12308an Apple a day

an Apple aday January . Apple is an innovative company with a string of one trick ponies. a year ago corporations would be buying them. That is why a miss by Apple is significant. Apple opening But Apple is merely symptomatic of the depth of the problems the markets are facing. a rout s a rout as Berkshire is also down at the . Fib of the past five years from it s high still up for mos. but since the high . Utilities the best performer of last year . with dividends reinvested are down . Yesterday at the low set right after the opening the Dow was just points above the . Fibonacci retracement of the rally of the past years. Minor support at and critical support at retrace to . ignoring a stock market bubble and at the same time applying marginability to any Nasdaq listed stock. in other words the day after the IPO. a total failure of responsibility. Then at the expense of the good companies Congress enacted Sarbanes Oxley a law to end all corporate fraud. ! Do you really feel safer . read greed falls right in the lap of the SEC. and was upset that TB referred to him as a failure. never said he wasn t a nice guy or a good man. But the worst was their Fourth of July extravaganza. the total elimination of the uptick rule. TB warned of this shortly after the enactment when he noticed volatility rising. At the time volatility was running along the day moving averages so it was benign. but by July it was rising rapidly. by the stronger Nasdaq allowed the VXN to rise from to . but since has jumped to . as of yesterday . if you recall the stock market collapsed during this period. So you say Just look at the volatility of the past months since the July highs. you don t have to look at the daily ranges and point declines which have broadened in each selloff. The declines that began on Dec. TB s birthday were big thru yearend. especially on a seasonal basis but what we have seen since Jan. AND to pile on by selling and shorting! to drive weak stocks down even more. this is apparently the logic the SEC followed. Now we see the problems with this. once the momentum is down a stock. and the indices get hammered . meaning seeing their hedges evaporate. you have a major problem and one that won t cure itself. Why couldn t we have just let the speculators use the options markets if they wanted to make bets. and it s just gambling. Now let s discuss that emergency rate cut and its implications . TB believes this is only the fourth in TB s year career as of . first was Volcker s Saturday Night Special. a massive tightening then Greenspan following the crash and again in following LTCM s collapse. They do not of themselves solve anything. as for the fiscal stimulus it is woefully lacking of size or content. Yesterday Bank of America and other banks cut their prime rate following the Fed s move to . TB s home equity at Prime less bp s dropped to . contrast to Citi which would have been . had they not had to cut the dividend to . while Wells has an indicated yield of . ! but will have some home equity shocks to come. still dividend is likely safe . By the way JPM s indicated dividend yield is just . hello The stock is with dividends reinvested over the past months and . just since the high. do your own research but TB wouldn t touch it with a ten foot pole. Same goes for real estate and housing stocks. yesterday Jim Cramer said he is considering starting to buy at foreclosure auctions. must be listening to too many of those dis infomercials on CNBC. who is was one of the largest buyers of foreclosed property in L. would scoff at Cramer s suggestion. TB will try to reach him for an update today and report on the situation there. on the block every day . and only a fraction of those selling WFC said they were holding on to their foreclosed real estate. and what if the amount keeps rising which it surely will. turning their core profit into a loss of cents a share. consensus for a cent gain. who pays these analysts so much to do such sh! oddy work For they earned million core vs. and look at the rate of decline. never a borrower or lender be. It has just begun to get ugly so beware of what you are investing in especially cash. SIV s a no no Above all treasure liquidity Cash is indeed king again. after a long respite Good luck to you all. and in no way reflect the views of anyone other than himself. Information is gathered from sources he has found reliable but no guarantees of accuracy are implied. merely observations of events in the marketplace offering a non mainstream viewpoint. usually Hope you find it useful. revulsion to the mean precipitousplunge . poorBen Jeff Roylance on . Home Equity Loan Bad.

Source: http://traderbill.wordpress.com/2008/01/23/12308an-apple-a-day/


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