MORE MANIPULATION…MORE INTERFERENCE…

[email_link]

…by people who have no idea what they are creating. Following in the footsteps of Bernanke. They had better have a big arsenal. The only reason it has been working here is because in Bernanke’s mind, there are no limits to how much money you can print.

Almost at the same time, Beranke yaps and basically telegraphs more money printing on this side of the pond. Thrilling! Read this: 

 (Reuters) – The European Central Bank is considering setting yield band targets under a new bond-buying programme to allow it to keep its strategy shielded and avoid speculators trying to cash in, central bank sources told Reuters on Friday.

Setting a band is an option gaining in favour among central bankers, but the decision would not be made before the ECB’s September 6 policy meeting, the sources said.

Continued

SOURCE: http://uk.reuters.com

THANK YOU! THANK YOU! THANK YOU!

[email_link]

My only wish is that both candidates think this way. This man must go. Watch this video and read below.

Mitt Romney said Thursday that he would replace Federal Reserve Chairman Ben Bernanke, dismissing the advice of a top adviser who suggested this week that the chairman should be considered for a third term.

The presumptive Republican nominee told the Fox Business Network that as president, he would want to install someone new in the Federal Reserve post. Mr. Bernanke’s term ends in January 2014.

Continued

SOURCE: http://blogs.wsj.com

kaltbaum premarket

 

My only issue here is WFM…the 50 day avg is about 93.80… Did not like yesterdays action. That would be a very small loss. I would give it 25 cents below that number.
 
Futures down on another blah economic number. Will have full leaders report on weekend.

kaltbaum email

 

Did not like how WFM traded today…back where it was put on service…but besides that, no issues.
 
Nothing new to add…good to see gold and silver continue and will probably take the trade soon.

HOLDER WILL BE A VICE CHAIRMAN AT GOLDMAN WHEN HE DONE DOING NOTHING IN WASHINGTON!

[email_link]

I’ve been on deadline in the past week or so, so I haven’t had a chance to weigh in on Eric Holder’s predictable decision to not pursue criminal charges against Goldman, Sachs for any of the activities in the report prepared by Senators Carl Levin and Tom Coburn two years ago.

Last year I spent a lot of time and energy jabbering and gesticulating in public about what seemed to me the most obviously prosecutable offenses detailed in the report – the seemingly blatant perjury before congress of Lloyd Blankfein and other Goldman executives, and the almost comically long list of frauds committed by the company in its desperate effort to unload its crappy “cats and dogs” mortgage-backed inventory.

In the notorious Hudson transaction, for instance, Goldman claimed, in writing, that it was fully “aligned” with the interests of its client, Morgan Stanley, because it owned a $6 million slice of the deal. What Goldman left out is that it had a $2 billion short position against the same deal.

Continue

SOURCE: http://www.rollingstone.com

AGAIN…THEY DON’T CARE HOW THINGS LOOK

[email_link]

They don’t care about conflict of interest. They don’t care about corruption. Just more of the same. Money flowing back and forth. Read this: 

WASHINGTON (AP) — A veteran Wall Street executive who performed an independent review that exonerated the Obama administration’s program of loans to energy companies contributed $52,500 to re-elect President Barack Obama in the months since completing his work, according to an Associated Press review of campaign records. The executive defended the integrity of his conclusions and said he decided to donate to Obama after his work was finished.

The campaign contributions to Obama started just weeks after Herbert M. Allison Jr., in congressional testimony in March, minimized concerns that the Energy Department was at high risk in more than $23 billion in federal loans awarded to green energy firms. Two weeks later, Allison began giving to the Obama campaign. His contributions to Obama and the Democratic National Committee totaled $52,500 by last month. Allison previously was the former head of the government’s mass purchase of toxic Wall Street assets.

Continued

SOURCE: http://hosted.ap.org

A–CLOWNS

[email_link]

I do not usually use expletives when I write but calling the fed a–clowns is well-deserved. They know that their thoughts through their minutes are going to come out and will move markets. So…just when you think something is going to happen, we get this earlier this morning:

On TV this morning, Fed’s Bullard says ‘Fed has seen more encouraging data since the Fed meeting; says Fed is being vague on timing of possible stimulus; says if 2% growth resumes with lower unemployment, likely Fed will stay on Hold.

Says Fed is keeping all options open and economy has not recovered as much as the Fed would like to see. Says Fed determined to act if the economy deteriorates further; not clear if that action is needed right now. Says, should note that the latest FOMC minutes are a bit stale; says he is in the ‘late 2013 camp’ for raising rates.

The fed knows their minutes are coming out and know they will move markets…and now a fedhead comes out today and contradicts everything.  These people do not seem to give a crap that investors are making moves based on information at hand. The problem is that we have never seen so much information. We have never seen so much manipulation. We have never seen so much interference in the markets. These people refuse to shut up. They refuse to get out of the way. They refuse to let markets be free. Maybe I am just ranting but the outcome of all this cannot be good. After all, the fed is being led by a man who missed the whole financial/housing/lending debacle that was in part caused by his ridiculously easy monetary policy and how does he try and fix it? With even more ridiculously easy monetary policy. This is the same man that said sub-prime lending was good. This is the same man that said housing would be fine and would not affect the economy. Only when the economy and housing were already heading south in a big way, did he acknowledge it.

Everything the fed has ever done ended in bubbles and then crashes. They need to shut up. They need to get out of the way. They need to let markets be markets…or else! Markets ultimately, are not going to like this confusion.

 

Gary Kaltbaum owns Kaltbaum Capital Management, LLC (“KCM”), an investment adviser registered with the U.S. Securities and Exchange Commission. The opinions expressed herein are those of Mr. Kaltbaum and may not reflect those of KCM. The information offered in this publication is general information that does not take into account the individual circumstances, financial situation or individual needs of an investor. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results.

kaltbaum premarket

Gold and silver bid up again this morning. First off and most importantly, they are showing strong bottoming formations…and secondly, there is mass confusion by the people in power…so gold and silver getting the bid.

kaltbaum premarket

I do not usually use expletives when I write but calling the fed assclowns is well-deserved. They know that their minutes are going to come out and will move markets. So…just when you think something is going to happen, we get this earlier this morning:
 
On tv this morning, Fed’s Bullard says ‘Fed has seen more encouraging data since the Fed meeting; says Fed is being vague on timing of possible stimulus; says if 2% growth resumes with lower unemployment, likely Fed will stay on HoldSays Fed is keeping all options open and economy has not recovered as much as the Fed would like to see. Says Fed determined to act if the economy deteriorates further; not clear if that action is needed right now. Says, should note that the latest FOMC minutes are a bit stale; says he is in the ‘late 2013 camp’ for raising rates.
 
The fed is not just a bunch of assclowns, they are much worse. I will not use any worse words but you get the hint. The fed knows their minutes are coming out and know they will move markets…and now a fedhead comes out today and contradicts everything. So what happens, futures drop. These people do not seem to give a crap that investors are making moves based on information at hand. The problem is that we have never seen so much information. We have never seen so much manipulation. We have never seen so much interference in the markets. These people refuse to shut up. They refuse to get out of the way. They refuse to let markets be free. Maybe I am just ranting but the outcome of all this cannot be good. After all, the fed is being led by a man who missed the whole financial/housing/lending debacle that was in part caused by his ridiculously easy monetary policy and how does he try and fix it? With even more ridiculously easy monetary policy. This is the same man that said subprime lending was good. This is the same man that said housing would be fine and would not affect the economy. Only when the economy and housing were already heading south in a big way, did he acknowledge it.
 
Everything the fed has ever done ended in bubbles and then crashes. I will leave it at that.
 
Futures down…and sitting back today. We are heading into month-end action.