This is not quite home, but perhaps this may be a leg up to the next level of payed tab blogger. I’m not sure myself yet, so we’ll see how the next month goes as far as traffic is concerned.

I’m hoping mrkcbill has not gotten carried away here and forgotten to turn over the key to the KINGDOM!

I do understand your longing to be with nymphs and to dine from the finest silver the Fly has out fitted the castle with. No more rib eye din din, crystal, and 75 year old Hennessy for you…you go now! I had to storm the castle and evict mrkcbill; sorry to startle you out of your nymph dreams.

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“Is there Gold in dem hills son?”

Just as a side bar I found about a lb. of Chanterelles yesterday. I’m one to appreciate mushroom picking through out the spring and summer. Fortunately I was taught by a certified master chef of what edibles can be found in my neck of the woods.

WARNING: Do not attempt to pick mushrooms if you never have before. Worse than loosing coin you could die.

I might say the same about stocks but most sentiments I look at are suggesting a short term bounce. My gut tells me we will have a series of false rallies followed by one last kill down to 1216-1227 area. Of course we need to break the 1246 -1260 area first.

This requires a catalyst…What it may be…well I could see a potential JPM style bail out in LEH. Being that LEH is a part of the Federal Reserve inner circle perhaps we see a merger of equals or another slick BSC on a silver platter to sure up its capital base.

Perhaps we have our first regional get taken back to the wood shed. Or perhaps a foreign bank goes down like a UBS or RBS.

Maybe this recent downside action was nothing more than portfolios being arranged for the new quarter…you know based on earnings outlook and the whole “how do I avoid inflation in the market blues.”

I tried to get a chart up, but had some problems with the media center. Someone must be on a cigarette break or something. We still have minor support at 1272 S&P, stronger support @ 1246-1260, and major support @ 1216 - 1224. If we see a break of the 1216 area I guess RBS was correct and we see the 1050 -1100 area. Again with out a true alarming catalyst I do not see that happening at the moment.

For today’ action I do not expect much since everyone will be waiting for tomorrow’s unemployment report. Statistically speaking the unemployment rate has not been that of what we normally find during recession. This still spells some hope for the bulls, but let’s face it here we have had some of the worst performance in the history of the stock market.

This morning ADP report was larger than expected and continues to show gradual weakness going forward.

As far as stocks are concerned I would remain neutral for now. I have been buying SNHY recently with prints in the high $31’s -$33.50.  I’m still waiting for EME to come in a bit. That fucker will not give me prints in the $25 range which leads me to believe that there is good strength in this company.

Yesterday I added a small piece to my UNH and GLW positions, but considering the markets I bought lightly.

To top everything off keep your eye on oil this morning, it would appear as if the speculators have been loading shorts up via USO and other products. I still feel that the upside in oil is tired here and a small correction is needed before we resume the longer trend upwards. I would not be surprised to see oil tick down to $125 -$130 p/b. This might open a buy opportunity in USO. I would look to buy initially @ $107 with a tight stop. Since I feel this way if you picked up HK, PVA, or CHK for the recent shale plays I mentioned, this would be a good time to take some coin off the table as they have had a nice move.

I’m not a day trader, but today I’m picking (ENER: 64.06 +1.59%) and (TSL: 28.99 +2.47%) as day trades.

GLT

by GW

~10:30 am update: Okay I’m not a day trader. Doubt you bought into ENER & TSL but a stop here would be appropriate.

I wonder if Fly’s neighbor “Steve” opened up his 401-K statement this month.  Do you think he knows his good neighbor has been “De-Banking” him all year long.  This site is so “GODLY” about now its hard to believe.

What a messed up tape today–I was out all day…I mean there are some names that are just getting Fairy Fucked…..(SNDK: 18.43 -1.55%) -   (HD: 22.54 +0.09%)– I wonder if Guy Adami likes it at these levels?

I could smell fear on Main Street today…. in my community they’ve had gas priced at $3.99 for about a month– isn’t that just adorable keeping it under $4 ..tomorrow we will blow thru that $3.99.  People are starting to get a little scared.  How would you like to be Floor Planning a couple a $$million in SUV’s…. we are going to need some major stimulus to blow those things out.  DRILL DRILL DRILL.   Sounds good to me.

Interesting read here on Bear Stearns …..Thanks  “lol” for posting this weekend

Click here: Web of Debt - The Secret Bailout of JPMorgan: How Insider Trading Looted Bear Stearns and the American Taxpayer

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Looking at the headlines on all the Web Pages was kind of amusing.  Seeing words and phrases like

Consumption Slumps…Inflation accelerates…7,500 jobs cut at (BAC: 22.40 -0.62%)…..Worst June since “GREAT DEPRESSION”..  (GM: 10.12 +1.40%) 53 year low.  How bout this one from CNBC “Shorting Stocks may be the way to play this market”…… “When will it End”…………Stocks - Plunge, Slid, Fall, Plummet,Tumble.  Bears Maul Stocks. “Shares Hit”..  And my favorite one for the day–

“Market Clown Fucked in Early, Mid and Late Trading”

Best line of the day from Option Addict

“After having been spoon fed copious amounts of wang by mother market yesterday, patience paid off and the favor was returned.”

Heard a great Buffet Quote yesterday from the guys that paid up to have lunch with Warren.  It went something like this with regard to your inner makeup.  “Would you like to be the worst lover in the world but known as the best ” or “Would you rather be the best lover in the world but known as the worst. Good Stuff.

Bought some (GE: 26.91 +1.51%) and (AXP: 40.24 +1.56%) at the close.

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George Carlin 1937-2008….7 words ” We Love You And We Miss You”

GW is a smart dude……he’s been calling himself The Green Writer since he started posting….

Look I get the “Green Thing” just as much as the next person but is this “GREEN MACHINE” getting out of control or what.  I’m sure there will be a GREEN FLAG and a GREEN LOGO pendandt for the greenest candiate to wear on his lapel.  Hang on because we are in for a major shift in this country…..the Candiate who shits the GREENEST is going to win this election.  Last night my wife is watching the Planet Green TV!!!  Ok I’m going to be positve.

Click here: Planet Green : Sustainable Living, Energy Conservation, Earth Day

Watching an energy crisis unfold for a second time in my life really makes me question the leadership of this country for the last 30 years.   This country is so ready: to be told where to set the A/C– told to Drive 55…..told what to Drive……when to water your yard……short showers.  The Green Machine Police– will be there to help you along the way.   So I’m not worried about Oil to $200– I say its going down I’m going to say about $75 -$80…

My broker called me today wants me to buy (GE: 26.91 +1.51%) not a bad Idea………(KO: 51.48 +0.21%) not a bad idea…..(AXP: 40.24 +1.56%) not a bad idea– if it’s good enough for Howard’s kids it got to be good enough for me.

How bout (GM: 10.12 +1.40%) maybe a nibble— they employ 266,000… with a market cap of 7 Billion….Bill Gates could buy that as a science project.    OTB Play– (SNDK: 18.43 -1.55%)

Look for the USA to rally into the Olympics.  This is going to be a big deal.

Great letter to the editor in the Business Section of the KC Star today.  Also a few charts that were interesting from a poster at Big Picture.

Have a great weekend….

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I’m going to forecast the future for you. It’s what I did last September for the president of the Federal Reserve Bank of Kansas City when interest rates were lowered.

Webster’s says inflation is “an increase in the volume of money and credit relative to available goods resulting in a substantial and continuing rise in the general price levels.”

The Federal Reserve began lowering interest rates while at the same time it began bailing out Wall Street billionaires by pumping in hundreds of billions of dollars that really didn’t exist at the expense of the middle class.

What is going on now is the same thing Alan Greenspan did in an attempt to manipulate the economy. Lowering interest rates led to a subsequent rise in home values, and the bubble was created. Then it broke.

Now we are making the same mistake all over again, causing a bubble in prices. We are trying to control recession and are causing inflation, and this bubble will burst, too. It will cause depression, and when that happens and people get hungry, what will they say? Let them eat cake?

We did not learn from our mistake of lowering the interest rates and causing the housing bubble. When one makes the same mistake over and over again, it is called stupidity. With depression, there is widespread unemployment and people get hungry. We don’t have a risk of recession. We have a risk of runaway inflation followed by depression.

This rebate isn’t going to help anything. It’s like putting a bit of sugar in a crying, hungry baby’s mouth. . It’s fuel for inflation. It’s money that doesn’t exist. It’s just one more nail in the economy’s coffin.

Everything that has been done since last September is an attempt to help the extremely rich at the expense of the middle class. They give credit cards to anyone and charge 25 percent interest. Those who don’t pay are covered by the substantial, bill-paying middle class. —Dennis L. Maloney Prairie Village

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Monstrous Credit Bubble

Massive Housing Bubble

Dow as overbought as in 1929 and 2000: Click here: http://www.geocities.com/WallStreet/Exchange/9807/Charts/SP500/Dji200_0710.gif

Posted by Steve Barry

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They Didn’t tell us it was the first game of a best of 7 series.

* When they parade guys down Wall Street it just never feels bullish and then you have Dick Bove and Kass and these jag offs out there pumping this shit. 

 I would love to see the burnt toast lizard get his ass hauled out of Miami Beach swimming Pool.   What a joke nobody knows what any of these assests are worth… I guess its worth what it will sell for.  

Federal agents exit 26 Federal Plaza with handcuffed former Bear Stearns hedge fund manager Matthew Tannin, Thursday, June 19, 2008, in New York. Indictments will be handed down on Tannin and ex-manager Ralph Cioffi, both accused of securities fraud in the wake of the collapse of the subprime mortgage market which foreshadowed Bear Stearns’ own demise. (AP Photo/ Louis Lanzano)

This is messed up

Somebody got a deal?
Right on. Actually, a lot of somebodies seem to have spent a lot less money on the individual cars they bought. And for its part, CarMax made less profit on the sales. The key culprit in this dynamic appears to be gas-hogging pickups and SUVs. According to CEO Tom Folliard, “wholesale industry prices for SUVs and trucks declined nearly 25%, which is approximately four times the normal depreciation expected over this period … [and] the most rapid depreciation of any vehicle segment that we have experienced in our 15 years.

Isn’t this just great now were upside down on the house and the car…but the good news is your rate  is going up and Fuel is going up. 

Hello is this thing on?

How about a big thank you to Dinosaur Trader

For letting everybody come over to his tidy little blog yesterday.  I didn’t think to go to Ducati’s blogspot.  Odd No.

Fly probably didn’t know I took a picture in his neighborhood!  I can’t make this shit up!

And speaking of Fly how bout that fucker playing this market like a banjo. VIZ 50%

I’m feeling Lakers tonight.  Go ahead and pick them to win get +170

E8 you can not deny the fire these Lakers Fans bring to the areana!

– Toby Macguire and his future wife at the ball game.  - shit Kobe is probably dunking in traffic at the very moment.  New rule …leave your blackberry in the car when you go to sporting events.

The Kansas City Star layed off 10% of its work force today.  Here is some commentary from the article that I feel is useful.  (MNI: 5.47 -6.50%)  That chart will make you sick.

McClatchy acquired The Star in 2006 when it bought Knight Ridder Inc. and its 32 daily newspapers for $6.5 billion in cash and assumed debt. In an effort to pare the debt it incurred, McClatchy has since sold more than a dozen newspapers, including ThePhiladelphia Inquirer and the Star-Tribune in Minneapolis.

Like other newspaper companies, McClatchy has been hit hard by the economic downturn — particularly in real estate, automotive and employment advertising. The real estate meltdowns in California and Florida, where McClatchy owns several large newspapers and which accounted for 35 percent of McClatchy’s ad revenue last year, have been especially painful for the company.

McClatchy reported Monday that overall revenue in May was down 15.1 percent and advertising revenue was down 16.6 percent compared with a year earlier. Online revenue was up 12.9 percent.

For the first five months of the year, total revenue declined 14.2 percent and advertising revenue 15.4 percent. Online revenue was up 11.9 percent.

McClatchy doesn’t separately break out revenue and expense for its newspapers. But Zieman, who was promoted from editor to publisher in March, said that The Star had been dramatically affected by the current economic environment.

Can we just talk for a second about Ragin the Cajun. Can you say “Franchise Player”….Fly and Co. I hope you have this guy inked up for a long time. When I first started reading Fly about a year and half ago back at the Orange Shitbox….the thing that struck me the most about him was his passion for the market. I believe Ragin’Cajun has that same passion and energy for the market. It is very cool to watch him develop his style and work it everyday. Enjoy it while its FREE! Here is a great old post from Cajun and to think Fly almost let him slip away while fucking around with Mr. 1 Star Ducati.

Click here: Stock Discussion, Trading Ideas, Stock Talk at iBankCoin.com » Blog Archive » Friday Demand

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A Classic - Wal-Mart Cake