                      -25.4%

    MOS                       41.09                      -14.8%                    47.16                      +14.8%

    GAS                         45.79                      -14.8%                    54.01                      +18.0%

    CCL                         37.03                      -16.3%                    39.10                      +5.6%

    ATI                          27.57                      -16.6%                    42.07                      +52.6%

    PDCO                      40.89                      -16.9%                    40.72                      -.042%

    SIAL                        40.89                      -16.9%                    103.48                   +153.07%

    BSX                         10.92                      -18.5%                    12.30                      +12.6%

    NUE                         46.78                      -18.8%                    55.89                      +19.47%

    HSP                         40.70                      -18.9%                    52.81                      +29.75%

    HUM                       91.26                      -21.1%                    129.14                   +41.5%

    JNPR                       21.67                      -21.6%                    23.48                      +8.4%

    CELG                       146.86                   -23.1%                    93.61                      -36.26%

    CLF                          19.51                      -23.1%                    13.79                      -29.3%

    SYMC                      26.68                      -25.0%                    24.44                      -8.4%

    GRMN                     40.08                      -25.1%                    54.02                      +34.8%

    IGT                          18.47                      -26.9%                    16.59                      -10.2%

    X                              17.35                      -30.8%                    39.64                      +128.5%

    INTC                        23.34                      -31.4%                    35.23                      +50.9%

    HPQ                        25.68                      -33.8%                    37.35                      +45.4%

    CVC                         18.69                      -35.8%                    19.13                      +2.4%

    AMD                       3.77                        -40.3%                    4.15                        +10.1%


  75. Top 5 are the ones on the bottom


  76. ABX under $17.


  77. ABX / Zero – Strong dollar makes gold cheaper… Approaching $1250 now.


  78. Indexes holding up well.

    Dollar 84.11 is popping the Nikkei now (15,745).  

    Silver failing $19 with gold at $1,253, both will make interesting long plays when the Dollar stops rising. 

    Oil still holding $92 @ $92.25. 

    Fairly dull day otherwise. 


  79. ABX Jan17 leaps should be posted next Monday (15th). :-)


  80. From Bloomberg, Sep 8, 2014, 11:43:16 AM

    Jeff Bezos, chief executive officer of Amazon.com Inc., unveils the Fire Phone during an event at Fremont Studios in Seattle, Washington, on June 18, 2018. Photographer: Mike Kane/Bloomberg

    Amazon.com Inc. (AMZN), the world’s largest
    online retailer, cut the price of its Fire smartphone to 99
    cents with a two-year contract through AT&T Inc., seeking to
    boost adoption of the device six weeks after it went on sale.

    To read the entire article, go to http://bloom.bg/1qx16So

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  81. Phil- I need some help figuring out how to prepare for a correction. My portfolios now consist almost exclusively of positions in buy list items from the last six months along with a some stocks I have owned from my pre PSW days like GM, PFE, BRK.B, and AAPL.  The 2016 spreads in I am holding are AAPL, GTAT, IRBT, TASR, BTU, RIG, YHOO along with short puts in CLF,SGEN, TRIP and some of the previously mentioned spreads. My Apple position is still a larger than desired percentage of the total. So, my question is if all of these are "on track" right now, but we know that there could be a major correction or even a large downturn coming, do we just sit tight and wait, or do you fold up those positions once you are convinced that there is no avoiding the dip and get back in when the market looks like it is near a bottom? Having only followed you in this relentlessly up market, I am curios what your strategy is under the circumstances we may be facing? I understand that you can never be 100% sure of any of this, but I guess I want to know how you will position the portfolios once you are convinced a downward move is imminent. Thanks in advance for the answer.


  82. Phil – A little more about my previous question. I also have some hedges in SQQQ and I know you do that, but I am asking if that is enough or is there a time when you say sell it all to protect your gains up to now?


  83. Between drones and phones, Amazon is going downhill.  Waste of company's money.


  84. From Bloomberg, Sep 8, 2014, 5:17:21 AM

    The yen’s weakening to a six-year
    low will help Japan’s economy recover from a sales-tax increase
    that caused the largest contraction in five years, said an
    adviser to Prime Minister Shinzo Abe.

    To read the entire article, go to http://bloom.bg/1rtblmJ

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  85. New Jersey Governor Chris Christie issues directive allowing casinos, racetracks to offer sports betting
    http://7online.com/299520/


  86. Phil,

    Thx for the cautionary thgts on Yhoo. Its easy – at least for me – to get mesmerized by the sparkle of Alibaba and overlook the lackluster nature (at best) of Yhoo.


  87. FYI i was just able to close the OIH $55 call for .05c, no commission on TOS.  As zz says, never know when someone might fly an airplane into one of those oil fields.


  88. America’s ‘Job Creators’ Would Rather Do Anything But Create Jobs: Survey
    http://www.huffingtonpost.com/2014/09/08/businesses-reluctant-to-hire_n_5784384.html?ncid=tweetlnkushpmg00000018


  89. Basic income: the world’s simplest plan to end poverty, explained
    http://www.vox.com/2014/9/8/6003359/basic-income-negative-income-tax-questions-explain


  90. “There’s no debate”: 97 experts explain the scientific consensus on climate change
    http://www.salon.com/2014/09/08/theres_no_debate_97_experts_explain_the_scientific_consensus_on_climate_change/


  91. There Goes The “Housing Recovery”: Record Few Americans Think “Now Is A Good Time To Buy A Home”
    http://www.zerohedge.com/news/2014-09-08/there-goes-housing-recovery-record-few-americans-think-now-good-time-buy-home


  92. TLT is down a $1 today from the high, gold is down, silver down, all indexes down, and the buck is up. Very clear where the money is going, not the markets, only the dollar or all cash.


  93. Preparing/Craigs – Well, for one thing, we're watching our watch levels on the Big Chart:

    I don't know where your entries were but we're not going bearish until we lose 11,000 on NYSE (and we just did) and 4,400 on the Nas (ie. two more red boxes) and the same way we don't get bullish until we spend 2 straight days over 2,000 (none so far), we don't get more bearish until we have two days under. 

    Meanwhile, we hedge our LTP positions with STP positions that will pick up some of the slack on a market dip but it's no magic portfolio – if the market corrects 10%, we'll still probably lose 10% of our longs ($60,000) and, hopefully, recover $30-40,000 in the STP and THEN we can decide what we think of the market situation and unwind or add more longs.  

    If you are so invested (we're only 30% invested) that you are worried about your positions – start cutting back NOW!!!  The fact that we are using just 30% of our margin in the long portfolios is a MAJOR part of our overall hedge – it means that, even if the market drops 50% overnight, we can still afford to DD and average in to 2x at 75% and we'd only be down about 25% at 50% and a 50% recovery would get us even.  

    When you want to plan your hedges, you need to REALISTICALLY think about what you will want to do (or be forced to do) if the Dow drops 10%, then another 10%, then another 10%.  If the answer is 1) Deer in Headlights, followed by 2) Pray and 3) move to a smaller house – then you are over-invested and need to cut back NOW.  

    Has it really been that long since I mentioned how much I like CASH!!!?   

    You're welcome 8800 but I do like YHOO better than buying the Ali IPO or the SoftBank proxy – just to be clear.  

    Good job RDN!  

    Dollar/Shadow – Topped out at 84.38 so far.  VIX popping to 13.07 – someone is nervous.  

    Another nice dip with 17,073, 1,994.50, 4,077 and 1,165.4 – not bad for a Monday. 


  94. Phil, just wanted to say in case no one else does that the Portfolio update post saved me a ton of work this weekend, and the post will be easy to refer to, so my vote would be to continue that format going forward for the portfolios.


  95. Dr. John L. Faessel

    ON THE MARKET

    MARKET

    The USA stock Markets remain in a solid up-trend but notably the high / low channel perimeters are narrowing – A denouement looms…

    ·       Topping or High Tight Flag?

    ·       Most of the major averages continued their advance on ‘still’ decreasing and well below average volume.

    ·       The McClellan Oscillator is in Neutral at a plus 21

    ·       Bullish sentiment on the rise. See Sentiment overview below.*

    ·       Japanese economy contracted 7.1% in Q2

    ·       Japanese Yen at Cycle and 7-year lows of 0.9518

    In a Deflating and No Growth World

    Can the USA Economy continue to grow at 2% ish (thanks to fracking) while the Economies in EuroLand and Japan are strikingly weak and China slows?

    Screwball Global interest rates

    So – Get this – joining the Swiss and German short term gov bonds rates at below zero are now the Irish and French paper? So you actually ‘pay’ for the privilege of holding the ‘fiat’ government debt?  But a 4% return in Spanish 50-year Gov bonds? Lunacy! Meanwhile the main European Central Bank lending rate has dropped to 0.05% from an already negligible 0.15%. Italy and Spain now have 10-year bond yields below that of the USA.

    “a horrible mess”

    The U.S. Federal Reserve will accelerate its search for a substitute to the Libor benchmark interest rate to stave off what would be "a horrible mess" if the current system collapses with no alternative. The Libor lending rate is used to set the terms of consumer loans, home mortgages, corporate bonds and other widely used forms of credit in an estimated $150 trillion in dollar-based contracts worldwide. The 3-month $USD LIBOR on Friday was 0.23230

    On Yields

    Yields on “good” sovereign paper are incredibly and “cockeyed” low.  And the market is hell bent in a yield seeking speculation that has prices “misaligned” to put it mildly. Once upon a time the Fed induced the same sort of yield-seeking speculation that drove investors into mortgage securities (in hopes of a “pickup” over depressed Treasury-bill yields), fueled the housing bubble, and resulted in the deepest economic and financial collapse since the Great Depression. This yield-seeking has clearly been a factor in encouraging investors to forget everything they ever learned from finance, history, or even two successive 50% market plunges in little more than a decade.

    S&P 500 

    The S&P 500 (SPX) closed on Friday at 2007.71.  Last week it was at 2003.37. 

    The s50-day moving average support is now at 1969

    Shorter term price support is at (SPX) 1990 / 1985 / 1980 /

    Channel and trend line support off the November 2012 lows is 1930.

    Back in time term price support of S&P 500 (SPX) 1941/ 1928 and >>> 1904 / 1864 / 1850 /

    The 200-day moving average support is at S&P 500 (SPX) 1883.

    Fibonacci 38.2% retracement support is at 1922.

    The 50% retracement support is at 1902.

    And the critical 61.8% retracement support is at 1882.


  96. i think real problem is its dawning on investors how deflationary ECB policies are…dollar strength = commodity weakness = slowdown in emerging market economies that export commodities and heightened deflationary fears in eurozone.


  97. was there a call on the OIH butterfly I missed ? ( Sept 55 calls, 53 puts )


  98. Oil prices / Phil – Didn't get to follow up on an earlier comment as I was in a 2 hour conf call. There is a lot of support around 85 but there are factors that could facilitate a break below like a strong dollar (and it's pretty strong now). Extraction costs are in local currencies and you get more of that when the dollar is strong although, the correlation dollar/oil is not as good as with gold for some obvious geopolitical reasons. In addition, people forget that momentum works on the upside and the downside. Gravity has its own kind of built-in momentum and traders might looking for the exit soon. As usual, who knows anyway, we are just speculating.


  99. From Bloomberg, Sep 8, 2014, 1:00:00 PM

    Low volatility across financial
    markets may signal investors are underestimating how quickly the
    Federal Reserve will raise interest rates, according to
    researchers at the San Francisco Fed.

    To read the entire article, go to http://bloom.bg/1wecJhu

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  100. BA up 2.7% as Ryannair orders 100 737 for $11B.


  101. Phil,

    "They" going to let the S&P close below 2000, or is your crystal ball calling for a stick? I'm long RUT at 1165.3. Thanks


  102. Phil/Trust - Never trust Mondays; Tuesdays time to be cautious; Wednesdays always manipulated; Thursdays very dodgy; Fridays need to move to cash.

    What's a poor investor to do?


  103. rustle

    I never have enough to read so I called the library to see if they can get "On China" did I get that correct? They are calling back, I asked for a bunch and they deliver to the tiny Alta branch tomorrow.


  104. That's 4 down, 8 to go now:

    Report: Trump Taj Mahal Atlantic City going bankrupt, closing in 

    Baltimore Business Journal-5 hours agoShare
    CBSPhilly is reporting that the Trump Taj Mahal is going to file for bankruptcy and plans to close its doors in November. The news comes amid ..
     

    Atlantic City's Casino Losses Are About to Hit Main Street

    Businessweek-39 minutes ago
    New Jersey Gov. Chris Christie is holding a summit today to discuss the future of Atlantic City, the seaside gambling destination facing an .

    Portfolios/Rdn – Well, I'll certainly try to get it done like that once in a while.  
     
    Italy and Spain/Rustle – Wow, there has to be money to be made arbing that play!  
     
    OIH/Buttefly Portfolio, Wombat – No change, we sold the $53 puts and the $55 calls and OIH is at $52.50 after falling $1 today.  Maybe up $1 tomorrow and back in the middle, maybe not.  
     
    Oil/StJ – I don't think we get that low as there's still too much tension.  Obama is going to announce some ISIS thing tomorrow to keep things interesting. 
     
    BA/StJ – Well that was the easiest pick in the World when they were below $40 a few years ago.  It amazes me that we used to argue their value with people.  
     
    Stick/Jasu – "THEY" will keep using the stick until it fails.  I very much doubt they are done selling – like Craigs above, there are many funds bloated with shares who haven't pulled the trigger and sold yet because they are too greedy and those are the people who will be panic-selling on the way down.  Rather than take 20% profits off the table, people somehow expect to get to 30% by the end of the year – even though it's very clear from the 12:03 performance chart that things have slowed down drastically since last year.  
     
     

  105. "Can the USA Economy continue to grow at 2%-ish (thanks to fracking) while the Economies in EuroLand and Japan are strikingly weak and China slows?"  Yes.  The U.S. imports more than it exports. But it is now less dependent on imported oil than before.  Consumers also have less money, and are buying fewer consumer goods, including imports.  The dollar is strengthening, lowering the cost of what the U.S. does import. The U.S. weak point, housing, seems to be recovering, although it depends on the price point.   Not great overall, but better than Europe and China [forget Japan] by a reasonable margin.  

     

    The stock market?  No idea.


  106. The Shiller PE Ratio was still higher in 1929 and 1999 … so we still have more to go, but (of course) this time is different.

    Cyclically Adjusted PE Ratio (CAPE Ratio)


  107. What to do/Winston – TRUST the system and BE THE HOUSE – Not the Gambler.  Ha!  Bet you didn't know I would say that…

    Library/Shadow – They must be so thrilled to have a customer, they are dropping everything to get what you need! 

    Shiller/Diamond – But 1929 and 1999 were MASSIVELY MISPRICED MISTAKES that corrected in a horrible fashion.  Can you really have a premise that says "Buy now because it's not yet at record levels of price insanity that led to a total market collapse that wiped investors out for decades"?  Doesn't seem like a solid investing premise to me…

    Shiller PE Ratio Chart

    My attitude is, even if the market does keep going all the way to S&P 3,000 – it will still come back to this point after that.  So I'm certainly not going to stress about missing an opportunity to ride the roller-coaster in-between.  


  108. Phil 4 of 8

    Christy allows more betting. The guy is out of it, the casinos are dying because 99% of the people can't afford to leave the house. Money to the masses is the only savior negative tax or 1,000 other things would help. I like the closing of the tax escapes by Schumer, no chance of passing but it might hurt the GOP in 6 weeks if the denounce it.


  109. Phil,

    If you have the inclination AH, would you indicate why you prefer YHOO as a proxy for the Alibaba IPO vs BABA stock itself. I can see why Softbank wouldn't appeal with their involvement with other stuff of questionable future value (Sprint). 'course YHOO has some stuff of questionable value also – like YHOO itself.

    TIA


  110. Phil // PNRA
    We have a bull call Jan15 $140/155
    What are your thought on Jan15 $160 short calls for $6 ?
     


  111. Phil library

    I am about the only one getting books, last 2 times mine were the only ones reserved, have not seen a single book checked out while only women are there for DVDs. I get big friendly smiles and one librarian gave money to the fund.


  112. Books/Shadow…I wonder how much of the physical book borrowing has changed over to e-books. I have cards at two southern California libraries that stock e-books, and that is very handy when I'm over in Korea.


  113. Demise of a stock operator. The book is a great read. As we all know, it ends badly for Jesse Livermore. I always wondered why couldn't the poor guy stop when he had made his fortune X times over? In another vein, a rather poignant quote from a successful options trader (whose name I cannot remember) was that they stopped trading options – and this was a trader focused on selling options premium - because they found themselves simply wishing that time would pass by quicker. A kind of sad reflection. But I must say, the longer I carry on this gig, I do experience a certain 'frisson' as every options expiration day approaches.


  114. snow

    Interesting question, have no idea while not having a reader. I was just chuckling to myself, who loves hard print, how shocked they would be to know that I have a DVD player from the closed store 2002 that is still in the box. I once tried to sell it but $20 shipped didn't sell, cost back then likely over $100.


  115. Phil – You are too funny! 

    “Can you really have a premise that says "Buy now because it's not yet at record levels of price insanity that led to a total market collapse that wiped investors out for decades”?”

    Buy now? More like: bye-bye now!


  116. Winston – Jesse Livermore suffered from depression. Sadly his son and grandson also committed suicide. 


  117. Most people are clueless on the changes but slowly I got to not liking movies because they kept getting further from the book and the book was always better. Now why am I a sick demented person? I watch public TV and read!


  118. Self-driving cars part of the plan for Tesla Motors • 3:07 PM

    Clark Schultz, SA News Editor

    Tesla Motors (TSLA +1.7%) CEO Elon Musk tells The Nikkei that he sees a partially self-driving car out from the EV automaker in roughly three years.

    The driving system will be developed in-house using sensors and components from suppliers.

    Musk think that in the long-term all Tesla cars will have an auto-pilot function.


  119. http://time.com/3303212/gm-self-driving-cadillac/

    jabo

     He got that from Cadillac news and it wasn't easy to find what was headline until Musk shit flies!


  120. Diamond/Wow, I never knew that.


  121. BTW the super cruise won't work unless the road is equipped for it, bet that stupid piece of MUSK shit doesn't even know that.


  122. Big stick action into the close.  Looks like we'll be green today. 

    YHOO/8800 – Well because Yahoo does have some value on it's own as they did make $1.5Bn last year so call it $30Bn ($30/share) without Alibaba.  Then they own 24% of AliB so if Alib IPOs at $160Bn, Yahoo makes $40Bn and you buy AliB at $160Bn, you have nothing unless they go up.  See how simple that is?  

    PNRA/Wombat – As I said Thursday, it's on track and still playable and, as I said Tuesday, we think food costs are coming down so PNRA will make more money and earnings are between now and January so I certainly wouldn't want to risk selling short calls – especially with the stock so low in the channel.  

    Library/Shadow – Same here, there's almost no point to them anymore.  Our local library lends EBooks – you don't need a building and staff to do that.  

    Time/Winston – As I used to say to Yodi (who took it to heart) – GET A HOBBY!  Starting at your screen all day waiting for premium to expire is not a good use of your time.  Once you learn to stop gambling and start investing, you'll find there is very little for you to do most days and you can go see movies, have lunch with friends, see your family, go on vacation (Yodi has a trailer) and just check in once in a while to see how things are going.  One of the benefits of having a chat room like ours is it does give us something to do to pass the time while trading because INVESTING is not meant to be exciting – just the results…

    Bye bye/Diamond – Can't really say goodbye either as we aren't getting clear signals in either direction – hence we hedge and wait for clarity.  

    TSLA/Jabob – I guess he had that idea while watching Bloomberg talk about GMs self-driving car.  Theirs is out in two years and Musk is giving himself 1 year to copy it.  

    [video] 2016 Cadillac to Feature Hands-Free Driving

    And what Shadow said.  


  123. Correction. Tomorrow we will be green. 


  124. They are really insisting on keeping above 2000….


  125. Meanwhile.  ABX…. crying in the rain…


  126. Live-TV viewing in decline • 2:39 PM

    Clark Schultz, SA News Editor

    A new report from Nielsen puts some numbers to the escalating transition of TV viewing toward digital channels.

    In the key 18-34 year old demographic, digital video consumption rose 53% to 35 minutes a day.

    The digital growth rate was even higher for the 35-49 year old group with a 80% rise to 26 minutes a day.

    50-64 year olds increased digital viewing by 60%.

    Live TV viewing dropped 1%-2% across age groups.

    Related stocks: CHTRCVCTWCNFLXDISHDTVVZ,

    Nielsen Cross-Platform Report


  127. Phil

    What makes me say what if? Will strapped road budgets shell out for expensive technology only used by the people with brand new $100,000 cars? Sure more important to the .001% than fixing pot holes!


  128. If you want to change things…donate to this guy.  Lord knows he needs the resources and funds to take Issa down.


  129. Why? They can fire the worthless driver. Put in .0001% driving lanes instead of bus lanes for the too cheap to buy a decent car!


  130. Pharmboy

    My IQ is over 100 and have no trouble reading. Shadowfax for president 2016 donations minimum $1 million and you will get what you pay for!


  131. 36.50 points till I short GPRO.  It's getting there.


  132. GPRO/rustle – so you are long until then?


  133. Come on everyone. I didn't say they get what they want but I have a medical, energy, budget, and tax plan. When was the last time anyone said that and actually has them? PSW members are exempt from the min. you get preferential treatment and I will answer every email. 


  134. TV/Jabob – It's strange, even the best rated shows seem very unimpressive compared to when we were young, when 1/3 of the country would watch a big show.  Now they are lucky to get 10M people.

    Budgets/Shadow – If the 1% want it, the 1% will get it.  It will be many years before I trust that technology.  It still freaks me out when the monorails have no drivers at Disney and airports.  

    Issa/Pharm – Oh I hope he goes!  

    Wow, 2000.00 on /ES – that makes a statement!  


  135. @scottmi

    I'm nothing until then, not playing a wacky stock like that.


  136. Phil safe roads

    All they have to do is outlaw all communication in motion and breaking the law is permanent loss of driving privileges. After all it kills more than intoxication. 


  137. Holy baloney with NASA they don't even need the cops to bust ever single violation! 


  138. Then get people to contribute Phil…..


  139. Pharm

    Solutions, vote Shadowfax. donations someone start a web site, anotherr a fund site, and we can go from there but don't forget I will need protection from the rich, body guards.


  140. Phil Library

    EBooks are available in Jackson but it isn't a big thing as they don't have that many. They have On China and another but 2 are only from out of county libraries and OCT. first the cost goes up to $2 each. Anything to discourage learning. Next week my reading addiction rises to $4 or some new suggestions, anyone?


  141. It seems that "technical analysis" can indeed work to predict stock market movements.  But not in the way commonly believed.  Rather, in a manner that hasn't been even studied yet.  But it's out there — any mathematicians on PSW care to hypothesize?

     

    "…The research also lends insight into how other components of complex systems interact with one another. Similar patterns have been observed in group behavior of fish and birds, variations in heartbeat and EEGs, and even fluctuations in the New York Stock Exchange. “Many models of collective synchronization assume that there is this kind of correlation, but it is very nice to have an experimental proof of it,” says Mehdi Moussaïd, a research scientist at the Max Planck Institute for Human Development in Berlin, who was not involved in the work…."

     http://news.sciencemag.org/math/2014/08/duetting-musicians-are-linked-math


  142. zeroxzero

    Technical is a tricky one, I have been able to do it short term. As I see it the BOT boys are doing everything to trip up any long term and that means next week! So if you think it is more than today get a grip on the forces!


  143. GBP – There is reason to think that the Scottish vote will have a serious and long-term effect on the currency level.


  144. ZXZ

    But what will that do to the world? Irish banks created a vacuum greater than subprime home loans in the US, and in the end seems the Irish will pay the bill. Whatever the Scotts do will effect less including the GBP, other than whiskey nobody cares.



  145. Scotland / Shadow and Zero – There is also that little issue of the North Sea oil that would be owned by Scotland as well. They are panicking back in London now. I understand that the Queen asked William to offer to name his upcoming baby William Wallace Robert Bruce to appease the Scots :-)


  146. why not Finaghly Coman Tayursenses?


  147. oh scots accent 


  148. ad line is starting to break down WHILE we make higer lows and higher highs…tops usually get formed with the a/d line leading (early)


  149. STJ

    A baby name is about all they will give Scotland.


  150. From Bloomberg, Sep 9, 2014, 3:10:41 AM


    Sept. 9 (Bloomberg) — Matthew Beesley, head of gloabl equities at Henderson Global Investors Holdings Ltd., discusses voilatility in Scottish stocks ahead of next week’s independence referendum.
    He speaks with Mark Barton, Anna Edwards and Manus Cranny on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

    European stocks were little changed
    after their biggest two-day decline in a month. U.S. index
    futures were also little changed, while Asian shares declined.

    To read the entire article, go to http://bloom.bg/1ryrgjU

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  151. From Bloomberg, Sep 9, 2014, 2:59:11 AM


    Sept. 9 (Bloomberg) — European Union governments abruptly put on hold for at least a “few days” new sanctions against Russia, allowing more time to assess the viability of a cease-fire in Ukraine without risking further trade retaliation by the Kremlin.
    Ryan Chilcote reports on the latest developments with Mark Barton, Anna Edwards and Manus Cranny on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

    European Union governments abruptly
    put on hold for at least a “few days” new sanctions against
    Russia, allowing more time to assess the viability of a cease-fire in Ukraine without risking further trade retaliation by the
    Kremlin.

    To read the entire article, go to http://bloom.bg/1As7CdZ

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  152. From Bloomberg, Sep 8, 2014, 8:00:07 PM


    Anthony Grabiner, the lawyer leading the probe, has questioned at least two traders in recent weeks, according to the people, who asked not to be identified because the matter is private. Photographer: Leon Neal/AFP/Getty Images

    Foreign-exchange traders interviewed
    as part of the Bank of England’s probe into whether its staff
    knew of currency-rate rigging have expressed surprise at the
    narrow scope of the questioning focused on one meeting,
    according to people with knowledge of the inquiry.

    To read the entire article, go to http://bloom.bg/1Asga4B

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  153. From Bloomberg, Sep 8, 2014, 9:56:23 PM


    Sept. 2 (Bloomberg) — Shane Oliver, head of investment strategy at AMP Capital Investors Ltd. in Sydney, talks about global stocks and Treasuries.
    Oliver also talks about central bank policy in Australia, Japan and U.S. He speaks with John Dawson on Bloomberg Television’s “First Up.” (Source: Bloomberg)

    China’s stock rally will evaporate within weeks, said Bank of America Corp.’s strategist David Cui, sticking with his bearish call after the biggest advance in 19 months.

    To read the entire article, go to http://bloom.bg/1qB1pvd

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  154. From Bloomberg, Sep 9, 2014, 3:43:06 AM


    ABB Ltd. Chief Executive Officer Ulrich Spiesshofer, who replaced Joe Hogan in September 2013, aims to make the company more profitable and reverse a share decline this year that was worse than at German rival Siemens AG amid charges for project delays. Photographer: Chris Ratcliffe/Bloomberg

    ABB Ltd. (ABBN) unexpectedly announced a $4
    billion share buyback as Chief Executive Officer Ulrich Spiesshofer seeks to boost shareholder returns at the world’s
    biggest maker of power grids.

    To read the entire article, go to http://bloom.bg/1ryfhCM

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  155. From Bloomberg, Sep 9, 2014, 12:00:35 AM


    Sept. 9 (Bloomberg) — Mitul Kotecha, the Singapore-based head of Asia-Pacific foreign-exchange strategy at Barclays Plc, talks about the U.S. dollar and the yen.
    He also talks about this month’s vote on Scottish independence and its potential impact on the British pound, and the outlook for the Chinese yuan. He speaks with Rishaad Salamat on Bloomberg Television’s “On the Move.” (Source: Bloomberg)

    China’s yuan rose to a six-month
    high as the central bank raised its fixing by the most in almost
    four years after the nation reported a record trade surplus.

    To read the entire article, go to http://bloom.bg/1ugFn27

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  156. From Bloomberg, Sep 8, 2014, 6:00:00 PM


    Sept. 8 (Bloomberg) — Secretary of State John Kerry speaks about Iraq’s creation of a new government today and efforts to create a coalition to defeat the Islamic State.
    Kerry, who plans to travel to Iraq tomorrow, speaks at the State Department. (Source: Bloomberg)

    U.S. concerns about the Islamic
    State are echoed in the Middle Eastern capitals that Secretary
    of State John Kerry will be visiting this week, yet that doesn’t
    mean he’ll find it easy to recruit allies there.

    To read the entire article, go to http://bloom.bg/1qB2iUz

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  157. From Bloomberg, Sep 9, 2014, 3:08:14 AM


    Sept. 9 (Bloomberg) — Mitul Kotecha, the Singapore-based head of Asia-Pacific foreign-exchange strategy at Barclays Plc, talks about the U.S. dollar and the yen.
    He also talks about this month’s vote on Scottish independence and its potential impact on the British pound, and the outlook for the Chinese yuan. He speaks with Rishaad Salamat on Bloomberg Television’s “On the Move.” (Source: Bloomberg)

    The dollar climbed against most
    peers, touching its strongest level versus the yen since 2008,
    while U.S. equity-index futures and European stocks fell with
    bonds amid speculation about prospects for U.S. interest rates.
    Oil rebounded and nickel led metals lower.

    To read the entire article, go to http://bloom.bg/1Asa1Fs

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  158. From Bloomberg, Sep 9, 2014, 12:01:00 AM

    Derivatives regulators told the U.S. Justice Department they’ve found evidence of criminal behavior following an investigation into banks’ alleged manipulation of ISDAfix, a benchmark used to set rates for trillions of dollars of financial products.

    To read the entire article, go to http://bloom.bg/1qHP0nW

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  159. From Bloomberg, Sep 9, 2014, 12:01:00 AM

    Sept. 8 (Bloomberg) — Bloomberg Contributing Editor David Kirkpatrick discusses Facebook CEO Mark Zuckerberg’s dream to connect the world. Kirkpatrick speaks on “Bloomberg West.” (Source: Bloomberg)

    Facebook Inc. (FB)’s market value exceeded $200 billion to put it among the world’s biggest corporations, as investors bet on the company to capitalize on the future of mobile advertising.

    To read the entire article, go to http://bloom.bg/Yr1IhP

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  160. From Bloomberg, Sep 8, 2014, 7:01:00 PM


    Better together leader Alistair Darling, left, and former Prime Minister Gordon Brown attend a Better Together rally in Dundee, Scotland, on August 27, 2014. Photographer: Jeff J Mitchell/Getty Images

    Former British Prime Minister Gordon Brown stepped back into front-line politics to offer Scotland
    almost full power over its domestic affairs as the U.K.’s main
    parties raced to stave off surging support for independence.

    To read the entire article, go to http://bloom.bg/WznnTa

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  161. From Bloomberg, Sep 8, 2014, 7:01:00 PM

    Voters in Scotland are embracing
    independence, according to a poll that provides fresh evidence
    of a swing away from the U.K. and suggests the result of next
    week’s referendum is on a knife edge.

    To read the entire article, go to http://bloom.bg/YruA9G

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  162. From Bloomberg, Sep 9, 2014, 12:01:00 AM

    Syrian rebels stand atop Sham II, a homemade tank made by the rebels’ Al-Ansar brigade, in Bishqatin, west of Aleppo, on Dec. 8, 2012. Photographer: Herve Bar/AFP via Getty Images

    In a backyard in Aleppo, Syrian rebels built a tank for urban combat. All it took was an Android smartphone to download a do-it-yourself manual.

    To read the entire article, go to http://bloom.bg/1ry1xb2

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  163. From Bloomberg, Sep 8, 2014, 6:03:33 PM


    These are the bankers, executives, economists and investors who do the deals, set the policies, build companies and move global markets. (Illustration by Leondardoworx/Bloomberg Markets; icons by Jason Lee/Bloomberg Markets)

    Hedge-fund manager Paul Singer took a stand back in 2001, refusing to accept his losses on debt the Argentine government wanted to swap at a discount. Jump ahead to 2014. Singer, still fighting for full recovery on his bonds, has, with help from U.S. courts, pushed Argentina into a second default.

    To read the entire article, go to http://bloom.bg/1ArUO7k

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  164. From Bloomberg, Sep 4, 2014, 12:00:01 AM

    Uranium prices may have stopped falling 3 1/2 years after an accident at the Fukushima nuclear plant in Japan curtailed demand, according to Julian Emanuel, an equity and derivatives strategist at UBS AG.

    To read the entire article, go to http://bloom.bg/WeNlv7

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  165. From Bloomberg, Sep 8, 2014, 8:37:17 PM

    An artist’s impression of the floating power plant by IHI Corp., Sevan Marine ASA and Siemens AG. The vessel would be one of the first of its kind, bobbing on a 106-meter (350-foot) in diameter cylindrical platform offshore. Source: Sevan Marine ASA via Bloomberg

    One of the biggest hurdles to building new power plants in Japan is finding a place that’s safe from earthquakes and tsunamis. That place may turn out to be 30 miles at sea.

    To read the entire article, go to http://bloom.bg/1AskyjW

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  166. Watch this video at http://bloom.bg/1tEPLBP

    Apple’s iPhone 6 Preview: Why It’s Not About the Money

    Sept. 8: Bloomberg’s Olivia Sterns and Julie Hyman explore the possible mobile payment options expected to be contained in the iPhone 6 and other products being anticipated as Apple preps the unveiling of new products.

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  167. Watch this video at http://bloom.bg/1qHMUV5

    Alibaba Hits the Road: Is the Pricing Conservative?

    Sept. 8: KCG Holdings’ A.B. Mendez and Bloomberg’s Leslie Picker discuss Alibaba’s roadshow and IPO valuation.

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  168. From Bloomberg, Sep 9, 2014, 3:05:26 AM


    A shopper tries out a chair in an Ikea store in Beijing, China. Growth was fastest in China while North America continued to perform well and Europe improved, Chief Executive Officer Peter Agnefjaell said. Photographer: Doug Kanter/Bloomberg

    Ikea Group, the world’s largest
    furniture seller, said full-year sales rose 3 percent as
    consumers flocked to its online stores and spending accelerated
    in China.

    To read the entire article, go to http://bloom.bg/1qBBe7G

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  169. From Bloomberg, Sep 8, 2014, 12:01:02 AM

    The head of consumer-product marketing at Google Inc. (GOOG) and a former general counsel for a travel website are seeking to transform the mortgage-finance industry. Michael Burry, the hedge-fund manager who foresaw the housing market’s nosedive, is betting they can.

    To read the entire article, go to http://bloom.bg/1rZ7Usa

    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  170. From Bloomberg, Sep 8, 2014, 12:01:00 AM


    Disposable wipes at a New York wastewater treatment plant. Source: New York City Department of Environmental Protection via Bloomberg

    The ancient Greeks used clay and
    stone; the Romans, sponges and salt water. Americans made do
    with rags, newspapers or mail-order catalogs until 1890 when the
    Scott brothers popularized toilet paper on a roll.

    To read the entire article, go to http://bloom.bg/1q4QZVH

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  171. From Bloomberg, Sep 9, 2014, 12:01:03 AM

    Single Americans make up more than
    half of the adult population for the first time since the
    government began compiling such statistics in 1976.

    To read the entire article, go to http://bloom.bg/1rxYpMz

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  172. From Bloomberg, Sep 9, 2014, 4:02:00 AM

    The Federal Reserve is planning
    risk-based capital standards for banks that are tougher than
    those developed by their international counterparts, Fed
    Governor Daniel Tarullo will tell lawmakers today.

    To read the entire article, go to http://bloom.bg/YrkQvW

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  173. From Bloomberg, Sep 8, 2014, 3:22:07 PM

    Consumer borrowing in the U.S. rose
    more than forecast in July as non-revolving loans including
    those for cars climbed by the most in three years.

    To read the entire article, go to http://bloom.bg/1qHEEVa

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  174. From Bloomberg, Sep 8, 2014, 6:03:32 PM

    They’re no dumber than you are.

    Longtime readers know that I tend to get my back up when I see journalists and academics opining that our national political divide exists because liberalism is smart and conservatism is dumb. Last week, I posted one of those articles to my Facebook page, with a rather biting note that I felt bad about after someone tweeted it at the author. Several people asked me to write up my thoughts at greater length, so here it is, with more elaboration and less sarcasm.

    To read the entire article, go to http://bv.ms/1tFDeOt

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  175. From Bloomberg, Sep 8, 2014, 4:18:42 PM

    It could all be yours.                                                                                           

    One of the byproducts of the global financial crisis has been the creation of a new class of housing and buyers. Some of the strongest evidence is the rise in the number of residences sold for more than $50 million.

    To read the entire article, go to http://bv.ms/1qxYEuJ

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  176. From Bloomberg, Sep 8, 2014, 1:51:01 PM


    There’s gold in them thar rocks. Maybe.

    If “Titanic” director James Cameron were to dig up a giant gold nugget on an asteroid, would it be his to take back to Earth and sell? U.S. and international law are just a bit unclear on this point, and as a result two members of Congress have introduced legislation — the Asteroids Act — that the House plans to hold hearings on this week. For a Congress often criticized for not being farsighted enough, this might be thinking too far ahead. Still, the rapid development of the U.S. private space industry, and the potential for unwelcome conflicts with rival nations such as China and Russia, make this legislation more than science fiction.

    To read the entire article, go to http://bv.ms/1CK0DBh

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  177. ZxZ / maths;

     

    It seems that IBM is collaborating with a big one GS?  about the creation of a Blue platform  base expert system. Its the same that won the chess and  Jeopardy recently.

     

    IBM is taking the system into the executive meetings and seems it has an opinion as any other member of the board. I believe that Goldman and some others that are math base will be doing something quite similar, this is beyond robots and could create a new scenario  in  politics too.

    http://fivethirtyeight.com/