Posts Tagged ‘Walter Cronkite’

Is Obama Gorbachev?

Powerful read, as always but more so, by Jim Kunstler. - Ilene  

Gorbachev portraitIs Obama Gorbachev?

Courtesy of James Howard Kunstler

    The eulogy for Walter Cronkite as "the most trusted man in America" on the CBS "Sixty Minutes" show said a lot about the condition of this nation — though it did not signify what CBS thought it did.  It wasn’t about the death of one hugely esteemed individual; it was about the broad institutional failure of TV news in general and the current grievous loss of legitimacy and authority in shaping a national consensus of reality.  Watching the old clips of Cronkite delivering the evening news years ago, one couldn’t help weighing the contrast with the current spectacle of snide, combative, overbearing idiocy acted out nightly by the likes of Kudlow, Olberman, Kneale, O’Reilly, Matthews, and Dobbs as they shout down their invited guest commentators, pander to their demographic, and diss their rivals for ratings.
      It was instructive to notice that the program following "Sixty Minutes" — in the supreme weekly slot of 8p.m. Sunday — was a childish and stupid "reality" show called "Big Brother."  This said even more about the craven quality of the people currently running CBS. It was also a useful lesson in the diminishing returns of technology as applied to television, since it should now be obvious that the expansion of cable broadcasting since the heyday of the "big three" networks has led only to the mass replication of video garbage rather than a banquet of culture, as first touted. 
Declaration_independence      It should remind us more generally that when a society’s operations become broadly fraudulent and unreal, authority and legitimacy wither.  This is analogous to the position Barack Obama now finds himself in.  He was elected as the politician most trusted in America to change the fraudulent and unreal operations of the US government.  Don’t bother protesting that all politics is necessarily unreal and fraudulent. If it were so, you’d have to argue that the US Constitution was wholly a fraud, as well as Madison, Jefferson, Hamilton and the rest. It only has strong tendencies in that direction. (The Declaration of Independence was itself a direct strike against the fraud and unreality of British royal governance in America.)
     As president, Barack Obama is faced with the


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My Own Private Idaho

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My Own Private Idaho

Courtesy of Tim Knight at Slope of Hope

First I’d like to acknowledge my sadness about the death of Walter Cronkite. As a boy, I remember being told he was "the most trusted man in America", and even my earliest stock market memory came from Cronkite’s voice when he announced in 1981 (or so…..) that the Dow had gone up 28 points or something like that. At the time, it was really big news, and I think it was the lead story that night.

Mr. Cronkite represents the calm, thoughtful, reassuring voice I remember growing up. He represents what I think we can agree was a classier and more dignified era of reporting.

The explanation for the title of this morning’s post is that I am flying up to Boise for a get-together today, and I’m currently sitting at the San Francisco airport. I haven’t been to Idaho since church camp when I was 14 years old, so this will be an interesting day trip.

Whenever I am feeling confused by the markets, I return to the very long-term charts, some of them spanning a century, in order to get my bearings. Here is the S&P for the past decade:

0718-SPX

Here’s what I’ve got to say about the very big picture:

  1. I accept the possibility – I emphasize, possibility - that we could be in a bottoming process, and the big, nasty plunge we’ve been talking about might never materialize. I set aside my preference for bear markets in saying this, because my preference doesn’t mean squat.
  2. I also accept the possibility that the countertrend rally continues must farther, as high to my oft-cited target of 1150, before the market falls to pieces again.
  3. Finally, I accept the possibility (and, again, my unimportant preference shouldn’t enter into the picture here) that we start descending from here before stabilizing at about 750 or so before resuming the uptrend. That would agree with the parallel I’ve made between the two tinted areas.

The reason this week was so bad for me wasn’t because I ignored my rules – – with the exception of TBT, I followed my rules religiously. It was because I put a lot of trust in the H&S pattern and was heavily loaded


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Phil's Favorites

Paper-based electronics could fold, biodegrade and be the basis for the next generation of devices

 

Paper-based electronics could fold, biodegrade and be the basis for the next generation of devices

A foldable, biodegradable battery based on paper and bacteria opens a new opportunity in electronics. Seokheun Choi/Binghamton University, CC BY-ND

Courtesy of Seokheun Choi, Binghamton University, State University of New York

It seems like every few months there’s a new cellphone, laptop or tablet that is so exciting people line up around the block to get their hands on it. While the perpetual introduction of new, ...



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Zero Hedge

One Of Australia's Biggest Banks Caught Committing Mortgage Fraud On Elderly Couple

Courtesy of ZeroHedge. View original post here.

An elderly couple in Western Australia found themselves to be victims of a mortgage fraud that ultimately cost them about $200,000 and their marriage, when a door-to-door salesman on behalf of a real estate developer pushed them toward an overpriced home purchase – and one of Australia's "big four" banks, Westpac reportedly modified the couple's disclosed income in order to get them ...



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ValueWalk

Blackstone President Jon Gray Talks About C Corp Status

By Jacob Wolinsky. Originally published at ValueWalk.

CNBC Transcript: Blackstone President Jon Gray Speaks with CNBC’s David Faber Today

WHEN: Today, Friday, September 21, 2018

WHERE: CNBC’s “Power Lunch

Image source: CNBC Video Screenshot

The following is the unofficial transcript of a FIRST ON CNBC interview with Blackstone President Jon Gray on CNBC’s “Power Lunch” (M-F 1PM – 3PM) today, Friday, September 21st. The following is a link to video of the interview on CNBC.com:

Blackstone president Jon Gray says company is open to, but still studying whether it should become a C-c...

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Members' Corner

Why obvious lies still make good propaganda

 

This is very good; it's about "firehosing", a type of propaganda, and how it works.

Why obvious lies still make good propaganda

A 2016 report described Russian propaganda as:
• high in volume
• rapid, continuous and repetitive
• having no commitment to objective reality
• lacking consistency

...

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Kimble Charting Solutions

Doc Copper breaking out after large decline, says Joe Friday

Courtesy of Chris Kimble.

CLICK ON CHART TO ENLARGE

Doc Copper over the past few months has been hit hard, as sellers drove it down nearly 25%.

This decline brought it to the price point (2), where four different support lines came into play, which looks like a support cluster. As the decline was taking place, momentum was hitting oversold levels.

Joe Friday Just The Facts Ma’am– This week Doc Copper is experiencing its strongest rally this year, as it breaks above steep falling resistance.

Should Doc Copper contin...



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Insider Scoop

Cantor Fitzgerald's 7 Buys For 7 Biotechs

Courtesy of Benzinga.

Cantor Fitzgerald has high hopes for patients with rare and orphan diseases. 

“We believe that biotech has entered a golden age of innovation and productivity across many therapeutic areas,” the firm said in a Friday note. Cantor expanded its portfolio with seven new neuro-innovator and platform-enabled therapeutics companies.

The ...

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Digital Currencies

Mania to Mania

 

Mania to Mania

Courtesy of 

“Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017.”

This comes from a CNN money article, Bitcoin crash: This man lost his savings when cryptocurrencies plunged. From January 2017 through the peak in early 2018, Ethereum gained 16,915%.

Any time you have something go vertical, you just know that some peopl...



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Chart School

Weekly Market Recap Sep 16, 2018

Courtesy of Blain.

Slow and steady drip up all this past week in a very quiet news environment.  A gap down top open the day Tuesday (which was recovered quickly) and a gap up Thursday (which held) were the highlights!

The latest on TRADE WARS!(tm):

Tuesday, news hit that China vowed to retaliate and plans to ask the World Trade Organization next week for permission to impose sanctions on the U.S. for Washington’s noncompliance with a ruling in a dispute over U.S. dumping duties, Reuters reported. That’s part of a dispute that goes back to 2013.

“Trade wars are certainly a concern, but I don’t know that they’re a one...



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Biotech

Gene-editing technique CRISPR identifies dangerous breast cancer mutations

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

 

Gene-editing technique CRISPR identifies dangerous breast cancer mutations

Breast cancer type 1 (BRCA1) is a human tumor suppressor gene, found in all humans. Its protein, also called by the synonym BRCA1, is responsible for repairing DNA. ibreakstock/Shutterstock.com

By Jay Shendure, University of Washington; Greg Findlay, ...



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Mapping The Market

Mistakes were Made. (And, Yes, by Me.)

Via Jean-Luc:

Famed investor reflecting on his mistakes:

Mistakes were Made. (And, Yes, by Me.)

One that stands out for me:

Instead of focusing on how value factors in general did in identifying attractive stocks, I rushed to proclaim price-to-sales the winner. That was, until it wasn’t. I guess there’s a reason for the proclamation “The king is dead, long live the king” when a monarchy changes hands. As we continued to update the book, price-to-sales was no longer the “best” single value factor, replaced by others, depending upon the time frames examined. I had also become a lot more sophisticated in my analysis—thanks to criticism of my earlier work—and realized that everything, including factors, moves in and out of favor, depending upon the market environment. I also realized...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

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

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

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



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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All About Trends

Mid-Day Update

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

Click here for the full report.




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

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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