By John Galt September 12, 2011 – 21:30 ET Over at Business Insider the incessant cheerleader brought up the Baltic Dry Index (BDI) and why there was no discussion of the horrid depths of its current pricing levels. When one uses a chart for the current year only, it’s easy to manipulate opinion by stating “Gee willickers it’s at a year high! Obamanomics is working!” Reality? Uh, here ya go and the circled portions represent levels that are about 60-70% above the close today and…
By John Galt September 12, 2011 – 17:45 ET This 3 month weekly chart of “Spam” aka “gold” indicates that the strength in the move is still intact through last Friday. However, it does not, I repeat, not indicate today’s close which puts a dent in the can. One thing is for certain: Even a correction to $1650 per can, er, ounce, would be healthy unlike fried Spam in vegetable oil for the long term uptrend. If this is the true consolidation and correction that…
By John Galt September 12, 2011 – 09:30 ET Panic in Europe? Check. Malaise in America? Check. Incompetent central banksters in both regions of the world? Check. Short selling bans in Euroland? Check….(BRILLIANT!) All we need now is a catalyst like a major U.S. or French bank going Tango Uniform and we’ll be set up for a nice crashette. Except this time 2008 will be remembered as the “good old days”….. U.S. markets are down on the open but only slightly with light volume. Watch…
By John Galt September 12, 2011 – 08:45 ET B end O ver H ere It’s G reece A gain!!! The following charts are snapshots from Bloomberg.com. No comment is necessary other than the obvious and that is that default is officially priced into ever metric of the Greek economy. Greek Government Bond Acting as a 1 Year note: Greek Government bond acting as 2 year: And the less volatile but still record 10 year:
By John Galt September 12, 2011 – 03:30 ET Oh the bloodbath and brutality of it all… (all via YahooFinance) INDIA: HONG KONG: GERMANY: FRANCE: Oh, and the USD/EUR: Oh, and FYI, per breaking news on Bloomberg just 5 minutes ago: CDS in 15 European countries have hit the highest levels EVER. Lehmanpanic may now ensue………
By John Galt September 12, 2011 – 03:07 ET To quote a long time departed awesome friend of mine….. HOLY FLIRKINGSCHMIDT!! WOW, JUST WOWSERS….
By John Galt September 12, 2011 – 02:55 ET I kid you not. At this time of the morning would I mess with your mind? From Emirates 24/7: Keep your powder dry or buy Dubai real estate? How to strike gold when attractive house prices are hit by a global economic crisis By Shuchita Kapur Published Monday, September 12, 2011 As the Dubai market seems to have stabilised over the past few months, many potential homeowners sitting on the sidelines believe now is the time…
By John Galt September 12, 2011 – 02:10 ET Uh, this morning could get brutal….let the beatings commence… Just wow. This is getting ugly or I need to consume more cigars and adult beverages…. FTSE, DAX and CAC Seen Sharply Lower on Greek Debt Fears Published: Monday, 12 Sep 2011 | 1:54 AM ET FTSE -74 DAX -76 CAC -46 European stocks are expected to fall sharply at the market open on Monday amid renewed fears about the euro zone debt crisis. ian stocks traded…
By John Galt September 12, 2011 – 01:45 ET The Reuters story which just broke sort of freaks me out, I don’t know about you: Japan MOF official: financial mkt tensions have heightened 1:17am EDT TOKYO, Sept 12 (Reuters) – Tensions in global financial markets have heightened, a senior Japanese Ministry of Finance official said on Monday, noting that Tokyo is closely watching other countries’ sovereign debt situations. “This year has not been a good year for financial markets globally. Tensions have heightened considerably,” Chikahisa…
By John Galt September 12, 2011 – 01:30 ET It’s been a while since I’ve posted one of these so, what can I say? It’s an Electric Light Orchestra evening…(yeah, I’m old)…. Don’t worry, she’s asleep for now and it is a full moon. Man, I’m sick of the rain… Yeah, but I’m old school too… Hold on to your butts!!!! (and TIGHT TO YOUR DREAMS): Ah, my 1970′s favorite from the back of the LoveMachine…..(TMI, I know)…. Almost forgot some more favorites: Oh yes.…
By John Galt September 12, 2011 – 00:45 ET Bad real money, bad. Spank you I shall, spank you. Sigh. Yes, the stupid are now sending an S.O.S. And yes, much like one of my old talk show idols, ABBA does rock, IMHO. Then again so does Rush, Iron Maiden, and Mendelssohn, so please do not judge me by one video, LOL. The ChiComs realize the truth behind the gold reality tonight via China Business News: Contrarian analysis of gold sentiment is bullish Gold’s sentiment…
By John Galt September 12, 2011 – 00:25 ET Did your esteemed host and commentator suddenly hit his head and go nuts? No. In the long term, in other words, twenty years from now or longer, China is a direct threat to American world hegemony. In the interim it makes for a nice creature under the bed for long term strategic issues and of course, current Politik think in the U.S. The problem is that the American public is absorbed in an election year and…
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