Gumby's Account Talk

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A Too Big to fail Snake Pit ????


"Late Wednesday, the Senate issued a 600-page report slamming Goldman Sachs as a "case study" of the recklessness and greed that set off the 2008 financial crisis.
"Our investigation found a financial snake pit rife with greed, conflicts of interest, and wrongdoing," Sen. Carl Levin, a Michigan Democrat said, following the report."

More
 
I'm not even going to read the report because it comes from Senate Democrats looking to blame someone else instead of their own shitty policies. The blame goes to liberal social engineering policies to encourage every minority at risk individual to participate in the newest entitlement of home ownership. Make your mortgage payment with your welfare check - buy your dream with no income or assets. Socialism doesn't work.
 
All equity funds are up today..... and so are bonds (AGG). Looks like bets are being hedged for Bernanke's speech tomorrow.
I believe tomorrow will be a sell the news episode...unless QE3 is announced.
G fund looks pretty good to me for the rest of the week even with all the bullish charts showing up. Good luck all.:)
 
I simply cannot see myself generating enough courage to sit out any portion of this market on the sidelines. I'm basically worse than a greedy wench.
 
Birchtree said:
I simply cannot see myself generating enough courage to sit out any portion of this market on the sidelines. I'm basically worse than a greedy wench.
Click to expand...

Just remember... Bulls make money.... Bears make money..... Pigs get slaughtered:nuts: Oh and please don't hit me over the head with your sack of quarters :blink:
 
Gumby said:
All equity funds are up today..... and so are bonds (AGG). Looks like bets are being hedged for Bernanke's speech tomorrow.
I believe tomorrow will be a sell the news episode...unless QE3 is announced.
G fund looks pretty good to me for the rest of the week even with all the bullish charts showing up. Good luck all.:)
Click to expand...

Note to self..... sell means buy...... even without QE3. $5 gas by Memorial day? :mad:
 
The dollar doesn't appear to like printing by the FED. That is an ugly chart. Big drop yesterday and today.
Target of 66 on the P&F chart would be an all time low.
Looks like $6 to $7 gas and much higher food prices in store for all of us.:nuts:
We have to remember that this is just transitory.... or so we are told.:D
We all need to pay a little more for everything so the bankers get their bonuses.

View attachment 10987
 
S&P 500 is down just about 9% from the intraday high set on the May 2nd day of exuberence.

Prices are looking tempting to play a bounce in either the S or C funds.
So what will it be.... a greater than 10% downturn or a bounce. I'll be out in my garden like BT pulling weeds while the market decides.:nuts:
 
Gumby said:
Note to self..... sell means buy...... even without QE3. $5 gas by Memorial day? :mad:
Click to expand...
Yeah, and why is that?

Last year I went on a vacation same time as this. Gas was at $2.35 per gallon. Oil was about the same. Hell, remember when oil hit $150 per barrel a couple years ago. Gas was at $4.25 per gallon. Today oil is at $100 and gas is at $4.25

So in 2 years somehow the cost of gas has gone up $2 while the price of oil has dropped $50 per barrel.
 
Appatite said:
Yeah, and why is that?

Last year I went on a vacation same time as this. Gas was at $2.35 per gallon. Oil was about the same. Hell, remember when oil hit $150 per barrel a couple years ago. Gas was at $4.25 per gallon. Today oil is at $100 and gas is at $4.25

So in 2 years somehow the cost of gas has gone up $2 while the price of oil has dropped $50 per barrel.
Click to expand...

Back in the Spring of 09, oil had dropped from ~$150 per barrel all the way back to $35..gas went down to $1.69 in Missouri.... the stock market hit the low of 666 on the S&P 500 in March of 09. When the Gov allowed the banks to use accounting fraud on the mark to market of hteir real estate holdings, the market bottomed and took off like a rocket shot. There was no more worry about the TBTF banks failing. Oil rose with the stock market and the government started giving out FREE money to the TBTF banks to prop up the balance sheets. The TBTF banks took the free money and used it in the market instead of loaning it out. 3.5% to 4% money could be had on a 10yr treasury bond with no risk. With margin requirement of about 10%, the banks could lever up at least 10 to 1 on bonds. My take is they did the same with the oil. The government QE program has devalued the dollar and has been an unmitigated disater for the common man and a money making machine of epic proportions for all the big banks. The artificial low interest rates by the FED have hurt the middle class but have made the big boys in the markets wealthy and powerful beyond imagination.

This cannot continue forever....somewhere there will be a tipping point that that will make the Fall of 08 look like a minor correction. Extend and pretend will not last last forever.
 
Gumby,

Just to let you know I pulled my first corn yesterday and ate some for dinner - now I'm waiting on carrots while I finish up my peaches.
 
Birchtree said:
Gumby,

Just to let you know I pulled my first corn yesterday and ate some for dinner - now I'm waiting on carrots while I finish up my peaches.
Click to expand...

BT... That fresh corn sounds delicious. I will have some new potatoes and peas before long. Your growing season down South is much longer than in MO.
Peaches here will still be a month away.

Good luck.
 
Market Manipulation this morning:

The pre-market for the S&P500 was right around 1,260 this morning.....with lows in the high 1,250's.
And low and behold, when the market opens the low hits 1,267.56.

7 handles on the S&P....... Someone has been placing some BIG buy orders.
I guess the plunge protection team still has a few billion to buy the market.
Now the market is green..... :nuts:


S&P 500 INDEX,RTH(GSPC )


[TD="class: yfnc_tabledata1"] 1,272.03
[/TD]

[TD="class: yfnc_tabledata1"]10:06AM EDT
[/TD]

[TD="class: yfnc_tabledata1"]
up_g.gif
0.53 (0.04%)
[/TD]




[TD="class: yfnc_tabledata1"]1,271.50
[/TD]

[TD="class: yfnc_tabledata1"]1,271.50
[/TD]

[TD="class: yfnc_tabledata1"]1,267.56 - 1,273.56
[/TD]

[TD="class: yfnc_tabledata1"]1,010.91 - 1,370.58
[/TD]
 
Something is horribly wrong with this market. Please tell me how the S fund could possibly be worth more than 4% more than it was at COB on Friday.
This market is ridiculous..... no way is this investing. :nuts:

Do I qualify for a bailout?:D
 
062612.PNG

Notice that straight line from about11:00am to 12:45 pm? Does that look like a normal market?
Anyone care to speculate how much the government pumped into the market during this time to make that line?








 
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