Is Ben Bernanke an Idiot, Dumb, & Ignorant?

[thalestrader 14]

...Currently, we are down for the past 7 weeks ... how's that going now? Looks very close to 9% lower that the early September recent top to me. Let me see ... that represents a sheer wastage of about $180 billion, but I am using an old Canon calculator, so could be anything!

 

That would have gotten a lot of American homeless (formerly mortgage owners) out of the parking lot camps!

 

...I hear what they say, but I see what is happening.

 

Markets go up and markets go down. No one ever said price would move in a simple moonshot. Based upon recent price action, there is a better that 50% probability that the recent correction ended on Friday morning. If so, then we are either seeing a resumption of the bull market that began in 2009, and new bull market highs near the prior all time highs are in the offing; or we are in a bear market, and the ensuing rally is a correction of the new downtrend, which means price will likely retrace 50-100% of the decline from the September highs.

 

Since the Fed is still buying 40 billion/month, I would bet that a resumption of the bull rather than a mere bear market rally holds an edge at the moment.

 

The money the Fed has spent has been spent on behalf of the country as a whole. Had the moeny instead been spent on direct aid to overextended borrowers, the benefits would likely have been limited to those individuals, and would probably not have redounded to the nation as whole. Faced with the choice of saving John Doe's house or saving several thousand jobs (and thus helping several thousand others keep their homes) was the better bet.

[SIUYA 11]

Also has the money actually been spent?.....or is a lot of it taking potentially bad debts which might actually be paid off, retiring old debt and freeing up the system. A lot of it is underwriting the system rather than being spent.

 

FWIW - the worst thing to come out of it was that many people have been bailed out that should not have been - homeowners, industries, banks (but then if it did not happen then would the mess be worse?) and that they are continuing to do the same idiotic mistakes (and why would you blame them)

I think there was (and still is) and opportunity to fix the whole too big to fail and moral hazard that has been created before the next blow up really is too big, and for that I think it is more than Mr B alone has control over.

 

As for the markets - yep - they go up and down.....have a look at the Chinese markets - how much growth have they had since 2001 - where were they in 2001. (I know there are many varying different reasons - but its just an example)

[Ingot54 13]

Markets go up and markets go down ... probability that the recent correction ended on Friday.

If so, then we are either seeing a resumption of the bull market ... or we are in a bear market,

and the ensuing rally is a correction of the new downtrend ... price will likely retrace 50-100%

of the decline from the September highs.

 

Since the Fed is still buying 40 billion/month, I would bet that a resumption of the bull rather

than a mere bear market rally holds an edge at the moment.

Thales - thank you for your well-reasoned debate. It would be too petty ... even for me ... to pick apart

everything you said because there is a 50% chance that you are right, even though your bets seem to

be hedged.

 

I have sorted through all the qualifying conjunctions ... if/then ... either/or ... and so on ... and it just

shows that no one really has any better chance at sorting this from our side of the ledger, other than

a probability of this/that.

 

Even then, the market will have its dog-leg moments to prove everyone wrong.

 

The greatest indicator for traders, is to understand sentiment imho ...and I can't do that.

 

Bernanke thinks he knows how to boost positive sentiment ... or the FOMC collectively is trying very hard

to do that. History will show whether the committee was correct to bail out the big banks or whether it

would have been wiser to simply let them go.

 

I want to point to occasions in (recent) history where nations have defaulted on debt - I think from

my readings of the Daily Reckoning Argentina has gone under once or twice, and is bobbing around now

for their next default. Russia had some very serious defaults and currency devaluations near the end of 1980's.

 

The sky did not fall in ... though these nations do not hold Reserve Currency status, and could not print

their way out of their debts - a luxury the consumer state (USA) is enjoying at the expense of others.

If the USA collapses, no one knows whether that would be good or otherwise - it wouldn't be nice in the short term

 

Finally, what about Iceland?

 

The people revolted: Max Keiser: Who Could Have Predicted Revolution in Iceland?

 

It's not that straight forward, of course ... but the people are demanding their bankers be held to account.

There may well be certain interests in the USA who hope that the Icelandic pox is not contagious.

 

Imagine if justice were to be done?

 

Who would do God's work then?

 

Lloyd Blankfein Says He Is Doing "God's Work" - Business Insider

[Ingot54 13]

Interesting quote from "The Daily Reckoning" today (Australian version) from Dan Denning:

Our own view is that everyone is basically front running QE right now. If more easy money

isn't promised soon, the stock market is going lower.

 

The stock market isn't really a market anymore. It's been corrupted by the Federal Reserve.

Ben Bernanke is now portfolio manager to the world. His prize for keeping the system

afloat is that the public retains tepid confidence in the US dollar as the world's reserve

currency.

 

The markets have certainly changed - what with QE to the nth ... PPT ... algorithmic

participation .... but the reality is ... they stay the same ... like human nature.

 

And the players - still after the same things that attracted them to trading ever since the

first farmer realised he had grown too much rice this year ... or the since the oldest

profession was established so that demand could be met with supply!

[MightyMouse 12]

Interesting quote from "The Daily Reckoning" today (Australian version) from Dan Denning:

Our own view is that everyone is basically front running QE right now. If more easy money

isn't promised soon, the stock market is going lower.

 

The stock market isn't really a market anymore. It's been corrupted by the Federal Reserve.

Ben Bernanke is now portfolio manager to the world. His prize for keeping the system

afloat is that the public retains tepid confidence in the US dollar as the world's reserve

currency.

 

The markets have certainly changed - what with QE to the nth ... PPT ... algorithmic

participation .... but the reality is ... they stay the same ... like human nature.

 

And the players - still after the same things that attracted them to trading ever since the

first farmer realised he had grown too much rice this year ... or the since the oldest

profession was established so that demand could be met with supply!

 

There is an uncanny and positive relationship between earnings and corresponding stock prices.

 

The above quote by denning would be true if stocks were rising without an improvement in earnings, but that is not the case; earnings continue to improve.

 

Fed policy is to add support to asset prices which makes it easier for corporations and individuals to borrow money, refinance, etc.Ideally, with higher asset prices, corporations can more easily borrow, invest in factories, plants, and create jobs. Lots of room for improvement if the US has a congress that is willing to work with the White House.

 

There is plenty of capital available to those who have the ability to pay it back

[Ingot54 13]

There is an uncanny and positive relationship between earnings and corresponding stock prices.

 

The above quote by denning would be true if stocks were rising without an improvement in earnings, but that is not the case; earnings continue to improve.

Hmmm. Do you have a data source that supports that?

 

All I have is the data released on the Forex Factory Calendar, and it doesn't look like that at all.

 

The data leading up to the election has been positive ✓

 

Since the election there have been a string of shaky releases, but one swallow doth not a summer

make! So this will take time to evolve, and hopefully you will be proven correct. We need both

a recovery and a cleansing. Only a sadist would wish to see any form of collapse (and there are

plenty of those!)

 

.......................................................PREVIOUS .................... NOW

 

Core Retail Sales m/m ................... +1.2% .......................... -0.0% x

PPI m/m ......................................... +1.1% .......................... -0.2% x

Retail Sales m/m ............................+1.3% ........................... -0.2%.x

Core PPI m/m ............................... +0.0% ............................ -0.2% x

Business Inventories m/m ............. +0.6% ............................+0.7% x

Unemployment Claims ................... 361k .............................. 439k x

Philly Fed Manufacturing Index ..... +5.7 ............................... -10.7 x

TIC Long-Term Purchases ............ 90.38B ........................... 3.3B x

Capacity Utilization Rate ............... 78.2% .............................77.8% x

Industrial Production m/m ............. +0.2% ............................ -0.4% x

 

There is certainly room for improvement - but there is a dangerous assumption here - that the numbers

reflect the truth.

 

Why wouldn't the numbers be truthful? To instil confidence that a recovery is imminent, and it just might

work, if enough retail sales/exports can flow through to higher employment and increased demand.

 

I mentioned that I am an armchair observer. I really have no idea what is going on here, but one has to

be aware of sites like Shadow Government Statistics - Home Page when considering what might be going on.

 

Does anyone really believe that prices have only risen by 2% lately??? The compounding

effects of dickied figures can produce a vastly different number than the reality felt in the consumers

pocket-book.

 

Those on minimum wages could tell you a different story from the perception of the affluent, who

are largely insulated from rises in the costs of accommodation, food, gasoline, fees and charges.

 

Of course, no one regards themselves as "affluent" any more, so we should all be in agreement

that yes, prices are rising faster than the official figures seem to indicate.

 

Thoughts?

[MightyMouse 12]

Hmmm. Do you have a data source that supports that?

 

All I have is the data released on the Forex Factory Calendar, and it doesn't look like that at all.

 

The data leading up to the election has been positive ✓

 

Since the election there have been a string of shaky releases, but one swallow doth not a summer

make! So this will take time to evolve, and hopefully you will be proven correct. We need both

a recovery and a cleansing. Only a sadist would wish to see any form of collapse (and there are

plenty of those!)

 

.......................................................PREVIOUS .................... NOW

 

Core Retail Sales m/m ................... +1.2% .......................... -0.0% x

PPI m/m ......................................... +1.1% .......................... -0.2% x

Retail Sales m/m ............................+1.3% ........................... -0.2%.x

Core PPI m/m ............................... +0.0% ............................ -0.2% x

Business Inventories m/m ............. +0.6% ............................+0.7% x

Unemployment Claims ................... 361k .............................. 439k x

Philly Fed Manufacturing Index ..... +5.7 ............................... -10.7 x

TIC Long-Term Purchases ............ 90.38B ........................... 3.3B x

Capacity Utilization Rate ............... 78.2% .............................77.8% x

Industrial Production m/m ............. +0.2% ............................ -0.4% x

 

There is certainly room for improvement - but there is a dangerous assumption here - that the numbers

reflect the truth.

 

Why wouldn't the numbers be truthful? To instil confidence that a recovery is imminent, and it just might

work, if enough retail sales/exports can flow through to higher employment and increased demand.

 

I mentioned that I am an armchair observer. I really have no idea what is going on here, but one has to

be aware of sites like Shadow Government Statistics - Home Page when considering what might be going on.

 

Does anyone really believe that prices have only risen by 2% lately??? The compounding

effects of dickied figures can produce a vastly different number than the reality felt in the consumers

pocket-book.

 

Those on minimum wages could tell you a different story from the perception of the affluent, who

are largely insulated from rises in the costs of accommodation, food, gasoline, fees and charges.

 

Of course, no one regards themselves as "affluent" any more, so we should all be in agreement

that yes, prices are rising faster than the official figures seem to indicate.

 

Thoughts?

I meant corporate earnings in my post. Eanings have improved. to stimulate the economy in a meaningful way, Congress has to do more than try to win the next election

[Ingot54 13]

I meant corporate earnings in my post.

Eanings have improved. to stimulate the economy in a meaningful way, Congress has

to do more than try to win the next election

Cheers mate - agree.

 

If there is to be a recovery at all, it needs to be felt in the experiences of ordinary folks

who are the driver of consumption.

 

Sometimes I feel the politicians need to move aside and just let people do what they did

long before lobbyists, influence groups and campaign donations (bribery) became the

accepted modus opperandi.

 

Are we being crushed by red tape and over-regulation?

Is the nanny state now a part of our lives?

Maybe big-brother paranoia is stifling production and business too?

 

Maybe the terrorists have won - Americans are now too scared to blink, unless they have

passed through every magnetic field and every scanner and x-ray machine available.

 

It just adds cost to business ... wastes time ... paralyses and emasculates enterprise.

 

Long ago the terrorists said: "Our work here is done. We move on now."

Yet the world is still subjected to the knee-jerk affects of that terrible day, and business has

been paying for it ever since.

[Ingot54 13]

There is an uncanny and positive relationship between earnings and corresponding stock prices.

 

The above quote by denning would be true if stocks were rising without an improvement in earnings, but that is not the case; earnings continue to improve.

It might be just a stray thought, but I was wondering why the fed needs to stimulate to the tune of billions ... if "earnings continue to improve"?

 

If the stock market is bounding away to the tune of 1% for every $20bil of stimulus money ... why do we need stimulus at all?

 

Since the average American beating heart is on the hook for around $50,000 for their share of the $16tril debt ... meaning the average taxpayer in on the hook for about 3 times that ... what will happen if the deficit rises to around $22tril ... as mooted by some?

 

Is it fair that just because some poor unfortunate child happens to be accidentally born in the USA, he is immediately responsible for $50,000 of that sovereign nation's debt?

 

Wouldn't it be better for all the mothers of America to give birth countries like Norway, Singapore etc, who don't have budget deficits, and have not for a decade or more?

 

That would be the humane thing. Of course Singapore and Norway don't go around starting wars on other people's turf, which might explain why no one feels the need to take the piss out of them (hit back) ... and they manage to save money.

 

These nations are actually have far more intelligent leaders than the average US political corrupt representative, placed in power by the corporate elites. Sorry ... "voted in... "

 

Australia is no different from the USA - we are their lap dog ... and just a couple of years behind in the development to that level of corruption.

 

No wonder there are a handful of secessionists wanting to get out of the Union!

 

They made their bed with the rest - where was their voice when the attacks on Vietnam, Iraq, Afghanistan were going on?

 

What did those wars cost, and who were the US corporations that benefited from those (Dunlop Rubber Company in Vietnam? ... Haliburton in the Middle East? ...)

 

I guess the average citizen in the USA would like to have those war dollars back about right now! Americans really have no control over their "elected" representatives. If they think they do, they are deluded. One side is spending on social welfare like a drunken sailor, and the other side wants to spend on warfare like a drunken sailor.

 

Let's hope these two sailors never decide to act together :rofl:

 

Nice to get something off one's chest :missy:

[MightyMouse 12]

It might be just a stray thought, but I was wondering why the fed needs to stimulate to the tune of billions ... if "earnings continue to improve"?

Ingot54,

 

Most corporations in the S&P are multinational corporations. A great deal of what they produce does not begin and end in the USA. Forcing money into markets (via holding interest rates lower) increases stock prices and capital ratios which allow corporations to borrow more. The can borrow to refinance old debt at lower rates ( increasing earnings), they can borrow to invest in factories, which is not happening in the USA; hence, the stubborn UE numbers in the US. The improving earnings is certainly good, but it alone won't provide us the stimulus that we need to get back on track.

 

If the stock market is bounding away to the tune of 1% for every $20bil of stimulus money ... why do we need stimulus at all?

 

 

I think Thalestrader was referring to Fed purchases of securities and not direct stimulus money. As above, the purchases increase demand for govt bonds and mortgage bonds and hold down interest rates.

 

We do need a cooperative congress to address the much needed fiscal stimulus that would, yes, increase debt, but put money to work in the right places to provide the stimulus to improve economic conditions.

 

Since the average American beating heart is on the hook for around $50,000 for their share of the $16tril debt ... meaning the average taxpayer in on the hook for about 3 times that ... what will happen if the deficit rises to around $22tril ... as mooted by some?

 

Is it fair that just because some poor unfortunate child happens to be accidentally born in the USA, he is immediately responsible for $50,000 of that sovereign nation's debt?

 

 

In very few other countries can you be called poor and have cable tv, a cell phone, a 50 inch tv, an xbox and $120 Nikes and have all the healthcare you need to save you from your poor eating habits. The US is a great place to be poor.

 

Throughout the history of mankind you can count on one hand the times that govt debt has been paid off ( not refinanced or defaulted to a lower amount). Given our record in foreign affairs, why would you ever think that the US would set a precedence and be of the few to pay off the debts it owes?

 

It is all smoke and mirrors or, at this level, fog and haze.

 

 

MM

[Ingot54 13]

Not too sure I can accept that.

 

Had the US NOT been running deficits since 1969 - the year Neil Armstrong got moondust on his size 11's - there might have been something in the cupboard to loan out.

 

In Australia our conservative government put money in the bank - enough to fund quite a lot of the pensions for the retiring public service employees as needed.

 

Today, that's gone, on balance. Our socialist, wonderful treasurer here these days, who drinks the same Kool Aid as Bernanke has been spending about $105mil/day. Now the country needs to find $20mil/day to service our debt.

 

I don't buy that it ok because as a % of GDP it is small change. Ask Americans if they would like to have their debt paid off now, and have their pensions funded for the future.

 

At some stage the bond-holder is going to get nervous. Ask Japan how it is working out - they have been stimulating since the stock market correction from a peak of around 39,000 points in 1990, to today's figure of around 9,350 points.

 

Just ask Greece if deficits matter. Ask Spain. Ask France ... in fact ask ANY nation that does not have the privilege of holding the status of reserve currency of the world, and see what they tell you about debt.

 

The USA is cocky about it because they can print their way out. But they are doing it slowly, so as not to startle the horses. Bond holders are taking a haircut , and there is nothing they can do about it. Inflation (the real number) is killing their capital while it is tied up in "safe haven" US Bonds.

 

And in spite of printing (QE I ... II ... III ... ) I am yet to see the exit - there is NO "way out."

 

Like Greece, at some point they are going to have to come up with the folding stuff. China is not going to accept a default on US debt lying down. The Chinese workers have not laboured for the past 10 years so Americans can have a free ride on the consumer wagon, and not pay for their consumption.

 

If debt is only smoke-and-mirrors ... fog-and-haze ... whyare the Europeans getting in a lather about countries that can not pay?

 

How is the USA any different?

 

They are not - and I feel sorry for anyone who thinks "she'll be apples", because when the Austerity fairy comes along to tap Americans on the shoulder ... she will be bringing the Smack Fairy with her.

 

And there will be war. And I do not expect America to win the next one - recent history has shown that there are wars that can not be won. If what we have in Iraq and Afghanistan is "victory" (GWB declared victory in Iraq on the deck of the AC Carrier "Abraham Lincoln" in a war that was never declared) then get ready for a very unhappy "peace."

 

If we do not live within our means, at some point we will be forced to meet our commitments - it's that simple. Anyone who thinks otherwise is reading Aesop's wonderful works!

Borrowing More Debt

 

Beware the Dumb US Deficit Deniers

 

Americans have been too smug for too long - I think something will cause them to wake up in due course - and I hope it is not too uncomfortable for them.

[MightyMouse 12]

 

Americans have been too smug for too long - I think something will cause them to wake up in due course - and I hope it is not too uncomfortable for them.

 

Don't mistake my post as saying debt is Ok or no big deal. No matter which way you look at it, we are acting irresponsibly.

 

I completely agree that at some point we are going to be forced to end the music. I do, however, suggest that the band won't get paid as much as they were promised.

[Ingot54 13]

Cheers MM.

 

But the more I read about Bernanke, the more I am convinced he is some kind of circus freak.

 

Even more so ... the people who believe him, without question.

 

Indeed, I go so far as to state openly, that anyone who believes that BS Bernanke has any clues in the issues he helped create, and until now pretended to control, is as pitiable as he is.

 

Remember his brash statements when the sub-prime crisis first hit? He had ignored the warnings of people like Marc Faber and Peter Schiff who had observed and warned of the housing bubble, created entirely by the low interest rates of the Fed.

 

Firstly he hosed down the idea of a crisis - even before Bear Stearns went belly-up. Then when it was clear to even the dogs barking it, he said "it will be contained - there is no need to panic." His anti-inflationary credentials were even more widely vaunted and distributed by the press, and he was portrayed a some kind of financial messiah ... a fiscal genius who would do whatever it takes to "save the world."

 

Ben Bernanke, the Fed, and the financial crisis : The New Yorker

 

Now, his capitulation is complete. Where is the helicopter now?

 

With ostensibly only months left to his tenure at the Fed, he is attempting to put in place some sugar-frosting for posterity. His new line - "Congress and the administration will need to protect the economy from the full brunt of the severe fiscal tightening ... " is not only an admission of failure, it is the epilogue of a pretentious career in economics, that is finally being revealed for what it is - empty.

 

Pretentious, because the Fed oversteps its mandate at every opportunity, but then back-peddles when the cake sinks in the middle.

 

Bernanke steps up warnings over fiscal cliff | The Raw Story

 

Look at the words he uses:

 

"The unemployment rate, currently 7.9 percent, remains “well above” what Fed officials want to see ..." Bernanke said ...

 

Who gave the Fed the mandate to do anything about the employment rate? Oh yes, they are charged with the responsibility of controlling money supply, interest rates, from an economical pov, but it can not be done as a stand-alone ... by necessity it requires the co-operation of the politicians.

 

In that respect he is correct in roasting Washington for their role.

 

But it still does not let him off the hook. Only industry, enterprise and the free market can do anything about unemployment and productivity - you can not legislate success in this field.

 

Now, in the twilight of his career, he is humble, after going-it-alone for so long, allowing everyone to believe that the FOMC and the Fed had our backs. But will all chance of glory now gone (for saving the USA from fiscal disaster), he is instead doing the switcheroo, and flicking the blame on to others for his disastrous interest rates and failed/failing QE policies.

 

Good luck, Benny ... you created the story that history will remember. For mine, he is just a proud man, who failed, and is now seeking a scapegoat for his folly.

 

Proverbs Ch 11 ... far better reading!

 

Proverbs 11 NIV - The LORD detests dishonest scales, but - Bible Gateway

[Ingot54 13]

Has anyone asked BS Bernanke, what he means by "the full brunt of the severe fiscal tightening" ?

 

(Re-post of link):

 

Bernanke steps up warnings over fiscal cliff | The Raw Story

Very few would even be aware of the effects of inflation, rising interest rates, austerity, recession and depression, deflation, stagflation. I hardly understand them myself - surprise :haha: - having never experienced much of many of these things in my living reality.

 

But the can will be kicked further down the road - the congress has never had the will to face front-on any of the debt problems building in the past.

 

In my view - as an ignorant observer - nothing will be done, until there is a collapse significantly large as to cause a bi-partisan and non-parochial approach to dealing with it.

 

It is one minute to midnight, and the piper is at the door wanting to be paid.

 

Meanwhile Washington bickers, but will eventually find a consensus to avoid the cliff, exposing the setting of the debt ceiling as another sham/scam from other days. A new debt ceiling will be set ... then another ... until someone cries: "Time gentlemen please."

 

Yes ... for once BSB is correct - "the full brunt" is coming.

 

But BS does not have the depth to deal with it - instead he is escalating the blame game publicly now, to shore up future interest in his memoirs.

 

Idiot? Dumb? Ignorant?

 

Not my words, but ... caveat emptor

 

I guess most will go back to their own salve ... "Two-and-a-half Men" is still showing on TV!

Edited November 23, 2012 by Ingot54

[MightyMouse 12]

This video will help clear things up.

 

[ame=http://www.youtube.com/watch?v=PTUY16CkS-k]Quantitative Easing Explained - YouTube[/ame]

[SIUYA 11]

Ingot - i dont know if you can see this due to your location.

It might give a slightly different perspective on the US system that is bigger than Mr B. (rightly or wrongly I have my own views)

 

BBC iPlayer - Why Poverty?: Park Avenue - Money, Power and the American Dream

[Ingot54 13]

Unfortunately the film was not available in Radio-only format, but I was able to listen to the story of bringing water to the village in Ghana.

 

Unintended consequences indeed.

 

If you have a link that enables me to follow this programme from Oz, I'd be keen to follow it. I did copy/paste the title into their search engine, but kept coming back to the Player/film version only.

 

Unsure why the BBC keeps their films to themselves - no wonder the Poms are so smart!

 

I appreciate the effort you went to mate, to share this - clearly it has value and enlightenment ... which I guess I am the poorer for now.

[SIUYA 11]

yes - i am not sure about checking the local Oz BBC - they had a whole series on poverty around the world....the interesting one was the power in the USA.....so just that one episode might be worth getting hold of. - it might come out in a few months.

 

I always record these things and have them going in the back ground while trading or doing other things - sometimes it crap other times interesting.....like all good home husbands i have to multi task

[johnw 10]

Unfortunately the film was not available in Radio-only format, but I was able to listen to the story of bringing water to the village in Ghana.

Unintended consequences indeed.

If you have a link that enables me to follow this programme from Oz, I'd be keen to follow it. I did copy/paste the title into their search engine, but kept coming back to the Player/film version only.

Unsure why the BBC keeps their films to themselves - no wonder the Poms are so smart!

I appreciate the effort you went to mate, to share this - clearly it has value and enlightenment ... which I guess I am the poorer for now.

 

Hi Ingot54,

 

Have you given consideration to switching your IP address to suit your viewing needs.

[Ingot54 13]

Hi Ingot54,

 

Have you given consideration to switching your IP address to suit your viewing needs.

Thanks JohnW ... I am not tech savvy enough to know how to do that ... or even that it could be done.

 

If it involves using a proxy server - I know about them but have never used one.

[thalestrader 14]

Great post from the Casey Report ...

 

 

Thoughts?

 

Well, like it or not, the US markets are within kising distance of all-time highs, "in spite of" Bernanke's policies.

 

Best Wishes,

 

Thales

[Ingot54 13]

Well, like it or not, the US markets are within kising distance of all-time highs, "in spite of" Bernanke's policies.

 

Best Wishes,

 

Thales

Did you mean to add: ":... for now"?

[thalestrader 14]

Did you mean to add: ":... for now"?

 

Well, Ingot, had someone listened to me back on Monday November 19th, they'd be long the SP from 1386, or 127 points. At $50 a point on just one ES, that would be $6350 to the good.

 

I presume you are here to make a profit, are you not?

 

Do you have a stop loss on your opinion?

 

Best Wishes,

 

Thales

[Ingot54 13]

Well, Ingot, had someone listened to me back on Monday November 19th, they'd be long the SP from 1386, or 127 points. At $50 a point on just one ES, that would be $6350 to the good.

 

I presume you are here to make a profit, are you not?

 

Do you have a stop loss on your opinion?

 

Best Wishes,

 

Thales

 

Just messin' here Thales.

 

No one knows what the market will do next - we just trade what we see.

 

I am in 100% agreement with you - my opinion is not worth a cracker when the market does its thing.

 

What does matter, as you rightly pointed out, is the ability to seize the opportunity while it is there.

 

btw - that is one sweet trade, and a great entry - good stuff.

 

And ... let's hope the recovery gets strong legs from here on - we deserve it after the past 5 years of :bang head:

 

(See next post)

[Ingot54 13]

So... we have DJIAA over 14,000 :cheers:

 

And everything in the economy is roses and ribbons

 

The Daily Bell - Stocks Over 14,000 ? Too Good to Be True?

 

The Dow Jones industrial average has crossed 14,000 and the US

mainstream media is celebrating. Presumably the powers-that-be

expect that short memories shall convince US consumers that the

nation is back on track.

 

It's part of a larger dominant social theme, I guess, that hard times

are gradually yielding to normalcy and that the current sociopolitical

and economic system is not only resilient but also sound.

 

This is a pretty big disconnect, in my humble point of view, given what's

REALLY going on in the world. The upper half of Africa is aflame from

supposed Al Qaeda incursions and Western counter-attacks, Spanish

and Greek youth unemployment is over 50 percent, China and Japan

are both struggling to keep their economies afloat and in the Americas,

price inflation and drug wars are unraveling the fabric of various

recoveries, including most significantly Brazil and Mexico.

 

But let's ignore all that.

 

We're supposed to focus on the good stuff. The nation – and the world –

has been through a lot but now skies are turning bluer and people

shouldn't lose faith. Twentieth century memes do indeed transpose

themselves to the 21st century; if everyone is lucky and believes hard

enough, "America's Century" can repeat itself in the 21st.

 

Anyway - only food for thought - not a position I hold personally.

 

As mentioned, just trade what you see, and let the market makers do their thing too.

I know you were calling from a TA perspective, Thales, so nothing personal in any way mate.