9/2
TOTAL GAIN FOR THE DAY 2065 PTS
9/3
TOTAL GAIN FOR THE DAY 1955 PTS
9/4
TOTAL GAIN FOR THE DAY 1725 PTS
9/5
TOTAL GAIN FOR THE DAY 3175 PTS
9/8
TOTAL GAIN FOR THE DAY 7375 PTS
9/9
TOTAL GAIN FOR THE DAY 4900 PTS
9/10
TOTAL GAIN FOR THE DAY 4650 PTS
9/11
TOTAL GAIN FOR THE DAY 5325 PTS
9/12
TOTAL GAIN FOR THE DAY 4150 PTS
9/15
TOTAL GAIN FOR THE DAY 6525 PTS
9/15 GLOBEX
SHORT @ 1191 @ 8:20, MY STOP IS 1193, 1726 CONTRACTS CAME IN ON THE ASK PASSIVLY, MY TARGET, WHO KNOWS, MOVING MY STOP DOWN TO 1189 @ 8:34, MOVING MY STOP DOWN TO 1185 @ 8:20, STOPPED OUT @ 9:20, GAIN 600 PTS. SHORT @ 1285 @ 9:35, MY STOP IS 1287, WE GOT STOPPED OUT ALMOST TO THE TICK AT THE I PERIOD HIGH, MY TARGET IS THE 1179 LOW OR LOWER, OR THE OPEN ON TUESDAY. I AM GOING TO BE GONE FOR A COUPLE OF HOURS IN THE AM TOMORROW. MOVING MY STOP DOWN TO 1283 @ 9:54, MOVING MY STOP DOWN TO 1282 @ 10:15PM, OUT @ 1176.50 @ 10:45, GETTING SOME SLEEP, SHOULD BE AN INTERESTING DAY TOMORROW AFTERNOON. GAIN 850 PTS.
TOTAL GAIN FOR THE DAY 1450 PTS
9/16
TOTAL GAIN FOR THE DAY 8850 PTS
GLOBEX 9/16
LONG @ 1206.75 @ 7:04, MY STOP IS 1203, I JUST HEARD ON CNBC THAT AIG HAS THE MONEY, I AM MOVING MY STOP UP TO 1210 @ 7:13, MY TARGET IS SOMEWHERE NEAR TODAYS CLOSE IN THE 1217'S, I TYPICALLY DONT TRADE GLOBEX, BUT THESE ARE UNUSUAL TIMES! MOVING MY STOP UP TO 1214 @ 7:19, OUT @ 1218 @ 7:20, A NICE MOVE, ALOT EASIER THEN SOME TRADES DURING THE DAY! I WOULDNT WANT TO DO IT ALL THE TIME THOUGH, JUST GOOD TIMING TONIGHT. GAIN 1125 PTS.
TOTAL GAIN FOR THE DAY 1125 PTS
9/17
TOTAL GAIN FOR THE DAY 5225 PTS
9/18
TOTAL GAIN FOR THE DAY 9350 PTS
9/19
I AM TAKING THE DAY OFF, IT IS A SAD DAY FOR THE FREE MARKET, OR SHOULD I BE MORE ACCURATE, AMERIKA
September 19, 2008 05:35 PM ET | Luke Mullins | Permanent Link
I recently chatted with Rep. Ron Paul (R-Texas) about the gigantic financial bailout that the government is preparing to undertake.
Some excerpts from the interview:
What's your take on this huge financial bailout?
"It's more of the same. More debt and more inflation and more pressure on the dollar. Ultimately, although the markets are responding very favorably at the moment, I think it is going to be devastating to the dollar and to our financial situation in this country."
But don't we need to get these toxic assets off banks' balance sheets?
"Sure, they need to be removed. Somebody needs to suffer the consequences [but] not the taxpayer. Everybody knows that they have to be removed. They are priced too high. The assets don't have real value—some have zero and some have 10 cents on the dollar.
So instead of having taxpayers buy the bad debt, the market should take care of it by itself?
"Sure, prices need to go down. Bad debt needs to be eliminated. The taxpayer ought to be protected. Taxes ought to be lowered...We are following the same routine that we did in the Depression, and that is artificially try to keep prices up. People were starving in the Depression and the only thing they did was try to keep wages artificially high and keep food prices high. We are doing the same thing now—we are trying to keep housing prices high. Low prices for houses mean poor people could buy a house. This is the most important part of a free market economy and that is free market pricing. Without free market pricing, the market can't work. And this is in a way a major effort to price fix."
So you think the government should not have bailed out an y companies during this crisis?
"That would have been the best thing. It would have been painful, but housing prices would have come down sharper and faster, and it would have been over by now. But this whole idea of price fixing—that's what they are doing—has been trying to keep housing prices up and trying to stimulate home building. Well, if you have 100 percent more homes than the market really wants, you can't keep prices up and you can't stimulate home building. If the prices go down, then people will go out and buy homes again. So they should allow the liquidation of debt.
Before the Depression, [the government] generally allowed these kinds of problems to unwind. They were very severe. They would last six months or a year—a lot of liquidation of debt would be wiped off the books. And then it would go back to work again. What we've been doing now—especially since 1971—is preventing the real liquidation of the malinvestment and the excess of debt . . . If this process continues, we're going to own General Motors and Ford, then we will have to own the airlines. We are socializing our country without even a vote by the Congress. It's a horrible situation."
Will this bailout stabilize the crisis?
"I personally don't think so. It might be temporary, but no, there is much more involved. I mean, we are talking about trying to unwind trillions of dollars of derivatives . . . You have to get rid of all that stuff."
Will this bailout be the last?
"No, no. This won't be the last one. There will be something else later on. But that doesn't mean you might not have a few months of a reprieve. But it will continue."
Will we have to bail out the auto makers?
"Oh I think so. We are not going to let them fail. Our policy is such that everybody gets bailed out. It's like a drug addict, they've got to take their fix. It's too tough getting off these drugs. And the drug here is easy credit.
I THINK J SOGI SPEAKS AS HAVE I:
It is the spoiled child syndrome. Each time the spoiled child is saved from his mistakes, errors, rudeness, tantrums – he is inadvertently being trained to make these mistakes again. Better to mete out a measured negative punishment, time out, a reprimand, or suffering the consequences of bad behavior. Soon the child learns. There are behavioral cycles, adaptive mechanisms inherent in nature and free markets. By tampering with these, we end up with worse and worse swings as the adjusters over-adjust. Better to let Dick Fuld, and the overborrowers, take the hit. The entire financial system will not fail. It will start up again the next day no matter what happens. It may look different. There may be different players, but it will be there.
Remember the bitter pills Volcker dealt out in the 1980s with 24% mortgage rates, 14- 17% bonds. I saw many people take the hit. But inflation was crushed, and we enjoyed 20 years of moderation and prosperity. That was worth the price. Those who make bad choices should not be bailed out. It will encourage wild swings. It's the Greenspan Put all over again. If people know there's no second chance, they won't take the risks. If they do, they should be entitled to their profit or the pain of failure. When you do it your way, there is no cleansing cycles, and the toxin remains. Like Japan. It's just hiding the problems and they'll resurface somewhere else. Better to kill it now.
Let the big banks, big brokerages go down. New ones will take their place, smaller, faster moving. The market will find a way.
9/22
TOTAL GAIN FOR THE DAY 2650 PTS
9/23
TOTAL GAIN FOR THE DAY 4000 PTS
9/23 GLOBEX
TOTAL GAIN FOR THE DAY 900 PTS
9/24
TOTAL GAIN FOR THE DAY 3475 PTS
9/25
TOTAL GAIN FOR THE DAY 5075 PTS
GLOBEX 9/25
TOTAL LOSS FOR THE GLOBEX 75 PTS
9/26
TOTAL GAIN FOR THE DAY 3975 PTS
9/29
TOTAL GAIN FOR THE DAY 5050 PTS
9/30
TOTAL GAIN FOR THE DAY 3450 PTS