Morning Audibles 5.19.10 - Of all Elaborate Plans

Posted by CV on Wednesday, May 19, 2010 /

"...of everything that stands..."


"I love the smell of napalm in the morning..."


"The horror, The horror"

251 comments:

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Mannwich said...

Pretty happy with little ZSL nibble from a couple of days ago. Playing small ball.

May 19, 2010 at 2:38 PM
I-Man said...

Still holding TLT Manny I?

May 19, 2010 at 2:42 PM
72bat said...

manny -
pretty happy = sh*t-eating grin, i betcha 8^)

May 19, 2010 at 2:42 PM
McFearless said...

"pretty happy = sh*t-eating grin, i betcha 8^)"


that's what I was thinking....:)

May 19, 2010 at 2:43 PM
I-Man said...

crude.

May 19, 2010 at 2:45 PM
Colin said...

Anybody catch these sweet WSJ charts of the mini-crash: http://s.wsj.net/public/resources/documents/info-PENNYTRADE.html?mod=e2tw

May 19, 2010 at 2:47 PM
BinT said...

http://www.bengrahaminvesting.ca/Resources/Video_Presentations/Guest_Speakers/Klarman.htm

Karen,

Found this for you. You might have a look at this tonight. This guy could be a blogger here.

May 19, 2010 at 2:48 PM
karen said...

saved that on my desktop, thanks bruce.. a lot of interesting speakers there.

May 19, 2010 at 2:52 PM
Nic said...

Back, sorry crazy day.

Mr Topstep talks about the PPT buying the 1100 level today:

May 19, 2010 at 2:59 PM
Mannwich said...

@I: Yes, I am. Trimmed it a bit on that crazy market drop but still have big holding. My biggest.

May 19, 2010 at 2:59 PM
Nic said...

Ben
I do look at the Dax. When Europe is open and US closed the Dax is kind of the market leader, and the other indices follow.

May 19, 2010 at 3:00 PM
I-Man said...

Is there some weird pair trade out there between cotton and sugar?

Those two trade weird inverse.

May 19, 2010 at 3:00 PM
I-Man said...

Dammit this SPX tape looks so bearish but it wont fall...

Patience...

May 19, 2010 at 3:02 PM
McFearless said...

Nic,

that certainly appears to be the case re DAX, I've been following a lot more than I normally do for about two months now. They certainly have their own count, and i square this with the idea of the average German about the Greek bailouts compared to what seemed to be coming out of the rest of the EU, or what I've read I should say.

there is an interesting social mood phenomena with Australia as another example, short and shallow pull-backs over the long term down under.

May 19, 2010 at 3:03 PM
Mannwich said...

Funny, no sign of cognos anywhere at TBP. Shocking.

May 19, 2010 at 3:08 PM
mcHAPPY said...

@Manny

When cognos shows up bearish, I sell all shorts!

May 19, 2010 at 3:10 PM
I-Man said...

Alright! Here we go...

Just needed a little push.

May 19, 2010 at 3:10 PM
Mannwich said...

@McHappy: I don't think you'll see that any time soon, so carry on.

May 19, 2010 at 3:11 PM
McFearless said...

McHappy,

when you have his views you can't be bearish, you just float along in a happy equilibrium.

Manny,

Celts baby, I think they are on their way after last night.

May 19, 2010 at 3:16 PM
McFearless said...

test??

May 19, 2010 at 3:16 PM
mcHAPPY said...

No doubt, Manny. No doubt.

This whole move off 1100.66 looks corrective. AT or Neely would have a great time charting this.

Closest thing I could get to it was an ascending triagle.

God help anyone long if I am correct.

May 19, 2010 at 3:17 PM
mcHAPPY said...

ALthough it could be expanding but the tops look too flat.

May 19, 2010 at 3:20 PM
McFearless said...

test!?!

May 19, 2010 at 3:25 PM
McFearless said...

well, my posts aren't working, Nic, thanks for the link, if this ever comes up.

May 19, 2010 at 3:26 PM
Nic said...

McF
I like the FTSE too. What is interesting is that prior to the flash crash those indices were much more bearish than the US ones, they had really rolled over and broken trendline or channel support but yet since then none of them have filled the 7-10 May gaps yet.

May 19, 2010 at 3:29 PM
mcHAPPY said...

On the 10's and 15's I think you can see a nice 2 wave being formed. The scary part is that would mean 1148.66 - 1100.66 would be a one. 3 will be scary.

May 19, 2010 at 3:39 PM
I-Man said...

balderdash!

May 19, 2010 at 3:43 PM
I-Man said...

not you McH, was away for a bit...

May 19, 2010 at 3:44 PM
CNBC tonight: said...

"We came back from 186 down! You can't keep this market down people!"

May 19, 2010 at 3:47 PM
CV said...

@McF

I have a new selection for the Belmont Stakes now... A "Socioeconomic" pick...

The horse?

FLY DOWN

May 19, 2010 at 3:49 PM
CV said...

Nic/karen?

Ever walk into as bar and tell some guy that their "fly was down"? :-)

May 19, 2010 at 3:50 PM
mcHAPPY said...

If 1100.66 was the end of one. Using EW we can assume 3 to be one of the following:

1.618= 77.66
2.618= 125.66

Tomorrow I would be expecting a pop to open however IF 1100.66 was the end of one, I will be most definitely riding it back to 1148 if need be but looking at 1130.32 and 1138.39 first.

May 19, 2010 at 3:55 PM
AmenRa said...

arrgghh. Anything to show that US markets are separate from problems overseas. They knew 1100 was on the verge of getting blown out.

May 19, 2010 at 3:57 PM
mcHAPPY said...

It should also be noted that the minimum retrace of .382 has also been reached. It was 1118.99 and we touched 1119.03 from my view.

May 19, 2010 at 3:57 PM
mcHAPPY said...

.... assume 3 to be in the range of the following.... is what I should have said.

May 19, 2010 at 3:58 PM
AmenRa said...

Trin was 0.5 or lower all day. There was a quick spike at 11:50 EST but that went away. Pretty much said there was heavy volume in advances no matter how far down the market went.

May 19, 2010 at 4:00 PM
I-Man said...

Alright, peace yall...

May 19, 2010 at 4:01 PM
mcHAPPY said...

Have a good day everyone. I would have liked anon from earlier to discuss inflation in Canada some more.

May 19, 2010 at 4:04 PM
CV said...

Don't think "Socioeconomics" has anything to do with Triple Crown horses?

Consider...

2007 - Stock Market Highs... "Street Sense"
2002 - Pre Iraq Invasion... "War Emblem"
1997 - Clinton/Lewinsky... "Silver Charm"
1985 - Plaza Accord... "Spend a Buck"
1979 - Iran Hostage Crisis... "Spectacular Bid"

May 19, 2010 at 4:04 PM
karen said...

tomorrow will be a blast:

8:30 AM Initial Claims
8:30 AM Continuing Claims
10:00 AM Philadelphia Fed
10:00 AM Leading Indicators

And, may these be famous last words: "Oil Finds Support"

May 19, 2010 at 4:05 PM
karen said...

CV, leave it to you to make that connection! fantastic!

May 19, 2010 at 4:06 PM
CV said...

FWIW

I'm getting those little "after hours" search and destroy prints on the SPY in the UPPER areas of the yellow again...

Means we're probably going lower again tomorrow...

However, I think there's room for a little desperate try to move higher on the open...

I think options writers will try and forsestall a MELTDOWN as much as they can so as not to get hammered before OPEX...

Nic - I watched that TOPSTEP guy on your link... thanks...

It pretty much seems like he's calling it right...

Gotta go to the gym... over & out!

May 19, 2010 at 4:14 PM
Mannwich said...

The education bubble bursting?

http://www.nytimes.com/2010/05/20/nyregion/20teachers.html?hp

May 19, 2010 at 4:15 PM
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