TRADERS ANONYMOUS: Morning Audibles 5.6.10 A Hugh Hendry Sighting

Morning Audibles 5.6.10 A Hugh Hendry Sighting

My good friend Hugh Hendry was spotted on "Crosstalk". Whenever there is a Hugh Hendry sighting, it's best to just sit back and enjoy his gems of wisdom. CV won't muck up the experience and therefore offers it as a "stand alone"...

Enjoy!

413 comments:

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CV said...: But I will offer some ideas here...

2,3,5,8, who do we appreciate?

Today is DAY 8 after 1219.8...

Since March '09, most all market corrections had reversals on FIBO days...

CV is expecting to see 1152 (or possibly a slight throwover lower), then a REVERSAL of some sorts today...

It could be a pretty powerful move (which ends with a DAILY green candle)...

So keep your emotions in check today...; May 6, 2010 at 8:41 AM
mcHAPPY said...: When does the damn break? EUR/USD at 1.2714? EUR/JPY 119?? When does the carry REALLY unwind?; May 6, 2010 at 9:04 AM
CV said...: From other thread

My estimate is that 2012 is not about the world ending but a world reset. A debt jubilee for world governments.

@Amen

That's basically what CV has been saying since the first day of blogging (and long before that, just thinking it to myself)...

That's why I do all the "self sufficiency" preparations in my real life...

The last place I want to be stuck is in LA or Manhattan when this all goes down...; May 6, 2010 at 9:04 AM
Anonymous said...: CV-

did you catch my post re BR-

the dude has switched to all cash- and actively looking to short-

interesting- in that he was 35% cash just a day or two ago; May 6, 2010 at 9:07 AM
Bruce in Tennessee said...: The new bubble advances...the sovereign debt bubble...we are inflating this bubble with even more expertise than the global housing bubble.

Hugh, of course, has it right. I think were I in Greece, and I knew I'd be poor for the next few decades, I would protest too.

I suppose the obvious question is: Why doesn't the Greek government now, after due dilligence, decide to withdraw from the Euro? You know, the first year you go out for football as a freshman, and there are all those seniors kicking your ass, it seems like you'll never get to be a senior, but you do...in the Greek case, the country may ALWAYS be a freshman....; May 6, 2010 at 9:08 AM
CV said...: @ahab

Good for him...

Welcome back to the DARK SIDE sparky! Maybe he'll have more time for blogging and CV can take a vacation :-)...; May 6, 2010 at 9:10 AM
Anonymous said...: . . .or should I call you General Zod; May 6, 2010 at 9:10 AM
Nic said...: McF
AUDUSD and AUDJPY are the hot charts, that's where you watch it unwind IMHO; May 6, 2010 at 9:11 AM
flip-flopper said...: "interesting- in that he was 35% cash just a day or two ago"

If I remember correctly, he was short nasdaq a few months ago as a hedge, or was that another wall-streeter dude?; May 6, 2010 at 9:12 AM
CV said...: @Bruce

CV, as a freshman, kicked all the SENIORS asses!

13 VARSITY letters (try and figure how that is possible)...; May 6, 2010 at 9:13 AM
Anonymous said...: @Ahab, re Canadian RE in bubble(Thanks for telling Greg "off").

Bank of Montreal just served a notice of fraud to a MP and 100 others in Calgary. That MP is also a lawyer.

I have cousins in Calgary, who I know could not possibly amass so much wealth in such short time span by just flipping in a legal way. But I have no proof.

Anyone who thinks Cdn Re is not in a bubble has vested interest! Possibly, heavily invested in RE.; May 6, 2010 at 9:13 AM
Nic said...: Great vid CV - I<3HH
This article is bang on if you ask me:
http://baselinescenario.com/2010/05/06/it%E2%80%99s-not-about-greece-any-more/

Europe has completely fked it up.; May 6, 2010 at 9:13 AM
Nic said...: oops excuse my language; May 6, 2010 at 9:14 AM
AmenRa said...: I find it funny that the BEA had no estimate for GNP or GDI for 1Q10: http://bea.gov/newsreleases/national/gdp/2010/pdf/gdp1q10_adv.pdf (Table 9). Is it that bad?; May 6, 2010 at 9:15 AM
Anonymous said...: vacation's? (or as Nic would say- holiday) please-

that's for suburbanites-

next thing you'll be telling me is you drive a mini-van w/ DVD screens on the back rests; May 6, 2010 at 9:15 AM
Nic said...: Watch CRUDE - at trendline support from the 08 lows ... a breakdown perhaps; May 6, 2010 at 9:18 AM
CV said...: @ahab (9:10)

Kneel before me... :-); May 6, 2010 at 9:18 AM
CV said...: @Nic

"fooked" is acceptable slang on SC...; May 6, 2010 at 9:19 AM
Nic said...: Bonds are puking in Europe, the meltdown is about to continue in EUR; May 6, 2010 at 9:19 AM
CV said...: @ahab

Every day is a "holiday" for CV...; May 6, 2010 at 9:22 AM
Nic said...: Madonna sang "Holiday" before she even became a faux-Brit; May 6, 2010 at 9:24 AM
CV said...: It'll be interesting, to me anyway, to see what GLD does around the 115.74 level...; May 6, 2010 at 9:24 AM
CV said...: Matt Holliday is a slugger for the St. Louis Cardinals...; May 6, 2010 at 9:25 AM
CV said...: Doc Holliday was a good friend of Wyatt Earp; May 6, 2010 at 9:26 AM
Anonymous said...: madonna-

she's not phony or anything-

and I always found her to be a bit on the "bow wow" side- but hey- that's just me; May 6, 2010 at 9:29 AM
Mannwich said...: Great clip, cv. Hendry's great.; May 6, 2010 at 9:31 AM
karen said...: You all began without me this morning! got coffee! and ready for the show.; May 6, 2010 at 9:31 AM
CV said...: Bucky just hit a 52 week high...; May 6, 2010 at 9:33 AM
Nic said...: Ahab,
I don't think she is phony but she is just not British, thats all I meant :); May 6, 2010 at 9:33 AM
Anonymous said...: anon @ 9:13-

nothing against greg at all- his comment at the "sister" site however was bit naive about human behavior-

as if "there could be no RE bubble in Canada" was even a reasonable assumption; May 6, 2010 at 9:36 AM
CV said...: CV can settle this "Madonna" debate right now...

After extensive research, I've come to the conclusion that she IS, IN FACT, "phone-y"

Here's my evidence...

http://gizmodo.com/assets/resources/2007/04/madonna-iphone.jpg; May 6, 2010 at 9:38 AM
karen said...: poor euro! i'm sad about it! and not only cuz i have a drawer full..; May 6, 2010 at 9:38 AM
Anonymous said...: Nic-

she and Bono- going to Africa like they are saviors of the poor Africans-

why don't they help people in their own countries?

that's why their phonies in my book-

it's all about them and what attention they can garner-

South Park crucified Bono; May 6, 2010 at 9:39 AM
CV said...: Drizella; May 6, 2010 at 9:40 AM
CV said...: @karen

So much for all those Europeans with their shopping bags full of Euros storming Manhattan this summer...

Looks like the lines might be smaller at BG...; May 6, 2010 at 9:41 AM
AmenRa said...: Sugar is being taken out back and shot.; May 6, 2010 at 9:42 AM
karen said...: Where/how does Madonna fit in to all of this? and i thot she dropped the accent when you got back in the states..; May 6, 2010 at 9:42 AM
Anonymous said...: alright-

gotta roll out- running late to a 10:00 meeting-

catch everyone later; May 6, 2010 at 9:43 AM
CV said...: I wish we'd hit 1152 kind of EARLY...

I kind of want to take off an do some things this afternoon...

Technicals permitting, CV is going to take a hard look at putting on a little "hedge" around 1152...; May 6, 2010 at 9:44 AM
CV said...: @Amen

I contemplated doing a "SUGAR" thread this morning (with "The Archies")... But Hugh Hendry trumped all...; May 6, 2010 at 9:46 AM
karen said...: well, i'm upset that we didn't get a lower low on spx.. but look, we have hours to go.. and a shoe may drop out of anywhere!; May 6, 2010 at 9:46 AM
karen said...: HH is really getting to me, laughing..; May 6, 2010 at 9:51 AM
CV said...: @karen

It's coming (lower low/spx)...; May 6, 2010 at 9:53 AM
spoonman said...: Don't know if this was already posted here. Meredith. Scariest line: "banks really, truly believe the housing market has stabilized"; May 6, 2010 at 9:59 AM
AmenRa said...: S&P Issues A/D 0.8
S&P Vol A/D 1.5
NYSE Issues A/D .69
NYSE Vol A/D .95

The S&P and NYSE are not in agreement. Probably explains some of the volatility.; May 6, 2010 at 10:00 AM
I-Man said...: Loving the morning Hugh...

Catch ya later...; May 6, 2010 at 10:02 AM
Nic said...: McF .. I think we do have a shallow dollar correction now. We had the presser, the ECB are fiddling while Rome burns but market did not tank so ... perhaps collapse averted for a little while.; May 6, 2010 at 10:08 AM
karen said...: I'm livid over the greece thing now.. thank goodness the other countries are lining up for a handout.. it has to stop somewhere..

can't wait to watch Meredith next!; May 6, 2010 at 10:09 AM
I-Man said...: Watch BAC...; May 6, 2010 at 10:11 AM
karen said...: fxp is driving me crazy! in a bad way..; May 6, 2010 at 10:12 AM
I-Man said...: GE too... looks like the trash might start to swirl...; May 6, 2010 at 10:13 AM
karen said...: Meredith is perfection.. absolutely love her..; May 6, 2010 at 10:26 AM
I-Man said...: Was there a MW clip up there somewhere?; May 6, 2010 at 10:30 AM
I-Man said...: Sorry... found it.; May 6, 2010 at 10:30 AM
McFearless said...: Is HH the man or what.

@Nic
"AUDUSD and AUDJPY are the hot charts, that's where you watch it unwind IMHO"

yes I'm keeping an eye. Great action setting up here.

@spoon

I thought the scariest thing she said was about the size of nonperforming assets...that stuff is coming to market sooner rather than later....1.5x the size of all charge offs incurred since 2005 at the top 4 banks. they do not have enough capital by a long shot if this is the case.

So, the question is, how long before another round of "stress tests"?; May 6, 2010 at 10:34 AM
CV said...: Meredith says...

@karen (10:26)

Thank you karen! I always enjoy reading your comments too...

We need to go out shoe shopping some time... :-); May 6, 2010 at 10:36 AM
I-Man said...: Ok, watch that 1162 gap on the SPX 1min chart...; May 6, 2010 at 10:37 AM
McFearless said...: I think Meredith has acid reflux or something....; May 6, 2010 at 10:38 AM
CV said...: It seems more to me, upon further review, that we're going to end up getting a 21 day type correction...

Even if we get a wave ending around 1150-1152, my guess is that the bounce might only go as high as the 1172 area...

It hardly seems worth playing a counter move for 2%...; May 6, 2010 at 10:43 AM
karen said...: I understood her manner of speaking perfectly.. she's trying to be succinct and accurate and she's high energy... her brain is working faster than her tongue.. NOT ACID REFLUX, or something!!!; May 6, 2010 at 10:44 AM
Anonymous said...: Aud changing lower...

bob; May 6, 2010 at 10:45 AM
Nic said...: Bond yields exploding in Europe, Greece back at 800bps over bunds.
A lot of money going to Yen; May 6, 2010 at 10:45 AM
Mannwich said...: Goldman to take it's little slap on the wrist and go back to its pillaging ways? They probably make this little fine in one day of prop trading.

http://www.zerohedge.com/article/charlie-gasparino-says-goldman-settlement-be-between-1-and-5-billion; May 6, 2010 at 10:46 AM
Bruce in Tennessee said...: @Bruce

CV, as a freshman, kicked all the SENIORS asses!

13 VARSITY letters (try and figure how that is possible)...

...But CV, didn't you go to an all-girls school? That might have had something to do with it.....; May 6, 2010 at 10:47 AM
McFearless said...: lol karen, I'm only saying that because I tend to do what she does when I talk, and I think I have it, hahahahah.

I hear her like you do Einhorn. she's the best, and so smart.; May 6, 2010 at 10:48 AM
McFearless said...: "heart her"; May 6, 2010 at 10:48 AM
McFearless said...: amzn chart getting fuglier each day...; May 6, 2010 at 10:52 AM
CV said...: @Bruce

HA! I wish... My letters were in football, baseball, & track...

I would have only made jayvee field hockey :-) (and gotten my shins battered in the process...; May 6, 2010 at 10:52 AM
McFearless said...: you didn't play golf C?; May 6, 2010 at 10:55 AM
CV said...: There's your LOWER LOW karen...

More to come...; May 6, 2010 at 10:56 AM
CV said...: @McF

I played golf on my own time... (not in HS)...

I didn't really start playing a lot until I was almost 30...; May 6, 2010 at 10:57 AM
McFearless said...: funny, those january shorts are......flat.; May 6, 2010 at 11:00 AM
McFearless said...: just throwing out there, got my first poison ivy of the year, it's an annual thing for me.; May 6, 2010 at 11:01 AM
karen said...: all these charts look the same (fxp, bzq) for example.. picking targets is near impossible for me.. looking for 1150-52 to let go of some shorts i guess.. this is all one trade is effing madness..; May 6, 2010 at 11:02 AM
karen said...: which is to say.. i have been a lousy trader this year..; May 6, 2010 at 11:03 AM
CV said...: UK election: Best bet is that history will be made

http://news.yahoo.com/s/ap/20100506/ap_on_bi_ge/eu_britain_election

---

Is anyone, but me, SICK & TIRED of the "history" (or "historic") label being slapped on to everything that moves?

I think friggin' Obama got us on this kick...

Everytime he does something, it's HISTORIC...

"My fellow Americans, I'm going to take leak, but it's going to be AN HISTORIC leak... One for the ages, that only a great man like me could ever produce... And the next leak I take will be EVEN MORE historic than the first one"!; May 6, 2010 at 11:06 AM
McFearless said...: you bears shouldn't be so pumped, stop trying to short this thing.

QE for life....

where's that dude?; May 6, 2010 at 11:06 AM
McFearless said...: I think this counts better as a fifth down instead of still being in a third, we should get a bounce soon and I like the idea C had early this morning, if it looks choppy and three on the way up I will back up the truck short again.; May 6, 2010 at 11:08 AM
karen said...: fxp above 45 is gap fill and break out on weekly chart.. could tap 47 even today.. i'm a wreck !

look at srs! even faz!; May 6, 2010 at 11:11 AM
karen said...: no one up for 1139?; May 6, 2010 at 11:13 AM
McFearless said...: of course this could still also be corrective down.....I'm starting to lean toward that as alternative rather than primary count, we'll see on the bounce.

loving the FXP....

DGUF.; May 6, 2010 at 11:13 AM
Mannwich said...: Selling picking up steam here.; May 6, 2010 at 11:13 AM
karen said...: i raised my fxp sell limit..; May 6, 2010 at 11:15 AM
karen said...: A note from James Turk

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McFearless said...: tlt manny....; May 6, 2010 at 11:16 AM
Mannwich said...: You know it, ben.; May 6, 2010 at 11:17 AM
McFearless said...: does zero hedge ever work anymore, everytime I go there mid-day the site is down. They must have a ton of traffic.; May 6, 2010 at 11:17 AM
CV said...: @karen (11:13)

Eventually... but not today...

We hit 1152... I'm waiting for a last wiggle down to 1150, and then I think it might reverse for awhile...; May 6, 2010 at 11:19 AM
spoonman said...: I have a confession to make. I made a bad trade this morning. The game plan was to short when the gap down this morning got covered, but I got impatient, put the trade on too early. It worked out, but I was riding a bigger potential loss than I wanted to(i.e. I violated my mental stop). Good way to get screwed. Of course, the trade worked out and I made money, which is probably worse because I've positively reinforced bad habits so I figured if I told you guys it would be embarassing and I wouldn't do it again. There, I got that off my chest.; May 6, 2010 at 11:23 AM
mcHAPPY said...: It is a nice day to be in on FAZ and FXP. My only wish is I didn't jump at TZA at around $5.50 and that it didn't retrace down around $5.60 level.; May 6, 2010 at 11:24 AM
mcHAPPY said...: FULL DISCLOSURE: I AM THE ULTIMATE CONTRARIAN INDICATOR! I realized what I did above... they are probably going to close in the red.; May 6, 2010 at 11:25 AM
AmenRa said...: CV

That's a Takuri line on the 5 min SPX chart testing 1151.86 (fibo .0557).; May 6, 2010 at 11:32 AM
CV said...: Dr. Phil says...

@spoonman @McHappy

Relax guys... Read my new book and you'll feel better about yourselves...; May 6, 2010 at 11:34 AM
McFearless said...: here's a relevant quote from Bob Prechter's December 2009 interview with TheIgnatPost.ru, when the USD's bull run was just starting:

Q: Currently in Russia it is very common to see forecasts which predict that in the very near future we will see a sharp decline of the US Dollar and a crash of the American treasury bill system. These forecasts cite quite strong arguments. What is the probability of such a scenario based on Elliot’s wave analysis?

-- The US Dollar is going to go up a lot in 2010, mostly because so many people think it’s going to fall. Back in 2000, when the dollar was topping, no one was bearish. Now everyone hates it. You always get “strong arguments” when markets are near a turn. This is because people use their conscious minds to create explanations for their unconscious moods. When mood are extreme, so are the arguments. Seemingly logical arguments always sound convincing at the wrong time. Long term, all currencies fail. So eventually the dollar will, too.

Q: Do you believe that the current crisis may mean the end for the economic model based on US Dollar emission?

-- I hope so. The world needs to return to honest money, which is gold, and IOUs for gold should be issued only by private entities. Governments ruin everything they touch.

Q: Will the US dollar lose the status of the world currency?

-- Of course. The only question is when.; May 6, 2010 at 11:35 AM
CV said...: @Amen

Yeah, I'm pretty sure it will bounce somewhere here...

I'm still waiting for another little wiggle lower after I see some MACD divergence on the 1 min charts...

it should be coming soon, theoretically; May 6, 2010 at 11:36 AM
McFearless said...: Hey C, check out this post:

http://www.ritholtz.com/blog/2010/05/europes-web-of-debt/

:); May 6, 2010 at 11:38 AM
BinT said...: @spoonman:

confession is good for the soul. Now tell us where you hid those Playboys from your parents when you were in high school...; May 6, 2010 at 11:42 AM
CV said...: @McF

LOL - TWSWB Whatta guy!; May 6, 2010 at 11:43 AM
karen said...: spx 15 min not showing an immanent turn.. lower we go..maybe a low 1150 or even lower??? i want 1139, a clean flush.; May 6, 2010 at 11:44 AM
CV said...: It would be fun to see this little "takeout" go swooshing down to 1146 or so...; May 6, 2010 at 11:44 AM
karen said...: imminent/immanent.. it all works !!; May 6, 2010 at 11:46 AM
CV said...: That's probably all the "fun & games" we're going to get (1150); May 6, 2010 at 11:48 AM
AmenRa said...: Uh oh. Takuri line getting banzai'd.; May 6, 2010 at 11:49 AM
I-Man said...: Sweet!

I go out for breakfast, and the hunt is on!; May 6, 2010 at 11:51 AM
CV said...: The new I-Man indicator!; May 6, 2010 at 11:52 AM
I-Man said...: Congrats on the TLT Manny!; May 6, 2010 at 11:54 AM
bob said...: Mommy, is this what a disorganized carry trade unwind looks like?; May 6, 2010 at 11:58 AM
Mannwich said...: Thanks I. Looks like Mannwich's market famine has ended or at least paused for the time being.; May 6, 2010 at 12:00 PM
I-Man said...: Guess what hasnt bounced...

JNK.; May 6, 2010 at 12:05 PM
Bob's Mom said...: EUR-JPY 117.0990 -3.1210 -2.60%

This is certainly getting close to a disorderly unwind Bobby...; May 6, 2010 at 12:07 PM
Leftback said...: Happiness is a bucket full of AGG and TLT.; May 6, 2010 at 12:08 PM
karen said...: I-man.. i am really watching jnk.. i think spx dips under 1150..; May 6, 2010 at 12:09 PM
karen said...: and spx on 15 min is usually good.. for turns.; May 6, 2010 at 12:10 PM
karen said...: 1158 needs to hold to keep me happy.; May 6, 2010 at 12:12 PM
Leftback said...: 1150.26 the low as far as I can see so far.

LB feels bad for the JOHNNYS who got into those high flying HY funds late in the day. BRIAN is just closing the office for the summer.; May 6, 2010 at 12:14 PM
mcHAPPY said...: Looks like Greece saved the day.; May 6, 2010 at 12:14 PM
mcHAPPY said...: CV,

Tell Dr. Phil, "I told ya!"; May 6, 2010 at 12:15 PM
Leftback said...: A 61.8% retrace of the 1202-1150 drop would get us back to somewhere around the SPX 1182 zone. Doubt very much that bulls can push beyond 1176 (50%) or 1182 at most.; May 6, 2010 at 12:17 PM
karen said...: take a look at spx on the daily.. not close to oversold..; May 6, 2010 at 12:28 PM
I-Man said...: Should I feel bad for my friends getting smoked in NRF today?

Nah... they shoulda known bettah.; May 6, 2010 at 12:31 PM
bob said...: Gold is up.; May 6, 2010 at 12:32 PM
CV said...: @LB (12:17)

x2

Sounds about right...; May 6, 2010 at 12:41 PM
CV said...: @LB

However, I'd expect that move to come rather quickly...

Perhaps tomorrow (or even get started late in the day today)...

They'll try and use NFP (spin it bullish), and get shorts to cover going into the weekend...

That ought to get it moving enough to get to the levels you spelled out...; May 6, 2010 at 12:43 PM
Leftback said...: Agreed.
Maybe even some Momo Monday - but then it's down again....

Did I ever tell anyone we could see a 1% on the 10y? Crazy idea, but if we have European meltdown and don't have a US QE2 then they will all buy Ts like there is no tomorrow. That would be nice for Manny's TLT...; May 6, 2010 at 12:46 PM
CV said...: LT rape?

Hall of Fame linebacker Lawrence Taylor accused of rape

http://www.msnbc.msn.com/id/36987069/ns/sports-nfl?GT1=43001

SUFFERN, N.Y. - Football Hall of Famer Lawrence Taylor was arrested Thursday in connection with a reported rape in the New York City suburbs, police said. The victim reportedly was a 15-year-old girl.; May 6, 2010 at 12:49 PM
I-Man said...: That would be nice for America...; May 6, 2010 at 12:49 PM
I-Man said...: Not the LT rape story, that would be terrible.

The 10yr at 1%.; May 6, 2010 at 12:50 PM
CV said...: @LB

I fully expected to see at least a 2 handle on the 10y in a "P3"...; May 6, 2010 at 12:51 PM
CV said...: @I-Man

That's when CV would probably go ahead and put a mortgage on a portion of the farm...; May 6, 2010 at 12:52 PM
I-Man said...: I think one could probably get long here with the mini's and make it pay.

1175.

Or at minimum hedge some shorts with some UPRO.; May 6, 2010 at 12:53 PM
DL said...: LB @ 12:46

I see you've been listening to Gary Shilling.

(Not that he wasn't spectacularly correct for a while there).; May 6, 2010 at 12:55 PM
DL said...: I-Man @ 12:53

Perhaps, but I'm not going to wade into the whirlpool at this point. If we were to get a sharp rally that began from the 1145 level (or so), I might try to short it, however.; May 6, 2010 at 12:57 PM
karen said...: check jnk!; May 6, 2010 at 12:58 PM
I-Man said...: Its a flushout Karen, watch the whippage.; May 6, 2010 at 1:04 PM
DL said...: I don't expect to see the SPX drop below 1100, but if it does, Bernanke can always announce another round of toxic asset purchases.; May 6, 2010 at 1:08 PM
Leftback said...: "I see you've been listening to Gary Shilling."

Not really, just following my Japanese playbook, DL-san.; May 6, 2010 at 1:11 PM
I-Man said...: Oh shit...

I was wrong.; May 6, 2010 at 1:12 PM
karen said...: i get a prize if 1150 is taken out :P; May 6, 2010 at 1:14 PM
Mannwich said...: I'm wondering if a lot of bears (myself included) expect another significant pop up before we get our bigger leg down? Which leads me to wonder if we'll end up going virtually straight down and further down without a significant pop back up than many of us think? I mean, we went straight up for 13 straight months. What's to stop it from just doing the same thing on the downside, but only more quickly?; May 6, 2010 at 1:14 PM
DL said...: I-Man @ 1:12

Has that ever happened before?; May 6, 2010 at 1:14 PM
I-Man said...: You should... I didnt see that coming today at all.; May 6, 2010 at 1:15 PM
I-Man said...: @ DL

Of course, I just dont always admit it right away.

:); May 6, 2010 at 1:15 PM
karen said...: this is a joke; clearly the banks have no clue on the housing situation..

Citigroup, Inc (NYSE: C) raised its price target on Beazer Homes (NYSE: BZH) from $6.25 to $7.00 and remained its “hold” rating on the company.

Citigroup analyst Josh Levin said that the price target increased is supported by the normalized earnings framework and reflects the process of minimizing risk in terms of the company’s the balance sheet.

Levin said that BZH shares have positive upside, however the stock doesn’t warrant a “buy” rating.; May 6, 2010 at 1:16 PM
I-Man said...: But you know, it could still turn out to be one of these:

"Oh shit... I wasnt wrong... I was just wrong for thinking I was wrong."

Those are the worst...; May 6, 2010 at 1:17 PM
bob said...: JNK just hit terminal velocity; May 6, 2010 at 1:19 PM
DL said...: I-Man @ 1:17

I think you're wrong about that.; May 6, 2010 at 1:20 PM
Mannwich said...: There it goes karen.; May 6, 2010 at 1:20 PM
DL said...: It's a nice feeling to watch this while sitting in cash. Sort of like watching a deluge outside while you're sitting inside your house, warm and dry.; May 6, 2010 at 1:22 PM
karen said...: faz to 15 on the rev h&s, anyone?; May 6, 2010 at 1:22 PM
karen said...: dl, i can assure you it's a bit nicer being short... very, very short.; May 6, 2010 at 1:23 PM
Mannwich said...: Or heavily in TLT.; May 6, 2010 at 1:24 PM
karen said...: anyone up for 1139 now?; May 6, 2010 at 1:24 PM
I-Man said...: Its nice to see your moxie back Karen.; May 6, 2010 at 1:24 PM
DL said...: Karen @ 1:23

I know. But I can't watch the market continuously. Besides, I've got other sources of stress at the moment; don't need another.; May 6, 2010 at 1:26 PM
Nic said...: Manny
I think the reason this drop has some legs because us Bears keep getting ready for the bounce ... just my 2c; May 6, 2010 at 1:28 PM
karen said...: dl, i was just jk!! i have so much stress myself! husbands, sons, bfs, leaking balcony..; May 6, 2010 at 1:28 PM
Mannwich said...: So when does the universal shorting ban get proposed and take effect?; May 6, 2010 at 1:29 PM
Mannwich said...: Exactly what I'm thinking, Nic. So many bears are beaten down and suspicious. Ripe for the elevator down just early '09.; May 6, 2010 at 1:29 PM
CV said...: 1143 would be the 89SMA on SPX...

That was the launching point (in terms of CONFIRMATION) from after the February lows...

The 89SMA at that point was near karens top...; May 6, 2010 at 1:31 PM
karen said...: Nic, along that reasoning, there aren't many shorts to come in and cover perhaps?

a huge blast just sounded outside my house.. i'm afraid to look..; May 6, 2010 at 1:32 PM
DL said...: Mannwich @ 1:29

So did you hear about how members of Congress were shorting the market during their private consultations with Bernanke and Paulson back in 2008...?

Never got disclosed (till very recently); May 6, 2010 at 1:32 PM
CV said...: @karen

husband(s)... WTF?; May 6, 2010 at 1:32 PM
Mannwich said...: I saw that, DL. Why does that not surprise me? I wonder how many of them "invest" and trade based on inside information too? Quite a few, I'm guessing? After all, silly little laws don't apply to some people.; May 6, 2010 at 1:35 PM
Mannwich said...: @cv: karen must be a reverse polygamist. She just won even MORE respect from Mannwich. ;-); May 6, 2010 at 1:35 PM
CV said...: @Amen

Looking better and better for a WEEKLY 3lb reversal ;-); May 6, 2010 at 1:35 PM
DL said...: Mannwich @ 1:35

The bigger problem is that they sell information to hedge funds. Any time they have debates on bills that affect individual companies,they can sell that info to hedge funds, who then place bets (long or short) on the various companies involved.

No way to stop it.; May 6, 2010 at 1:37 PM
Mannwich said...: Agreed, DL. There's NO DOUBT that this goes on. It's no wonder the politicans in both parties are in bed with Wall Street. It's the perfect quasi-criminal symbiotic "WIN-WIN' relationship.; May 6, 2010 at 1:38 PM
Mannwich said...: Just over 700 points to have to put those DOW 10K hats back in the closet......AGAIN.; May 6, 2010 at 1:39 PM
Nic said...: This is interesting:
http://www.thereformedbroker.com/2010/05/06/hear-that-sound-its-the-capital-window-creaking-shut/

Someone has to tell me how to put hyperlinks in one day; May 6, 2010 at 1:40 PM
karen said...: This comment has been removed by the author.; May 6, 2010 at 1:46 PM
karen said...: oops, laughing, tried to show you but it didn't work.. can't get into reformed broker site!; May 6, 2010 at 1:49 PM
bob said...: Nic,

http://www.ironspider.ca/format_text/hyperlinks.htm

Just copy the text in the boxes, and replace the red text with what you want to link to and the text you want to appear. If I try to cut and paste it it will just show up as a link....; May 6, 2010 at 1:51 PM
DL said...: I have to say, gold has held up very well since 4/26/10. Better than I would have predicted.; May 6, 2010 at 1:51 PM
CV said...: @Nic

type in the TEXT for your link; May 6, 2010 at 1:52 PM
Leftback said...: "i can assure you it's a bit nicer being short... very, very short."

Are you talking equities or skirts Karen..? :-); May 6, 2010 at 1:53 PM
I-Man said...: GDX and GDXJ also, DL. Miners looking pretty firm in this tape. Which kind of surprised me too.; May 6, 2010 at 1:53 PM
karen said...: usb has a 2% short position..; May 6, 2010 at 1:55 PM
DL said...: I-Man @ 1:53

Of course, it's not difficult to provide an after-the-fact rationalization.; May 6, 2010 at 1:55 PM
I-Man said...: At some point I'd like to do an in depth look at the various miners, and break them down by country and currency risk.; May 6, 2010 at 1:56 PM
Leftback said...: Gold is often an asset that trades like a currency
Copper, not so much...; May 6, 2010 at 1:57 PM
I-Man said...: Banks look very bad... very bad.; May 6, 2010 at 1:58 PM
Bruce in Tennessee said...: CR has a post up that says that the increase in personal spending last quarter came from transfer payments. I guess that means that the tax money I sent to Washington, that they then sent to LB, that is the reason there was some little juice last quarter.

But now what? Will LB continue his rakish leftstyle? Stay tuned...; May 6, 2010 at 1:59 PM
I-Man said...: SWHC holding pretty firm past few days...

Locked and loaded.; May 6, 2010 at 2:01 PM
DL said...: B/T @ 1:59

The welfare checks that Obama sent out last year via the IRS came from China.

The bill for that hasn't yet come due.; May 6, 2010 at 2:02 PM
DL said...: We should get a rally in the wake of Germany's approval of the welfare payments to Greece.; May 6, 2010 at 2:03 PM
karen said...: now look at jnk !! 37 a real possibility.; May 6, 2010 at 2:04 PM
I-Man said...: Great call on JNK Mistress; May 6, 2010 at 2:06 PM
karen said...: cv, i want a raise if we get to 1139-1140 !!!; May 6, 2010 at 2:07 PM
bob said...: double terminal velocity, -.70 in a clip...; May 6, 2010 at 2:07 PM
I-Man said...: 36.45!!!; May 6, 2010 at 2:07 PM
DL said...: VIX @ 28. This should be getting near the upper end of what we're likely to see.; May 6, 2010 at 2:07 PM
Mannwich said...: Wow, this is quite impressive. I really want to get WAY more short too. Other than my tiny FXP position, I'm not there. Happy with TLT but still want to get short. Will I get the opportunity? Not so sure.; May 6, 2010 at 2:07 PM
karen said...: i want OUT of my shorts, laughing.. almost there..; May 6, 2010 at 2:09 PM
DL said...: Mannwich @ 2:07

At this point, you've got to wait for a rally. Unless you're really nimble.; May 6, 2010 at 2:09 PM
Mannwich said...: So who will Cramer aim this year's "they know nothing" rant?

Yikes.; May 6, 2010 at 2:09 PM
Mannwich said...: Agreed, DL. I'm waiting. Don't want to short now. At least I have the TLT and FXP.; May 6, 2010 at 2:10 PM
I-Man said...: Manny, I wrote this for myself on my blog this weekend... Just for these occasions:

"1175...1150... and then the 1110-1090 range. Who knows what kind of fun awaits...

But, be safe- the tape will be volatile: take the easy money- sit back, wait... and reload. Dont go short on down days. Losers average losers. "; May 6, 2010 at 2:11 PM
CV said...: 1139 karen :-); May 6, 2010 at 2:11 PM
Leftback said...: WOW. Waterfall City.

Wait for it, Karen. You might be rich by the close.
More rich... and beautiful. It doesn't seem fair...!!

Manny, TLT and Bucky are on a roll.; May 6, 2010 at 2:15 PM
karen said...: i'm a star today! imom.. laughing..; May 6, 2010 at 2:15 PM

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