THIS SPEAKS FOR ITSELF…

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Yes…these are our government officials. Don’t worry that these mean, nasty oil and gas companies employ tens of thousands of hard working Americans. This speaks for itself…an administration that picks and chooses winners and losers…and those they don’t like? Just use the bully pulpit to slam them. Hey…let’s just vote these people for another four years.  Read this…

“…Sen. James Inhofe (R-OK) took to the Senate floor today to draw attention to a video of a top EPA official saying the EPA’s “philosophy” is to “crucify” and “make examples” of oil and gas companies – just as the Romans crucified random citizens in areas they conquered to ensure obedience.

Inhofe quoted a little-watched video from 2010 of Environmental Protection Agency (EPA) official, Region VI Administrator Al Armendariz, admitting that EPA’s “general philosophy” is to “crucify” and “make examples” of oil and gas companies…”

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SOURCE: http://cnsnews.com

 

SOME NUMBERS ON APPLE…WOW!

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Some numbers on Apple…wow!

Earnings:

  • Apple had net income of $11.6 billion on revenue of $39.19 billion. Earnings per share were $12.30 (versus Street analysts consensus of $10.06 per share, $9.52 billion in profits on revenue of $36.8 billion);
  • Profits rose 94%; revenues gained 58.9%for Q1
  • Apple’s cash = $110.2 billion at end of Q1 (up from $97.6 billion at year’s end)
  • ~$74 billion of Aple’s cash is held offshore.
  • Gross margin rose to 47.4% from 41.4% a year earlier.
  • Apple has beaten Wall Street’s consensus estimates in 16 out of its last 17 quarters;
  • Apple has 360 million cumulative iOS device sales.

iPhones:

  • Apple sold 35.1 million iPhones — up from 18.65 million units a year ago.
  • iPhones (+ ecosystem) are 57.9% of Apple’s sales, up from 52.7% prior Q.
  • iPhones are now available in more than 100 countries and at 230 wireless carriers (versus 90 countries and 186 carriers a year ago).
  • iPhone sales in Asia Pacific doubled.

iPad:

  • iPad sales were 11.8 million units — up more than 150% from a year ago.
  • Since its launch two years ago, Apple has sold 67 million iPads (Tim Cook: “It took us 24 years to sell that many Macs, and five years to sell that many iPods, and over three years for that many iPhones.”)
  • iPad channel inventory was about 2 million at the end of the quarter, which is below the company’s target range of 4-6 weeks of iPad inventory.
  • App Store has 600,000 apps, 200,000 of them specifically for iPad.

Everything else:

  • China accounted for $7.9 billion of revenue — about 20% of Apple’s total; this is a 300% gain from year ago levels.
  • Two years ago, Apple sales in China were 2% pf total.
  • Apple sold 4 million Macs during Q, up 7% vs Q1 2011;
  • iPod sales were 7.7 million units, down 15% vs Q1 2011;
  • iTunes sales = $1.9 billion Q1 — an annual run rate of about $8 billion per year (up 35% year over year).
  • Retail store revenues jumped 38% from 2011 Q1;
  • 24th straight Q that the Mac has outgrown the broader PC market.
  • Non Mac PC shipments in the United States totaled 15.5 million units in the first three months of 2012, representing a 3.5 percent decline from the same period last year

I AM STUNNED!

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Oh joy! And you all thought things have changed…that these people learned their lessons of too much derivatives. You all thought the regulators did something about this enormous blob of #%&#@. Of course, according to these masters of the universe, everything is under control. Go check out the underlying numbers on these opaque instruments. I am stunned! 

LONG STORY: A derivative is a legal bet (contract) that derives its value from another asset, such as the future or current value of oil, government bonds or anything else. Ex- A derivative buys you the option (but not obligation) to buy oil in 6 months for today’s price/any agreed price, hoping that oil will cost more in future. (I’ll bet you it’ll cost more in 6 months). Derivative can also be used as insurance, betting that a loan will or won’t default before a given date. So its a big betting system, like a Casino, but instead of betting on cards and roulette, you bet on future values and performance of practically anything that holds value. The system is not regulated what-so-ever, and you can buy a derivative on an existing derivative. 

Continued

SOURCE: http://demonocracy.info

I THOUGHT SOME OF THESE NUMBERS WOULD HAVE BEEN WORSE!

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MUNCIE, Ind.—Johnny Whitmire shuts off his lawn mower and takes a long draw from a water bottle. He sloshes the liquid from cheek to cheek and squirts it between his work boots. He is sweating through his white T-shirt. His jeans are dirty. His middle-aged back hurts like hell. But the calf-high grass is cut, and the weeds are tamed at 1900 W. 10th St., a house that Whitmire and his family once called home. “I’ve decided to keep the place up,” he says, “because I hope to buy it back from the bank.”

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SOURCE: http://www.nationaljournal.com

IT IS ALMOST LIKE TOM FRIEDMAN LIVES IN ANOTHER WORLD!

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DO THESE PEOPLE JUST MAKE THINGS UP AS THEY GO ALONG? DOES THIS MAN NOT KNOW WE HAVE $16 TRILLION IN DEFICITS? DOES THIS MAN NOT KNOW THAT JUST ABOUT EVERY MAJOR INITIATIVE GOVERNMENT HAS STARTED IS OR WILL BE INSOLVENT? DOES THIS MAN NOT KNOW WE HAVE MORE GOVERNMENT REGULATIONS ON THE BOOKS THAN EVER BEFORE? DOES THIS MAN NOT KNOW THERE ARE MORE LAWS ON THE BOOKS THAN EVER BEFORE? DOES THIS MAN NOT KNOW GOVERNMENT IS NOW INVOLVED IN EVERY FACET OF OUR LIFE BECA– USE THEY THINK THEY KNOW BETTER? IT IS ALMOST LIKE TOM FRIEDMAN LIVES IN ANOTHER WORLD! READ THIS: 

DOES America need an Arab Spring? That was the question on my mind when I called Frank Fukuyama, the Stanford professor and author of “The End of History and the Last Man.” Fukuyama has been working on a two-volume opus called “The Origins of Political Order,” and I could detect from his recent writings that his research was leading him to ask a very radical question about America’s political order today, namely: has American gone from a democracy to a “vetocracy” — from a system designed to prevent anyone in government from amassing too much power to a system in which no one can aggregate enough power to make any important decisions at all?

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SOURCE: http://www.nytimes.com

WHAT’S ANOTHER $8 BILLION SLUSH FUND?

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Call it President Obama’s Committee for the Re-Election of the President — a political slush fund at the Health and Human Services Department.

Only this isn’t some little fund from shadowy private sources; this is taxpayer money, redirected to help Obama win another term. A massive amount of it, too — $8.3 billion. Yes, that’s billion, with a B.

Here is how it works.

The most oppressive aspects of the ObamaCare law don’t kick in until after the 2012 election, when the president will no longer be answerable to voters. More “flexibility,” he recently explained to the Russians.

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SOURCE: http://www.nypost.com

CROSSCURRENTS

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We have been telling you that no longer can you just throw darts at the tape and make money…that fewer and fewer stocks and sectors were participating in the upside…and that in certain corners of the market, things were downright bearish. Well…heading into the “end of month window dressing ” week, not much has changed. Of course, it is illegal to window dress so it really doesn’t happen.

As far as the major indices go, the Russell, Smallcap 600, Midcap 400 as well as the NYSE remain the lagging indices. All continue to trade below the 50 day average. The Dow and S&P are sitting on the 50 day with the NASDAQ and NDX. For starters, to take the positive side, a move above last week’s highs would be a big help…but on the negative front, a break below the 4/10 lows would make the correction deeper.

That all said, we watch 198 sectors and just about every country…and what we are seeing can continue to be called “crosscurrents!”

It is negative that while all the major indices have not broken near term support, the SOX has. We do give the semiconductors a lot of importance here. Speaking of importance, while they have not broken support yet, the financials have been under pressure. A break below the 50 day for the IYF and XLF would be decidedly negative. Again, we watch these two areas very closely.

Other areas we remain negative on are the commodities which includes oils,steel,copper,aluminum, metals,mining,construction and the like. It is not very often these areas do not fully participate with the market but in the recent run-up, they did and by a wide margin. Of course, add in the gold and silver which continue to act horrid. (Look for my long-term, potentially bullish gold report…coming out in a couple of weeks.)

The good news is that just about everything else is doing fine, though just about everything has pulled in. And until the lows of the past couple of weeks get taken out, it is too soon to turn bearish on an intermediate-term basis. If a break does occur, it would fit in well with what we have seen throughout the years as well as classically the past two years…a “sell in May and go away” market. We have never been huge believers in seasonality…but sometimes, the numbers are compelling. Here are the levels that need to hold:

DOW 12.710…S&P 1357…NASDAQ 2975…NDX 2660…RUSSELL 2000 783…NYSE 7835.

Lastly, there are a couple thousand more earning’s reports coming out in the next few weeks. The reaction should tell a lot.

 

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.

 

YUP…SING WITH ME…MONEY MONEY MONEY…MONEY!

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Don’t you just love these people? Another in a long line of fabulous allocaters of capital!

The upcoming United Nations environmental conference on sustainable development will consider  a breathtaking array of carbon taxes, transfers of trillions of dollars from wealthy countries to poor ones, and new spending programs to guarantee that populations around the world are protected from the effects of the very programs the world organization wants to implement, according to stunning U.N. documents examined  by Fox News.

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SOURCE:  http://www.foxnews.com

YES…THAT DARN TEA PARTY THAT JUST WANTS BALANCED BUDGETS AND EFFICIENT GOVERNMENT…YES — TERRIBLE PEOPLE!

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Former Obama administration adviser Van Jones said the country should re-elect President Barack Obama to “stop the tea party” because former Massachusetts Gov. Mitt Romney would “govern as a tea party president.”

Jones also said that some of Obama’s supporters misunderstood Obama as a “social movement leader” after his victory in the 2008 presidential race rather than as “head of state.”

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SOURCE: http://dailycaller.com