Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
NVIDIA THE KING OF THE METAVERSE! - 10th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
MATTERPORT (MTTR) - DIGITIZING THE REAL WORLD - METAVERSE INVESTING 2022 - 7th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
METAVERSE - NEW LIFE FOR SONY AGEING GAMING GIANT? - 6th Jan 2022
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

U.S. Debt Deal Reached, Republicans Got Nothing, Now 90 Days Until Next Crisis

Stock-Markets / Financial Markets 2013 Oct 17, 2013 - 05:21 PM GMT

By: PhilStockWorld

Stock-Markets

What idiocy!

As I told you yesterday, the damage is done. Extending the crisis past Christmas doesn't make it go away and the Dollar fell 1% today on the "great' news that we "fixed" the debt ceiling. So Congresses "fix" cost you 1% of EVERYTHING you EVER earning in your ENTIRE life. It's all worth 1% less now – happy?


If it took you 40 years to earn what you have, that's about 6 months of your life murdered by Government idiocy and, believe me, they are not done yet. As I warned yesterday, this may only be stage one of the decline of the American Empire – just like Rome, we have Senators constantly plotting against the Emperor while lining their own pockets and doing anything it takes to remain in power, rather than actually trying to do what's right for their country.

I was particularly disturbed this morning by a clip from the Daily Show which highlighted what's going on at the State Governemnt level with 26 GOP states refusing to cover millions of people who fall through the Medicare/Obamacare crack, which was meant to be covered by Federal Aid but GOP Governors, like Rick Perry, are refusing the aid – a political stand that is literally killing people!

In the interest of being "fair and blanced," here's a good Conservative cartoon from Investors.com, which, like almost all of the Financial Media, is a thinly-masked right-wing propaganda sheet. Still, this they can make good points in that, regardless of who you want to blame for Obama's inbility to magically completely reverse 8 years of Bush destruction in less than 4 years, there are still a TON of problems facing us that this debt fiasco only managed to distract us from:

Notice how they use the word "gravity" because it's a popular movie at the moment and, despite the fact that the cartoon has nothing to do with gravity, focus groups show it helps get your attention and focus groups are how we run the GOP, right? Speaking of how we run the GOP, congrats to Senate Minority Leader Mitch McConnell, who agreed to sell out for a $2.918Bn earmark for a dam project in his state – a 300% increase from the original $775M alloted. Now THAT's how you compromise, right?

Sen. Jeff Sessions (R-Ala.) called the provision an "abuse" of McConnell's position. "One of the tricks around here, one of the abuses around here, is you get a big bill that needs to go forward and needs to pass, and the people try to load it up with things that are important to them," Sessions told reporters. "In the long run, that's not good for the public."

That's right, as you can see from the picture on the left, AMC's hit series "The Walking Dead" is back! Joe from CNBC is a big proponent of the upcoming Zombie Apocalypse and it's the perfect scenario to justify the "grab all you can because the World is going to Hell anyway" attitude that passes for political "thought" these days.

Speaking of Walking Dead, China is looking a little scary, especially after IBM earnings show a 22% sales drop in our reddest of states.

There are already China anomalies popping up in the results of some of the biggest U.S. tech names. At Cisco last quarter, sales in India and Mexico were up double digits, Russia and Brazil were flat, but China was down 6 percent. Apple's business in mainland China was up only 5 percent in the June quarter, a startlingly low number given that it had been up 8 percent and 67 percent in the previous two. Don't expect any signs of a China turnaround until July, when their next rounds of stimulus kick in. Meanwhile, we'll be looking for signs of China strain in Apple and Cisco's reports over the next couple of weeks.

Because of IBM, China, that cartoon and the fact that yesterday's rally was way overdone – we shorted a couple of indexes agressively in yesterday's Member Chat with:

  • DIA Oct $152.50 puts at .55
  • Oil Futures (/CL) shorts at $102.50
  • Dow Futures (/YM) shorts at 15,200
  • TZA Nov $22 calls at $1.07 

Those were to replace our very successful Wednesday short positions which, thankfully, we had cashed out. We'll see how our new set winds up today but our simple premise was – so what? All this deal has done is avoid a MASSIVE crisis that never needed to happen.

Now we have to focus on everything else that's wrong with the economy…

- Phil

Click here for a free trial to Stock World Weekly.

www.philstockworld.com

Philip R. Davis is a founder of Phil's Stock World (www.philstockworld.com), a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders. Mr. Davis is a serial entrepreneur, having founded software company Accu-Title, a real estate title insurance software solution, and is also the President of the Delphi Consulting Corp., an M&A consulting firm that helps large and small companies obtain funding and close deals. He was also the founder of Accu-Search, a property data corporation that was sold to DataTrace in 2004 and Personality Plus, a precursor to eHarmony.com. Phil was a former editor of a UMass/Amherst humor magazine and it shows in his writing -- which is filled with colorful commentary along with very specific ideas on stock option purchases (Phil rarely holds actual stocks). Visit: Phil's Stock World (www.philstockworld.com)

© 2013 Copyright  PhilStockWorld - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

PhilStockWorld Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in