Who Knew About London?
I received the following email from a reader this morning in reaction to what I think has been our fairly even-handed coverage of the London bombings that have now killed 40 and wounded more than 300. This one is a shocker if you follow the implications. Here's the reader's email and you can noodle out what it means for yourself:
"George, I hate to encourage you, you seem plenty paranoid as it is sometimes. But take a look at this. It is a post from 7/5 on the ClearStation COMPX message board. The poster is 'dcb'. I usually check in at that board to see what he and a few other posters have to say, since I think he is on of the better stock pickers on the boards. Anyway, here is the message: . Topic: Nasdaq Composite Index (_COMPX) Keep it germane! Off-topic posts go here.
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Nasdaq Composite Index (INDE: _COMPX) Trade _COMPX 20-min Delayed Quote Symbol Last Time Change %Change High Low Volume Vol %Change Member Recommendations
_COMPX 2,056.72 11:36AM -11.93 -0.58% 2,062.22 2,050.30 363,865 --- 141 Long/ 154 Short
From: dcb Jul 5 2005 3:20PM Title: liquidity pump today
Anyone know why the Fed needed 20 billion in repos today, with none expiring? It's not like rates are even at the target; they are well below around 3.18. So why the burst or money? Usually, such a pump would be the direct result of "something bad" like a terrible employment report.
And the delayed the announcement too, probably to see just how much they needed to add in after the conference call with the other players.
It's OK, paranoia isn't all bad - in point of fact, it's a survival skill. If I had any sway in CONgress, I would sure be asking the Fed all kinds of questions about the $20-billion in "easy money" out this week - in advance of the London attack... more grist for the LIHOP/MIHOP crowd. And I won't even mention the banging on Gold and Silver over the preceding week! Here's hoping a federal grand jury will look at some of the big plays in advanced of events.
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