Da Bear Report:
"Would you like to make more money? Sure,
we all would..." -- Sally Struthers, spokesman for Late-Night
Infomercial University (LNIU)
Wal-Street Weak Day Downside Update:
Stocks hammered. Kudlow hammered. Dubya
hammered.
DJIA down 237 to close at 12,743.44.
ESS and PEE 500 closed down 33 points to
end the day on the wrong side of the bed at the number of 1,407.22.
But on the bright side, with platinum
closing at $1,490--near a record high-- the ESS and PEE 500 can almost
buy an ounce of platinum. Uh, wait that is kinda pathetic. I mean if
Uhmerica's 500 top blue chip companies can't even buy one damn ounce of
platinum it just means things suck. and suck bad.
The Nasdaq closed down 55.61 points to
finish the day at 2,540.99 which would be a all-time record close if
today was March 30, 1999. Laughing
Gold closed at $826.50, up slightly but off
the recent highs.
Oil traded at $97 in record territory.
Asian stocks are trading down right now.
Asian stocks get up going down early over there...
South Korea down big, with Samsung leading
the way the wrong way.
Regarding the Hong Kong market:
_______________________________________________________
"Today we will have a big drop," said
Francis Lun, general manager of Fulbright Securities in Hong Kong.
"Investors lack confidence. ... The big bull market that went up in
October is dissipating."
Traders said Hong Kong's Index could suffer
a 1,000-point decline, reversing much of Monday's 4.1% rally, which had
lifted the index to 27,626.62. Trading in U.S. depositary receipts of
Hong Kong-listed stocks overnight indicated declines of between 800 and
1,100 points at the open, according to traders.
"Hong Kong needs to go down," said Andrew
Clarke, a sales trader with SG Securities in Hong Kong. He added that
many clients were closing out positions after a profitable trading year
and locking in their annual gains a month early.
"The mainland [authorities in Beijing] are
making no bones about the fact they want the market down. Liquidity has
been drying up over the last few weeks."
Clarke added that particular weakness could
be expected in banking stocks such as HSBC (HK:5: news, chart, profile)
, which announced a $35 billion bailout of its structured investment
vehicles in London trading hours Monday. See full story.
__________________________________________________________
link: Tough Day Underway In Asia--
http://www.marketwatch.com/?siteid=bigcharts
Last Thursday was Thanksgiving. And we were
all grateful. And we showed our thanks. But, of course, some were more
grateful than others. Stupid lib-ruhl politicians and professional
protesters showed their thankfulness by stealing everyone's corn on the
cob, creamed corn, candy corn left over from Thanksgiving, and Uncle
Sam's corny road-to-nowhere highway supplement spending packages and
turning all of it into ethanol-- a particular form of stupidity (taking
the up elevator all the way to the top floor of the bottom of the barrel
stupidity) that costs more in energy to make it than it puts out. And
prices of corn and corn prices go up a lot and make it more expensive to
eat, unless of course, you eat oil, which is a good thing because while
they aren't making any more food, they are making more oil, because oil
is a renewable resource (abiotic), and Peak Energy is just a big scam.
And even Canadians can find ways to get oil from sand and rocks and
stuff. Maybe Canadians will find ways to eat sand and rocks too. Because
I hear that neocrats and dummyicans are finding ways to turn cranberry
sauce into oil, and that stinks because I like Thanksgiving, and if I
can't eat corn and cranberry sauce and the biggest turkeys get elected
to Congress all the time (Teddy Kennedy) then what am I gonna eat???
Speaking of Kennedy's, turkeys, and
November 22, last Thursday marked the 44th anniversary of one of the
biggest turkey shoots of all time. And to show you that sometimes things
are eerily backwards yet eerily familiar, like today's oil-money soaked
greedy politicians obsessed with ethahnawl, on Nov. 22, 1963 LBJ found a
way to turn oil money into a corny story that got him into the White
House...
Thanksgiving is a day that we remember that
us Americans are always to forget, and besides there's a football game
on and that's more important.
The Detroit Lions lost. It is a tradition
that they play on Thanksgiving. ...and they usually lose too.
Thanksgiving is an annual event (i think)
whereby we Uhmericans mark the even of our forefathers set down and
broke bread with the Native American Indians (not to be confused with
native indian americans who do tech support in Silicon valley, or
american psuedo-native indians who live in Peoria, Illinois and claim to
be from Hyderabad, India but are really from Pakistan) and ate lots of
food such as turkey and other things. We were thankful that someone knew
how to cook (the settlers were Americans but formerly British two tribes
that have taken not being able to cook to a whole new level), and the
Native Americans were thankful to get away from the Native Mexicans who
were totally 'loco en la cabeza.' That's why the natives wanted to keep
the illegal immigrants out. because they worked cheap and made bad
business decisions. (if it were up to the native mexicans they would
have given away Manhattan and thrown in worthless beads and trinkets as
a sweetner).
Plus, the native indians called the native
mexicans who tried to cross into USA "illegal immigrants," but the FBI
financed,Marxist inspired Mexican Solidarity Movement wanted to be
called "native immigrants."
So basically we need to build a fence.
But not before they clean our houses and
cook our thanksgiving meals for us.
Oh yeah, the markets:
November was a month to remember. unless
you were a fan of gold and stocks, then it was a month to forget her.
Stocks which had once been as high as
14,000 something or other are now down over a thousand points to just
under 13, 000 something or other. it has been a bad time for stocks,
unless you don't like stocks...
Gold peaked a couple of weeks ago at $846
near it's all-time high, quickly backed off to $772 then recovered.
Whatever gold does this week will be important. it either rallies some
more to make a bigger retracement or it goes down again, this time
farther and faster.
Gold currently stands at $828.50 which
means gold bounced back well, but let's see if it matches it's earlier
high.
If gold fails to go up anymore then it
appears that gold has made a 27 year double top, which would be
remarkable to say the least. But it also means that gold has lots of
room to run after the next downturn completes itself. Plus, we all know
that 27 years of inflation makes gold a huge bargain when compared to
its 1980 nominal high.
So, under this worst case scenario of a
double top, which apparently means that this last rally was a B wave
suckers rally, the C wave should follow which should be quicker than the
long drawn out first decline after the 1980 top. and given that
everything seems backasswards these days, gold probably made its huge
decline on the first bear wave down, and this wave down will be shorter
and not as deep. It will probably be a technical correction more than
anything.
Under the gold being in a first mega wave
up scenario, gold's next downturn will be a wave 2 decline than will
shake out the weak hands and get the quasi-religious gold bugs to doubt
their faith. But that correction would then set up a huge wave 3 bull
that could take a long time to complete. under this scenario gold would
also endure a mainly technical retracement to shakeout the weak longs
over a period of several long weeks.
In both cases gold is correctly due for a
correction. downside target prices of $550 or $450 could very well be
hit. the yellow metal should decline to a minimum of $666 which was the
price that gold was trapped in for awhile before its last great spike
upwards.
However, the Fall in the Price of Gold will
be mild compared to the probable Destruction and Obliteration in the
House of Paper. gold will take over as money. gold will be the measuring
stick by which all other sticks are, uh, measured. sticks such as stocks
and bonds and real estate, and collectible sticks.
Gold is due for its bull market correction
to set up the next big leg up. This would be like stocks big plunge
correction in 1987. in that the best is yet to come for gold. 13 years
more to go could be possible. Peak Gold Price 2020?
but for now gold is still in my 3 favorite
things to own along with cash and silver, but its price will probably go
down, in nominal terms but in terms of stocks and real estate and crappy
derivative paper gold's real value will soar.
in the seventies bull market for gold, gold
had a cyclical bear market in '73-'74 that took gold down big
temporarily (along with stocks) but provided the last great buying
opportunity in that gold bull market.
in that time period stocks were also in a
secular bear market, so look for a a big decline in stocks like that to
occur again.
Somewhere down the line stocks and gold
could hook-up at an agreed upon price, just as they have in the past, to
fulfill a one-to-one ratio.
Could $3,006 be that price?
Potential Jobs in Total Global Economic
Collapse: Door to door door salesman, door to door body bag salesman,
used house parts salesman, unless you live in your car then you can be a
used car house parts salesman, get a job at the local Crye-Leike Chevy
dealership, crappy jobs in India (i am guessing), used Zamboni salesmen
(b/c slightly richer Canucks like to play hockey), mercenary, rock
thrower, reinventer of fire
Stocks, Stocks, Stocks, As In Sell!, Sell!,
Sell!
The Dow Jones Industrial Average (SELL!)
hit a high of 14,279.96 in October, making a sort of double top from its
July high. The DJIA has had a rough time of it since then, and is
currently at 12,980.88.
On Wednesday after a big decline, a Dow
Theory sell signal was issued.
Here is a copy of that article by Mark
Hulbert:
_________________________________________________________
MARK HULBERT
Dow Theory says sell
Commentary: All three Dow Theory
newsletters I follow are now bearish
By Mark Hulbert, MarketWatch
Last Update: 4:35 PM ET Nov 21, 2007
ANNANDALE, Va. (MarketWatch) -- With the
Dow Jones Industrial Average's finish on Wednesday below its August
lows, the three Dow Theory newsletters I track are solidly in the
bearish camp.
The Dow Theory, for those not familiar with
it, traces to a series of editorials that appeared over the first three
decades of the last century in The Wall Street Journal. Those editorials
were written by William Peter Hamilton, then the editor of that
newspaper, on the basis of conversations he had with Charles Dow, the
founder of Dow Jones & Co., the newspaper's publisher. (Dow Jones is the
owner of MarketWatch, the publisher of this column.)
Hamilton's editorials leave lots of room
for followers to argue over the more esoteric points of the theory. But
the general outlines are clear enough of what is required to trigger a
Dow Theory sell signal:
1.
Both the Dow Jones Industrials Average ($INDU
Dow Jones Industrial Average
$INDU) and the Dow Jones Transportation
Average ($TRAN
Dow Jones Transportation Average
$TRAN) must undergo a significant
correction from joint new highs.
2.
In their subsequent rally attempt following
that correction, either one or both of the averages fail to rise above
their precorrection highs.
3.
Both averages must then drop below their
respective correction lows.
Chart of $INDU
Step No. 1 began this past July, by the
correction that began from that month's highs. Step No. 2 was satisfied
during the rally that began from the market's mid-August lows, in which
the Dow Jones Transportation Average failed to surpass its precorrection
high.
With the DJIA's close on Wednesday below
its August lows, Step No. 3 is now satisfied too, since the DJTA earlier
this month had already closed below its August lows.
Why should you care about the Dow Theory?
One reason is that many investors pay close
attention to it. I suspect that was one of the reasons that the DJIA
seesawed all day Wednesday above and below its August closing low of
12,846. In fact, it wasn't until the final few minutes of trading that
it became clear that it would close below that level, and thereby
trigger a Dow Theory sell signal.
Why should you care about the Dow Theory?
One reason is that many investors pay close attention to it.
The Dow Theory's popularity should trigger
additional selling when investors currently on vacation return from
their Thanksgiving holidays, either on Friday, or more likely this
coming Monday.
Another reason to pay attention to the Dow
Theory: Its long-term track record is good. Confirmation comes from none
other than the Ivory Tower, which traditionally has pooh-poohed the
notion that the stock market could be timed.
Consider a study conducted in the mid-1990s
by three finance professors -- Stephen J. Brown of New York University,
William Goetzmann of Yale University and Alok Kumar of the University of
Texas at Austin. They fed Hamilton's market-timing editorials from the
early decades of the last century into neural networks, a type of
artificial intelligence software that can be "trained" to detect
patterns.
Upon testing this neural network version of
the Dow Theory over the nearly 70-year period from 1930 to the end of
1997, they found that it beat a buy-and-hold by an annual average of 4.4
percentage points per year. Their study appeared in the August 1998
Journal of Finance. End of Story
Mark Hulbert is the founder of Hulbert
Financial Digest in Annandale, Va. He has been tracking the advice of
more than 160 financial newsletters since 1980.
____________________________________________________________
and here is a chart of the Dow over the
last two months:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=djia&sid=0&o_symb=djia&freq=1&time=5
in other chart news here are more new
charts!
Bear Stearns over the past two months has
gotten hit again, in its second big wave down. high near $120 current
low under one hundo.
link:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=bsc&sid=0&o_symb=bsc&freq=1&time=5&x=0&y=0
Merrill Lynch took a 20 dollar beat down to
the low low (for now) price of $53.54 from friday (before mondays
decline).
link:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=mer&sid=0&o_symb=mer&freq=1&time=5&x=0&y=0
and Fannie Mae:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=fnm&sid=0&o_symb=fnm&freq=1&time=5&x=0&y=0
BOOMSPLAT! down 10% today.
Etrade, OUCH!: down over 13% today...
link:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=etfc&sid=0&o_symb=etfc&freq=1&time=5&x=0&y=0
And Toll Brothers is starting to break down
again...
link:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=tol&sid=0&o_symb=tol&freq=1&time=5&x=0&y=0
finally, Google went on a wild ride these
past two months:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=goog&sid=0&o_symb=goog&freq=1&time=5&x=0&y=0
And Google closed the day at $666! An omen
to be sure!
POLITICS!
Rudie Julie Annie has unveiled his running
mate: its gonna get him the women vote (except probably for the women
who used to be married to him, which is a lot of women) and the tough on
terror vote (War of Terror), and the Women Who Scare the Shit out of
Terrorists (Ann Coulter) vote.
He will get Mrs. Nina Levin (pronounced
nine-a-leven) to join him. because Rudie Julie Annie and Nina Levin are
meant to be together. they go together like peanut butter and jelly.
captain and tenelle. homeland and security. and could you imagine a
Rudie Julie Annie candidacy without Nina Levin? Heck no. I couldn't!
Rudie Julie Annie and Nina Levin in 2008
and in your hearts (and in your lungs if you were a firefighter at
Ground Zero)!
so its not just Rudie anymore.
NEVER FORGET NINA LEVIN!
HILLARYSAYS!
here are Hillaryious HillaQuotes, edited,
of course.
Where is the GOLDamn FRNing flag? I want
the GOLDamn FRNing flag up every FRNing morning at FRNing sunrise.”
(From the book “Inside The White House” by Ronald Kessler, p. 244 -
Hillary to the staff at the Arkansas Governor’s mansion on Labor Day,
1991)
“You sold out, you mother FRNer! You sold
out!” (From the book “Inside” by Joseph Califano, p. 213 - Hillary
yelling at Democrat lawyer.)
“We are at a stage in history in which
remolding society is one of the great challenges facing all of us in the
West.” (From the book “I’ve Always Been A Yankee Fan” by Thomas D.
Kuiper, p 119 - During her 1993 commencement address at the University
of Texas)
“The only way to make a difference is to
acquire power” (From the book “I’ve Always Been A Yankee Fan” by Thomas
D. Kuiper, p 68 - Hillary to a friend before starting law school.)
“We just can’t trust the American people to
make those types of choices…. Government has to make those choices for
people” (From the book “I’ve Always Been A Yankee Fan” by Thomas D.
Kuiper, p 20 - Hillary to Rep. Dennis Hastert in 1993 discussing her
expensive, disastrous taxpayer-funded health care plan)
“I am a fan of the social policies that you
find in Europe” (From the book “I’ve Always Been A Yankee Fan” by Thomas
D. Kuiper, p. 76 - Hillary in 1996)
link:
http://patricksperry.wordpress.com/2007/06/30/hillary-quotes/
correspondance course feedback web page:
http://ask.metafilter.com/49767/Sally-Strothers-Would-you-like-to-make-more-money-Sure-we-all-would
The Police State Taser Shocking Stock Quote
of the Day:
Down 2.76% to $12.68.
And not to be left out, Krispy Kreme Donuts
is at $2.55 slouching towards 52 week lows.
here is a 2 month chart of KRISPY KREME
DONUTS: It's what's for dinner (if you are a fatty cop)
link:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=kkd&sid=0&o_symb=kkd&freq=1&time=5&x=0&y=0
police state psychological state of the
day: disassociation, cognitive dissonance.
POLICE STATE DYSLEXIC NEWS HEADLINE of the
DAY:
"ELDERLY LADY BRUTALLY TASERS FAT WORTHLESS
COP!!!"
- da bear
Fahrenheit 1929: The Temperature at which
liquidity burns.
"We're going to -- we'll be sending a
person on the ground there pretty soon to help implement the malaria
initiative, and that initiative will mean spreading nets and
insecticides throughout the country so that we can see a reduction in
death of young children that -- a death that we can cure." --George W.
Bush, Washington, D.C., Oct. 18, 2007
