Screwball

I don't know what's going on over there, and I don't know why, or how COVID has to do with banks, or not, or what to believe about anything. But it looks to me like some sort of a bank run. That's never good.

One last bash of Cramer. The tape will read DOW -215ish. In reality, it gapped up, shot to 31,644, then took a shit for the rest of the day and closed at 31,072. That would be a -572 pt swing by the Bambino known as Jim Cramer, if my math is correct, and I've had a few beers, so it may not. Not that this great American huckster had anything to do with today, because he didn't, for the record. He got to ring the bell, and I can no longer get a tour of the cavernous building known as the NYSE. They quit that after 9/11. To this day that breaks my heart - the only reason I ever wanted to go to NY. But it fits. He's one of the most well known financial guys, TV, books (I read one of them) - and has been full of shit for as long as he's been spewing BS and pushing his buttons - yet they put him in front of a camera every trading day. Apparently, being a stooge still makes you a pretty good living (of course, that's how it's suppose to work dumbass). Our poster boy for what is wrong with the financial media. Here, have some fun. Mad Money Soundboard

Related to the Jim Cramer stuff, I saw this tonight. I wondered if that was true, so I spun up the charts (it's Sunday night anyway) and went back and looked it up. Sure as shit, kinda, the Whale is right. But according to the charts (history), the Dow (looking at that) opened at 17,989, and closed at 17,662 (that day). My math says that's 327, not 332.7, but no biggy. The fact that people actually watch a huckster like him tell us too many people have their head up their ass. And for the record, I don't want to insinuate he was the reason for that market drop that day. We don't know. Still funny, screw him.

For sure, and Bubblevision (CNBC) leads in fuckwads. I don't remember who it is, but someone on Twitter is always Tweeting about Cramers's bad calls, and even keeps track of how much you would make if you did the opposite of what Cramer recommends. Next time I see it I will post. TBF, he is not always wrong, but kind of like a stopped clock. I've often wondered how many people actually look to business TV for investing advise. I always had it on, but only with the sound off. I watched for the breaking news and the occasional guest I wanted to listen to. I honestly can't think of one person, as far as anchors that didn't drive me up a wall with their cheerleading BS. Dennis Kneale was another giant POS spewing garbage all the time. I remember getting into a Twitter fight with him, which was hilarious. Him and Macke (who I kinda liked on Fast Money because he was funny) had a few epic run-ins, but I don't think either one is on the network now. Macke is funny and I still follow him on Twitter (as well as Karen Finerman (also on Fast Money)), but that's the only two. Mark Haines was one of the better ones. He did the morning show and on 9/11 was fantastic as all that went down. He died in 2011. Andrew Sorkin may have replaced him, but I'm not sure, but he's one of those people I would just like to smack upside the head just for being a complete and utter dick and deserves to be slapped upside the head. Dylan Ratigan could be good at times. He was the host of Fast Money at one time, but according to Wiki, he left as host of Fast Money in 2009, provoked by outrage over the government's handling of the 2008 financial crisis. In 2011 they he came back as a guest and this happened. An epic rant that probably cemented his absence. I still think he's kind of a hustler, but better than most they parade across that shit show.

I can't believe that fuckwad is still in front of a TV camera

I'm just asking questions. I have security cameras, 4 to exact. I cover most of my property and also see others. Mine are all wireless, but they are hooked into my home network. My home network is secure. If a camera triggers, a video is created, and stored internally to a SD card. I can access that through my computer, or phone, at any time. All safe, all internal to my network. I have an option to copy/store these videos to a cloud, which I assume is from the company that sells this stuff. I'm not interested. A picture or a video ends up as a file of some sort. You can move them. How it gets from the the SD card on the camera to any other place outside of your home network requires the date to go through the internet. A cloud is "space" in some form that stores data. It doesn't go from point A to point B without going through the internet. That's TCP/IP 101. TL;DR; If you are using a cloud of some sort, your data is on the internet.

How does the data get from the camera to the server in a data center somewhere?

What do you think the "cloud" is?

CPI; 9.1% (yesterday - lagging indicator) PPI; 11.3% (today - leading indicator) says "hold my beer"

Central Bank Digital Currency: Stability and Information Fuck you!

The only reason the media is fixated on GDP is because that's what narrative they want to push. It's easy to massage into what they want to propagandize using GDP numbers instead of more rigid metrics. This hack is just putting lipstick on a pig. *** Crude oil getting hammered today, down over %6. Small Business Expectations for Future Conditions Hits All-Time Low - June report Related and interesting; Kaiser Aluminum Declares Force Majeure at its Warrick Rolling Mill Due to Limited Availability of Magnesium Can shortage? Oh goody. Shit ain't good, go long lipstick (and bullshit).

GDP, a blast from the past. GDP was argued by pages in the old boards investment page. Was it in fact a good indicator of our economy, or not, or whatever? *** Speaking of which, that brings back memories. Del started the "Investment" thread on the old board. I remember some of the people. Rhino, Ballmich, Greenwit, a guy named Dan I think, and others I can't remember because I'm old and stupid. Those guys were badasses. *** The guy who wrote this article is a clueless fuck. Why is he trying to define a recession? It doesn't matter what you call it (or how you define it (example; 2 negative GDP prints)) - what matters are the numbers we see going forward - and what happens to the American consuming public. This is a wild time. There are jobs out there, and the labor numbers are not fugly, when you just look at the stats - so I will give him that. But too many jobs (or 2) aren't getting it done. People are struggling. I don't see any "wage earner's outlook" looking too good. Sure, some will make more, won't matter, costs eat it up. They even fuck us old people. We get a few percent SS raise, but our supplemental goes up X3. Thanks. All we need to watch is how we treat our veterans, our elderly, and our homeless. Besides, why invest in people when you can print gobs of money and make the right people rich? *** FTR; I spent 5 hours Friday and today dealing with my bank. All because of a purchase I made (have done several times before with no issues) that, this time, threw up a flag. Benny Hill would be proud And I'm a bit pissy

I looked for a mainstream source, but the rumors have been out since the Twitter/Musk deal blew up. This is ABC. Twitter says it will sue Elon Musk to complete the $44B merger he just rejected and is "confident" it will prevail I guess we'll see when and if the paperwork is filed, but go long popcorn if it does.

Released today from the Fed; Consumer Credit - G.19 Also contains a chart on other credit stuff.

-1.9 And since we must bring politics into it - fuck your politics

I agree. Wouldn't it be nice to see her skewering banksters on the financial services committee? I think that would be grand, but no dice. From February; Why Katie Porter Isn’t on the House Financial Services Committee

Always a great question, and since G2 brought me up I will take a stab at this. I bolded the part I want to address. In a word; no. At least not at the beginning. If they put forth that kind of work over a period of time that could change. First, we must quality how they go about beating the market. Are they like most people and control their 401k account (or whatever) through their work? Or do they have a live trading account and maybe on margin (betting money you don't have in your account). Margin accounts can make you filthy rich in a short period of time, but the inverse is also in play. Margin accounts use option contracts to lever up money, while at the same time protect against the downside. Shit goes south and someone is going to get ripped, and it won't be Wall Street. But let me give an example. I'm retired so I have nothing to hide and don't much give one good shit about too many things at this point anyway. I don't remember the exact year (when this happened), but 2015-2016 maybe. I worked for WHR. We had Vanguard as our retirement caretaker. We could change our plan every three months. I put in what they matched, and every 3 months we could change what they did with our account. They would stick all the three month money in WHR stock. At the time the stock was going up, and the people I worked with were buying the snot out of it, and of course I was making money too, but I knew it was an illusion. In February of that year the stock price hit $204 after an earning report (listen to them, so cool and informative) and a month later hit $211. The people were buying the shit out of it, while I was selling the shit out of it. Why? Because the top 10 execs, who must disclose buys/sells were also selling the shit out of it. In July it was $145. Until you really have a grasp on how things really work your going to get you ass handed to you. We are now finding out how bad the Robinhood people and other scams have raped people. Image that! They have no fucking clue what they are doing, and more importantly, what they are dealing with. Read about fiduciary duty. They probably took it out of the dictionary. To the technical side of trading; charts are history, they show what happened, and a really clever way of doing so. Great read on how it became popular, Japan was a large contributor. It's about how to "look around the corner." Trades are easy when you know what's going to happen, but we don't. Great effort has been spent trying to figure out an "edge." TA is an offspring. They serve as indicators, entry/exit points, and very worthwhile. And why not, Wall Street uses it (the algos (HAL 9000)), so do all the traders. Examples above posted of charts. TA is a tool, not a get rich scheme, but a worthy tool just the same.

Follow up, been a long time. Did you ever do anything Red?

Those guys are nuts, but all racers are nuts. They are adrenaline junkies. I raced on a couple of local dirt tracks a few times. It's all about how big your balls are. It's as simple as that.

I was speaking in general about the costs, and I do remember the STP car. Andy Granatelli was the car owner, won two I think. Your first paragraph is what makes racing what it is. Rules, how to beat the rules. That's where it gets fun (and innovative), which is what I like. Racers are passionate about winning. Technology benefits, as does the rest of us. Some call it cheating, some call it rules interpretation. 😉 When they put a battery in a race car I will be done with whatever sport it may be. There is nothing like the smell of spent methanol after a 50 lap feature. Hat tip "Apocalypse Now."

I also liked the 70s and 80s because of the "innovations" they did to the cars. It was a fun time, and those guys were pretty sharp. Nitrous was part of the conversation in those days, but nobody talked about it. 😉 That said, the rule changes made the sport more competitive (and expensive, but that is inevitable anyway). Today the competition is as good as I've witnessed since I started going in 1968(9). For example. a couple of weeks ago was the Ohio Sprint Speedweek; 8 straight nights of racing at 8 different tracks in Ohio. In 8 nights there were 6 different winners. As far as Indy, I still watch it every year. To me it is still the ultimate oval open wheel race of the year. But IMO, they have ruined it over the years. This year only saw 33 entries, just enough to fill the field. I remember when the "month of May" had over 100 cars trying to find the speed to make the top 33. Not anymore. And the drivers....never heard of many, although some had pretty good resumes, but I could name a half dozen guys who are really good on the tar (asphalt) who I think should be there. Either not enough money, or they don't have a connection to the money. All of is has gotten too expensive, but as the old saying goes "speed cost money, how fast you wanna go?"

I apologize for being off topic here, but I want to share this. I'm a huge race fan and I understand and respect the F1 stuff. Open wheel, high horsepower to weight ratio. F1 is the leader of the field in every category as far as technology. That's good for humanity as well. Then there is the crude version of horsepower to weight ratio. The video below is from a race last night in ND featuring the World of Outlaws, the dirt track version of F1. 1425 pound cars with 900+ horsepower engines running around a dirt oval. Some of the NASCAR guys run with these guys at times, including last years champion Kyle Larson. The #17 car goes from 6th to 1st in the last 4 or 5 laps.

Well, they did just come out with a short BTC ETF. 😉