MLPS HOLDING THAT 170 LEVEL WHILE THE DOW SINKS TO A 65 HANDLE, NOW ITS THE JOBS REPORT AND WAITING FOR THE VICIOUS RALLY!
Like Santa Claus yes i do believe a vicious rally is coming. It will be fun to watch but it will mean nothing like the others. MLPS went to 171 and held there at the close which is a minor victory. Not much else to say really. Crude is up over 44 dollars and i get a feeling that the bottom in crude may be in.
Hiland Partners (HLND,HPGP) posted earnings last night. Nothing unusual to note and the company reminds us they have a takeover offer on the table and no guarantees on how thats going to turn out. So we wait for the open and go from there. Maybe the market can find some footing after the numbers are out. It could be another one of those days where the worst has been discounted.
Your K-1s should be arriving now as we get tax filing season underway. Lots of fun folks but remember Turbo Tax allows for downloads and could prevent some headaches. Use the comments section for any questions. Somebody should have an answer for you.
Noticing as i scanned some of the message boards that the anger level is very high. Instead of talking the specific company the discussion often shifts to politics and Washington. Shows you where we are these days.
thanks to Josef for this as The Daily Show skewers CNBC. To be fair some of this is taken completely out of context. Financial news is a lot more difficult to report and deliver than the "if it bleeds it leads" type of news. Still it is funny! Love the FUCK YOU ending!
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4 comments:
In the 17 trading days since Geithner's stress test speech on Feb 10, 2008:
Closing Prices:
Feb 9 March 5 % decline
AMZ= 202.99 171.24 15.64%
SPY= 87.10 68.80 21.01%
DIA= 82.75 66.07 20.16%
QQQQ=31.50 26.51 15.84%
XLF = 9.90 6.24 36.97%
The XLF ( Financial ETF ) has fallen almost 37% since Geithner ( whose job it is to inspire confidence in the banking system)
has injected such uncertainty as to the risk of Bank nationalization ( or extreme dilution ) that one must conclude that he is incompetent.
I'm reposting the %'s for easier reading:
AMZ 15.64%
SPY 21.01%
DIA 20.16%
QQQQ 15.84%
XLF 36.97%
Will Hoenig's speech force Geithner's hand over the weekend?
http://www.marketwatch.com/news/story/Hoenig-slams-government-bank-rescue/story.aspx?guid={EB136F1B-0448-4050-B0FD-3FBEA8D61458}&dist=hplatest
----------------------------
Hoenig slams government bank-rescue efforts
Calls for nationalizing all insolvent banks, big or small
By Greg Robb, MarketWatch
Last update: 1:20 p.m. EST March 6, 2009
WASHINGTON (MarketWatch) -- The current government approach to insolvent banks is "ad hoc" and isn't addressing the underlying problems, Thomas Hoenig, the president of the Kansas City Federal Reserve Bank, said Friday.
"We ... are drifting into a situation where institutions are being nationalized piecemeal with no resolution of the crisis," he remarked in a speech in Omaha, Neb.
The architects of the government response -- primarily Fed Chairman Ben Bernanke, former Treasury Secretary Henry Paulson and his successor, Timothy Geithner -- have argued that because there were no rules to take over weak, large bank-holding companies, they have been forced to play a bad hand and keep the institutions operating and pushing in government money to strengthen them.
But as the cost of this approach keeps expanding well above the initial $700 billion price tag, there is a growing sense that good money is being thrown after bad. The fact that the government deals with Citigroup Inc. (C:
Citigroup Inc
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1:36pm 03/06/2009
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C 1.01, -0.01, -1.0%) and American International Group Inc. (AIG:
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AIG 0.34, -0.01, -2.9%) have been rewritten has added to uneasiness that the rescue plan in on the wrong track.
The takeovers of WaMu, Wachovia, Countrywide and Merrill Lynch were "hasty," according to Hoenig. He called for the Obama administration to declare banks insolvent and use its power to take over the failing institution and continue operations under new management.
This would be "temporary" and has precedent in history, he said.
Worries about "systemic" intertwining of banks because of complex derivative products should not be an excuse for inaction, Hoenig added.
In essence, Hoenig urged the government to scrap any notion that an institution is too big to fail. "If institutions -- no matter what their size -- have lost market confidence and can't survive on their own, we must be willing to write down their losses, bring in capable management, sell off and reorganize misaligned activities and businesses and begin the process of restoring them to private ownership.
"In fact, for failed institutions that have proven to be too big or too complex to manage well, steps must be take to break up their operations and sell them off in more manageable pieces," he said. End of Story
The Government has been dancing around how to value all the junk for months on end, in order to get it off the Banks books. JUST DO IT AND GET IT MOVING!!!!!!!!!!
Also the Detroit problems are not going away. It is way past time to force the Bond holders and Unions to put up or shut up.
Unfortunately the pols, figure they will get more mileage out of their constant indignation of CEO pay & perks, corporate golf outings and other such nonsense. Again, GET OFF YOUR FAT ASSES AND GET SOMETHING DONE!!!!!!!!
The only thing I can figure is that none of the Pols have any skin in the market, must be part of the 50% of Americans with no stock or bond holdings.
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