Monday, November 07, 2011

While we wallow around trying to find some direction, I've been doing some interesting reading. A quick update, Da Boyz tried to get us all excited and took us higher out of the chute, getting the SPY over $126, and the last 45 minutes they've been shellacking the shit out of the Jonnie come Latelies, taking us down well over $1 under $125, wad ever, Da Boyz are truly a fun loving bunch, hahahahaha! By the by, we just came down in a continuous move to the most important PIVOT number we have, the WEEKLY Pivot, which is sitting at $124.75, and on the 5 minute chart we hit that number, held it, and IMMEDIATELY rebounded back above $125, so that number is proving it's magic again this week.
Anyway, one article leads to another which leads to another, etc etc etc. What kind of started me off was John Hussman's always informative article, REDUCE RISK, in which he updates me on the TRUE economic readings, along with the 100% chance of a new recession, blah blah blah, and inside that article he kind of mentions earnings and stocks, etc etc etc, so I'm back on my home page, and Waaa Laaaa, BESPOKE is talking about the RECORD earnings for the S and P 500 companies,
Now, I read the article to see what he was basing that on, S&P 500 Earnings on Pace For Recordand sure as heck, he based it on what Wall Street loves to shrill Mom and Pop with, that being OPERATING EARNINGS! As Hussman has shown time and time again, using ACTUAL comprehensive statistical analysis I might add, Operating Earnings are perhaps the single most bogus metric that can be used to arrive at a, quote, "P/E", for the S and P, or any other index, that is, it's right in back of FORWARD EARNINGS, which, hahahahahaha, are nothing more than a "GUESS"! While I'm on this line, and before I forget, Bespoke did mention what record the earnings broke, AND, he did mention the fact that those same earnings plunged 55% over the next two years, but being that which I Yam, I found it a little odd that he didn't mention that the LAST time we had record earnings like this was the second quarter of 2007, which led to the greatest recession since the 1930's, and all those faaannnnnnn-TASTIC OPERATING and FORWARD earning's projection's PLUNGED the next year!! I mean, ok, he mentioned it, but he just didn't mention it in the manner I wanted him to, hahahahahaha!
SIGH!! I'm rambling as I'm losing my train of thought here, as I'm watching the SPY as I'm writing, and it bounced off that Weekly Pivot up to $125.24, set up an Avalanche on the 5 minute chart, turned down, and took out the LOW of the day, down to $124.63, IE, Da Boyz are trying to scare the shit out of all those Bulls, hahahaha! They immediately took us higher, on the same bar, and closed us OVER that Pivot, this is at 11:30am ET, with pretty big volume, so maybe we've bottomed, if NOT, then it "could" be a BIG down day, wad ever.
Where was I, oh, yea, ok, so if you want to find out what the TRUE earnings are, go through Hussman's articles and stuff, I'm not going to take the time here. But what this did, was get me searching to try and find out what the "real" earnings are, and as always, no one wants to tell you, hahahhahaha, the only REAL data comes from S and P themselves, http://www.standardandpoors.com/indices/sp-500/en/us/?indexId=spusa-500-usduf--p-us-l--, but of course they don't have them up to date, as that's only for their clients, we get the one quarter delayed stuff as always.
Sigh, I gotta do a chart, it's unreal what the action is around that Weekly Pivot number, anyway, I guess the point is, is I then went to the best Blog in the WackOSphere, Dshort, as I just KNEW he would have an article about the "real" earnings, but I didn't find that, as I got side tracked by THIS article,The Reagan Theology in the Modern Age, I mean, what a flake, hahahaha, but this article was REALLY interesting, as what the guy did was indirectly explain EXACTLY about how those maaaaaaaaavelous Wall Street Corporations are MAKING those record earnings!!!!!!!!! They are doing it, of course, off the backs of the middle class TAX PAYERS in this country, by NOT paying their stinking taxes, and in fact, DEMANDING that they get even LOWER tax rates, meaning we have to come up with money out of our OWN pockets, to keep supporting outfits like GE!!!!

Look, I gotta get back to work, it's getting pretty interesting, I only bring this up because, of course, IT ALL PISSES ME OFF TO NO END!!!
Here's why I gotta get back to work, long with a stop under the low of the day, sigh, they'll probably take me out, but SCREW IT:

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