Morning Audibles 5.24.10 -

15 minutes into the close last Friday we had the "flash melt-up" on no volume (actually one of many we've seen over the past year)... Just before that, things had been steadily weakening all afternoon and there was a threat that the SPX would take out its morning low print (which would have made for a very nervous weekend)...

[snark on] But then, by some miracle, traders suddenly, without warning, all became interested in stocks and pushed the DOW up 130 points in 15 minutes on NO VOLUME... [snark off]


Or was it just this trader (whose desk is in the basement of 33 Liberty) that "fat fingered" another one?

As I settle in to my keyboard this morning I note (OMG! Futures are pointing down to, amazingly where the "flash melt up" occurred)...


And so it goes... "Flash Crashes" (under investigation by the SEC), followed by "Flash Melt-ups" 15 minutes before a Friday with markets teetering on a technical breakdown (no "investigation" announcements forthcoming)... 


You know, all the average healthy behavior that happens in a "TYPICAL RECOVERY"... But take heart people, It's not just the "Communist States of America" that this happens, it's happening all over the world.


China’s Stock Market Has Become a Poor Man’s Casino: Andy Xie

Toss a couple of cocks into the middle of the ring and you have yourself a cock-fight to bet on!

"Ah So! I hada my money ona red roo-es-ter" Wina Wina chicken a-dina fo me..."

http://www.bloomberg.com/apps/news?pid=20601039&sid=aaNzfheeZguk

May 24 (Bloomberg) -- A bartender at my neighborhood pub recently asked me how the Shanghai stock market was performing. I said it was at about 2,600 points. He jumped and said, “No! The Communist Party wouldn’t let that happen.”

He spent the next 10 minutes trying to convince me that the Communist Party would make the market rise to 8,000 in the next three to five years.

“Look, the Hong Kong market is at 20,000,” he said. “Shanghai at 8,000 would be very reasonable.”...(continued)...

So we're about an hour before the open in New York as we speak... Place your bets, place your bets... Which crow do you think is going to fly off the fence first?... We'll try and help you with some 'technical analysis' on that along the way to guide your PRUDENT INVESTOR aptitude)...

Peeps... I think this is where we're heading today... MAX PAIN into close...