06/28/2012 Live Update

[kongen]

Cheif Roberts allows the mandate as a "taxing" ipso facto vehicle. Big Brother is getting ever so more worisome.

In a bizzare way I look forward to the day they try to take away guns.

If Obama is re-elected I expect at least a 200% excise tax (to fund the war) on all ammo purchases and components.

We can only hope your expectations are met! And, as a physician, I thank Obama for having a healthcare plan at last! Imperfect, but a start.

[MrMiyagi]

I think gold and silver might have seen much better days.

[fehro]

longer trendlines... larger bear flag forming? if it breaks 1220ish? a sharp down move could be coming.

[Cobra]

QQQ is the weakest, guess it's because of aapl.

[Mr. T]

I think gold and silver might have seen much better days.

My Gold Chains look good everyday.

[traderessentials]

Cobra, How about GLD and SLV? More down, no? Aren't they both breaking down from huge descending triangles? Thanks

[gappy]

I think gold and silver might have seen much better days.

I read somewhere, sorry can't refer to, but that if we were to go back on the gold standard for currency, gold would be 7000/oz or so. China Central is scooping up all it can for all the right reasons and they are net short the dollar to boot according to a FT article. Smart plans!

[MrMiyagi]

My Gold Chains look good everyday.

YOU make them look good!

[Hardy]

Is it my imagination or did Cobra just post this on Monday:

"Please limit your discussion on trading related topics only.

You all know I could sell my intra-day calls for an expensive monthly fee, yet I offer it for free, on the condition that excepts the intra-day comment, it asks no more extra time for me to maintain the right atmosphere on the forum. So please no unrelated topics here. I really don't have time to judge who's right or wrong, I only know I have no time, so if I'm forced to do something, the action would be very rude without considering who's right or wrong at all. Thanks for your cooperation!"

I think it was in all red with big text.

Thank you

[Cobra]

the 3rd time testing the day low, aapl might break down.

[TraderGirl]

Among other indicators...watching Google...

[Petsamo]

as a physician, I thank Obama for having a healthcare plan at last! Imperfect, but a start.

It is so imperfect, more than a thousand Obamacare waivers have been distributed. What's good for the rest of the country is not good enough for Democrat constituents, unions, especially everyone in the three branches of the government.

[Cobra]

Cobra, How about GLD and SLV? More down, no? Aren't they both breaking down from huge descending triangles? Thanks

gold might test the previous low which also is a long term support.

[SWalsh]

I hope everyone is familiar with the increased taxes on everyone, but illegals, that will go into effect in January. Unless there is a stunning turnout from the Moral Majority (I think Nixon coinded that term) we might have a president for life.

The 1/4% trader tax that Europe wants and socialist government being elected? I have news for any day trader. You cannot trade with 1/2% of every trade you do is "taxed" to fund the bailouts. The mkts will die while "banks" get exemptions.

A lot of bad things just happened. And unless the republicans take both houses and can defund the "tax" that goes into this, if that is even possible, it's over. Socialism light, then socialism hard. Own stocks? No, sorry....won't do it.

didnt he refer to them as the " Silent Majority"

You're right...I might have confused Nixon with Jerry Falwell...

[ClarkW]

A long but interested read regarding gold/silver/goldminers: http://theshortsideoflong.blogspot.com/ ... date.html

[victorm]

I think gold and silver might have seen much better days.

I read somewhere, sorry can't refer to, but that if we were to go back on the gold standard for currency, gold would be 7000/oz or so. China Central is scooping up all it can for all the right reasons and they are net short the dollar to boot according to a FT article. Smart plans!

... and all paper money and $ 000's on stock market will become nothing.... ?

[SWalsh]

Posted this chart of SLV last night...

Yeah thanks TG, sold at open with tiny loss, I was hoping for higher inflation - lesson learned again - frontrunning is no no no and fundaments sucks
where is all that printed money btw? why is inflation so low? they are eating them or what?

never mind thanks senorita <3

Any mention or even a hint of QE and it will pop right back up though.

I'm not saying that handing the banks money to buy stocks doesn;t work, but all it does is build corrective patterns. They run out of money and the mkt tanks.

if you need Hussman's article I'll post it again. We are firmly in the Liquidity Trap. No amount of money will generate GDP. As they add more velocity slows. It only makes banks less insolvent.

[Al_Dente]

30 of the dow 30 are red

[SWalsh]

Is it my imagination or did Cobra just post this on Monday:

"Please limit your discussion on trading related topics only.

You all know I could sell my intra-day calls for an expensive monthly fee, yet I offer it for free, on the condition that excepts the intra-day comment, it asks no more extra time for me to maintain the right atmosphere on the forum. So please no unrelated topics here. I really don't have time to judge who's right or wrong, I only know I have no time, so if I'm forced to do something, the action would be very rude without considering who's right or wrong at all. Thanks for your cooperation!"

I think it was in all red with big text.

In almost a year you have 46 posts. Perhaps if someone hasn't posted 100 times in a year they should be dropped?

Go to the main menu and block everyone discussing Obamacare and its affect on the economy as you are unable to contain yourself from reading everything. You just want winning trades and chart work from others, it would appear. I had an EW count for ES going up....I was too busy writing this so it will stay only on my screen now.

[jarbo456]

if anyone cares...this is my good buddy's [GS Muni Bond Desk] read on the Stockton bankruptcy:

"Stockton is the latest headline. This one is pretty significant because it’s the largest city to file. (not bigger than Jeffco or orange county) but big nonetheless. What also makes it unique is that 366 days ago Stockton was rated A1. I think the market in general puts this in the Vallejo category. The one distinction tho is that Vallejo was largely caused by pension pressures, whereas stockton’s pensions were 89% funded as of 2010 (since they had done a pension obligation bond deal). I think obvi the next question is, “who’s” next……just like Vallejo, everyone is asking if there will be a whole wave of defaults. It really depends. Unfortunately, Stockton has no G.O. debt outstanding, and most of it’s bonds are Water, Sewer, lease backed, POBs, RDA/TABs, and Melloroos bonds. So with no G.O. bonds, we won’t get to see what happens in bankruptcy of bondholders vs. pensions, which was the same as Vallejo. Vallejo told us that pensions came out whole, lease backed bonds took a slight haircut, and OPEB got completely slashed. I would expect Stockton’s OPEB liability to get decimated. To me the lease backed and the POB debt is the most exposed hear, although with the caveat that I haven’t read through each lease document to understand the collateral/mortgage pledge/etc…….so it’s going to be hand to hand combat in the legal document trenches. Stockton Unified School Distrcit will probably get dragged down just via guilt by association, although they are completely different entities. At the end of the day, these events (Vallejo, Stockton) are really exposing the weakness of the cal lease structure (abatement risk, appropriation risk)……"