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AnomaLee (29.29)

This Truly is the Devil's Market!!!

Recs

7

August 07, 2008 – Comments (6) | RELATED TICKERS: SDS , EEV , WMT

Forgive the religious context...

"Stocks in the US rose for a second day yesterday, sending benchmark indexes to a six-week high," - Bloomberg

Stocks declined for six consecutive weeks ending

This week(after yesterday's close) the major stock indices were at six week highs
This week(after yesterday's close) the dollar reached a six week high vs the Euro
This week(after yesterday's close) commodities(including oil, gold, copper, corn) reached six week lows

This Truly is the Devil's Market!!!

lol....

Sources:
US Stock-Index Futures Retreat on AIG's Loss, Wal-Mart Sales
Bloomberg - 1 hour ago
Gold tracks tumbling oil price to end at six-week low
MarketWatch - Aug 4, 2008
Forex - US dollar hits 6-week high vs euro ahead of Fed interest ...
Forbes, NY - Aug 5, 2008

As of yesterday the S&P 500 benchmark closed with a weighted P/E of 21.09

This morning the major benchmarks are down over 1% and I believe today marks the beginning of another leg. I meant to call the end of the rally after yesterday's close. My favorite economist/analyst Jim Cramer called a bottom last week and became bearish on energy stocks. Once again, I made the bold prediction that he was wrong and that the market would fall between 4-5% this week or the week after.

Following Jim Cramer's is like a blind guy following a deaf a seeing eye dog.

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Headlines:

Wal-Mart Says July Sales Rose 3%; Shares Drop on Outlook for Slower August 

Walmart, Target, and several other retailers reported lower than expected numbers. Walmart explained terrible conditions for consumers and how the effects of stimulus checks have already dwindled. If pending home sales are worse than expected --- Well....

My largest holdings are now EEV and SDS anyway

AIG's Capital Level Is `Sound' After Second-Quarter Loss, Bensinger Says 

You gotta be moth*****ing sh****ng me!!!
 - Kudos to AIG, Prudential and luvb2b

Not Even 2% Fed Funds Help Municipal Borrowers as Bond Rates Reach Record

Very bleak yet informative....

AIDS May Be Curable, Preventable With New Drugs, Top U.S. Scientist Says 

There's still plenty of positive news in the world....

Iraqi official defends spending
The Associated Press - 2 hours ago
In the report, the GAO said Iraq had an estimated budget surplus of about $29 billion from 2005 to 2007 and could have an additional surplus of up to $50 billion..

 

6 Comments – Post Your Own

#1) On August 07, 2008 at 10:04 AM, AnomaLee (29.29) wrote:

Pending home sales were up over 5% which was well ahead of the 1% decline that was expected. Honestly, I don't follow the national real estate market very closely despite its importance.

That seems to be good news....

Highest Unsold Home Supply Since '82 Needs 50% Reduction to Signal Rebound

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Oil looks weak and its going to drag down gold and PM's with it...

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#2) On August 07, 2008 at 10:24 AM, zygnoda (27.24) wrote:

ooh cramer.. that's deserving of a rec

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#3) On August 07, 2008 at 10:37 AM, AnomaLee (29.29) wrote:

An even weirder election

America's next president
The Economist

"WHETHER Barack Obama or John McCain triumphs in November, the victor will be the eighth left-handed president of America. While making up just 10% of the general populace, 18% of American presidents have been lefties, perhaps given extra drive by centuries of persecution. Of the past six presidents, four have been cack-handed. Left-handedness was traditionally regarded as an unnatural aberration—“sinister” is derived from the Latin for left and the word “left” itself comes from an Anglo-Saxon term for “weak” or “broken”. Ronald Reagan was one of many southpaws forced to write with the “right” hand."

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#4) On August 07, 2008 at 10:45 AM, AnomaLee (29.29) wrote:


Major Internet security flaw also affects e-mail - AP - Wed 9:30 pm ET
A newly discovered flaw in the Internet's core infrastructure not only permits hackers to force people to visit Web sites they didn't want to, it also allows them to intercept e-mail messages, the researcher who discovered the bug said Wednesday.

Are there any developers out there? This is an internet forum I'm sure you guys are surfing the internet for hours while you're at work.

Anyway, this is a good time to re-vist this video...

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#5) On August 07, 2008 at 10:48 AM, AnomaLee (29.29) wrote:

Congratulations to Meredith Whitney hitting the big time...

"--- with Citi that was the easiest call..."

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#6) On August 08, 2008 at 8:19 AM, dexion10 (28.27) wrote:

ANOMOLEE -  I saw your post on the Goldminingexpert's blog regarding the refiner WNR.

I couldn't agree more with you. If you want to get the word out that that refiner trade is dangerous  - please recommend my blog on the refiners.

I laid out the short case for 90% of the refiners. I think we'll see a capacity shake out as weak refiners like WNR and TSO go belly up.  The fundamentals of that industry have become very weak and it's not just a function of oil prices... its a function of increased refining capacity and rising interest rates.

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