Kind of a mixed bag in the world of news so far today.
This morning in a Bloomberg news story, I read that JP Morgan is releasing the funds it seized from bankrupt MF Global. Account holders who lost all of their money will get back about 93% minus the loss of investing power one gets from possessing your own money since Halloween day, 2011.
So there's that. I have never been surprised that the government's bank, JP Morgan, was at the heart of the MF Global scandal. They continue to be the greatest criminal enterprise in America- second only to Congress. http://www.bloomberg.com/news/2013-03-20/mf-global-inc-trustee-reaches-agreement-with-jpmorgan.html
Freddie Mac is also suing JP Morgan, the criminal enterprise, over manipulating libor rates. Another shocker. http://www.bloomberg.com/news/2013-03-19/freddie-mac-sues-multiple-banks-over-libor-manipulation.html
The worst story of the day. http://news.yahoo.com/worker-admits-cutting-10-babies-abortion-clinic-171908888.html
Unlike perennial stock cheerleader Warren Buffett, legendary investor Jim Rogers has now declared that we are living in a "fools paradise." I giggled when I read that. There are a lot of people that agree and many of them are pointing to some very dark clouds on the horizon. This is an excellent article that explains why. http://moneymorning.com/ob-article/jim-rogers-major-crash-ahead.php?p=PPYRP206&utm_campaign=content&utm_medium=cpc&utm_source=taboola#.UUlYdBz5knY
Gold bug Jim Sinclair says the bottom is in for gold at 1600. He does not believe it will retrace below those levels. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/14_One_Of_Legendary_Jim_Sinclairs_Boldest_Predictions_Ever.html
I have gold down 4 bucks at 1607 in the futures market but I think that may reverse. Equity futures are much higher because that ten billion in POMO money the FED has handed out since last Friday has to go somewhere. Just a paltry ten thousand million.
Dow futures up 65. The media never mentions POMO. Today they say the markets are up and breathing a sigh of relief over Cyprus as they try to find Plan B.
Equities are still ridiculously priced.
Whirlpool, that sexy-high growth appliance company, only trading at 116 bucks a share.
One of my favorite short selling ideas is Boeing. Even after losing a 220 jet order to rival Airbus, union unrest, sweeping away the Dreamliner bad news, and trading near it's top at the 86 dollar mark- how much higher can it go? It has already more than doubled off the 09 lows.
A lot of ripe fruit in the fools paradise.