What Caught My Eye Today?

First a market note - the daily indicators are still not ready to turn. Sooner than later they will hmmm.... Turn yes. They will. Hehehehehe (Yoda speak). Be patient. The weeklys are hopefully setting the divergences I was looking for with this run up. The manipulators are still on their horses. This next article could have some sway tomorrow. I will be listening to the hearing. It should be a good one. Wonder if CNBS will even acknowledge it? Barofsky who?

The Hill - IG: Treasury 'failed' to adopt bailout safeguards most of you have heard about by now. My favorite part is "Meanwhile, Barofsky's office has opened 35 criminal and civil investigations into issues including suspected accounting fraud, securities fraud, insider trading, mortgage servicer misconduct, mortgage fraud, public corruption, false statements and taxes." I say what the fuck have you been doing since you were put on the job? You can only come up with 35? Well, I guess that is far better than the SEC has done over the past DECADE.

Back that one up with - Banks Fail to Make Adequate Loan-Loss Provisions, Moody’s Says. "U.S. banks may incur about $470 billion of losses and writedowns by the end of 2010, which may cause the banks to be unprofitable in the period, the ratings company said in a report published today." No shit. You gotta be kidding me? My favorite part was, “Large loan losses have yet to be recognized in the banking system,”. We're so screwed.

Credit Writedowns - Rosenberg: Still a bear market rally "Real bear markets never ever end with price-to-book, price-to-earnings, dividend yields, real corporate bond yields or sentiment readings at the level they have been for most of this year." Thank goodness he got out of ML while he could.

Calculated Risk - Roubini: Slow Recovery, Double Dip Recession Possible. You have most likely seen this one as well. Looks like "they" got to NR after MW". Picking off the truth tellers one by one. Guess Denninger is next?

ZeroHedge has a new Martin Armstrong piece - Martin Armstrong's Latest On "Real Dark Pools". Go directly to the last page for the dark pool info. This was not as conspiratory as his last, but is still a good read as he basically outlines why GS is untouchable.

Ameritrade settles securities case for $456M but Schwab objects? Guess Schwab considers its self as the GS of discount brokers and really does not give a shit about its clients right or wrong (we'll mostly wrong IMO). This is balsy as hell as Chuck basically says FU to his clients in my opinion. Wouldn't you love to see that on a commercial? This is Chuck. If you bought auction-rate securities from us it is your fing problem. We don't give a shit. Open a new account today and get 1,000 free trades! Cuomo is gonna fry his ass in lard and feed it to the hoard of clients that got ripped off. Note to Chuck - you are not GS.

One you may have missed from Naked Capitalism and Pension Pulse - Guest Post: PBGC Takes Over Nortel's Pension Plan. I think pensions are in on the game fighting for their lives (and brokers for revenues). Underfunded? Ha, you tell me? This may be one of those first dominoes to fall stories IMO.

Another off the beaten path - Drug companies to reap swine-flu billions. "Analysts expect to see a significant boost in sales from GlaxoSmithKline, Roche and Sanofi-Aventis when they report first-half earnings lifted by government contracts for flu vaccines and antiviral medicines." If I can get Stockcharts support off of their ass and assist me in getting my new computer working with SC maybe I'll get some gd charts updates for this group.

Huffington post turning on their own party? Smoking the Green Shoots. Nothing new and exciting in the article (like most of the stuff on HP). Don't click on it! I just posted this out of sheer disbelief that they would say anything negative about the current administration. Wonder if the reporter still has a job.

PETITION FOR PUBLIC RELEASE OF BARACK HUSSEIN OBAMA'S BIRTH CERTIFICATE in case you are interested in stuff like this. It is rumored that one of the first acts of his presidency was to protect such private information. IMO, if he had one, he would have shown it. Maybe it is on a teleprompter?

If you care about transparency - Fed Independence or Fed Secrecy? is from Rep. Ron Paul. A quickie on HR 1207. You should take a peek.

Oh, and California is still paying with IOU's and mandating furloughs. What a great country! Up, up, up the market goes!

GL trading.