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5 settimane di Deflussi dai Fondi - Gzibordi  

  By: GZ on Lunedì 01 Luglio 2002 13:55

Il mio falegname ieri mi ha spiegato che aveva messo 100 milioni 4 o 5 anni fa in un fondo, era arrivato a essere in attivo di 40 milioni, ora è tornato pari (sospetto che dato che i dati sono ritardati sia un poco in perdita e sommando gli interessi persi probabilmente sotto di un altro 10%. Quindi ha concluso che vuole metterli in bot. In America siamo arrivati alla quinta settimana consecutiva di deflusso di denaro dai fondi comuni di investimento. Può essere l'inizio di un cambiamento drastico dell'atteggiamento del pubblico verso la borsa viste le notizie che bombardano da mesi il pubblico. Nell'immediato c'è però la regola delle " 5 Settimane di Deflusso". Ogni volta che il denaro è uscito dai fondi comuni di investimento per cinque settimane consecutive c'è stato un rimbalzo di almeno tre mesi. Questo perchè il pubblico tende a uscire soprattutto nel momento peggiore ecc... Ad ogni modo questo è il grafico e la relazione tra borsa e deflusso dai fondi

Ericsson - Gzibordi  

  By: GZ on Lunedì 01 Luglio 2002 13:43

Oggi sale del 9% su rumor (molto vaghi) di un possibile takeover (OPA insomma). Tre giorni fa Breakingviews (vedi sotto) accennava al fatto che il suo aumento di capitale è caduto nel momento più sbagliato possibile (bancarotta di Adelphia e Worldcom) e gli hedge funds si sono buttati a pesce per spingerlo giù approfittando del fatto che occorre circa un mese e mezzo per portare a termine la rights issue. Ma che a questo punto mettendosi d'accordo con le banche che la curano ci sarebbe la possibilità di incastrarli (vedi sotto). L'aumento di capitale è modesto e basta che due banche e i principali azionisti ne prendono una parte e di colpo gli hedge fund sono nei guai. Magari la manovra non sarà poi esattamente quella, ma la sostanza è che il prezzo è così depresso e ribassisti sono così tutti ammassati uno sopra l'altro che qualche cosa succede. ------------------------------------------------------------ 27 JUN 2002 09:00 Ericsson: Ericsson's rights issue is like a Nordic saga: lengthy and brutish. The Swedish group had a market capitalisation of roughly Skr300bn before it unveiled plans to raise Skr30bn from shareholders. Three months on, the telecoms-equipment maker's market cap has imploded to about Skr100bn. Ericsson cannot provide the date and terms of the issue because it is still clearing it with regulators. So hedge funds are shorting the stock. The further it falls, the more rights must be issued to raise the Skr30bn, and the easier the shorts should be to cover. What is to blame for this mess? Ericsson was unlucky for the WorldCom scandal to break while waiting for its money. Rights issues also take longer to arrange than secondary offerings. That said, when Ericsson flagged the deal, it must have known the technology and telecoms sectors might get worse. A profit warning from rival Alcatel and a debt crisis at France Telecom were clearly possibilities. Ericsson's bad luck has played second fiddle to its bad judgment. What can be done to salvage the situation? Ericsson can't really afford to cancel the issue. If it does, its credit rating will almost certainly fall into junk territory. That would make its debt - small now but bound to grow as operating losses and restructuring charges mounted - hard to refinance. This, in turn, could scare off customers and hurt the business. Better to press on with the rights issue. True, selling shares at depressed levels may hurt. But the deal maths itself isn't remotely as challenging as, say, France Telecom's. Moreover, Ericsson can probably count on support from domestic institutions. The Swedes may be less conspicuous than the French in finding home-grown remedies for their national ills. But when capital raising is required, they have proven their ability to put up and shut up. If Ericsson really wants to wipe the smile off the hedge funds' faces, it could always ask for stronger backing for the rights issue. What about getting the bank sponsors to underwrite it? Or asking its two main shareholders, Investor and Industrivarden, to subscribe to a bigger share of the offering? Such commitment might get the hedge funds scrambling to cover their shorts. But, without it, Ericsson will continue to be an easy target. Author: Mike Monnelly

Il Ciclo del Dollaro si ripete sempre - Gzibordi  

  By: GZ on Domenica 30 Giugno 2002 14:10

L'indice del dollaro rispetto a tutte le altre valute è sceso dal livello di 130 raggiunto nel 1985-1986 giù fino a 79-80 nel 1991-92 (un -40% in 5 anni). E' rimasto fermo fino al 1995 e poi è risalito fino a 120 nel 2000 ( un +45% in 5 anni). Ora è sceso giù a 106 dal massimo del 2000 a 120, un -12% (vedi il grafico a fondo pagina). E ieri Soros diceva che può perdere un 30% nei prossimi due anni. Perchè il dollaro (o qualunque altra valuta) sale negli anni, (al di là delle oscillazioni mensili) ? La spiegazione è qua sotto, riassunta da Kevin Hasset. Per la domanda mondiale di servizi e beni prodotti dal paese e nel caso degli USA dal 1995 in poi era la tecnologia e le azioni americane che erano molto richieste. La domanda di hardware, software, nuove medicine, biotech e poi la domanda per azioni e obbligazioni americane ha fatto salire il dollaro. Ad es le banche europee sono quelle che hanno comprato più obbligazioni di su Worldcom ! Ora che la tecnologia è in crisi e i mercati finanziari (incluse le obbligazioni corporate) pure il dollaro scende. Ma i cinque anni di rialzo del dollaro hanno danneggiato tutti i produttori americani di beni che non fossero tecnologia e servizi finanziari. Chi faceva carburatori o cuscinetti a sfera non li vendeva più col dollaro apprezzato del 40%. ("....The problem is, if you are a sparkplug manufacturer, and you happen to live in a country that is generating enormous foreign demand for your currency because of high tech developments and financial flows, then the demand for your product gets axed through no fault of your own. ...") Quindi ora con il dollaro che si indebolisce ritornano a galla i settori non tecnologici e finanziari. Ho fatto l'esempio di Apple da una parte e Timken dall'altra (^vedi il pezzo della settimana scorsa: "la Ripresa Economica"#A:8024^) che mi sembra perfetto. I settori non tecnologici e non blue chip (perchè le blue chip erano gonfiate dai fondi stranieri) in america hanno cominiciato a scendere in borsa già dal 1999 perchè il dollaro li strangolava e hanno ricominciato a salire dall'anno scorso. Come dice Hasset c'è un ciclo di creazione e distruzione continuo che va da un settore all'economia all'altro e passa per il dollaro E si ripete sempre ----------------------------------------------------------- Create, Destroy, Repeat By Kevin Hassett www.techcentralstation.com The past few weeks have seen puzzling pairings of economic releases and market responses. The latest June data have suggested that consumers are happily spending away again in the early summer, and even the lowly manufacturing sector has begun to turn around. And the stock market? Down again. Undoubtedly, a good deal of the market pessimism is associated with very real risks. News of WorldCom, Enron, Tyco, dirty bombs, a possible war with Iraq, and the conflict between India and Pakistan threatens both our near-term peace and our prosperity. But underneath this fear has been the continued absence of the kind of good news about profits that we normally see in a recovery. What is going on? We at the Digital Greenbook have been spinning the data for months to almost no avail, but our crack team of econometricians has finally happened upon a story that holds up under fairly close scrutiny, so here goes. The problem is that the dollar has been unusually strong for several years, and that has caused a very real manufacturing shakeout. While the dollar has weakened slightly lately, there still may be significant room for more negatives. If so, profits in the aggregate may well continue to be disappointing. Here's why. First, the price of the dollar relative to other currencies is set in a global marketplace. When the demand for dollars is high, the price goes up, and vice versa. The demand for dollars will be high when Americans produce something that foreigners want to buy. In recent years, there have been two types of products that have generated massive foreign demand: U.S. financial assets and U.S. high tech software and equipment. When foreigners are lapping up U.S. financial assets, the dollar appreciates, and that makes U.S. goods more expensive in foreign markets. Accordingly, a key side effect of soaring U.S. equity markets was a concomitant decline in the demand for many U.S. products. Since everyone wanted to purchase shares in Pets.com, it became much harder to sell them sparkplugs. For products, a key factor driving external demand is productivity growth. If U.S. firms get very good at producing a product relative to foreign producers, they can capture a large share of the foreign market for goods. In the high-tech sector, which includes patented pharmaceuticals, the U.S. has no equal, and, according to Northwestern University economist Robert Gordon, productivity growth in these sectors has been extraordinary. The problem is, if you are a sparkplug manufacturer, and you happen to live in a country that is generating enormous foreign demand for your currency because of high tech developments and financial flows, then the demand for your product gets axed through no fault of your own. This is exactly the story that has lead to many sob stories for American industry. Indeed, in the most recent boom period, growth in productivity was unusually skewed. A few industries produced a huge share of the productivity growth, putting upward pressure on exchange rates, while the majority of industries treaded water. How much pressure? A recent study by the National Bureau of Economic Research concluded that a 1 percentage point increase in productivity increases the value of a country's currency by 5 percentage points! With productivity growth in the U.S. averaging well above 3 percentage points over the past few years, a tremendous pressure was put on the exchange rate. How does the story end? As firms that are no longer productive at world prices gradually go bankrupt, a natural weakening of the dollar will occur. This, in turn, will allow marginal industries to regain the upper hand, and once again capture large foreign markets -- pushing the dollar back up. And those that survive will, in the long run, likely benefit from the presence of the high tech industry. Better prepared workers with clever ideas that will allow firms to use computers to gain a cost advantage will help even the lowest tech firms capture competitive advantage. The lesson of this episode is simple. If large productivity advances occur in narrow industries, a sharp cycle of creative destruction will ensue. As a firm, it pays to keep an eye on the aggregate productivity numbers. If you are not keeping up, and your firm receives a healthy share of its revenue from exports, you better lean on your managers to find productivity enhancing strategies. The alternative is bankruptcy. In the new economy, you have to run faster to keep up. Edited by - gzibordi on 6/30/2002 12:15:46

Arms Index Aggiornato - Gzibordi  

  By: GZ on Venerdì 28 Giugno 2002 23:59

E per chi vuole lo scenario toro eccolo qua: con l'Arms Index ovvero la "pressione del volume al ribasso". Se misuriamo il volume al ribasso medio per titolo degli ultimi tre mesi (Arms Index a 55 giorni) abbiamo toccato 1.40. Abbiamo cioè toccato il record degli ultimi 20 anni (il grafico ne mostra solo 5, prego di credere che è così anche prima). Nemmeno in settembre l'indice aveva toccato questo livello. Ma siamo sopra il livello di settembre come prezzo e il l'Arms Index comincia ora a girare in basso. Quindi chi doveva vendere ha già venduto, la pressione al ribasso del volume su base storica non può salire oltre

Poi dicono che a Wall Street sono toro - Gzibordi  

  By: GZ on Venerdì 28 Giugno 2002 23:32

questo è l'ultimo report del dipartimento analisi tecnica di Salomon Smith Barney (Louise Yamada e Alan Shaw) e dice: tecnicamente siamo a un pelo da rompere il testa e spalle che si è formato tra 1997 e 2002 sull'S&P 500 Sfondare 965 S&P contante termina ufficialmente il trend iniziato nel 1990. Sfondare questo numero e fare scattare il testa e spalle dal 1997 al 2002 proietterebbe l'S&P 500 giù fino a 800, come primo obiettivo minimo. Per la cronaca siamo oggi a 990. Da 990 a 800 sarebbe -20%. E come obiettivo pieno del testa e spalle ci sarebbe il livello di 500. E poi dicono che a Wall Street cercano solo di tenere sul mercato. Edited by - Gzibordi on 6/28/2002 21:37:4

Guido Rossi su Worldcom - Gzibordi  

  By: GZ on Venerdì 28 Giugno 2002 12:17

il commento ribassista più famoso d'america è quello di Bill Fleckenstein che come prova che gli stranieri stanno abbandandonando il dollaro e wall street cita Guido Rossi che ha detto ieri al NY Times che: ".... in america è assente la cultura della vergogna quando i manager fanno cose illegali...ecc.." Qui c'è qualcosa che non va. L'amministratore delegato di Imclone la settimana scorsa per insider trading è stato prelevato alla 5 di mattina dall'FBI e portato in carcere da dove è uscito su cauzione L'amministratore delegato Sotheby nonostante abbia 66 anni è in carcere da due mesi a scontare tre anni per irregolarità finanziarie e questo è solo l'inizio dell'onda di carcerazioni non mi risulta che qualcuno stia rischiando niente per Bipop Rossi, avvocato di Fiat e altri è stato presidente Consob a.d. di Telecom di pura nomina politica, ha presieduto come commissario straordinario alla spartizione di Montedison quando con una manovra convergente dei giudici e di politici la si è tolta ai Ferruzzi incriminandoli con 80 capi d'accusa da cui poi sono stati assolti ma intanto gli si erano congelati i beni il tempo necessario per Rossi per liquidare tutto e farlo comprare da Fiat e altri

Frode Contabile a Worldcom: hmmm... - Gzibordi  

  By: GZ on Giovedì 27 Giugno 2002 23:33

forse il mercato ha rimbalzato dopo il "... 4 miliardi do dollari di frode contabile a Worldcom...!!" perchè qualcuno sta ripassando un po meglio il fatto contabile. Kedrovsky nota che c'è dell'isteria sulla facenda. Il direttore finanziario che avrebbe fatto la frode non ha guadagnato una lira da tutto questo perchè a differenza di Enron non ha mai venduto una sola azione di Worldcom e invece rischia di passare i prossimi anni nei tribunali. Inoltre tutto quello che ha fatto era scritto chiaramente nei documenti interni e lo potevano notare anche due anni fa. Può darsi invece che il nuovo management voglia prendere una mega ristrutturazione sperando di ripulire tutto tramite bancarotta. Oppure che tutti siano ora isterici. Per quello che ricordo di contabilità americana (ma anche italiana) se uno contabilizza come ha fatto Sullivan come investimenti delle spese legate alla gestione a volte ci sono delle ragioni per farlo e finora nessuno ha spiegato esattamente perchè quelle di Worldcom erano fasulle. Tutti hanno preso sulla parola la dichiarazione fatta dal nuovo management. Inoltre tutti dicono che volevano alterare il flusso di cassa in questo modo e ingannare le banche. Ma non è vero: se capitalizzi invece di addebbitare alla gestione corrente il flusso di cassa rimane lo stesso per quello che ricordo (è vero però che avevo un B o B- in accounting per cui se ho torto ditemelo). Per cui se le banche hanno prestato i soldi lo hanno fatto sapendo bene quello che facevano Insomma non è come Enron e ci sono sintomi di isteria --------------------------------------------------------By Paul Kedrosky TheStreet.com 06/27/2002 12:48 PM EDT URL: http://www.thestreet.com/p/rmoney/paulkedrosky/10029356.html Why didn't the market melt down after WorldCom's (WCOM:Nasdaq - news - commentary) accounting news? Partly because of the market's usual stubbornness -- it rarely does what everyone wants -- but mostly because it didn't need to. You wouldn't have known that, however, from much of the lazy and formulaic WorldCom analysis. It was mostly scathing stuff about corporate crime, CEO malfeasance and corruption at the top. It was truly piling on, with everyone from the financial press to President Bush to the tirelessly hyperbolic Bill O'Reilly all jumping on WorldCom. (Am I the only one who thinks O'Reilly increasingly seems like a noisy gene-splice of Art Laffer and Dr. Laura?) That bastion of financial journalism, USA Today, even tipped that CEOs cheat at golf -- complete with a spiffy graphic, of course. It was a forced march of the usual cliches -- the "whiz-kid CFO," the "fraud on a massive scale," etc. -- and it had the usual effect: dismay and dread. Wednesday morning felt ominous and doom-bound before the market opened, like the minutes before a summer thunderstorm, and the ugly opening did little to assuage this feeling -- at first. Initial Dread Truth be told, like most people who saw the WorldCom news Tuesday night, I felt initially as if someone had dropped a lead pinata on my head. Whoa, I thought, there's going to be trouble Wednesday, perhaps hundreds of points on the Dow, a real rethinking of what equities are worth. This is much broader than a telecom phenomenon. Related Stories WorldCom Tilts Toward Abyss Seymour: Where Will the WorldCom Damage End? Cramer: WorldCom Bondholders Are Sunk Too Greenberg: WorldCom Won't Be the Final Scandal Task: For Markets, Bad News Getting Worse Willard: WorldCom: Don't Call It a Crisis, Just a Collapse WorldCom's Watchdogs Were Asleep WorldCom Fraud Centered on Connection Costs EBITDA: Anatomy of an Accounting Gimmick Then Wednesday morning, after more time looking at the allegations, I changed my mind. Why? Because this just isn't fraud a la Enron, or Adelphia for that matter. While it seems clear that WorldCom did some tricksy things it probably shouldn't have, so far the allegations of outright accounting fraud seem ... well, kinda fraudulent. Some brief background: According to sketchy data from the company and the Securities and Exchange Commission, WorldCom CFO Scott Sullivan supposedly capitalized $3.85 billion in line-operating expenses over the last two years. In other words, the company was taking things that should have shown up as expenses on the income statement and turning them into plant and property on the balance sheet. The effect of this sleight of hand, of course, is to reduce accounting expenses, thereby increasing accounting earnings. That might sound bad, but there are circumstances under which capitalizing operating expenses would be perfectly fine. Sure, some things should never be capitalized, but some things always should -- and there's a gray zone in the middle the size of the Texas Panhandle. Keep in mind that capitalizing expenses is far from unusual: Telecom companies can (and do) capitalize some costs, such as installation and labor, for example. Trouble is, we don't know what WorldCom expensed and why expensing it was wrong. Instead, we have to take WorldCom's and the SEC's word for it. And there are plenty of reasons to think both would exaggerate: WorldCom because it's paranoid and looking to do a big writedown in the current post-Enron fraud frenzy, the SEC because it has become positively school-marmish in patrolling its turf. You Call This Serious Fraud? The rest of us have to go on a few anecdotes floating around saying that WorldCom had been capitalizing routine network maintenance. And that Sullivan never attempted to cover up his actions: His expense capitalization policies were apparently right there in internal company documents. Hardly the sort of the thing you'd expect in a conscious fraud. And hardly the size of a fraud you would expect. Sullivan didn't benefit from his actions -- he hasn't sold stock in two years -- and WorldCom runs more than twice as many expense dollars through its income statement in any given quarter as it is writing off. At the same time, unlike the Enron fraud, WorldCom's gambit was externally transparent. Sure, the company's accounting earnings are bent, but whose aren't subjective? More important, WorldCom's cash-flow statement will be unaltered. But the fraud-spotters missed that. They keep saying that WorldCom did what it did to trick up its cash flow, to try to get debt providers and bankers off its back by goosing accounting earnings. Really? Then CFO Sullivan isn't much of a whiz kid. No banker in North America is going to base a decision purely on accounting earnings. Debt service is all about free cash flow. And capitalizing line expenses, while aggressive accounting, wouldn't mask WorldCom's deteriorating financial position. Some fraud. I'll finish by de-fanging a couple of obvious criticisms. First, I do take accounting fraud seriously. Very seriously. The markets are only as good as the numbers they discount. There are few things you could tell me, a former analyst, that would cause me more dismay than saying a company's audited financials were suspect. Second, some argue that investors had already discounted the news. To that I say, no way. No one saw this specific news coming. Anyone who claims to is lying. This was not Enronian malfeasance that could be uncovered by spending a few late nights over Edgar filings. From what we know, this was an entirely different type of fraud. That's what makes the market's reaction spot on. Lost in all the husky exhortations to the SEC, in all the hundreds of stories that have already appeared, is this: WorldCom's alleged fraud, while dumb, isn't all that smelly. Does any of this mean that WorldCom is any less doomed? No. Does it mean that equipment providers aren't going to see another leg down? No. But the market had a darn good inkling of WorldCom's status as a defunct business model long before this supposed fraud popped up. All this news has done is give ever-nervous bankers and capital providers an excuse to kick a little more dirt on WorldCom's already-deep grave.

Arafat-Al Qaeda - gzibordi  

  By: GZ on Martedì 25 Giugno 2002 02:46

Chi guardi il grafico delle borse nota che dopo il massimo in marzo 2000, sono rimaste ferme fino a settembre (2000) e solo da quella data hanno cominciato a franare. Cosa è successo a settembre 2000 in particolare ? Ad esempio è la data in cui Arafat e l'OLP (nei documenti ufficiali continua a firmarsi "OLP") dopo aver rifiutato in luglio gli accordi offerti da Clinton e Barak a Camp David ha lanciato la seconda fase dell'intifada basata sugli attentati suicidi. I primi attentati suicidi sono stati in settembre 2000. Ora siamo arrivati (stasera) dopo circa due anni, dopo le stragi di Al Qaeda e dopo un nuovo apice della campagna terrorista in Israele al punto in cui il parallelo tra Al Qaeda e l'OLP è sempre più stretto e l'America stessa lo percepisce come tale con il discorso di Bush. Stratfor.com di oggi (il report di strategia internazionale molto seguito) si chiede: perchè Arafat e l'OLP hanno puntato tutto sulla strategia del terrore suicida in questi due anni anche se è evidente che non da nessun risulato in termini di concessioni o accordi e anzi ha cancellato tutto quello che sembrava a portata di mano nell'estate 2000 ? E' evidente che si tratta di una strategia ben coordinata e finanziata e per la quale si usano tutte le risorse sia di propaganda che militari dell'autorità palestinese e allo stesso tempo è evidente che non sembra portare a nessun risultato nel senso della creazione di uno stato palestinese. Allora perchè ? Cito: " la strategia palestinese non ha senso se non contesto di un allineamento con Al Qaeda.. gli scopi di Arafat e di Al Qaeda sono man mano diventati convergenti. ("...Palestinian strategy makes no sense except in the context of alignment with al Qaeda. We are not saying that there is deep cooperation going on between the Palestinians and al Qaeda although we would be very surprised if representatives of the two entities have not met and coordinated at times. Rather, what we are saying is that the goals of the Palestinians and those of al Qaeda have converged...") Se si legge tutta l'analisi si vede che ci sono sempre più indizi che Arafat abbia scelto non di ottenere uno spazio a fianco a Israele,ma di puntare a una trasformazione del mondo islamico per la quale occorre tenere a tutti i costi acuto lo scontro in Israele a qualunque prezzo. L'obiettivo non è quello immediato di uno spazio e uno stato per i 4-5 milioni di palestinesi in cisgiordania e gaza a fianco di Israele, ma dello scontro continuo con Israele e con i suoi alleati come mezzo per essere protagonisti di una trasformazione del mondo arabo. Per Al Qaeda il terrore contro l'america ha come scopo non tanto quello di "vincere", ma di diventare la leadership morale, religiosa e politica del mondo arabo, mostrando con i fatti di essere capaci di punire i nemici dell'Islam. L'obiettivo di Al Qaeda è essere a capo della trasformaziona del mondo islamico, di rovesciare i regimi corrotti e opportunisti, di ispirare le masse arabe e di spingere il mondo islamico allo scontro con l'occidente nemico. Sempre più la strategia di Arafat sta diventando incomprensibile se si pensa alla realizzazone di uno stato palestinese in cisgiordania. Diventa invece spiegabile se si pensa alla convergenza con Al Qaeda negli scopi di esercitare un ruolo guida politico per tutto il mondo arabo con l'esempio glorioso dei martiri che si sacrificano ogni giorno. Nessun governo arabo può competere in termini propagandistici con la forza morale e politica dei giovani che si immolano con le bombe legate addosso per colpire il memico sionista. E così per i giovani che si immolano con Al Aqeda per colpire il nemico americano. Le due strategie sono sempre più convergenti e simili e il loro potere di suggestione enorme per le masse arabe, La conclusione di tutto questo è che rispetto a 2 anni fa abbiamo ora due forze radicate nel mondo islamico che competono e indirettamenre collaborano per ottenere a forza di terrore suicida (o di "martirio" si si vuole) la leadership morale e poi forse politica araba. Questo significa che sempre più i palestinesi dell'OLP torneranno alla politica degli anni "70 di attacco agli interessi occidentali e americani nel mondo. Tutto questo è un GROSSO CAMBIAMENTO rispetto a due anni fa e porterà molte disgrazie prima che si arrivi a una soluzione ".....One explanation is that the Palestinians no longer believe a solution to their problem is attainable on a local basis. This means they do not believe they can reach their goals through negotiations with Israel sponsored by third parties, such as the United States. Rather, they believe now that their goals can be reached only in the broader context of a transformation of the Islamic world and a redefinition of the relationship of the Islamic world not only to Israel but also to the West in general...." --------------------- da Stratfor.com ---------------------------------------------------------------------------- 24 June 2002 Summary It is difficult to see the strategy behind Palestinian tactics. Suicide bombing has clearly become a mainstream Palestinian tactic, one that makes the creation of a Palestinian state in the West Bank and Gaza Strip unlikely to the point of impossibility. It not only locks Israel into a war-fighting mode but also eases diplomatic pressure on Israel to make a settlement. The Palestinians know this. So why have the Palestinians adopted this tactic? The answer lies in what must be a fundamental strategic shift on the part of the Palestinians. They no longer see the creation of a rump Palestinian state as a feasible or desirable end. Rather, despite the hardship of an extremely extended struggle, they have moved toward a strategy whose only goal must be the destruction of Israel. Since that is hardly likely to happen any time soon, the Palestinians must see forces at work in the Islamic world that make this goal conceivable and not just a fantasy. Analysis Embedded in the ongoing Palestinian-Israeli war is the fundamental question: What is the ultimate Palestinian strategy? We see the tactics unfolding daily, but it is neither clear what the Palestinians expect to achieve nor what strategy links these tactics to their ultimate goal. The suicide bombing campaign, involving both Hamas and Al Aqsa Martyrs, a unit of Fatah, is a well-defined and well-coordinated, mainstream Palestinian movement, not an errant action by splinter groups. Certainly, the Palestinians do not expect to be able to defeat Israel militarily by conducting suicide attacks. Nor do they expect to succeed at driving a wedge between Israel and the United States. To the contrary, the Palestinians are quite sophisticated managers of Western public opinion, and they understand that the suicide attacks decrease the probability of such an outcome, regardless of Israeli response. The lack of strategic clarity stems from the murkiness of their ultimately incompatible goals. Palestinian leader Yasser Arafat's public goal, and the foundation of all third-party peace efforts, is to create an independent Palestinian state on the West Bank and in Gaza. There are, however, two other possible goals: to reclaim all of the lost territories and create a Palestinian state throughout the former Palestine, not incidentally destroying Israel, or to reconcile the two goals and create a hybrid of a smaller Palestinian state as a springboard for broader operations aimed at ultimately defeating and occupying Israel. The Palestinians' current tactics are only slightly compatible with a strategy aimed at creating a Palestinian state in the West Bank and Gaza. For this to be their goal, the Palestinians would have to believe that the bombing campaign will drive a wedge between the Israeli government and the Israeli public who will demand an end to the war and willingly give the Palestinians an independent state in return, overriding any security considerations of the Israeli government. The Palestinians observed a similar process take place over the Israeli occupation of southern Lebanon. Possibly they believe they can achieve the same end on a much grander scale through this campaign. Were this the goal, it would suffer from two serious defects. Historically, bombing campaigns designed to drive a wedge between the public and the regime have failed. When delivered from the air -- as in the Battle of Britain or the bombings of Germany, Japan or Vietnam -- they did not succeed, even at much greater numbers of casualties than are likely to be experienced in Israel. The Palestinians must be aware that bombing campaigns against the homeland tend to fail. They also know Israeli sentiment very well and are too sophisticated to believe this campaign will result in a groundswell in Israel demanding negotiations. Quite the contrary, it is likely to freeze Israeli public opinion in an intransigent mode. But even if the suicide bombings forced Israel to capitulate on creating a Palestinian state, a Palestine consisting of the West Bank and Gaza would be an untenable solution, and the leadership knows it. First, a consensus would never be reached, and someone would object sufficiently to organize new attacks and undermine any agreement. Second, a small Palestine would be economically and militarily untenable: It would never be free of Israel's orbit. Therefore, Palestinian nationalism could accept a small Palestine only as an interim measure on the way to a greater Palestine. Most important, the Palestinians know that the Israelis are completely aware of this and therefore are not going to reach a settlement with Palestine on something that cannot be guaranteed: the complete cessation of warfare and an absolute commitment to accept the permanence of Israel. Which still leaves the question of why they are waging this type of campaign. One explanation is that the Palestinians no longer believe a solution to their problem is attainable on a local basis. This means they do not believe they can reach their goals through negotiations with Israel sponsored by third parties, such as the United States. Rather, they believe now that their goals can be reached only in the broader context of a transformation of the Islamic world and a redefinition of the relationship of the Islamic world not only to Israel but also to the West in general. From the Palestinians' standpoint, their fundamental problem is hostility or indifference on the part of Islamic states and Arab states in particular. Jordan has been actively hostile to Palestinian interests after Arafat almost overthrew the Hashemite monarchy in 1970. Egypt's peace treaty with Israel has kept it from redefining its relationship to Israel while paying only rhetorical attention to the Palestinian issue. The Syrians have supported factions of the Palestinian movement, still dreaming of annexing Palestine into a greater Syria. Other, more distant states have been more bellicose but no less ineffective. The Palestinians' fundamental problem of being isolated from Arab resources and power enables Israel to act against them without real concern for its other frontiers. Therefore, the Palestinians cannot hope to win. The needed transformation of the Islamic world will take a long time to achieve. On the other hand, from the Palestinian point of view, time is on their side. Given that all quickly attainable solutions leave them in an unacceptable condition, they have nothing to lose by playing for the long-term solution. Given Palestinian psychology, a long-term strategy of enormous proportions is politically more viable than short-term strategies that cannot deliver genuine solutions. They can either capitulate or continue to struggle, but a small Palestinian state would not satisfy their needs. Nor could it preclude the continuation of war by Palestinian rejectionists and therefore would not be accepted by Israel. The Palestinians' only hope is a redefinition of the general geopolitics of the region. It is in this sense that the ongoing suicide campaign must be understood. Having accepted that no political settlement in the smaller context of Israel and Palestine is possible, the Palestinians have accepted a long-term strategy of unremitting warfare using whatever means is available -- for now, suicide bombers -- as the only alternative. The price is high, but given the stakes, their view is that it is worth it. It follows that the Palestinians will accept reoccupation by Israel and use that reoccupation not merely to drain Israeli resources but also to create an atmosphere of war designed to energize the Islamic world for a broad redefinition of relationships. The suicide bombing campaign cannot be intended to achieve any significant short-term goal. First, it is not likely to generate a peace movement in Israel --quite the contrary. Second, it locks the United States into alignment with Israel, rather than driving a wedge between the two. Finally, it creates an extreme psychology within the Palestinian community that makes political flexibility all the more difficult. The fervor that creates suicide bombers also creates a class of martyrs whose sacrifices are difficult to negotiate away. The breadth and intensity of the suicide bombings force us to conclude that the Palestinian leadership is focusing on a long-term strategy of holding the Palestinians together in a sense of profound embattlement, transforming the dynamics of the Arab world and then striking at Israel from a position of strength. In short, the Palestinians think that time is on their side and that sacrifices for a generation or two will yield dividends later. If they wait, they will win. Here Palestinian strategy, intentionally or unintentionally, intersects with that of al Qaeda, which also is committed to a radical transformation of the Islamic world. Its confrontation with the United States is designed to set the stage for this transformation, enabling the Islamic world to engage and defeat the enemies of Islam. For al Qaeda one of the pillars of this confrontation is the Palestinian question, which it defines as the recovery of Islamic land usurped by Israel, a tool of the United States and Great Britain. For al Qaeda, the Palestinian question represents the systematic repression and brutalization of the Islamic world at the hands of both Christianity and the secular West. Israel is merely the most extreme and visible dimension of Western injustice. Palestine is, at the same time, a primary means of energizing the Islamic world. The ongoing injustice of the Palestinian situation combined with the martyrdom of the bombers creates, in al Qaeda's view, both a sense of embattlement and religious fervor with profound political consequences. Hamas and Al Aqsa Martyrs are powerful recruiting tools for al Qaeda. If the Palestinians have adopted the long-term strategy we described, then al Qaeda is the means of achieving their geopolitical end. If the precondition for the defeat of Israel is a transformation of the internal politics of Egypt, Syria, Jordan and the rest of the Arab world, then al Qaeda is currently the only force fighting toward this end. In the same way that Arafat's generation aligned itself with Egypt's Gamel Abdel Nasser, Arab socialism and the Soviet Union in an attempt to find a geopolitical lever to destroy Israel, so today's generation has to look for geopolitical salvation among Islam's religious fundamentalists. Al Qaeda is the only group operating effectively at the moment and therefore, by default if not by intention, al Qaeda is serving the Palestinians' interest and vice versa. For al Qaeda, a Palestinian settlement would be politically and morally unacceptable: Morally, it would represent a betrayal of Islam; politically, it would defuse a critical, energizing issue. Any agreement that would accept the permanent loss of territory to Israel would increase the power of accommodationists in the Islamic world. Al Qaeda needs an ongoing confrontation between Palestinians and Israelis to serve its ends; the Palestinians need tremendous pressure brought on the Arab world to serve their interests. The Palestinians also need a transformation in the Arab world. Here the two interests coincide. Israel, then, becomes a foundation of al Qaeda's political strategy in the Islamic world, as well as a test bed for tactics and military strategies. Palestinian strategy makes no sense except in the context of alignment with al Qaeda. We need to be very careful here. We are not saying that there is deep cooperation going on between the Palestinians and al Qaeda although we would be very surprised if representatives of the two entities have not met and coordinated at times. Rather, what we are saying is that the goals of the Palestinians and those of al Qaeda have converged. Whether this was by design or by the logic of their situation is not really relevant. What is relevant is the convergence not only of tactics but also of a strategic and geopolitical perspective. Unless the Palestinians undergo a profound change of goals, they need al Qaeda to be successful to aid their own success. Al Qaeda is helped enormously by Palestinian behavior. If not a word had ever been exchanged --which we doubt -- the interests would still have converged. And the alliance that grows naturally is the most powerful one. This means that no real peace process is any longer possible and that Israel can expect to be under constant pressure from the Palestinians. Then the question is, can Israel define a strategy for containing the Palestinians without simultaneously inflaming the Islamic world? More important, can the U.S.-Israeli relationship survive when what Israel must do to suppress the Palestinians flies in the face of American coalition-building in the Islamic world? Of course the Palestinians may hope to provoke a response from Israel that the United States cannot tolerate. However, this is not 1973. Israeli dependence on the United States is much less today than it was then, and therefore U.S. influence on Israel is much lower. Second, the United States is not likely to break with Israel when the trigger is suicide bombing -- not what the Palestinians want to hear, but it is exactly what al Qaeda would want. This is precisely the crisis both the Palestinians and al Qaeda want to create. Al Qaeda hopes to use U.S. commitment to Israel as a tool for political mobilization in the Islamic world, since the United States cannot accept the destruction of Israel and nothing less can satisfy the needs of the Palestinians. The forecast, therefore, is for pain.

Che abbia ragione Helene Meisler sui Testa e Spalle - Gzibordi  

  By: GZ on Lunedì 24 Giugno 2002 22:13

la traduzione più tardi ma questo pezzo a mio avviso ha avuto un certo impatto oggi dice che non succede mai che un testa e spalle di cui parlano tutti i canali telesivi funzioni e nota che short specialist ratio ha dato un segnale di lungo ----------------------------------------------------- Well, I've seen it and heard all of the commentary on it, and I've seen people recommending bonds in here. But I also noticed that bonds peaked Wednesday; they didn't participate on the upside during the slide Thursday and Friday. Of course, two days isn't enough to call it a trend, but it is something for us to watch. If sentiment is so favorable toward bonds, then why have they stopped rising while equities continue to fall? And what about gold? Heck, gold was acting better a few weeks ago in late May, when the S&P 500 was still at 1100 rather than down here at 1000. So if gold is so great, then why isn't the Philadelphia Stock Exchange Gold and Silver index (XAU) well beyond 90 by now? And why haven't gold stocks been participating on the upside during the recent market slide? Gold's Not Panning Out The gold index hasn't been moving up during the recent slide This isn't meant to disparage gold or bonds. I'm just pointing out that whatever reasons folks have had for selling equities and buying these other financial instruments seem to be breaking down. A subtle shift may be taking place, or it may be a small respite from the recent trend, but the change in sentiment is worth noting. As for the dollar, it's undoubtedly in selling mode. But when I see the currency commentator on CNBC Asia talk about the bearish head-and-shoulders top in the long-term Nasdaq chart and the implications for significantly lower prices on the Nasdaq if the neckline is broken, I know we've got a shift in sentiment that we haven't seen in quite a while. Sure, this is anecdotal. But I've stated before that head-and-shoulders tops tend not to work in the major averages when everyone notices them. This is because everyone gears up and positions themselves on that side of the market for the eventual break. By the time the break comes -- if it comes -- everyone is so prepared that the break is false and the market tends to reverse rather quickly. When do head-and-shoulders patterns work in the major averages? They do when no one notices them or when everyone discounts them, saying they don't mean anything. But I have rarely seen one "work" when there's so much chatter about them. This brings me to some not-so-anecdotal evidence in the sentiment arena. The Specialist Short Ratio has plummeted to 32%. Although I've referred to this indicator before, I haven't explained it in a long time, so I'll do so today. The Specialist's job is to keep a fair and orderly market. He is the buyer or seller of last resort on the New York Stock Exchange. A typical sequence takes place: If everyone is buying, then natural sellers are initially more than happy to take the other side of the trade, so the Specialist sits tight. (If folks are selling, then natural buyers come out.) Then the natural short-sellers will take the other side of the buy-side trade. Eventually all of the natural sellers (or buyers) are exhausted, and the Specialist must step in to be the buyer or seller of last resort. (The most extreme example of this happened Oct. 20, 1987, the morning after the crash. For a while, 28 of the 30 Dow Jones Industrial Average stocks were halted by the Specialists until they found the "right" price to reopen the stocks. That was the low.) A high reading of the Specialist Short Ratio is considered bearish as it means the Specialist has had to become the seller of last resort because there's no one else left to sell. (We take this to mean the market has become completely lopsided with too many buyers and not enough sellers.) A low reading means the Specialist has had to become the buyer of last resort because no one is willing to step to the plate and buy. On this chart, you can see that this is the lowest reading we have had since the September lows. Late September's reading was 20%, but that reading came from the week of Sept. 11, where we only had one trading day in the week. (This number is reported for a weekly period, and yes, its still two weeks old when it's reported!) Aside from that, no readings in the past four years have come down this far. I have noted two important lows on the chart: Point A is the October 1999 bottom and Point B is the low in late November/early December 2000. Most of you will recall the October 1999 low, but the low in December 2000 took the S&P up 100 points in a six-week period. Both of these lows were readings of 37%. Granted, after what we've seen these past few months, it's hard to imagine we can get more than a one-day wonder in terms of a rally. It's also hard to imagine what sort of news might trigger a rally that lasts longer than one day. However, this low reading in the Specialist Short Ratio, along with the Investor's Intelligence numbers heading in the right direction and the anecdotal evidence piling up, tells me that pessimism is getting extreme in here.

S&P sotto 980 ==> 750 - Gzibordi  

  By: GZ on Lunedì 24 Giugno 2002 17:11

qui sotto c'è il pezzo di Jeff Cooper che oltre a essere molto famoso per l'analisi tecnica ha anche avuto molto ragione ultimamente e usa il suo prestigio per dire che a) l'ultimo 10% di un ciclo di ribasso è il peggiore e quello in cui si accellera b) dato che il 980 S&P 500 toccato il 14 giugno era un numero ciclico e geometrico (e altre ragioni) sfondando ora 980 scatta un panico completo e graficamente il testa e spalle mensile che spinge logicamente l'S&P a un crash verso 776-750 entro il 4 di luglio Come analisi tecnica è logico quello che dice, difficile fare obiezioni in termini di grafico (per la cronaca venerdì l'S&P ha chiuso a 989, 8 punti sopra 980)

S&P sotto 980 ==> 750 - Gzibordi  

  By: GZ on Lunedì 24 Giugno 2002 17:10

qui sotto c'è il pezzo di Jeff Cooper che oltre a essere molto famoso per l'analisi tecnica ha anche avuto molto ragione ultimamente e usa il suo prestigio per dire che a) l'ultimo 10% di un ciclo di ribasso è il peggiore e quello in cui si accellera b) dato che il 980 S&P 500 toccato il 14 giugno era un numero ciclico e geometrico (e altre ragioni) sfondando ora 980 scatta un panico completo e graficamente il testa e spalle mensile che spinge logicamente l'S&P a un crash verso 776-750 entro il 4 di luglio Come analisi tecnica è logico quello che dice, difficile fare obiezioni in termini di grafico (per la cronaca venerdì l'S&P ha chiuso a 989, 8 punti sopra 980)

Bonds Ecuadoriani e Moreno - gzibordi  

  By: GZ on Lunedì 24 Giugno 2002 04:13

come noto i bondd brasiliani sono crollati e ora rendono di più di quelli della Nigeria e solo meno di quelli argentini, a causa dei sondaggi che danno il candidato dell'"izquierda", Lula vincitore e a causa di una dichiarazione di Paul O'Neil al tesoro americano (" i soldi del contribuente americano non vanno buttati in queste situazioni di incertezza solo politica"). Ma ci sono riflessi anche su tutti i bonds sudamericani e leggendo sul Bradynet.com vedo che la discussione è accesa sui bonds ecuadoriani (che sono scesi molto) e c'è un topic del forum sui bonds ecuadoriani in cui rientra anche l'arbitro Moreno come simbolo del paese. La discussione è vivace e coinvolge anche gli usi e costumi degli ecuadoriani messi in discussione nel forum di Bradynet in modo colorito. Giustamente gli ecuadoriano del forum obbligazionario mettono il luce i pregi del proprio paese --------------------------------------------------------------- Nosotros no exportamos putas gonorrientas ni ladrones, sino trabajadores, al igual que los Españoles e Italianos, muertos de hambre vinieron a America a principios de siglo. ---------------------------

Humour - gzibordi  

  By: GZ on Lunedì 24 Giugno 2002 01:00

In un villaggio indiano è stato celebrato un matrimonio tra due asini per ingraziarsi gli dei della pioggia. Esiste una tradizione per cui sposi due somari per attirare la pioggia. E questa gente ha delle armi nucleari. La Southwest Airlines ha iniziato una politica di far pagare due biglietti alle persone sovrappeso nel caso che occupino due posti. C'è stata una protesta indignata di rappresentanti legali delle persone in sovrappeso, fino a quando non si sono detti: ".. ehi, ma questo significa due pasti ! " A New York City in questo momento è la stagione migliore dell'anno e il tempo è magnifico. Così splendido che anche l'insider trading è fatto all'aperto.

Il "massimo dolore" applicato alle opzioni - Gzibordi  

  By: GZ on Sabato 22 Giugno 2002 00:50

credo che molti leggano realmoney.com per cui forse sfondo una porta aperta ma il commento di oggi sulla scadenza tripla trimestrale delle opzioni di Jim de Porre era molto interessante stasera. In sostanza dice che il modo in cui il venerdì della scadenza di opzioni e future (cioè ad es oggi) si conclude in genere è tale da creare il massimo danno al numero maggiore possibile di investitori e speculatori. Questa "teoria del massimo danno" l'ho sentita in giro spesso e ha connotazioni anche un poco metafisiche, come se il mercato fosse una specie di dio che punisce, ma in sostanza è lo stesso fenomeno per il quale se io sono al rialzo e ho sbagliato e il mercato scende è molto probabile che esca alla fine solo quando e nel momento preciso in cui il mercato finalmente gira al rialzo. Il motivo per cui i mercati azionari invece di muoversi in modo graduale e lineare come l'economia e gli utili delle aziende (avete mai visto un grafico degli utili delle aziende ? non sono molto a zig-zag sono più regolari) è che molti operatori sono nella posizione SBAGLIATA. E chi (come me in questo momento sugli indici) è nella posizione errata tende a esserne forzato fuori quando finiscono i soldi (o i margini o non ne può più psicologicamente) e non quando "pensa" che sia il momento di uscirne. La stessa cosa in modo più drammatico e secco succede con i derivati e le opzioni per cui può essere che questa scadenza opzioni a Wall Street in particolare si sia conclusa sui prezzi che hanno svenato il numero massimo di operatori. Nel caso specifico quindi il più basso possibile. Una prova di questo il balzo della volatilità implicita delle opzioni sul Nasdaq tra ieri e oggi che a fronte di una chiusura negativa ma non drammatica è scbizzato dal 54 al 60% ------------------------------------------------- Prepare for Maximum Pain 6/21/02 01:55 PM ET "Pain makes man think. Thought makes man wise. Wisdom makes life endurable." -- John Patrick I mentioned this morning the "maximum pain" theory pertaining to option expiration. The theory is that stocks will tend to move to the strike price that causes the maximum amount of puts and calls to expire worthless. Why should that be the case? Options set up a situation where competing interests have a finite amount of time to do battle. Unlike trading in equities, the battle ends on option expiration day. Either your position is worth something or it isn't. The put sellers and call buyers are one side, and the put buyers and call sellers on the other. One side wants the stock to close at a price where the option goes out worthless, while the other side wants to see the price blow through the option price. Assuming that both sides in the battle are equally equipped, a stock should have a tendency to move to the point where the number of calls outstanding is roughly equal to the number of puts outstanding. At that point the battle is at a standstill, and the greatest number of options will expire worthless. If you are interested in looking into this a bit further, here is a site that will calculate the maximum pain level of a stock for you. The market continues to be heavily pressured. The bears have been pushing very hard and have not been inclined to cover. We have closed badly in the last few sessions, but I think we may see the bear cover a bit into the close today. I'm tying a little QQQ long with a tight stop around the day lows. Long QQQ.

-12% S&P e -10% dollaro = -22% - Gzibordi  

  By: GZ on Venerdì 21 Giugno 2002 02:28

la cosa peggiore che sta succedendo al momento è che la perdita di circa un -12% dell'S&P da inizio anno si sta cumulando con una perdita del dollaro del 9%, forse stanotte quasi 10%. A meno di non essere al ribasso sul dollaro (avendo comprato qualche valuta contro dollaro come speculazione) chi è investito sulle azioni americane nell'ultimo mese vede perdite doppie. Se si è un istituzione, fondo o banca europea (le giapponesi molto meno) si sta soffrendo in questo momento una perdita dell'ordine (in media) del 20% al meno in pochi mesi per la doppia scure del dollaro e S&P. Che il dollaro torni al livello di due anni fa è un fatto positivo in astratto, tanto è vero che quando due anni fa sfondò la parità con l'euro si disse che era sopravvalutato ecc... Inoltre proprio oggi sono usciti altri dati americani non buoni, ma ottimi che fanno impallidire quelli europei recenti. Per cui delle ragioni "profonde" per un crollo del dollaro non ce ne sono. Alla fine se devi aggiustare un tasso di cambio e va nella direzione giusta non puoi pretendere che lo faccia come vuoi e lo fa a strappi. Il problema e il paradosso è che mentre ora gli S&P e il dollaro sono su un valore "giusto" dato che però si stanno ancora muovendo stanno moltiplicando le perdite di chi ne ha troppi. Questo è quello che successe nel 1987 ad esempio dove quando il mercato era abbastanza ipervenduto da rimbalzare arrivò (per un errore politico per la verità) un ondata di vendite sul dollaro e la reazione fu unn panico degli investitori esteri. Durò un giorno e mezzo e fu recuperato, ma fu terribile. Dato che di questo scenario se ne parla oggi è probabile che le banche centrali stiano attente e facciano qualcosa sul dollaro entro lunedì. Ma occorre veramente frenare il dollaro perchè tra l'altro i weekend sono i più pericolosi

LO Scenario di Deflazione (e Crash) - gzibordi  

  By: GZ on Giovedì 20 Giugno 2002 14:31

Questa è l'ultima parte dell'intervista di Bob Prechter in cui presenta il "Conquer the Crash" il libro appena uscito in cui spiega come difendersi dal disastro finanziario imminente. In pratica inizio giugno ricevo tutti i giorni questa pubblicità per mail perchè sono stato abbonato dell'Elliott wawe international. Come tutto quello che scrive Prechter è molto difficile non leggerlo Ci sono due argomentazioni: una è tecnica e cioè la somiglianza dei grafici attuali con quelli delle maggiori manie speculative della storia (vedi sotto in fondo) e una finanziaria : la DEFLAZIONE, ovvero la "bolla" del credito che sta per scoppiare, l'eccesso di credito che si è moltiplicato negli anni "90 a livelli stratosferici grazie alla "globalizzazione" della finanza e alla FED che ha reagito a tutte le crisi aumentanto il credito nel sistema. In sostanza l'ammontare di credito nell'economia americana, in % ad es del PIL oppure in % del reddito personale o aziendale, è a livelli estremamente elevati. Per cui quando cominci la "DEFLAZIONE" cioè inflazione zero o negativa il peso del debito aumenta e le aziende più indebitate e le banche più esposte cominciano a una a una a fare crac. Per chi pensa anche ai dati economici vedere i rendimenti obbligazionari dei titoli di stato che crollano di colpo come questa settimana in effetti fa pensare a quello che dice Prechter. Per chi guarda ai grafici ci sono delle somiglianze (vedi in fondo i famosi paralleli con il crash del '29) -------------------------------- Your historical market studies and research into the Wave Principle have led you to believe that stock prices are preparing to crash. We’ve heard some of your arguments for why this is already happening. But in Conquer the Crash you also give a good deal of attention to discussing and helping readers prepare for a severe monetary deflation. Can you tell us more about this? First I want to make sure that everyone understands what deflation really is. A common misunderstanding is that inflation occurs when the prices for goods rise, and deflation occurs when they drop. That’s not exactly true. General price changes are merely effects of a change in value of the money itself – not the other way around. So what causes changes in the value of money? Changes in monetary valuation are caused by changes in mass psychology. The same is true for the stock market. A severe deflation like the one we are now facing has always required a certain economic pre-condition: A major buildup of credit, which is itself the result of a certain state of social psychology. Our economy today rests upon masses of consumer and corporate credit. Today, the U.S. owes a collective $30 trillion in debt. That’s nearly 3 times our annual GDP. We’ve become entirely dependant on it. The economic theory that has seen the U.S. economy grow progressively larger and more powerful since World War II is that a wide-spread facilitation of credit will stimulate production, which will in turn create jobs and generate more capital to be re-invested in the economy. That’s a model that’s been successful for economies around the world thus far. Where do you see the problem with it? It’s gotten way out of hand. The Federal Reserve Board allows our banks to lend out all of their deposits (and in some cases, even more than 100%). This money, once loaned, is allowed to be re-loaned many times over, multiplying the amount of debt. What this means is that we’ve got great multiples more credit afloat in our economy than we have actual money. It’s terrifying, but true. As strong as our economy may still seem to everyone, it’s actually rife with weakness. The only thing keeping it afloat right now is a mass societal consensus that it’s going to be O.K. How long can that hold? As the stock market continues to decline, people will continue to lose their jobs and production will decrease. Knowing that there’s not enough money out there to cover all the endangered debt, banks will begin to panic. They will become desperate to retrieve their liquid assets. When the general ability to repay debt decreases, so will banks’ willingness to lend more. This is what will finally trigger a massive deflation. But wait. Won’t the Fed prevent this from happening? That’s a huge misconception. The Fed will be powerless to stop it. Realize that the Fed doesn’t actually lend money to consumers. It merely sets the interest rates at which banks lend each other money. The hope is that banks will take these lower rates as a cue to pass the lower rates down to the consumers, thus facilitating more credit – but it can’t guarantee that this will happen. In 2001, the Fed lowered its discount rate from 6 percent to 1.25 percent. That’s the heaviest cut in such a short time ever. But what if this strategy fails, as it did in Japan? It certainly hasn’t ”saved the economy” so far. What will they do if the economy continues to contract? Lower the rates to zero? Then what? When people are losing jobs and the purchasing power of the dollar is rising, consumers won’t want to borrow money that they will have to pay back with much more valuable dollars later on. Also, having been burned by bankruptcy and loan defaults, banks will be considerably less willing lend this money in the first place. This will have disastrous effects on our credit-based economy. Scary. So what should we do to protect ourselves from this possibility? Depending on your circumstances, there are a number of ways that you can first protect yourself from a deflationary crash, and then actually profit from it. Most important, get out of debt. Because the value of the dollar will be rising, one of the best investments you can make now will be to hold cash. What about the other markets? Conquer the Crash explains exactly what you should do in regard to bonds, real estate, stocks, commodities, precious metals, insurance, and more. It won’t be necessary for you to keep your money in a coffee can under the bed. There are a number of “Safe Banks” around the world that, because of their conservative policies, you will be able to trust with your money. Conquer the Crash lists several. Also, you’ll learn about “inverse index funds,” an interesting way to short the market on its way down. And it tells you exactly how risky real estate investments are and what you should do about them now. Obviously those with substantial personal fortunes stand to benefit from the wealth-protecting measures you outline in Conquer The Crash. But do you have to be wealthy to take advantage of the strategies in this book? Absolutely not. Conquer the Crash offers strategies for financial protection in two different tiers. For investors with deeper pockets, it offers international-level protection by giving advice about safe banks and precious metal storage. For the average investor, or even for those with no money in the markets at all, there are countless chapters devoted to important concerns like, “What to do with respect to your employment” and “What to do with your pension plan.” A lot of the advice is preventative. It tells you what not to do. And it’s going to be very important not to make mistakes. Only one or two missteps and you may find yourself in a very dangerous financial position along with the masses. Final words? The publisher will make most of the money from sales of this book. Anything we make will be spent on getting the word out about the crash. I know this disaster is coming, and I want to do everything that I can to protect people from it. ------------------------------------------------------

FALLIMENTO DEL SISTEMA- dice Fortune - Gzibordi  

  By: GZ on Martedì 18 Giugno 2002 02:40

c'è un lungo articolo che domina "Fortune" di questa settimana intitolato "Systemic Failure" ovvero "fallimento del sistema" (inteso come il sistema di Wall Street e della finanza). Inizia citando il CEO di Goldman Sachs che dice che ogni volta che apre il giornale gli viene voglia di piangere leggenddo di tutti i pasticci, inchieste, processi e scandali. Continua facendo paragoni con la bolla dei tulipani olandesi del 1700 dopo la quale per 100 anni fu vietato creare società per azioni di qualunque genere. Insiste sul fatto che tutto il sistema è in crisi. E' corredato dgli altri articoli di questa settimana che (vedi qui sotto in rosso) si intitolano (tradotti): " I COLLETI BIANCHI CRIMINALI: QUELLO CHE è TROPPO E' TROPPO" "ALLA RICERCA DELL'ULTIMO ANALISTA ONESTO" " LA TRUFFA DELLA PAGA DEGLI AMMINISTRATORI DELEGATI" "POTREMO MAI AVERE PIU' FIDUCIA IN WALL STREET " ? Si tratta del Manifesto o dell'Unità ? No, della rivista di borsa e business più nota di America. Chi ragiona in termini di Sentiment e vede il mercato come meccanismo che "anticipa" i trend reali avrebbe qua un classico segnale da manuale. Peccato non averla letta questo weekend sennò caricavo di più. Edited by - gzibordi on 6/18/2002 0:44:23

Pena Di Morte Per Arthur Andersen - Gzibordi  

  By: GZ on Martedì 18 Giugno 2002 00:57

non si capisce perchè nessun noti che 26 mila persone che lavoravano per Arthur Andersen hanno dovuto cercare un altro lavoro e una delle maggiori società di servizi di consulenza sia stata distrutta sulla base di una infrazione tecnica secondaria. Come risultato del processo intentato dal dipartimento di giustizia Usa contro l'intera società di revisione, essendo riusciti alla fine a ottenere un verdetto di colpevolezza di "ostruzione della giustizia" su un aspetto secondario di tutta la faccenda la pena di morte è stata applicata Per Arthur Andersen che è stata chiusa. Il governo USA invece di cercare la responsabili del caso Enron si è scatenato contro l'intera società di revisione. Nessun giornale sembra interessarsi al fatto che in realtà la condanna verte su un dettaglio tecnico se si legge bene la sentenza e che alla fine per una complicità o errore di 2 o 3 capi di Arthur Andersen 26 mila persone hanno perso il posto e tutte le società americane del settore sono nel terrore di fare la stessa fine. Il 99% dei contabili e partner di Arthur Andersen non centrava niente con Enron ma il governo aizzato dai media ha voluto distruggere la società lo stesso. Nel giro di qualche mese una società delle dimensioni di Telecom Italia è stata azzerata (Enron) e una delle maggiori società di consulenza del mondo, Andersen, è stato distrutta, sono state aperte decine di inchieste su società di tutti i generi sono finiti in carcere CEO come quello di Imclone che in Italia per una cosa del genere farebbero due risate. Se leggi la stampa ora parlano tutti di "Tangentopoli di wall street". Arrivano quando è tutto finito e l'onda è partita già nella direzione opposta. A Enron i politici americani fanno ora demagogia sui dipendenti che "sono stati costretti a comprare i titoli" e "...sono stati rovinati..." In realtà potevano comprare quello che volevano come fondi e azioni. L'unico motivo per cui avevano molti soldi in titoli Enron era che come in tutte le società americane l'azienda per ogni dollaro che investi in azioni ti offre azioni della società per cui lavori ("matching" si chiama). Dato che il titolo Enron in borsa era salito di 10 o 20 volte tutti alla fine avevano un grosso valore in azioni Enron. Il trend è già arrivato all'estremo opposto, si sono sintomi di caccia alle streghe e la stampa ci arriva ora. vedi qui ad esempio oggi --------------- da Repubblica; Turani ------------------- Ma, come se tutto ciò non bastasse, adesso bisogna anche fare bi conti con il risparmiatore furioso. I risparmiatori sono neri per via del fatto che in questi ultimi due anni hanno perso moltissimi soldi. Ma da qualche mese sono doppiamente furiosi perché hanno scoperto che molte delle società sulle quali hanno messo i loro denari (perdendone una buona parte) erano poi in combutta con analisti disonesti, con banche compiacenti e erano guidate da amministratori molto disinvolti. Insomma, al di là dei guai dell'economia reale, molti risparmiatori hanno maturato la convinzione che in questi anni a Wall Street (e altrove) abbia dominato una sorta di enorme associazione a delinquere. I cui membri, ovviamente, hanno fatto i soldi a miliardi, scaricando poi le mele marce dei loro pasticci sulla testa (e sul portafoglio) proprio dei risparmiatori. Risparmiatori che oggi, ovviamente, sono pronti a fare fuoco con fucili da caccia grossa a chiunque vada da loro a proporre l'acquisto anche di una sola azione. Insomma, il mercato è in guai seri, ma, come se non bastasse, per strada ha perso anche il suo popolo, i risparmiatori. E quindi, giorno dopo giorno, frana. In attesa di non si sa bene che cosa. (lunedì 17 giugno) Edited by - gzibordi on 6/17/2002 23:36:55

Da 3 a 6 mesi prima dell'IRAQ - gzibordi  

  By: GZ on Lunedì 17 Giugno 2002 04:42

La storia di prima pagina del WALL STREET JOURNAL spiega in modo molto dettagliato come si sia arrivati già da mesi alla decisione di rovesciare Saddam Hussein e come il conto alla rovescia sia già iniziato. In termini pratici il tempo necessario per l'intervento è stimato da più parti in 3-6 mesi (6 secondo il WSJ, 3 mesi secondo Debka) perchè richiede truppe di terra oltre che l'addestramento delle forze kurde e irachene dissidenti. Oltre a quello scritto qui ci sono anche notizie del fatto che l'ultimo viaggio in Palestina di funzionari CIA e del governo aveva, sotto la copertura di dover parlare di Israele e la Palestina, come scopo vero di incontrarsi al confine con la Giordania con esponenti del Congresso nazionale iracheno che organizzano l'opposizione e altri dettagli simili e convergenti si trovano su stratfor o debka nelle ultime due settimane. Può darsi che negli hedge fund si tengano più informati della media degli investitori su questa vicenda June 14, 2002 How Bush Decided That Hussein Must Be Ousted From Atop Iraq By CARLA ANNE ROBBINS and JEANNE CUMMINGS Staff Reporters of THE WALL STREET JOURNAL WASHINGTON -- In the chaotic days after Sept. 11, as several of his top advisers argued over whether to launch a strike on Iraq, President Bush sided with those urging restraint. There was, after all, no real evidence that Saddam Hussein's regime had anything to do with the terror attacks. And President Bush wanted to keep the focus on al Qaeda, the Afghanistan-based terrorist group that engineered the deadly hijackings. But now, a showdown with Iraq appears nearly inevitable. What happened? In late October, the president received a series of chilling briefings that persuaded him that Iraq posed a major threat to America. U.S. intelligence agencies, he was told, had begun picking up warnings of an even more spectacular attack -- one that, according to National Security Adviser Condoleezza Rice, could "make Sept. 11 look like child's play by using some terrible weapon." Other officials say the warnings came shortly after the U.S. identified four Pakistani scientists who appeared to have coached Osama bin Laden's terror organization in a quest to acquire nuclear weapons or material. Putting two and two together, the administration in the last few days of October sent private notices to Washington police and congressional intelligence committees about the threat of a "dirty bomb" that uses conventional explosives to spew radioactive material. And, just as it had done immediately after Sept. 11, the White House again decided to keep Mr. Bush and Vice President Dick Cheney separated, to make sure that at least one would survive any such attack. The attack didn't come. Nor, again, could Iraq be linked to any nuclear plot. Nevertheless, the knowledge that al Qaeda was aggressively searching for weapons of mass destruction -- and wooing outside support -- transformed the president's thinking about America's enemies, and the horrors that could unfold if any of them made such weapons available to terrorists. As Mr. Bush and his advisers ticked off likely candidates, Iraq topped the list of countries with both an arsenal of chemical, biological and perhaps nuclear weapons, and the apparent will to use them. "It's not because you have some chain of evidence saying Iraq may have given a weapon to al Qaeda," Ms. Rice says, as she recounts the evolution of Mr. Bush's thinking. "But it is because Iraq is one of those places that is both hostile to us, and, frankly, irresponsible and cruel enough to make this available." Beyond U.S. policy toward Iraq, the episode helps explain why the White House has begun a fundamental reassessment of national-security doctrine. During the Cold War, the U.S. relied on the threat of massive retaliation to deter attacks from hostile countries. But Sept. 11, and all the U.S. has learned since about the terrorists' appetite for devastating weapons and their utter lack of concern for their own survival, has persuaded Mr. Bush that sometimes the U.S. will have to strike first against its enemies. "If we wait for threats to fully materialize, we will have waited too long," Mr. Bush told graduating cadets at West Point two weeks ago. While Mr. Bush didn't mention Iraq by name, it increasingly looks like the proving ground for that new approach. In private, the president has asked the Pentagon's top brass what it would take to oust Saddam Hussein militarily. In public, he regularly warns Americans of the danger he sees. Speaking in Germany late last month, he called a potential Iraq-al Qaeda alliance "a threat to civilization itself." U.S. officials say no final decision has been made on whether to move militarily against Iraq. Military commanders have told Mr. Bush that the task could require some 200,000 troops, and, given the strains of the Afghan campaign, about six months to get troops and weapons ready. Key civilian leaders in the Pentagon and the White House argue that the job can be done smaller and faster. The debate is likely to continue throughout the fall, officials say, before the president decides what course to take. This focus on Iraq was far from preordained. In his first nine months in office, in fact, Mr. Bush hadn't made Iraq a top priority, and an interagency review on the country was languishing on Sept. 11. Immediately after the terror strikes on the World Trade Center and Pentagon, Mr. Bush had actually overruled advisers who wanted to take on Iraq along with Afghanistan in the first wave of the new war on terrorism. "I don't know about the hypothetical, of what we would have done if we'd had absolute evidence that Iraq was involved," says a senior official, but with the threat of more attacks to come "it made a lot of sense at that moment" to focus on taking down al Qaeda. The picture is quite different from the common assumption that Mr. Bush's prime motivation is to settle an old score for his father, who drove Iraqi forces from Kuwait but failed to do away with Saddam Hussein. That bit of family business appears to have little to do with Mr. Bush's current attitude. Even in the first weeks after Sept. 11, Iraq didn't figure prominently in Mr. Bush's thinking, particularly after Director of Central Intelligence George Tenet reported there was "no evidence" Iraq was involved. On Sept. 20, when the president made a now-famous speech to a joint session of Congress calling for a global war on terrorism, he pointedly made no mention of Iraq. But soon afterward, other fears started growing, reaching a peak in the last 10 days of October. Sometime after Sept. 11, U.S. intelligence agencies learned that two Pakistani nuclear scientists, members of a pro-Taliban Islamic charity and experts on nuclear fuel, had traveled to Afghanistan to meet with Mr. bin Laden. Pakistan's secret service picked up the two in the third week in October, and news of their arrests has become public. After their release, the two were kept under surveillance. Serious Concern But there was another, perhaps more-serious concern. U.S. officials now say they were even more worried about two other scientists, veterans of Pakistan's nuclear-weapons complex and associates of the first two scientists. One of them was already suspected of trying to sell weapons designs to unsavory clients. While the U.S. had no information that they, too, had traveled to Afghanistan, analysts were worried that they had still managed to pass on critical information about how to build weapons to al Qaeda. U.S. officials declined to comment on their current whereabouts. These nuclear fears jumped dramatically in late October, officials say, when U.S. intelligence began picking up intercepted conversations and other warnings predicting an even more spectacular attack to come. The warnings mentioned specific windows of time. But they didn't refer to specific weapons or locations. Analysts assumed the target was either Washington or New York City. The onset of anthrax mail attacks a few weeks earlier only fed that anxiety. Some intelligence analysts cautioned that the statements might be empty boasting, especially at a time when U.S. bombers were pounding Afghanistan daily. But the reports that al Qaeda had gotten coaching from Pakistani nuclear experts led others to theorize something far more terrifying: that al Qaeda had already managed to smuggle in a so-called dirty bomb, a conventional explosive wrapped with radioactive material, or possibly even a small nuclear weapon -- although the latter was considered far more difficult to acquire and less likely to have occurred. SPECIAL PAGE Go to the Aftermath of Terror1 By the last few days of October, the White House was so persuaded about the danger that officials quietly informed local police in Washington and the Congressional intelligence committees of the dirty-bomb threat. Mr. Tenet, the CIA director, testified in 1999 that Mr. bin Laden had declared it his religious duty to acquire weapons of mass destruction. Now, during the last 10 days of October, Mr. Tenet gave several new briefings to the president and his top aides at the White House about al Qaeda's desire to acquire such weapons and what the group might be planning. As part of his late October briefings, Mr. Tenet discussed which other countries had the capability and the malice to help al Qaeda acquire weapons of mass destruction. And for that, Iraq topped the list. Visitors to the White House at the time reported privately that Mr. Bush seemed haunted by a nuclear threat. At one of his morning intelligence briefings he told his advisers, "We have to be thankful that on Sept. 11 they didn't have a weapon of mass destruction instead of an airplane," recalls one participant. And every day for at least two weeks he ended those meetings exhorting the group, "We have to make sure that this doesn't happen." In early November, in a speech broadcast to a European antiterrorism summit, Mr. Bush made his first public mention of the danger, warning that al Qaeda is seeking chemical, biological and nuclear weapons. There was another bit of troubling intelligence emerging. Czech intelligence officials reported that Sept. 11 hijacker Mohammed Atta had met an Iraqi agent in Prague in April of 2001. That presented a possible Iraqi connection -- not a nuclear one, but one tied to a terrorist who had just targeted the U.S. mainland. U.S. intelligence officials said the Czechs had no hard proof to back up the claim. All told, the environment was becoming more welcoming for key officials at the Pentagon, as well as members of Vice President Cheney's staff, who already were eager to target Iraq. With the Taliban suddenly crumbling in Afghanistan, the idea of waging a similar small war in Iraq "stopped looking unthinkable," says an official who is still skeptical. Shortly after Sept. 11, Defense Secretary Rumsfeld hosted a meeting of his Defense Policy Board, an advisory panel that includes former Secretary of State Henry Kissinger, former Vice President Dan Quayle, former Speakers of the House Newt Gingrich and Tom Foley, and former CIA Director James Woolsey. For two days, the group debated an attack against Iraq. Ahmed Chalabi, who leads the Iraqi National Congress, the exile group with the most sway in Washington, was invited to speak and, when asked to leave the room during the private discussions, he toured the clean-up efforts in the burned-out wing of the Pentagon. At the end of the meeting, several members of the advisory committee were convinced an attack was warranted, according to three members of the group. Perhaps more important, Mr. Cheney became more convinced of the need to act on Iraq. The vice president, who was secretary of defense during the Gulf War, always seemed more concerned about the Iraq legacy than Mr. Bush. At a celebration dinner after the 2000 presidential campaign, he privately told a group of friends that the new White House team may have a rare historic opportunity to right a wrong committed during a previous term -- the mistake of leaving Saddam Hussein in place atop the Iraqi government. He also hired a staff filled with Iraq hawks. But in the early months of the administration Mr. Cheney had other priorities to focus on, including energy policy and managing relations with Congress. And in the days after Sept. 11 he was one of the key voices cautioning the President against taking on too many fights at once. During his weeks in seclusion, though, Mr. Cheney began boring in on Iraq. At one point, he invited to a private dinner Bernard Lewis, a Princeton University scholar who is a Middle East expert with hard-line views on Iraq. Mr. Lewis, in an interview, won't discuss the dinner in detail, but explains his view that the U.S. was guilty of "betrayals" of the Iraqi people when it failed in both 1991 and 1995 to adequately support uprisings against Saddam inside Iraq. Mr. Lewis argues that opposition groups opposed to the Iraqi leader are viable, and provide the best hope for a stable democracy in the Arab world. The worst the U.S. can do now, is show weakness or delay. "I am afraid we are just wobbling dangerously all over the Middle East," he says. Meanwhile, Iraqi opposition groups themselves began pressing harder to turn the administration. Mr. Chalabi, head of the Iraqi National Congress, brought defectors to Washington with reports of new Iraqi weapons programs and terrorist training camps. The hawks at the Pentagon were particularly troubled by the presentation offered by Adnan Ihsan Saeed al-Haidari, a concrete contractor, who told U.S. authorities in December that he had helped build dozens of Mr. Hussein's latest weapons labs, and that they were scattered throughout Baghdad underneath homes and mosques. Mr. Saeed came out of Iraq with work orders to back up his claims. Other officials, however, said they found the defectors' presentations so well-rehearsed that they suspected they may have been embroidering the facts. Still, the stream of stories added to the gathering momentum. 'Axis of Evil' Finally, soon after Christmas, Mr. Bush and his advisers started discussing ideas for the president's late-January State of the Union address. The president made clear early on that he wanted the speech to highlight the dangers of terrorists acquiring weapons of mass destruction, as well as list the countries that might help them. The most memorable line from that speech was Mr. Bush's depiction of Iraq, Iran and North Korea as part of an "axis of evil." Not only are these states seeking weapons of mass destruction, Mr. Bush warned, "they could provide these arms to terrorists, giving them the means to match their hatred." Looking back, U.S. officials now say they may well have overestimated al Qaeda's access to weapons of mass destruction and the extent of the help provided by the Pakistani scientists. By late fall, American troops were on the ground in Afghanistan and sorting through al Qaeda labs, offices, houses and caves. What they found was less than originally feared, though still frightening. Designs for nuclear weapons were "rudimentary, the sort of thing you'd draw on a cocktail napkin," says one intelligence official. U.S. troops found no sign that al Qaeda had managed to acquire chemical or biological weapons or any nuclear material. And, crucially, U.S. officials recently concluded, after an exhaustive review, that they have no hard evidence to confirm the report that Mr. Atta, the Sept. 11 hijacker, actually met an Iraqi intelligence official in Prague last year. Officials also warn, though, that they can't be certain that Mr. bin Laden or his top aides, who still haven't been found, don't have weapons or their components hidden somewhere else. The information gathered in Afghanistan from documents, computers, books and research notes demonstrates al Qaeda's enormous appetite for such weapons, an appetite likely to be satisfied given enough time. In any case, the turn toward Iraq has been made. Just last week, for example, Mr. Rumsfeld left for a trip to the Middle East, specifically saying he would be raising with foreign leaders the nuclear threat from Iraq. At the end of the week Mr. Cheney added to the drumbeat vowing that "a regime that hates America and everything we stand for must never be permitted to threaten America with weapons of mass destruction." While Mr. Bush is adamant about a regime change in Iraq, aides say the administration is still far from deciding how to make that happen. "I made up my mind that Saddam needs to go. That's about all I'm willing to share with you," Mr. Bush said in an interview with British journalists in April.

DAX a 2.800 (dai 4.400) - gzibordi  

  By: GZ on Venerdì 14 Giugno 2002 19:45

Stock: Cac 40, DAX index

Ho appena sentito cosa dice Chris Locke, un analista elliottiano che è diventato la star dei canali finanziari per essere stato orso in modo chiaro e deciso su tutti i punti cruciali del mercato (ha sbagliato solo un poco sottovalutando il rimbalzo di ottobre-febbraio). Era interessante sentire se questa rottura lo "accontenta" o lo imbaldanzisce, sia in termini psicologici che di analisi Come tutti gli elliottiano che ho visto da quando gli indici di borsa hanno fallito in marzo il rimbalzo insiste che è iniziata l'onda "5" per cui tutto il ribasso pesantissimo del 2001 non è altro che un onda a cui deve seguirne un altra quasi altrettanto pesante. Quindi per il DAX ad es diceva oggi che l'onda numero 5 che è partita ne deve spazzare via un altro 30% di valore e arrivare a 2.800. Applicato al Mibtel lo schema dai 20.700 attuali lo proietta in giù a 14.000 circa. In termini logici hanno ragione, il punto in cui è ora il mercato implica che il proseguimento della tendenza attuale deve risultare in un calo drammatico e i grafici presi a se suggeriscono questo (ovviamente se ci si affida al grafico a preferenza di altri input cosa che non tutti facciamo) Per cui è veramente un punto importante

NOKIA - gzibordi  

  By: GZ on Martedì 11 Giugno 2002 16:43

commento molto acuto mi sembra: da un parte i VOLUMI di cellulari venduti da Nokia sono aumentati del 10% e la quota di mercato resta al 38% che è buono. Dall'altra i prezzi stanno calando e ha perso un poco di quota. Ma gli utili sono stati confermati perchè è riuscito a ridurre i costi e questo non se lo aspettavano gli analisti tutti impegnati a lamentarsi del fatto che la sua quota di mercato sta calando. Quindi i volumi ci sono ancora e ci sono dati anche sul versante americano da Verizon ad es che mostrano che a differenza dei computer i cellulari crescono ancora Dato che Nokia era attaccata da tutti gli analisti nei prossimi due giorni può avere una ricopertura dei ribassisti che si erano ammassati a spingere giù il titolo. Poi però (credo giovedì) arriveranno i dati delle vendite di maggio e quelli possono essere peggiori per cui ci sono due giorni di tempo per il rimbalzo --------------Tero Kuittinen-------------------- Nokia announced the mid-quarter update – and it went smack across the market consensus on volumes. The most distinguished banks in business have spent the last three weeks crafting elaborate, impressively professional-looking research reports on how Nokia’s market share is tanking. Yeah, right. It was a real smooth move to use Amazon.com data for global forecasting. In reality, the phone volumes are up by a big 10% year-on-year. The market share probably rose to 38%. The surprise in the report was the vehemence of Nokia’s new price war strategy -- the revenue guidance went out the window as the average sales price of phones crashed by 10 euros in three months. But unlike Intel, Nokia did not fight the price war at the cost of profitability –- margins remain above 20%. That was the shocker -- the ability to push production costs down as much as needed for an outright price war. This is what markets have refused to believe –- that Nokia is a better manager of costs than Intel. That explains the initial reaction. The telecom rebound of this week remains just about on track as the chip companies and operators react to that 10% phone volume increase. On top of that, the Nextel confirmation comes smack on top of the Verizon confirm, propping up the operators further. But this is a really, really fragile move we have here. I think the short squeeze that has been slowly starting may finally get some traction today –- but it could evaporate just as soon as the previous meaningful telecom bounce (which was about 4 days). By Thursday, my view on the telecom move is going to expire -- I don't see anything good coming from the May retail info. Let's hope we get even that far. ------------------------------------------- ----------- breakingviews ------------- Nokia, the world’s leading mobile phone group, delivered its scheduled mid-quarter update on Tuesday. The Finnish company predicted its second-quarter net sales would fall by between 2% and 6% year on year to between E6.9bn and E7.2bn. This compares with its earlier guidance of 2% to 7% growth. The mobile phone unit is now expected to grow sales by between zero and 4%, instead of the previously stated 5% to 10%. Nokia Networks sales are expected to fall by 20% to 25%, compared with earlier guidance of a drop of between 5% and 10%. Despite these revisions, Nokia is sticking with its earlier forecast of pro-forma earnings per share – between E0.18 and EUR0.20 on a diluted basis. “Nokia Mobile Phones pro forma operating margins are expected to be above 20%, demonstrating Nokia's ongoing strong product competitiveness in this market," the group said in a statement.

Il pericolo della deflazione è passato - gzibordi  

  By: GZ on Venerdì 07 Giugno 2002 21:39

Se un pensa che le fondamenta dell'economia sono solide i crac li interpreta in un modo (sono occasioni) Se un pensa che le fondamenta dell'economia siano marce i crac li interpreta nel modo esattamente opposto (sono frana inevitabile che accellera) Per un paio di anni si è parlato di pericoli di deflazione: in giappone c'è, con i prezzi che calano ogni anno, nel resto del mondo calo di domanda (con l'eccezione dei consumatori usa), recessione nel 2001, tassi di interesse bassissimi, oro e materie prime sui minimi del decennio... Ora che il dollaro scende e l'oro sale si parla di pericoli di inflazione e di rialzo dei tassi Bisogna decidersi. Qual'è il pericolo ? non ci possono sempre essere dei pericoli e ogni due anni diversi. David Malpass qua sotto argomenta che intanto il pericolo della deflazione non c'è più, come dimostrato dal rialzo dell'oro e dal ribasso del dollaro Inoltre in america la disoccupazione è arrivata a un massimo del 6% e ora sta già scendendo (oggi è uscito 5.8%). Due anni fa era scesa al 4.2% Un paese in cui la disoccupazione oscilla tra 4% e 6% ha risolto molti problemi no ? 10 o 20 anni fa sarebbe sembrato qualcosa di irragiungibile. Quindi hai superato i pericoli della deflazione stile giappone e hai un economia che funziona, dove in recessione la disoccupazione sale al 6% massimo I pasticci di Enron, Arthur Andersen, Dynegy, Adelphia, Tyco... spingono in basso le borse, ma poi c'è l'economia reale che resta dal WSJ di oggi David Malpass chief global economist at Bear Stearns First came Enron, then Arthur Andersen, now Dynegy, Adelphia and Tyco. Is it any wonder that Wall Street is in a sour mood? Given the poor performance of equities, it's easy to jump to the conclusion that the economy is fragile. Some think we're walking a tightrope -- risking a weak dollar and inflation if monetary and fiscal stimulus continue, and a double dip into recession if they are withdrawn. In reality, the likelihood is that the U.S. has entered a broad, durable economic sweet spot, not a fragile interim. The economic recovery shouldn't be all that sensitive to interest rates, mortgage rates, business confidence or the foreign demand for U.S. assets. Growth is being driven by other, more powerful factors: the welcome exit from the deflationary macroeconomic policies of the late 1990s, and the proven flexibility and entrepreneurism of the labor force, which have added immensely to our earning potential. Sigh of Relief The recovery should also be sustainable over a wide range of values for the U.S. dollar. Clearly, a return to the ever-strengthening dollar policy of the 1990s would be harmful, as would the acceptance of an ever-weakening dollar. But this leaves open a wide range of acceptable values for the dollar given its very strong starting point. I think an explicit "strong and stable" dollar policy would be the most pro-growth, but other formulations will also promote economic recovery as long as they don't permit a new trend, strong or weak, in the dollar's value. The recent rise in the price of gold and the dollar's "weakness" against other currencies is actually a central part of the bullish case for the U.S. The low price of gold in the late 1990s and the dollar's appreciation against other currencies indicated a shortage of liquidity, a scarcity of dollars. The recent moves in the dollar's value are an almost audible sigh of relief that the deflationary forces have abated. Something similar happened in July 1982: Gold rose sharply when Fed Chairman Paul Volcker loosened his disinflationary monetary policy. Within a month, equities had begun a strong rally, knowing that this was relief from deflation, not an inflation threat. With the dollar still very strong today, we are likely to see a low inflation environment for years to come, a key component of the economic sweet spot. Best of all, our current recovery is global in nature. Europe should begin to bounce back soon. And Japan is finally breaking out of its deflation spiral, with the Bank of Japan printing huge quantities of yen and the yen price of gold, commodities, and wholesale goods rising. I expect Japan to begin adding to world GDP in 2003, a major improvement from the 1990s. Many emerging markets will also benefit, helping reverse some of the polarization of the world economy that so marred the past decade. Business leaders and the equity market are having trouble seeing the recovery because they are reeling from two blows -- the unaccustomed nature of the deflationary pressures at work and a welter of microeconomic problems including sweeping litigation threats, accounting mistakes, bankruptcies, security costs, insurance issues and Washington's protectionism. The damage from currency weakness and inflation is well known. In contrast, sustained currency strength -- as the U.S. experienced in the 1990s with the 30% increase in the dollar's value after the December 1996 change in monetary policy imbedded in Alan Greenspan's "irrational exuberance" speech -- is rare and has almost always led to deep, prolonged recessions. Since the world left the gold standard in 1971, only Japan and the U.S., among major industrial countries, have gone through massive currency strength. Japan's deflationary episode lasted from 1985 through 2001, with the results evident in a decade-long stagnation. The U.S.'s deflationary episode lasted from 1997 to 2001, culminating in an actual decline in the GDP deflator, the broadest measure of prices, in the fourth quarter of 2001, the first in 50 years. Fortunately, the economy is likely to emerge in relatively good condition. First, deflation stopped deepening soon after Sept. 11. The Fed added liquidity and finally let real interest rates fall. The price of gold and commodities began to recover some of their losses, making clear the improvement in monetary policy. Gone almost overnight were the recessionary policies of the late 1990s -- high real interest rates, heavy taxes on the private sector to pay off the national debt, and the U.S. encouragement of the OPEC cartel and its $30-per-barrel oil. Second, the economy and labor force have proven their flexibility and resilience. Productivity growth strengthened in the 1990s and stayed strong in the recession, suggesting that the average U.S. growth rate over the next decade will be well above historical norms. Worries about the consumer's balance sheet have proved false, with evidence that the personal savings rate was much higher than government statistics showed and that delinquencies in this recession stayed well below expected levels. Overlooked in the current gloom is the structural improvement in the U.S. unemployment rate in the 1980s and 1990s. If the U.S. unemployment "floor" is indeed 4%-6% rather than the 6%-8% predicted by the Phillips Curve, then the lifetime earnings of U.S. workers is trillions of dollars more than earlier estimates. The U.S. has a growing labor force employed mostly in private-sector, flexible jobs. This has massive positive implications for the U.S. and for the wide and widening U.S. advantage over Europe, which has a shrinking labor force employed mostly in government and unionized jobs. Bears argue that the 4% unemployment rate of the late 1990s was an aberration. I don't think so. The big obstacles to low U.S. unemployment in earlier decades were the inflation and rising tax rates of the 1970s, the false economic theory that low unemployment was inflationary, the now-redesigned welfare system, and inflexibility in the workplace. These barriers are gone, and it's hard to defend a "jobless recovery" theory. No Lasting Damage Paul Krugman's June 4 New York Times diatribe asked "who will save the malfunctioning corporation called the U.S.A.?" The answer is clear enough: better macroeconomic policy, labor flexibility, very low inventories, and the intense focus on corporate malfeasance we have seen in recent months. In short, the likelihood is that macroeconomic mistakes in the late 1990s which caused the boom and bust have been corrected. The microeconomic aftershocks, while serious, are passing quickly, and are not likely to cause lasting damage to the U.S. economy's ability to create prosperity.

Sintesi della storia di Intel- RFMD - gzibordi  

  By: GZ on Venerdì 07 Giugno 2002 17:37

questo è il commento migliore che vedo sulla situazione creatasi ieri sera con l'annuncio di Intel (doppiato oggi con un annuncio di RFMD) in sostanza perchè il nasdaq non era crollato sui minimi di settembre nonostante la distruzione delle telecom e di settori del software o networks ? perchè i semiconduttori erano ancora su del 15% dai minimi di settembre I semiconduttori erano quelli che davano speranza dell'inizio di un miglioramento anche vago sulla tecnologia E lo erano perchè in gennaio avevano dato previsioni di crescita del fatturato buone mentre gli altri settori no Ora a distanza di due mesi Intel smentisce le previsioni di due mesi fa abbassando del 10-15% i numeri Dato che le aziende sono ora sospettate di tutto e di peggio e che si pensava che avessero smesso di illudere e gonfiare i numeri il mercato questa è una mazzata Si sospetta che le aziende di semiconduttori abbiano deliberatamente tenuto alte le previsioni a inizio anno nonostante quelle di computer, network, software e telecom parlassero di mercati finali debolissimi Per questo sembra la reazione è così selvaggia oggi

dollaro, borsa e inflazione spiegati - gzibordi  

  By: GZ on Giovedì 06 Giugno 2002 03:47

per chi pensa che le spiegazioni servano a qualche cosa ecco quella acuta di Kasriel che connette tutti i pezzi del puzzle meglio di altri i) Greenspan avrà un problema di inflazione se non alza i tassi ( i tassi a 3 mesi e 1 anno sono all'1.75-2.00% e l'inflazione all'1.6% (ufficiale) ii) la speculazione però, ora che ha visto che il dollaro può cedere a favore di euro, yen e oro prende a prestito in dollari al 2% e usa i soldi per vendere il dollaro short (come facevano con lo yen) iii) Greenspan deve però continuare a pompare liquidità fino a quando la ripresa non sia solida e le elezioni di novenbre non siano passate (per il congresso dove i repubblicani temono di perdere) iv) quindi pomperà liquidità, ma solo fino a quando la speculazione contro il dollaro che si è messa in movimento ora glielo consentirà Fino a quando riesce a tenere contenuto il cedimento del dollaro la liquidità e i tassi saranno tali da rimettere in sesto la ripresa e tenere i settori indebitati dell'economia a galla Tutto si gioca però sul dollaro, perchè se cede l'estero vede che ha un rendimento basso e in più perdite in conto capitale e la fuga dal dollaro si accellera. E a quel punto la FED deve alzare i tassi Quindi basta guardare il dollaro ora Is The Declining Dollar "Checkmate" For Mr. Greenspan? Paul Kasriel June 04, 2002 I have always maintained that so long as Mr. Greenspan could keep "printing" dollars at will, the economic checkmate from the burst 1990s' stock market bubble could be delayed. And, as the chart below shows, Mr. Greenspan did indeed print a lot of dollars last year. On a year-over-year basis, M2 growth went from about 6% at the end of 2000 to about 9% just before September 11, 2001. The spike right after September 11 was due to a lot of bank credit extended to cover overdrafts resulting from disruptions in the payments system. Even though M2 growth has slowed this year, the latest reading of 8% still implies a lot of overtime printing activity at the Fed. But if the US dollar continues to depreciate, which I think it will with only minor countertrend rallies, then Mr. Greenspan is going to lose the policy latitude to keep printing greenbacks at will. Ironically, though, until Greenspan takes action to slow the dollar's decline, he will be forced to print even more dollars. Here's how that works. Once the forex sharks smell the blood in the water, they will start to borrow dollars in order to sell them for euros, yen or gold. Currently, they can borrow dollars for three months at a ridiculously low annual rate of less than 2%. As the demand for short-term "shorting" US dollar credit increases, short-term U.S. interest rates would "want" to rise. But by maintaining its fed funds target at 1.75%, the Fed is signaling that it doesn't want short-term rates to rise. The way the Fed prevents rates from rising is to create more credit - i.e., print more dollars. But how does this limit Mr. Greenspan's latitude to keep on printing? Inflation. The cheaper dollar is, all else the same, going to temporarily make US exports more competitive in world markets. Why do you think that the National Association of Manufacturers has been lobbying for a weaker dollar policy from the Bush administration, what ever that policy might be? So, foreign demand for US goods and services will start to augment domestic demand. Unless aggregate supply curves are infinitely elastic, which only "new era" types and Keynesians believe, then an increase in aggregate demand is going to lead to an increase in prices, i.e., higher inflation. Moreover, domestic producers will now have some "cover" to raise their prices inasmuch as the dollar prices of their foreign competitors will have risen. As of April, the year-over-year percent change in the US CPI was 1.6%. Thus, the fed funds rate is only 15 basis points over the inflation rate. Unless Greenspan hikes the funds rate soon, which he has shown no inclination to want to do, then, in the second half of this year, the CPI inflation rate is likely to rise above the funds rate, in part due to the depreciating dollar. A negative inflation-adjusted return on short-term US money will drive global investors out of the dollar all the more. It's a Sid-vicious cycle. Why doesn't Greenspan want to raise the funds rate now? For starters, have you looked at what the stock market has done this year? If it keeps on its present downward course, 2002 will mark the third consecutive calendar year in which the stock market has fallen. This hasn't happened since the 1930s. Despite all of the bravado about housing being more important than the stock market when it comes to augmenting consumer spending, Greenspan is frightened as to what a continued bear market in stocks will do to aggregate demand. And speaking of housing, would a Fed hike in interest rates be a plus for the residential real estate market and home-equity borrowing? As Bill Gross has pointed out, Corporate America has borrowing in the bond market and swapping this obligation for floating-rate exposure. If Greenspan hikes the funds rate, Corporate America's interest costs will rise significantly, perhaps precipitating even more bankruptcies. And, oh yes. Congressional elections are scheduled for November 5. If Greenspan raises rate now and the Republicans lose control of the House, he might incur the wrath of the Bush-family "enforcer" - Babs! So, Alan, old buddy, it's beginning to look like checkmate. If you raise rates now to defend the dollar, you run the risk of aborting the expansion. If you hold off, the dollar continues to weaken, inflation continues to worsen, and you have to raise rates a lot more later this year or early next. The expansion gains speed this year only to hit a brick wall next year. If you can manage to avoid this checkmate, then Big Green(span) will have topped Big Blue.

Si Spera nei Monsoni - gzibordi  

  By: GZ on Mercoledì 29 Maggio 2002 11:55

Che siano i dati della fiducia dei consumatori che non erano abbastanza alti oppure sotto sotto sia la sensazione di insicurezza per una crisi come quella tra India e Pakistan ? I report strategici che leggono i grossi gestori come Stratfor.com o simili indicano che la possibilità di una crisi nucleare è concreta. Se uno legge l'ultimo report Stratfor sembra che la cosa migliore sia sperare che i monsoni che sono arrivati in anticipo e rendano difficili i movimenti di truppe indiane e possano far rimandare il confronto. La sostanza é "....India has given Pakistan a small window of opportunity to solve the problem it cannot solve. It gives the United States a period of time to defuse a situation that, in STRATFOR's view, could suddenly and catastrophically get out of hand. ......" ..."suddenly and catastrophically get out of hand. ......" ---------------------------------------------------------- Triangle of Tension: India, Pakistan and the United States 28 May 2002 Historical distrust and tensions between India and Pakistan have reached practically unsustainable levels. New Delhi cannot tolerate paramilitary attacks such as the one against its parliament in December, but the regime of Pakistani President Pervez Musharraf simply may not be able to rein in the militants. Any concession on Islamabad's part could set off a destabilizing political backlash, but this reality also moves the countries closer to a war footing. The United States, meanwhile, has willingly used the threat of war to pressure Islamabad for cooperation in its battle against al Qaeda. Washington realizes that actual war between India and Pakistan would harm its own interests, but for New Delhi there has never been a better time to act. Analysis Tension between India and Pakistan has been a feature of the international system since Britain withdrew from the subcontinent and its imperium was partitioned between predominantly Muslim Pakistan and predominantly Hindu India. The rhetoric has concerned Kashmir, but the reality is that each nation deeply distrusts the intentions of the other. As with other conflicts, the litanies of injustice on both sides are real but ultimately irrelevant. India and Pakistan are two nations that regard the very existence of the other as a threat to their fundamental interests. From India's viewpoint, Pakistan represents the only serious national security challenge. However bad Sino-Indian relations might become, China's ability to sustain an invasion deep into India, with a supply line running over the Himalayas, is negligible. To the east, India is buffered by deep jungles and weak nations. To the south lies the Indian Ocean, which is militarily dominated by the United States, a country whose interests frequently have diverged from India's but which never has threatened India's existence. In other words, India is effectively an island except on its western frontier. There lies Pakistan: insecure, fragmented and therefore unpredictable. If Pakistan were to cease to exist, India's strategic situation would shift to invulnerability on land, thus opening up strategic opportunities at sea. On a deeper level, the Pakistani-Indian frontier represents the borderland between the Islamic and Hindu worlds. Whatever the current condition of India, the broad historical threat is that the Islamic world one day might unite. In that case, the manageable threat posed by Pakistan would become a potentially unmanageable situation, in which the weight of re-emergent Islamic power would thrust up against an India that might not be able to resist. These are hypothetical fears, far in the future, but they are not trivial. Islamabad is acutely aware of India's hopes and fears. Given India's enormously greater size and military potential, logic would dictate that it would be in Pakistan's strategic interest to reach a stable accommodation with its neighbor, but two problems prevent this. First, Islamabad perceives -- not irrationally -- that India's ultimate goal is the dismemberment of Pakistan. Rather than stabilizing the situation, any concession to India would simply increase the disadvantage at which Pakistan is already operating. Second, Pakistan as a nation is fragile. It is divided by ethnic group as well as by worldviews. The essentially secular Pakistan of the founders and their heirs collides with the profoundly religious Pakistan that has re-emerged. It would be difficult, if not impossible, for a Pakistani government to make substantial concessions to India. Any concession -- in Kashmir, for example -- would come at the expense of an ethnic group and a religious perspective that has the potential to destabilize the entire regime if displeased, thereby increasing the danger to national survival. Under these conditions, it has been Pakistan's historical imperative to avoid engaging India in any negotiations that might lead to a comprehensive settlement. This is because of both reasonable fears of India's long-term intentions and even more reasonable fears of the domestic response to any concession. For instance, if Pakistan were to accept the current Line of Control in Kashmir, the consequences would be destabilizing. Pakistan has therefore adopted a three-part strategy that is essentially military in nature. First, it has created a military force designed to impose heavy costs on any Indian offensive. While this has strained Pakistan's economy in comparison with India's, the country has had, as force multipliers, the advantages both of terrain and of being on the defensive. Second, it has developed nuclear weapons -- not only to counter India's nuclear force but also to deter India from threatening its existence. In the central region of the front, where terrain is less defensible, Islamabad is aware that India potentially could launch an attack that would split the country in half. Pakistan's nuclear force, like that of Israel, is designed to prevent conventional defeat by making the risk of success too high for its foe. Third and most risky, Islamabad has adopted a strategy of permitting paramilitary operations by various groups against Indian installations, such as that against its parliament in December. It might be overstating it to say this is part of a strategy. Rather, these well may be groups whose operations the government can't control or, alternatively, whose operations it chooses not to control for domestic reasons. Clamping down on these groups might pose political challenges at home. The paradox is that the domestic benefits of permitting these operations inevitably increase the risk of Indian military action. It has been Pakistan's strategy to present a substantial defense along the frontier while using the nuclear threat as the final deterrent. If India were to penetrate the frontier to any depth, it is not clear whether Pakistani forces would fall back, regroup and allow guerrillas to operate to the rear of the Indian forces or whether they would rapidly grow nuclear. This is precisely the indeterminacy Islamabad wants to create. The situation was fairly stable, if noisy, until the United States entered the picture after Sept. 11. For Washington, the essential strategic problem in the region has been Pakistan, not Afghanistan. After the defeat of the Taliban regime, al Qaeda redeployed into Pakistan, joining forces that were already there. In the same way that Islamabad found it less risky to permit paramilitary operations against India than to prevent them, it found it less risky to permit al Qaeda forces sanctuary than to close them down -- not to mention permitting U.S. forces to take on al Qaeda in Pakistani territory. Following the attack on India's Parliament, New Delhi created the first post-Sept. 11 crisis. The United States used that crisis to back the government of Pakistani President Pervez Musharraf into a corner: While publicly seeking to defuse the crisis, Washington used the Indian threat to change the equation for Pakistan. Officials made it clear that, in fact, permitting al Qaeda to operate in Pakistan is a greater threat to regime survival than permitting U.S. forces to operate against al Qaeda. If India attacked Pakistan and the United States remained neutral or actively participated, the consequences for Pakistan would be catastrophic. Musharraf publicly conceded, and U.S. forces entered Pakistan. Obviously, with India and the United States involved, Musharraf had to re-evaluate the value of his nuclear capability. The United States clearly had the ability to destroy Pakistan's nuclear facilities more effectively than India might. When Washington announced a shift in its nuclear policy to permit first strikes, Pakistan was the unmentioned audience. Musharraf clearly heard and understood. Unconfirmed rumors have persisted in the region for several months that Pakistan's nuclear arsenals already are in U.S. hands or that U.S. observers are at least positioned at various facilities. The Times of India recently published an article to this effect, without providing evidence. Musharraf, however, has limited control, whatever his desires might be. Operations against al Qaeda in Pakistan clearly have been less than successful because of limits on Pakistani cooperation. Musharraf's ability to control anti-Indian groups is similarly limited. Thus, the recent attack on an Indian facility by Pakistan-based paramilitaries has reignited the crisis with India -- at the same time that the United States is revisiting the issue of Pakistan's support for U.S. operations against al Qaeda. Washington has been moving steadily closer to India, particularly in the area of military cooperation. This is partly out of recognition that the two countries have similar interests in combating Islamic groups in Pakistan. It also is because the United States wants to replicate its maneuvers of earlier this year, using India as the lever to compel cooperation from Pakistan. Washington expects it can manage the India-Pakistan confrontation effectively, but there are two reasons this might not be the case this time. First, Musharraf simply may have reached the limits of his power. He just may not be able to provide the United States and India with the degree of control over Islamic factions that they seek. Indeed, Musharraf has known his limits all along and has been playing for time, hoping the crisis can be defused. The Islamic groups do not want to see the crisis defused, since their goal is to create a cauldron that draws in U.S. forces on the ground, sucking them into a war of attrition that will, in the long run, enhance their own position. Since Musharraf cannot deliver what is demanded, he is being forced to consider alternative solutions to the crisis. The solution is to increase the fearsomeness of his military -- in short, brush aside U.S. threats and brandish Pakistan's nuclear capability. The second problem is India. New Delhi understands that there will never be a better time to deal with Pakistan. Paramilitary attacks are genuinely intolerable to India. They also provide an excuse for war to which the United States cannot ultimately object, given its views on al Qaeda and its support for Israel. Washington is neither politically nor militarily in a position to block New Delhi. Therefore, if India ever intends to deal with Pakistan, now is the time to act. There are two problems with action. First, from the Indian standpoint, the Pakistani nuclear threat must be treated as real and likely to be used in the event of war. This leaves New Delhi with two options. One is a non-regime threatening strategy of special operations against Islamic groups in Pakistan, but this would not solve the core problem. The second option is a broader attack into Pakistan, designed to shatter the country. That attack could be carried out only with a pre-emptive strike against Pakistani nuclear facilities. The issue is the degree of confidence India has in its own surgical nuclear capabilities -- or the United States' willingness to take out Pakistani weapons in order to prevent nuclear escalation. This brings us to the second problem. The dismemberment of Pakistan would compound rather than solve the United States' problem. The chaos that would follow would create precisely the conditions al Qaeda needs for its own security. Entire areas of the country, in the least hospitable terrain, would become more secure for al Qaeda than before. Therefore, from the U.S. standpoint, using the threat of an Indian attack is ideal; a successful Indian attack would be harmful. India's calculus is not the same, however. If it is accepted that Pakistan represents a permanent strategic threat to India, the question of war is not whether but when. Given the current political situation and correlation of forces, if this isn't the perfect time, what is? If war is inevitable, it is difficult to see how India can act without taking out Pakistan's nuclear capability. It is unclear how India could take those out without nuclear weapons, or without U.S. precision-guided munitions, Special Operations and other covert forces. But at the end of the day, the United States does not want Pakistan in chaos, it does not want an Indian nuclear strike and it certainly doesn't want Pakistan -- facing a use-it-or-lose-it scenario -- to launch its own nuclear strike. The United States probably could paralyze Pakistan's nuclear force. That, however, would open the door to Indian attack, since the United States could not prevent paramilitary operations and cannot permit India to achieve its historical goal -- at least not until al Qaeda has been dealt with. On the other hand, India cannot afford to miss this historic opportunity. We are therefore in an extraordinarily difficult crisis. The three players each have strategic interests that simply don't mesh. If Washington convinces New Delhi to wait, it will have to convince Islamabad to stay in India's crosshairs and India to put up with intolerable attacks. If India proceeds, it essentially would save al Qaeda by shattering Pakistan. In the event of complete mismanagement, a nuclear exchange costing millions of lives is a genuine possibility. India has given Pakistan a small window of opportunity to solve the problem it cannot solve. It gives the United States a period of time to defuse a situation that, in STRATFOR's view, could suddenly and catastrophically get out of hand. --------------------- Weather Restricts India's Military Options 28 May 2002 ------------------------------ As Indian defense planners sketch out potential military strikes against Pakistan, they will soon have to contend with an additional factor: the weather. Monsoon season started early this year in South Asia, bringing Pakistan potential relief from the Indian military. The first monsoon rains hit southern India in mid-May, about two weeks earlier than normal. The rains generally work their way northwest and reach the border with Pakistan by the first or second week of July. Rainfall in India's Punjab province, a key military staging ground, averages about 12 inches to 18 inches from July to September, which is enough to flood roads and railways and turn fields into mud. None of the last three wars between India and Pakistan took place in the summer months. The conflict in 1947 started in October, and the 1971 war started in December. The war in 1965 did begin in August, but hostilities were confined to Kashmir. This year's early monsoon means that the Indian government essentially has a four-week window in which to mount large-scale conventional military operations against Pakistan such as the classic tank and mechanized infantry battles of the past. Four weeks isn't much time, and it may force the Indian government to examine other military options. One possibility is to force a confrontation in the Thar Desert, which forms the middle third of the border between Pakistan and India. The desert is a classic invasion route and is not vulnerable to monsoon rains, but a summer offensive would be extremely difficult given other harsh weather conditions, namely extreme heat. Another possibility would be to confine military operations to the mountains of Kashmir, where summer is really the only time that permits fighting. But the difficult terrain would negate many of India's advantages in manpower and technology, and it would be difficult for India to achieve a substantive victory. However, fighting in Kashmir would make it easier for New Delhi to manage the fighting and keep the conflict from getting out of hand. A final possibility for India is a non-traditional operation, perhaps involving air strikes or Special Forces operations. Air strikes have the advantage of speed and surprise and would fit within the four-week window. Special forces may be able to operate in bad weather, though their impact might be limited.

Il Rame Dice Qualcosa Sull'economia - gzibordi  

  By: GZ on Mercoledì 29 Maggio 2002 01:28

ha mai sentito quando chiamano il rame (copper) "il metallo con la laurea in economia " ? Questo perchè nel 70% dei casi reagisce in modo diretto alle notizie economiche e riflette l'aspettativa del mercato rispetto alla ripresa della congiuntura o all'opposto al rallentamento o recessione. Non dubito che si possa fare bene anche solo con il grafico, ma il rame e treasury bond e bund si fanno molto meglio se si seguono anche un poco le notizie. E come si vede oggi dal grafico del Rame le notizie economiche sono discrete, direi anzi buone in media. Il rame e il suo breakout di oggi lo prova. Un conto è se esce un dato economico e io dico che è buono e tu dici che è mediocre. Un altro è se esce un dato e il rame (e l'alluminio e nickel) reagiscono come prezzo a quel dato. Questo è molto più concreto. In questo senso ha implicazioni anche per la borsa che per ora però vuole ignorare quello che il rame le sta dicendo

Modello per la Volatilità oraria - gzibordi  

  By: GZ on Martedì 28 Maggio 2002 11:34

sì, quando la volatilità comincia a salire è un segnale di Sell e fino a quando non raggiunge una soglia elevata, ad e un 30% (adessoè al 21.5%) e poi COMINCIA A SCENDERE non hai un Buy Il problema come al solito è sempre quello di misurare, e decidere se sta già salendo ora o no Ho scritto dei sistemini per quantificare questa relazione e ho notato che è difficile fare un sistema che guadagna basato sulla volatilità, a meno di non fare un sistema che dia solo 4 o 5 segnali all'anno. Se invece vuoi usarla per segnali più frequenti non è così evidente e ad es in questo momento il sistema che hoscritto su base ORARIA indica che per ora sta ancora SCENDENDO e non salendo per cui sarebbe ancota su un buy

La volatilità bassa dice di comprare Put ? - gzibordi  

  By: GZ on Martedì 28 Maggio 2002 02:13

observer lei si occupadi software per cui vive in un mondo di tecnica e di misurazioni quantitative immagino no ? bene, questi sono i grafici della volatilità e dell'indice di borsa americana, mi dica se vede una correlazione diretta o inversa (o chiunque altro ha un opinione) poi le dico quello che ho trovato scrivendo qualche programmino per metterli in relazione e quello che si legge in giro

HUMOUR (politico-finanziario) - Gzibordi  

  By: GZ on Martedì 28 Maggio 2002 01:32

in un aereo tra chicago e hong kong sono stati trovati 7 fuochi artificiali nella toilette. Le autorità ritengono che si tratti dell'opera di un gruppo di terroristi moderati Il presidente Bush ha tenuto un discorso solenne al Reichstag a Berlino. Ha parlato del fatto che occorre fermare i maniaci dittatori che puntano alla distruzione del mondo. Poi si è guardato intorno e ha detto: "Oops! sbagliato pubblico qui!" Il memo che sembra non si stato preso in considerazione dalla Casa Bianca sul terrorismo, beh... sembra che il presidente Bush non lo avesse letto. Era stato distrutto per errore da Dick Cheney assieme al resto dei documenti di Enron (NOTA BENE questo è un episodio assolutamente vero e non una barzelletta! ) -------------------------------------------------------- Ramzi Yousef era il capo della cellula che la mattina del 26 febbraio 1993 cercò di far crollare le Due Torri di New York facendo esplodere un camion pieno di esplosivo nel parcheggio sotterraneo (le torri non crollarono, morirono 6 persone e ci furono 800 feriti). Uno dei suoi complici, Mohammed Salameh nel pomeriggio tornò alla agenzia da cui aveva affittato il camion, Rydex Truck Rental, per farsi ridare indietro i 400 dollari del deposito. Salameh aveva fatto esplodere il camion, ma voleva indietro i soldi del deposito (disse che gli era stato rubato). Fu grazie a questa visita all'agenzia che la polizia risalì ai colpevoli. Al processo chiesero a Ramzi Yousef come diavolo poteva pensare il suo complice di riavere indietro i soldi del deposito del camion che aveva appena fatto esplodere e come risposta urlò: " UN IDIOTA !" Modificato da - gzibordi on 5/27/2002 23:52:13

quiz per i più bravi - gzibordi  

  By: GZ on Lunedì 27 Maggio 2002 17:56

Ed ecco il bilancio che è schiacciato da debiti per cui si capisce che il titolo, pieno di debiti da acquisizioni e con utili che da 4 anni non salgono, sia stato massacrato pur essendo una delle maggiori utilities americane e immune da problemi contabili e inchieste governative quindi è molto interessante come situazione, ma ovviamente non è semplice e così a occhio nudo occorre studiarla titolo molto depesso, peggio di una telecom ma in settore molto di moda che costa 4 volte gli utili del 2002 !!! ma con molto debito ecco perchè dico che è un quiz per i più bravi da risolvere (non ne so quasi niente ma sembra interessante insomma)

Mirant (e Calpine, Dynegy...) - Gzibordi  

  By: GZ on Lunedì 27 Maggio 2002 14:31

Beppe stavo guardando in effetti questi titoli come ^MIR#^ (Mirant, Nyse), Reliant e di nuovo ^Calpine#^ e ^Dynegy#^ (vediamo se il link diretto alle schede ora funziona .... sì, funziona) Mirant, Calpine, Dynegy sono per innanzitutto da vedere come le "vittime/complici di Enron", e sono il gruppo di titoli che, assieme alle telecom distrutte come Worldcom, fanno per chi vuole tentare il colpo grosso, nel senso di comprare titoli massacrati sui minimi con possibilità di raddoppio e ovviamente con un rischio proporzionato potenziale di vedere un -20% un bel giorno nel caso una delle inchieste che hanno afflitto questi titoli porti a conseguenze legali pesanti al momento il grafico di Mirant sembra molto buono (doppio minimo disegnato con il pennello) noto di positivo che dopo 3 mesi di downgrade gli analisti stanno girando piano piano (vedi sotto) diciamo che se stornasse il più vicino possibile al supporto sarebbe meglio Il problema è che occorre seguire un poco le notizie sul fronte legale che riguardano questi titoli (vedi qui l'ultima) Houston, May 25 (Bloomberg) -- Enron Corp., the bankrupt energy trader, may face sanctions from the Texas Public Utility Commission for refusing to aid an investigation into alleged power- trading abuses last summer, the Houston Chronicle reported. Enron and five other companies overbooked power on Texas transmission lines, the PUC said. Those companies were then paid to remove the power from the lines. Texas regulators estimate the companies made about $29 million on the transactions, and have asked them to work together to determine how much money each company must pay back, the Chronicle reported. Enron declined to comment, the newspaper said. The company didn't participate in settlement talks or give information to PUC staff, the paper said, citing a memo from Commissioner Brett Perlman. The company's inaction resulted in the PUC's decision to start proceedings that could lead to sanctions, the paper said. Other companies in the inquiry are TXU Corp.; Constellation Power Source, a unit of Constellation Energy Group; Mirant Americas Energy Marketing, a unit of Mirant Corp.; Reliant Energy Services, part of Reliant Energy Inc.; and American Electric Power Service, a unit of American Electric Power Co. All have said they operated within the state's rules. Modificato da - gzibordi on 5/27/2002 12:57:13

L'istinto non ha bisogno di parole - Gzibordi  

  By: GZ on Venerdì 24 Maggio 2002 21:40

certo, per chi legge o ha seguito alcune decine di operazioni che lei fa e quindi è entrato un poco in sintomia indirettamente con il metodo o il suo feeling può essere utile bene o male avendo anche molto memoria per queste cose e avendo viste decine di sue segnalazioni dopo un anno ho un "sesto senso" di come lei ragiona anche se non so se sta seguendo il sistema o quale sia ad es l'altro giorno avevo la sensazione che quello che indicava fosse giusto e l'ho scritto scherzando sulla "mano calda" per me è un input inconscio, leggo quasi tutti i giorni il forum e ho memorizzato altri suoi post allo stesso modo in cui mi sembra di sentire quando una segnalazione di Cramer va seguita al contrario o quella di un mio amico che è sempre ribassista e di colpo passa rialzista mi dice che è un buy o il mio broker che ogni tanto ha un forte senso del grano e sento che ha un segnale di cui è convintissimo oppure al contrario quando qualcuno che conosco è molto, troppo euforico e mi da un senso che c'è qualcosa di sbagliato tutto questo è reale e non ci si pensa nemmeno, lo si assorbe assieme a altri input come il grafico o le notizie o la Tv, se uno sta tutto il giorno a seguire il mercato e a leggere sono tutti input che ti arrivano anche se non vuoi resta però che è un modo da "sensitivo", da "spugna" che dopo ore e ore che segue il mercato e mesi e che sente qualcuno parlare o scrivere lo percepisce in modo diverso da chi passa per caso e legge una volta ogni tanto la cosa più logica è dire invece che "..sto comprando perchè ho visto la tale cosa..", "...vendo il fib perchè il gap dopo un ora se non continua è un sell..." "...perchè il sistema di medie mobili ha sbagliato 7 su 10 e quindi questa volta ritorna..." dare una giustificazione razionale e verbale, anche di 3 righe, è una cosa ad es che gente come Linda Rascke fa per se stessa senza avere un pubblico in un forum, come disciplina e come sistema è una scocciatura e una perdita di tempo, ma ho visto della gente e sono rimasto sbalordito a vedere trader che si preparano alla sera riempendo fogli e fogli con calcoli, grafici e appunti sarà una cosa da nordici, ma è una costante che ho visto quella di preparsi scrivendo una massa di note ogni giorno con le ragioni per cui si vuole fare una cosa e il piano della giornata e simili L'idea che tutto questo processo sia istintivo, che dopo un anno o due non c'è molto da pensare o discutere, basta guardare i propri grafici e il "sistema" (due righe di codice in genere) e si "sa" cosa fare questa è la cosa di cui dubito o comunque che cerco di non fare l'idea che il trading sia una questione di "naso" e di "istinto"

RAME e tutto il resto - gzibordi  

  By: GZ on Venerdì 24 Maggio 2002 12:03

Phelps Dodge soprattutto fa da indicatore i titoli azionari anticipano sempre rispetto al metallo, basta vedere come gli auriferi che si muovono sempre in anticipo rispetto all'oro persino la GIM degli Orlando qui a Piazza Affari sta un poco salendo (dentro c'è del rame in sostanza) e poi il Treasury Bond che è correlato inversamente in modo esatto la cosa curiosa con questi mercati è che sono tutti incastrati tra loro Se ne indovini uno li indovini quasi tutti ( e viceversa) per cui se fa ad es: Bond giu=> Borsa su => dollaro su => rame su ecc... e viceversa

tutti aspettano che l'altro faccia la prima mossa - gzibordi  

  By: GZ on Giovedì 23 Maggio 2002 19:45

è la quiete prima della tempesta tutti aspettano che l'altro faccia la prima mossa il mercato deve annoiare e disgustare per poi cogliere di sopresa quanta più gente possibile di colpo -------------------------------------------------- Bob Tompkins Chatter 5/23/02 09:28 AM ET Most of the traders I've talked to this morning seem to have the "you go first attitude". I actually have that myself although that's not unusual for me. Most seem to want to see how much volume we see on the durable goods good news

Sir John Templeton - gzibordi  

  By: GZ on Giovedì 23 Maggio 2002 11:55

ho cercato l'originale dell'intervista su CNBC a Sir John Templeton, un signore di 90 anni, fondatore dei fondi comuni che portano il suo nome e uno dei maggiori investitori di questo secolo. Diciamo che dopo Warren Buffett come investitore di portafoglio (non speculatore come George Soros) è probabilmente il personaggio di maggiore successo del dopoguerra. Le sue opinioni sono tremendamente negative sulle borse e per questo viene citato da Bill Fleckenstein, notissimo gestore di un fondo hedge ribassista e uno dei pochissimi che durante la bolla del 1998-1999 ha sempre detto che sarebbe finita male. A confronto con Bill Fleckenstein e Sir Templeton usamalab qui nel forum è un ottimista. Francamente il fatto che sia Sir John Templeton che Warren Buffett siano negativi nel medio periodo (un anno o due ?) sulle borse non è una cosa da niente ----------------------- da Bill Fleckenstein di ieri ---------------------------------------------------- Sir John Templeton's interview on Bubblevision, a friend was kind enough to send me a copy of the transcript, and I'd like to take a moment to reprise some of the highlights. (I am embarrassed to admit that I don't know how to get the transcript myself, but anyone who does should certainly read it.) Let's begin with his reply to the question about where he could find depressed stock prices: "Probably not in any world stock market. The other stock markets have been influenced by the great insanity in America." (The emphasis is mine.) He followed up by saying that one should buy bonds, and wait for the price of stocks to become more reasonable. On their current exorbitant levels, he noted, "Share prices in America are selling at almost double what has been normal in the past in relation to dividends, in relation to earnings, in relation to other indications of value. So American share prices are much too high." He then went on to say, incredible as it may seem, "If you own some American stocks, you should balance it out, but at the same time, being short some American stocks." Sir John's Short Jolt: Now, I realize the English there isn't perfect, but this is the transcription of his comments, and grammar aside, the point is rather shocking: He advocates shorting stocks to balance the risk in stocks one might own. To which, I would only add that shorting is very, very dangerous and very, very difficult. You really, really have to know what you're doing. I don't think this is a license to go out and short, but a statement about how negative he is on the U.S. market and on markets in general. Templeton on Technology: Then it was on to his thoughts about technology. About 18 months ago, Sir John opined that the tech boom was "the greatest financial insanity to ever enter any nation." When asked what had changed since then, he replied, "Very little." He suggested that tech stocks weren't as insane as they used to be, and he wouldn't short them, but they aren't bargains. Here, I would just like to add that many of them are spectacular shorts, and I am short them, but he's Sir John, and I'm not. Allocation, Allocation, Allocation: Lastly, on a subject I have discussed many times -- the need to consider and prepare for the possibility of a 1929 or Japanese experience here -- he said, "For example, the greatest insanity up until two years ago in America was 1929. It was 17 years before the industrial average got back to where it had been in 1929. Now I don't predict that this one's going to take that long. The collapse that started two years ago is probably not over." He added that he didn't think the Dow "is going to go down two-thirds to about 4000, but you can't rule it out. That did happen in Japan, and it did happen in America after 1929. So the chances are, the odds are that we're nowhere near the end of the bear market in America." Then, he summed up with the comment that we reprised yesterday: "But at present, more than at any time in my 89 years of lifetime, I would have a smaller fraction in stocks -- smaller fraction of my total assets than ever before."

Oro assai Ipercomprato - gzibordi  

  By: GZ on Mercoledì 22 Maggio 2002 17:20

in effetti questa tazza ribassista di lungo periodo da un grosso segnale grafico negativo nel breve periodo sarebbe ipercomprato sul COT 78 mila contratti Long di fondi e pubblico contro 78 mila dei commerciali short

vendere short a medio termine ? - gzibordi  

  By: GZ on Mercoledì 22 Maggio 2002 14:40

sì ma sono tutti titoli midex o star quelli che sono saliti molto insomma se uno deve vendere e tenere per un paio di mesi e non giorni credo sia meglio non usare solo l'analisi tecnica o perlomeno puntare su titoli il cui grafico è rotto secondo i criteri classici (media e trendline) il famoso 13 è solo un ciclo che si è completato, non indica sempre che c'è inversione ad es TOD è un titolo sopravvalutato e ha un 13, ma se è da tenere short fino a settembre magari lo studio un attimo Mediolanum è uno short per il semplice fatto che costa più di Intel o Dell e la raccolta dei fondi sta asciugandosi ma ha un 13 di acquisto oggi !!!!

La regola di medio periodo è quella - gzibordi  

  By: GZ on Mercoledì 22 Maggio 2002 13:49

è un modello che in certi anni sbaglia ovviamente ma su 20 operazioni negli ultimi 10 anni, dal 1992 a oggi ad esempio ne ha sbagliate 5 e ne ha indovinate 15 una probabilità di vincita di 3 su 4 ed è totalmente meccanico, ci sono solo due regole e non è ottimizzato perchè è lo stesso da 20 anni anche sul Dow Jones per chi vuole delle regole di medio periodo (3-6 mesi) è un ottimo modello probabilmente si dovrebbe seguirlo indipendentemente dal resto, allocare tot soldi e dire:" su questi seguo questo modello e basta..." volerlo "integrare" con altri invece complica le cose

il modello stagionale è scattato - gzibordi  

  By: GZ on Mercoledì 22 Maggio 2002 13:42

il modello di allocazione che ho citato più volte, quello di Sy Harding ? la regola stagionale ovviamente è scattata, l'incrocio di medie pure se uno lo vuole seguire, essendo un modello che da segnali che durano qualche mese vende mediolanum, fideuram e stm e li ricopre in ottobre, è molto semplice come strategia usando l'incrocio di medie settimanale e la regola di vendere da maggio a settembre

i pericoli dell'informazione online - gzibordi  

  By: GZ on Mercoledì 22 Maggio 2002 11:51

questo illustra i pericoli dell'informazione online tra Bloomberg che cita parola per parola Bernstein in modo esatto e in che circostanze (ma tutti gli altri siti americani lo riportano) e qualcuno a wallstreetitalia.it che senza citare in modo esatto fa un discorsino generico chi avrà ragione ? questo è un esempio classico di qualcuno che ha letto senza capire è ovvio che QUALCHE TITOLO tecnologico Milunovich te li raccomanda visto che è capo degli investimenti tecnologici ma quello che conta è quello che dice lo strategista USA di Merrill, che è Bernstein perchè è lui e solo lui che tiene la conference call alle migliaia di brokers e da la "linea del partito" i siti italiani sono pieni di notizie americane rimasticate male come questa

Merril Lynch dice a 14mila brokers Sell - Gzibordi  

  By: GZ on Mercoledì 22 Maggio 2002 10:51

Merrill Lynch ha 14,000 brokers (promotori se volete) è la più grande organizzazione di distribuzione di prodotti finanziari del mondo. Lunedì Richard Bernstein, da dicembre il suo nuovo chief U.S. strategist , responsabile capo degli investimenti azionari, ha indicato ai brokers di Merril di dire ai clienti di vendere titoli tecnologici Bernstein usa modelli quantitativi fondamentali ed è lo strategista più orso di NY: raccomanda solo 50% in azioni e tutte farmaceutiche, beni di consumo, energia e utilities. Non so se ci si rende conto della differenza con l'Italia, sarebbe come se a S. Paolo IMI dicessero urbi et orbi a tutti i clienti che sono negativi sulla borsa, di vendere telecom, tenere più liquidità e stare solo sui difensivi Bernstein ha fatto lo stesso anche a gennaio, ogni volta che il nasdaq rimbalza se ne esce fuori a dire di venderlo. E questo tizio è stato promosso capo della strategia di investimento della più grossa istituzione finanziaria del mondo proprio per questo. E' molto diffusa l'idea che a wall street siano tutti d'accordo per indurre il pubblico ignaro a stare in azioni a tutti i costi mentre "loro" invece se ne disfano di nascosto. La realtà è un poco diversa, Merril Lynch ha 14 mila brokers che parlano a qualche milione di clienti e sta dicendo il contrario Ad ogni modo negli ultimi due giorni il mercato ha dovuto assorbire la "chiamata " di SELL di Merril Lynch -------------------------------------------------------------- Merrill's Bernstein Says Sell Tech: Taking Stock By Danielle Sessa New York, May 20 (Bloomberg) -- To Richard Bernstein, chief U.S. strategist at Merrill Lynch & Co., it's becoming a familiar cycle. ``Every time technology stocks have rallied over the past two years, our theme has been to sell into the strength. So when technology started rallying last week,'' Bernstein said in an interview, he hit that point again. Bernstein told the firm's 14,000 U.S. brokers to urge clients to sell stocks such as Microsoft Corp. and Intel Corp. The Nasdaq Composite Index's 8.8 percent surge last week was an opportunity for investors to shift out of technology stocks and into consumer, defense and drug companies, he said. ``Guys like Rich Bernstein are correct in saying that technology is not going to be a real strong growth driver for the market,'' said Benjamin Pace, who helps manage $9 billion in large- capitalization stocks at Deutsche Bank Private Banking. The Nasdaq dropped 2.1 percent today, following its best week in 13 months. Investors including Pace say they are reluctant to pay more for technology stocks such as Sun Microsystems Inc. and International Business Machines Corp. because profit growth may fall short of the late 1990s pace. Merrill Bears Bernstein's call to sell follows bearish advice in late April from Steven Milunovich, the firm's technology strategist. Milunovich recommended clients bet that computer-related shares will fall by borrowing and selling exchange traded funds pegged to the industry. He said clients should ``short'' the investment products that allow investors to buy or sell baskets of stocks in a single security. The Nasdaq has tumbled 66 percent from its peak in March 2000 as companies reduced spending, crimping corporate profits. Telecommunications companies overbuilt capacity, misjudging demand for Internet-related services. Merrill's own executives help explain why there's no rebound in sight. The firm's Chief Technology Officer John McKinley said at a briefing today on the technology industry Merrill probably won't boost technology costs in 2003, even after cutting them in 2001 and 2002. ``We have dialed back spending in a material way,'' McKinley said of technology infrastructure, such as telecommunications. When Merrill does spend money on software applications, it looks for 15 percent to 30 percent discounts on the listed prices. Edited by - gzibordi on 5/22/2002 9:3:54

Se Cramer parla bene dell'oro... - gzibordi  

  By: GZ on Mercoledì 22 Maggio 2002 01:37

Come segnale di sentiment per qualche ragione Jim Cramer funziona quasi sempre bene e oggi per la prima volta da quando lo leggo parla bene dell'oro. Per la cronaca Cramer è il commentatore onnipresente dei siti e TV americane e ha sempre praticamente insultato chiunque parlasse di comprare oro. Stasera apro realmoney.com e me lo trovo a parlare (quasi) bene dell'oro, ora che il settore è praticamente diventato l'equivalente come frenesia speculativa dei titoli internet del 1999. Sul trend di lungo periodo non discuto, ma oggi abbiamo un segnale

Il Ciclo, Il Ciclo (del Mibtel) - Gzibordi  

  By: GZ on Martedì 21 Maggio 2002 23:58

causa l'ambiente poco educato e tecnico che caratterizza il forum al momento non abbiamo più la possibilità di ricevere in diretta le considerazioni sul ciclo firmate "vssvpm" (che invece, come si era notato, erano state piuttosto precise) ciò vale di lezione e rinforza la bontà dell'idea di non permettere polemiche personali che la persona oggetto mostri palesemente di non gradire e comunque di cattivo gusto avendo usufruito comunque di una mail mi permetto di ricopiarne alcuni concetti. Questo anche perchè curiosamente se uno calcola il ciclo di borsa con il sequential risulta molto molto simile a quello elaborato da vssvpm Rammento che come tutti i calcoli ciclici occorre che nel giorno dato il mercato "risponda al ciclo" e se non lo fa scatta un ciclo Opposto. Quindi in soldoni l'analisi è rialzista solo se entro domani circa il mercato reagisce, altrimenti diventa immediatamente ribassista ----------------------------------------------------------------- "...Anomalia ciclica iniziata il 7 maggio con ipotesi di ripartenza anticipata di ciclo ... Per ora questa è l'ipotesi ritenuta più probabile. Tuttavia anche se non ci credo il vecchio ciclo potrebbe dare l'ultimo colpo di coda a ribasso. Al momento poco probabile. .... Se con oggi è ripartito come credo un ciclo di breve esso è a rialzo ed è il secondo dal 7 maggio. Di consegnuenza domani con partenza bassa si va su. ........ Se l'ipotesi di ciclo > iniziato la prendiamo per buona, beh allora questa ripartenza fa veramente pena. Fiacco e debole. Se non vedo questa settimana un giorno con +2.5% almeno, allora dovrò ritenere che il minimo prossimo che sto calcoando sarà una bella botta di ribasso. ............. Se il ciclo > non è ripartito allora siamo sulla fine del precedente e un bel minimo ci sta. ................. Se il ciclo > è ripartito in questi gg non crollerà la borsa, con probabile zona di max tra fine mese e i primi di giugno. Ma molto fiacco e debole ............... ----------------------------------------------------------- C'era dell'altro ma la sostanza è chiara (per il Mibtel) Si Sccettano Commenti se Intelligenti (questa dizione comparirà all'inizio di ciacun post in futuro) Edited by - gzibordi on 5/21/2002 22:1:20

Il dollaro è stato molto più alto - gzibordi  

  By: GZ on Martedì 21 Maggio 2002 13:38

il "dollaro" pesato contro tutte le valute (Dollar Index) è a 113 oggi nel 1984-1987 era arrivato a 128 molto più alto di oggi ! poi tra il 1987 e il 1999 è stato tra 105 e 80 e solo nel marzo 2000 ha superato il massimo del 1989 a 106 ed è arrivato a 121 nel luglio 2001, poco prima del crollo delle borse dell'estate scorsa potrebbe ora restare in una fascia di oscillazione tra 121 e 110 (la banda di bollinger ad es) anche perchè la volatilità delle valute è ora minore che negli anni " 70 e " 80 niente di drammatico insomma

Contro-terrorismo nel caos - gzibordi  

  By: GZ on Martedì 21 Maggio 2002 02:30

il fatto del giorno sono l'esplosione dell'oro e dell'argento (specie dei titoli del settore) sulla scia delle notizie sul New Tork times di un attacco terroristico imminente più uno legge i retroscena degli ultimi anni e più si rende contro che il contro-terrorismo e i servizi segreti non sono in grado di proteggere l'america perchè sono nel caos e persino infiltrati I retroscena raccontati qui di seguito (oltre che essere una lettura migliore di un thriller) mostrano cosa sta succedendo --------------------------------------------------- EpisodeOne: 1981 Assassination of Egyptian President Sadat In April 1981, six months before he was murdered, Egyptian president Anwar Sadat arrived in Washington for formal talks on topics familiar to contemporary readers: Egyptian-Israeli relations, the Palestinian and other Arab issues. His true object was to present President Ronald Reagan and CIA director William Casey the documents, tapes and film footage gathered by Egyptian military intelligence, documenting secret operational conclaves among radical Islamic Egyptian military officers plotting his assassination. One of the conspirators was the Blind Sheikh Abdul Rahman. Calling itself Taqfir al-Hijra, its group’s members belong today to the Egyptian Jihad Islami and al Qaeda. Sadat appealed to the Americans for help against the conspirators. Soon after he left the US capital, a flow of innuendo reached the world media implying the Egyptian president was laboring under severe strain that impaired his judgment. The next rumors prepared the public mind to regard Sadat as falling prey to delusions of persecution. Six months later, on October 6, 191, Sadat was murdered by the very same extremist Muslim conspirators he feared and whose names he brought to Washington. DEBKAfile and DEBKA-Net-Weekly reveal here for the first time that the Egyptian military intelligence officer who handed Sadat the documents and tapes recording the conspiracy was none other than Ali Muhammad (whose strange career as an American Green Beret, Osama bin Laden’s senior operations officer and present location in a Manhattan jail, is detailed in Part Two of this series). The campaign to discredit the Egyptian president and his proofs of a plot against his life was orchestrated by CIA officer Aldrich Hazen Ames, who was sentenced 15 years later to life imprisonment for spying for Moscow from 1985. According to DEBKAfile, Ames began serving the Russians much earlier – probably in 1971 or 1972, and he was well acquainted with Ali Muhammad. Episode Two: Sequel to the 1993 Battle of Mogadishu The calamitous 1993 battle between American special forces and the Somali General Farrah Aidid’s renegade militia left two lingering problems in its wake: 1. The US military command, before sending the troops into battle, appeared to have been ignorant of the fact that al Qaeda and Egyptian Jihad Islami operatives on the spot were looking after the arms and training needs of Aidid’s force, as well as supplying him with fighting strength. 2. The well-laid ambush in which the American force was cornered indicated that, unlike the Americans, the rebel Aidid had advance intelligence on US military security and movements. Hypothetically, an Ali Muhammad, or one of his ilk planted inside American military units, could have fed this vital information to the enemy. But that is not what happened. On February 21, 1994, Aldrich Ames was arrested in Washington for spying for Moscow. Five days later, a CIA unit was flown into Mogadishu and broke into UN offices there. They knew exactly where to look for the secret papers handed to Aidid with the signaling codes and operational plans of the US units who went into battle against him. Their instructions were to locate the documents and destroy them on the spot, which they did. The raiding party also found that those secret plans had reached the rebel Somali general by a circuitous route: an American traitor had handed them to his contact at UN headquarters in New York, who sent it on to Mogadishu. Ames was not the only American double agent with undercover contacts at UN headquarters in New York. Philip Robert Hanssen, Earl Pitts and Kim Roberts were also discovered to have accomplices inside the world body. Many CIA and FBI officers are convinced that Ames and Hanssen betrayed the American battle plans and codes in Somalia; they also know the name of the enemy agent at UN Headquarters who took receipt of the stolen information. Episode Three: 1996 Ethiopian Airways Hijack Very little was made in America and Europe of the hijack of Ethiopian Airways Flight 961, that took off from Addis Ababa for Nairobi on November 23, 1996, and never arrived. Had that incident been fully exposed and investigated, subsequent calamities might have been averted. Immediately after takeoff, the flight was commandeered by a group of what were later described as drunken, dissident Ethiopian students. The couple of lines given the incident in the world media described the plane as making a forced landing for lack of fuel in the Indian Ocean, 450 meters from the Comoro Islands. Of the 175 passengers and crew aboard, 127 were said to have died in the crash-landing and 48 were injured, most seriously. One curious fact emerged from an Agence France Presse report. None of the 48 passengers who survived and had seen the hijackers, variously reported as between 8 and 12, identified any of them among the dead and wounded. It was as though the ground had swallowed them up. However, for years after the event, DEBKAfile’s terror experts kept their ears to the ground and eventually made some discoveries: A. Far from being misguided Ethiopian students, the hijackers were well-trained al Qaeda and Egyptian Jihad Islami terrorists. B. The passengers included the American consul in Bombay and his wife, as well as a senior CIA officer called Leslie Ann Shedd who, although only 28, was one of the great talents of the organization. Also aboard were seven senior directors of the Israeli Aviation Industries with bodyguards, the head of Ukraine military intelligence and the deputy commander of the Ukrainian air force. This group was on its way to a secret meeting at the King David Hotel in Jerusalem. C. The hijackers took over the controls of the airliner early on in the attack – an early precursor of Islamic hijackers as trained pilots. One of the terrorists’ first actions was to separate the CIA agent, the Israelis and the Ukrainians from the other passengers. In the exchange of fire between the hijackers and the Israeli security men, Leslie Ann Shedd and all the IAI directors were shot dead together with the Ukrainian intelligence chief. The deputy air force commander and one Israeli guard survived with serious injuries. D. The landing in waters off the picturesque Indian Ocean Comoro Islands, just 500 yards from Galawa Beach resort on the northern tip of Grande Comore Island, was carefully planned in advance. Waiting ashore was a group of al Qaeda helpers led by Abdallah Muhamed Fazul, Osama bin Laden’s chief operations officer in East Africa. This group used fishing boats for a feigned rescue of the passengers. In fact they only carried off the hijackers, removing every trace left by the operation including the dead and wounded assailants. The United States, Britain, France, Israel, Ethiopia and the Ukraine quickly joined forces to clamp a heavy curtain of secrecy down over the episode, as a result of which no serious investigation took place. No one therefore identified the hands behind the hijacking, discovered how they obtained the extremely sensitive intelligence on the movements of an American secret agent and senior officers of Israeli aviation manufacturing, or how they knew about the Ukrainian commanders aboard the plane. Two years later, after two US embassies were attacked in Kenya and Tanzania, the American inquiry led to a lead-character seen last on the Comoro Islands – the same Abdallah Muhamed Fazul. Only then was he identified as chief of al Qaeda’s East African region command center in Moroni, capital of this Indian Ocean island republic. But by then it was too late. In September 1998, when an FBI special team obtained permission from the Comoran government to inspect Fazul’s home, the bird had flown, leaving only computers. The flight was precipitate, indicating he had been tipped off about the American searchers on his tail. Already then it must have been obvious that a thorough inquiry into the Ethiopian Airways attack and the murder of a CIA officer might have led the US inquiry much sooner to Fazul and the chance of breaking up his networks before they could prepare for their next operation in East Africa. The same hand that blocked publication of the airline hijack appears also to have blocked the inquiry. The rising peril from al Qaeda and its component bodies was recognized well before September 2001. Between 1997 and 1999, concerned individuals, many of them non-Americans, approached members of the Clinton administration, the White House, the CIA, the FBI to warn them that the internal situation in US intelligence services makes it possible for Islamic extremist terror groups to operate inside America. Unfortunately, those warnings fell on deaf ears. As for the Bush administration, even now, members of his administration and the US intelligence community continue to argue they cannot “connect the dots” for lack of tactical intelligence. But, by the same token, al Qaeda - no supermen - could not wage terror in America or fight in Afghanistan without tactical or other intelligence. So where do bin Laden’s followers get it from? Probably from the same sources that tipped off Aidid in Mogadishu and the Ethiopian hijackers in Addis Ababa, who blocked the information Anwar Sadat sought to convey to President Reagan and who are still present, they or their successors, under cover inside the American intelligence community. That is why America, though fighting terror around the world – from Afghanistan and the Philippines to the Republic of Georgia – remains prey to the menace of terror described by vice president Dick Cheney as more serious than the 9/ll atrocities. Without turning its intelligence agencies inside out, America has scant chance of beating this global bane.

Oro come Assicurazione - gzibordi  

  By: GZ on Martedì 21 Maggio 2002 01:14

l'oro sale anche e soprattutto perchè come ha detto Warren Buffett e come ha appena dichiarato oggi Dick Cheney (vicepresidente Usa) "... la prospettiva di un altro attacco di terrore di massa sul suolo americano è una virtuale certezza...." quando arriverà chi ha in mano titoli auriferi ha un assicurazione si compra oro "... perchè non si sa mai quando arriverà..."

Mancano i ribassisti operativi qua - gzibordi  

  By: GZ on Lunedì 20 Maggio 2002 23:48

tempo fa il forum era pieno di commenti anche assai elaborati e in genere di tono super pessimista ora però ci sono i suggerimenti operativi che aggiorniamo in tempo reale in effetti devo dire che se uno guarda però la colonna qua a sinistra, benchè ci siano ancora diversi commenti di tono pessimista sulle borse, è raro che nei suggerimenti qualcuno suggerisca di vendere short come posizione (forse come trading lo farebbero), pochi tagliano i titoli in rosso e di titoli auriferi e quelli "value" a occhio se se suggeriscono pochi, un 20-25% massimo, mentre prevalgono i suggerimenti di tecnologici americani a alto rischio quindi sì è vero, mancano i ribassisti seri qua sopra e giudicando dai suggerimenti operativi usati come sentiment (e se volete mettete dentro anche me) non è un buon segnale

Pressione di Volumi al Ribasso - Gzibordi  

  By: GZ on Lunedì 20 Maggio 2002 21:09

scusa sono d'accordo che il Naz è messo male ma come indicatore di tendenza il TRIN deve SALIRE per essere negativo perchè se sale indica che il volume al ribasso medio sui titoli aumenta rispetto al volume al rialzo medio, giusto ? parlo dal punto di vista aritmetico Come tutti gli oscillatori se arriva a livelli estremi può dare segnale di inversione, ma questo accade di rado Di norma ma PRIMA di toccare quei livelli conta la DIREZIONE e se è in discesa vuole dire che il volume al ribasso medio sta diminuendo Se salisse viceversa direbbe che aumenta la pressione al ribasso Modificato da - gzibordi on 5/20/2002 19:15:10

Jim Glassman sposa Pacificare - gzibordi  

  By: GZ on Lunedì 20 Maggio 2002 16:53

Jim Glassman che per tutto quello che è invesimtnto (non trading di future o cambi, investimento di portafoglio) è il migliore oggi nella influente colonna di finanza del Washington Post, sposa Pacificare. ------------------------------------------------------ How do you find Grahamian candidates? An excellent place to start is the Value Line Investment Survey, which each week lists stocks with the "widest discounts from book value." In fact, such companies are often worth considering, no matter whether they have NCAV discounts or not. Book value is a company's net worth on its balance sheet. It includes plant and equipment -- which are long-term, rather than safer current, assets. Still, the list turns up interesting possibilities. Consider PacifiCare Health, which owns several health maintenance organizations. Its net worth on the balance sheet is about $2 billion, with 35 million shares outstanding. That comes to a book value per share of about $57, and the stock in early May was trading at just $26. PacifiCare has about $2 billion in cash and short-term investments and $900 million in debt and capitalized leases. Value Line gives the stock a rating of "2" (above-average) for timeliness and "3" (average) for safety but warns that the shares "seem appropriate only for speculative investors" partly because of "relatively limited experience in managing medical expenses under risk-based contracts." That does not sound good, but you don't find stocks that are both cheap and perfect. PacifiCare expects to recover its equilibrium and earn about $3.45 this year, which gives it a price-to-earnings ratio, or P/E (based on projected profits), of less than 8. And this is a company that in 1999 earned $6.27 and continues to have a powerful cash flow. Again, the stock has risen lately (from a low of just $15 in March). It's risky, but certainly attractive.

Buy I Monopolisti delle Telecom - Gzibordi  

  By: GZ on Domenica 19 Maggio 2002 22:37

Nota Penati oggi che le attività dei cinque ex monopolisti, Deutsche Telekom , France Telecom , Telecom Italia , British Telecom , Telefonica oggi valgono in media 6,4 volte il margine operativo. Ovvero costano un 20% in mwno come multiplo delle utility europee che in media sono ora a 7,9 il margine operativo. Ha senso ? Se uno pensa che i multipli delle utility scendano e con essi quelli di tutto il mercato forse sì. Ma è più probabile invece che il mercato abbia esagerato. -------- dal Corriere del 19/5, Alessandro Penati ---------------------------- L’indice dei telefonici europei ha perso il 75% dai massimi; più del doppio del mercato. Il crollo non ha interessato solo le società di Internet o i gestori di reti alternative a fibra ottica, ma anche gli ex monopolisti di Stato come Deutsche Telekom , France Telecom , Telecom Italia , British Telecom , Telefonica . Colpa della concorrenza spietata nel settore? A giudicare dai margini di profitto, tra i più alti in Europa, si direbbe di no. Per i cinque giganti telefonici gli utili prima di imposte e oneri finanziari sono mediamente il 16% dei ricavi; di gran lunga superiori a quelli delle maggiori società non finanziarie (10%) o dei distributori di elettricità e gas (12%). I margini dei telefonici sono in declino rispetto al 2000; ma quello era un anno di boom. Rispetto a qualche anno prima, sono stabili. Il risultato operativo del gruppo Telecom Italia nel 1997, anno della privatizzazione, era pari al 19% del fatturato; ma è stato del 22% nel 2001 e del 24% nel primo trimestre 2002. Scomparsa la concorrenza dei nuovi entrati, tagliando i costi e razionalizzando gli investimenti, gli ex monopolisti riescono a difendere quote di mercato e redditività. Le tariffe fisso-mobile (dove mantengono una posizione dominante) rimangono più elevate del costo di analoghe telefonate su rete fissa (pur utilizzando gli stessi impianti): un fatto stigmatizzato di recente dal commissario europeo antitrust Mario Monti. E il filo di rame, invece di cadere vittima della fibra ottica, è diventato la gallina dalle uova d'oro, grazie alle tecnologie «xDsl» che permettono di offrire internet veloce sulla vecchia rete, con investimenti minimi. Allora, perché la Borsa è pessimista? É bastato un cambio di prospettive. Se per il settore telefonico si ipotizza una rapida crescita (9,5% rispetto al 4,5% medio dell'economia, con l'inflazione al 2%), le attività di una società del settore con 100 euro di margine operativo - di cui 80 destinati a finanziare investimenti - ne varrebbero 2.440, utilizzando un costo del capitale del 10,5%. Ma se le attese di crescita sono pari a quelle dell'economia, come per molte società di servizi, il valore delle attività crolla del 70%, anche se i margini rimangono invariati e si tagliano gli investimenti. Ma forse la Borsa è andata oltre: le attività dei cinque ex monopolisti (fisso, mobile e internet) oggi valgono in media 6,4 volte il margine operativo; inferiore al multiplo delle utility europee (7,9). Evidentemente pesano le preoccupazioni sul debito accumulato per acquisizioni a prezzi folli (anche i grandi manager si sono comportati come l'ultimo dei trader on line ). Timori eccessivi: l'onere finanziario di queste società è ampiamente coperto dalla cassa che riescono a generare.