Thursday, October 18, 2012

Google Implodes But Dow Ramps To Unchanged To Preserve Confidence

UPDATE: MSFT (-2.6%), MRVL (-9.2%), AMD (-2.5%), and CMG (-14%) all ugly after-hours
ICYMI - GOOG -8.1% weighed heavy on the entire tech sector which really needed little help after IBM and INTC's earlier disappointments. But while there was a caTECHstrophe there, when GOOG re-opened, algos ran wild and ramped S&P futures all the way back up to VWAP and GOOG made a valiant attempt to reach that mystical level also. But we should not fear, for reading too much into the fact that three of the world's largest tech companies are doing poorly is no reason to not BTFD and so it is that the Dow Industrials and S&P closed only marginally lower and Dow Transports had a green day (never seeing red). USD strength in the afternoon - as GOOG scared - pushed commodities down with silver doing worst and gold -0.77% on the week. Despite general equity weakness, Treasury yields limped higher in the afternoon now up around 17bps on the week. Oil round-tripped after dumping into the US open as weak macro data hit and then resurging on news that the Keystone pipeline would be closed to a few days due to 'anomaly'. VIX ended unch at around 15%. S&P futures are fading off VWAP after-hours.

CME Lowers E-Mini Margins

This is simply incredible. 40 minutes ago, just as the farce that is the market was in danger of not closing green despite the tech fiascoes from GOOG, MSFT, CMG, MRVL, AMD, MS, and all the others, we had one simple thing to say:
And sure enough, seconds ago...

Goldman's Take On GOOG: "We Await More Color On The Company's Disappointing Eesults "

The squid speaks...

Google Trading Resumes At $687

After a 2.5 hours halt, GOOG just reopened at $687 from its pre-halt close at $687.30 (from $755.40 close yesterday). QQQs implied an open around $650! Please note that $711 is VWAP - the algos will be looking for that...

What Did Goldman's Heather Bellini Know About GOOG That Noone Else Did?

44 analysts cover Google. 82% are Buys. Average Target Price is $811. The lowest and least herd-like was Heather Bellini of Goldman Sachs who has had a $660 price target (which is where GOOG is implied to trade currently) since 8/13/12. We wonder what Capstone's Rory Maher is thinking today with his $910 target?


Gold Daily and Silver Weekly Charts - It Never Gets Old

Why Apple will never bring manufacturing jobs back to the U.S.

Eric De Groot at Eric De Groot - 1 hour ago
Production will continue moving overseas because the US burden uncompetitive tax rates and government largess remain competitive only in cutting edge technology and agriculture. The US relinquished its "Made in the USA" for "Designed In The USA" label decades ago. In the not too distant future "Designed In The USA" will be replaced by "Consumed in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 

Bill Moyers Fact Checks Bill O'Reilly's Misinformed Demagoguery

Man Self-Immolates In Front Of Rome's Presidential Palace

Over the weekend it was not some disenchanted and long-suffering Greek, nor Irishman, nor even a Spaniard, but a German who burned and stabbed himself to death in front of the Reichstag in broad daylight. Moments ago, yet another country which has so far had been spared ritualistic (attempted) suicides, joined the ranks of places where people would rather take their lives than live under the oppressive European depression, when a 55 year man of Romanian origin and father of six, currently living in Pinerolo in Piedmont, set himself on fire in from the presidential palace in Rome, the Quirinale. As Repubblica reports, he was protesting the economic conditions and the lack of job opportunities. It appears that whereas Europe may be "saved" and PIIGS bonds are being bought for the time being, the monetary transmission mechanism is still certainly clogged up and the central bank's record liquidity is neither reaching the ordinary citizens of Europe nor, most certainly, the most political square in Rome.

Banker-Muppet M.A.D. Begins: JPM Cuts 2013 GDP By 1% Due To "Fiscal Cliff"

A month ago every single bank was delighted when Bernanke proudly announced QEternity. What they did not realize is that by doing so, and by "getting to work" as Chuck Schumer had previously requested of the Chairsatan, Congress suddenly has no impetus to do anything over the fiscal cliff, i.e., to lose face with the electorate by compromising over difficult fiscal issues, because, guess what, Bernanke is on top of it. After all look at the market - no risk is allowed ever again. Because since the Fed is now in charge the market, and of fiscal policy, why bother with protection or Plan B. The banks, however, know better, and know that without hundreds of billions in continued stimulus from D.C., the musical chairs game is about to end and the market will implode. Which is why the warnings of Mutual Assured Destruction (M.A.D.) were only a matter of time. Sure enough, here comes JPM with the first of many official GDP revisions (don't worry - JPM's Mike Feroli will promptly revise everything much higher if a fiscal cliff deal is done... some time in March long after the S&P has tumbled by 20% in a replay of August 2011), in which he sees the fiscal cliff now reducing 2013 GDP growth by 1%, up from the previous estimate of 0.5%, and specifically sees Q1 and Q2 GDP of 1.0% and 1.5%. And it's all downhill from there...

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Silver to benefit in India as festival season gets underway 

by Shivom Seth, Bullion Street:

Silver has been outperforming gold but with greater volatility. In India, the country’s largest commodity bourse, Multi Commodity Exchange of India (MCX) which launched a one kilo Silver futures contract at the start of October, has witnessed a bull run.
Officials say retail investors have shown high interest in the new offering as it enables them to take delivery of 1 kilo silver bar at lower margins, as compared to the earlier 30 kilo bars. Though the exact number of investors who have opted for the new contract was not immediately available, MCX officials said the timing of the new offering was ripe.
“We have the Navratri festival starting tomorrow, and given the beginning of the holy, pious period, many more investors are expected to get into silver futures and also buy silver coins to mark the occasion,” said Manikbhai Godhadia, bullion retailer.
Read More @


by Bruce Krasting, Bruce Krasting Blog:

Morgan Stanley did a write up on Apple. Not surprisingly, the firm likes AAPL. The deep thinkers at MS reckon the stock is going to be at $720 a year from today, up 11% from yesterday’s close.
I wonder what MS would have said if they had published this report three weeks ago when AAPL was at $703. Would it have set a $720 price target back then? I wouldn’t think so.
MS covers its ass with a range of outcomes over the next year. The upside surprise for APPL might be as high as $960, while the downside could take the stock back to $405. One could drive a truck through this range (and lose a fair bit of money in the process).
Read More @

Greyerz – Despite Manipulation, Swiss Gold To Become Money

from KingWorldNews:
Today Egon von Greyerz spoke with King World News about the, “… incredible amount of intervention and manipulation (in the gold and silver markets).” Greyerz, who is founder and managing partner at Matterhorn Asset Management, also spoke with KWN about an initiative to make gold money in Switzerland, “It is an initiative that will introduce a Swiss gold coin as a parallel currency.”
Here is what Greyerz had to say: “It’s ridiculous, Eric, what is happening now. There is an incredible amount of intervention and manipulation (in the gold and silver markets). I know you’ve had these superb interviews with the ‘London Trader,’ but just looking at the screen, at every important level, the gold and silver prices are being attacked and there is selling taking place.”
Read More @

Credit Ratings Now Irrelevant To Bond Markets?

by Jeff Nielson, Bullion Bulls Canada:
In our fraud-ridden markets, trivialities like economic fundamentals are no longer a factor in pricing markets. Rather, instead of “fundamentals” we now have patterns of manipulation: the direction in which markets are being pushed/pulled by the Western financial crime syndicate.
In this respect, we look to the corporate media propaganda machine not for information, but rather for clues on if/when a new pattern of manipulation is about to occur in a particular market. Here we have Bloomberg tipping us off that a new paradigm of corruption is about to take hold in Western bond markets.
Read More @

Armchair Planners Plotting Monetary Conflagration

by Pater Tenebrarum,
Ron Paul’s Foray Into Monetary Education
Readers may recall that Ron Paul once surprised everyone with a seemingly very elegant proposal to bring the debt ceiling wrangle to a close. If you’re all so worried about the federal deficit and the debt ceiling, so Paul asked, then why doesn’t the treasury simply cancel the treasury bonds held by the Fed? After all, the Fed is a government organization as well, so it could well be argued that the government literally owes the money to itself. He even introduced a bill which if adopted, would have led to the cancellation of $1.6 trillion in federal debt held by the Fed.
Paul argued that given the fact that the Fed had simply created the money to buy the bonds from thin air, no-one would be hurt by this selective default. Moreover, he reckoned that this would likely neuter the Fed and make it less likely to manipulate the money supply in the future – if it could no longer rely on the treasury honoring its debt, there would be no point in buying more of it. He also considered the Fed’s ‘exit’ talk to be spurious: the inflation of the money supply its bond buying had inaugurated would likely never be reversed anyway (we agree on this point).
Read More @

The Spin: Iran Renews Internet Attacks on U.S. Banks

[Ed. Note: The Reality: When the criminal banking elite takes the banking system down, they're going to blame Iran thereby absolving themselves of their enormous and endless list of financial crimes. Either way, your money will still be gone.]
Officials Blame Tehran for Sophisticated Disruptions of Capital One and BB&T Websites; More Strikes Planned Thursday
from Wall Street Journal:
Iranian hackers renewed a campaign of cyberattacks against U.S. banks this week, targeting Capital One Financial Corp. and BB&T Corp. and openly defying U.S. warnings to halt, U.S. officials and others involved in the investigation into the attacks said.
The attacks, which disrupted the banks’ websites, showed the ability of the Iranian group to sustain its cyberassault on the nation’s largest banks for a fifth week, even as it announced its plans to attack in advance.
U.S. officials said the attacks against banks, and others against Middle Eastern energy companies, were sponsored by the Iranian government …
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American’s Dependent: Welfare is single largest budget item in FY 2011: $1.03 TRILLION

by Caroline May, The Daily Caller:

The government spent approximately $1.03 trillion on 83 means-tested federal welfare programs in fiscal year 2011 alone — a price tag that makes welfare that year the government’s largest expenditure, according to new data released by the Republican side of the Senate Budget Committee.
The total sum taxpayers spent on federal welfare programs was derived from a new Congressional Research Service (CRS) report on federal welfare spending — which topped out at $745.84 billion for fiscal year 2011 — combined with an analysis from the Republican Senate Budget Committee staff of state spending on federal welfare programs (based on “The Oxford Handbook of State and Local Government Finance”), which reached $282.7 billion in fiscal year 2011.
The data excludes spending on Social Security, Medicare, means-tested health care for veterans without service-connected disabilities, and the means-tested veterans pension program.
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America’s ‘Bread Lines’: Welfare Spending Jumps 32% in 4 years, Nearly 47 MILLION Americans on Food Stamps

by Stephen Dinan, Washington Times:
Welfare spending has grown substantially over the past four years, reaching $746 billion in 2011 — or more than Social Security, basic defense spending or any other single chunk of the federal government — according to a new memo by the Congressional Research Service.
The steady rise in welfare spending, which covers more than 80 programs primarily designed to help low-income Americans, got a big boost from the 2009 stimulus and has grown, albeit somewhat more slowly, in 2010 and 2011. One reason is that more people are qualifying in the weak economy, but the federal government also has broadened eligibility so that more people qualify for programs.
Sen. Jeff Sessions, the ranking Republican on the Senate Budget Committee, who requested the Congressional Research Service report, said it underscores a fundamental shift in welfare, moving away from a Band-Aid and toward a more permanent crutch.
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Your Vote Still Doesn’t Matter 

by Douglas French, Laissez Faire Books:

I hit a nerve whenever I write about voting and democracy.
Point out the sheer lunacy of the civic religion and a certain group of readers will blow their stacks, sending back long emails stuffed with long words, calling me things like “intellectually vacuous” and insisting I’m full of “self-aggrandizement.”
Such is the case with an email from Laissez Faire Today reader B.R., who says he doesn’t normally like to start his criticisms with name-calling but believes the idea of not voting is “so astounding” that it “requires an equally strong tactic to stop its momentum in its tracks.”
I hate to break it to B.R., but the nonvoting train left the station a long time ago. For the last 50 years, 40-50% of eligible voters have chosen to stay home on presidential Election Days. President Obama’s campaign in 2008 actually pumped life into the election process.
Read More @

Silver and Gold Price Action – Winter Outlook 

from Wealth Cycles:

As markets never go anywhere in a straight line we have been licking our chops to explain to readers the small pull-back in silver and gold following a rally out of the summer consolidation period on new printing. Here is our projection for where we will head through early 2013 and why.
On July 17 veteran fund manager Marc Faber warned that investors “may lose up to 50 percent of their total wealth,” and said that “gold is oversold near-term” after observing two months of consolidation under the 1650 pivot point. For GoldSilver Insiders, Mike Maloney published videos at during the consolidation period, in which he said that “it is getting more bullish for gold and silver,” after commenting on the demoralized sentiment.
Citing little new web-based curiosity, Mike quipped that the “bull market hasn’t even gotten going yet,” despite gold’s actual rise ever since 1934, from twenty bucks an ounce to where we sit today.
Read More @

15,000+ Greeks Take to the Streets: “The time has come to overthrow these policies”

by Graeme Wearden, Guardian:
Back to Greece. Unionists have told Helena Smith that the turn-out for today’s demonstrations was much bigger than the mass rallies held last week to protest a visit to Athens by German chancellor Angela Merkel.
Tania Karayiannis at ADEDY, the civil servants’ union, told Helena:
In Athens the turn-out was huge. We estimate that there were well over 80,000. People weren’t afraid this time to come down town which they were when the police turned out in force for Merkel.
In Greece’s northern capital, Thessaloniki, about 15,000 took to the streets, Karayiannis said, adding:
Greeks are becoming increasingly conscious of what is happening and it was especially noticeable that the main slogan today was ‘the time has come to overthrow these policies,”
Read More @

Izzy Friedman: What Now For the Price of Silver?

from Gold Silver Worlds:
It has been quite some time since my good friend and silver mentor, Izzy Friedman, has written something about silver. Devastated by the loss of his wonderful wife of 56 years, Gabriella, Izzy withdrew from his daily silver market observation and our telephone conversations in order to restructure his life around family and travel and contemplation. We have started to talk more frequently and he agreed to write something.
For those who may not be familiar with Izzy, it was a personal challenge from him to me almost 30 years ago that started me on my own silver journey. Back in 1985, Izzy asked me how it was possible for a commodity that was being consumed in greater quantities than was being produced could fail to rise in price, as was dictated by the law of supply and demand. There was no doubt that silver had been in a consumption deficit for decades, depleting world inventories all along, yet the price went nowhere. I could not answer his question, but was determined to do so. It took me a year to discover that the price was artificially depressed by excessive and concentrated short selling on the COMEX.
Read More @

FEMA Earthquake Drill Masks Public Training for Potential Premeditated Disaster

by Susanne Posel, Occupy Corporatism:
Last week, the Federal Emergency Management Agency (FEMA) released a statement alerting residents that on October 18th at 10:18 am (EST), on the Southeast coast of America, there would be an earthquake drill wherein 1 million residents over 5 states would be participating.
States such as Georgia, South Carolina, North Carolina, Virginia, Maryland, and the District of Columbia will collaborate with “schools, businesses, organizations, government agencies, communities, and households” as well as “many other local, state, federal and volunteer partners.”
All across the US, participation will include:
• California
• Nevada
• Oregon
• Washington State
• The Southeast Region
• Arizona
• British Columbia
Read More @

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