Friends, Family, colleagues, and others in attendance today. I would like to thank you all for coming out on this beautiful day. Four scores and seven years ago, a news channel, CNBC, told us that all that matters is DOW 14k. They said that the sun is shining bright and will continue to shine forever. We were told that we live in a Utopian society where we are all winners. Life was as simple as working, investing that money in our PermaBull market and counting all the cheddar. It was sooooo simple...HELLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLOO!!!!!!!!
wOOOOOOOOOOOOOOOHHHHHHHHHHHHHHHOOOOOOOOO. Here's to everyone making a million by year's end.....Cheers to all....

yeah, but it'll only be "worth" $500K

And the IRS will take another half of that.

If you have any ex-wives, they get their 50%.

i think the storm flags are definately up. reef the m'sail jib n foresl. batten down the hatches and secure the vents. keep her just near the wind, and hold fast

**** the hurricane warning flags, I'm going fishing.

i've only got 7.50 for bait and tackle. lol

Are you fishing with a net, tackle, or dynamite?

CDOs! They're ticking and I'm sure if I toss 'em overboard they'll make a nice big blast

When planning your trades tomorrow, remember that powerful interests with far more staying power than any of us want to hold the market and dollar together. Since the retail investor has not piled into this market, the big institutional longs have nobody to sell to.

As always, trade carefully and do not get squashed.

If the DX breaches 80 those powerful interests are going to get run over by an M1 Abrams.

There ain't **** they can do to stop that one. They can play with the futures but the FX markets are beyond their ability to manipulate.

beware the rogue wave

My question is, could the Fed have done anything to avoid this? Did they sit on the fence too long?

Off topic...sorta/kinda...

Back in '94 I was doing a night patrol on the Adriatic and doing my best to stay awake and keep the plane out of the water. Out of nowhere there was a huge orange flash about 5 miles away. Both pilots and the engineer all said in unison, "WHAT THE FU**???"

We got the radar operator on this and he led us in on a bunch of maritime debris.

Apparently, this was an Albanian fishing boat that was using explosives to catch fish. Doing this in the daytime is exciting enough, but to do it at night requires either no brains, huge balls, or lots of alcohol.

No survivors on this one. No word on how the fish made out.

hell yes they did.

This whole thing is being caused because they felt they could prevent the business cycle.

Sit down for a minute kids I will teach you a lesson. (fun intended)

When you go to the bank and get a loan it comes from nothing more than a ledger notation....that's right...banks create money for loans.

MONEY IS DEBT!!!

But, you pay back more than you borrowed....hmmmm if money is debt and debt is money and you always need to have more money than you borrowed to close out debt how do you do it????

Answer: the debt levels have to continually increase. someone has to borrow more than you did for you to pay it back. When they get too far out of control you get to the point where people can't pay their debt and default.....this causes a contraction in the money supply and a recession.

SAY HELLO TO THE BUSINESS CYCLE....it is a function of fiat money (gold is fiat too).

The only way to prolong this (because you can't increase debt forever) is to make debt continually cheaper and cheaper...go ahead and take a look at the 10 year rates since the 70's!!!

The FED ran it down as low as they could take them....and guess what...we are at the point where we have to defalut. The problem is that the artificially low rates that pushed out the time of the cycle have also increased the debt by several times....this happened last in the 20's.

Hope yall understand what I am saying here.

Anyone who believes that old " the retail investor has not participated" must also believe this one " the bull market has JUST begun." Whose money do you think Wall street is trading with everyday? Have you ever heard of a 401k plan or pensions? We are participating EVERY single day!!!! Please don't listen to CNBC and take their word as Gospel. They work for the BIG BOYS and want new money to come into this market to dump upon. They want new money to trade with and make commissions off. Wake up!!!!!

Surprised we haven't heard from Soros on this.
I'm serious.

Soros already told us a couple of years ago that we were ****ed.

I heard him going off on it last summer.

"Have you ever heard of a 401k plan or pensions? "

This is not the retail investing - these are managed by professional money managers. Some of whom are wishing the retail guys would show up so that they can lighten up on their longs without pushing the market down.

My main source on retail investor participation is perma-bear turned bull Richard Russell who has been doing this for 50 years.

IIRC, there is some $2.5 trillion sitting in cash like instruments.

How great would it be tomorrow if an aide came over to Bernanke during his testimony, whispered in ben's ear as ben covered the mic with his hand...then ben says; "excuse me"..get's up, leaves mid-testimony to declare an intermeeting rate hike.
Talk about roiling the markets!
Could happen?

Talk dirty to me, bobbylaw!

If that happened, Fleck wouldn't have to mute CNBS. The anchors would all be sitting there with their traps open and no sound coming out.

"....LOWER brrowing costs..." ????????

"Bernanke Grilled

Interest-rate futures today showed 30 percent odds the Fed will lower borrowing costs from 5.25 percent in December, up from a 21 percent chance yesterday. Bernanke will deliver his semi- annual testimony on the U.S. economy to the House at 10 a.m. He will also speak in the Senate tomorrow at 9:30 a.m. "

Yep, he will have to cut rates eventually. When that happens, say hello to deflation.

I think we will have a sell off tomorrow, but by manipulating the futures I think it will be "contained" to 200 to 300 points (on the DOW; I only wish that were the S&P). Thursday they will spike futures and, due to the training that every dip should be bought, J6P will start buying Thursday morning. Most likely Cramerites will be buying while non-retail will be selling. When do the Cramerites wise up? My guess would be late Thursday or early Friday. OpEx could be very interesting.
Just a guess!