Geezus..as the Dow ticks down -195 pts, the corrupt criminal...
...Phil Gramm opens Greenspan's remarks with sickening ass-kissing praise for 'the greatest central banker in the history of the world.'
GAG ME WITH A SPOON.
Re the post from Raging Bull:
Geez...there's a lot in it...much of which I have no rational base of experience to actually have and opinion.
Some items, though, I feel I can comment on. All strictly MO, of course.
1. Crooked CEOs. LOL!! How can there be any doubt?
2. Blaming 'those evil hedge funds.' -g- Along the same lines as blaming 'those evil shorts.' I think the poster hits on a small aspect of the REAL 'evil,' which is off-shore incorporation in general, specifically to evade paying the U.S. government taxes. Although, the investment bankers (i.e. KPMG, Sol Smith Barney, etc) appear to have perfected sheltering wealthy clients in fraudulent ways. I need to see more about that as it was just this week that the subject, complete with names (LOL!! including CA Republican gubernatorial candidate Simon, correct?) of clients they've helped evade taxes.
3. "Temp-ing is the employment wave of the future?" Yes, yes.... YES. I envision conversations like thke this taking place RIGHT NOW over dinner tables in millions of households that contain college students and recent graduates." "What are you thinking of majoring in, son?" "Well, Dad, anything that can get me into a good temporary employment situation that will pay me enough throughout my life to pay for my own health care insurance, in addition to my housing, food, vehicles and the obligatory vehicle insurance, income tax, and self-funded pension. Think that about covers it?" "What does temping PAY these days, son?" "Well, it's all over the board ... like, if you're an MSEE, if you can find a high technology "innovator" that's even solvent, you migh luck out competing against 1,000 applicants for each position that pays maybe 20 bucks an hour."
-g-/-ng-
My rather "micro" views about market manipulation have gelled rather recently following the QQQs intersively as I've been trading puts on it since about April.
Beginning last Thursday, I noticed a distinct 'disconnect' between the movement of the QQQ equity with the overall Nasdaq. The QQQs, as you know, is comprised of the LARGEST Nasdaq franchises. That was the day of the evening when "good ole DELL" refreshingly "surprised" the markets with typical, timely (rather, well-times) aplomb that "things are looking up." "Reaffirming earnings," like . <snicker>
DELL, as I believe is common knowledge except among those die-hard sheep still-longs who cling to former 'Dellionaire' memories with a death-grip 'hopefulness,' operates a subsidiary run by Michael Dell's brother that,
essentially, functions as an 'in-house investment banking' function. (MSFT, INTC, CSCO also do similar)
Besides making (alleged) investments in small, promising other tech firms during the boom (like RBAK, Vignette, etc), the traders speculate big-time on options on DELL stock itself. Trading derivatives on DELL stock itself made up a large portion (still does, to my knowledge) of DELL's stellar quarterly income/earnings statements. I heard about two years ago (probably through SI here) that the company made more selling puts on its stock than it did selling computers.
DELL reports such 'income' as part of that mysterious black hole of 'pro forma' earnings, I believe.
SO, DELL knows very well that, besides the power (former?) of its might during the 90s golden era run to move the markets, it can PROFIT from actually 'moving the markets' by the trading of deriviatives.
I'm still seeing the Nasdaq behaving oddly this week ... while the DOW is taking -1000 point losses, the Nasdaq is strangely bound in a tight, tenaciously 'stubborn' range.
Because this is July options expiry week, and because of what I fell is this odd resistance of the Nasdaq, and bercause the INTC ramp I expected yesterday to continue today ... and it ain't happening ... I'm going to stay out altogether this week. I unloaded my most recent batch of Aug 27 QQQ puts yesterday, .30 too early, but by the end of the day, proved to be a good move. I had to hold those for one excruciating month to get a bit more than a double. It's not something I can do very often because it requires watching every tick every day.
Thank you for asking what I think about markets, Karen. There are so many other people who know somch more than I do, but with dogged determination, I am learning. I think experience is the ticket. Learn the hard way.
The CFZ is the best board on SI, IMO, to learn the really valuable financial 'stuff,' -g- to borrow a Bushistic style term.
Have a good day, Karen!
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