12/28/12…send Gregory to jail!

From The Friars Club Encyclopedia of Jokes: “Hear about the guy who was given three weeks to live? He took the last two weeks of July and the week between Christmas and New Years.” Ka-ching!

Bloomberg Quote of the Day: “Don’t cry because its over, smile because it happened.” – Dr. Seuss

Bloomberg Top Stories:

*Stock Futures in U.S., European Shares Weaken as Treasuries Rise on Budget –budget?

*Global IPOs Slump to Lowest Since Financial Crisis After Facebook Debacle

*Corporate Bond Sales Approach $4 Trillion as Borrowers Gorge on Stimulus

*Spann Seen Defying Cash-Raising Slump to Lift Bond Sales as Bailout Looms

*Home Depot Leads Retailers Imperiled by Looming Port Strike on East Coast

*VIX Premium Hits 13-Month High Amid Skepticism Over Budget Talks –told ya!

*San Francisco Mansions Selling at Discounts Lure Technology Millionaires – huh?

*BOJ Outpacing Fed’s Easing Signals Yen Weakening to 90

*Munis Beating All Assets in Longest Winning Streak Since 2006 – that won’t repeat!

*Brain-Injured Endure U.S. Nursing Homes Without Care Given Gabby Giffords – see how important it is that we treat our MOC’s different from the rest of us?

*Obama Summons Congress Leaders to a Meeting as U.S. Budget Deadline Nears – they said it wouldn’t matter if banks failed…so why isn’t it the same for government?

*Iran Starts Exercise in Hormuz to Test Defensive Systems, Combat Vessels – uh huh

*Russia-U.S. Relationship Turns Chillier With Ban on Adoptions by Americans

 The end of the world may not be nigh but the end of the year is…evidenced by volume which rose pitifully to 2.83B shares from Wedneday’s 2.27B shares. Contrast to Monday’s shortened session which was a 12 month low at just 1.24B shares vs 4.74B on Friday’s quadruple witching – the 12 month high…back to back??? Trades executed on the floor of the NYSE (or should we now say ICE?) also rose slightly to a still weak 567M shares vs 476M from 286M shares (new 12 month low) vs 1.88B – also the 12-month HIGH. All indices were modestly lower but had recovered from major losses. The Dow had plunged through the 40/50/200 day  losing 132 points before roaring back in the final hour or so…most likely short covering! Advance/declines and Breadth were negative for a second day by 1.1x/2x on NYSE and 1.3x/1.9x on Nasdaq. We are beginning to treat the fiscal ‘bluff’ like we did the Euro crisis…ignore at your own peril.

European stocks are lower, giving back Thursday’s gains while Asia is rallying for a second day. U.S. futures are down and trading at session lows: DOW -73!; SPX -9.30; NDQ -15.75…lends credence to yesterday’s ‘bounce’ being pure short-covering!

The bond market rallied on equity ills and is up again overnight. The 10 yr note is 1.70% vs 1.76%, and the 30 yr 2.88% vs 2.95% yesterday morning. TIPS are also stronger at 0.30% vs 0.34%, but still a far cry from the 0.22% record low on 12/6! Libor is starting to slip below  0.31%, 3 months, and 0.51% six months…by about .00125. Little change in foreign bond rates with Greece at 11.45%

Gold was up slightly closing at a weak $1663.70 +$3, still barely above the lowest close since 8/22! It remains way below the 40/50 day moving averages and the 200 day – $1667! – Overnight it is off $3 to $1660.10. Crude did little following Wednesday’s huge rally closing at $90.87 -.11 – just below the highest since 10/22 and well above the 40/50 day, with res at the 200 day: $92.13. Overnight it is $90.94 +.07.

…while our brilliant elected officials can’t seem to get much done, that does not mean they can do no harm…or at least protect themselves. You see, in D.C. it is the second amendment be damned…by those Constitution toting pols who live in one of the poorest cities in the U.S. once you cross the area of the elitists.

On Sunday, on MTP while David Gregory, a shifty character if ever there was one, was interviewing the affable…er…laughable?… Wayne LaPierre…he produced a 30 round clip and held it up asking if it was possible…just possible (mimicking LaPierre on having guards in schools), that we might be safer without these. LaPierre, stonefaced, said it won’t do any good…nothing concerning gun control does any good…only more guns! Hey Wayne…get the hell out of Dodge! Now! You jerk! (as incensed as TB gets in this family column).

Ah, but you see, while all kinds of weapons are deemed legal by our Congress, it is a crime to have ANY ‘magazine’ in the District of Columbia. Add this to their other wonderful perks such as setting the taxi fares for D.C. Especially that strip down Pennsylvania Ave all the way to the Capitol where the drivers cannot subsist on the low fare on that one route…AND if asked have to stop and pick up another MOC at no additional cost. Physician…Congreemen…heal thyself!

Anyway, this is the stupidest use of law one can imagine. Furthermore, before airing the show, NBC asked BAT for permission to use it and were told that it would be no problem. BUT it turns out BAT has no authority in D.C. Talk about Catch-22! If tried and convicted, Gregory could be sentenced to one year in jail.

Wait a minute…there are action movies filmed in D.C….start viewing those and let’s round up all the actors who used magazines in their weapons. Stop the insanity!

Incidentally, despite LaPierre’s (along with Keene and Norquist’s) bleating that it is action movies and action video games that cause crime, not guns, our neighbor to the north who has tough gun laws and requires two letters of reference for a permit, sees the same movies and video games but does not have our problem with mass murders. Ah, but who are you going to believe, the NRA, or your lying eyes and ears?

Lastly, House Speaker Boehner…who so wants to be loved…did not call the House back in session yesterday as the Senate did…and Obama even returned early from his Hawaii vacation (anti-Obamaites can have fun with that too). But the House will reconvene on Sunday night giving all those stalwart individuals a much-needed, and well-deserved rest. God we live in a sick society!

Just have to get through today and then relax and have a fun weekend. Then just Monday remains of 2012 and then hip-hip hurray! New Years Eve…then the bowl games…and then the multitude of hangovers caused by too much to eat and drink. Then on Tuesday, off to the gym to begin your New Year’s resolution of improving your health…in TB’s experience this euphoria lasts from one to two weeks…maybe less if Congress fails us…again!

Take care…it’s a jungle out there!

TB

. . .  – – –  . . . (SOS!)  . . .   – – –  . . .  (SOS!) . . .   – – –  . . .  (SOS!)

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