Month: December 2008

BASE Jumping With Skis and Wingsuits in Norway

(Wingsuit BASE Jumping from Ali on Vimeo.com)

If you haven’t heard of wingsuit BASE jumping (aka wingsuit flying), you gotta check it out! To get you started, check out the video above, shot in Norway.

According to my friend Todd, who lived in Tahoe back in the day, the video is narrated by JT Homes, “a youngster from Tahoe I skied with a handful of times. We went to Alaska the same year and I remember he said he was nervous! Doesn’t look like he’s nervous anymore! Crazy shit!”

If you like this video, also check out this blog post Freeskiers Make Sport Cool Again and this YouTube video: Peak 7601 Alaska (Terje on a snowboard).

Cheers!

PS: I never got as extreme as these guys, but I hucked myself off some rocks back in the Colorado dayz (1989 to 1993). Good times (except for two nasty accidents, both of which resulted in broken bones and surgeries and could have killed me).

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Santa Claus is Comin’ to Town?

Just a quick update on last week’s post noting the high and tight downward-sloping handle (in indexes and stocks).

Today (December 16th), we got the upside breakout/follow-through, and it came  on increased volume, but the volume was below average, which is a question mark, perhaps the kind of question mark that leaves some doubt/worry, which is what can sustain rallies.

The news of the day was the U.S. Fed cutting continuing to push on it’s little string, cutting its Fed Funds target rate to a record low 0% to 0.25% (Washington Post article and LA Times article).  Now that it’s out of bullets there…

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Quick Market Update: High and Tight

This chart (taken intraday today), shows some very tight, low-volume action above a moving average that has not held for a long time. This comes after the gap up of a few days ago, which is also still holding.

We really could break either way here, but this action, combined with multiple other signs of decreased fear and flight-to-quality (risk assets and gold are up, spreads are down) and ability to hold on “bad news” (Jobless claims jump to 573,000, a 26-year high), is interesting.  The Fed is printing massive amounts of money.  It’s going to go somewhere (eventually).  Cheers!

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Käringön Island (Sweden) Christmas Party

www.chrisco.us

www.chrisco.us

www.chrisco.us

Another great Jul Bord at Peterson’s Krog. There were about 21 of us this year, with 19 of us closing the place down. I don’t know what time we went to bed (around 3:30 or so, I think).  Jorgen didn’t teach any new words this year, but Anna taught us how to say “marsipan gris” (“marzipan pig”) in Danish.

-Skål!

PS: I was kind of hurting this morning, but thankfully Martin hooked me up with one of his Hustlers. Not the Larry Flint kind of Hustler, but some crazy energy drink they got here. BTW, Maria is somehow related to Larry Flint, so maybe he did hook us up with these power drinks, I have no idea. I’m just glad I was able to start my day with a Hustler and some Advil Liqui-Gels, washed down with some cold San Pellegrino. Ah!

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Rally Attempt Ends, NBER Makes It Official

Just a quick post to note the end of the rally attempt (its start was noted here: Market Update: Good News/Bad News).

Here is the Yahoo Finance arket summary and here are the volume leaders. As you can see, it was a 90% downside day and not a single stock was up on the volume leaders list (except a short ETF).

Also of note is today’s National Bureau of Economic Research (NBER) “news”: “The economy’s yearlong downturn, officially declared a recession.” I put “news” in quotes because their “economic indicator” (or whatever you prefer to call it) is backward looking, just like all non-market based economic indicators are.  Here is an LA Times article and here is the official NBER release.  Here is a blog I published over a year ago (in November 2007) saying the U.S. was likely already in a recession and why (includes annotated chart).

The only forward looking indicators, of course, are market-based ones, such as the stock markets and bond markets themselves, which discount things around 6-12 months in advance, which means (as always), that the bear market low will occur 6-12 months before the recession ends.

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