TMZ Posts First Picture Of Steve Jobs After Resignation

Just released from TMZ. Our thoughts are with Steve.

And for anyone who is still unfamiliar with the man behind the legend, read the following Playboy interview with Jobs from 1985: the visionary brilliance oozes with every word he utters. Yet the one comment our government may want to heed very carefully is the following brilliant encapsulation of our economic quandary: "I'm convinced that to give away a dollar effectively is harder than to make a dollar." And therein lies the rub.

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9,173 Ounces Of Gold Transferred From HSBC To JP Morgan Gold Vaults Overnight

While we have no information as to who or why (we do know when and where) engaged in a transfer of 9,173 ounces of eligible gold (for a total of about $16.5 million) from HSBC's gold depository into that of JP Morgan, according to today's closing CME Group Metal Depository Statistics, we can merely point out that it happened. One back of the envelope hypothesis: we have counterparty risk at the bank level (which is currently manifesting itself at both the CDS, the stock price, and the Li(E)bor level; are we going to start seeing counterparty concerns at the gold depository level next? What next: a run on the [    ] gold depository in a self-fulfilling prophecy? The second hypothesis is by now well known- JPM needs all the gold it can get. But a paltry 9,173 ounces? Of course, the last hypothesis is that the two precisely 9,173 ounce transactions are in no way related.

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Bank Of America Capital Scramble Continues With Alleged Closure Of China Construction Bank Stake Sale

We are not sure how this is news, since it was announced weeks ago, but according to CNBC the bank that did not need capital, is following up yesterday's $5 billion capital raise with another $10 or so billion by selling "at least half of its 10% stake in CCB." That said, back on August 11, the FT came out with a report titled, "BofA faces struggle to sell CCB stake" in which we learn that "Bank of America is facing difficulties in selling its 10 per cent stake in China Construction Bank, partly because potential investors are expecting a deluge of rights issues, share sales and new listings from Chinese banks. But it might now raise less than than it had hoped. The BofA stake, once valued at $20bn, is now believed to be worth several billion dollars less, according to bankers. The US bank has approached sovereign wealth funds and other investors in the Middle East and in Asia, according to people familiar with the matter. The Kuwait Investment Authority was one potential buyer BofA approached, these people add, but the sovereign wealth fund already holds large stakes in ICBC and Agricultural Bank of China. “Right now, the KIA does not want to do anything more,” says one person with knowledge of the matter. “They think they have enough exposure to Chinese banks.” The KIA expects the two banks in which it already has shares to launch rights offers and the KIA intends to support those banks. "They will only look at CCB if the discount is high enough,” the person added...Potential buyers say the timing for BofA is particularly sensitive because, if CCB does launch a rights offer – as is widely expected – and BofA is still a main shareholder, it will be obliged to participate, using capital it can ill afford to part with." Stated otherwise, this must be one of those, "this time it's different" occasions. Next up: Bank of America does not, repeat NOT, need to sell its employee's blackberrys, but it will. Just because.

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The Volatility Edge in Options Trading: New Technical Strategies for Investing in Unstable Markets

 “Jeff’s analysis is unique, at least among academic derivatives textbooks. I would definitely use this material in my derivatives class, as I believe students would benefit from analyzing the many dimensions of Jeff’s trading strategies. I especially found the material on trading the earnings cycle and discussion of how to insure against price jumps at known events very worthwhile.”

—DR. ROBERT JENNINGS, Professor of Finance, Indiana University Kelley School of Business

 

“This is not just another book about options trading. The author shares a plethora of knowledge based on 20 years of trading experience and study of the financial markets. Jeff explains the myriad of complexities about options in a manner that is insightful and easy to understand. Given the growth in the options and derivatives markets over the past five years, this book is required reading for any serious investor or anyone in the financial service industries.”

—MICHAEL P. O’HARE, Head of Mergers & Acquisitions, Oppenheimer & Co. Inc.

 

“Those in the know will find this book to be an excellent resource and practical guide with exciting new insights into investing and hedging with options.”

—JIM MEYER, Managing Director, Sasqua Field Capital Partners LLC

 

“Jeff has focused everything I knew about options pricing and more through a hyper-insightful lens! This book provides a unique and practical perspective about options trading that should be required reading for professional and individual investors.”

—ARTHUR TISI, Founder and CEO, EXA Infosystems; private investor and options trader

 

In The Volatility Edge in Options Trading, leading options trader Jeff Augen introduces breakthrough strategies for identifying subtle price distortions that arise from changes in market volatility. Drawing on more than a decade of never-before-published research, Augen provides new analytical techniques that every experienced options trader can use to study historical price changes, mitigate risk, limit market exposure, and structure mathematically sound high-return options positions. Augen bridges the gap between pricing theory mathematics and market realities, covering topics addressed in no other options trading book. He introduces new ways to exploit the rising volatility that precedes earnings releases; trade the monthly options expiration cycle; leverage put:call price parity disruptions; understand weekend and month-end effects on bid-ask spreads; and use options on the CBOE Volatility Index (VIX) as a portfolio hedge. Unlike conventional guides, The Volatility Edge in Options Trading doesn’t rely on oversimplified positional analyses: it fully reflects ongoing changes in the prices of underlying securities, market volatility, and time decay. What’s more, Augen shows how to build your own customized analytical toolset using low-cost desktop software and data sources: tools that can transform his state-of-the-art strategies into practical buy/sell guidance.

 

An options investment strategy that reflects the markets’ fundamental mathematical properties

Presents strategies for achieving superior returns in widely diverse market conditions

Adaptive trading: how to dynamically manage option positions, and why you must

Includes precise, proven metrics and rules for adjusting complex positions

Effectively trading the earnings and expiration cycles

Leverage price distortions related to earnings and impending options expirations

Building a state-of-the-art analytical infrastructure

Use standard desktop software and data sources to build world-class decision-making tools

Price: $44.99

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Selling Put Options My Way

I must start by telling you that I have no 1-800 number, I am not trying to sell you any products, and am not inviting you to come to my house to view a cleaning agent. I will not try to sell you plastic bowls or any other “can’t miss” ideas. I do not sell recordings that promise you unlimited wealth, inner peace, or a flat stomach.
I am going to tell you the true story of how I have made a fortune, lost a fortune, and came back from the edge of disaster to prosper in the option market. I started with a modest amount of cash; also, I was lucky as I stumbled into the Internet bubble through accident and ignorance. Other than the school of hard knocks, I have no special talent or training in the stock market. My good and bad trades have been learned the hard way.
I will also tell you how I now invest, and how it might work for you. If you find that it does, great. We both will be winners. Once you read the book and start your own financial journey, I have no control as to whether or not you will follow my ideas. Your results might be different from mine. I hope better but maybe not. You alone must make the decision whether this strategy will fit your investment goals.
My method is not the only way to trade options and these ideas are definitely not the only way to sell puts. My methods are a way for the average investor to sell puts with some rules and guidelines. Just a few simple things to check each month, then make the trade and pocket some “free money.”

Price: $9.95

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Buffett's Renewed 'Tax the Super-Rich' Call Ignites Strong Debate

Warren Buffett has said, almost yelled, 'Tax the Super-Rich!' many times over the past few years.

But his latest New York Times op-ed headlined Stop Coddling the Super-Rich appears to have hit a "nerve," as Reuters puts it, with Washington gearing up for another debate on how to cut the nation's deficit.

On the campaign trial today, GOP presidential hopeful Michele Bachmann joined Buffett critics asking, in effect, 'If he wants a bigger tax bill, why doesn't he go ahead and make a voluntary contribution to the Treasury?'

Arguing that President Obama has "redefined millionaire and billionaire as any company that makes over $200,000 a year," Bachmann told a campaign audience in Spartanburg, South Carolina:

"Now the President's friend Warren Buffett just came out and said all the billionaires should be paying more money.  I have a suggestion, Mr. Buffett, write a big check today, there is nothing you have to wait for. (Cheers) ... Perhaps Mr. Buffett would like to give away his entire fortune above 200,000 dollars.  That's what you want to do, have at it, give it to the federal government.  But don't ask the rest of us have our taxes increased because you want to have a sound bite."

(In his op-ed, Buffett proposed higher tax rates for taxable income in excess of $1 million, and an additional rate increase for those making $10 million or more a year.)

Speaking in Minnesota yesterday, President Obama endorsed Buffett's call and argued the wealthiest Americans have an advantage when it comes to tax rates.  "You don't get those tax breaks. You're paying more than that.  Now I may be wrong, but I think you're a little less wealthy than Warren Buffett. Now that's just a guess."

In a Financial Times article on how Buffett's remarks are "energizing" the tax debate, a representative of the nonpartisan Tax Policy Center says the rich do pay higher taxes than the poor, "particularly if the impact of corporate taxes, estate taxes and investment taxes are counted in the mix."

In a New York Times article taking a Closer Look at Taxes on the Rich, a TPC economist says Buffett's proposal isn't "going to solve the long-term budget shortfall all by itself.  The only way to do that is to have broader tax increases or reduce entitlements.  But it could be an important part of the puzzle."

Tech Crunch's Michael Arrington writes in Screw the Rich (Here's How) that Buffett's op-ed is a "huge pile of manipulative garbage."  He says the super-rich don't mind higher tax rates, because there are no taxes on the wealth they've accumulated, only on the additional money they bring in each year:

"Buffett is just fine with big new taxes on the rich because those taxes never touch all the under-taxed wealth he’s accumulated over the decades. He talks about how he’s benefited for decades by being under taxed, but is only willing to pay more in the future. That’s like a steroids-ridden baseball player declaring that steroids are bad and from now on no one gets to take them. But paying for past sins? Shhh."

Arrington argues that Buffett wouldn't be as enthusiastic about a "wealth tax."

It's not all negative.  Writing on the Huffington Post, Chuck Collins says, "We need more wealthy folks like him to speak up for taxing the wealthy."  He links to Patriotic Millionaires for Fiscal Strength.

And in a light-hearted Washington Post blog post headlined Warren Buffett Strikes Gold, Alexandra Petri (who puts the 'pun' in punditry) writes, "If the overwhelming (positive) social response to Warren Buffett’s piece in the Times ... has showed us anything, it is that we agree with Warren Buffett that Warren Buffett has too much money, and that we don’t know how to spell his name." (Spelling link added)

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Copper prices set to rise on increased Chinese buying

Last Updated : 17 August 2011 at 10:45 IST

BEIJING/MUMBAI (Commodity Online): Copper prices are expected to go up as the arbitrage window between London Metal Exchange and Shanghai opened earlier in August and spurred increased Chinese buying.

At LME, copper has fallen from levels around $960o to $8900 as of this month primarily due to fears about global slowdown. However, the prices are believed to have found their current support due to increased Chinese buying.

“The reason why copper was able to find support at the current level during the market turmoil in the last two weeks is because of Chinese buying,” said Pang Ying, an analyst at Shenzhen Rongtuo Trading Co, as per a Bloomberg report.

LME copper inventories have fallen for 3 days since August 12 whereas inventories in Asia are the lowest since April.

"If buyers could obtain as many letters of credit as they want, there would have been massive buying orders", said Jing Chuan, chief researcher at Hua Tai Great Wall Futures, Reuters reported. The researches expects Copper imports to rise to 230,000-250,000 tonnes in Q4 compared to an average of 180,000 tonnes in the first half of this year.

At the Multi-Commodity Exchange of India (MCX), copper August contract is down by over 8.5% for the month as of Tuesday close.

The metal, however, is up by 0.50% as of Wednesday morning trade at 401.50.

GEOJIT Comtrade view:
MCX Copper August: Prices to trade in between 397 - 404 now, break of either level could decide the momentum. S1 397 S2 388 R1 404 R2 410.60

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