Funding My Bitcoin Purchases With Palm Oil Futures

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Another case of taper touretts struck Wall Street yesterday as the market looked for any reason to let a little air out of the tire. Funny how the taper is this big worry, but the market keeps tagging new highs. My takeaway is that you buy these mini taper tantrums that pop up every couple of weeks. Three things you can bet on: death, taxes and taper, so why obsess?

Europe is down three days in a row as they worry about the possibility of a curtailment of easing. Sound familiar?

Maybe it is the top, Fidelity is accepting Bitcoin deposits for your IRA. What could go wrong? I still don’t know how Bitcoin works (nor do I care), but evidently a guy bought a Tesla down in Florida the other day with Bitcoins. It’s just a matter of time before Wall Street and the Mafia figure out a way to pimp this thing out. Personally I use palm oil futures for most of  my big purchases.

$YHOO apologized yesterday to the seven people that use their “revamped” email service as there was evidently a long outage. I send all my Nigerian prince email there.

$JPM got banged for another billion dollars on the Madoff thingy. Evidently they violated the “know your customer” rule.

MLB has banned home plate collisions next year. In 2015 they will switch to wiffle balls.

$NFLX is producing a cartoon starring Will Arnett. This could finally be the event that crashes the stock.

After the close yesterday $FB was invited into the S&P 500. $TER was kicked to the curb. They make parts for Ford Pinto I think.

Futures are red again and the 10 year $TNX is yielding 2.85%. Retail sales and jobless claims today.

I love down opens. Good luck today.

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Joe Donohue

Joe is a full time trader with 25 years experience. He is a senior contributor and investor in Stocktwits and has been seen on CNN Money and quoted in Marketwatch, Forbes, Reuters, NY Times and Wall Street Journal.