Pimp my Ride

(Reuters) – The U.S. House of Representatives approved on Friday a $2 billion extension of the "Cash-for-Clunkers" automobile sales incentive program.

The Democratic proposal would run through September 30, 2010, and tap funds from an Energy Department loan guarantee program included in the economic stimulus package enacted in February.

Lets see if I have this right, the government takes $4000 of my tax money and gives it to someone who buys a new gas pinching gaymobile (ie.Prius) with money they don't have. Goooood Program.

Well our pick got filled on Friday and proceeded to go right into the crapper only to be stopped out at the open this morning for a loss (ouch). Knew that was bound to happen sooner or later. The market opened way up this morning on virtually no news so once again we float away on the either of hope. Its scrambled eggs and microdot time again. No new setups so I will be back at the close. Good Luck!

Revenge of the nerds

(Bloomberg) -- Turns out America’s accounting poobahs have some fight in them after all.

Call them crazy, or maybe just brave. The Financial Accounting Standards Board is girding for another brawl with the banking industry over mark-to-market accounting. And this time, it’s the FASB that has come out swinging.

It was only last April that the FASB caved to congressional pressure by passing emergency rule changes so that banks and insurance companies could keep long-term losses from crummy debt securities off their income statements.

Now the FASB says it may expand the use of fair-market values on corporate income statements and balance sheets in ways it never has before. Even loans would have to be carried on the balance sheet at fair value, under a preliminary decision reached July 15. The board might decide whether to issue a formal proposal on the matter as soon as next month.

Wow that might take the wind out of this rally! Interestingly enough just when it looked like we were headed for the moon the futures caved in the last 10 minutes of the day hmmmmmm.

Tomorrows pick is long DUG @ 17.41 Good Luck.

Ka Ching!

We gapped up and filled our IYT pick @ 63.75 and now its time to say aloha @ 64.31 for a + .56 profit! This rise in the market is still nuts considering the crap earnings from everyone but I will still take the money. Have a nice day!

There is a sucker born every minute.

(WSJ) Who wants to buy some toxic assets?

It may not sound like the most tempting offer—but don’t be shocked if you hear this same pitch from your financial adviser sometime soon.

New York-based fund giant BlackRock is launching a closed-end mutual fund aimed at allowing ordinary investors to put their money into the kind of toxic mortgage-backed securities that nearly brought down the financial system a few months ago. Shares are expected to go on sale in about a month.

Goes right along with an article I read yesterday showing that the average American can't tell you the five basic rights afforded us by the constitution but they can name every family member of the Simpsons! We are friggin doomed!

Well today was a repeat of yesterday which was a copy of the day before that well you get the picture. Floating up on nothing but smoke and mirrors.

Tomorrows pick is long IYT @ 63.03

Smurfs make spinal injury breakthrough!

WASHINGTON (Reuters) – A common and safe blue food dye might provide the best treatment available so far for spinal cord injuries, U.S. researchers reported on Monday.

Great now can they come up with something for my aching arthritic back!

Another snoozer going nowhere day but we ended in a red hammerish looking candle. That may signify the top of the roller coaster for a while. Don't eat much tomorrow in case we get a big roll down. Wouldn't want you to mess up your shirt.

My pick for tomorrow is long IYT @ 64.03 Good Luck!

My new hat business

I'm thinking about selling these to the local merchants, contractors, and builders in my town. Barack you need to step it up a bit my town is starting to resemble Pakistan (not the change I had in mind).

Kinda a sleeper again today ending where we started. I think she goes straight up from here (rising gently on the hot air generated from the green shoots the mainstream media folks are smokin).

Tomorrow's pick is long GG @ 38.90 Good Luck.

Danger Will Robinson!!

Have you noticed all the fabulous earnings reports, its ok you can come out now everything is fixed were all profitable start buying stuff!!!!!!!!!! Its all smoke and mirrors! Soyant Green is people! I don't know how else to get the point across. How did they do it! Simple just cut cut cut cut costs! I layed off all my laborers, wha la I'm instantly profitable. Look very close at their numbers, there is only one problem, their revenues are stagnant or diminishing. No one is buying crap. It will only work a quarter or two and then kaboom! Its Armageddon time again.

The only way to play this market is to be in and out quickly like a french hooker.

So much for my ranting Mondays pick is XLK long @ 19.69 Good Luck!

My Dog Ate It

Federal Reserve chairman Ben Bernanke was confronted yesterday by Congressman Alan Grayson about which foreign banks were the recipients of Federal Reserve credit swaps, but he was unable to provide an answer as to where over half a trillion dollars had gone.

Asked which European financial institutions received the money, which was handed out by The Federal Open Market Committee (FOMC), a component of the Federal Reserve System, Bernanke responded, “I don’t know.”

“Half a trillion dollars and you don’t know who got the money?” asked Grayson. (See video link below)

http://www.youtube.com/watch?v=n0NYBTkE1yQ&eurl=http%3A%2F%2Fwww.infowars.com%2Fbernanke-i-don%25e2%2580%2599t-know-which-foreign-banks-were-given-half-a-trillion%2F&feature=player_embedded

Seriously Ben you just provide me with mountains of material. This would be hilarious but this is the guy in charge of minding the store. When will the "Peeps" out there wake up to the level of thievery they are being subjected to. Aw shut up Bill I gotta watch Americas got Talent.

Houston we had liftoff right from the open and we pretty much beheaded the old head and shoulders pattern when we literally blew through S&P 960. This also blew any setups for tomorrow so sit back and enjoy the insanity we call America!

Ka Ching!

And we are out of SLV @ 13.61! Thats 7 in a row boys and girls, waveriding works real good doesn't it. I will check in later to see what the result of the PPT squeezing the yolk out of the chicken does to the market. Good Luck.

My arms are tired

Hook me to a car battery and jolt me from this coma. My pick got filled this morning but went exactly nowhere. Technically speaking we formed a spinning top candle today which basically means no one could make a decision long or short. We closed almost exactly where we opened so it was a snoozer all around. I think Timmy and Ben's arms are tired of holding this puppy propped up for so long so I wouldn't be surprised to see the market take a big dump in the next few days. No new setups for tomorrow so this is Bill over and out.

Bernake Promises to use The Rhythm Method

(WSJ) Addressing the technical mechanics first, Bernanke maintained the Fed has the tools it needs to quickly withdraw the added liquidity from the system when early signs of inflation appear.

Wow that takes me all the way back to sex ed class. He promises to pull out at just the right time. What were those other two lies, "The check is in the mail" and "I promise not to *** in your ****" Paleeezze!!!!!!!!! You knocked up the economy Benny!

Well the market bounced around strong resistance today as expected helping to form a few setups for tomorrow. My pick for the morning is long SLV @ 13.48 Good Luck

Dodging a Bullet

NEW YORK (Reuters) – CIT Group Inc has clinched $3 billion of emergency financing from bondholders, keeping the struggling lender out of bankruptcy, a person close to the matter said.

The rescue from several big bondholders, including Pacific Investment Management Co, has been approved by CIT's board and could be announced on Monday, the source said.

Just like Neo CIT dodged a bullet today by lining up financing with their bondholders. These are the good guys as far as I can tell loaning money to medium and small business. Now they just need to stick that big needle thingy in the back of their heads and go back into the matrix to fight the evil master control program (Goldman Sachs).

Well today we continued to squeeze the hell out of the short chicken but managed to stay below the oh so important resistance level of S&P 950. As a result there are no good setups for tomorrow but we did walk away with a profit for our last pick so woo hoo! Good Luck.

Ka Ching!

I'm bailing early here with a small profit at 49.20, my spider sense is tingling. A wise man said "better to leave your trade with a small profit than no pants". Good Luck!

Goldman is the Deathstar!

Matt Taibbi Taibblog So what’s wrong with Goldman posting $3.44 billion in second-quarter profits, what’s wrong with the company so far earmarking $11.4 billion in compensation for its employees? What’s wrong is that this is not free-market earnings but an almost pure state subsidy.

Matt Taibbi is the dude that blew the lid off of Goldman's shenanigans in the Rolling Stones article that I mentioned in a previous blog posting. Read along at this link about the GS boys giving "the world the giant finger" as they cash their checks and head for the Hampton's. Torch and pitchfork time grows closer with each passing day.

http://trueslant.com/matttaibbi/2009/07/16/on-goldmans-giganto-profits/#more-529

The market didn't do much today except hover around the "head" of the head and shoulders pattern around 940ish on the S&P. If we break above that we could shoot to the moon and if we drop below that on Monday we should settle at the downward sloping right shoulder. I personally prefer to look for animals in the clouds.

My pick for Monday is FAS long @ 49.06 Good Luck.

Chicago has a big willy!

CHICAGO — The Sears Tower has officially become the Willis Tower in a ceremony in downtown Chicago.

The country's tallest building and one of the world's iconic skyscrapers was renamed Thursday after London-based insurance brokerage Willis Group Holdings as part of its deal to lease 140,000 square feet of space in the tower.

Another up day that makes 4 in a row. Way to much exuberance over phony banking profits so expect a pullback soon. Give me a billion bucks and I can make my balance sheet look like Angelina Jolie too.

No picks yet this smells to much like pump and dump to me. Good Luck!

Famous Last Words

If I'm elected unemployment will not exceed 8%.

This subprime mortgage issue is a one time event.

These institutions are to big to fail.

We will see growth resume in the second half of 09.

Need I even point out the four stooges that made those totally wrong comments. Oh yeah I forgot they run our country.

Well the market went on a tear today on encouraging news from Intel that things were getting "less worser". Meanwhile Dell said business looked just crappy going forward but that got buried deep in the back pages of the Internet. Besides no one reads past the silly headlines anyway.

Looks like the classic head and shoulders pattern that absolutely everyone on the planet spotted in the charts has a growth springing out of its right shoulder. That would pretty much end the party the bears were about to throw. But wait a minute, could it be option expiration time, could the big boys just be making all those puts the chumps bought expire worthless at the eleventh hour? Stay tuned. No good setups for tomorrow Have a nice day!

Kaching!

XLF got filled @ 11.93 at the open and now its time to pull the rip cord! See ya later with tomorrows picks.

Killing The Competition

(Rueters)-Goldman, the first major U.S. bank to report second-quarter results, said trading income nearly doubled from a year ago, while its equity underwriting business produced record revenue of $736 million. Goldman's traders thrived in an environment of wide price swings, robust demand and fewer rivals.

"There's less competition out there," Chief Financial Officer David Viniar told reporters in a briefing.

That puts the average Goldman employee on pace to earn more than $900,000 this year. Chief Executive Lloyd Blankfein, senior officers and star traders will likely receive tens of millions of dollars.

Paleeezze, families are having to live in tents out there and we get this "in your face" stuff. There aught to be a law ....

Tomorrows pick is long XLF @ 11.85 Good Luck!

Meredith covers up

Its Meredith Whitney's fault she is the one who put out the buy rating on Goldman Sachs that torpedoed the much anticipated plunging neckline. Here is the video if you don't believe me;

http://www.cnbc.com/id/15840232?video=1180792150&play=1

Once again a perfectly timed comment prevents the market from a total drop into the abyss. Boy if I was a conspiracy theorist hmmmmmm.....


Well so much for any new setups this news pretty much shredded any possibilities. See you tomorrow!

Ka Ching!

This is sweet I make money on my trade and my gas bill goes down. I took profits and ran on DUG @ 22.18.

Today's pick is TZA long @ 27.64 Good Luck.

Please dont blow our scam!

WASHINGTON (MarketWatch) -- Donald Kohn, the No. 2 official at the Federal Reserve, urged Congress on Thursday to respect the U.S. central bank's independence to conduct monetary policy.

In testimony on Capitol Hill, Kohn argued that greater oversight would hurt the economy by injecting politics into the process and unsettling financial markets.

"The insulation from short-term political pressures -- within a framework of legislated objectives and accountability and transparency -- that the Congress has established for the Federal Reserve has come to be widely emulated around the world," the Fed vice chairman said.

Lets see if I get this, we give you a trillion bucks and when we ask you where you spent it thats us being "political" and your defense is everybody is doing it. Gethro that dog don't hunt!

There was a whole lot of nuthin goin on today and our pick did not get filled. We even formed what the candlestick nerds call a doji! That means we had a tie in the tug of war between the longs and shorts. Could be a big day tomorrow and our pick is DUG long @ 21.56 Good Luck!

Or are you just happy to see me?

I can't believe I missed this on Monday, the grandson of the original Oscar Mayer died at the ripe old age of 95. He must have been a real hot dog because he requested that the Weinermobile NOT be present at his funeral which was apparently a relished family tradition. Sorry I couldn't help myself.


Well the neckline has definitely been cut so now the only question is how far down will we go in this correction. Overall it was a good day with our daily pick getting filled and making us some cash! Tomorrows pick is REW long @ 44.75 Good Luck.

Kaching!

FAZ filled this morning and now that we have dropped to a fairly strong area of support its time to cash in our chips. Take your money and go buy something it patriotic!

Stimulate This!

NEW YORK (Reuters) – U.S. stocks fell on Tuesday as talk of a second government stimulus plan stirred fears that the economy is far from well, raising the specter of an anemic second quarter earnings season.

A member of the Obama administration's economic advisory panel said the United States should plan to possibly provide a second round of stimulus funds to prop up the economy, implying that recovery is still far off.

When does this madness end? They haven't even finished spending the first round of your and my money. Will someone please make the voices in Barack "Gambino" Obama's head stop before I end up living in a refrigerator box. Time for "The French Revolution" the sequel don't ya think?

Well we appear to have slit the throat of the head and shoulders setup by closing below the neckline. Lets see if we get confirmation of the pearl necklace pattern tomorrow.

My Pick for tomorrow is long FAZ @5.40, back up the truck boys!

I am not a crook!

NEW YORK (Reuters) – A former Goldman Sachs computer programmer accused of stealing secret trading codes from the investment bank was being held in federal custody on Monday, pending the posting of $750,000 bail.

About damn time Goldman Sachs got robbed. They take billions of taxpayer dollars to bail themselves out of their crappy derivatives deals and they aren't even indited let alone have to post bail. See article at http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine/print


We touched the 200SMA on the S&P today and then creeped back up to close 2 points higher. We keep playing cat and mouse with this important moving average and a bunch of my wise guy friends are packing their parachutes for a big drop so be careful out there.

My pick for tomorrow morning is long SRS @ 21.79 Good Luck!

No rest for the weary

WSJ - As millions of Americans take to the road for the holiday weekend, a humble highway fixture is under attack.

Later this month, cash-strapped Virginia plans to barricade entrances and switch off the plumbing and electricity at nearly half its highway rest areas. Other states also are lowering budgetary axes on the public pit stops that have lined the interstate highway system since its creation in 1956.

Ok thats when I know things are really getting bad. Where else can you see the coolest things like this public grill at a Texas Rest Stop. What are we little people going to do. My wife and daughters heads will explode without rest stops (my sons will be fine any tree, bush, or bottle will do).

Looks like everyone ran out of acid today once the employment numbers came out. Hmm lets see, our economy is driven by 70% consumer spending, 7 million people are unemployed and not spending, the rest are scared sh*tless and not spending, thats not good. Duh!

The Dow dropped significantly below its 200SMA while the Nasdaq and S&P still hover slightly above. There was enough technical damage done today to fuel some good setups for next week so until then have a happy 4th and go buy something its patriotic!

The schnoz that roared!

Its sad to watch the great actors I enjoyed growing up fade away. We lost another one today, Karl Malden a good Chicago boy depicted here as Omar Bradley in the movie Patton. And who can forget that nose, it was a classic! No plastic surgery for these guys unlike the whimps and whimpets of today. There is a deep message buried there somewhere your job is to find it.

Well we literally ran up the mountain at the open today only to slowly roll back down to where we started by the end of the day. I see no new setups since we seem to be going sideways again. I think we need something big to take place to get us going in one direction or the other. Until that happens its nappy time.