So I heard on CNBC today that congress & white house etc. do not have rules on insider info trading.

OK..

So I hear this on CNBC today, regarding the subject.

Today, not ONLY did

1) Joe Biden

BUT

2) B. Obama

came out today mid-afternoon and said the jobs report this Friday was going to be better than expected. Market rallies about 150 points in the last 2.5 hours

Wait...

So not only can congress get the jobs report information BEFORE the general public, but THERE ARE NO RULES AGAINST THEM TRADING ON THAT?

AND THEN - they just go to their pal grandmaster b (jpm) and buy like 100,000 big boy SP500 futures contracts....

WTF?

This has been bugging me quite a bit..

_____________________________________

Riiiiiiigggghhhhttttttt

mmmkkkkaaaayyy


chart from intraday today - won't be up for too much longer

[edit on 3-6-2010 by GreenBicMan]

[edit on 3-6-2010 by GreenBicMan]

dude
it's all crooked as hell.
I thought we had been over this before.
Wall Street ought to be on the Vegas Strip.
It's a legalized casino designed for the
house to win and everybody else lose.

ok, I'll shut up now


[edit on 3-6-2010 by boondock-saint]

reply to post by boondock-saint


Well I don't really care as long as I hear it before 3/4 of America. Today was chalked full of bullish momentum.

Maybe someone owes Martha Stewart an apology?

Why can this government do no wrong?

reply to post by hardamber


I agree

There is actually a list about 1,000 people long that have gone down for insider trading etc.

hmm...

Would love to roll back the tapes and love to see who was pulling this BS while they were grilling GS at hearings a few months ago etc.

I hate congress - especially now that they can legally vice grip your sack at anytime in the market

reply to post by GreenBicMan


Lmfao.. dude, do you remember that scary lil bug called.. oh what was the last one.... SWINE FLU????

Where did it go? Dropped off the freaking planet, no one got sick, no news coverage, NOTHING .. just freaking vanished.. one day every one is lining up out the door for an emergency shot, one day it's on every front page, people screaming doom, body bags being ordered, whole nine yards. Then one day .... nothing. Not even an after mention?

Now if you were a forensic accountant, I'd bet if you went through Congress and the White house (as well as CDC employees) financial records, you will notice that their stocks in the company that the Government paid tens of billions for the drugs, swelled and made them a pretty penny. Obama when he became President had to reveal his investment portfolio .. his investments to that date were horrible, it was rather sad.. except he did invest a large chunk of money into a company that developed the Bird Flu vaccine .. right before he voted on legislation to provide Bird Flu vaccines. Many senators and congress-critters do this.. 3 years later it was Sine Flu. before Bird Flu it was SARS, I imagine by 2012 there will be a new deadly outbreak of some obscurity that will force the Gov to purchase billions worth of new vaccines.

But anyways.. Insider Trading only has to do with SPECIFIC companies. If you found out Walmart was going to buy out a smaller regional store, you are not allowed to pass the information on, or make a large transaction based on that knowledge, until it is publicly released.. but if you find out key economic indicators are good (or bad) .. you CAN make any transaction you desire, because it did not come from private information belonging to a public corporation.

Effectively.. lawmakers, policy makers, economic insiders, and so on .. are completely immune to insider trading rules.

reply to post by Rockpuck


God stab me in the face - work 15 hours/day to eek out a measily 15 pips a day in FX while I could have just been suckin on it under the table and worked 2 mins a day and make 10000% / month

reply to post by GreenBicMan


If you can't beat em (and trust me, we can't) .. join em. If you ever stumble across a way to work the system, hit me up, I'll join ya lol.

reply to post by Rockpuck


I thought about asking you about something actually earlier when I thought I had a bigger opp than I did.

I'll talk to you privately later

Yah, I heard the same thing when they were talking about how Obama and Bidden could have found out the jobs report for Friday on Wednesday. LOL then I remembered they are not subject to the same laws that they write for us. If they break the law they are taken before the house oversight committee, slapped on the wrist then go back to business as usual.
This is all politics for Obama to be able to say see we are in a recovery. Pay no attention to that man behind the curtain spending all those trillions of dollars because its the big bad republicans fault.

Yeah, I mean I hate politics and I am almost as certain as I can be they are all the same people doing all the same drugs together when the curtain goes down for the night - but I cannot believe it is actually legal for them to literally frontrun big time economic data.

But, I am sure they voted on that - it isn't like that vote goes to the public. That would be overstepping their right to put my nuts in the vice.

GreenBicMan Buddie, you should know they are just manipulating The national unemployment rate just to make obama and The G20/G7 feel good whom are coming to toronto this june, this why, the job report was rushed released to the media.


The real national unemployment rate is about 20%

Hmm..

Sounds like Biden again needs to remove foot from mouth.

Maybe the play is to fade these assholes into news and buy their rumors.

Well it looks like when you back out the census workers from the job report it was less than impressive. Just a caveat, the euro is down to 120.00 (+ -) going to be an interesting day on wall street.
Greenbic you still short the euro?

reply to post by murfdog


Most likely area IMO within the next 5 months or so is around 1.00

If something bad happens maybe .85

This was a long time in the making anyway, it had to happen sometime.

The Eurodollar in 1989 was at 1.00

The Eurodollar in 1999 was at around 1.00 as well..

If you look at a monthly candle extended eurodollar chart this is totally par for the course.

I do see things differently than most people though

reply to post by GreenBicMan


The Euro though was only a banking-reserve currency, used exclusively by Central Banks, and then by the entire banking industry, before it was ever actually a currency. The official switch was something like.. 2001 or so I believe, that countries actually started using them throughout the economy. Ever since it was the main cash source in the Euro and used for all transactions, it's rarely dipped below $1.20.

I would say that had this been a Europe only crisis, and had the US not monetized a massive amount of debt, the Euro would already be below the $1.00 mark.. but as it is, it's just a race to see who sinks lower the fastest, Euro winning of course.

I actually do doubt though that the Euro could ever reach such low levels as you predict, it's consequences are rather severe for the US, as Europe is our main competition (their economy being larger than ours) .. if the lower Euro expands production in Europe, it will cut exports in America.. I believe the US Gov along with the IMF will pick up on their currency swaps to ensure the Euro stays strong -- until the unthinkable, a national default.

reply to post by Rockpuck


The consequence is severe, no doubt

The consequences are/ will already be severe enough IMO as the next couple quarters of USA profits will most likely suffer

I am wondering how much of this is currently being priced into equity prices currently

Just going by nothing other than dumb everyday logic, I don't see a reason why EUR/USD should ever be above 1.20 personally - anything above 1.20 to me is just implying that US Equity Markets > equilibrium

Anyway, if you do look at a Eurodollar extended chart you will see that this model we are in right now currently fits into the "harmonic". This basically means this "side of the equation" is currently reflecting the "opposite side of the equation".

I will post a picture that makes this easier to grasp

The .85 target is if someone actually does end up defaulting/leaving and then it is up in the air - that is my destruction target akin to DOW 5500 target

I think 1.00 is realistic, but with currencies, must take a lot of time to unfold

Going by the "harmonic" this could also be the exact bottom, or close to it

These predictions are only as good as the actual news / events to follow that actually do happen - so nothing is a science and nothing is a "lock". As everything else, total speculation

As you can see in the picture below, it will be interesting to see how it "fulfills" its previous movements, and the implications of such in the markets

If we think that this is the base - or the bottom - which it also could be, we are going to see a fast retracement to the 1.3x levels

If the picture below doesnt fit...
here


[atsimg]http://files.abovetopsecret.com/files/522dc42e340d5e85.gif[/atsimg]

reply to post by GreenBicMan


A weaker Euro would benefit them, I have no idea why they insist on such a strong currency .. it really hurts their exports and especially tourism. But I agree, realistically seeing as the two economies are roughly the same size, their currency would be more in line, I'd say in the $1-1.20 range. $1.50 makes no rational sense.