The markets were a bit ugly first thing in the morning and then found footing. OPEX usually wraps up Thursday evening with residual action at Friday's open. I figured no one would want to be caught short or stuck in certain positions heading into a weekend that my bring some kind of headline risk.
Right before the close the indices ramped up big on minimal volume once again. Whether this is banks trading shares ever higher back and forth raising bids and then banking the gains in the books for the day or just a lack of selling orders as everyone went home for the weekend is open for interpretation.
As a "Zero Hedge Head" I have to admit that the site features off beat market information, hilarious headlines, and brings to light some of the inner workings of the markets. I read it daily and often will link various items. I would offer that at times the crew over there gets a little out of hand with sensationalism and also could benefit from follow up work before going to post. Two quick examples.
This no forgotten measure of inter bank stress used to be held as proof the banking system was in trouble back in the collapse. It has been on an uptrend as of late, and the Zero offered this article and graphs to portray a big surge in the TED spread.
Now I used to watch this indicator quite a bit so I knew it was still really, really low but elevated for recent times. Jesse at the Cafe has a more broad look at this measure and it should put things in perspective. Last time I looked 450 (peak reading) is more than 10 times bigger than 35.
Senator Response Letters
In the piece "The FED's Racket Exposed" the Zero includes two letters from senators to readers concerning the FED head Bernanke's reappointment to his position. The letters read just as we have been told by officials on the record:
Senator Mikulski response to a voter on why she voted for Bernanke included:
I was advised that rejecting his nomination would cause markets to nose dive, which would hurt retirees and families saving for their future. I am not enthusiastic in my support. But I think Mr. Bernanke understands the job that he still has to do.Remember "Tanks in the Street" if TARP was not passed? This follows the same threat pattern.
Tom Harkin was not overly scared and wrote to a voter of his thus:
While I have heard the concerns of many that the failure to confirm Mr. Bernanke would have damaged the financial markets and jeopardized our economy recovery, I do not believe that anyone, including Mr. Bernanke, is too big to be replaced. We should not hold our economy hostage to the Wall Street threat that total economic collapse is the sure result of not doing everything they want.Again, follows the same line of thought.
So what's the problem? A great follow up would have been to get both senator's staff to confirm these letters were indeed sent by their offices. In the day and age when fake memos (remember Dan Rather?) can be made up it would add weight with a confirmation. I would also feel a bit uneasy about the line "jeopardized our economy recovery" which should have read "economic recovery" not economy. Still, I always miss type everything (if you read the comments you know this!) but that alone would have demanded a confirmation via the senator offices. Sloppy details are a new focus of mine, HA!
Mish has some funny stuff; some letters from CONgress staffers (not a miss type) concerning financial terrorism that is too funny. Mish also backs it up with a chain of evidence.
Friday Night Entertainment
Ok, I got a little worked up last night but through the force I have been able to re-center and get focused on what is important, Friday Night!
Bringing Sexy Back
Now some blogs use the promise of sexy ladies to attract viewers. I would never, ever resort to such an attempt to create more Google search hits. Never.
I offer true sexy, the sexiest engine of all time (in my opinion!) the GM L-98 small block V-8:
Those curved intake runners are really something! I did not say best engine (great low end torque but the motor ran out of power in the higher RPM bands) just the best looking.
Visual cues to get you laughing.
One of these things is not like the other:
Well, I guess there is a difference between Walmart and the Dollar store:
A great read.
We all love the animals!
see more Lolcats and funny pictures
Tales of the glory days:
see more Lolcats and funny pictures
Just like "Hoosiers"!
Items of Interest
Some stuff you may not be aware of.....
-How they filmed the old "Star Wars" crawls before technology.
-Kryptos still unsolved, but there may have been an error in the making of the display that the designer cannot figure out. Oh well.
-Mackinac Island was a Wiki featured article this week, and for those with sharp eyes, it was the setting for the film "Somewhere in Time".
It is now time to get the tunes going for a weekend sendoff.
Reader Moneta had some great observations this week and thus his request leads off the night. I had 3 to choose from so here is Men at Work and "Land Down Under":
I love this song.
Via loyal reader Gawains I found the song "Willin" but on the sidebar I saw Linda Ronstadt do the tune and well, here she is:
Inside joke with my friend from Michigan, The Go-Go's with "Our Lips are Sealed":
All my best.
The lead singer of Depeche Mode, David Gahan was solo for a while and the song "Saw Something" is really a nice piece of work:
Two more and that's all!
You know I am going to heavy it up! Try out "Balls to the Wall" by Accept:
Last call! You know what to do.
A YouTube post by some guy on his Top 20 Metal Songs was pretty good and his number one, while I would disagree, was not bad at all. Take a real ride, lyrically and musically with Iron Maiden and "Hallowed By Thy Name" (live version only way to go!):
"The sands of time, for me, are running lowwwwwww, running loww Yeahhhh, Yeah yeah!"
Great vocals and everything else.
Have a good night.