TRADERS ANONYMOUS: Morning Audibles 5.27.10

Morning Audibles 5.27.10 - Get the story straight!

I'm telling you the Chinese are knuckleheads.

U.S. Stocks Fall as Euro Drops, Treasuries Pare Loss (Correct)

http://www.bloomberg.com/apps/news?pid=20601010&sid=au3Pn2021Dfs

(Corrects reported plans of China Investment Corp. in third paragraph.)

May 26 (Bloomberg) -- U.S. stocks fell, halting a global advance, and the euro weakened as a report that China may review investments in European government bonds spurred concern the credit crisis will worsen.

Wait No!... Wrong moment to make that kind of comment, don't you know its a HOLIDAY WEEKEND in America and the President has made plans for himself! Amend your statement (or tell them it was misinterpreted)... Wrong fortune cookie!

Make Fortune Cookies at BlingPixie.com

Stocks, U.S. Futures Rally on China Comments; Euro Strengthens

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNivHUhvx.tU&pos=1

May 27 (Bloomberg) -- Stocks and U.S. futures rose and the euro snapped a three-day decline against the dollar as China said it remains a long-term investor in Europe. Commodities rallied.

There, that's better!... OK... Just another day and a half to get through and Americans can head off for their regularly scheduled MEMORIAL DAY activities without a hitch... For many, this kicks off BARBECUE season...

"I know what I'm going to do!... Yeah baby!"

"Joe, do me a favor, head over to ARLINGTON in my place because I have to fulfill a promise that I'd made to vacation in Chicago."

"OK Mr. President, will do... You just enjoy your steak!"

"And Joe, try not to launch any f-Bombs while you're there... You DO remember how to get to ARLINGTON don't you? You know, it's that place across the river where we went out for burgers that one time. I can't remember much about the place overall, except that I picked up the check for the meal"

"Yes I do remember! I remember I had the bacon cheeseburger... Oh yeah... Here it is, I still have the address to the place... Remember? They wrote a cheeky little article about us too... It was a great FOTO-OP for us"

Ray’s Hell Burger

1713 Wilson Blvd, Arlington VA 22209

703-841-0001

http://aht.seriouseats.com/archives/2009/05/barack-obama-joe-biden-eat-at-rays-hell-burger-arlington-va-washington-dc.html

"I'm not sure when I'll find time to go back there again... You know... For a burger... Maybe winter would be good for me... I don't do a lot of grilling then... Hey - do you remember if that place served popsicles?"

360 comments:

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mcHAPPY said...: Appearing to be a great day to plan your short trades. My question to anyone who cares to answer:

Do you short heading in to this (US) long weekend?

My .02:
Anything over 1100 might provide some cold steel but missing the top by 15-20 points will seem like nothing in the midst of a 200-300 point fall.; May 27, 2010 at 6:41 AM
CV said...: In other news this morning...

Apple Dethrones Microsoft As World's Biggest Tech Company

http://www.huffingtonpost.com/2010/05/26/apple-market-cap-surpasse_n_590854.html; May 27, 2010 at 6:55 AM
CV said...: @McHappy... There has been enough "cold steel" applied in the past year to become used to the sensation...; May 27, 2010 at 7:04 AM
BinT said...: http://www.latimes.com/business/la-fi-smallbiz-insurance-20100526,0,4004715.story?track=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+latimes%2Fbusiness+%28L.A.+Times+-+Business%29

Small businesses in California are being hit this year with double-digit hikes in health insurance costs that could hurt the state's economic recovery as companies curtail plans for hiring and expansion to pay their insurance bills.

Five major insurers in California's small-business market are raising rates 12% to 23% for firms with fewer than 50 employees, according to a survey by The Times.; May 27, 2010 at 7:12 AM
CV said...: @McHappy

"Anything over 1100 might provide some cold steel"

One way to look at it might be to consider the MONTHLY 3LB reversal at 1094...

Tomorrow is the closing candle on that... If we get the 1110+ reading today, it might actually BE a good place to start working some positions...

The - see how tomorrow shapes up with respect to 1094... Under 1094, and it might not be a bad idea to be short into the weekend because probably the BEST outcome would be some early strength next Tuesday then a sell-off...

...and if it falls apart, then at least you'd have positions on...; May 27, 2010 at 7:17 AM
CV said...: @BinT

Obamacare... The gift that keeps on giving!; May 27, 2010 at 7:18 AM
Anonymous said...: CV-

Ray's Hell Burger is pretty good- and in Arlington- but not really near the cemetery-

I posted a good article last night re Jesse's take on Obama's disregard of protocol by not visiting the cemetery over the memorial day weekend-

woeful in my mind; May 27, 2010 at 7:22 AM
BinT said...: Yes, CV. That is exactly right. And there is a lot of pent-up frustration by the workers out there who've had to stay and work longer hours than they desired because of the recession.

http://finance.yahoo.com/career-work/article/109636/more-workers-start-to-quit?mod=career-worklife_balance

More Workers Start to Quit

"And recent sentiment indicates that the number of employees quitting could continue to grow in the coming months. In a poll conducted by human-resources consultant Right Management at the end of 2009, 60% of workers said they intended to leave their jobs when the market got better. "The research is fairly alarming," says Michael Haid, senior vice president of global solutions for Right Management. "The churn for companies could be very costly."; May 27, 2010 at 7:23 AM
CV said...: @BinT

They should all just move to Greece!; May 27, 2010 at 7:25 AM
CV said...: @Bruce

But this is EXACTLY what I tried to tell people in the "run-up" to 2008...

After living in Italy for 12 years and "seeing" the effects of SOCIALISM on people, I came to the conclusion that ultimately it just motivates people to be UNPRODUCTIVE...

Of course "Franklin411" would beg to differ...; May 27, 2010 at 7:27 AM
CV said...: Hell Bruce...

CV has become "totally unproductive"... Expect for teaching my classes I contribute NOTHING to the workforce...

Now - It's DEBATABLE whether my ideas are "worth" anything or not... But if anyone wants to put my ideas up against those of a bank president or oil executive then roll the dice and take your chances...

If one thinks they're helping the SOCIETY AT LARGE more than I, then I can live with that, and I'll go on tending to my renovations on my property (and initiatives thereto)...; May 27, 2010 at 7:32 AM
BinT said...: And yet, when you have real problems you sit on your hands and dither....oil wells and North Korea come to mind...(don't get me wrong, I think the last thing we need is to get reinvolved in North Korea, but dithering don't help much. By the way, I read your article about Ray's Hell burger...I have noted that Obama seems to change his speech and articualation patterns when he's away from office...not sure why, maybe it is to let the rest of us know he's just one of the guys...no really...I mean it....really..........); May 27, 2010 at 7:34 AM
BinT said...: come on now...really....; May 27, 2010 at 7:35 AM
Anonymous said...: After living in Italy for 12 years and "seeing" the effects of SOCIALISM on people, I came to the conclusion that ultimately it just motivates people to be UNPRODUCTIVE...

well CV- as long as they have fresh baguettes and espresso- what more can a person want really(-:!!!

BinT-

from what I have been reading doctor's are selling their practices to hospitals and insurance companies-

and more doctors are becoming salaried employees-

the selling of practices- the doctors getting out while they can knowing that it will be difficult to survive under Obamacare; May 27, 2010 at 7:40 AM
CV said...: @BinT

Obama is about as much "one of the guys" as CV is "one of them"...

Some folks are born made to wave the flag,
ooh, they're red, white and blue.
And when the band plays "Hail To The Chief",
oh, they point the cannon at you, Lord...

It ain't me, it ain't me,
I ain't no senator's son,
It ain't me, it ain't me,
I ain't no fortunate one, no,

Some folks are born silver spoon in hand,
Lord, don't they help themselves? oh.
But when the taxman come to the door,
Lord, the house look a like a rummage sale, yeah...

It ain't me, it ain't me,
I ain't no millionaire's son, no, no.
It ain't me, it ain't me,
I ain't no fortunate one, no.

Yeh, some folks inherit star spangled lies,
ooh, they send you down to war, Lord,
And when you ask them, how much should we give,
oh, they only answer, more, more, more, yoh...

It ain't me, it ain't me,
I ain't no military son, SON, NO
It ain't me, it ain't me,
I ain't no fortunate one, NO NO; May 27, 2010 at 7:41 AM
BinT said...: CV,

The greatest help to society at large is to make them more dependent on themselves. I know this is antithetical to the prevailing wisdom today, but it is not hard to see what allowing other men to have dominion over you produces....

http://www.foxnews.com/politics/2010/05/26/spending-food-stamps-time-high-sparking-debate-welfare/

U.S. Spending on Food Stamps at All-Time High, Sparking Debate Over Welfare; May 27, 2010 at 7:42 AM
CV said...: @Bruce

the doctors getting out while they can knowing that it will be difficult to survive under Obamacare

That's "the marketplace" doing what it does...

But someone who had never run a Dairy Queen wouldn't understand such things...; May 27, 2010 at 7:43 AM
BinT said...: AHAB:

The business of doctors' selling practices to hospitals has been around a long time...decades. You are seeing the gradual grinding down of health care from the apex, the doctor, and the sh.. flows downhill. I assure you, that young people can't leave med school and residency with 300k of debt and pay it off with what will be happening with pay in the very near future. I have it made, but I'd be scared as hell to try it again at age 24 when I finished. Can't be done. And most doctors are absolutely awful investors. Simply awful. Time and tide will cause them to pay attention, and they already do....; May 27, 2010 at 7:48 AM
BinT said...: Off to the mine..; May 27, 2010 at 7:50 AM
Anonymous said...: . . .and CV- f411- ignorant as he is- but tolerable for the most part-

VennData is the one over at the TBP who turns every subject into a critique on the Tea Party-

what- people don't have the right to complain and protest Obama's policies-

like Woody Allen saying it would be nice if Obama were a dictator for a few years so he could get "some things done"-

wow- let's trample on the constitution why don't we-

I find the left to more prone to absolutism; May 27, 2010 at 7:53 AM
Anonymous said...: . . . the same Woody Allen who married his own adopted daughter-

that's not creepy or anything- so I guess we should be listening to such clear minds such as his; May 27, 2010 at 7:57 AM
wunsacon said...: >> and more doctors are becoming salaried employees-

Like every other job in society over the past 40 years. Large corporations are taking over.

Happening not just under Obamacare.; May 27, 2010 at 8:10 AM
wunsacon said...: Hey, *someone* has to take the Franklin411 role around here! I might be up to the task. ;-); May 27, 2010 at 8:11 AM
McFearless said...: Nice post C.; May 27, 2010 at 8:13 AM
wunsacon said...: Ahab, Venn didn't used to do that. Really, I think that enough of the earlier jabs against him changed the tone of his posts.; May 27, 2010 at 8:13 AM
wunsacon said...: So, who's our resident Cognos on this board? (Sorry, I don't think I'm a "good fit" for that position.); May 27, 2010 at 8:18 AM
Anonymous said...: wunsacon-

yeah- I know- VennData's been around a while- but it's like every post he does now is the same point regardless of topic-

the Tea Party does send some folks over the edge though-

hey- I caught your avatar over at "Slope of Hope"- was perusing the comments- I post there from time to time myself; May 27, 2010 at 8:19 AM
AmenRa said...: CV

The AP release of the market ended up being changed also. Quite telling if you ask me. Was there any news last night that would cause the markets to run up? I did hear that the CIC denied rumors that they were unloading Euros. That can't be the only reason for this move.; May 27, 2010 at 8:20 AM
CV said...: @Amen @McF

Perhaps not to TWSWB, but didn't the position and length of the TAKURI CANDLE that the VIX put in yesterday seem a little strange for a "typical recovery"...

Or I guess it's just me...; May 27, 2010 at 8:22 AM
McFearless said...: @wunsacon,

Um, I'm not trying to be rude here but we don't have a cognos, we don't have a franklin411 and we don't have a VD. IMO, I'd rather keep it that way. I get enough of the global idiot bubble as it is, I'd rather not have to endure it with the few traders I enjoy talking with each day.

This site doesn't need to represent all available views....there's another website for that.; May 27, 2010 at 8:25 AM
CV said...: @ahab

To put things in perspective... CV is not really an "Obama Hater"...

My incessant criticism is based on very simple ideas...

1. The MSM has always given him a "free ride" (MORESO than any that I ever recall)... I hate "free rides" (even when they apply to me personally - believe it or not)...

2. I hate the fact that he's chosen the RE-INFLATE path... Granted - probably ANY politician would have ultimately chosen the same path... But guess what? No other politician was elected to that office either, RIGHT?

In basketball, only ONE PLAYER gets to take the "game winning shot"...

You want the ball? You want to take that shot? Fine! But if you "miss", prepare to be the goat...; May 27, 2010 at 8:30 AM
wunsacon said...: McFearless, I was kidding... Don't worry, I hopefully won't muck up the board. These days, I *mostly* lurk and just listen in.; May 27, 2010 at 8:31 AM
CV said...: @McF

Or I suppose McF's AVATAR could take the last shot! :-); May 27, 2010 at 8:31 AM
AmenRa said...: GDP WTE, Initial claims WTE. Futures don't budge. BS.; May 27, 2010 at 8:32 AM
McFearless said...: lol, so much for the huge upside surprise in the claims number....as soon as the market went down yesterday that buzz started; May 27, 2010 at 8:33 AM
72bat said...: ben -
agreed. enjoy the comity here; May 27, 2010 at 8:34 AM
CV said...: @wunsacon

The rules here are simple...

Anyone who ENTERS & WINS any of the "Fantasy Sports" contests...

- Football
- NCAA Basketball
- World Cup Soccer

Is considered "king for a year" (and can say anything they want)...

Until karen or Nic enters one of those contests, there will be no "Queen for a day" awards...; May 27, 2010 at 8:35 AM
McFearless said...: Ra,

I really like this a-b-c count I'm working off of right now. Supports the internals well, TRIN being one of them.; May 27, 2010 at 8:36 AM
CV said...: ...or friz :-); May 27, 2010 at 8:36 AM
McFearless said...: C,

Timmay is a baller, don't forget that or he'll paper you over.; May 27, 2010 at 8:36 AM
Anonymous said...: gotta roll out-

CV- re Obama- he's a likable dude- so was Bush- so was Clinton-

they all make incredible blunders-

I think Obama is either getting bad advice or is not aware of the significance of skipping Arlington Cemetery-

but who knows- maybe I'm wrong-

catch you all later; May 27, 2010 at 8:38 AM
CV said...: @McF (8:36)

x2

I kind of hope we ramp today... Let's get this 2 completed...

I know you're less of a fan on "time"... But I was looking over the number of DAILY candles since 1173...

I think Next Thursday would be DAY 21...

That would make a lot of sense (as Tuesday & Wednesday might be MOMO days)...; May 27, 2010 at 8:38 AM
McFearless said...: bad advice seems likely....Summers anyone?; May 27, 2010 at 8:38 AM
CV said...: @ahab

I think Obama is either getting bad advice or is not aware of the significance of skipping Arlington Cemetery

It's gotta be something like that...

CV himself visits Arlington on Memorial Day from time to time... I have a few relatives buried there...; May 27, 2010 at 8:40 AM
BinT said...: Made it to the mine.

CV, your earlier comment about no business experience for Obama, I think this may turn out to be his greatest weakness when he hangs it up. There is a general saying with a lot of snarky truth in my business...Them that can, do. Them that can't, teach.

This fellow with very little practical experience at governing or in the business world has been placed in the role of head teacher...and so far, I am less than impressed.; May 27, 2010 at 8:40 AM
CV said...: @McF

Timmay looks ready to "break some ankles" there :-); May 27, 2010 at 8:41 AM
CV said...: @Bruce

He'll always have his NOBEL...

...so he has that going for him...(rolls eyes); May 27, 2010 at 8:42 AM
McFearless said...: C,

I hope it ends quickly but these corrections can always take longer than we'd expect.; May 27, 2010 at 8:43 AM
Nic said...: I will not be entering ...; May 27, 2010 at 8:44 AM
BinT said...: He and Krugman, in their later years, will sit by the campfire and sing Kumbaya....and talk about how wonderful, albeit misunderstood, they were...; May 27, 2010 at 8:45 AM
McFearless said...: I think several recent presidents have skipped Arlington.....that said, I heard one left winger yesterday comparing Obama to Bush though I can't remember which Bush:

"So what if Obama is going back to Chicago, Bush spent one Memorial Day in Normandy"

I got a real laugh out of that one.....; May 27, 2010 at 8:45 AM
Nic said...: David Einhorn good oped in NYT. These debts will not be our grandchildren's because the crisis is coming much sooner and our generation will have to deal with it:
http://www.nytimes.com/2010/05/27/opinion/27einhorn.html; May 27, 2010 at 8:46 AM
CV said...: @Nic

How about the "Fantasy Portfolio Challenge"...

We could all get a "mythical $100,000" account and PRETEND TRADE...

This stuff about putting real money on the line is getting boring :-); May 27, 2010 at 8:47 AM
BinT said...: Well, I find it interesting that from the time I got up this morning, the futures have been slowly easing...

We'll just have to see what the day brings....; May 27, 2010 at 8:47 AM
CV said...: @McF (8:45)

Yeah - I'm sure W was doing the "wine & cheese" tour...; May 27, 2010 at 8:48 AM
Nic said...: Well GDP was a solid miss, new unemployment claims still ugly. Looks like a bit of a dip before our holiday weekend rally to me.; May 27, 2010 at 8:48 AM
CV said...: Good link Nic...; May 27, 2010 at 8:49 AM
Nic said...: Game on for portfolio challenge but I warn you if it is not real money I will be insane. Win or bust mode.; May 27, 2010 at 8:49 AM
McFearless said...: C,

He must have been, I mean....what else happened in Normandy with any historical significance?

(maybe my biggest snark ever); May 27, 2010 at 8:50 AM
Nic said...: Bust is more likely outcome hehe :); May 27, 2010 at 8:51 AM
CV said...: (Re: GDP & claims)

I think 33 Liberty got sight of futures and didn't want to 7 year auction to lose spotlight...

Equities ought to rally after that goes off...; May 27, 2010 at 8:52 AM
BinT said...: Nic,

I like the win or bust mode idea...I have an idea for your "team" name...Hedge Fund from Hell...

...Like it?; May 27, 2010 at 8:52 AM
mcHAPPY said...: mcHAPPY is looking for a solid open higher, followed by a lil' dip to get people thinking, and a final push to a higher high. Anything over 1095 will do it for me.

If this plays out, double down on TZA/FAZ.; May 27, 2010 at 8:53 AM
mcHAPPY said...: @Nic et al.

Yes, the fake money certainly changes things. I love the arm chair traders/'investors'.; May 27, 2010 at 8:55 AM
CV said...: @McF

When you think about it... Going to Normandy was a "classy" move...

Many Americans don't realize that many boys NEVER CAME HOME (and are buried there - and in other American cemetaries in foreign lands...; May 27, 2010 at 8:55 AM
wunsacon said...: My guess is that the central banks will collectively buy all bad private debts and re-capitalize, to keep re-flating and fight off the bad debt.

Unfortunately, since most people can barely make ends meet let alone stay invested during the crisis, markets will leave most of them behind. (During the 80's, the markets left the homeless behind. Next up: the middle class.) Then, they'll get angry and demand more taxes. Since they're the majority, they'll get them.

(Not sure we'll have done anything other than expend a lot energy this way, instead of going through a Great Liquidation. It's just a guess, one way this situation might play out.)

I guess that means I'm ultimately in the hyperinflation camp. But, I just don't know "when". And as Mish pointed out in his "Peter Schiff Was Wrong" post, it can be very costly to lose most of your capital before you're vindicated.; May 27, 2010 at 8:55 AM
wunsacon said...: "re-capitalize" -- What do I mean by that? Not sure. Maybe they'll just keep increasing their balance sheets. Maybe they'll issue new currency.; May 27, 2010 at 8:56 AM
Nic said...: Gold rejected at 61.8fib of 14 May high and 21 May low. Looks set to continue down.; May 27, 2010 at 8:56 AM
CV said...: "Hell Hath No Fury like the Wrath of Nic" (if her Fantasy Fund goes broke)... :-); May 27, 2010 at 8:56 AM
CV said...: @wunsacon

I think most of us here are in the EVENTUAL hyperinflation camp...

It may take awhile to get there tho...; May 27, 2010 at 8:58 AM
Nic said...: CV - I have visited every cemetary in Normandy, I did a cycling tour many years ago. Very, very sobering. I can say they are beautiful places, all very well kept and the gratitude of the local French is undiminished today, even if Obama keeps spying on them.; May 27, 2010 at 8:58 AM
Nic said...: I am not going to go broke. I am going to "re-capitalise"; May 27, 2010 at 9:00 AM
CV said...: @wunsacon

That's what amuses me about reading all the "Zero Hedge" people...

It's GOLD 24/7...

CV begs to differ... I's FOOD & FUEL you need to stock up on...; May 27, 2010 at 9:01 AM
CV said...: @Nic

LMAO :-); May 27, 2010 at 9:01 AM
BinT said...: http://www.theglobeandmail.com/news/national/nearly-one-quarter-of-canadians-will-be-seniors-by-2036/article1582256/

"Nearly a quarter of Canadians will be seniors by 2036, Statistics Canada reported Wednesday. While this is almost double the 13.9 per cent of the population that seniors currently represent, there is no reason to assume they will become a burden on the country’s systems, some experts say."

...Uh, huh. I can think of ways that 25% of your population requiring care from the other 75% wouldn't be "taxing" on that 75%...however, those ways would exactly be what the 25% are expecting, now would they????; May 27, 2010 at 9:03 AM
McFearless said...: So, Wunsacon, all the bed debts bought by the Fed eh?

And, how many multiples of a trillion dollars is that?

The Fed has hardly controlled bad debt nearly 3 years into this mess, and you have politicians fighting over an audit, imo, quite a dangerous assumption you are working under there.; May 27, 2010 at 9:04 AM
CV said...: In about a decade... Bars of gold won't be "priced" in dollars...

They'll be priced in "sandwiches" (or litres of water)...; May 27, 2010 at 9:07 AM
CV said...: "A cup of tea and a ham sandwich for that there bar of gold mate!"; May 27, 2010 at 9:08 AM
Nic said...: So continental currencies getting beaten down but commodity currencies are holding up well. I smell a big rally brewing here ...; May 27, 2010 at 9:11 AM
CV said...: Y'all caught it that AAPL has now exceeded MSFT in Market Cap, right?; May 27, 2010 at 9:14 AM
wunsacon said...: >> quite a dangerous assumption you are working under there.

McFearless, it's my understanding that's the assumption *they're* working under. Not me. It's not what I would do. I believe their Great Reflation (a) gives the greatest gains to the biggest jerks and (b) creates more moral hazard and more malinvestment. (Like the new home construction amidst a glut!) Personally, I would choose the Great Liquidation. I would save *people* but not *institutions*. E.g., I would fight the 1930's depression not by reflating banks but through food stamps (in place already) and public works projects (no action here -- just makework). Obviously, this is not the Way Forward chosen by our "establishment".

CV, I totally agree with you. My biggest long-term position is GCC, which has a fair amount of grains. For personal consumption, I just bought some emergency rations and will add a little more every year. (This is like BinT's comment about "self-sufficiency".) One day, if I'm ever in the DC area (or West Virginia, is it?) and if you're open to giving a "tour", I'd like to visit you to see/learn first-hand what you've done on your farm to become self-sufficient.; May 27, 2010 at 9:16 AM
Nic said...: The I-pad arrives in Canada tomorrow. You would not believe the hype ...; May 27, 2010 at 9:16 AM
McFearless said...: "I smell a big rally brewing here ..."

C waves feel like "third waves" and couple that with the fact that second waves are supposed to fake people out and make them think the old trend is back and we've got some excitement brewing here.

I think this C wave will do wonders for the bearish case:

more issues with breadth, sentiment, etc. etc.

A C wave here reinforces "buy the dip"; May 27, 2010 at 9:16 AM
mcHAPPY said...: Bruce,

Lay off on Canada. It is different up here.

LOL

FYI - I am reworking the mortgage on my house to be paid off in 2 years at a fixed rate of 2.85%. Once this is complete I will be selling one of my rental properties. Get ready for it Canada.; May 27, 2010 at 9:18 AM
bob said...: It may be urban legend, but there was a story before the 2nd Iraq war about the CIA sending people into the kurdish areas to recruit help before the US arrived. They sent them with a lots of money, hundred dollar bills. Guess what a cup of coffee costs when no one has change?; May 27, 2010 at 9:18 AM
McFearless said...: Wuns,

gotacha, let me rephrase:

dangerous assumption they are working under.; May 27, 2010 at 9:18 AM
wunsacon said...: >> public works projects (no action here -- just makework).

I meant: "I see them doing very little here so far except meaningless makework". Why no "Pickens Plan" projects yet? Instead, we got ObamaCare. (Ahead of gutless financial reform, too!); May 27, 2010 at 9:19 AM
CV said...: @bob

Guess what a cup of coffee costs when you don't have

- coffee
- water
- fire
- or a cup?; May 27, 2010 at 9:22 AM
Nic said...: The gutless financial reform is making me crazy.
No doubt they will announce it with great fanfare as they have "fixed" the problems.
http://economix.blogs.nytimes.com/2010/05/27/under-siege-by-the-lobbyists/?src=twt&twt=nytimesbusiness; May 27, 2010 at 9:24 AM
CV said...: @wunsacon

Makework...

When I drive out to West Virginia, there's only one two lane bridge that spans the Potomac...

When did they decide to "FIX" the potholes in it?

Right during the PEAK travel season last summer... (causing 3 hour delays)...

Any work done over the winter? (When there's RARELY large traffic volume)?... NOPE...

I'm sure this Administration will get to REPAIRING ALL THE ROADS just about the time that there needs to be a mass exodus from large urban areas (in the peak of crisis)...; May 27, 2010 at 9:26 AM
CV said...: @Nic

CV can attest to the fact that they've "fixed the problems...

How?

I can assure you that we're definitely IN A FIX as we speak...; May 27, 2010 at 9:28 AM
BinT said...: Nic:

Babe, when guts come into conflict with greenbacks in Washington....; May 27, 2010 at 9:34 AM
I-Man said...: Well...

They got me.

Fuckers.; May 27, 2010 at 9:37 AM
AmenRa said...: Why am I getting the feeling that the run up was to kill all shorts from the move yesterday. Then send it back down for the auction. Finish off with a run up into the close. GS, JPM, BAC, and C all have another day with no losses.; May 27, 2010 at 9:41 AM
CV said...: @Amen

That's basically how I have it handicapped as well...

I'm thinking the final "run-up" (from wherever) will be slow and smooth... & continue into tomorrow...

Most probably want to leave their desks early tomorrow anyway...

Just keep it UNDER 1094 for the close tomorrow...

Then - Big gap up on Tuesday - MOMOS chase - Cover gaps just above 1110...

Sayonara!; May 27, 2010 at 9:46 AM
I-Man said...: Ha!

Ra, we're on same page.; May 27, 2010 at 9:53 AM
Nic said...: Swiss central bank intervening to weaken CHF as Euro crashes. Stocks don't seem to care today; May 27, 2010 at 9:53 AM
I-Man said...: The Swiss strike me as being a bit stubborn and controlling.; May 27, 2010 at 9:54 AM
CV said...: I wonder if they "yodel" in the pits?; May 27, 2010 at 9:56 AM
Nic said...: They have been very naughty lately I-Man. Leaving big bids and then pulling them if market gets close. They want to threaten but spend as little as possible but Euro broke support and they had to get their cash out today.; May 27, 2010 at 9:57 AM
DL said...: Nic @ 8:46

My understanding is that the debt situation in Canada is not as bad as in the U.S.; May 27, 2010 at 9:58 AM
Nic said...: Where is Karen. Hope you are having fun somewhere K :); May 27, 2010 at 9:58 AM
Nic said...: It is not DL. But the bubble hasn't quite burst yet and as they say when America sneezes Canada gets pneumonia.; May 27, 2010 at 9:59 AM
CV said...: @Nic & I-Man

Here's what the Swiss CB does when it finds itself in a crisis...; May 27, 2010 at 9:59 AM
DL said...: Nic @ 9:24

I don't know... should work O.K. until the next mega-bailout.; May 27, 2010 at 9:59 AM
McFearless said...: "Why am I getting the feeling that the run up was to kill all shorts from the move yesterday."

From EWP Chapter 2 on B waves:
B waves are phonies. They are sucker plays, bull traps, speculators' paradise, orgies of odd-lotter mentality or expressions of dumb institutional complacency (or both). They often focus on a narrow list of stocks, are often "unconfirmed" by other averages, are rarely technically strong, and are virtually always doomed to complete retracement by wave C.

In yesterday's case I think it was a B wave down, not the B up described here in the book. I think AT's 23.6% break helped confirm it wouldn't be the end of the correction as did internals which weren't good but not nearly as bad as what we've recently seen, yes the 38% retrace basically happened, but very few wave 2's only retrace 38%.

Good luck today everyone.; May 27, 2010 at 10:06 AM
mcHAPPY said...: I believe Canada with a debt to income of 144% is worse off than the US at their peak which was around mid-high 130% range.

Canada now has the dubious distinction of ranking first in terms of debt-to-financial assets ratio among 20 OECD countries, with its debt-to-income ratio hitting 144 per cent by the end of last year.; May 27, 2010 at 10:07 AM
McFearless said...: "My understanding is that the debt situation in Canada is not as bad as in the U.S."

I'm trying to find something better than this but this is basically like saying being just plain old paralyzed is better than being a quadriplegic.; May 27, 2010 at 10:08 AM
I-Man said...: "Meatloaf From a Petri Dish Is Innovator’s Goal for the Masses"

http://www.bloomberg.com/apps/news?pid=20601124&sid=aI9nZXjYAzeE

This story, without a doubt, gets I and I vote for most babylon article of the week...

I-Man's stomach is not a graveyard, and certainly not a testing ground for babylon's designs.; May 27, 2010 at 10:12 AM
Nic said...: Rally time; May 27, 2010 at 10:13 AM
karen said...: morning! i was a bad girl last night.. didn't come home! but I'm on-line now.. chagrinned I didn't close those short positions yesterday.. will skim the above comments but there are so many!; May 27, 2010 at 10:14 AM
karen said...: well, if i missed my chance for sds at 1090 yesterday.. here we are again today!; May 27, 2010 at 10:16 AM
I-Man said...: "Fed's BullTard: Contagion from Europe to US Unlikely"

http://www.cnbc.com/id/37372575

"Bullard also said... he was open to the possibility that contagion could occur though an unexpected channel."

Double speak. The new normal.; May 27, 2010 at 10:17 AM
McFearless said...: @I-man 10:12:

With quotes like this:

"This process is like (growing) hydroponic vegetables, in a way.”

Surely this guy has a bright future ahead of him with Monsanto, or Du Pont.; May 27, 2010 at 10:18 AM
McFearless said...: I didn't find the move super strong this morning, of course the rally in the futures was huge.

In any event, I don't think we are in wave 3 of C, this morning was likely a continuation of wave 1 of C....; May 27, 2010 at 10:22 AM
karen said...: I wouldn't mind this rally if my long positions would partake as well..; May 27, 2010 at 10:26 AM
I-Man said...: We could still reverse here pretty hard, looks like we're right at one of my "gann without a plan" trendlines off the high on the daily chart...

If its going to hold as resistance then the SPX should not be able to close above 1090.; May 27, 2010 at 10:31 AM
BinT said...: Well, I just have one observation. Karen admits to being a bad girl last night, and not coming home. And Leftback isn't even here this morning..........

...I'm just sayin'.......; May 27, 2010 at 10:32 AM
karen said...: Bruce, not a chance! besides that, we are on opposite coasts..; May 27, 2010 at 10:35 AM
Nic said...: Haha BinT
Hope you had fun Karen; May 27, 2010 at 10:36 AM
Nic said...: Didn't LB say he was travelling?; May 27, 2010 at 10:36 AM
I-Man said...: I dont know who's naughtier... Karen or the SNB.; May 27, 2010 at 10:36 AM
I-Man said...: An SPX close around 1078-76 would please the I...

Nothing too drastic.; May 27, 2010 at 10:38 AM
AmenRa said...: VIX hasn't broken lower. The hard push up is not being believed. Trin at overbought (0.3) conditions. Ticks didn't make a new intraday high until the last push. I'm still not buying the move today. Feels desperate. Then again the close under 10k on the Dow probably had TG, BB, LS and BO warning TPTB to not let it happen again.; May 27, 2010 at 10:46 AM
McFearless said...: getting out of my CAT calls this morning.

Check out the F chart......; May 27, 2010 at 10:47 AM
McFearless said...: Ra,

everyone is eyeing 1104, I want to see what the VIX does when/if we get there.

You just listed a bunch that support this being wave 1 of C or another count using X waves instead.; May 27, 2010 at 10:48 AM
AmenRa said...: Monthly 3LB reversal price just exclaimed: I am the power!!!; May 27, 2010 at 10:49 AM
karen said...: i bot faz and am trying for drv..; May 27, 2010 at 10:51 AM
I-Man said...: Childhood hero right there...

But dont forget about this dude either, he plays for keeps...

http://25.media.tumblr.com/tumblr_l0fjfzWXdV1qa8pubo1_400.jpg; May 27, 2010 at 10:52 AM
McFearless said...: so I'm reading that top kill has "worked"

can this be confirmed by anyone?; May 27, 2010 at 10:54 AM
karen said...: I-Man, Swiss National Bank?? laughing; May 27, 2010 at 10:54 AM
AmenRa said...: Ben

Also the PC ratio keeps moving higher. Someone is loading up on puts.; May 27, 2010 at 10:55 AM
I-Man said...: Profoundly influenced by the He-Man series as a kid, as some of you may be able to tell...

;); May 27, 2010 at 10:55 AM
karen said...: "Again let me reiterate, "V" shaped bounces just are not typical but in the back of every bear's mind is how atypical the rally from March 2009 has been and how their use of technical analysis to short at key resistance levels has blown up in their face repeatedly as central banks wage war on fiat currency. Let us see how quickly things turn from fear to greed."

http://www.fundmymutualfund.com/; May 27, 2010 at 10:57 AM
McFearless said...: Ra,

yeah, it was way down at .66 this morning.; May 27, 2010 at 10:58 AM
Nic said...: Yes MSM reporting that Top Kill has worked; May 27, 2010 at 11:09 AM
CV said...: They "fixed it" just in time for the holiday weekend...

How convenient!; May 27, 2010 at 11:11 AM
I-Man said...: Computer folks...

Whats the difference between buying a new desktop and buying a "workstation"?; May 27, 2010 at 11:12 AM
McFearless said...: it's funny, BP was up about 7% on the day. I saw some people on a few e-wave blogs talking about shorting it here..

when it's that obvious, it's obviously wrong.....; May 27, 2010 at 11:13 AM
Nic said...: But there are some ugly stories out there of a new leak or seperate leak; May 27, 2010 at 11:13 AM
Nic said...: There are also reports that the amount of the leak was severely under-reported too ...; May 27, 2010 at 11:15 AM
Nic said...: You would think they would halt trading for something like this; May 27, 2010 at 11:15 AM
wunsacon said...: Nothing that I know of, I-Man. IT people just say "workstation", while home users say "desktop". Maybe it's more "work"-oriented, in that it might lack some AV features. But, mainly, that just comes down to what software is installed.; May 27, 2010 at 11:15 AM
I-Man said...: Thx Wunsacon... doing a little shopping.; May 27, 2010 at 11:17 AM
Nic said...: Ouch ...
http://www.forexlive.com/109551/all/kc-takes-a-tumble; May 27, 2010 at 11:21 AM
I-Man said...: I feel like I need to hire a damn personal shopper this computer shit is so confusing...

I just want a powerful computer that can handle price feeds from the exchange, have multiple programs running, have skype up and running with all that going also, and two monitors.

I would like to go HP, because I like their stuff, and I'm not ready for a mac yet.

What should I buy?; May 27, 2010 at 11:23 AM
I-Man said...: Oh, and the important shit...

I dont want to spend more than 3k total for the package.; May 27, 2010 at 11:24 AM
wunsacon said...: I-Man, besides the obvious Amazon.com (good for reviews even if you buy elsewhere), you might comparison-shop at Newegg.com. (Other than that, I can't offer any advice, like brand suggestions, because I tend to buy parts and assemble.); May 27, 2010 at 11:24 AM
bob said...: Iman-

Workstation is generally a little higher end, and higher priced.

If you are in the market for a comp let me know, you have my email. You don't need the latest and greatest.

Log law of computing- 10% more performance (which most will never notice) costs twice as much).; May 27, 2010 at 11:26 AM
Nic said...: Karen
1090 SNP is the neckline of a pretty inverse head and shoulders now on the hourly chart which just happens to give a projection of LB's 1150 level.; May 27, 2010 at 11:26 AM
McFearless said...: I,

i get everything through the company so I'm not much help here but maybe this could help point you in the right direction:

http://www.customtradingcomputers.com/; May 27, 2010 at 11:28 AM
I-Man said...: I'll hit you up Bob... I certainly need some help here.

I have a discount deal through HP if I buy direct from them, also.; May 27, 2010 at 11:28 AM
bob said...: Iman, you can get a (really high end) laptop and another good monitor with that budget. Agree on newegg, but make sure you go to a store and try out a similar model before buying, make sure you like the feel of the keyboard, mouse and monitor, layout of things.

The stuff under the hood has become commodity, not really that much difference.; May 27, 2010 at 11:30 AM
McFearless said...: Nic,

Yeah, lots of people looking at the H&S, it's so clear....therefore how likely is it that the target for it gets hit? I'm with Dan on this one, I think it comes up short, but the next few days if I were inclined to be long I would be. I bought CAT calls in what I thought was wave A, I'm out, just waiting now.; May 27, 2010 at 11:30 AM
I-Man said...: Thx for the link, Ben; May 27, 2010 at 11:33 AM
Nic said...: McF
I like that target for a number of reasons. It's the level that we broke the daily trendline support and price often retests the breakout level rather than the trendline itself.
It is also a pretty good fib cluster and previous resistance (January swing highs); May 27, 2010 at 11:33 AM
AmenRa said...: I-Man

Another failure of 1090 may pull the rug out from under the market.; May 27, 2010 at 11:35 AM
72bat said...: @ the oildrum is this post:
"Below the fold are two pictures to show why I believe that the injection pressure of mud into the well has dropped, indicating that BP have filled the well, and are now holding pressure to see if there are any problems. I would assume, if none develop, that they will inject cement to seal the top of the well, sometime today"; May 27, 2010 at 11:35 AM
karen said...: sorry.. had to make an omelet.. I-Man, bet a macbook for heaven's sake!; May 27, 2010 at 11:37 AM
wunsacon said...: I-man, $3k seems like a lot. (I imagine you can buy an i5 chip and an solid-state drive, with half that money.) Are you retaining your existing monitors? Or do you plan to upgrade those?

I haven't ever bought a serious trading workstation and thus don't have experience buying multi-monitor setups. Hopefully, Bob's got some good info for you...

Alright, see you, folks. I would like to trade for a living. But, until I develop the skills, I have to go to another salt mine.; May 27, 2010 at 11:37 AM
Nic said...: I also like that 1150 level because I am a fan of measure moves and that would mean the upside correction would be equal in length to the bounce off the flash crash low; May 27, 2010 at 11:37 AM
CV said...: @Nic

Keep in mind one thing (if you think it's important)...

On March 5th... It required a 13:1 up day to break through the 78.6% fib retrace from 1150 down to the February lows...

IMO - That was a 'herculean' effort... There have only been TWO higher ratio days since the March '09 lows (last July & last November - 23:1 & 18:1 respectively)...

At this point, CV is more in Dan's camp too...; May 27, 2010 at 11:42 AM
CV said...: Then again... Same sort of timeframe...

Front side of EOQ month... MOMO days...

Kinda like June...

We'll see...; May 27, 2010 at 11:44 AM
McFearless said...: not to mention, the giant candle from flash crash day was something like a 74:1 down day. It's going to take Frodo and the Ring to cover that whole thing.

I always get nervous when so many people are using an H&S. Remember that POS from last summer?; May 27, 2010 at 11:45 AM
I-Man said...: No way, Karen... but maybe someday I'll get one of those iPad thingy's... it would be cool to flush mount one into a coffee table...; May 27, 2010 at 11:45 AM
I-Man said...: Shit, Mcf...

Its taken Frodo and the Ring just to get this sucker over 1090...

They better hire Gandalf on the double.; May 27, 2010 at 11:48 AM
Nic said...: I remember that POS last summer ... sigh; May 27, 2010 at 11:49 AM
Nic said...: Now I am reminded of last summer :(; May 27, 2010 at 11:50 AM
McFearless said...: lol, no doubt I. I made a little money on the CAT put but it's a dumb trade here, the trend is down.; May 27, 2010 at 11:50 AM
McFearless said...: CAT, "call"

I'm so bearish everything has become a put.; May 27, 2010 at 11:50 AM
CV said...: @I-Man

... a few MOMOS next Tuesday can play the role for a day...

Their "kung fu" is not strong...; May 27, 2010 at 11:52 AM
CV said...: @McF

What about a "wolf whistle" to go along with the "cat call"?; May 27, 2010 at 11:52 AM
Nic said...: Someone in the administration is going to look at how this monthly candle is going to close unless they do something and might decide to ... do something; May 27, 2010 at 11:52 AM
Mannwich said...: Arthur Samberg charged with insider trading on MS shares.

http://www.zerohedge.com/article/pequot-arthur-samberg-charged-insider-trading; May 27, 2010 at 11:55 AM
McFearless said...: like this C,

http://www.youtube.com/watch?v=CCQ1nYViUXM; May 27, 2010 at 11:55 AM
CV said...: @Nic (11:52)

Or else they might beating crow...

3 of them to be precise :-); May 27, 2010 at 11:56 AM
McFearless said...: or this one....here comes the deflation:

http://www.youtube.com/watch?v=YdM8pKgUOB8; May 27, 2010 at 11:57 AM
CV said...: @McF

Was the last, or 2nd to last Hummer to roll off the assembly line?; May 27, 2010 at 11:58 AM
McFearless said...: so Manny, I guess he won't be doing the Barron's Roundtable anymore?

Call me when WB finally gets outed for it.; May 27, 2010 at 11:58 AM
CV said...: &McF

I was always kind of partial to "Choo Choo Charlie" myself

http://www.youtube.com/watch?v=ExSlyoVTX3I; May 27, 2010 at 12:01 PM
Nic said...: Samberg charges settled http://bit.ly/cUiAiP; May 27, 2010 at 12:07 PM
karen said...: Could we <3 HH any more than we do?

Hugh Hendry: "I Would Recommend You Panic"; May 27, 2010 at 12:14 PM
karen said...: Notes From the Ira Sohn Conference: Everyone Cried; May 27, 2010 at 12:15 PM
Mannwich said...: No kidding, ben. But old Uncle Warren would never break the law, would he? ;-); May 27, 2010 at 12:16 PM
McFearless said...: check out the GLD chart...

silver still seems to be on its own planet in the metals space.; May 27, 2010 at 12:17 PM
McFearless said...: Jeff Sachs on karen's link:

"this wasn't even an issue 2 months ago"

Um, WTF planet are you from dude?

Indeed, I will bet with Hendry.; May 27, 2010 at 12:22 PM
karen said...: I know, Ben, could you believe that comment?!; May 27, 2010 at 12:28 PM
McFearless said...: I think I know what economists need after hearing Sachs....so that people aren't jumping all around as he says, they should use a:

Jump To Conclusions Mat

http://geekening.com/books/wp-content/uploads/2009/03/office_space_kit_mat.jpg; May 27, 2010 at 12:29 PM
Nic said...: Karen
You get more if you watch part one and two on youtube here:
http://www.youtube.com/user/VGUpload#p/u/0/f8GofPe7oBs; May 27, 2010 at 12:32 PM
karen said...: can't believe it's earnings season again.. i feel as tho it never ended! jcg after the close today.; May 27, 2010 at 12:33 PM
karen said...: oh, thank you nic! playing now..; May 27, 2010 at 12:34 PM
I-Man said...: So I'm putting together a war party of Uruk-hai to hunt stops later if anyone wants to come along for some pillaging...; May 27, 2010 at 12:47 PM
karen said...: that JNK chart is something else.. the volatility of late.; May 27, 2010 at 12:49 PM
Nic said...: FX saying next push up is now; May 27, 2010 at 12:50 PM
Mannwich said...: Not sure if this was posted already? Einhorn in today's NYTimes.

http://www.nytimes.com/2010/05/27/opinion/27einhorn.html?pagewanted=1&hp; May 27, 2010 at 12:52 PM
CV said...: @Nic (12:50)

I'd agree... It may be quick and steep too... It'd be a 3 I think; May 27, 2010 at 1:00 PM
CV said...: I could see it extending clear into the GAP; May 27, 2010 at 1:03 PM
CV said...: @McF

Do you see it that way (3 of C)?; May 27, 2010 at 1:05 PM
I-Man said...: I'm not following you guys on this...

What am I not seeing?

My Uruk-hai warriors are looking for blood.; May 27, 2010 at 1:08 PM
I-Man said...: I must be the only one around not anticipating a large breakout here at 1090...

I think they fucked that scenario up with the overnight shenanigans, but thats just me.; May 27, 2010 at 1:13 PM

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Morning Audibles 5.27.10 - Get the story straight!

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