Bill Cara’s Blog for May 3, 2012

CTA Trading Desk Morning Report

[8:00am ET] Good morning, Geoff here.

Years ago, I made the statement that the gold bull market would end when the public talked about the mining stocks like they did the technology companies in 1999. I don’t think that parties will be filled with banter about proven and probable reserves, but you get my point. With that in mind, yesterday I read that a recent Gallup survey found that the American public thinks that the safest long term investment available to them today is gold. Here’s the breakdown of the survey:

28% chose gold
20% chose real estate
19% chose CDs
19% chose stocks/mutual funds
8% chose bonds
6% chose other/no opinion

This same survey was done in August of 2011 when the price of gold was near its all time high and 34% of those surveyed chose gold at that time. Because gold still holds the top spot after being much lower 8 months later, I would not be surprised to see the 34% number exceeded when gold is at $1900 again.

The gold market is a relatively small market and as money managers and the public become more engaged in the yellow metal, the price will make new highs along with the miners. In 1997, most people had little idea what Cisco or EMC did, but at the height of the bubble in 2000, most people knew exactly what they did and owned the companies. When everyone owns Newmont, look to get out – but we are no where near that point now.

I don’t expect this dollar bounce to last too long, maybe a week at the most. That should give traders a few more chances at the miners at these lower prices.

With Europe falling back into recession and the US slowing, our prediction of more liquidity programs seems virtually assured.

Got gold?

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 2,120.01 6:44AM EDT Up 16.15 (0.77%) Components, Chart, More
^BFX BEL-20 2,200.70 4:14AM EDT Down 7.80 (0.35%) Components, Chart, More
^FCHI CAC 40 3,267.97 6:59AM EDT Up 41.64 (1.29%) Components, Chart, More
^GDAXI DAX 6,784.31 6:45AM EDT Up 73.54 (1.10%) Components, Chart, More
^AEX AEX General 307.15 6:44AM EDT Up 0.28 (0.09%) Components, Chart, More
^OSEAX OSE All Share 477.24 6:44AM EDT Up 3.10 (0.65%) Components, Chart, More
^OMXSPI Stockholm General 333.45 6:59AM EDT Up 2.32 (0.70%) Components, Chart, More
^SSMI Swiss Market 6,139.79 6:44AM EDT Up 31.02 (0.51%) Components, Chart, More
^FTSE FTSE 100 5,787.54 6:45AM EDT Up 29.43 (0.51%) Components, Chart, More
FPXAA.PR PX Index 933.00 6:59AM EDT Down 0.30 (0.03%) Chart, More
MICEXINDEXCF.ME MICEX Index 1,449.36 6:59AM EDT Up 1.21 (0.08%) Chart, More
GD.AT Athex Composite Share Price Index 682.33 6:44AM EDT Down 3.86 (0.56%) 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. [No set time] Chain Store Sales 7:30 AM ET Challenger... [#108234]
    By: davefairtex (5216 comments) Go to top ↑
    • [No set time] Chain Store Sales
    • 7:30 AM ET Challenger Job-Cut Report
    • 8:30 AM ET Jobless Claims
    • 8:30 AM ET Productivity and Costs
    • 9:00 AM ET Ceridian-UCLA PCI
    • 9:45 AM ET Bloomberg Consumer Comfort Index
    • 10:00 AM ET ISM Non-Mfg Index
    • 10:30 AM ET EIA Natural Gas Report
    • 4:30 PM ET Fed Balance Sheet
    • 4:30 PM ET Money Supply
  2. 1 in Accumulation Zone 1 in Buy alert 5 in Distribution... [#108235]
    By: davefairtex (5216 comments) Go to top ↑
    • 1 in Accumulation Zone
    • 1 in Buy alert
    • 5 in Distribution Zone
    • 6 in Sell alert

    Accumulation Zone: Monthly 4, Weekly 7, Daily 6
    Distribution Zone: Monthly 17, Weekly 10, Daily 17

  3. Haven't watched the video, yet. But sticky truth remnants... [#108236]
    By: pulse (324 comments) Go to top ↑

    Haven’t watched the video, yet. But sticky truth remnants are, apparently, oozing through the web of deceit.

    The Governor of the Bank of England has blamed the banks for the recession and stressed that an overhaul of the financial system, including the separation of retail banking from “risky investment banking”, was essential “to make our economy safer”.

    http://www.telegraph.co.uk/finance/economics/92420

  4. ... [#108237]
    By: Grym (5469 comments) Go to top ↑
    • Thanks for that, Grym - the slide show was full of common... [#108241]
      By: pulse (324 comments) Go to top ↑

      Thanks for that, Grym – the slide show was full of common sense. As you know, I have a thesis that the Federal Reserve is NOT the primary (but certainly a cog in the wheel) source of the troubles we face – in short, I believe they are too obvious a hit and public awareness too easily shifts toward their roll, overlooking the unitary power of the Executive Branch facilitated by the Exchange Stabilization Fund and the various ‘National Security’ measures of secrecy.

      I anticipate many banksters, anticipating their own legacies, will not survive the light of day. Those with a true sense of duty have almost certainly left already, leaving us with the effluent of the most power hungry brokers. I believe we have arrived at shark eating shark, now.

      However, the very strongest of wills may remain to fight the overwhelming fraud and deception to provide an accurate record for the future to examine.

      • pulse, Les, Bob47, We have a list of contributers to our... [#108259]
        By: Grym (5469 comments) Go to top ↑

        pulse, Les, Bob47,

        We have a list of contributers to our economic mess, but I believe the major culprit is Congress. Over decades they have catered to lobbyists for big business, unions and other special interests in order to keep their own jobs and elitist benefits.

        The Federal Reserve is just one area which they have neglected to manage.

        They sent our best jobs overseas, gave tax breaks to the biggest job exporters (GE, no 2010 taxes) while increasing the number of restrictions on our own companies. They allow imports to enter without inspection and illegal immigrants by the millions.

        They passed legislation enabling the mortgage scam and then paid bonuses to the worst conspirators. They were charged with oversight, but allowed massive conflicts of interest (similar to their own insider trading).

        We need a president who will go to the people with a proposal demanding a revising of the US Constitution which limits the powers of the US Congress and holding them accountable for their responsibility to represent us and to fulfill their other duties or face punishment.

        A Private on guard duty would be court-martial for dereliction of duty for far less negligence.

        Grym

      • The Dallas Fed is a master of the obvious. Where were... [#108260]
        By: Ilya (572 comments) Go to top ↑

        The Dallas Fed is a master of the obvious.

        Where were these blithering idiots when Slick Willie signed the Gramm-Leach act in 1999?

        Talk about a day late and a $Trillion short!

        I’d be remiss not to point out that Sen. Gramm’s wife Wendy was on the board of that august pillar of American financial ingenuity, Enron whose off balance sheet shenaniganns became the template for the banksters post 2000.

    • I dunno what weight the Dallas Fed holds in the clique... [#108243]
      By: Les (7233 comments) Go to top ↑

      I dunno what weight the Dallas Fed holds in the clique Grym, but I noticed that King, England’s central banker, just made the same point this last week. Are the monetary elites hinting at a witch hunt? Just prior to elections – that would be convenient. Could be that Bill’s on the money in suggesting that Dimon will be knifed in the back by the present administration.

    • Grym , yes thanks for that reminder . The post right on... [#108245]
      By: BOB 47 (361 comments) Go to top ↑

      Grym , yes thanks for that reminder . The post right on target !

  5. Good morning. 07:30 Challenger Job Cuts (11.2%) 08:30... [#108239]
    By: Bull Hunter (3552 comments) Go to top ↑

    Good morning.

    07:30 Challenger Job Cuts (11.2%)
    08:30 Initial Claims
    08:30 Productivity-Prel
    08:30 Unit Labor Costs
    10:00 ISM Services

    ——

    CSCO – Cisco initiated with a Buy at Caris. Target $24

    JNPR – Juniper initiated with an Average at Caris. Target $22

    SCHW – Charles Schwab initiated with a Sell at BGB Securities. Target $11

    TTM – Tata Motors initiated with an Overweight at HSBC.

    ——

    “Every actual State is corrupt. Good men must not obey the laws too well.” ~ Ralph Waldo Emerson

  6. Full gubmint malarky here:... [#108240]
    By: Bull Hunter (3552 comments) Go to top ↑

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

  7. I still see oil and commodities along with gold going lower... [#108242]
    By: jimddavis (98 comments) Go to top ↑

    I still see oil and commodities along with gold going lower in the short term (2-6 months) for several reasons. 1. I can’t imagine Obama letting gasoline rise before the election, it is an election killer if gasoline in the US is over $4. 2. The price of crude is putting economic pressure on the US and Europe and I see the “powers to be” taking the foot of the pedal this summer. 3. With Iran being a wild card, they don’t won’t crude to high this summer before the election. The whole investing theme more than ever is tied to political power, banker schemes, manipulation and intervention.

    So in summary, I’m waiting on pulling the trigger on gold. May be wrong but that is my take.

    • jimddavis, are the prices you mentioned about what O'Bama... [#108247]
      By: dberryclan (687 comments) Go to top ↑

      jimddavis,

      are the prices you mentioned about what O’Bama wants or about the Dollar? I know it’s a simplistic question I pose. Besides, unless there is just a disaster in the job numbers etc, O’bama will beat the GOP “milk-toast man.” :-) IMO

      happy trading

      • Obama could care less about the dollar or oil companies. He... [#108251]
        By: jimddavis (98 comments) Go to top ↑

        Obama could care less about the dollar or oil companies. He just wants the gasoline price down so his voter clan doesn’t get too upset about inflation right before the election. Then Obama will let it run sky high again right after the election.

  8. ECB INTEREST RATE DECISION Actual: 1% Cons.: 1% Previous:... [#108244]
    By: Les (7233 comments) Go to top ↑

    ECB INTEREST RATE DECISION
    Actual: 1% Cons.: 1% Previous: 1%

    No surprise at the rate decision and hopefully no surprise by Draghi himself. The speech already appears to have been made:

    http://www.ecb.int/press/pressconf/2012/html/is120

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

  9. ... [#108246]
    By: pulse (324 comments) Go to top ↑
  10. ... [#108248]
    By: Dr. Strangelove (2004 comments) Go to top ↑
  11. WFM - numbers were raised at Guggenheim. Estimates were... [#108249]
    By: Bull Hunter (3552 comments) Go to top ↑

    WFM – numbers were raised at Guggenheim. Estimates were boosted through 2013. Comp sales momentum should remain healthy. Neutral rating and new $90 price target.

    WFM – Whole Foods Market numbers raised at UBS. Shares are now seen reaching $104. Gross margin surprises to the upside and long-term strategy reaffirmed. Buy rating.

  12. I believe the Dallas Fed guy is Fisher, who is the... [#108250]
    By: Alaskan Pete (5 comments) Go to top ↑

    I believe the Dallas Fed guy is Fisher, who is the perennial dissenter over the last few years. He’s an inflation hawk type, and I generally disagree with his policy stances…but, blind squirell, stopped clock, etc. Good for him/them, as I think this is basic common sense and the will of the people and shareholders. Bailouts mean the worst kind of failure, that should equate to automatic dismissal of the entire executive suite, nevermind bonuses and such. Why these banksters who backstabbed and schemed their way into the corner offices (and if you actually believe people make those positions on merit, I’ve got some oceanfront property in Fairbanks you might be interested in) actually believe they possess some rarified skillset is a mystery to me. It’s banking, not biotech, it’s supposed to be only slightly less boring than insurance.

  13. and the party in non-vital-to-life equities continues. I... [#108252]
    By: baz22 (2875 comments) Go to top ↑

    and the party in non-vital-to-life equities continues. I, for one, believe Facebook will mark the top.

  14. but preparing for a large purchase of MUX at $... [#108253]
    By: baz22 (2875 comments) Go to top ↑

    but preparing for a large purchase of MUX at $ 2.77

    • Hi Baz - Me too, how about MITK after I noted this clip:... [#108255]
      By: Luggie (639 comments) Go to top ↑

      Hi Baz – Me too, how about MITK after I noted this clip: Bank-technology vendor Mitek swung to a loss in its fiscal second quarter after the company lost a major chunk of its top line following a dispute with customer United Services Automobile Association, better known as USAA. Shares dropped 44% to $3.24 premarket and now at $2.92. Happy Trading

      • MITK... man, what a cloak of darkness on that one. I do... [#108256]
        By: baz22 (2875 comments) Go to top ↑

        MITK… man, what a cloak of darkness on that one. I do have MUX, and put the odds at 1000 to 1 of it reaching that $ 2.77 area… I am only pondering what a black swan event in gold could do. Would have to be a one-day event. Otherwise, I am perfectly content with Dr. Rob and the company progression.

        • I've wondered the same thing. But it might not take a black... [#108266]
          By: indyrjc (56 comments) Go to top ↑

          I’ve wondered the same thing. But it might not take a black swan event. A long summer of an ever deteriorating European situation might be enough to rally all things US dollar which could continue to keep gold going lower. Along those same lines I’ve been hearing for nearly two years that corporate bonds are a bubble waiting to pop. At the same time ETF’s like LQD continue near their highs while providing over a 4% return. I’ve quit trying to figure out what is going to happen based on any kind of logical argument. And gold (especially when viewing the miners) just hasn’t been very logical for quite some time.

          • Agree with you about trying to figure things out on a... [#108268]
            By: goldbug58 (370 comments) Go to top ↑

            Agree with you about trying to figure things out on a logical argument; I hold shares in bond funds because of a) the yield, b) I can sell them with the click of a mouse, c) I don’t think U.S. interest rates are going higher anytime soon.

            In the mean time I look for entry points on whatever is getting beaten down. There’s a recession in Europe, but a materials stock I do like is Arcelor Mittal (MT), which I bought last summer and sold in January. I’d buy again at $15-16, which is getting close.

          • ... [#108273]
            By: Grym (5469 comments) Go to top ↑
        • Hi Baz, I'm watching the volume on MUX, will have to see... [#108276]
          By: ea32da32 (2362 comments) Go to top ↑

          Hi Baz, I’m watching the volume on MUX, will have to see what EOD indicates. I just closed out my short on IWM, AAPL and RGR; sitting with Aug calls on TLT now as of early this morning – looks to go higher.

          my gut tells me MUX will test the $3 area before deciding its next move.

          The lower volume and trickle down 1wk price on CLSN looks promising since it remains very much in a slight rising price channel. I opened a small position at $1.92

          Started a little CEF a short bit ago but careful here – UUP is trying to work higher but on low volume so gold may be ok here – wait and see… Apr 17 was the 50/200dma death cross on GLD but if 158 holds the summer may be bright for PM’s – at least the 10/20dma’s are flat.

          Earl

  15. Didn't quite get a textbook "hammer" bar yesterday, as it... [#108254]
    By: Alaskan Pete (5 comments) Go to top ↑

    Didn’t quite get a textbook “hammer” bar yesterday, as it closed fairly low, but the prior low did hold, and it does look like it was a selling climax yesterday. Volume was almost 7x the avg, and a tremendous number changed hands around the $17.

    Short term, technicals and the selling climax likely have this grinding higher for a bit provided overall market doesn’t dump, medium term it’s all about nat gas prices and their debt service, long term I think it’s about the resource base which is significant undervalued wrt share price at these levels.

    Disclosure: I did open a full position yesterday, filled on half at the open and added the other half about an hour before the close when I was convinced 16.85ish was holding in the face of massive volume.

  16. Another point. There is nothing that slows the economy... [#108257]
    By: jimddavis (98 comments) Go to top ↑

    Another point. There is nothing that slows the economy faster than rising oil prices, and most recessions have been preceded by rising or even spiking oil prices. A bad economy before the election will hurt Obama’s chances of re-election. This is again why I see the oil, commodities and yes gold coming down before the election.

    • Point taken, but the markets will do what they do despite... [#108258]
      By: dberryclan (687 comments) Go to top ↑

      Point taken, but the markets will do what they do despite our opinion, right? :-) best to you fellow trader…

  17. GRPN looks... [#108261]
    By: NYUGrad (4750 comments) Go to top ↑

    GRPN looks ugly

    • I wish I would have stayed short. Rode it from $25 to just... [#108267]
      By: BillySundance (1355 comments) Go to top ↑

      I wish I would have stayed short. Rode it from $25 to just under $20 but market had me spooked with the tiny float and potential to incite short squeezes. I think it is still an overvalued piece of junk though – has anyone on the board actually purchased a Groupon coupon/item in the last few months? There offers are not even worth looking at any more, at least in my neck of the woods.

  18. For those who are ready for a break from endless "darn... [#108262]
    By: Vadym Graifer (4341 comments) Go to top ↑

    For those who are ready for a break from endless “darn congress, fed and whatnot” and are interested in boring things like charts, trades, profits:

    http://goo.gl/e4kQW

  19. BEST piece I've read in MONTHS on our financial... [#108263]
    By: jock (1011 comments) Go to top ↑

    BEST piece I’ve read in MONTHS on our financial crisis-in-remission:

    http://www.huffingtonpost.com/david-einhorn/fed-in

    It’s long, but fun to read. I wish Uncle Ben would read this. He won’t, because Einhorn doesn’t even have a Phd in economics!

    BTW, the Simpsons appear in Einhorn’s piece. THAT’s reason enough for you to read it.

  20. Geithner on Frontline was portrayed as afraid to punish the... [#108264]
    By: jock (1011 comments) Go to top ↑

    Geithner on Frontline was portrayed as afraid to punish the banks from ’07 to now, while Larry Summers wanted to fire a CEO, and break up at least one of the BBB banks (big, bailed-out, bonus-ed) banks. Summers felt if the US didn’t get tough on banks, nothing would change …..

    I’ve penciled-in the next bigger-than-2008 crash for 2015-2020.

  21. I started accumulating NUGT yesterday and today. I'm hardly... [#108265]
    By: Tbolt (169 comments) Go to top ↑

    I started accumulating NUGT yesterday and today. I’m hardly a gold expert, but it’s been beaten down pretty badly and worth a shot at these levels.

  22. As I have mentioned a number of times before, this is one... [#108269]
    By: BillySundance (1355 comments) Go to top ↑

    As I have mentioned a number of times before, this is one of the primary indicators of market health that I use. After peaking in early February, small caps just haven’t been able to show more than a couple days of relative strength versus large caps. Last week’s meager small cap rally fizzled very quickly. I still haven’t seen any recent technical support in this market strong enough to convince me to move off of the sidelines in a significant way.

    http://scharts.co/IJ2WbW

    • I should also add, whereas $SPX took out it's May 2011... [#108270]
      By: BillySundance (1355 comments) Go to top ↑

      I should also add, whereas $SPX took out it’s May 2011 highs, $RUT has not done so. It still could happen of course, but $RUT would have to start displaying some significant relative strength. Until that happens, I have to be under suspicion that the rally from October 2011 thru Feb/Mar 2012 was simply a rally out of very oversold conditions and that we have actually been carving out a broad market top.

  23. GLD/GDX ratio is about to culminate as the move looks... [#108271]
    By: ballena (529 comments) Go to top ↑

    GLD/GDX ratio is about to culminate as the move looks parabolic. I have been looking for a ratio of 3.6, but today we are already past it. How high is the question. 2008 printed a ratio of 4.5, with gold at 680USD and silver at 9USD.

    • Weekly chart... [#108277]
      By: George (619 comments) Go to top ↑

      Weekly chart f.w.i.w

      • GDX says lower lows The juniors show higher... [#108282]
        By: Juniorgoldminerseeker (228 comments) Go to top ↑

        GDX says lower lows

        The juniors show higher lows.

        http://stockcharts.com/h-sc/ui?s=$CDNX&p=D&yr=0&mn=8&dy=0&id=p95491204598

        • I can only find comfort in some of the ratios I'm... [#108295]
          By: davefairtex (5216 comments) Go to top ↑

          I can only find comfort in some of the ratios I’m watching.

          GDXJ shows slightly more hope than GDX – and if we imagine that GDXJ:GDX daily chart is representative of the willingness to take risk in miners, it showed a reversal about 7 trading days ago. Weekly GDXJ:GDX shows us at an inflection point now. If you look back to 2010-2011, the weekly GDXJ:GDX does seem to be moderately predictive.

          Timing-wise, back in December, GDXJ:GDX daily reversed a couple weeks prior to the modest 3-month rally in GDX that happened Jan 1. If the timing follows here, it means we have a couple more days of “fun” before things improve. Assuming they actually start to improve!

          Geoff did say he was hoping for one last “puke” in the mining shares prior to the big rally.

  24. "We demand QE3" "We demand... [#108274]
    By: NYUGrad (4750 comments) Go to top ↑

    “We demand QE3″ “We demand QE3″

    • Depends... "wall st" is too blanket-like name to cover all... [#108275]
      By: Vadym Graifer (4341 comments) Go to top ↑

      Depends… “wall st” is too blanket-like name to cover all the diversity of players.

      While sell side definitely wants QE3 for market to push higher and them to be able to sell more to passive investors, trader types would prefer panic selloff. Much easier to read, to trade, unlike slow climb that is not a favorable trading environment.

  25. Any time frame I find, I see topping on lower volume, my 2... [#108278]
    By: ea32da32 (2362 comments) Go to top ↑

    Any time frame I find, I see topping on lower volume, my 2 cents…
    http://stockcharts.com/h-sc/ui?s=DIA&p=D&b=5&g=0&i
    Earl

  26. A little after two, time to get back in. PPT should be... [#108279]
    By: 4ever (612 comments) Go to top ↑

    A little after two, time to get back in. PPT should be called to action any minute now. Should end the day back up close to par. We’ll have to wait and see, but PMs look attractive.

    Hope no one was in the two non-Caras that got impaled this morning, GMCR & MITK. No bids? Anyone? Doubt these two are on the PPT support list. I’ll bet there’s a PPT-100, or 1000.

  27. for non-FB... [#108281]
    By: Vadym Graifer (4341 comments) Go to top ↑

    for non-FB users

    http://tradinglog.realitytrader.com/2012/05/may-03

    Nicely identifiable setup, very easy to see and visualize

  28. ... [#108284]
    By: ea32da32 (2362 comments) Go to top ↑

    http://www.youtube.com/watch?v=F9riyIOcZ_c&feature

    Great song and beautiful scenery.

    Earl

    • thank you, Earl. I think he's done a great job_proves hard... [#108379]
      By: tradylady (205 comments) Go to top ↑

      thank you, Earl. I think he’s done a great job_proves hard work can sometime pay off. ;) Oh, yah, this is free. Enjoy.

  29. I don't care what they call these things (Founders Well... [#108285]
    By: ea32da32 (2362 comments) Go to top ↑

    I don’t care what they call these things (Founders Well Participation Program) it’s all about being a bad guy, surrounded through and through with countless other bad guys… http://finance.yahoo.com/news/chesapeake-energy-co

    Earl

    • Earl, Not well versed in our newest episode of financial... [#108287]
      By: pulse (324 comments) Go to top ↑

      Earl,

      Not well versed in our newest episode of financial wizardry.

      I read the headline; “CEO ran $200 million fund that invested in commodities produced by Chesapeake”… and it sounds like such a familiar tale, now.

      I’ll post this for those invested or interested…

      http://graphics.thomsonreuters.com/12/05/Chesapeak

      Hard to keep up with the daily deeds. $200 million seems almost… insignificant. The meaning of ‘dollars’ sure has changed for me.

      • Thanks Pulse; I really don't have much to add, on occasion... [#108293]
        By: ea32da32 (2362 comments) Go to top ↑

        Thanks Pulse; I really don’t have much to add, on occasion I do feel a bit numb from these past few years; why should I care that this board of rotten directors assist this scoundrel… But I do, and all the other issues that exist… I don’t like that our SEC is small time compared to the typical McDonalds staff, and ‘by design’. We all ‘care’, not that we can do a thing about it but it’s nice to know I do know a few people that agree. I feel sorry for those investors in CHK, especially the absolutely CLUELESS 401k folks. Thank you for the link.
        Regards
        Earl

    • Back when Cramer was touting CKE -circa 08- ("I love it... [#108290]
      By: Ilya (572 comments) Go to top ↑

      Back when Cramer was touting CKE -circa 08- (“I love it when a CEO buys stock with his own money”) Aubrey was borrowing mucho dinero and was so levered up that subsequent margin calls put him underwater for …I don’t remember exactly but at least hundreds of millions of $’s.

      I recall that the board in either 09 or 2010 guaranteed mega-buck loans to help him get back on his feet so to speak. This isn’t unusual in the private oil business however CKE is a public share issuing company that shouldn’t hadn’t and ought not to have done such a God damned stupid thing.

      Legally who knows. The ball is in the court of the propeller-heads at the SEC.

      I just hope that our hard rock miners don’t glomm onto the idea of horizontal drilling, frackin and in-situ solvent recovery. We might then have rivers of gold…..

      I seriously doubt that CKE has the money or credit to survive long term. Just an opinion. Tomorrow the stock price could double…heh! heh!

  30. Not many that I can remember from the hey days of the late... [#108286]
    By: George (619 comments) Go to top ↑

    Not many that I can remember from the hey days of the late 70′s to early 80′s but here is one that was all the “rage” then. If others are out there, I would be interested.

  31. In this article we are told Italy's unemployment rate is... [#108288]
    By: BOB 47 (361 comments) Go to top ↑

    In this article we are told Italy’s unemployment rate is 10pc. I wonder is that a true rate or an ” adjusted rate ” . http://tinyurl.com/7nq36hk

  32. Hope all is well... keeping ' clsn ' small ( although the... [#108291]
    By: baz22 (2875 comments) Go to top ↑

    Hope all is well… keeping ‘ clsn ‘ small ( although the tech is really. really good ) because of proxy vote for proposed large increase in insider share allotments… does not add to float, but would rather see intern results first….

    • Hi Baz: You know I do the best DD I can afford;-). Fidelity... [#108294]
      By: ea32da32 (2362 comments) Go to top ↑

      Hi Baz: You know I do the best DD I can afford;-). Fidelity has it scored 9.1 out of a possible 10. Columbine list it as buy, Thomson and Zacks nutral, 30 million cash, 6% short not bad for this co that’s been around since 1982. I didn’t dive in, picked up 1k at $1.92 – the price/action/volume point to better days at this moment, that can change in the morning but I won’t ride it down if that’s the case. Markets may struggle but it’s a market of stocks they say. Choosing the right ones…
      Take care
      Earl

  33. I have been waiting for in the shallow and deepwater... [#108292]
    By: baz22 (2875 comments) Go to top ↑

    I have been waiting for in the shallow and deepwater drillers… the old baby/bathwater thing, as positioned quants may seek opportunities to associate ‘ all-as-one ‘…

  34. Sinn said: The Euro is Primed for a Big Move Spain's IBEX... [#108296]
    By: Les (7233 comments) Go to top ↑

    Sinn said: The Euro is Primed for a Big Move

    Spain’s IBEX made a new 52 week intra-day low and is sitting
    barely 2% above its March 2009 low.

    Gold miners continue to be beaten with a baseball bat…

    Yes, Friday’s April employment report may serve as a trigger for something. Little signals coming out of the market, that while may not manifest themselves tomorrow, appear to be building.

    But everyone is bearish on the Euro. Given the relationship between Euro and gold and silver, it would appear the majority would have to be wrong. Or we sell in May and go away.

    Gotta admit to the attractive reversal signal on MUX – from failed moves comes fast moves. Weekly MACD shows the POTENTIAL for turning up, but when I look at weekly stochastics I see that it never left oversold status. I suspect that it is about to become oversolder.

    And to top it off, Neo Nazism is making a comeback in Greece, with elections to be held on Sunday:

    http://www.spiegel.de/international/europe/a-greek

    Europe’s story just keeps getting better and better…

    • Hi Les; if the authorities tell you to 'be careful' as in... [#108297]
      By: ea32da32 (2362 comments) Go to top ↑

      Hi Les; if the authorities tell you to ‘be careful’ as in ‘watch your back’ I’d think it wise to do so. From what I’ve read European country’s are at demographic reproductive rates that will alter who occupys those lands in the near future. I did decide to watch what transpires so have more than a passing interest. These movements never go away, they wait for the next opportunity to reinvent themselves, and the wheel goes roung and round. I’ll continue to watch with interest. Thanks for the link.
      Earl

      • These political developments are a slow motion train wreck... [#108298]
        By: Les (7233 comments) Go to top ↑

        These political developments are a slow motion train wreck Earl. Perhaps of more immediate concern is what Strangelove (I think) posted – Armstrong suggests there is a secret bill winding its way through Congress. “Watch your back” could well be the catchword in the US shortly.

        If Wall St knows that this legislation is coming… well that’s pushing the realms of actionable info, but it is disturbing nonetheless. Very important to watch the market closely here.

        http://www.martinarmstrong.org/files/Happy%20Tax%2

        • I've heard if this. Won't comment on Boxer, you can... [#108300]
          By: ea32da32 (2362 comments) Go to top ↑

          I’ve heard if this. Won’t comment on Boxer, you can probably guess my opinion of her. ‘Behind every progressive is a socialist, and behind every socialist is a communist with a gun’ author unknown to me but I firmly believe this to be true. The lousy thing about these different forms of herd management Les is they’ve all been tried, many time over. Then we try to improve on one form, a constitutional republic and what happens? Humans, that’s what happens. Never satisfied, mostly lazy humans – as Nietzsche put it the ‘many too many’. During the war of independence 10% of settlers fought the British, 20% backed the fighters, another 40% didn’t get involved and the last 30% were on the English side. I can’t remember where I read that many years ago but it’s probably not that far off from the facts. If people want to follow Boxter or believe a word that comes out of her mouth fine by me. We’ve been slaves to one system or another all along but I don’t believe this progressive track will have a happy ending. The problem as I see it is exactly as you described it, SLOW.
          Take care
          Earl

          Nice pictures in that article, more for my collection thanks.

  35. http://ronsen.blogspot.com/2012/05/first-love.html Will... [#108301]
    By: Ron Sen (975 comments) Go to top ↑

    http://ronsen.blogspot.com/2012/05/first-love.html

    Will austerity solve anything? (I doubt it). http://www.nytimes.com/2012/05/04/opinion/krugman-… Krugman with an article lambasting partisanship, the tool of the 0.1%. The last time we had a “unifying” cause was 2001, that projected us into a disastrous “Hot War”. It feels like we’re at a critical juncture to me.