Archives for January 2013

Chevron Whacked By Record Fine, But Might Not Notice

Chevron Whacked By Record Fine, But Might Not Notice Wolf Richter   www.testosteronepit.com   www.amazon.com/author/wolfrichter The California Division of Occupational Safety & Health just slammed Chevron with massive, record-breaking penalties related to the refinery in Richmond, California—the one that ended up in a fireball last August. It started when a severely corroded pipe began leaking. Rather than […]

The Expected Housing Recovery Faces a Brick Wall

The Expected Housing Recovery Faces a Brick Wall Re-emergent house flippers are set to flop. By Elliott Wave International In 2005, a mania for residential real estate reached such a fever pitch that a series of cable television shows became entirely devoted to house "flipping." Flipping involves buying a worse-for-wear house, making the minimum repairs […]

Funding for Naples Bus Service Cut 40% With Predictable Results: Buses Run Out of Gas

Courtesy of Mish. A 40% funding cut to bus services in Naples, Italy had predictable results: Bus Service Grinds to Halt as Tanks Run Dry Bus service in the southern Italian city of Naples has ground to a halt after the city transport company ran out of money for fuel. Valeria Peti, of the ANM […]

Is Germany preparing for future capital controls?

  Source: facebook.com via Jonathan on Pinterest Is Germany preparing for future capital controls? By Jeff Clark, Senior Precious Metals Analyst, Casey Research The best indicator of a chess player's form is his ability to sense the climax of the game. –Boris Spassky, World Chess Champion, 1969-1972 You've likely heard that the German central bank announced […]

Santelli to Forecasting ‘Fail’ Fed: “Let Market Forces Reign”

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. While cogitating on yesterday's weak GDP print, CNBC's Rick Santelli confirmed his view that forecasting is complex (at best) and impossible (most likely). The 2010 view of the Fed was that 2012 growth would be 3.5-4% – quite a destructive miss as it turned […]

Shorting the Market on These POMO Days May be Hazardous to Your Health

Keep in mind, correlation is not causation, but it has been our operating theory that as long as the Fed is printing, printing, printing, the stock market will be trending higher, higher, higher…. POMO = Permanent Open Market Operations Federal Reserve Bank of New York: POMO – The purchase or sale of Treasury securities on […]

Why We Took Cocaine Out of Soda

You may be thinking, logically, as I was, why would anyone want to do this? A little cocaine would certainly help work off the sugar infusion. But even before that, there were issues. First, there was Vin Mariani – a undoubtably very addictive combination of alcohol and cocaine. The objectionable ingredient eventually banned was the […]

“The Politics of Removal”: Dressing Up The French Unemployment Fiasco

“The Politics of Removal”: Dressing Up The French Unemployment Fiasco Wolf Richter  www.testosteronepit.com, www.amazon.com/author/wolfrichter Ugly unemployment numbers are politically inconvenient in democracies. Red-faced politicians have to come up with excuses, and entire elections can be lost over them. So, every country has implemented inscrutable statistical systems to make unemployment look better, or less disastrous, regardless of what […]

Labor Unions Finally Read Obamacare Fine Print, Realize Costs Set To Spike, “Turn Sour” On Obama

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. It is a well-known fact that nobody in Congress ever reads, or even skims, any law, and especially not the fine print, it passes until long after it has been enacted into law. It appears the same is just as true for the biggest […]

“How Washington Hurts Small Community Banks”

Courtesy of Larry Doyle. The other day I addressed the current David vs Goliath situation in the banking industry and presented The Case for Community Banks. There is no doubt that the crisis that emanated on Wall Street required some real regulatory attention. Regrettably the “one size fits all” regulatory changes embedded in Dodd-Frank is […]

“Everybody in the Industry Knows the US Doesn’t Have the Gold”

Courtesy of John Rubino. In this week’s talk with National Numismatics’ Tom Cloud, he explains why Germany’s gold repatriation is just the beginning, the US Mint’s silver shortage will continue, and the big money is right about precious metals. DollarCollapse: Hi Tom. It’s been an eventful few weeks in precious metals, though you wouldn’t know […]

Big, Rich, and Wobbly: Wall Street Banks Are Still Sicker Than You Think

By Mohamed A. El-Erian – The Atlantic MOHAMED A. EL-ERIAN – Mohamed A. El-Erian is CEO and co-chief investment officer of Pimco, the world's largest bond investor, and author of When Markets Collide. Banks are out of the ICU and have been released from the Rehab Center. But they are not yet in a position to fully […]

Big Brother in Action: EU Wants Power to Sack Journalists; Prime Minister Rajoy Threatens Newspapers Following Corruption Articles

Courtesy of Mish. “Big Brother” in Action In case you have not already realized it, 1984 has come and gone politically. All that remains is how fast we march down the path of “thought suppression”. Here are a couple of articles that will make my point. The Telegraph reports EU wants power to sack journalists […]

Covered Calls Vs. Naked Puts?

Shares plus (Covered) Calls Vs. Naked Puts? Is there any difference between a covered call (buying a stock, selling call against the shares) and selling a naked put? NOTES A “put” is an option contract giving the owner (buyer) the right, but not the obligation, to SELL the underlying stock at a set price within […]

France Is Dead Broke, But At Least Its GDP Came In Positive

Courtesy of The Automatic Earth.       US GDP came out today and it was a stinker: -0.1%. Enter a choir of 10,000 pundits who all figured out that all that bad smell was the result of one thing only: cuts in military spending. That's the sort of thing that tells me – or […]

Government Expenditures Plus Transfer Payments Equals 40% of GDP; GDP Shocking Downward Surprise; Don’t Worry It’s Transitory

Courtesy of Mish. Inquiring minds are digging into the 4th Quarter and 2012 Annual GDP Advance Estimate. Heading into the report, the WSJ Economists’ GDP Forecasts were+1.6% for Q4 2012 and +1.7% in Q1 2013. “Shocking” Contraction The GDP report was a shocker, coming in at an annual rate of negative 0.1%. Real gross domestic […]

Stocks and Capital Flight – Old and New

Courtesy of Bruce Krasting.   In my time I’ve watched a bunch of countries go south. In the 80’s it was all of South America. Poland, Yugoslavia and South Africa also hit the skids during those years.   There was an observable pattern as events unfolded. The early stages of a crisis were always marked […]

Obama Administration’s Failure

Obama Administration's Failure to Reform Wall Street and Investigate Fraud Courtesy of Jesse's Cafe Americain No matter what progressive words he wishes to say, this is 'the tell.'

The Non Zero-Sum Society

The Non Zero-Sum Society Courtesy of Robert Reich As President Obama said in his inaugural address last week, America “cannot succeed when a shrinking few do very well and a growing many barely make it.” Yet that continues to be the direction we’re heading in.  A newly-released analysis by the Economic Policy Institute shows that the super-rich have […]

Moving Averages Can Identify a Trade

Moving Averages Can Identify a Trade – FREE Lesson  These 3 charts help you understand how moving averages work By Elliott Wave International Moving averages are a popular tool for technical traders because they can "smooth" price fluctuations in any chart. EWI Senior Analyst Jeffrey Kennedy gives a clear definition: "A moving average is simply […]

Blatant Price Manipulation Takes Place Every Day in Oil Markets

EconMatters calls on the CFTC and the government to stop the manipulation of oil prices.  Source: comicbookmovie.com via Juan Sebastian on Pinterest Blatant Price Manipulation Takes Place Every Day in Oil Markets Courtesy of EconMatters License to steal Every single day the oil market is manipulated, it is easy to see, right out in the open, and nobody does anything about it. It […]

75-Year Trendline Holding Stocks Back (For Now)

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. Over 75 years ago a trendline was born. From the highs in 1937, the Dow Industrials have logarithmically oscillated around an inexorable drift. The current rally, as all asunder await the 14,000 level amid every boat being lifted non-stop, is testing this trendline for […]

Stocks and Capital Flight – Old and New

Courtesy of ZeroHedge. View original post here. Submitted by Bruce Krasting In my time I’ve watched a bunch of countries go south. In the 80’s it was all of South America. Poland, Yugoslavia; South Africa also hit the skids during those years. There was an observable pattern as events unfolded. The early stages of a […]

Super Mario Noose Tightens as Another Monte Paschi Derivative Emerges; Investigation into Bank of Italy Opened

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. As we have been reporting over the past ten days (most extensively here and here), the one European scandal that gets virtually no coverage on this side of the Atlantic, remains the escalating fiasco involving Italy's third largest bank, Banca dei Monte Paschi (BMPS). […]