BAGAKOAA; November 7, 2012 Rumor Has It

Post 737

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November/2012

I went to start this blog about four times today.  Each time, my voices in my head kept dragging the election into the conversation and I do not want to get sucked into that diatribe.  We (the all encompassing "we", that includes all the voices in my head, including the dark side voices.) would start a paragraph about driving with my son, or going to work out, and then as if possessed, my fingers were typing mean nasty stuff about the election results.  But I digress.

 

We received 11 notes today from folk who wondered why I did not have more to say about the election results in last nights post.  There is little I can say that won't annoy about half of the readers in this blog.  The President Elect President (That just looks funny.) will be confirmed and we will see what happens.

 

Hopefully both parties can get down to the business of running this country.  On day one of his first term, President Obama's primary objective was to get re-elected.  On Day one of his first term, it was the republican's primary objective to make sure President Obama did not get elected.  Well, The President got a slew (If a slew or slough can be a place full of mud, why can't slew or slough mean a bunch of stuff?) of electoral votes and 1 percent more of the popular vote. 

 

BTW, someone one should tell V.P. Biden a 1 percent win is not a mandate.  He used the word three times today.  Wouldn't he be a kick as a President.  Who would tell him not to say dumb stuff.  It would be fun to watch.  He could get pointers from my buddy Harry Reid.  Harry and I go way back to when we lived in Las Vegas.

 

He was known to say such clever stuff as, "I think it is much easier to be a good member of the Church (LDS) and a Democrat than a good member of the Church and a Republican."  Or, "I don't know how anyone of Hispanic heritage could be a Republican, OK. Do I need to say more?".  Funny guy Harry.

 

See what I mean, my fingers just have a mind of their own.  IUXY88NXOQNJ3IM -UHPHGOR[[WWMUG.  There, I just hit them with ruler.

 

Today was a great day (if you ignore that election thing-BAD HAND BAD HAND).  I actually committed myself to almost cleaning up my office and putting crap back in our newly refurbished closet.  It is the type of exercise where you pick up an empty box from a "10 year" watch from a company you worked at 18 years ago.  The battery in the Bulova is dead, but you still have the box.  Silly, absolutely silly.  Why do you keep a watch box 22 years? 

 

I put in the top shelf next to a case of bullets I don't have a gun for? 

 

Then my son (who is taking the week off of school) came into my room and we started talking about a few software companies.  He really is interested in the market, I think.  I showed him how to do the cursory review as we described in the blog the night before last.  He got it and was actually taping me.  Cool.

 

I was so excited that I went to the gym with Man Child as he had his workout this afternoon.  I put on my tunes and went 2.4 miles in about an hour.  Ok, Coach Welch just shook his head and said, "weenie".  Hey, I am fat and lazy so I thought that was pretty darn good.  One of the songs I listened to was Adells "Rumor Has It".  I could not stop saying all afternoon long.  I was in my kids car and it was like I had turrets, I would just blurt out Rumor Has It, Rumor Has It. 

 

Jack asked me to get out of his car.  I reminded him he was driving on a permit and could not drive alone. Rumor Has It.

 

Then we got a call from our daughter who said she was going to come over and cook dinner for us.  Cool.  She decided to have barbeque chicken.  Now I had a feeling that meant I would be cooking dinner.  I am not a big fan of southern California, but it is nice to be able to grill outside in November.

 

That is not to say we did not grill in November when we lived in Chicago or Michigan.  It just meant you did not have to balance the consumption of schnapps or aquavit in order to keep warm, with the ability to keep from doing face plants in the potato pancakes and kielbasa.  (Just got my third kiss from my boy, Go To Bed Already.)

 

Now before we get to the carnage Mr. Market brought us today, I am really feeling stressed here.  I had a nice meeting last night with a group of fellas who are working on a media project and I got to spend some time with them.  I can't tell you much, but I mentioned this little blog of ours and may have coerced them to read a few issues.  One of them is a real writer (I mean gets paid for it.  Don't get me wrong your adoration is greatly appreciated, but cash is cool too.).  So he might be reading this.

 

Also, before closing, a few of you read my little ditty about "Twas The Night Before Voting" and really liked it.  Thank you.  For the idiot who said, "Don't quit your day job!"  Too late, retired about 8 weeks ago. 


 

Price Performance

at 5:06PM EST 11/07/2012

 

DJIA:          12,932.73        -312.95

S&P 500:        1,394.53         -33.86

NASDAQ:         2,937.29         -74.64   

 

312 points whoa, scary.  Not really.  It was expected, possibly not in one day.  The sell off today appeared to be orderly.  The was some noise from the ECB about things slowing down and going bad in Euro World (EVEN Germany), but the sell off was not panic driven or chaotic.

 

Fund managers seem to be taking profit and looking for the next play.  I am sure some folk were telling their FA to take profit as there now seems to be no hope for the protection of the Bush Tax cuts.  Sell now before the end of the year.  Ya think Lucas was thinking that when he sold to Disney?  Nah.  It only saved him at minimum 215 million in taxes.

 

We should see some support at about 1,380 on the S&P 500 (It's 200 day SMA-Simple Moving Average).  If not, look out below.  If I am reading the tea leaves right the next technical level of support would be 1,280.

 

Our suggestion remains the same.  Sit tight, review you watch list.  If you took some profits as we suggested around the 9th of October, you should have some cash on the sidelines.  Be patient.  Do your homework and start thinking about a good entry point.  If you want us to kick the tires on an idea, drop it my way.

  Salve Lucrum

 

 

 

 

 

 

 

 

Brian Ireland
 
 
Since 10/10/2012
BAGAKOAA;

I am not a professional investment advisor. Anybody reading my blog and investing accordingly must be out of their minds. I have made more money than I have lost. There are many more qualified people than I to actually tell you how to invest your money.

BAGAKOAA=Boys And Girls And Kids Of All Ages

Salve Lucrum=Latin for Hurrah for Profit.

2012 Year Ending

Dow 13,073

S&P 500 1,358

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hannas