Government trading indicator: Every time they’re on TV the market falls.
Fleas can be taught nearly anything that a Congressman can.
– What Is Man?
…the smallest minds and the selfishest souls and the cowardliest hearts that God makes.
– Letter fragment, 1891
Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself.
– Mark Twain, a Biography
Congressman is the trivialist distinction for a full grown man.
– Notebook #14, 11/1877 – 7/1878
All Congresses and Parliaments have a kindly feeling for idiots, and a compassion for them, on account of personal experience and heredity.
– Mark Twain’s Autobiography; also in Mark Twain in Eruption
Congressman and flea
Illustration from AMERICAN EXAMINER, 1910
from the Dave Thomson collection
The lightning there is peculiar; it is so convincing, that when it strikes a thing it doesn’t leave enough of that thing behind for you to tell whether–Well, you’d think it was something valuable, and a Congressman had been there.
– Mark Twain’s Speeches, “The Weather”
It could probably be shown by facts and figures that there is no distinctly native American criminal class except Congress.
– Pudd’nhead Wilson’s New Calendar
It is the foreign element that commits our crimes. There is no native criminal class except Congress.
– More Maxims of Mark, Johnson, 1927
Whiskey is carried into committee rooms in demijohns and carried out in demagogues.
– Notebook, 1868
…I never can think of Judas Iscariot without losing my temper. To my mind Judas Iscariot was nothing but a low, mean, premature, Congressman.
– “Foster’s Case”, New York Tribune, 3/10/1873
OccdudeMar 3, 2009 @ 14:18
Thanks Rick for the chart. Can’t argue with the technicals. Look for gold to get on the downside then. Also I don’t think people are not gonna like the way the economy looks at $23 buck a barrel oil, so put on your walking shoes you’re not gonna be drivin anywhere important.
chipMar 3, 2009 @ 14:01
Yeah, yeah
Technical analisys is oKay. But why no one technician mentions that they again directly dumped gold bullion on the market – 10
tonnes last week alone to prevent the rising price above ceratin threshold?
That’ so obvious – coordinated dump of gold and stocks to prevetn the 10-year T-bond rising above 3% (otherwise no one idiot
will buy that crap).
Technical anlysis is good in free market, but not in this corrupted one. Eventually they will release , when they need, or when
they will be forced (since all the methods holding dollar and treasuiries will be broken sooner or later).
Chip: Around here, we view the dumping of gold as having been necessitated by technical indicators that predicted weakness following the pop above $1,000. RA : )
RichMar 3, 2009 @ 9:33
Fed boyz contracting M1 like they did M3 in 2008, not a recipe for inflation or bulls in anything tan gible for some time. Sorry folks. No accidents….
MarblesonacMar 3, 2009 @ 8:18
The new guy at the party (me) is always the last to know…
The US Government(s) manipulates the price of gold and Treasuries.
expect gold to get no lower than the 50 Day MA, currently 894.10
Barney B.Mar 3, 2009 @ 1:20
As an easy proxy, look for GLD to perk back up somewhere near 88.
OccdudeMar 3, 2009 @ 1:04
What about oil? Oil seems to be vascillating in the upper thirties and low forties, but its not sending me into cardiac arrest. It could be putting in a nice support base for a little deflationary defying move. Theres NO way you can explain oils drop on demand only. The Gold to oil ratio is EXTREMELY out of balance, I sense a rubber band about to snap with gold to the downside or black gold to the upside.
%%%%%
Ron: I published the following on March 2:
April Crude (40.23)
03/03/2009 01:43:18 EST 9172
So much for Peak Oil. I’ve scaled April Crude’s chart at 180 minutes so that you can see how visually compelling the case is for $22.52 a barrel — a 44% fall from here. That would be good news for consumers, assuming the will to consume hasn’t flatlined by then. There is more potential good news as well, since terrorist states like Iran will be starved for cash. But the clear implication is that energy demand from manufacturers in America, Asia and Europe will practically have vanished.
TKOMar 2, 2009 @ 23:29
Yes, barring a complete market meltdown with a “sympathetic” drop in the price of gold, the 8-10 day $80 correction will serve as the pause that refreshes before the bull trend resurfaces.
Speaking of resurfacing, Ken Langone appeared as the guest on the CNBC morning show a few days ago, apparently feeling that enough time has elapsed for him to safely emerge from the swamp now that several years has passed since his complicity in the Grasso/NYSE $185,000,000 overcompensation affair. He wiled away most of the two hours with the crew exchanging pleasantries, remarking the obvious, fielding easy questions etc etc as is the usual par for this course. The only time he showed any emotion was when he allowed that his portfolio had been devastated by the credit collapse and market crash. His diagnosis: “Everyone was drinking the KOOL-AIDE” His cure “The government will have to solve all of our problems.” As expected, there was no follow up by the deferential commentators, and no hard questions about the Grasso affair either. No, Mr. Langone, not everyone was drinking the KOOL-AIDE.
Normally, when CNBC wants to fill this “NO QUESTIONS ALLOWED” spot, they often trot out that perennial self-promoting hot dog Jack Welch. He fills the alloted time with inspiring anecdotes and animated discourses on how great a manager he was. The crew, proforma, never think to inquire of Welch if he thinks there is any rational explanation for his past overcompensation. Or perhaps to ask why, if he considers himself the greatest CEO in the history of capitalism, did he not put in place the principles, priorities, policies, and personnel necessary to ensure that his company would not self-destruct! With the price of GE stock now below 10 and heading south fast, I presume it is getting harder and harder not to ask Mr. Welch these questions. Which explains Langone.
No, Mr Langone, not eveyone drank the KOOL-AIDE. If you think that the big government, least common denominator, bailout approach is the answer, I have to state that I am not that thirsty yet. Same KOOL-AIDE, Ken, different flavor.
Comments on this entry are closed.
Government trading indicator: Every time they’re on TV the market falls.
Fleas can be taught nearly anything that a Congressman can.
– What Is Man?
…the smallest minds and the selfishest souls and the cowardliest hearts that God makes.
– Letter fragment, 1891
Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself.
– Mark Twain, a Biography
Congressman is the trivialist distinction for a full grown man.
– Notebook #14, 11/1877 – 7/1878
All Congresses and Parliaments have a kindly feeling for idiots, and a compassion for them, on account of personal experience and heredity.
– Mark Twain’s Autobiography; also in Mark Twain in Eruption
Congressman and flea
Illustration from AMERICAN EXAMINER, 1910
from the Dave Thomson collection
The lightning there is peculiar; it is so convincing, that when it strikes a thing it doesn’t leave enough of that thing behind for you to tell whether–Well, you’d think it was something valuable, and a Congressman had been there.
– Mark Twain’s Speeches, “The Weather”
It could probably be shown by facts and figures that there is no distinctly native American criminal class except Congress.
– Pudd’nhead Wilson’s New Calendar
It is the foreign element that commits our crimes. There is no native criminal class except Congress.
– More Maxims of Mark, Johnson, 1927
Whiskey is carried into committee rooms in demijohns and carried out in demagogues.
– Notebook, 1868
…I never can think of Judas Iscariot without losing my temper. To my mind Judas Iscariot was nothing but a low, mean, premature, Congressman.
– “Foster’s Case”, New York Tribune, 3/10/1873
Thanks Rick for the chart. Can’t argue with the technicals. Look for gold to get on the downside then. Also I don’t think people are not gonna like the way the economy looks at $23 buck a barrel oil, so put on your walking shoes you’re not gonna be drivin anywhere important.
Yeah, yeah
Technical analisys is oKay. But why no one technician mentions that they again directly dumped gold bullion on the market – 10
tonnes last week alone to prevent the rising price above ceratin threshold?
That’ so obvious – coordinated dump of gold and stocks to prevetn the 10-year T-bond rising above 3% (otherwise no one idiot
will buy that crap).
Technical anlysis is good in free market, but not in this corrupted one. Eventually they will release , when they need, or when
they will be forced (since all the methods holding dollar and treasuiries will be broken sooner or later).
See the dumping in this article:
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/4933185/Gold-has-longest-losing-streak-since-October.html
&&&&&&&
Chip: Around here, we view the dumping of gold as having been necessitated by technical indicators that predicted weakness following the pop above $1,000. RA : )
Fed boyz contracting M1 like they did M3 in 2008, not a recipe for inflation or bulls in anything tan gible for some time. Sorry folks. No accidents….
The new guy at the party (me) is always the last to know…
The US Government(s) manipulates the price of gold and Treasuries.
http://www.gata.org/node/7208
Wish I could find just one even field to play on….
expect gold to get no lower than the 50 Day MA, currently 894.10
As an easy proxy, look for GLD to perk back up somewhere near 88.
What about oil? Oil seems to be vascillating in the upper thirties and low forties, but its not sending me into cardiac arrest. It could be putting in a nice support base for a little deflationary defying move. Theres NO way you can explain oils drop on demand only. The Gold to oil ratio is EXTREMELY out of balance, I sense a rubber band about to snap with gold to the downside or black gold to the upside.
%%%%%
Ron: I published the following on March 2:
April Crude (40.23)
03/03/2009 01:43:18 EST 9172
So much for Peak Oil. I’ve scaled April Crude’s chart at 180 minutes so that you can see how visually compelling the case is for $22.52 a barrel — a 44% fall from here. That would be good news for consumers, assuming the will to consume hasn’t flatlined by then. There is more potential good news as well, since terrorist states like Iran will be starved for cash. But the clear implication is that energy demand from manufacturers in America, Asia and Europe will practically have vanished.
Yes, barring a complete market meltdown with a “sympathetic” drop in the price of gold, the 8-10 day $80 correction will serve as the pause that refreshes before the bull trend resurfaces.
Speaking of resurfacing, Ken Langone appeared as the guest on the CNBC morning show a few days ago, apparently feeling that enough time has elapsed for him to safely emerge from the swamp now that several years has passed since his complicity in the Grasso/NYSE $185,000,000 overcompensation affair. He wiled away most of the two hours with the crew exchanging pleasantries, remarking the obvious, fielding easy questions etc etc as is the usual par for this course. The only time he showed any emotion was when he allowed that his portfolio had been devastated by the credit collapse and market crash. His diagnosis: “Everyone was drinking the KOOL-AIDE” His cure “The government will have to solve all of our problems.” As expected, there was no follow up by the deferential commentators, and no hard questions about the Grasso affair either. No, Mr. Langone, not everyone was drinking the KOOL-AIDE.
Normally, when CNBC wants to fill this “NO QUESTIONS ALLOWED” spot, they often trot out that perennial self-promoting hot dog Jack Welch. He fills the alloted time with inspiring anecdotes and animated discourses on how great a manager he was. The crew, proforma, never think to inquire of Welch if he thinks there is any rational explanation for his past overcompensation. Or perhaps to ask why, if he considers himself the greatest CEO in the history of capitalism, did he not put in place the principles, priorities, policies, and personnel necessary to ensure that his company would not self-destruct! With the price of GE stock now below 10 and heading south fast, I presume it is getting harder and harder not to ask Mr. Welch these questions. Which explains Langone.
No, Mr Langone, not eveyone drank the KOOL-AIDE. If you think that the big government, least common denominator, bailout approach is the answer, I have to state that I am not that thirsty yet. Same KOOL-AIDE, Ken, different flavor.