Recreativo Huelva became the first Spanish top flight football club to sack their coach when Manolo Zambrano was dismissed on Tuesday.
Recreativo, the oldest club in Spain, said that Zambrano will be replaced by Lucas Alcaraz.
An official statement on the club's website justified the decision by mentioning the worrying sporting situation of the team.
Zambrano saved Recreativo from relegation last season. However, they have made a poor start this term and are currently third from bottom, with just four points from six games.

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Well it looks like we've ended the day exactly where we started yesterday... the euro's in the same spot, there's no bailout bill passed, the market's continue to panic and speculate, and the erratic moves continue across the board in all markets.

As far as the bailout plan goes, it appears as if congress has made some progress on the fundamental aspect of the plan but it seems clear the Republicans are not sold will drag this process out.

That may have more to do with the fact Republican voters are pressuring their legislators much more than Democrat voters. This makes sense because of the Republican view on government intervention, but the longer this painful process keeps the markets in limbo, the longer it's going to take to return to order.

There's very little concensus on exactly how the bill will affect the markets, especially the EUR/USD because we don't really know the details of the plan and the argument for it being USD+ or USD- can be made. There just happens to be a much better argument on the USD- side when you take the situation as a whole in light of the U.S. fundamental landscape.

Speaking of fundamentals, the data continues to prove my view that the fundamentals of the USD are getting worse, not better. New Home Sales fell to their worst levels in 17-years. The average new home price fell in August by 11.8% to $263,900. That was the biggest one-month drop on record. The median home price was down 5.5% to $221,900. These kind of numbers are pointing to a possible negative print on the next GDP...

Here's what I would really like to know... with home prices continuing to fall and inventories continuing to rise, how in the world can the Fed and Treasury properly price the mortgage-backed securities they intend on purchasing from the banks?

Under the plan as we know it, the market will not get an opportunity to price the mortgage assets, the Fed will do this and then attempt to sell the assets back to the market for a profit. I believe this plan can be done but what I do not understand is how these assets can be valued when the physical asset that is supposed to give the paper its value is declining every 30-days?

I just don't believe an asset can be price-fixed by the government nor can the asset be properly valued while the product that is giving that asset its worth or lack thereof is unstable and is on a downward trend.

There is no bottom in housing and I see no signs of a bottom. Unless I've missed it or I'm completely off in left field, I just cannot understand how these banks, the government, and potential buyers can value a mortgage security whose worth is based on the health of the housing market and the prices of homes.

And that really gets to the bottom of why I do not believe the plan, as we know it, is actually going to solve any problems in the housing market. It's not going to stop foreclosures, it won't stop home prices from plunging and inventories from staying at elevated levels.

Credit markets are siezed up and there won't be much relief there. Every morning the central banks are injecting liquidity to ease LIBOR and to keep credit flowing. I'm not convinced this bailout will solve those issues either because in my view, it all still goes back to the housing market issue in the U.S.

U.S. and Europe:

At this point I don't believe we'll have the bailout bill passed tomorrow. Just a few moments ago this came over the wires:

Sen. Shelby says that he does not believe there is an agreement, still opposed to the bailout 9/25/2008 5:00:26 PM

The fight will go on as these legislators juggle the political pressures, constituent pressures, and pressures from Wall St. and the other central banks.

Europe needs this bailout just as bad as the U.S. does. A few days ago I told you the big European banks came crawling to Paulson to get a piece of the bailout money. Well, now we find out that European banks are leveraged as much as 50 times.

There is a catastrophic meltdown waiting to happen within the European banking system. I made this call at least three months ago and I'm sticking to it because I do not believe every single overleveraged European bank can escape unharmed.

If Europe doesn't get a piece of this taxpayer money they better have a clever Plan B. Fundamentally, I'm calling the Eurozone in recession. Europe's overall growth situation has been plunging too far to the downside and the challenges moving forward are mounting, especially as the fundamental landscape of the U.S. continues to crumble

The Eurozone has contracted for four straight months now. Compared to the U.S., Europe does not have a total disaster in the housing market, but there are certain sectors within EU countries like Ireland and Spain where the housing bubble has burst and they are suffering many of the same affects seen in the U.S. housing market. It's a very bad situation in certain pockets of Europe but gets little media attention because of the mess across the Atlantic.

Growth, production, and manufacturing are all falling at there fastest levels in Europe in over five years. GDP may print negative for Q3 and Q4. There's growing pressure on Trichet to cut rates immediately. Add in the high probability of a large European bank failure and you have your recipe for why the euro can't gain any real traction against the dollar.

Today's Initial Claims printed well below market expecations and further show the jobs market is in recession and will keep shedding jobs throughout the rest of 2008. I believe we'll end up having twelve straight months of negative growth and the unemployment rate should rise to over 6.2% in the near-term.

If the credit and money markets do not accomodate the business and corporate and manufacturing sectors, companies will be forced to layoff employees in order to fight for their lives.

Employees will be the first to go in order to cut costs and reduce benefits. There may be wage pressure as employees will seek higher wages to pay for elevated food, fuel, mortgage, and general living costs.

If these issues with credit, housing, employment, and the consumer persist even just a few more weeks I think that could spoil this year's holiday spending season. I think we could see anywhere from an 8% to 10% decline in holiday spending in the U.S. A decline of that magnitude would put serious pressure on the economy and the USD.

Bottomline is, there's a lot of really bad crap that could go down between now and the end of the year. This is going to make trading very complicated and stressful. I'm not into the doom and gloom stuff, but these are real issues happening in the U.S. and Europe and I think we need to be aware of what's happening.

EUR/USD:

The only big data we get tomorrow is the Michigan Sentiment which should print USD-. Tomorrow could very well be chaotic. It's the end of the week and the end of the last full week of trading in September. Add the drama with the bailout plan and the panic on Wall St. and we're likely in for more volatility between now and market close.

I think the euro took a hit on some profit taking that started around the 1.4730 level. Gold had a rough day and crude didn't do much to support the euro.

Even though the euro continues to get rejected on the topside, I still do not feel comfortable buying dollars right now and would rather take my risks buying the euro on the dips. If we can stay supported above the 1.4660 level I believe we can make a run to the 1.4850 level. On the downside it's important that the euro maintain support above the 1.4545 level.

Speaking of risks, that's exactly what this market is right now -- a giant risk. Putting a penny into this market under these conditions is basically a gamble... you're playing scratch-off's at the 7-11...

Some traders have been mentally abused by this market. I don't really see conditions getting any better or more normal any time soon. Reason being is because the herd still needs to be thinned.

The global money-markets are highly overleveraged and their equity has run dry and it's time for a worldwide margin call. The traders that are not overleveraged are the ones learning a priceless lesson that will result in good profits once conditions stabilize.

Things will get back to normal. This is not the Great Depression Part II. But I tihnk the markets still need to purge themselves. The unproductive are the ones that get zapped from the market... those banks that were leveraged 40 times and were upside down on their assets couldn't anymore. They were unproductive because their hands were tied, their accounts were tanking, and their ability to produce was taken away from them.

So I think in order for markets to find equilibrium the herd will need to be thinned even further. This afternoon a broker sent an email promoting some thing where you could open a mini account with as little as $25.

There's nothing wrong with a $25 mini account if that's your risk tolerance, but the advertisement looked desperate to me. I'm sure FX brokers would like to fill the herd right about now...

If you're taking the risks of trading this market use smart risk management because things could change at any moment based on a piece of news, a rumor, or an announcement.

I will not buy the USD at all. I'm not ruling out downside testing but if I take a trade, I will buy the euro because I think we can go back up to the 1.4800+ level and it's possible to do it tomorrow as long as market conditions are working as they should.

I will try to post some key levels later. Be smart going into the weekend. If the bailout bill isn't passed on Friday it could be passed over the weekend and cause chaos on Sunday. Something has to get done and has to get done soon.

Expect the unexpected.

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The markets top market moving economic indicator (the non-farm payrolls release) is due Friday; and the release couldnt have come at a more critical time for the US dollar. After a significant rally against nearly everyone of its major counterparts the currency may finally be losing steam. Will an eighth consecutive contraction in employment break the dollars rally? Where are the best oppurtunities to play this event risk? Read on to find out.

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Along with the Holy Grail (said to be the cup Jesus used at the Last Supper), the fabled Ark of the Covenant has become not only an icon of modern culture, thanks mainly to Indiana Jones, but the most revered religious relic of all time.
And in Ethiopia, people really believe it's here, resting in the Chapel of the Tablet in this northern town just miles from the troubled border with Eritrea.

Ark lore runs deep in this country. Copies of a 1993 book by British journalist Graham Hancock, The Sign and the Seal, are displayed everywhere. And every church in Ethiopia has a set of tabots, replicas of the Ten Commandments that were once housed in the Ark.

For one of the poorest countries on Earth to lay claim to the Ark does much to boost its image, not to mention its tourism.

The Ark was the portable wooden chest, gilded inside and out, adorned with cherubs and topped with a throne, that was constructed by the Israelites to house the Ten Commandments during their 40 years of desert wanderings to the Promised Land.

But it was also a kind of supercharged electric capacitor a telephone line directly to God, who instructed that if the device was set up just right, There, I will meet with thee.

Whoever possessed the Ark was invincible. Biblical and other sources speak of the Ark blazing with fire and light . . . stopping rivers, blasting whole armies, Hancock writes in his book.

The Bible says the Philistines had it for a while but were smitten by for their troubles.

Taken to King Solomon's first Jewish temple, it lay in the inner sanctum, the Holy of Holies. But according to Jewish tradition, it vanished during (or after) the Babylonian sack of Jerusalem and destruction of the Temple in 586 B.C., creating one of the greatest mysteries of all time.

Except in Ethiopia, where many educated people believe the real Ark rests in the Chapel of the Tablet, where it was moved from an adjacent 10th-century cathedral because divine from the relic had cracked the stones of its previous sanctum.

As the story goes, the Queen of Sheba, one of Ethiopia's first rulers, traveled to Jerusalem to partake of King Solomon's wisdom. On her way home, she bore the king's son, Menelik.

After Menelik went to Jerusalem to visit his father, Solomon gave him a copy of the Ark and commanded that officials of his kingdom travel back to Ethiopia to settle there.

But the royal entourage that was traveling to Ethiopia could not bear to be away from the Ark, so they switched the copy with the original and smuggled the real thing out of the country. Menelik learned of this only on his way home and reasoned that since the Ark's powers hadn't destroyed his entourage, it must be God's will that it remain in Ethiopia.

The Chapel of the Tablet is part of a larger compound known as the Church of Our Lady Mary of Zion. The area contains an airy modern church completed in 1960 by former Emperor Haile Selassie; the 10th-century stone cathedral featuring breathtaking frescoes of a black Jesus and Mary; and the Chapel of the Tablet, set behind an iron fence, its trim painted a sky blue.

Female tourists, beware: Women are not allowed near the old cathedral or the chapel. These are the holiest sites in Ethiopia, the guide explained, and since women give off an they distract the country's most senior and celibate monk, the Ark's guardian.

The guardian is hand-picked by other senior monks, sort of like a papal election. And only he knows his successor.

He prays constantly by the Ark, day and night, Addis explained. He fasts. He burns incense before it, paying tribute to God. Only he can see it. All others are forbidden to lay eyes on it or even go close to it.

He's not kidding.

Men may not get closer to the Chapel of the Tablet than about 25 yards. The monk comes out now and then to get some air and take delivery of provisions, but those ventures outside are never planned.

The Ark has been in the news of late. This spring, the University of Hamburg said researchers had found the remains of the 10th century B.C. palace of the Queen of Sheba, also in Axum, and an altar that, at one time, held the Ark.

The guide scoffed at the idea. Why would she have kept it at home?

Through the centuries, a few Western travelers claimed to have seen the Ark, and their descriptions have mirrored those in the Book of Exodus.

But the Ethiopians say that is inconceivable.

If anyone has said he has seen the Ark, Addis said with a wide smile, it must have been a fake.

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On Monday mornings I club baby seals. I used to use buckshot, but its more satisfying to hear the little things squeal for there mothers, not knowing I got to them first. After that I finish up my time in the Arctic by spreading rock salt on as much ice as possible. When I see drowned polar bears in the water while Im sailing back to the harbor I breathe sighs of satisfaction flirting with the idea that it was I who melted the few feet of ice that could have saved it. I finish my Mondays in Greenland giving insulin rich foods to the natives. If Im correct, the diabetes level increased by 70% in those areas. By 11:00 pm I am on a plane to Indo-china.
On Tuesdays I like to start my morning by eating fertilized shark caviar i obtain from a female i catch weekly off the cost of Thailand. Ive gotten some males on occasion, but they serve no use for me. I usually dowse them with a little concoction of mine (gasoline mixed with Styrofoam) I call compound 72 before setting them on fire and releasing them back into water. The water never does a good job at removing compound 72, you can see the sharks swimming for about three miles before they finally stop, still burning. I sometimes wonder if they were cooked or boiled. When I get a female I just drain its eggs, remove its fins, and then I do the same thing I do with the males (they only get about 50 feet before stopping).
At night I test out the new prostitutes. They make me a good living and I just want the best for them, but seriously, some of their clients are some big men. We all know that there are some cocks that will just rip apart a 7 year old girls vagina, Im a smaller sized man, so they get used to me before heading off to the streets. Once, one of my girls said that she didnt want to work for me anymore. she was only 9, but she kept on complaining about some boils on her ass, so I took her to the swamp and fucked her to death the same way I do to the 14 year olds who are too old for work. Burying them isnt necessary, but sometimes it can be fun.
On Wednesdays I go to South Africa and switch the bags for blood transfusion with the extracted blood from AIDS victims. Then I set a random country side barn on fire.
Thursdays are an off day for me. I just walk around NYC slashing tires or whoring some girl for 15 bucks worth of meth, which is actually condensed Ajax, but hey what the hell, right? Stupid bitches.
On Friday I go to different hospitals in a white coat and go from the ICU to the PICU, telling patients and family there is nothing more we can do for them. I offer a shoulder to cry on and I give them the card of a made up psychiatrist I recommend them to see to deal with there grief. The phone number on the card actually relays to a phone I found on the street and gave to a homeless man named Murphy in exchange for a Mickey Mantle rookie card and a broken Rolex. A week later I traded with Murphy yet again, however this time i traded him the broken Rolex in exchange for the phone I found on the street. Oh, I forgot, sometimes I switch medication at the PICU with tic-tacs.
Saturdays are more for fun. After I dose the water at the local mental health clinic with LSD, I hop on a bus and go to Colombia, where somewhere there is some asshole professor who insists that Saturdays are good days. no, I am not a student, but debating the moral philosophy Kant never fails to amuse me as I always poke holes in the profs arguments, and later I pay some college blow-fiend $200 to fake a rape story involving said prof. On Saturday nights I see the girls who Ive arranged blind dates with. I always choose the same bar, and tell each girl to come about 30 minuets after the last one. I sit at the corner table so i can see each girl as the enter the bar, wait for half an hour, then watch as the leave the bar, always with some silly expression of self pity and doubt. Sometimes I see the girl whom Ive arranged a date with is actually quite attractive, in which case I come to them right before they leave and offer to buy them a drink. 9/10 times the women are already drunk and i their state of self pity feel it is necessary to fuck the next guy they see just to reassure to themselves theyre still bangable.
A girl named Rachel actually really liked me, she didnt drink that much and kept touching my hand and smiling. She took me to her apartment that night and stripped down next to the TV. It was muted. I fucked her in the ass, she was new to it, begged me not to, in-fact she almost tried to call the police, i broke her nose and arm in two places before she could press on the phone.
On Sundays I take hormonal male badgers to the doggie dump, you know, that place where unwanted dogs are cast down laundry shoots into cramped, soot filled cages to wait for the pound to pick them up on Monday and put them to sleep. Well, needless to say, badgers and dogs dont get along so well. Police blogs always mention some place later that week where several tens of animals were mauled and/or eaten. On Sunday night I watch the Simpsons and family guy while on my jet, headed for Greenland, and another action filled week.

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CLICK HERE to read the details on the Justice Department website. The news yesterday said more arrests are on the way. I want to know when the Justice Department is arriving in Key West to round up the culprits still walking the streets and doing new deals. A couple of months ago I wrote about how mortgage brokers profited from booking fraudulent loans. The Justice Dept. site referenced above says "mortgage frauds employ a variety of tactics including misrepresentations, deceit and other criminal abuses to fund, purchase or insure mortgage loans". It goes on to say "lending fraud frequently involves multiple loan transactions in which industry professionals construct mortgage transactions based on gross fraudulent misrepresentations about the borrower’s financial status, such as overstating the borrower’s income or assets, using false or fictitious employment records or inflating property values". Some of you know that I used to practice law. I used to work in banks and chased the bad guys from the inside. I never practiced criminal law, but I know a crook when I see one. I know fraudulent conduct and deceit. I know misrepresentation and prevarication. I know the Justice Department needs to come to Key West. I have repeatedly noticed that certain names keep reappearing in numerous short sales and foreclosures in Key West. Not a few short sales and not a few foreclosures, mind you. But a lot. So I started to do a little investigating on the Internet. I checked out buying agents and selling agents on short sales and foreclosures. I checked out the offices where the agents were licensed when the original deals went through and where the agents are located today. I used the Monroe County Clerk's website to see which lenders financed the multitude of malicious mortgages. A few select Realtors happened to sell a lot of properties that ended up in short sales or foreclosures. I'll bet the statistical probability of a responsible Realtor selling more than two or three properties that end up being foreclosed upon or offered as short sales in a little burg like Key West would be astronomical. But that is exactly what happened to several local Realtors and real estate investors. It takes more than one person to pull off a fraudulent scheme. When I saw so many Key West foreclosures with the same names appearing as real estate agent or purchaser (or sometimes both), I assumed that the Realtors involved had figured out how to manipulate the system. They would use a familiar mortgage broker who could package multiple loans to multiple lenders for the same buyer. Mortgage brokers were booking loans for many different lenders. (Most sales were 100% financed with an 80% first mortgage to a lender like Countrywide and a 20% second mortgage to another lender, often times the same company or a subsidiary.) Finding a willing lender was not difficult as long as there was supporting documentation to substantiate the value of the collateral. Enter the appraiser. The mortgage broker used approved appraisers to value the collateral on pending mortgage applications. I am not saying or implying that any local appraisers engaged in fraud. But I think the Justice Department ought to examine the relationship among certain Key West Realtors, real estate brokers, appraisers, and/or mortgage brokers. "And this is important to me today because?" you ask. I'm seeing some of the very same Realtor names on short sales and foreclosuresof sales the same Realtors handled a couple of years back. Yep. I'm seeing Realtors listing short sale of people with whom they have a very close personal relationship or business relationship. One Realtor (who I will not name) purchased numerous properties with 100% financing. The company where this Realtor's license is hung is now handling some of those same properties as short sales. I wonder if the banks that are being asked to permit short sales are aware of this incestuous conduct. There are more examples of this kind of conduct. This is not an isolated case. I'm rooting for the FEDS on this one. I'm hoping they come to town looking to bust more "evil doers"to quote President Bush. We are all paying the price for the greed of some very unscrupulous people.

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