Bill Cara’s Blog for Mar 22, 2012

CTA Trading Desk Morning Report

[9:15am ET] Good morning, Geoff here.

Yesterday, we put our money where our mouths are.

On the 20th I wrote; “In the short run, it seems to me that the higher probability trade is to look for a long entry in bonds and an exit in stocks.”

We bought the long bond for clients that needed that exposure. Our reasoning was that “everyone” was saying that the long bond was the riskiest place to be. They were pumping that story on Financial TV AFTER the bond had fallen and was technically oversold. Typically, that environment leads to a rally in the short term.

This is not a long term trade. Bill has been writing for years about the “Trade of the Generation” which is short bonds and long gold. So far, the gold part of the equation has caught traction, but we are still waiting for confirmation that bonds have topped leading to a sustained period of rising interest rates from historically low levels. The massive amount of liquidity that has been pumped into the global financial system has come home to roost in the form of inflation and a long term bond decline and interest rate rise is inevitable. I don’t see how bonds can rally to new highs, but another global crisis could drive bond prices to those levels again.

So; we bought bonds looking for a tradable bounce and we have a stop under the recent lows. That is a relatively low risk, short term trade which is what we look for.

We also took gains in a number of stocks and bought an inverse ETF for some short term protection. So, that trade has worked for less than a day and right now looks pretty good. However, like I wrote yesterday; this market is not easy to trade and if the action of recent months continues, we will have to get out of the inverse ETF. The jury is still out on our current sell signal and if we have to change 180 degrees and add to longs, we will.

Our current strategy is to remain long stocks and to be prepared for future profit taking events.

I also mentioned that traders should be looking for a long trade in gold, silver and related miners. The space is oversold and sentiment is negative but the dollar is in rally mode which creates headwinds to a rally.

I truly believe that the next rally in the metals will be supersized and if the miner to metal ratio comes back to historic levels, the place to be for supersized profits will be the miners. The fundamental picture is very bullish in the metals long term. Once this dollar rally ends, the miners will rocket higher but, like all the other declines in this bull market, emotions will be tested prior to the next big move higher.

How does the phrase go? Buy when blood is in the streets?

Well, we may see some carnage soon so use the weakness to buy high quality junior miners that have good prospects of being bought out.

Have a great trading day!


Here are the 7:00am ET snapshots of the latest equity market trading results for Europe, and futures prices plus 5-minute charts of the futures for S&P 500, 30-year US Treasury Bond, US Dollar index, Gold and Crude Oil.

Symbol Name Last Trade Change Related Info
^ATX ATX 2,174.62 6:44AM EDT Down 35.88 (1.62%) Components, Chart, More
^BFX BEL-20 2,323.94 6:59AM EDT Down 21.67 (0.92%) Components, Chart, More
^FCHI CAC 40 3,470.37 6:59AM EDT Down 57.00 (1.62%) Components, Chart, More
^GDAXI DAX 6,963.27 6:45AM EDT Down 108.05 (1.53%) Components, Chart, More
^AEX AEX General 327.01 6:45AM EDT Down 3.77 (1.14%) Components, Chart, More
^OSEAX OSE All Share 479.59 6:44AM EDT Down 5.05 (1.04%) Components, Chart, More
^OMXSPI Stockholm General 336.82 6:44AM EDT Down 5.01 (1.46%) Components, Chart, More
^SSMI Swiss Market 6,241.26 6:44AM EDT Down 48.74 (0.77%) Components, Chart, More
^FTSE FTSE 100 5,833.18 6:45AM EDT Down 58.77 (1.00%) Components, Chart, More
FPXAA.PR PX Index 987.40 6:59AM EDT Down 4.40 (0.44%) Chart, More
MICEXINDEXCF.ME MICEX Index 1,535.77 7:45AM EDT Down 18.27 (1.18%) Chart, More
GD.AT Athex Composite Share Price Index 770.87 6:44AM EDT Up 3.27 (0.43%) Chart, More

http://finviz.com/futures.ashx

http://finviz.com/fut_chart.ashx?p=m5&t=ES

http://finviz.com/fut_chart.ashx?p=m5&t=ZB

http://finviz.com/fut_chart.ashx?p=m5&t=DX

http://finviz.com/fut_chart.ashx?p=m5&t=GC

http://finviz.com/fut_chart.ashx?p=m5&t=SI

http://finviz.com/fut_chart.ashx?p=m5&t=CL

The team will check in during the day, reporting in the Discourse when there is a new entry.

Enjoy your day.


Cara on Trends & Cycles


Vad’s Catch of the Day


Kaimu’s Sound Money


CTA Trading Desk Mid-Day Report


CTA Trading Desk Post-Close Report


  1. 8:30 AM ET Jobless Claims 9:45 AM ET Bloomberg Consumer... [#106652]
    By: davefairtex (5215 comments) Go to top ↑
    • 8:30 AM ET Jobless Claims
    • 9:45 AM ET Bloomberg Consumer Comfort Index
    • 10:00 AM ET FHFA House Price Index
    • 10:00 AM ET Leading Indicators
    • 10:30 AM ET EIA Natural Gas Report
    • 1:00 PM ET 10-Yr TIPS Auction
    • 4:30 PM ET Fed Balance Sheet
    • 4:30 PM ET Money Supply
  2. 1 in Buy alert 7 in Distribution Zone 10 in Sell... [#106653]
    By: davefairtex (5215 comments) Go to top ↑
    • 1 in Buy alert
    • 7 in Distribution Zone
    • 10 in Sell alert

    Accumulation Zone: Monthly 3, Weekly 1, Daily 8
    Distribution Zone: Monthly 14, Weekly 28, Daily 13

  3. Regardless of what tin hat brigades continue to make of the... [#106657]
    By: Les (7233 comments) Go to top ↑

    Regardless of what tin hat brigades continue to make of the President of the United States (and he is President) and his woeful policy efforts until now, at a humanist level I do admire the man. See attached.

    • Clearly did not vote for the man, BUT, as our president... [#106665]
      By: tradylady (205 comments) Go to top ↑

      Clearly did not vote for the man, BUT, as our president, prayed for him to do well and be the best this country has ever had.

      I was wondering last evening while clearing branches from fallen trees, “just what has he done for this country?” Give me some substance, some foundation…

      Are we to be thankful for his bypassing Congress and our Constitution and acting dictatorial in his decision making; for invading Libya and sending more troops to Afghanistan… continuing what Bush started; the insurmountable debt that is being incurred; neither a balanced budget nor cuts in spending; no negotiation across the aisle (only my way or no way); European-style gasoline prices as per his Sec Chu; spreading the wealth around; increased government regulation; non-enforcement of current regulations; Fast and Furious; Obamacare; the new executive order to take over the country…??? I’ll stop there.

      • Tradylady, this is by no means a defense of O'Bama... [#106677]
        By: dberryclan (687 comments) Go to top ↑

        Tradylady,

        this is by no means a defense of O’Bama, however, I don’t remember a president who reduced the reach of the executive office, shrank the size and influence of the Federal Gov’t into our daily lives, or reduced our dependance on the “Federal Handouts” that grow every year. They all have had the “same agenda” but with different special interests dominating their administration. The next one will pick up the torch and forge on.

        DB

        • Agree with the content-----only one alternative---RON... [#106678]
          By: bigmother (124 comments) Go to top ↑

          Agree with the content—–only one alternative—RON PAUL

          • Before a Ron Paul can be elected at least two things must... [#106680]
            By: dberryclan (687 comments) Go to top ↑

            Before a Ron Paul can be elected at least two things must change in the US.

            A person must arise with like-mindedness to R.Paul who is electable. great. Then the much needed shift of our average citizen’s “election mindst” away from; The habit of rallying around the rhetoric from the “two-party bosses” geared to our favorite pet issues.

        • ... [#106685]
          By: tradylady (205 comments) Go to top ↑

          dberryclan,

          ???

  4. Good morning. 08:30 Initial Claims 10:00 FHFA Housing... [#106659]
    By: Bull Hunter (3552 comments) Go to top ↑

    Good morning.

    08:30 Initial Claims
    10:00 FHFA Housing Price Index
    10:00 Leading Indicators

    ——

    AAPL – PT Lifted from $575 to $660 @ Hilliard Lyons. Buy

    CCL – Carnival initiated with a Neutral at Longbow.

    RCL – Royal Caribbean initiated with a Buy at Longbow. Target $36

    SBUX – PT Lifted from $56 to $62 @ Oppenheimer. Outperform

    XOM – Exxon Mobil upgraded to Neutral from Underweight at JPMorgan based on balanced risk/reward and expectations for the dividend to be increased to a 2.2% yield. Price target is $92.

    ——

    “The government is good at one thing. It knows how to break your legs, and then hand you a crutch and say, “See if it weren’t for the government, you wouldn’t be able to walk”.” ~ Harry Browne

  5. relative to bonds... fair enough. And just as equities are... [#106658]
    By: Les (7233 comments) Go to top ↑

    relative to bonds… fair enough. And just as equities are pulling back.

    http://www.businessinsider.com/goldman-the-long-go

    and just as equity only options activity bottoms out from the most complacent reading since January 2011. See attached.

    and just as PMI for Germany in March falls below 50 (see next post)

    Let’s see what this bounce in bonds is good for.

    Stay frosty.

  6. PURCHASING MANAGER INDEX MANUFACTURING Germany for... [#106660]
    By: Les (7233 comments) Go to top ↑

    PURCHASING MANAGER INDEX MANUFACTURING Germany for March
    Actual: 48.1 Cons.: 51.0 Previous: 50.2

    PURCHASING MANAGER INDEX SERVICES Germany for March
    Actual: 51.8 Cons.: 53.0 Previous: 52.8

    PURCHASING MANAGER INDEX MANUFACTURING EMU for March
    Actual: 47.7 Cons.: 49.5 Previous: 49.0

    PURCHASING MANAGER INDEX SERVICES EMU for March
    Actual: 48.7 Cons.: 49.2 Previous: 48.8

    RETAIL SALES (MOM) UK for February
    Actual: -0.8% Cons.: -0.4% Previous: 0.3%

    RETAIL SALES (YOY) UK for February
    Actual: 1.0% Cons.: 2.5% Previous: 1.4% Revised from 2.0%

    RETAIL SALES EX-FUEL (MOM) UK for February
    Actual: -0.8% Cons.: -0.6% Previous: 0.6% Revised from 1.2%

    INDUSTRIAL NEW ORDERS (YOY) EMU for January
    Actual: -3.3% Cons.: -3.0% Previous: -0.4% Revised from -1.7%

    INDUSTRIAL NEW ORDERS S.A. (MOM) EMU for January
    Actual: -2.3% Cons.: -2.1% Previous: 3.5% Revised from 1.9%

    RETAIL SALES (MOM) Canada for January
    Actual: 0.5% Cons.: 1.7% Previous: 0.0% Revised from -0.2%

    RETAIL SALES EX AUTOS (MOM) Canada for January
    Actual: -0.5% Cons.: 0.4% Previous: 0.3% Revised from 0.0%

    http://www.fx360.com/calendar/

  7. Full gubmint malarky here :... [#106661]
    By: Bull Hunter (3552 comments) Go to top ↑

    Full gubmint malarky here : http://is.gd/unHFuU

  8. HSBC MANUFACTURING PMI March - preliminary Actual: 48.1... [#106662]
    By: Les (7233 comments) Go to top ↑

    HSBC MANUFACTURING PMI March – preliminary
    Actual: 48.1 Cons.: Previous: 49.6 Revised from 49.7

    http://www.fx360.com/calendar/

  9. http://on.wsj.com/GFNGO0 Mild winter and over production... [#106663]
    By: Mark H (1363 comments) Go to top ↑

    http://on.wsj.com/GFNGO0

    Mild winter and over production means cheaper prices still which will be good for homeowners and industry.

  10. MSFT - estimates, target increased at Morgan Stanley. MSFT... [#106664]
    By: Bull Hunter (3552 comments) Go to top ↑

    MSFT – estimates, target increased at Morgan Stanley. MSFT estimates were raised through 2014, Morgan Stanley said. New Office product will help drive growth. Overweight rating and new $37 price target.

    SLB – estimates lowered at Citigroup through 2013, Citigroup said. North America margins pressured. Maintain Buy rating and $86 price target.

  11. My strangle strategy on SWHC is working out so far. my puts... [#106666]
    By: NYUGrad (4750 comments) Go to top ↑

    My strangle strategy on SWHC is working out so far. my puts are losing value, but my calls are rocketing, making up and then some for the put loss.

    RGR pays a dividend. SWHC does not.

    I think SWHC has room to the upside into summer.

    please do you own DD

  12. Hi All - A few in the litter are showing strength today ... [#106667]
    By: Luggie (639 comments) Go to top ↑

    Hi All – A few in the litter are showing strength today – apparently due to the attached, which notes China Inc. is in the hunt for advanced stage explorers, but not producers due to ownership restrictions. Happy Trading

    http://www.theglobeandmail.com/globe-investor/inve

  13. on traffic at Wendy's around the world ?... 3 year base is... [#106668]
    By: baz22 (2875 comments) Go to top ↑

    on traffic at Wendy’s around the world ?… 3 year base is getting very interesting. I harken back to when MCD was around $ 15, and my goddaughters sixth-grade class was asked to pick a stock they would buy. Hannah choose MCD… always has been a smart young lady.

  14. Hi All - Buy the dip on this one?? - Randgold, which is one... [#106669]
    By: Luggie (639 comments) Go to top ↑

    Hi All – Buy the dip on this one?? – Randgold, which is one of the top 100 companies listed on the London Stock Exchange, has around 70% of its production in Mali, and is expected to mine around 600,000 ounces of the precious metal there this year. Off about 10% this am on news of a coup. Happy Trading

  15. Confluence = bull flag break out + breakout of 3 yr base... [#106673]
    By: NYUGrad (4750 comments) Go to top ↑

    Confluence = bull flag break out + breakout of 3 yr base range! next stop $10-12 range if this move is confirmed.

    http://chart.ly/uploads/l2brpeu.png

  16. http://finance.yahoo.com/blogs/breakout/too-many-j... I... [#106676]
    By: Bill Cara (4105 comments) Go to top ↑

    http://finance.yahoo.com/blogs/breakout/too-many-j

    I happen to agree with the son of our associate Dr. Ron Sen from what I see happening in the mining and exploration field.

  17. I like INVN here. Bullish pennant. its being accumulated by... [#106679]
    By: NYUGrad (4750 comments) Go to top ↑

    I like INVN here. Bullish pennant. its being accumulated by institutional crowd.

    http://chart.ly/uploads/yihjjbp.png

    InvenSense are responsible for the motion sensor controllers you use in the Nintendo wii, as well as Android phones/tablets (Ice Cream Sandwich) etc. They do not supply the motion sensor gyros for AAPL.

    http://invensense.com/mems/videolibrary.html

    FD: scaling into May 22.50 calls

  18. The down draft in the miners and the play on TLT Goeff... [#106681]
    By: dberryclan (687 comments) Go to top ↑

    The down draft in the miners and the play on TLT Goeff mentioned is what I am refering to. Patience is easy to say but difficult to exercise…

  19. Certainly not news to any in the sector but gold sentiment... [#106682]
    By: Juniorgoldminerseeker (228 comments) Go to top ↑

    Certainly not news to any in the sector but gold sentiment measures are at extreme lows of the past few years. Is blood yet on the streets?

    A brief discussion of sentiment seen amongst newsletter writers, analysed by Mark Hulbert at Marketwatch, since the HUI “broke support” below 480 shows sentiment comparable to October 2008 and March 2009, described as “mega-bearish”
    http://www.acting-man.com/?p=15689

    Is it getting too obvious to be contrarian?

    Even many stocks which were previously performing very strongly in a bad market have recently rolled over on some very high volumes, presumably as large numbers saw the technical sell signals for the market and took profits to safety.

    Argonaut, off 20% – a growing producer / consolidator
    http://tmx.quotemedia.com/charting.php?qm_page=696

    Pretium off 25% – a high grade discovery stock with additional low grade deposit.
    http://tmx.quotemedia.com/charting.php?qm_page=162

    Rio Alto off 12% – an emerging producer with discovery potential
    http://tmx.quotemedia.com/quote.php?qm_symbol=rio

    And these are the ones without failing production issues, like Agnico or Kinross.

    Or jurisdication risk like Randgold and Avion in Mali, or previously Centamin in Egypt.
    http://tmx.quotemedia.com/charting.php?qm_symbol=AVR

    I think the jurisdiction risk will be taken as a lesson even when (if – sentiment!) the market recovers, probably my bias but I think good jurisdiction will gain a premium, Don Coxe on basic points discussed this.
    The go-to place for assessment of good mining jurisdictions is the Fraser Institute which regularly names Quebec, Nevada and Chile as good places for the mining business.

    http://www.fraserinstitute.org/uploadedFiles/frase

    but even Aurizon, a significant Quebec junior with production and growth opportunities has sold off 35% from annual highs.
    http://tmx.quotemedia.com/quote.php?qm_symbol=arz

    I see a great deal of junior exploration and emerging production activity developing in Nevada which I like very much.

    However the Canadian Venture $CDNX maintains significantly higher lows since the October washout, and RSI is now very low. The previous lows would have been heavily influenced by tax loss selling.
    http://stockcharts.com/h-sc/ui?s=%24cdnx

    An interesting large listed merchant bank “fund” of multiple junior stock positions is Pinetree, this shows the same situation as the venture, of higher lows,just in this case, and a capitulation / tax loss selling volume in December 2011

    http://tmx.quotemedia.com/charting.php?qm_page=477

    Slope of hope or contrarian buy? How much more blood on the streets?

  20. Confidence shaken in Indian government Months of steadily... [#106683]
    By: Bill Cara (4105 comments) Go to top ↑

    Confidence shaken in Indian government
    Months of steadily building pressure on Manmohan Singh, India’s prime minister, came to a head in the past week when he managed both to shake public confidence in the integrity of his government and put foreign investors on edge.

    What is missing from the article is the ID of the vested interest group that wants the public to accept their perspective as fact.

    As I say, the market is marketing.

  21. You may want to know why people are buying so many guns. as... [#106684]
    By: NYUGrad (4750 comments) Go to top ↑

    You may want to know why people are buying so many guns. as the stock markets rise, more and more people are getting very worried about the growing blob govt.

    President Obama’s National Defense Resources Preparedness Executive Order of March 16

    http://1.usa.gov/GHwnNt
    http://huff.to/GNNSJl

    “The 2012 NDAA gave the Government the right to abrogate any due process against a U.S. citizen. The new Executive Order gives the government, through the Secretary of Labor, the right to proactively mobilize U.S. citizens for “labor” as the government deems necessary and to coordinate with the Secretary of Defense to maintain data to coordinate the nation’s work needs in relation to national defense.”

    What the heck are they preparing for? and you think American’s are just going to say ok? well the ones with guns and ammo are not going to go by idle.

    • Hi NYU Grad - Must be Bush's fault that caused all this to... [#106686]
      By: Luggie (639 comments) Go to top ↑

      Hi NYU Grad – Must be Bush’s fault that caused all this to take place, or on second thought could it be the profligate spending of “all” political hacks in both parties to keep the masses voting for them. On third thought I will blame the progressive left primarily, along with the complicity of the news agencies. Reading Ayn Rand as a young person I didn’t fully appreciate the predicament on the way for us. Happy Trading

    • ... [#106692]
      By: ea32da32 (2362 comments) Go to top ↑
      • Under the civilian 'National Emergency' guise in 1933 and... [#106698]
        By: Ilya (572 comments) Go to top ↑

        Under the civilian ‘National Emergency’ guise in 1933 and beyond, myriad acronym ‘agencies’ were created and administered from the Imperial Presidency through his crony cabinet secretaries. Need I mention the WPA, PWA, CCC etc? There were hundreds more!

        In 37, Mein Herr Caesar, Mr. FDR tried to expand ‘pack’ the Supreme court to 15 judges who would do his bidding. Unelected tribunes like Harry Hopkins dealt major blows to established business practices and with a wave of a rolled up piece of paper destroyed companies willy nilly and enriched others at his pleasure! It was government by dictat.

        Civilian marshall law is nothing new. What is new is that today (2012) it has become dejure. It has long since (80 years ago) been defacto.

        My last presidential vote was, I regret, for Nixon in 68 because Johnson was an ignorant ass who sent me to bomb Vietnamese because Robert McNamara, a Wunderkind systems man from Ford was a conceited twit. After my wonderfully effective ‘vote’ we got 6 more years of war and Watergate. OK, I was young and naive but I learned a valuable lesson, to wit; you cannot argue with stupid when the franchise has expanded to let stupid vote.

        What you must consider is that a vote for the candidate of either major party is a vote that will never ever effect the way THEIR world works. It’s all a sham. One must either ‘go along to get along’ or continue to whistle past the graveyard and pray that the ‘spookies’ don’t getcha.

  22. Apologies if I belabour - An additional presentation of... [#106687]
    By: Juniorgoldminerseeker (228 comments) Go to top ↑

    Apologies if I belabour -
    An additional presentation of sentiment extremes for gold.

    http://www.fractalgoldreport.com/article.php?id=9

    Some capitulation from a chartist I linked a matter of weeks earlier as very bullish on Hui >1000 now sees another leg down to gold $1300 by June.
    http://www.gold-eagle.com/editorials_12/rambus0320

    The market is hurting any recent goldbugs badly; toupe tape at the ready for Geoff?

  23. The world's largest gold market is on strike . " In India... [#106688]
    By: BOB 47 (361 comments) Go to top ↑

    The world’s largest gold market is on strike . ” In India, gold sellers closed up shop last Saturday to protest the government’s decision to boost levies on sales of the precious metal. India accounts for more than a quarter of global consumer gold demand. The sudden halt in trading is sending gold prices lower. ” http://tinyurl.com/75d5534 Bob .

    • ... [#106690]
      By: Dr. Strangelove (2004 comments) Go to top ↑
    • Bob, Yes I was going to link some of the Indian articles... [#106691]
      By: Juniorgoldminerseeker (228 comments) Go to top ↑

      Bob,

      Yes I was going to link some of the Indian articles, we mentioned the 2% levy they are now protesting about the other day.

      My bleakest outlook would add that I see more and more articles indicating that gold is Iranian currency now, they have to sell because they have lost the use of swift settlement systems.
      If any Iran conflict escalates and China / Russia support Iran then gold is “enemy currency” in competition to the dollar, and oil dollars are what some would say some of these conflicts revolve around.

      • JGM - Sinclair is suggesting that the euro and yuan will... [#106695]
        By: Dr. Strangelove (2004 comments) Go to top ↑

        JGM -

        Sinclair is suggesting that the euro and yuan will step in as reserve currencies for commodities as a result of the pulling of the SWIFT (wire transfers) trigger by omitting Iran’s banks from the system. Yuan and russian ruble will never be fully backed by gold. Iran swap of gold for oil just helps diversify Iran’s assets. It’s more of a big barter trade until other sovereigns figure out the safe way to buy enemy combatant’s oil without drawing a U.S. Strike Carrier Group to their shores. No doubt the U.S., Russian, and Chinese ‘sherpas’ are feverishly working on that oil currency issue leading up the G20 meeting in June. But if SWIFT is now being used as economic warfare tool, USD is really on the ropes with no more buyers of its debt except captured insolvent Western banks.

    • WSJ says its the Indians pushing gold prices down, do... [#106705]
      By: Les (7233 comments) Go to top ↑

      WSJ says its the Indians pushing gold prices down, do they?

      FT says its because of the US recovery – investors are losing interest:

      http://www.ft.com/intl/cms/s/0/9b019fe8-7438-11e1-

      Maybe these guys could sit down together to get their story straight.

      As Sinn noted in yesterday’s price action and bearish MSM commentary, buying gold is now the contrarian trade:

      http://www.robertsinn.com/2012/03/22/gold-shows-si

      MUX on a silver platter as hot money surges in and out. All this excess liquidity creating these big moves in small miners is suggestive of the greater need than ever for gold as protection against present monetary policy. Does anyone see the Fed, ECB or BoJ (LOL) just turning off the liquidity tap and letting the economy handle things on its own?

  24. here's what I see ..... chart attached (you may have to... [#106689]
    By: 14them34me (295 comments) Go to top ↑

    here’s what I see ….. chart attached (you may have to zoom in or out – bottom right corner)

    if history is a guide, barring any unforeseen global catastrophe, it could be till after US election before we see Gold breaking out over $2000.

    Meanwhile, I’m hoping that we don’t see Gold breaking down below its 20 months moving averages. If it does, it could be bad news.

  25. I have the opportunity to buy at a pre IPOmprivate... [#106694]
    By: rayambrose (6 comments) Go to top ↑

    I have the opportunity to buy at a pre IPOmprivate placement, trying to do due diligence, but can’t find much out about them.

    Does anyone (Kaimu) in the community have any insight?

    Thanks,

    Ray

  26. Jeff, you might want to ask Lord Monckton if he's liking... [#106696]
    By: ea32da32 (2362 comments) Go to top ↑

    Jeff,
    you might want to ask Lord Monckton if he’s liking the bath water. bath water…

    (“I would regard that as a very serious matter.”LM)

    http://dailycaller.com/2012/03/22/lord-monckton-im

    Earl