Friday, August 12, 2011

Weekend cinema & library (updated Sun 11 pm HST)

This started out as a Wednesday cinema and library, but I just haven't had the time. So it's a Friday Weekend C&L. Enjoy.

Jim Comiskey (vlog below) noted that Asian banks, including Bank of China, cut credit lines to France banksters like SocGen. Interesting that SocGen, which was down huge on Tuesday, was down again yesterday. Comiskey said SocGen was down 7% at the time of his video, but it ended up gaining along with other banks by day's end. Who buys financials when they're using manipulated rules and numbers to avoid appearing insolvent? I wonder how much of it was simply the market buying bank stocks at a discount, or was it the Fed/etc buying en masse to avoid a crash.

Market today was actually calm compared to the previous 400-point days up or down. I slept in, got up around 7 am and generally ignored the happenings. I did take a stab at FAZ below 62, but it was out of steam and I pulled out at almost break-even. I like DGP and FAZ going into next week, but I'm sticking to discipline and I'll probably wait until Monday before reconsidering any positions. Question is ...

1. Is the pegging of interest rates to mid-2013 the actual QE3 as we may not have imagined?

2. Is the pending collapse of the Euro monetary system coming next week or later?

France's big banks are in no position to win. They're eating toxic crap that originated in the US, and now the US is all over that shit making money on it. Typical. That's what makes me bearish on the sector and really, I should be long FAZ to 100. But I anticipate the probability of something out of the Fed in the next two weeks (Jackson Hole is on the 26th), so it's a tightrope up there trying to time the market.

I suppose a FAZ-alone trade has its extreme swings to come (81 to 58 to 76 to 60 in the past week or so!), but a DGP/QQQ pair might not be bad either. I lean toward sitting out and staying in 100% cash rather than deal with something like that. Someone with a large position in something like AAPL, though, could protect that bottom line with puts (not my style, but it's good insurance) or QID or FAZ. Another instrument to look at might be SPY since the 5-6% daily swings were highly profitable for the nimble traders.

I'm 95% certain the French banking system is about to hit the fan, and once that occurs, the dominoes fall across the land.

Turd Ferguson: Gonna need more hats (Aug 12)
Turd Ferguson: Emotions in check (Aug 12)
SGS: Consolidating (Aug 12)
Reggie Middleton: French govt creates a bank run? (Aug 11)
Silver Shield: Dylan Ratigan Hitler rant: Updated (Aug 11)
Silver Shield: Here come margin hikes at CME (Aug 11)
Turd Ferguson: Bring it down to Liquorville (Aug 11)
Reggie Middleton: SocGen CEO dismisses rumors - but bank run can't be ruled out (Aug 10)
MoneyBags73: If you were amazed with $1815 gold... (Aug 10)
Turd Ferguson: (am/pm) Wild Wednesday (updated for margin hike) (Aug 10)
Reggie Middleton: Nosebleed trading session update (Aug 10)
Peter Tchir: 2008 Redux (Aug 10)
voxOnox: Don't overlook numismatics (Aug 10)
Silver Shield: The 3 big charts I watch for silver (May 13)

Vlogs Robert Ian at GATA (Aug 13)
> This guy's voice/speaking tone is so annoying, but his coverage is good
Randy Flag: Inflation in Shanghai (part 2) (Aug 12)
bigdad06: Bullion Bulls! (Aug 12)
> Interview with Jeff Nielsen
silverfuturist: Am I being pumped and dumped? (Aug 12)
visionvictory: Extend and pretend no more (Aug 12)
Bill Still: Nations don't need debt (Aug 12)
silverfuturist: Damon Vickers sold ALL his gold??? (Aug 11)
BrotherJohnF: Silver update - Numismatics (Aug 11)
george4title: All hell is breaking loose (Aug 11)
bullorbearreport: Massive up day for gold and miners (Aug 10)
Jim Comiskey: Daily market insights - Metals futures (Aug 10)
Al Korelin: Big Al, Trader Rog (Aug 10)
theeastwatch: Why I dropped out of society (Aug 10)
BrotherJohnF: Silver update - Ratescam (Aug 9)
James Turk: Jim Sinclair interview (Aug 7)
> Worth another look. And another.
Felonious Monk: Obama pay your bill (Aug 1)

Blog commentary

John F. Kennedy: Secret society speech (1963)

Al Korelin: James Turk interview (Aug 12)
Jim Puplava: Eric Sprott interview (part 1) (part 2) (Aug 11)
Webster Tarpley: Chaos and the collapse of nation states (Aug 11)


Metal bling
(new) SilverMapleLeafs: Cleaning ASE (part 2) (Aug 14)

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