By Robert Schroeder WASHINGTON (MarketWatch) -- With time running short and differences remaining over a deal to avoid the fiscal cliff, Senate Republican Leader Mitch McConnell on Sunday asked Vice President Joe Biden to help Democrats "jump start" negotiations. Speaking on the Senate floor, McConnell said he needs a "dance partner" in ongoing talks. Senate Democratic Leader Harry Reid, also speaking on the floor, said he had no counteroffer to make Republicans yet. Talks have reportedly hit a snag on the issue of the so-called "chained" consumer price index, which would cause Social Security benefits to grow at a slower pace.
May I suggest, guys, that y'all take the lazy way out and simply vote to continue the status quo for another 90 days? Would it kill you to treat December 31 like any other day, and extend the cliff out to March 31?
"that y'all take the lazy way out" Exactly, why change now? Just do what you've been doing for 50 years, the cliff is manufactured. Having outlasted it's intended purpose of making the black dude a one-termer, it is no longer a useful tool. Put the hammer down and use the proper tool.
Ron Dalio, via Dr. Ron has it right. "As Ray Dalio's lengthy interview described, the choices in a debt-laden society (this isn't the first time, dear readers) include austerity (see Greece), restructuring, redistribution (taxes), and monetization (money printing). Not to decide is to decide. Politicians are elected to govern, not to obstruct. Although politics and progress each contain eight letters, could they be farther apart?" http://ronsen.blogspot.com/2012/12/politics-and-progress.html
So while not deciding is deciding, they could put off not deciding.
I really think that it's personal for these guys. They're unable to give an inch because they can't stand to watch their opponents silently smirk in victory. Well, you know what? There are times at work when I suck it up because it makes sense to do so.
Wouldn't it be a gas to watch the global markets rally tomorrow in the absence of a deal, as if to smile and shake their heads in disgust and put these guys in their place? Ultimately, they're as indispensable as last month's Time magazine. What exactly do we need these guys for? We all know they'll eventually agree to what's essentially on the table right now. And both sides will claim to have won.
Note, however, they scheduled the next meeting at 11 am est. Markets will close early, around 1 pm est. I would wager nothing gets decided until after markets close. They might even argue until late in the evening, ruining everyone's New Year's Eve. If that happens, I might have to start using terms like pricks when commenting on the negotiations.
"I might have to start using terms like pricks when commenting on the negotiations." "I can't wait to find out what karma has in store for these gentlemen."
Patience in correct labeling, impatience in cosmic payback. Can their 'approval' rating go below zero?
Something needs top be done to fund SS, but I'm totally opposed to torturing the CPI anymore. Layering BS on top of BS will not help. The CPI was drowned on the waterboard when they removed food, shelter and fuel from the equation to facilitate their theft by devaluation. What, pray tell, could they remove from the equation? The crime is complete, the victim has no more to give but his life.
I'm at the local Starbucks and listening to these older guys talking about the Fiscal Cliff. There is the token guy in the group that is smarter than everyone else and does most of the talking. The rest of the guys are Yes Men, agreeing with everyone him. They're all in agreement that our political system is screwed and the guru states that he wouldn't be surprised if we head into a Depression..."I'm not saying it's going to happen but there is a chance". "Right now the only thing propping things up is Bernanke".
The only thing I can think of is how brainwashed the media has made the public into caring about this bullshit. People most likely are scared out of investing. They have zero faith in anything. Everyone is jaded and skeptical. Makes me wonder how many people have missed out on this epic bull market because of this skepticism.
TOF - Tell 'em it won't happen b/c they've already been made aware of it and that's just not how the world works.
It's just that Congress has to make it look like a real crisis to justify their existence and simultaneously position their financial constituents portfolios in front of the middle class.
NLY - This one's definitely sucking eggs today, used to be a 13% dividend was enough honey to attract loads of flies. I'll wait and see if it can shed another dollar or at least until next year before adding.
AGO - Funny thing is NLY and AGO appear attached at the hip lately if I didn't know better, could be algo crosstalk?
I bought some STS on Friday and Thursday of last week. I only have a few grand shares. There has been some insider buying going on recently. The valuation is ridiculous on this stock. Trades at around 4 times trailing earnings. Management has stated several times that they are only pursuing profitable orders at the expense of revenue growth. At some point they will continue on the path of revenue growth and that, combined with insanely low valuations, should spark a major move higher. Just based on earnings/free cash flow the stock could be trading at $10 if the market were to assign average market multiples. I think all that is needed is a sign that there is revenue growth. If they are able to show 10% growth in the next quarter or two it could spark a huge move up.
USD/JPY continues higher and yet the Fiscal Cliff is what investors are concerned about. It is providing the perfect cover for what will be the best trade of 2013: buy Japan.
Screw it. Closed SMH/INTC @ 31.73/20.28. I'm only taking hits of -0.4%/-0.8% respectively, but I feel cheated by the ongoing fiscal cliff debacle. I suppose I should be relieved I'm not closing them at far lower prices.
SNE does look good, $9.63 was the entry. Fricken gaps up still there, I'm still hoping Wall Street throws us a Hail Mary headfake move to take advantage of.
David Rosenberg at Gluskin Sheff has issued a free report that they produced a few weeks ago for the clients.
I highly recommend everyone go sign up and read it.
Synopsis: We are in a disinflationary period where income, income and income will be the theme. Investment in dividend paying stocks for income and investment in bonds for capital gains will remain the theme in 2013. Stocks in this environment will do well and gold and miners will do well. A lot of data and charts to back up the thesis. A lot of info that backs up our blog theories.
Oh no, he's an intellectual while I'm more like an armchair quarterback. Actually I'm probably a lot more like the two grumpy old dudes that heckle everyone on the Muppets.
I've been watching YCS (short yen) for an entry, I though maybe we would get a cup and a handle pullback at the 48.47 high from last March but it ain't happening. THEN I was thinking any fiscal cliff deal would send gold up and the dollar down AND I certainly thought it was going to happen before today.
By Robert Schroeder WASHINGTON (MarketWatch) -- With time running short and differences remaining over a deal to avoid the fiscal cliff, Senate Republican Leader Mitch McConnell on Sunday asked Vice President Joe Biden to help Democrats "jump start" negotiations. Speaking on the Senate floor, McConnell said he needs a "dance partner" in ongoing talks. Senate Democratic Leader Harry Reid, also speaking on the floor, said he had no counteroffer to make Republicans yet. Talks have reportedly hit a snag on the issue of the so-called "chained" consumer price index, which would cause Social Security benefits to grow at a slower pace.
ReplyDeleteSo Biden's the cleaner.
Delete2:39p Reid 'cautiously optimistic' on fiscal-cliff deal
ReplyDelete2:39p Democrats reject Social Security cuts, Reid says
May I suggest, guys, that y'all take the lazy way out and simply vote to continue the status quo for another 90 days? Would it kill you to treat December 31 like any other day, and extend the cliff out to March 31?
ReplyDelete"that y'all take the lazy way out" Exactly, why change now? Just do what you've been doing for 50 years, the cliff is manufactured. Having outlasted it's intended purpose of making the black dude a one-termer, it is no longer a useful tool. Put the hammer down and use the proper tool.
DeleteRon Dalio, via Dr. Ron has it right.
"As Ray Dalio's lengthy interview described, the choices in a debt-laden society (this isn't the first time, dear readers) include austerity (see Greece), restructuring, redistribution (taxes), and monetization (money printing). Not to decide is to decide. Politicians are elected to govern, not to obstruct. Although politics and progress each contain eight letters, could they be farther apart?"
http://ronsen.blogspot.com/2012/12/politics-and-progress.html
So while not deciding is deciding, they could put off not deciding.
So now it's Monday 11 am est.
ReplyDeleteI really think that it's personal for these guys. They're unable to give an inch because they can't stand to watch their opponents silently smirk in victory. Well, you know what? There are times at work when I suck it up because it makes sense to do so.
DeleteWouldn't it be a gas to watch the global markets rally tomorrow in the absence of a deal, as if to smile and shake their heads in disgust and put these guys in their place? Ultimately, they're as indispensable as last month's Time magazine. What exactly do we need these guys for? We all know they'll eventually agree to what's essentially on the table right now. And both sides will claim to have won.
ReplyDeleteI just freaking want it over with.
DeleteTo be honest, I don't think it ends on Monday. Even with Plan B 'Lite,' they'll have to push other decisions out to later in the year.
DeleteNote, however, they scheduled the next meeting at 11 am est. Markets will close early, around 1 pm est. I would wager nothing gets decided until after markets close. They might even argue until late in the evening, ruining everyone's New Year's Eve. If that happens, I might have to start using terms like pricks when commenting on the negotiations.
DeleteI can't wait to find out what karma has in store for these gentlemen.
DeleteI'm pretty sure tomorrow is a full day if I'm reading the website right...but feel free to use the 'P' word at will.
DeleteGlad to hear that. Not sure why I assumed it would be a half day.
DeleteI assumed it would be a half day too.
Delete2nd- Your flat right now, right?
Delete"I might have to start using terms like pricks when commenting on the negotiations."
ReplyDelete"I can't wait to find out what karma has in store for these gentlemen."
Patience in correct labeling, impatience in cosmic payback. Can their 'approval' rating go below zero?
http://www.youtube.com/watch?v=D096OpWiO7A
The Social Security is done like dinner, and even Krugman gets it now:
ReplyDeletehttp://brucekrasting.com/on-krugmans-epiphany/
Something needs top be done to fund SS, but I'm totally opposed to torturing the CPI anymore.
DeleteLayering BS on top of BS will not help. The CPI was drowned on the waterboard when they removed food, shelter and fuel from the equation to facilitate their theft by devaluation. What, pray tell, could they remove from the equation? The crime is complete, the victim has no more to give but his life.
I'm at the local Starbucks and listening to these older guys talking about the Fiscal Cliff. There is the token guy in the group that is smarter than everyone else and does most of the talking. The rest of the guys are Yes Men, agreeing with everyone him. They're all in agreement that our political system is screwed and the guru states that he wouldn't be surprised if we head into a Depression..."I'm not saying it's going to happen but there is a chance". "Right now the only thing propping things up is Bernanke".
ReplyDeleteThe only thing I can think of is how brainwashed the media has made the public into caring about this bullshit. People most likely are scared out of investing. They have zero faith in anything. Everyone is jaded and skeptical. Makes me wonder how many people have missed out on this epic bull market because of this skepticism.
http://www.bloomberg.com/news/2012-12-24/americans-miss-200-billion-abandoning-stocks.html
DeleteThere real question is what are you doing at a fraking SBUX again bro!
DeleteHe goes to SBUX to eavesdrop for stock tips........?
DeleteI'm doing my sentiment reconnaissance.
DeleteTOF - Tell 'em it won't happen b/c they've already been made aware of it and that's just not how the world works.
DeleteIt's just that Congress has to make it look like a real crisis to justify their existence and simultaneously position their financial constituents portfolios in front of the middle class.
Fiscal S _ _ _.
ReplyDeletehttp://www.ritholtz.com/blog/2012/12/so-simple-even-a-congressman-could-understand-it/
NLY - This one's definitely sucking eggs today, used to be a 13% dividend was enough honey to attract loads of flies. I'll wait and see if it can shed another dollar or at least until next year before adding.
ReplyDeleteAGO - Funny thing is NLY and AGO appear attached at the hip lately if I didn't know better, could be algo crosstalk?
Ha, and of course the Farm Bill was passed....
Famous last words: Can't wait till next year.
MLNX - Flatish over the past few sessions, next leg down coming in 6,5,4,3,2,1.....?
ReplyDeleteI bought some STS on Friday and Thursday of last week. I only have a few grand shares. There has been some insider buying going on recently. The valuation is ridiculous on this stock. Trades at around 4 times trailing earnings. Management has stated several times that they are only pursuing profitable orders at the expense of revenue growth. At some point they will continue on the path of revenue growth and that, combined with insanely low valuations, should spark a major move higher. Just based on earnings/free cash flow the stock could be trading at $10 if the market were to assign average market multiples. I think all that is needed is a sign that there is revenue growth. If they are able to show 10% growth in the next quarter or two it could spark a huge move up.
ReplyDeleteMy knee-jerk reaction involves the scent of a buyout......
DeleteOff to the mines boyz. ATC.
ReplyDeleteAGO - I'm thinking I should've added the 2nd half this morning......
ReplyDeleteDamn, this bird stands a fair chance of taking flight starting next session.
Really liking the action on this one today, doesn't give me the sensation it's about to fall off a cliff at all.
DeleteUSD/JPY continues higher and yet the Fiscal Cliff is what investors are concerned about. It is providing the perfect cover for what will be the best trade of 2013: buy Japan.
ReplyDeleteCashed in some more of the AMBS at $0.125. 6-bagger...craziness.
ReplyDeleteScrew it. Closed SMH/INTC @ 31.73/20.28. I'm only taking hits of -0.4%/-0.8% respectively, but I feel cheated by the ongoing fiscal cliff debacle. I suppose I should be relieved I'm not closing them at far lower prices.
ReplyDeleteGetchasome SNE brother. It's consolidating for a big move higher.
DeleteDon't say it. I still have a card up my sleeve, however.
DeleteSNE does look good, $9.63 was the entry. Fricken gaps up still there, I'm still hoping Wall Street throws us a Hail Mary headfake move to take advantage of.
DeleteThe 1st gap I'm targeting is $15.38. Should get there in q1.
DeleteYeah true, I've sat on the witness stand to many gaps left behind this year.
DeleteLooks like PNPFF has bottomed here (on the daily chart) and it is not about to hit $0.80. So I just bought 5K more shares at $0.85.
ReplyDeleteWPRT - Last call for alcohol?
ReplyDeleteBears should be getting worried by now, I would think.
ReplyDeleteDavid Rosenberg at Gluskin Sheff has issued a free report that they produced a few weeks ago for the clients.
ReplyDeleteI highly recommend everyone go sign up and read it.
Synopsis: We are in a disinflationary period where income, income and income will be the theme. Investment in dividend paying stocks for income and investment in bonds for capital gains will remain the theme in 2013. Stocks in this environment will do well and gold and miners will do well. A lot of data and charts to back up the thesis. A lot of info that backs up our blog theories.
NSPH - Someone wants to unload their position in this one today.
ReplyDeleteHoping for a short-squeeze into the close...
ReplyDeleteDang, market is going up without me. I got stopped out of my ACI and MSFT last week.
ReplyDeleteDavid, great article on Krugman, but then I'm biased against him most of the time anyway.
ReplyDeleteSo this is like Spy VS Spy in Mad magazine? Bias VS Bias?
DeleteOh no, he's an intellectual while I'm more like an armchair quarterback. Actually I'm probably a lot more like the two grumpy old dudes that heckle everyone on the Muppets.
DeleteThe only difference is you and I sit in our armchairs and he yells from St. Croix in the Virgin Islands. I want that job.
DeleteI've been watching YCS (short yen) for an entry, I though maybe we would get a cup and a handle pullback at the 48.47 high from last March but it ain't happening. THEN I was thinking any fiscal cliff deal would send gold up and the dollar down AND I certainly thought it was going to happen before today.
ReplyDeleteWill exit RYSIX at the close. Actually, it's already done (the fund has an early close of 345 pm est).
ReplyDeleteFree time is over. You guys have a safe and Happy New Year's Eve!!!
ReplyDeleteVXX down 11% Buying a small position
ReplyDeleteGGN catching a bid AH. Small position today at 12.63
ReplyDeleteBummer.
ReplyDeleteRobot flipped long today at 1419
ReplyDelete"David Rosenberg at Gluskin Sheff has issued a free report that they produced a few weeks ago for the clients.
ReplyDeleteI highly recommend everyone go sign up and read it."
Craig, can you please post a link to the page containing that report? Thanks!
http://breakfastwithdave.newspaperdirect.com/epaper/viewer.aspx
DeleteCan someone explain the after-hours price action in gold?
ReplyDeletehttp://www.kitco.com/charts/livegold.html
new post
ReplyDeleteGold - Down $11 in AH, sick and tired of it yet?
ReplyDelete