Tag Archives: indu

Still in the frying pan…

Posted on Jul 25, 2011 by WHC Bassetti.

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We crawled out of our nuclear fallout shelter, blinked in the sun and said — how about that.  They haven’t destroyed the market yet.  We immediately rushed out and bought gold to hedge our risks.  And thanked the market gods that they gave us a chance to do this.  Mamon akbar!  Mamon akbar!  (As everyone knows — or should know — Mamon is the god of the markets.)

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Treachery — in Washington? — in the market?

Posted on Jul 22, 2011 by WHC Bassetti.

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We have remarked on the unreliability — treachery if you will, or false signals — that are inherent in mule –or sideways– markets.  This may be seen at e above where the new high was quickly turned back on what should have been an acceleration.  That line, from March 09 is crucially important.  While broken the market can nullify the break by powering upward, which it appears from the past few weeks it was attempting to do.  The line from March 09 is now a resistance point.

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Charlie Brown kicks football…

Posted on Jul 20, 2011 by WHC Bassetti.

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So far readers and traders who have followed Variant 1 of the Basing Points procedure are sitting in the catbird seat and enjoying the naked mud wrestling going on here.  Meanwhile we, being inveterate football players cannot resist when we see Lucy tee up the ball.  We have to kick it, and did going long the indices yesterday.  Don’t do this at home.  A power bar like that makes us think that some smart money talked to Mitch McConnell and got the word that a deal is on for the debt limit.  But don’t worry.  While “revenue” will be “enhanced” no “taxes” will be raised.  Have any of our readers read Orwell’s 1984?

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Disbelief and denial… not just a river in Egypt…

Posted on Jul 16, 2011 by WHC Bassetti.

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The market is sailing blithely on both — the Nile of disbelief and on denial of reality.  This may be no surprise.  After all when college educated (?) politicians deny climate change science and act like abstinence will solve the problem of  teen age sexuality who would expect them to be attached to reality when it comes to the country’s financial problems?

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Too late to hedge?

Posted on Jul 10, 2011 by WHC Bassetti.

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We were of two minds about Friday’s action.  Our rational mind said, a natural reaction to a surging upwave.  Our irrational and paranoid mind (which got reinforced Sunday) was it looked funny.  Today, Sunday, the Times reports that Boehner has thrown in the towel on a deal with the White House on the debt ceiling– says he can’t pass a deal with “tax increases”  (thought we were going to call them “revenue enhancers”).  Whatever we call them it’s not going to happen, which means we are one day and one giant step closer to default.  The market which has been blithely speeding across the bridge to nowhere should at this point throw up convulsively at the prospect (increasingly likely) that economic troglodytes will allow the most powerful and richest country on earth to act like Greece (Ireland?  Iceland?  Portugal?  or worst of all, like Italy (viva Berlusconi — what a macho!))

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