Friday, October 31, 2014

The Wall Street Journal finally admits that Mila Kunis was smarter than them all along


WSJ Moneybeat - Moneybeat formally apologizes to Mila Kunis. Once again, my single-handed, rabid, unflinching, stalker-like quest for justice pays off, making the world a better place.

Steven Russolillo explains just how much of a fucking cunt he was to the sweet Mila Kunis:

Mila Kunis, we’re sorry.

In March 2013, Ms. Kunis — known for her roles in That 70s Show, Forgetting Sarah Marshall and more recently Oz: The Great and Powerful – told CNBC that she was buying stocks for the first time. She noted how risk averse she had been in the past, but figured the spring of 2013 was a good time to “take chances” and learn more about stocks and investing.

We were skeptical, to say the least.

In a blog post at the time, we worried about the tendency for mom-and-pop (and celebrity) investors to pile into stocks at the worst possible moments–at the top of the market, instead of the bottom. “The old adage is whenever shoe-shine boys, barbers, Hollywood types or former Fed chairmen start touting the stock market, it’s time to bail out,” we wrote.

We argued that the market’s relentless rally would have to abate at some point. We worried that the Federal Reserve wouldn’t be able to power the rally forever. We fretted about weak earnings growth, fairly-valued markets and low wages.

And boy, were we wrong.

The S&P 500 has rallied another 20% since Ms. Kunis gave that CNBC interview a year and a half ago, piling onto one of the biggest bull markets of all time. Aside from a few hiccups–including a pullback earlier this month–much of the rally has been smooth sailing.

Yes, Steven. You were wrong. The Wall Street Journal was clownish in its arrogant stupidity.

How the mighty have fallen, Steven! Once the WSJ was known for its economic commentary. Now? Now you're a bunch of fucking amateurish blogger clowns who constantly piddle your frilly little pink panties about the coming Obamapocalypse.

So even though you've admitted that Mila was right in March 2013, you're still trying to scare your readers out of a market that's still in the early stages of a ten-year bull:

In March 2013, when we tried to sound the alarm to Ms. Kunis, the S&P 500 traded at 13.7 times next year’s earnings. And the current price/earnings multiple matches where the S&P 500 traded in October 2007, when stocks peaked prior to the financial crisis. No matter how you slice it, stock valuations are rich.

Then there’s all of the global tumult. Geopolitical turmoil in the Middle East and Ukraine have the potential to roil markets at any moment. The specter of deflation continues to hang over markets around the world. Slowing economic growth in Europe and China could be problematic for the U.S. and the global economy in the weeks, months and years ahead.

Bottom line, there’s plenty to be worried about.

You're still a worthless cunt, Steven Russolillo, and your worries make you look pathetic. I'm happy you're leaving the WSJ.

If that shithole Murdoch rag had any brains, they would fire the whole worthless amateurish lot of you and replace you with the one person who's called the market right for the past 18 months:


Mila Kunis is smarter than you.

And by the way, we're still waiting for apologies from Josh Brown, Barry Ritholtz and Joey the Weasel.

Count Floyd


Because it's Halloween, and because those goldbugs still out there need some soothing after getting bumloved to the tune of 10% today alone as their crappy mining stocks collapse, here's some Count Floyd, with Doctor Tongue's Evil House of Pancakes:



Japan breakout has already happened


So Japan blew up today:


A few short weeks ago, when people were grasping for fundamental explanations for the hedge fund position adjustments that caused world markets to drop, everybody was so damn sure that that Japan was still mired in deflation and the sales tax hike was going to destroy the country.

I didn't worry, because Michael Shaoul was providing proper empirical commentary on Japan that showed it was still recovering and the tax hike has caused no damage.

By the way, nowadays Shaoul is really showing his spots as a sadomonetarist hard-money inflationista. He has some strong underlying biases that are not intelligently informed by economics. But his commentary is still useful. I just have to remember to ignore parts of what he says.

Anyway, today the US Japan ETF gaps up and suddenly the threatened 18-month channel fail turns around to a threatened 18-month channel breakout.

I'm tempted to sell, because a 4% pop in one day is silly and (looking at this chart) I really think the breakout can't happen in the next couple days. Too fast too soon.

But I won't sell. Because I don't own EWJ, I own this:


This TSX-based ETF hedges out CAD/JPY forex distortions. And it says Japan already pretty much has broken out in CAD terms.

Target? I dunno. But just in case the US markets have little upside left in them for this year, and I do like to aspire to beat the performance of SPY (or VFV.to anyway), I'm going to hold half my money in Japan instead.


Friday videos: Curve's "Horror Head"


Again, here's Curve, with some Halloween music:




Thursday, October 30, 2014

WHO IS OTTO ROCK? Now the FBI wants to know. No really.


Oh dear, oh dear. The FBI has come knocking, and they want Otto Rock.

Click to enbiggitize:


Otto, run! You're in danger!

I can tell because someone at the FBI typed "Who is Otto Rock?" into Google while logged in!

Wikipedia says:

The mission of CJIS is to reduce terrorist and criminal activities by maximizing the ability to provide timely and relevant criminal justice information to the FBI and to qualified law enforcement, criminal justice, civilian, academic, employment, and licensing agencies concerning individuals, stolen property, criminal organizations and activities, and other law enforcement related data.

Dude, maybe you shouldn't have pissed off that dude. Now the fucking FBI is googling you.

If my blog goes silent, you guys now know that it's because I've been stuffed in a bodybag and flown off to a CIA-run torture facility in Syria. I'll be spending tonight snorting coke and caressing my guns in my panic room, that's for sure.

Who knows? Maybe I don't even make it out alive, but at least I'll take a few of the bastards with me! Which reminds me, I should probably arm the mines around my house for tonight. You can never be too safe.

Speaking of which, here's a Siskel & Ebert review of a great documentary on the topic of fascist governments who spy on their citizens:



Recommended by Jeff Berwick. The guy's got great taste in movies.



Oh the humanity!


B2Gold:

Oh the humanity!

Premier Gold:

Oh the humanity!

Primero Mining:

Oh the humanity!

Sandstorm:


Yeah, well, not much of a surprise there.

Seems like the end of QE has been interpreted by the market as the cue to give up on silver and gold forever.

I eagerly await my chance to buy B2Gold shares for 50 cents.


Sprott Globule interviews David Harquail


Sprott Globule - an interview with Franco Nevada's David Harquail. Hey, Nolan! Since you read my blog, maybe you should check out this interview with David Harquail about streaming. See if you can maybe learn something from one of the masters.


The gold silver ratio means nothing except that dividing one number by another is possible, which most of us already learned in grade 4 math


Hey, remember when the GSR was going to turn around at 68?

GSR weekly:


Morpheus meme:



Now what if I told you that the gold-silver ratio can go to 100?

But there's something in your eyes that says "never"!

Never say never!


More Sheldon Inwentash news


Sheldon and Pinetree have been dumping a heck of a lot of stock in pennycrappers these past few days - witness 10.7M shares of Coro Miming* dumped yesterday alone, of course not all sold by him - so he has now become interesting.

So here's some Sheldon news:


TD Waterhouse - U3O8 announces resignation of Sheldon Inwentash from board. Oh, and quote:
"The fundamentals of U3O8 Corp. and its projects remain solid," said Dr. Richard Spencer, U3O8 Corp's President and CEO. "We are currently being swept along in the market-driven sell-off in commodities and a broader liquidation affecting a number of exploration companies, which is further aggravated with end-of-year tax loss selling. Of further note, shares of uranium producers and juniors alike have traded down although uranium prices have risen over 25% since the summer. These market-related events highlight the disconnect between our share performance relative to the value that we are creating in our projects."

[...]

U3O8 Corp. also announces the resignation of Sheldon Inwentash, Chairman and CEO of Pinetree Capital Ltd., from the Company's Board of Directors.

"On behalf of U3O8 Corp. and the board, I would like to thank Sheldon for his support of the company over the past four years. Sheldon was instrumental in the acquisition of the properties in Colombia and Argentina that constitute U3O8 Corp's lead projects on which positive preliminary economic assessments have now been completed," said Mr. David Constable, U3O8 Corp's Chairman.
Also,


Terreno Resources - announcing the resignation of yup you guessed it. Quote:
Terreno Resources Corp. (TSX-V: TNO) (the "Company") announces that Sheldon Inwentash has resigned as a director of the Company effective October 28, 2014. Terreno thanks Mr. Inwentash for his contributions and past service.
I guess the two resignations will give him some extra time that he can spend on better things. Like Keek?


Stockcrotch - Keek enters into loan agreement. Quote:
Keek Inc.'s board of directors has authorized the company to seek financing through the issuance of secured notes of up to $5-million. The company intends to use the proceeds from the notes for general working capital purposes.

The notes will bear interest at a rate of 12 per cent per annum on the principal amount outstanding and will be repayable in 12 months from the date issued. The notes will be secured by a general security agreement over all present and future assets and intangibles of the company. In consideration for the notes, the company has agreed to issue an aggregate of up to five million common share purchase warrants. Each warrant will entitle the holder to purchase one common share of the company at an exercise price of 10 cents per share at any time up to three years after the date of issue. The warrants will be subject to a statutory four-month hold period.

Pinetree Capital Inc., a significant shareholder of the company, has agreed to subscribe for $3-million of notes. Sheldon Inwentash and Gerry Feldman, directors of the company and management of Pinetree, abstained from voting in connection with the approval of the issuance of notes to Pinetree. The initial closing of notes to Pinetree is expected to occur on Oct. 31, 2014, with one or more additional closing to be held in November.
Eugh. Dumping tens of millions of shares of a pennycrapper like Coro to plow $3M into a hail mary loan for a social media company? I don't see the attraction.
Keek also announced today that it is in the final stages of its previously announced divestiture of its oil and gas assets.
Wait... what? A social media company with oil and gas assets? Gee, I hope they're worth $5M!


Wikipedia - Keek. Quote:
Between March 2013 and June 2013 Keek added 24 million users to bring its network to a total of 45 million registered users.

On May 17, 2013 Keek added a new private messaging feature, allowing users to privately chat using video or text with up to 36 people at once.

Keek launched a developer portal with API access on June 14, 2013. The new API program will allow developers to access public keeks, search functionality, user profiles, Klusters and more.

Keek launched a Windows phone version of their app on June 27, 2013.

In August 2013 Keek reached a total of 58 million users growing at the rate of 250,000 new users a day. Keek has been the top video app in 18 countries globally.

However, by October 2013 Keek was struggling to raise more venture capital funding through investment firm Morgan Stanley and was forced to downsize its operation to half a dozen staff members.

By November 2013 a reverse takeover bid was announced by oil company Primary Petroleum. The reverse takeover would see Primary Petroleum sell off all of its oil holdings and change its name to Keek Inc, effectively merging the two companies, and bringing Keek to the public stock market. During this time co-founder and CEO Isaac Raichyk left Keek to found a new mobile dating platform called Clover of which he is now CEO.
Um... a social media petroleum RTO?

Sheldon Inwentash is apparently a smart investor who has money to spare. So I'm scratching my head and wondering what's going on here.

More from Wikipedia:
The second round of venture capital funding was led by Cranson Capital Securities with participation from Pinetree Capital Ltd. (TSX: PNP) and Whitecap Venture Partners. This round of financing raised $7 million (US) bringing the total investment financing to more than $12 million (US) as of September 18, 2012.

The third round of venture capital funding was led by AGF Investments Inc., Pinetree Capital Ltd. (TSX: PNP) and Plazacorp Ventures, with Cranson Capital also participating. This round of financing raised $18 Million dollars (US) on January 17, 2013 which brings the total investment financing to $30 million (US).
Um... he must really like Keek.



* - yes, that was a spelling mistake but I think I'll keep it.

Wednesday, October 29, 2014

Hedge funds and XIV


XIV:



So what reason did you guys have for that massive glob of short $VIX selling at 2PM?

Was there something in the Fed minutes that you didn't know was going to be there? Or do you just kneejerk sell at 2PM because reasons?



GDXJ weekly chart says OMGWEALLGONNADIE WEALLGONNADIE WEALLGONNADIE WEALLGONNADIE


GDXJ weekly:


Ask your local goldbug TA what the downside target is for a break of the horizontal support line.

Go ahead, ask him.

No really, ask him.


Was that the bottom in gold?



Nope.


Wednesday news


Not much news, buy the damn S&P.


Ritholtz - OMG the market crashed in 1929! Heavy sigh.

Liz Ann Sonders - market perspective. She tells the market to quit piddling its frilly pink panties.

Mineweb - Russia buying more gold. This is bullish, you say? What about the fact that Russia is now eating through their currency reserves, of which they have less than a year's worth left? I suspect that at some point they're going to have to dump their gold too.

The Guardian - The Jesus & Mary Chain on Psychocandy, 25 years on. They got ahead on their motorbike, they felt so quick in their leather boots.