Oil: Gap Down

January 8th, 2009

WARNING: This is not a recommendation to buy, sell or hold any financial instrument.

I was going to buy the United States Oil ETF on Friday, but it was sharply higher. I refuse to chase, though, so I’m going to wait for a pullback (that may or may not come).

—Oil

Wow. Wow. Wow. This is why I never chase! I was watching USO in realtime earlier today and it was down over 6%. It clearly looked like the selling could pick up, but I had no way of knowing by how much. I sent a limit buy order in for USO at $34, which was fully $1 beneath the spread at the time. I thought, “No way will this get hit, but who knows???”

I found a trade execution report in my inbox later. USO ended the session down 10.68% at $33.37.

* shaking head *

Incredible.

Is this thing going to take another leg down? I have no idea, but I actually wouldn’t mind if it did. I’m going to start accumulating more USO if it goes lower from here. I can’t buy gold in the $300 to $400 range anymore, but oil in the $20 to $40 range would do nicely, thanks.

Unless, of course, this is THE END of the effing world…

It has looked like THE END to me for about 20 years, but here we are. So, I only place the odds of an actual END situation at about 10%. (By END I mean: The release of strategic nuclear weapons.) As you can see above, I’m betting that the horror show will creak, stammer and murder its way even further into oblivion before the blinding flashes, electromagnetic pulses and mushroom clouds appear.

Happy trading.

Via: Reuters:

Oil hovered below $43 on Thursday after tumbling 12 percent overnight, its largest percentage drop in seven years, as a U.S. government report showed crude stocks rose much more than expected in the world’s top energy consumer.

The market will be eyeing weekly U.S. jobless claims due later in the day, and December non-farm payroll and unemployment data on Friday, which are likely to be dismal, for further clues on future demand.

U.S. crude for February delivery CLc1 was up 14 cents at $42.77 a barrel by 0230 GMT, after sinking 12.3 percent to $42.63 overnight, the biggest single-day percentage loss since Sept. 24, 2001.

London Brent crude LCOc1 was up 8 cents at $45.94.

“Oil prices are likely to remain choppy, and in the near term, the next potential trip-wire is U.S. non-farm payrolls data on Friday, which is likely to add to concerns over the U.S. economic outlook,” said David Moore, a commodity strategist with the Commonwealth Bank of Australia.


U.S. 2009 Deficit: $1.2 Trillion and DOES NOT INCLUDE Bailouts or Obama’s Stimulus Plan

January 7th, 2009

Via: AP:

The federal budget deficit will hit an unparalleled $1.2 trillion for the 2009 budget year, according to a Capitol Hill aide briefed on new Congressional Budget office figures.

The aide says the CBO also sees a $703 billion deficit for 2010.

The dismal figures come a day after President-elect Barack Obama warned of “trillion-dollar deficits for years to come.”

CBO’s figures don’t account for the huge economic stimulus bill that Obama is expected to propose soon to try to jolt the economy. At the same time, they do not reflect the immediate cost of the Wall St. bailout.

The shrinking economy has led to a sharp drop in tax revenues, which is largely responsible for the deficit, along with about $350 billion in spending so far for the Wall St. bailout.

Obama and Congress are promising quick enactment of the economic recovery plan, which will blend up to $300 billion in tax cuts with big new spending programs and could cost up to $775 billion over the next few years.

The flood of red ink probably won’t affect that measure but could crimp other items on Obama’s agenda.

The $1.19 trillion 2009 figure shatters the previous record of $455 billion, set only last year. It also represents about 8 percent of the size of the economy, which is higher than the deficits of the 1980s. The 2009 budget year began last Oct. 1.


A Peek at Homeland Security’s Files on Travelers

January 7th, 2009

HAHA This guy was surprised that his DHS file noted the IPs from which his ticket purchasing sessions occurred???

* Pfft! * He should ask Them to send over his MAIN CORE file and see how well that goes.

Via: Newsweek:

The oversize white envelope bore the blue logo of the Department of Homeland Security. Inside, I found 20 photocopies of the government’s records on my international travels. Every overseas trip I’ve taken since 2001 was noted.

I had requested the files after I had heard that the government tracks “passenger activity.” Starting in the mid-1990s, many airlines handed over passenger records. Since 2002, the government has mandated that the commercial airlines deliver this information routinely and electronically.

A passenger record typically includes the name of the person traveling, the name of the person who submitted the information while arranging the trip, and details about how the ticket was bought, according to documents published by the Department of Homeland Security. Records are made for citizens and non-citizens who cross our borders. An agent from U.S. Customs and Border Protection can generate a travel history for any traveler with a few keystrokes on a computer. Officials use the information to prevent terrorism, acts of organized crime, and other illegal activity.

I had been curious about what’s in my travel dossier, so I made a Freedom of Information Act (FOIA) request for a copy. I’m posting here a few sample pages of what officials sent me.

My biggest surprise was that the Internet Protocol (I.P.) address of the computer used to buy my tickets via a Web agency was noted. On the first document image posted here, I’ve circled in red the I.P. address of the computer used to buy my pair of airline tickets.

[An I.P. address is assigned to every computer on the Internet. Each time that computer sends an e-mail—or is used to make a purchase via a Web browser—it has to reveal its I.P. address, which tells its geographic location.]

The rest of my file contained details about my ticketed itineraries, the amount I paid for tickets, and the airports I passed through overseas. My credit card number was not listed, nor were any hotels I’ve visited. In two cases, the basic identifying information about my traveling companion (whose ticket was part of the same purchase as mine) was included in the file. Perhaps that information was included by mistake.

Some sections of my documents were blacked out by an official. Presumably, this information contains material that is classified because it would reveal the inner workings of law enforcement.

I have grayed out other parts of the documents because they contain information, such as my passport number, that I’d rather not share. The parts I’ve blocked out are colored gray to distinguish from the government censor’s black marker.


Air Force Releases ‘Counter-Blog’ Marching Orders

January 7th, 2009

Via: Wired:

Bloggers: If you suddenly find Air Force officers leaving barbed comments after one of your posts, don’t be surprised. They’re just following the service’s new “counter-blogging” flow chart. In a twelve-point plan, put together by the emerging technology division of the Air Force’s public affairs arm, airmen are given guidance on how to handle “trolls,” “ragers” — and even well-informed online writers, too. It’s all part of an Air Force push to “counter the people out there in the blogosphere who have negative opinions about the U.S. government and the Air Force,” Captain David Faggard says.

Over the last couple of years, the armed forces have tried, in fits and starts, to connect more with bloggers. The Army and the Office of the Secretary of Defense now hold regular “bloggers’ roundatbles” with generals, colonels, and key civilian leaders. The Navy invited a group of bloggers to embed with them on a humanitarian mission to Central and South America, last summer. Military blogger Michael Yon recently traveled to Afghanistan with Defense Secretary Robert Gates.

In contrast, the Air Force has largely kept the blogosphere at arms’ length. Most of the sites are banned from Air Force networks. And the service has mostly stayed away from the Pentagon’s blog outreach efforts. Captain Faggard, who’s become the Air Force Public Affairs Agency’s designated social media guru, has made strides in shifting that attitude. The air service now has a Twitter feed, a blog of its own — and marching orders, for how to comment on other sites. “We’re trying to get people to understand that they can do this,” he tells Danger Room.


Real-Estate Executive Found Dead in Apparent Suicide

January 7th, 2009

Via: Wall Street Journal:

Real-estate executive Steven L. Good was found dead of an apparently self-inflicted gunshot wound Monday in his Jaguar in a forest preserve outside Chicago, said the Kane County Sheriff’s Department.

Mr. Good, 52 years old, was chief executive of Sheldon Good & Co., one of the nation’s largest real-estate auction firms. His father founded the company in 1965.

In a prepared statement Monday, Sheldon Good President Alan Kravets called it “a testimony to Steve’s leadership that Sheldon Good & Co. remains well positioned for the future [and] poised for significant growth.”

As chairman of the Realtors Commercial Alliance Committee, Mr. Good said last month in an industry outlook news release that market conditions were “very challenging.”

According to the company’s Web site, Sheldon Good “has sold more than 45,000 U.S. and international properties in more than 100 different classes and produced more than $10 billion in sales.”

Mr. Good wrote a book called “Churches, Jails and Gold Mines…Mega-Deals from a Real Estate Maverick.” In it, Mr. Good tells how he purportedly turned his auction firm into the real-estate equivalent of Sotheby’s or Christie’s.

“That book is a must-read for anyone in real-estate auctions,” said Chris Longly, spokesman for the National Auctioneers Association.


Occupation 101: Voices of the Silenced Majority

January 7th, 2009

This is an outstanding documentary. Please pass it along.

Official Site: occupation101.com


German Billionaire Adolf Merckle Commits Suicide

January 6th, 2009

Via: Reuters:

German billionaire Adolf Merckle, assailed by financial turmoil and struggling to salvage his business empire, has killed himself, his family said on Tuesday.

“The desperate situation of his companies caused by the financial crisis, the uncertainties of the last few weeks and his powerlessness to act, have broken the passionate family entrepreneur and he took his own life,” a family statement said.

Prosecutors in the southern German town of Ulm, near Merckle’s home, said the 74-year-old died when a train struck him late on Monday. There was no sign anyone else was involved, they said.

Merckle was ranked as the world’s 94th richest person in 2008 according to Forbes magazine and his family controls a number of German companies including cement maker HeidelbergCement and generic drug company Ratiopharm, but its empire was rocked last year by wrong-way bets made on shares in carmaker Volkswagen.

Banking sources had told Reuters the family lost hundreds of millions of euros on investments, with losses of about 400 million euros ($539.4 million) on Volkswagen shares alone.


Israeli Tank Fires at School, Kills At Least 40 Palestinian Civilians

January 6th, 2009

Via: Reuters:

Israeli tank shells killed at least 40 Palestinians on Tuesday at a U.N. school where civilians had taken shelter, medical officials said, in carnage likely to boost international calls for a halt to Israel’s Gaza offensive.

An Israeli military spokeswoman said she was looking into information on the incident at al-Fakhora school in Jabalya refugee camp.

People cut down by shrapnel lay in pools of blood on the street. Witnesses said two Israeli tanks shells exploded outside the school, killing at least 40 civilians — Palestinians who had taken refuge there and residents of nearby buildings.

In a separate attack earlier in the day, three Palestinians were killed in an airstrike on another school run by the United Nations Relief and Works Agency.

The deaths raised to 75 the number of Palestinian civilians killed on Tuesday alone, according to medical officials.


Kissinger on Obama: “A New World Order Can Be Created”

January 6th, 2009

Change we can believe in.


BART Police Execute Unarmed Man in Public; Shot in Back

January 6th, 2009

Via: Mercury News:

A BART police officer struggling to handcuff a 22-year-old man, stood up over the facedown Hayward resident and fired a single shot into his back while a handful of officers watched, a video taken by a train passenger apparently shows.

The attorney for the family of Oscar Grant III, fatally shot by an unidentified BART officer early New Year’s Day, said Sunday he plans to file a $25 million lawsuit against the department and asked prosecutors to consider filing murder charges against the officer.

The shooting occurred shortly before 2 a.m. Thursday after five officers responded to the Fruitvale station to reports of a fight on a train, officials said, though they have not confirmed whether Grant
was involved in the fight.

The new video, obtained by television station KTVU, shows two officers restraining a struggling suspect. While the man is lying face down on the ground, one officer appears to be seen pulling out a gun and firing a single shot into his back.

Civil rights attorney John Burris, known for his work in several high-profile cases involving police abuse and corruption, said at a Sunday news conference that the shooting was “the most unconscionable shooting” he has ever seen. He said that the Alameda County district attorney should consider filing charges of second degree murder or manslaughter against the officer.


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