TRADERS ANONYMOUS: Morning Audibles 5.18.10

Morning Audibles 5.18.10 - Turnaround Tuesday?

Turnaround Tuesday ? We'll see... Not much to "turn around" really (unless you want to call yesterdays intraday recovery a turnaround).

CV makes the case that we're still in a "backing and filling" phase. The following SPY chart illustrates some of the key "backs" and "fills" that have occurred since 1219.80 on the S&P cash, and the lows from the "flash crash".

Most of the major turnarounds have occurred on FIBO days.

- Day 8 was important (as that is where the "flash crash" occurred after 1219.80)
- Day 13 was important (as I'd suggested to watch out for in the thread last Thursday)

While today is Day 16... It IS Day 8 past the "flash crash", so it might bear watching. Futures are pointing positive. There is a strong likelihood, IMO, that some kind of smaller top could be put in today. The closest destination points would be the .0557 fibo extensions from the April 26th highs. MACD is showing some "bullish" divergence on most of the short term candles, so there is also a chance that we'll get a few intraday swings (basically establishing a peak in the morning, giving it up, then pushing back higher later in the day less enthusiastically).

All in all, CV plans to be watching for "bearish divergence" to show up by the end of the day (to indicate that Day 8 post "flash crash" will indeed be a TURNAROUND day)...

So I'm going with the FADED LOOK "FADE THE LOOK" strategy here...

Gisele B... World Famous FOREX arbitrage expert... Is probably applying her "fading" skills as we speak and moving back to getting paid in Dollars vs. Euros (she looks pretty happy about it too).

305 comments:

«Oldest ‹Older 1 – 200 of 305 Newer› Newest»

Anonymous said...: "U.S. housing starts rose more than expected in April to touch their highest level since October 2008, likely on the back of a homebuyer tax credit, but permits hit a six-month low, a government report showed on Tuesday."

as I said weeks ago- permits would be down- who cares about starts- that's history-

and permits should continue down for many months to follow- Spring market is over-

the typical Spring would see permits up in April- but demand brought forward- now folks just waiting around to see if some new "rebates" will be offered to go along w/ the historic low rates-

don't hold your breath

CV- love the images. Who cares if she doesn't know a damn thing about currency markets(-:!!!!; May 18, 2010 at 8:51 AM
Nic said...: Morning!
Good post, I would not be surprised to see a couple of more weeks of back and fill and perhaps some choppy stair climbs up.
Currencies have been choppy and sideways overnight and through London. UK CPI came in higher than target again but sterling did not rally for long on expectations of a rate hike (as it normally would), but instead fell soon afterwards as markets digest the prospect of stagflation :(
If you only knew what food and gas in the UK cost you would count yourselves very lucky.; May 18, 2010 at 8:52 AM
CV said...: @DL (from other thread)

"Clearly we had inflation back in the first half of 2008."

Sure, but I don't think you're digging deep enough to simply state that...

The beginning of 2008 was something VERY SIMPLE in my mind...

Hedge Funds had ridiculous amounts of leverage and were bidding up commodity prices across the board...

Look, everybody knew that housing was about to collapse... The FED has started cutting rates as early as August 2007, Meredith Whitney came in and called out Chuck Prince & Citi in November, and the market hit it's peak in October (2007)...

At that point there was ONLY ONE TRADE... Commodities...

Despite the looming "housing mess", the thought at the time (as expressed and re-assured by Bernanke himself) was that it was "subprime" and it was "contained"... This was BEFORE Bear & Lehman blew up...

This was also "pre-China Olympics"... The thought by many STILL WAS (and frankly STILL IS - by bulltards) that China was going to "pull us out"...

So there was a rush to CORNER THE MARKET on soft and hard goods... Everything from:

- Steel
- Potash
- Oil
- Wheat
- Coal

You name it...

When the "leverage" came undone (because SUBPRIME wasn't, in fact, "contained"), the whole inflation charade was exposed...

Inflation is one simple thing... SUPPLY & DEMAND... Stop!

Now, I agree that you can have "asset price" inflation (because of too much leverage - or because of a "perceived" need that never materializes)...

But the market exposes that very fast...

Frankly, I believe it's better to use COMMON SENSE rather than "listen to what the markets are telling you"...

Hell, right now the markets are PRICING IN earnings at "x" levels, based on "x" level of GDP forecast...

Do you REALLY believe these numbers? I sure as hell don't!...

And that's why I'm saying it's an ERROR, sometimes, to follow what the market is telling you...

All the market ever says to me is "OK, I'm going to run over here to this FIBO number... Now I'm going to run over there to that FIBO number...

Market = Bag of Rocks
People = Dumber than Bag of Rocks; May 18, 2010 at 8:52 AM
Anonymous said...: CV, your 8:52.

Makes me wanna come back to this "watering hole" everyday!

Good work!; May 18, 2010 at 9:03 AM
mcHAPPY said...: *re-posted from previous thread/wanted to give my two gold coins*

IMO, the DOW to GOLD ratio is most important when speaking of gold. This is where gold will soar during deflation but in terms of nominal value it will fall. When gold gets in the ball park of 1000 I will start adding.

As for our current environment, I would think oil is the best baraometer. 20% gone in 2 weeks AFTER the worse spill in history (not yet, but it will be when all said and done). OIl and I do not get along (as I have said before I will never trade it again, and I could be 100% incorrect) however it looks very ominous that in a supposed inflationary environment oil and other commodities are tanking.

I wish you all good luck trading today. It has the makings to be fantastic.; May 18, 2010 at 9:09 AM
AmenRa said...: This just may come back and bite the US in the ass: Cornyn Amendment Blocking IMF Bailouts; May 18, 2010 at 9:10 AM
AmenRa said...: Also here: Bloomberg: Senate Moves to End Debate, Vote on Financial Bill; May 18, 2010 at 9:16 AM
mcHAPPY said...: I am watching 693.16 on the RUT and 1134.23 on the S&P.

A break of there should lead to a hard down and I would be waiting for a retrace before dipping my toe in the water.

I think this is highly unlikely though.

Looking for 1150's on the S&P and 710-720 on RUT.

If those happen bomb sirens should start blaring.

My invalidation points are 1173 on S&P and 719.7 on RUT.

RUT has been a pretty good forecaster lately.; May 18, 2010 at 9:16 AM
karen said...: morning! today maybe a strange one.. I'm still of the mind that a lot of shares need to be distributed to those Dumber than Bag of Rocks types.

"Wal-Mart said a key measure of revenue dropped for the fourth consecutive quarter as it continued to see a decline in customer counts at its U.S. namesake discount stores.

It also offered a muted outlook for the current quarter as shoppers worry about jobs and their finances."

May 18 (Bloomberg) -- Pfizer Inc. plans to cease operations at eight manufacturing sites in Ireland, Puerto Rico and the U.S. by the end of 2015, as well as to reduce operations at six other plants in Germany, Ireland, Puerto Rico, the U.K. and the U.S. These changes will result in a global reduction of about 6,000 jobs over the next several years.; May 18, 2010 at 9:17 AM
mcHAPPY said...: @Ra

Those are some good links. Thank you.

There is just enough good news out there to make the dip buyer's believe all is well.

Financial regulations, lay offs, outlook from Wal-Mart, a retracement almost done on EUR:USD, and signals pointing towards DXY taking out 90 leads me to think today is going to be great for some, not so good for others.; May 18, 2010 at 9:20 AM
karen said...: I like $wlsh better than $rut. The former is trending down but both have similar daily candles.. I'm extra curious about the $spx today.. mainly because of yesterday's closing 15 min candle.. gotta get coffee!; May 18, 2010 at 9:22 AM
karen said...: this is interesting.. John Paulson's Q1 moves:

http://www.fundmymutualfund.com/2010/05/john-paulsons-q1-2010-moves.html?; May 18, 2010 at 9:27 AM
CV said...: @karen

Paulson = Barbell

I can't remember how it goes, but I think BARBELLS exist above both bags of rocks and "dumber than bag of rocks" on the totem...; May 18, 2010 at 9:30 AM
McFearless said...: is a bag of regular rocks more dumb than a bag of pet rocks?; May 18, 2010 at 9:40 AM
karen said...: back with coffee.. would love to see this day go red.. juxtaposed to yesterday's red to green..; May 18, 2010 at 9:43 AM
karen said...: ben, business or pleasure on your LA trip (next month?); May 18, 2010 at 9:43 AM
CV said...: @McF

Ask Charlie Brown...

http://www.jwz.org/images/igotarock.jpg; May 18, 2010 at 9:44 AM
mcHAPPY said...: Karen,

I got a feeling you won't be disappointed. And if you are, it won't take long tomorrow.

FULL DISCLOSURE!; May 18, 2010 at 9:45 AM
karen said...: apparently ANF is having a serious problem with cotton prices.. i guess they missed but are up 2% this morning..; May 18, 2010 at 9:45 AM
McFearless said...: karen,

it's in August, it's a trip we qualify for here based on our production, there are business aspects of it but I never attend those on these trips, I go for the free breakfast and then I hit whatever town we are in and have fun. Last year this was DC which was cool.; May 18, 2010 at 9:47 AM
CV said...: @karen (9:45)

Now THAT's what I call staying on topic...; May 18, 2010 at 9:47 AM
McFearless said...: thanks for the heads up on ANF this morning. I'm going to look again at that to see how expensive puts look.

Something about shorting that company in particular feels good.; May 18, 2010 at 9:48 AM
karen said...: Happy! great pic for me! and did you see all those shoes!; May 18, 2010 at 9:49 AM
CV said...: @McF

While you're there, you could re-create CV's "ceremonial milk toast" (circa 1979) from the 3rd "O" of the HOLLYWOOD sign...

Don't ask!; May 18, 2010 at 9:50 AM
CV said...: A little "heads up"

Despite the FIBO extensions oft discussed...

If todays rally gets out of hand, the 89SMA on SPX on the 60 minute candles looks like it has been acting as a decent RUBICON...

It's around 1159 as we speak (and is declining)...; May 18, 2010 at 9:53 AM
karen said...: CV.. really liked your spy chart above.. interesting picture with today's gap up open but we still haven't exceeded friday's high.; May 18, 2010 at 9:58 AM
mcHAPPY said...: @Karen,

mcGLAD you enjoyed.; May 18, 2010 at 9:59 AM
karen said...: did any of you watch this santelli video on gold?

http://www.youtube.com/watch?v=b6d3Oy6YMCI; May 18, 2010 at 10:01 AM
McFearless said...: karen,

I haven't watched the video but I think he's right, the paper gold is highly leveraged vs. physical. How do we square that with Paulsens biggest position which is GLD?????

If this is actually true shouldn't the paper come way down in price?; May 18, 2010 at 10:03 AM
karen said...: also, you might want to read what sinclair is saying about gold:

http://jsmineset.com/2010/05/17/today-in-gold/; May 18, 2010 at 10:04 AM
mcHAPPY said...: We have already passed 1.618 off 1125.99 yesterday. I would think a pullback around 1152 to 1142 but we absolutely cannot go below 1134.23.

FULL DISCLOSURE!; May 18, 2010 at 10:04 AM
McFearless said...: damn, just too slow on ANF. Look at it now.; May 18, 2010 at 10:04 AM
mcHAPPY said...: FAS is not along for the ride on this bump.

FAZ is green.; May 18, 2010 at 10:05 AM
CV said...: @karen

If you take another look at the chart, you'll see WHITE & YELLOW (vertical areas)...

The yellow areas reflect "after hours" trading prints (which is why I put the SPY chart up...

The S&P cash will reflect the GAPS, the spy AH smoothes those prints out...

Almost INVARIABLY, at the close of each day I can tell which direction the market is going to head on the open the next morning (unless there's a major overnight NEWS EVENT)...

Why?

Because the SPY chart will always "pick off" the prints in the opposite direction of where it's going to go the next day...

Look closely at the AH prints just after the close of each day (white areas), and you'll see this to be true...

It works probably 95% of the time...; May 18, 2010 at 10:08 AM
CV said...: @McF

Paulsons position is a BARBELL...

He had GLD, but on the other side of that he has banks...; May 18, 2010 at 10:10 AM
CV said...: I think Paulsons "wet dream" is that we REFLATE...

His banks would be very profitable and his GLD ought to stay solvent but not decline a lot...; May 18, 2010 at 10:11 AM
karen said...: too funny on anf! feeling dumber than a rock for not selling my smn yesterday..; May 18, 2010 at 10:12 AM
karen said...: CV, you've spoken about that ah phenomenon before, thanks for pointing out the bars on the chart!; May 18, 2010 at 10:17 AM
Mannwich said...: @CV: 8:52: I think you nailed it right there.; May 18, 2010 at 10:19 AM
Mannwich said...: One last push upward? How long can this go on? Pretty fascinating.; May 18, 2010 at 10:20 AM
CV said...: @karen

I'll try to put up a chart with AH more frequently when it means something...

On "backing & filling" zones (like we're in now), any knucklehead could pretty much figure out the next days direction...

But it DOES come in handy when you get these NEVER ENDING moves (like the one from February - April)...

The AH prints foretold that reversal pretty well...

I'll try and use shorter timeframes... The above chart is a 20 day chart... It's more clear on 5-8 day charts (because the yellow bands are fatter)...

The "problem" is (on shorter days), to see the larger trendline points...; May 18, 2010 at 10:22 AM
mcHAPPY said...: @manny

My money is on sharp push higher and a hard fall.

1160 is the .618 retrace off 1115.; May 18, 2010 at 10:28 AM
mcHAPPY said...: Sorry,

1151 is .618 retrace

1160 is .786 retrace.; May 18, 2010 at 10:29 AM
McFearless said...: wow, now I'm seriously cursing ANF.; May 18, 2010 at 10:31 AM
Mannwich said...: TLT looking robust today.; May 18, 2010 at 10:34 AM
karen said...: i love it when the $compq leads...; May 18, 2010 at 10:35 AM
BinT said...: Has anyone commented on this:

WASHINGTON, May 17 (Reuters) - The United States would oppose International Monetary Fund bailout packages to countries that are not likely to repay them under a measure passed by the U.S. Senate on Monday.

Bonds

The 94-0 vote came amid widespread concern that the United States is indirectly supporting a $40 billion IMF bailout approved for Greece earlier this month as that country struggles to rein in its debt.

A series of unprecedented U.S. bailouts to stem the 2008-09 economic crisis has angered many Americans and lawmakers have said they are unwilling to bailout foreign countries, as well.

...I would think this would worsen the bailout in Europe...already the Germans are being dragged kicking and screaming...; May 18, 2010 at 10:38 AM
CV said...: OK... So... Scorecard...

1. We got the "Johnny Hour Rise"
2. Now we're starting to give back (and the RSI & MACD do their little "crosses")

All we need after that would be some slightly HIGHER HIGHS into the close/coupled with some "bearish divergence"...

& the table would be set for a big Dip on Wednesday...

THEORETICALLY; May 18, 2010 at 10:38 AM
mcHAPPY said...: DAMMIT! I hate it when the page does not refresh... ignore 10.41; May 18, 2010 at 10:42 AM
CV said...: @BinTn (10:38)

I didn't comment on it because it's basically BS if you ask me...

So what? We only help out if we're GUARANTEED the money is going to be paid back?

What a crock of s***! Who determines that? Mr. "I've never run a Dairy Queen" is going to sit down and crunch numbers on PIIG austerity? Not even the ECB 'geniuses' could dig through all those lies...

Besides - What's to stop Helicopter Ben from providing them them the money they need anyway using all his "parlor tricks" that nobody can audit?

These are more "dog & pony" charades to help get the "ducks in a line" for the November elections...; May 18, 2010 at 10:43 AM
CV said...: @McHappy

Gone! :-); May 18, 2010 at 10:44 AM
mcHAPPY said...: Eyes are on 1134.23 and 693.16. Expecting a bounce before then buuuuuuuuuuuuuuuuuuuut......; May 18, 2010 at 10:46 AM
mcHAPPY said...: We are getting very very close.; May 18, 2010 at 10:50 AM
Mannwich said...: Grantham guarantees a Gold crash?

http://www.zerohedge.com/article/here-why-jeremy-grantham-thinks-gold-will-crash; May 18, 2010 at 10:50 AM
Mannwich said...: Whoops, that was tongue-in-cheek. Nevermind.; May 18, 2010 at 10:51 AM
mcHAPPY said...: I'm seeing 1134.66...... Did anyone get any lower?; May 18, 2010 at 10:54 AM
mcHAPPY said...: As long as 1134.66 was in fact the lowest point here, one more push and get ready to drop.

How many people just wiped there face and said, "Thank God!"*

*Bulls and bears alike.; May 18, 2010 at 11:03 AM
mcHAPPY said...: RUT broke through 693.16.

I am preparing to short.; May 18, 2010 at 11:12 AM
karen said...: oops.. ABK's loss report:

http://www.housingwire.com/2010/05/18/bond-insurer-ambac-posts-wider-loss-on-second-lien-rmbs-woes/?

Meredith: Avoid Banks at All Costs; May 18, 2010 at 11:18 AM
McFearless said...: more to consider on gold/inflation, some notes I have from RP papers:

we had persistent inflation from 1933-1970 and gold and silver didn't move the whole time. People love to argue that its because the price was fixed, but I have a newslfash for those folks...the price of gold is technically still fixed. $42.22/ounce. This is what a domestic insurer is going to pay you if you if you ship gold out of the country and it is lost. The market has simply forced it higher...but that's that whole control thing, nobody wants to talk about that.

Inflation kept on going during the 70's and gold and silver went up big for a decade, then inflation just kept right on going from 1980-2001. Gold and silver, not so much, they lost 83% of their combined value. The only major investment to actually lose dollar value during those decades. That's pretty amazing. Inflation kept right on going after that and once again after not moving for decades, gold and silver moved much higher and for 8 years it's been prfitable.

But big picture, in 76 years of inflation, gold and silver rose during 18 of them, for 58 years it went down or sideways.

Despite a 4.4 times multiple in the M1 measure of money supply since 1980, not to mention an 11-fold increase in amount of dollar denominated credit outstanding, gold and silver are not really well above their highs from 30 years ago, in silver's case it's not even close. Shouldn't they be based on the inflation makes gold go up argument? I'm measuring ifnlation properly here, it's expansion in the money supply plus credit.

conclusion:

"In 1933, had you possessed clairvoyant knowledge of the annual inflation rate for the entire century ahead, you would not have been able to predict the path of gold and silver."

RP; May 18, 2010 at 11:20 AM
mcHAPPY said...: 1135.05 appears to be the low now.

RUT has broken - S&P has not.

I was looking at TZA and am now a little confused.; May 18, 2010 at 11:22 AM
CV said...: @McF

"gold is technically still fixed. $42.22/ounce"

There is approx. 1oz. of tobacco in roughly 31 cigarettes...

On that note, they're catching up to gold little by little...; May 18, 2010 at 11:27 AM
karen said...: Meredith's view on second half of year: "bleak"

double dip in housing.. unemployment rising.. consumer spending down; May 18, 2010 at 11:29 AM
karen said...: oh, ben! look how low NLY has gotten! was in 15s today..; May 18, 2010 at 11:30 AM
Anonymous said...: Those shoes are mesmerizing.; May 18, 2010 at 11:32 AM
McFearless said...: wow, Karen, even on a really basic chart that NLY pattern looks bad.

I guess this is a real showdown of the titans isn't it. MW vs. JP.

Should be interesting. I'm betting on MW being correct of course.; May 18, 2010 at 11:33 AM
karen said...: this is fascinating on Beazer Homes, but there are so many good posts at this site just go there and read them all!

http://fridayinvegas.blogspot.com/

punctuation for a sarcastic remark:

http://02d9656.netsoljsp.com/SarcMark/modules/user/commonfiles/loadhome.do; May 18, 2010 at 11:38 AM
McFearless said...: well, the June 46 puts on the Q's went below a dollar today so I bought more. We'll see, I may end up feeling some pain on this before it "works", if it works at all.; May 18, 2010 at 11:42 AM
CV said...: @McF

"I guess this is a real clash of the titans isn't it? MW vs. JP."

---

In this "Tits of the Clashons"... I'll take the former...; May 18, 2010 at 11:43 AM
AmenRa said...: bought some S&P puts for a day trade. S&P couldn't get back above the monthly 3LB mid. Plus it's day 8.; May 18, 2010 at 11:45 AM
CV said...: @Amen

You could be right...

I'm still wary of a spike up at the end of the day...

A slightly higher print than this morning (with some bearish divergence)...

In any case... You're probably good on those by tomorrow...; May 18, 2010 at 11:48 AM
Mannwich said...: The "tell" for me today was/is TLT and weakness in financials. Am I off base there?; May 18, 2010 at 11:49 AM
mcHAPPY said...: @manny

You read my mind. Plus we have broken through what appeared to be wave 1's. I'm thinking the start today (with the gap) may have been a 5th wave blow off for the end of ii.; May 18, 2010 at 11:53 AM
Anonymous said...: Big Banks
Bid Rigging
Kickbacks
Say it ain't so Joe!

From here:

http://preview.bloomberg.com/news/2010-05-18/conspiracy-of-banks-rigging-state-finance-converged-with-mortgage-meltdown.htm

------------------------------------
..Court records in the broadest-ever criminal investigation of public finance shed new light on how Wall Street’s biggest banks were cheating cities and towns during the same decade in which they were setting the stage for a global economic collapse.

As the banks were steering the world’s financial system to the brink of catastrophe by loading more than $1 trillion of subprime mortgage loans into opaque debt investments, they were also duping public officials across the U.S.

Many of the same bankers and advisers who sold public officials interest-rate swap deals that backfired for taxpayers are now subjects of the criminal antitrust investigation involving GICs....
------------------------------------

Now it is getting interesting.

foghorn; May 18, 2010 at 11:54 AM
AmenRa said...: Also EURJPY, AUSJPY, BKX and XLF are all down and TRIN is above 1.; May 18, 2010 at 11:55 AM
Mannwich said...: Of course things could still change rapidly today. I'm under no illusions there.; May 18, 2010 at 11:55 AM
mcHAPPY said...: I went all in.

A break of 1141 will make me sweat and then 1148.66 will confirm it on SPX.

A break of 698.11 will make me sweat and then a break of 705.34 will confirm it on RUT.

TIGHT TIGHT STOPS HERE!

FULL DISCLOSURE.; May 18, 2010 at 11:58 AM
CV said...: @Manny

(11:55) better comment than (11:49); May 18, 2010 at 11:59 AM
Mannwich said...: I might have to get outside in a few. Stunning out there today.; May 18, 2010 at 12:01 PM
Anonymous said...: this morning- what a show-

damn roofers-

anyway-

foghorn- it's all a big scam man-

a bacchanalia of fraud, greed, laziness and kikbacks- the whole while our wealth disappearing from our very eyes-

siphoned into the least wealth producing industry in the country- banking; May 18, 2010 at 12:02 PM
Anonymous said...: it's interesting-

Gartman- get OUT of gold now

Cramer- get INTO gold NOW

lol; May 18, 2010 at 12:04 PM
Mannwich said...: Hhhhmmm......; May 18, 2010 at 12:04 PM
Anonymous said...: Richard Russell jumpy.; May 18, 2010 at 12:05 PM
mcHAPPY said...: FAZ had a head start so mcHAPPY loaded up on TZA with purchases between 6.06 and 6.21.; May 18, 2010 at 12:05 PM
Anonymous said...: mcHAPPY jumpy.; May 18, 2010 at 12:16 PM
AmenRa said...: Hit it and quit it for a quick 35%. Damn algos sniffed out my trailing stop.; May 18, 2010 at 12:18 PM
mcHAPPY said...: Nice Ra. Next thing I have to learn is puts and calls.; May 18, 2010 at 12:21 PM
Nic said...: Germany to ban short-selling at midnight ... ZH is reporting; May 18, 2010 at 12:23 PM
AmenRa said...: mcHAPPY

Usually better to use ITM options so you aren't taken out too quickly. Algos go on witch hunts as soon as orders are entered. LIMO (limit in - market out) is best.; May 18, 2010 at 12:24 PM
CV said...: @AmenRa

Algos... That's why GS has 105 "positive" trading days for every 100 days the market is even open for trading...; May 18, 2010 at 12:25 PM
Anonymous said...: Here is the latest on the Redneck Riviera

From here:
http://www.nytimes.com/2010/05/16/us/16oil.html

--------------------------------
...Scientists studying video of the gushing oil well have tentatively calculated that it could be flowing at a rate of 25,000 to 80,000 barrels of oil a day. The latter figure would be 3.4 million gallons a day. But the government, working from satellite images of the ocean surface, has calculated a flow rate of only 5,000 barrels a day.

BP has resisted entreaties from scientists that they be allowed to use sophisticated instruments at the ocean floor that would give a far more accurate picture of how much oil is really gushing from the well.

“The answer is no to that,” a BP spokesman, Tom Mueller, said on Saturday. “We’re not going to take any extra efforts now to calculate flow there at this point. It’s not relevant to the response effort, and it might even detract from the response effort.”

The undersea plumes may go a long way toward explaining the discrepancy between the flow estimates, suggesting that much of the oil emerging from the well could be lingering far below the sea surface.

The scientists on the Pelican mission, which is backed by the National Oceanic and Atmospheric Administration, the federal agency that monitors the health of the oceans, are not certain why that would be. They say they suspect the heavy use of chemical dispersants, which BP has injected into the stream of oil emerging from the well, may have broken the oil up into droplets too small to rise rapidly....

-----------------------------

Show us the 'real' video BP.

foghorn; May 18, 2010 at 12:25 PM
AmenRa said...: Nic

I just saw that also. Hmmm time to go all in short?; May 18, 2010 at 12:25 PM
Ironworker said...: mcHappy,
When you're ready to learn, go here:

www.optionseducation.org

Register(free), and they'll email you a confirmation (if they don't email you within 30 minutes, email them and they'll activate your acct.) They have a series of modular classes that are pretty well put together and cover the whole range of options topics.
IW; May 18, 2010 at 12:26 PM
AmenRa said...: CV

I entered the trailing stop once I was 10% above commission. That way I break even no matter what happens. F@$k those algos.; May 18, 2010 at 12:27 PM
CV said...: fookers; May 18, 2010 at 12:30 PM
Anonymous said...: "Germany to ban short-selling at midnight"

awesome idea- no-one cashing out their short positions at the end of the day-

talk about enabling a waterfall collapse; May 18, 2010 at 12:31 PM
mcHAPPY said...: @Nic

WOW!

@Ra and Ironworker

Thanks.; May 18, 2010 at 12:31 PM
Nic said...: McHappy
I really like the options education here too:
http://www.ise.com/; May 18, 2010 at 12:33 PM
karen said...: Another for the UFB file: http://www.cnbc.com/id/37195628

Mortgage Mods Doomed by Back End Debt

While most don't want to go on the record with me, lest they rile the regulators, Bank of America's Rick Simon says initially, "All the major banks, at Treasury's suggestion, went to non-verified income for verification."; May 18, 2010 at 12:34 PM
Anonymous said...: "Morgan Stanley Chief Executive James Gorman said Wall Street must "rebuild trust" with Main Street amid a growing disconnect.'

HAHAHHAHAHAHAHA-

that's a good one!!! The dude's delusional; May 18, 2010 at 12:34 PM
mcHAPPY said...: Germany wants BANKS to share costs of Euro-Zone Bailout

A lot of negative news out there today.; May 18, 2010 at 12:36 PM
Anonymous said...: Now contrast this article to the one above.
Unf*cking believable.

From here:
http://latimesblogs.latimes.com/greenspace/2010/05/gulf-oil-spill-noaa-skeptical-of-oil-plume-reports.html

-----------------------------------
Jane Lubchenco, head of the National Oceanic and Atmospheric Administration, called media reports of large underwater oil plumes "premature," adding that research conducted by an academic ocean institute was inconclusive.

"Media reports related to the research work conducted aboard the R/V Pelican included information that was misleading, premature and, in some cases, inaccurate," Lubchenco said in a statement. She was referring to research, including water sampling, done by the National Institute for Undersea Science and Technology.

Lubchenco said those scientists have clarified that they have not reached "definitive conclusions ... about the composition of the undersea layers they discovered. Characterization of these layers will require analysis of samples and calibration of key instruments. The hypothesis that the layers consist of oil remains to be verified."...

.....[Update: 4:52 p.m.: One of the researchers, Vernon Asper, a professor of marine science at the University of Southern Mississippi, appeared to stick to his assessment during a taping of PBS NewsHour, with Gwen Ifill.

"It's not only the size of Manhattan in area, but it's also several hundred meters' depth," Asper said......

----------------------------------

Lubchenko can 'lie' with the best of 'em.
NOT

foghorn; May 18, 2010 at 12:38 PM
karen said...: RR: "Sell Anything"

http://pragcap.com/richard-russell-sell-anything?utm_source=twitterfeed&utm_medium=twitter; May 18, 2010 at 12:41 PM
karen said...: My day is made !! Financial Mother Goose; May 18, 2010 at 12:42 PM
Anonymous said...: @karen

I would tend to agree with him,
we all know it's gonna blow,
it's a matter of when, not if.

foghorn; May 18, 2010 at 12:45 PM
karen said...: http://immobilienblasen.blogspot.com/

doesn't have anything on the German Short Ban yet...; May 18, 2010 at 12:45 PM
72bat said...: anyone having any trouble as i am in accessing tbp?; May 18, 2010 at 12:47 PM
Anonymous said...: from Karen's 12:41-

"If I read the stock market correctly, it’s telling me that there is a surprise ahead. And that surprise will be a reversal to the downside for the economy, plus a collection of other troubles ahead.

Do your friends a favor. Tell them to “batten down the hatches” because there’s a HARD RAIN coming. Tell them to get out of debt and sell anything they can sell (and don’t need) in order to get liquid. Tell them that Richard Russell says that by the end of this year they won’t recognize the country."

wow- dude sounds pretty grim(-:!!!

and Karen- I haven't opened your 12:42- but I am assuming it is Cassandra; May 18, 2010 at 12:47 PM
Nic said...: Germany ban will apply to stocks AND BONDS ...; May 18, 2010 at 12:49 PM
karen said...: Finally someone speaks the truth. In an interview with Spiegel Magazine, former Bundesbank chief Karl Otto Pohl, says it how it is: "Without a "haircut," a partial debt waiver, [Greece] cannot and will not ever [repay its debt]. So why not immediately? That would have been one alternative. The European Union should have declared half a year ago -- or even earlier -- that Greek debt needed restructuring." As for the reason for the bailout, Pohl's observation will not be a surprise to our readers "It was about protecting German banks, but especially the French banks, from debt write offs." Is there any hope for Europe now? It appears no, as the right decision was to let Greece go bankrupt: "Investors would quickly have seen that Greece could get a handle on its debt problems. And for that reason, trust would quickly have been restored. But that moment has passed. Now we have this mess."

http://www.zerohedge.com/article/ex-bundesbank-chief-says-greece-will-never-repay-debt-says-bailout-all-about-rescuing-banks-?; May 18, 2010 at 12:51 PM
McFearless said...: That RR article is a little bit misleading, he's been saying to hold only gold and cash, and gold miner stocks for a lot of months now. He even was skeptical manytimes of his own PTI (primary trend indicator) It's not like he just came out with that call.

He's a huge gold bull, love to read his thoughts on gold, dude has been around forever, he believes gold has entered it's third phase, as he looks for phases to large bull markets. He's expecting it to run for years more.; May 18, 2010 at 12:51 PM
karen said...: bat, no cuz i don't got there!
ahab, yup, cassandra!; May 18, 2010 at 12:52 PM
McFearless said...: put/call hasn't broken 1.00 yet today, fwiw; May 18, 2010 at 12:54 PM
karen said...: Is this guy an idiot???

SUNDAY, MAY 16, 2010

STILL A CYCLICAL BULL
Until the pattern of higher highs and higher lows is broken this will remain a cyclical bull market. Shorts trying to jump the gun run the risk of getting caught opposite the Fed's printing press.

The secular bear trend can't resume until a yearly cycle bottom is broken. That yearly low came this year on February 5th.

http://smartmoneytracker.blogspot.com/; May 18, 2010 at 12:54 PM
Mannwich said...: Where has leftback been lately?; May 18, 2010 at 12:58 PM
McFearless said...: ""Morgan Stanley Chief Executive James Gorman said Wall Street must "rebuild trust" with Main Street amid a growing disconnect."

Well, I'm with ahab here, this really is a funny statement. Trust takes a long time to build and can be ruined by one thing. This doesn't seem to really fit present culture on WS, where everything is about short term profits, the long term be damned.

ahab, I also never got a chance to say anything about that link you put up about brokers. It was dumb imo, brokers "churning" had nothing at all to do with any of this, so it figures that's what's coming out of financial reform. I'm know some brokers churn, but it's pretty rare for reps to even work like that with clients anymore, if you work with a rep it's more likely you are paying loads or some sort of flat wrapper fee.; May 18, 2010 at 12:59 PM
DL said...: Mannwich @ 12:58

I think he's found more important things to do with his time.

For the life of me, I can't imagine what that could be.; May 18, 2010 at 1:02 PM
Anonymous said...: b22-

that churning link doesn't ring a bell- are you sure it was me?

yeah- rebuilding trust- WTF planet is this guy from?

what could they possibly do to instill trust at this point?; May 18, 2010 at 1:03 PM
Mannwich said...: @DL: LOL. Me neither. Actually, looking outside today, I might be insane holing myself indoors watching this right now.; May 18, 2010 at 1:08 PM
Anonymous said...: karen-

that money quote that I posted from your 12:41 link-

pretty ominous-

in my mind- there is every reason to believe that the economy will worsen- GDP again contract- housing again contract- consumer spending again retrench-

there are so deflationary forces in play; May 18, 2010 at 1:08 PM
Anonymous said...: . . .so MANY deflationary forces in play; May 18, 2010 at 1:09 PM
Nic said...: This comment has been removed by the author.; May 18, 2010 at 1:09 PM
karen said...: DL, you do make me laugh! Now, if I were a bull, the tape of the last two days would have me concerned.; May 18, 2010 at 1:11 PM
mcHAPPY said...: SHORT SELLING NEWS HITS CNBC!; May 18, 2010 at 1:12 PM
Nic said...: S&P/Experian Report: Bank Card Defaults Worsen In April
By Market News International || May 18, 2010 at 17:05 GMT
WASHINGTON (MNI) – Consumer Credit defaults for first and second mortgages, and auto loans declined in April but bank card defaults increased according to a report jointly released by S&P and Experian Tuesday.
“Consumer defaults continue to moderate in the key big ticket items of first and second mortgages and auto loans,” David Blitzer, Managing director and Chairman of the Index Committee at S&P Indices said Tuesday.
However he warned the uptick in bank card defaults could spell trouble for other industries. “The bank card series may raise concerns for many consumer related
businesses as well as for consumer oriented lending institutions,” he said. The Consumer Credit Default Report is a joint venture with S&P and Experian designed to measure defaults on consumer balances in important loan areas.
The report found defaults were down from April to March for first mortgages by 6.0%, second mortgage by 11% and auto loans by 17.5%.
The bank card category showed an increase in defaults of 2.4%.
On a regional basis, the report recorded data for five major metro areas — New York, Chicago, Dallas, Los Angeles, and Miami which all showed a decrease of defaults from March to April. “Regional variations in default rates are typical. The sharp declines in Los Angelas and Miami reflect a somewhat more stable, though
still weak, housing market as well as some overall economic improvements in recent months,” Blizter said.
The next report will be released June 15.
S&P/Experian Consumer Credit Default Indices Summary:
S&P/Experian Consumer Credit Default Indices
April March April
Index to April March
——————————————————–
Composite 3.85 -6.00% -27.00%
First Mortgage 3.71 -6.20% -31.10%
Second Mortgage 2.49 -11.00% -45.40%
Bank Card 9.14 2.40% 19.30%
Auto Loans 1.94 -17.50% -15.30%
——————————————————–
Metropolitan Statistical Area April Index Level
S&P/Experience Consumer Default Composite Indices
Five selected metropolitan statistical areas
April March April
Index to April March
———————————————————
New York 4.13 -3.40% -12.10%
Chicago 4.30 -3.60% -5.80%
Dallas 2.71 -13.20% -14.70%
Los Angeles 5.14 -11.10% -37.80%
Miami 10.42 -7.90% -40.50%
———————————————————
** Market News International Washington Bureau: 202-371-2121 **; May 18, 2010 at 1:15 PM
mcHAPPY said...: Anybody notice EUR:USD?; May 18, 2010 at 1:17 PM
DL said...: Karen @ 1:11

Yeah, I'll be very surprised if the SPX doesn't make at least one more trip down to 1110 (and probably lower) within the next two weeks.; May 18, 2010 at 1:17 PM
Nic said...: Currency traders have taken the news of the short selling ban at a time when the markets were relatively quiet to mean that there is another shoe to drop, just don't know what it is yet ...; May 18, 2010 at 1:20 PM
McFearless said...: ahab,

was from a couple days ago:

http://traders-anonymous.blogspot.com/2010/05/amenras-corner_14.html?showComment=1273880309845#c5286520969505304096; May 18, 2010 at 1:26 PM
I-Man said...: Picked a hell of a time to check back in... I cant even get a EURUSD quote from the usual site-

I see its naked shorting though... not outright shorting.; May 18, 2010 at 1:28 PM
72bat said...: Hendry’s Eclectica Asset Management has bought options on 20 companies in international markets that will profit from “a dramatic collapse” of China’s growth
and those beneficiaries of a China collapse would be...?; May 18, 2010 at 1:28 PM
72bat said...: oops! posted the above in response to this
Hugh Hendry Shorts China, Betting on 1920s Japan-Like Crash; May 18, 2010 at 1:30 PM
Anonymous said...: lol- b22- I didn't even read it- I don't use a broker- but knowing that you and I-Man were brokers- thought you may have found it interesting-

but keep in mind- mortgage broker's rated below used car salesmen in the "trust" factor-

so you guys got nothing on me- LOL

gotta roll-

later; May 18, 2010 at 1:36 PM
I-Man said...: I-Man is not a broker.

I-Man works for a few brokers.; May 18, 2010 at 1:40 PM
McFearless said...: I think the Germany move is step one on the road to all derivative trading being banned before this is all over.

That aint inflationary either....; May 18, 2010 at 1:42 PM
McFearless said...: my "title" isn't broker either since I do planning, insurance, etc. Bottom line: I'm in sales just like everybody else on WS!; May 18, 2010 at 1:43 PM
Nic said...: Also crossing the wires is clarification on the short selling ban. It will be limited to the top 10 German financial institutions. It is effective from Midnight.
The ban also applies to credit default swaps on European government debt, AS WELL AS THE DEBT ITSELF.

BANKSTER PROTECTION RULES; May 18, 2010 at 1:43 PM
Nic said...: My take on EURUSD ...
hat daily hammer yesterday was very small relative to the downmove and momentum we have had, It doesn’t seem enough to turn this big ship around.
Also the all-time low at 0.8228 in October 2000 and the all time high at 1.6040 in July 2008 so that means the 50fib is at 1.2140 … and the 1.618 fib extension of the last swing is around 1.2165
Those are big levels I would like to see touched before trading a bounce.

GS called for EURUSD long this morning, stop below yesterdays low and target 1.35 ...; May 18, 2010 at 1:48 PM
karen said...: i just got bumped out of e*trade and can't get back in. imagine that as the market is falling..; May 18, 2010 at 1:48 PM
McFearless said...: thanks for the updates Nic, very bullish news (snark); May 18, 2010 at 1:48 PM
DL said...: "The ban also applies to credit default swaps on European government debt, AS WELL AS THE DEBT ITSELF"

Sounds like desperation on the part of the politicians.; May 18, 2010 at 1:50 PM
I-Man said...: Yeah, Jamie over at forexlive implying the squid and china buying up eurusd... starting to see some action in the 1min... finally got my eurusd charts up.; May 18, 2010 at 1:50 PM
I-Man said...: Bookmarked last nights gold talk for a later read...

Did you ever get short Ben?; May 18, 2010 at 1:53 PM
Nic said...: The squid have got it wrong calling long EURUSD twice already.
Three times a charm ...; May 18, 2010 at 1:54 PM
McFearless said...: I,

No, I'm sticking with silver trades instead. I'm not bold enough to short gold.; May 18, 2010 at 1:54 PM
Nic said...: I <3 Jamie, I-Man; May 18, 2010 at 1:54 PM
I-Man said...: One thing I've noticed since I started cracking out on fx is that its a market that loves a good rumor... who did what and why seems to be a big fascination. Guess thats true for all markets to a degree. Sometimes I wish I didnt read "news" at all, only charts.; May 18, 2010 at 1:56 PM
AmenRa said...: Funny how Greece wants to ban on the eve of their debt roll over. We all remember what happened when that was done over here...; May 18, 2010 at 1:58 PM
DL said...: McF @ 1:54

"I'm not bold enough to short gold".

What? Whaaaaaat???

All this time, I thought you were "fearless".; May 18, 2010 at 1:58 PM
I-Man said...: oh snap; May 18, 2010 at 1:59 PM
McFearless said...: I,

I'm having the most success right now just using put options so that's where I'm operating primarily right now.

Much like stocks last year, I sold the dollar a little too early for this move up.; May 18, 2010 at 1:59 PM
McFearless said...: DL,

I shake in front of gold though man!; May 18, 2010 at 2:00 PM
karen said...: $69 crude looking iffy.. 65 next..; May 18, 2010 at 2:01 PM
McFearless said...: there are higher probability shorts all over, puts are still a relative bargain on lots of stocks imo, so I'd think I'm just not being smart or I was trying to force something by shorting gold.; May 18, 2010 at 2:02 PM
I-Man said...: Just took out 1126 I see...; May 18, 2010 at 2:02 PM
DL said...: McF,

It can move pretty fast.; May 18, 2010 at 2:02 PM
DL said...: SPX is in a "textbook" trend channel today.; May 18, 2010 at 2:03 PM
McFearless said...: DL,

that's just it, long term (7 years forward and out) I'm super bullish on gold, so I'm more interested in waiting for a chance to buy physical rather than trying to short.; May 18, 2010 at 2:05 PM
I-Man said...: Looking kinda like we might fall out of that channel...; May 18, 2010 at 2:06 PM
mcHAPPY said...: @Ben 2:05

X infinity

Gold ATM machines, gold superbowl commercials, CRAMAR!, there are a lot of contrarian indicators. Although I'm one of them, so never mind.; May 18, 2010 at 2:07 PM
I-Man said...: I want some of those gold coins all those german banks were buying... after gold gets whacked.; May 18, 2010 at 2:08 PM
I-Man said...: I love this site! Sorry if this is a repost, but this is some cool shit:

http://finviz.com/map.ashx; May 18, 2010 at 2:10 PM
SEC wiretap said...: We are under 2 hours to the close.

Jaime: "Hey Lloyd. Jaime here. No man, no plans tonight. You? Cool, I might swing by for a few. Listen, circuits are off now right? Lets do it."; May 18, 2010 at 2:13 PM
karen said...: I-Man, I pull finviz up on my iphone the second i open my eyes in the morning !! (thanks, again, to Nic for that and forexlive!); May 18, 2010 at 2:16 PM
karen said...: I have to admit, I hate 20pt 1min dow moves.. especially when they keep jerking up.; May 18, 2010 at 2:18 PM
karen said...: according to Jamie:

The ban on credit default swaps is not on short-selling but on buying credit protection for credits you don’t own. Traders are forbidden to buy insurance on bonds they don’t own.
This is prompting CDS spreads to contract across of Europe.
Greece has come in 58 bp to 607 bp
Ireland has fallen 10 bp to 199
Portugal has come in 9 bp to 271 (all prices according to Reuters); May 18, 2010 at 2:19 PM
DL said...: McFearless @ 2:05

I'm a little curious as to WHY you're bullish on gold seven years from now.

I happen to agree with you on that, but I'm not sure what your reasoning is.; May 18, 2010 at 2:20 PM
Nic said...: From ZH - EUR about to get whacked:
The latest bombshell: German Finance Ministry now saying it will likely Ban EUR derivatives that don't hedge against FX risk. And good luck quantifying FX risk. Look for the EURUSD market not to plunge, but to simply shut down as a result of this. Europe is about to isolate itself from capital markets entirely; May 18, 2010 at 2:22 PM
mcHAPPY said...: @Karen

Initial reactions are usually wrong. Wasn't there a jump in the Euro a couple of weeks ago? Me thinks spreads rise spectacularly sooner rather than later.; May 18, 2010 at 2:23 PM
AmenRa said...: Uh oh. Day 8 starting to act all "fiboish"...; May 18, 2010 at 2:24 PM
DL said...: Karen @ 2:19

It should also have the effect of removing liquidity from the market.

Potentially, that could have the effect of reducing investor's willingness to purchase the underlying bonds.; May 18, 2010 at 2:24 PM
mcHAPPY said...: CNBC talking about Manny's TLT call and just passed a note from GS that earnings will be impacted 21% based on financial regulations being proposed. Good timing, Lloyd.; May 18, 2010 at 2:27 PM
AmenRa said...: Paging Katie...paging Katie...please report to your station...; May 18, 2010 at 2:28 PM
BinT said...: Filed at 2:21 p.m. ET

SACRAMENTO, Calif. (AP) -- The board of California's giant pension fund is asking the state to increase its contributions to employee retirement benefits by $600 million in the next fiscal year to help counter massive investment losses.

The board made the request during a meeting Tuesday. It comes as California grapples with a $19 billion budget deficit and a threat by Gov. Arnold Schwarzenegger to eliminate its welfare program.; May 18, 2010 at 2:29 PM
mcHAPPY said...: @Ra

Aren't we also approaching FLash Crash anniversary?; May 18, 2010 at 2:30 PM
McFearless said...: DL,

without going into to very much detail, I'd expect after deflation has run it's course and thus the demand to pay off debts, which are primarily based in dollars (what I still believe everyone will want in deflation) no longer exists, then I think gold will be viewed as the only real money and it will rise. this is the education of fiat currency that social mood is going to force upon the world. I'm also using some very long term wave counts by RP, along with cycle analysis from a few other sources outside EWI.

At that time I'm assuming gold mining shares will be fantastic buys as well (2012-2016?), but I still think this buying opp. in gold stocks is years down the road.; May 18, 2010 at 2:31 PM
I-Man said...: I think 1076 will be the next swing low.; May 18, 2010 at 2:31 PM
mcHAPPY said...: I meant, anniversary time of day on the 8th day after.; May 18, 2010 at 2:31 PM
I-Man said...: Thats SPX, of course... not gold.; May 18, 2010 at 2:32 PM
McFearless said...: "German Finance Ministry now saying it will likely Ban EUR derivatives that don't hedge against FX risk."

If we really start impulsing down again things are going to be a lot smoother for this group if we stick together. During impulse Ewave really shows how powerful it can be, not just with markets, but these types of social predictions as well.

This summer is going to be some show.; May 18, 2010 at 2:32 PM
Nic said...: Quick everyone ....
put in one penny limit buy orders for the stocks you like.; May 18, 2010 at 2:35 PM
mcHAPPY said...: @I-man

I calculated 1090. I'm glad to see I'm catching on - at least in the ball park anyway.; May 18, 2010 at 2:36 PM
bob said...: You get a car, you get a car, you get xom at 3$; May 18, 2010 at 2:37 PM
BinT said...: Hmmmmmmmm.....; May 18, 2010 at 2:39 PM
McFearless said...: the q's puts are looking really good now! Not sure yet if I will cover today.; May 18, 2010 at 2:40 PM
I-Man said...: Nic! I was seriously just thinking the same exact thing...; May 18, 2010 at 2:42 PM
I-Man said...: @ McH

I have 1044 below that; May 18, 2010 at 2:43 PM
CV said...: @DL

He's "Mc"Fearless...

Something to do about "golden arches"; May 18, 2010 at 2:43 PM
BinT said...: I am wondering what is going through Krugman's mind right about now...; May 18, 2010 at 2:44 PM
McFearless said...: I did have McD's for dinner last night. Two cheesburgers, love those McD buns.; May 18, 2010 at 2:47 PM
karen said...: Ben, that is revolting!! Mahi mexican style for me.. homemade pinto beans, lots of fresh salsa and avocado slices.. lol; May 18, 2010 at 2:48 PM
mcHAPPY said...: @I

LOL - I'm not there yet! I only learned the basics this weekend.; May 18, 2010 at 2:49 PM
I-Man said...: yeah ben, as your friend, I must encourage you to avoid fast food.; May 18, 2010 at 2:50 PM
McFearless said...: lol Karen, we do McD's on the East Coast.

I give the pickles to my wife it makes you feel a little less disgusted.; May 18, 2010 at 2:51 PM
McFearless said...: oh I know the shit is terrible for you, I would guess I ingested a half lifetime worth of sodium in that meal....we eat pretty healthy most of the time but I like McD's and some DQ every once in a while.; May 18, 2010 at 2:52 PM
I-Man said...: McH,

Fwiw, I dont use EW... I've read the first few pages of the book, EWP, but my style is kind of a mashup of classical support and resistance, trendlines, and then once I label my targets, I back check them with Ra's fibo's. If they are off, I start with my redraws of trendlines, or zoom in to look for gaps.; May 18, 2010 at 2:53 PM
McFearless said...: has anyone ever seen a blood sample after you eat McD? You can basically see the fat swimming in it. It's really really gross.; May 18, 2010 at 2:53 PM
mcHAPPY said...: If we get that low (1076-1090), I think 1115 acts as serious resistance.

It is also around the 200 day MA and was the 2009 close.

Got those facts from here. Funny how he looks at support and I'm looking at resistance.; May 18, 2010 at 2:54 PM
bob said...: AUDUSD keeps plugging away at new lows.; May 18, 2010 at 2:54 PM
McFearless said...: Karen,

why oh why were we not jumping all over the ANF puts this morning?; May 18, 2010 at 2:54 PM

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Morning Audibles 5.18.10 - Turnaround Tuesday?

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