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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DL said...: We could be getting close to the point where a 3% rally begins.; May 6, 2010 at 2:16 PM
bob said...: Right on post February technical support on the AUDUSD as I see it; May 6, 2010 at 2:16 PM
CV said...: JNK is getting schellacked!; May 6, 2010 at 2:16 PM
I-Man said...: Bob, you deserve some props on JNK too breddah... you've been on this one.; May 6, 2010 at 2:17 PM
DL said...: CV,

Maybe you should contemplate putting up another thread. Just to be on the safe side.; May 6, 2010 at 2:19 PM
karen said...: my faz just got swallowed up.. small gain but never let me buy that again.. 14.27.. sell price.. effing thing.. also sold bzq and fxp..; May 6, 2010 at 2:19 PM
bob said...: JNK is what happens when you expect leveraged hedge funds to step in with cash when their capital base of leverage is disappearing.

It's busted. No other way to put it.; May 6, 2010 at 2:20 PM
Nic said...: I hope McF is doing OK; May 6, 2010 at 2:20 PM
Mannwich said...: Holy crap. Here we go again.; May 6, 2010 at 2:20 PM
CV said...: Heading for that 1123 gap now...; May 6, 2010 at 2:22 PM
Nic said...: FX is in full liquidation mode; May 6, 2010 at 2:23 PM
I-Man said...: The brokers here still dont have a damn clue whats going on...

They arent even nervous.

I tried warning several of them about JNK last week...

But of course, to them, I'm just a sales assistant who's been ranting about deflation for 9 months.; May 6, 2010 at 2:23 PM
Leftback said...: k1 (who may be Keith McCullough from Hedgeye) and LB were discussing a pairs trade of LONG LQD:SHORT JNK at Macro Man. I think someone big may actually have put that on.

LB is not Hugh Hendry, or Gary Shilling.; May 6, 2010 at 2:24 PM
DL said...: "LB is not Hugh Hendry, or Gary Shilling"

Of course, there is one other suspect.; May 6, 2010 at 2:26 PM
Leftback said...: 11 bps on the 3-month bill. Not at panic stations yet. If we get to 4 it is mattress time.

How you feeling JOHNNY? LEO is having a bad day with his solars at ZH. Stops being blown here, margin calls left and right....

CV, shoulda held those TLT calls...; May 6, 2010 at 2:27 PM
Leftback said...: "Of course, there is one other suspect."

???; May 6, 2010 at 2:28 PM
Erin Burnett said...: There is a silver lining.

79 new highs on the NYSE.; May 6, 2010 at 2:30 PM
I-Man said...: You know we're in liq mode when GLD starts getting hammered...

Thats margin call territory.; May 6, 2010 at 2:30 PM
72bat said...: karen -
the extra day away seems to have worked a charm - eh?; May 6, 2010 at 2:30 PM
Anonymous said...: Nice trade Taboo!; May 6, 2010 at 2:30 PM
Leftback said...: Tell me someone big isn't short this:
JNK 35.820 -2.940 -7.585%; May 6, 2010 at 2:31 PM
bob said...: LB it looks like they are covering now. What happens after that?; May 6, 2010 at 2:32 PM
Mannwich said...: Holy TLT.; May 6, 2010 at 2:32 PM
karen said...: drn broke support at 45.. there is hope for my srs yet???; May 6, 2010 at 2:32 PM
karen said...: gdx down, too..; May 6, 2010 at 2:33 PM
Leftback said...: "What happens after that?"

Who knows?? These are the strangest markets of all time.; May 6, 2010 at 2:34 PM
karen said...: all i can say to this is, "Oh, really?"

Thursday, May 6th, 2010, 1:12 pm
Source: Bloomberg
Prudential Financial Inc., the US life insurer that predicted a rebound in commercial real estate in December, said the prospect of increased property values makes mortgage originations an attractive business.

“We are happy to be a real estate lender at this point,” Bernard Winograd, the insurer’s executive vice president for US businesses, said today on a conference call with investors. “We feel good about the upside opportunity for valuations relative to the downside risk.”

Prudential, the second-biggest US life insurer, had about $29.6bn of commercial mortgage and other loans at the end of 2009.; May 6, 2010 at 2:36 PM
DL said...: The decline in crude oil is somewhat more impressive than I would have thought a week ago. However, I do plan to buy some OIH within the next few weeks.; May 6, 2010 at 2:36 PM
Leftback said...: Katy?

The door....; May 6, 2010 at 2:37 PM
72bat said...: karen -
so another day away seems to have worked the charm - eh? didn't i suggest 1120 to you yesterday?; May 6, 2010 at 2:38 PM
Mannwich said...: P3 anyone?; May 6, 2010 at 2:40 PM
BinT said...: Where is the PPT when we need them? Don't tell me congressmen were buying SRS overnight.; May 6, 2010 at 2:40 PM
DL said...: I may actually get up the guts to buy a few SPY call options within the next hour.; May 6, 2010 at 2:41 PM
karen said...: faz almost to 15! 14.90 so far.. srs to 30?!; May 6, 2010 at 2:42 PM
72bat said...: quickly approaching wanger's magic number, 1197 wasn't it?; May 6, 2010 at 2:42 PM
Leftback said...: We are a few circuit breakers away from 1987 here.

If this is controlled and planned execution by the IBs, then we will not see more than 7%. If this is a panic, then circuit breakers before 3.30.

A few quant funds are done and dusted after today.; May 6, 2010 at 2:42 PM
karen said...: my top in sight!!; May 6, 2010 at 2:43 PM
Nic said...: TIM-BERRRRRRRRRRRRRRRRRRRR; May 6, 2010 at 2:44 PM
karen said...: bat, you are back! and still functioning, i hope. and what a welcome home..; May 6, 2010 at 2:44 PM
DL said...: This is one of the better shows I've seen in a while.; May 6, 2010 at 2:44 PM
Nic said...: no no its my top haha; May 6, 2010 at 2:44 PM
Anonymous said...: Nice call BR; May 6, 2010 at 2:44 PM
DL said...: Karen @ 2:43

Your top and your feet. Time to take your shorts off, too.; May 6, 2010 at 2:45 PM
mcHAPPY said...: Wow.... I come home from my therapist and this is what I get? I'm going to start scheduling weekly vs bi-weekly.

I am up 22.36% on FAZ - TODAY! Make that 24.48

I've never experienced this before.; May 6, 2010 at 2:45 PM
bob said...: Shit is busted.; May 6, 2010 at 2:46 PM
Mannwich said...: PPT?!?! PPT?!?!; May 6, 2010 at 2:47 PM
Mannwich said...: There's some PPT.; May 6, 2010 at 2:48 PM
Leftback said...: Clavadista de Todos...

WATERFALL CITY.; May 6, 2010 at 2:49 PM
mcHAPPY said...: Whoops... spoke too soon - again - down to 15%; May 6, 2010 at 2:50 PM
karen said...: well, i couldn't even get my order in..; May 6, 2010 at 2:50 PM
karen said...: e*trade is completely stuck.. can't even see my portfolio.; May 6, 2010 at 2:51 PM
AmenRa said...: We have blown through the MONTHLY 3LB REVERSAL price at 1095.63. "Jump you fuckers"; May 6, 2010 at 2:51 PM
DL said...: We'll get a pretty good "dead-cat bounce" out of this. Perhaps it'll run tomorrow and Monday.; May 6, 2010 at 2:51 PM
72bat said...: functional? not so much. didn't report for work today, so guess that's counting as one more day away and talk about working the charm.
about to bail on my still underwater qid, sds, srs and tza; May 6, 2010 at 2:51 PM
Mannwich said...: A 98 handle on TLT.; May 6, 2010 at 2:52 PM
I-Man said...: SOmeone is fucking with SPXU and its pissing me off...

Saw it go from 38 to 29 in one print. Fuckers!; May 6, 2010 at 2:52 PM
Mannwich said...: Here it comes, DL. TLT touched 100. Now back to 96.73.; May 6, 2010 at 2:53 PM
Leftback said...: Karen's Top was exposed in all its loveliness....; May 6, 2010 at 2:53 PM
karen said...: even orders i had in didn't take... whatever.; May 6, 2010 at 2:53 PM
mcHAPPY said...: I guess it goes up, until it doesn't.; May 6, 2010 at 2:55 PM
DL said...: Karen @ 2:53

I've seen that happen a couple of times with Etrade on busy days.

On a day like this, you can't count on getting anything executed during the last 15 minutes of trading.; May 6, 2010 at 2:55 PM
Nic said...: CNBS are taking about trades being cancelled because it was a machine error; May 6, 2010 at 2:57 PM
DL said...: Mannwich @ 2:53

It might not be a bad idea to set a good-till-cancelled limit order to sell TLT. I think this is about as good as it's going to get for that one.; May 6, 2010 at 2:57 PM
AmenRa said...: Lemme guess...CNBS teleprompt readers have committed seppuku. The rest of Cramers hair has fallen out. Roubini and Rosenberg are at a Swiss resort kicking it hard.; May 6, 2010 at 2:57 PM
Mannwich said...: Is this late '08/early '09? Feeling deja vu all over again.; May 6, 2010 at 2:59 PM
Mannwich said...: You might be right, DL. I might take some off soon for a bit.

Who will Cramer and the clowns on CNBC blame this time? Not Timmay again?; May 6, 2010 at 3:00 PM
Mannwich said...: Feels like late '08/early '09 all over again. Yogi, where for art thou?; May 6, 2010 at 3:00 PM
AmenRa said...: A full 12.6% correction from the high. Maybe someone had an early look at the NFP (snark).; May 6, 2010 at 3:00 PM
Mannwich said...: MSM attributing it to "concerns about Greece". LOL. Where were these idiots 4-5 months ago? They could have just spent some time here. Greece "news" isn't new.; May 6, 2010 at 3:01 PM
AmenRa said...: Wait a minute. Didn't the market pull this same routine when TARP was being voted on?; May 6, 2010 at 3:01 PM
DL said...: Looks like most of the panic has subsided for now.; May 6, 2010 at 3:02 PM
mcHAPPY said...: WOW - DOW down 994 at one point. Crazy.

Any guesses on where we close?; May 6, 2010 at 3:02 PM
72bat said...: schwab.com "Position details are currently unavailable. Please try again later"; May 6, 2010 at 3:03 PM
Leftback said...: Manny, I'd agree with taking some off in TLT here.

Have been selling small amounts of Treasuries here and there as yields have been plummeting this week. Buying Ts at 4% on the 10y in Jan is now looking like a smart move. Time to take some profits.

However, I think we will return and go even lower. ECRI thinks the economy is slowing and people pay attention to that.; May 6, 2010 at 3:03 PM
mcHAPPY said...: @Manny 3:01

X 10000000000000000000000000000

I told my brother about this in December and he laughed.; May 6, 2010 at 3:03 PM
Leftback said...: Johnny may be looking for a change of clothes??; May 6, 2010 at 3:04 PM
Colin said...: Um. Wow.; May 6, 2010 at 3:05 PM
bob said...: AR,

Yes, same deal with TARP, sell the vote, then sell the result even harder.

You have to have money on the table before you can take it.; May 6, 2010 at 3:05 PM
AmenRa said...: LB

Johnny just called Brian. "I'll see you later when you get off. Is your suit made of Kevlar?"; May 6, 2010 at 3:06 PM
CV said...: @DL

What were you saying yesterday about VIX 28???; May 6, 2010 at 3:06 PM
DL said...: CV @ 3:06

I wish your memory weren't so good.

And stop reading my comments, will you?; May 6, 2010 at 3:08 PM
mcHAPPY said...: "When does the damn break? EUR/USD at 1.2714? EUR/JPY 119?? When does the carry REALLY unwind?"

I asked this today at 9:04am. I guess we just got our answer.; May 6, 2010 at 3:08 PM
72bat said...: "schwab.com is currently unavailable. We are currently experiencing technical difficulties on our site. Please try again or call 800-435-4000 if you need immediate assistance. Note that hold times on our phone lines may be longer than normal. You can also call or visit your nearest Schwab Branch. We are working to resolve the problem as quickly as possible, and apologize for the inconvenience."
INCONVENIENCE?!? ppt effing beat me to the punch; May 6, 2010 at 3:09 PM
karen said...: spx went to 1065 the 50 ma!! exactly!!; May 6, 2010 at 3:09 PM
Mannwich said...: I just took some off. Selling my FXP too.; May 6, 2010 at 3:09 PM
AmenRa said...: Sniff. Sniff. I smell PPT.; May 6, 2010 at 3:11 PM
mcHAPPY said...: mcHAPPY is rolling with it.

The trend is down, I'm operating on the daily charts, everytime I try to guess I F*CK up huge. If anyone notices a DAILY trend change, please let me know.; May 6, 2010 at 3:12 PM
DL said...: 72bat @ 3:09

Yes, I have found that losing thousands of dollars in a single day can be a tad INCONVENIENT.; May 6, 2010 at 3:12 PM
mcHAPPY said...: "spx went to 1065 the 50 ma!! exactly!!"

LOL; May 6, 2010 at 3:13 PM
Mannwich said...: Still a LONG way to go today too.; May 6, 2010 at 3:15 PM
I-Man said...: Hang in there Ben... I'm sure your ear hurts.; May 6, 2010 at 3:16 PM
72bat said...: @DL
in a dingle day? how about during a window of opportunity that lasted just 6 minutes or so. f**k that sh*t charles!; May 6, 2010 at 3:16 PM
72bat said...: "single day" well, i was IN dingle just a few days ago; May 6, 2010 at 3:17 PM
mcHAPPY said...: The sad thing is my current FAZ holding only covers about 40% of my loss from holding oil past January - and I haven't sold so I'm still down the full 100%.; May 6, 2010 at 3:17 PM
I-Man said...: Yeah, so I guess you need to use sell limits at ridiculously high levels to be able to trade these 3x bitches successfully...; May 6, 2010 at 3:18 PM
spoonman said...: Wow. Go out for a little walk...Glad to be in cash. Wish I still had those puts I sold at 1150, getting a bit too clever. Although I'm not sure what I could sell them for at the moment - something seems to be broken.; May 6, 2010 at 3:18 PM
Leftback said...: As predicted in a waterfall the bloody online brokers won't function.

Our strategic portfolio moves have been near perfect in fixed income. The trading of EVERYTHING has just been so bloody difficult. But we are happy.; May 6, 2010 at 3:18 PM
Mannwich said...: This has shades of "TARP" written all over it. TBTF's throwing a tantrum and pulling the plug in defiance of any financial reform bill with teeth in it?

http://www.nakedcapitalism.com/2010/05/guest-post-the-tide-is-turning-call-your-senator-now.html; May 6, 2010 at 3:19 PM
Johnny Retail said...: BRIAN.... BRIAN.... BRIAN....?; May 6, 2010 at 3:20 PM
Leftback said...: "TBTF's throwing a tantrum and pulling the plug"

Good read.; May 6, 2010 at 3:20 PM
Mannwich said...: It's time to pull the plug on THEM, lb. If this market goes in a big way, that will be the final straw with the sheeple, IMO.; May 6, 2010 at 3:22 PM
DL said...: Mannwich @ 3:19

Didn't read the article, but Germany's Parliament is voting tomorrow on the bailout.; May 6, 2010 at 3:23 PM
Mannwich said...: The nutcases at ZH must being going bonkers. Site down.; May 6, 2010 at 3:23 PM
CV said...: Bite me TBTF's; May 6, 2010 at 3:23 PM
mcHAPPY said...: If a family member or friend came to you asking what should they do now after listening to you be wrong for nearly a year, what should/would you tell them?

Does anyone think there can be new highs after this?

Would the best advice be to get out now and stay in cash?

I'd really appreciate thoughts.

My own would be "Don't try and time it, just go to cash."; May 6, 2010 at 3:24 PM
Mannwich said...: @DL: MORE shades of TARP and how the first vote failed, markets tanked, Paulson got on his kness, the second vote passed, and the rest "is history", as they say.; May 6, 2010 at 3:24 PM
bob said...: 1.2550 is the level on the EUR where the SHTF in 2008, equities being thrown out the window. I can't get a good chart up now, but I think that is what happened again today.

The entire financial world is built on top of a 1.2550 EUR.; May 6, 2010 at 3:24 PM
spoonman said...: I would second that, mcHap; May 6, 2010 at 3:24 PM
Nic said...: Third largest S&P drop in history today ...; May 6, 2010 at 3:25 PM
Mannwich said...: Couldn't get into Schwab to trade anything my retirement accounts if I wanted to. So when this happens, I'm basically "blacked out" like the employees at Enron were. Fucking useless.; May 6, 2010 at 3:26 PM
spoonman said...: So...uh...Ben...you think this move looks impulsive?; May 6, 2010 at 3:27 PM
I-Man said...: The online brokers better get their shit together, or they are going to be out of business.; May 6, 2010 at 3:28 PM
DL said...: Mannwich @ 3:26

You can still set a limit order tonight, if you have an opinion about where the market's going tomorrow.; May 6, 2010 at 3:28 PM
Mannwich said...: Yes, I-Man. Can anyone say "online broker run?" I can.; May 6, 2010 at 3:28 PM
DL said...: I-Man @ 3:28

And who will replace them?; May 6, 2010 at 3:29 PM
Mannwich said...: I may do that, DL. I just would like the option of being in today to do something if I want to though. Call me crazy as a Schwab CUSTOMER.; May 6, 2010 at 3:29 PM
CV said...: @DL

"Germany's Parliament is voting tomorrow on the bailout."

They'll be "MARK-ing" their ballots...; May 6, 2010 at 3:29 PM
Anonymous said...: Johnny uses online brokers!; May 6, 2010 at 3:29 PM
Mannwich said...: @DL: The mattress? ;-); May 6, 2010 at 3:30 PM
72bat said...: manny -
exactamundo! so amongst those here, whose online broker has been up and running the whole time?
been logged into and timed out of schwab several times so far, never long enough to enter an order; May 6, 2010 at 3:30 PM
DL said...: All this talk of the brokers being down makes me not feel so bad about being in cash today.; May 6, 2010 at 3:31 PM
Leftback said...: Ah the joys of fixed income, where liquidity rarely fails and real time trading is actually possible... unless it is GGBs of course.

If your rellies don't know what they're doing, McH, cash is always good.; May 6, 2010 at 3:32 PM
spoonman said...: Gold is up? Not a risk asset?; May 6, 2010 at 3:33 PM
Nic said...: The rout started in the e-mini ... from MrTopStep:
sounds crazy but Hearing Citi's program desk had an e-mini program error. Meant to sell $16mm of the e-minis but put in $16bln instead.; May 6, 2010 at 3:33 PM
Leftback said...: TD was OK for LB. I think BR uses them too.
But he was out before the day began.; May 6, 2010 at 3:34 PM
Leftback said...: Phat Phinger by Vikram !!

TOOLS..; May 6, 2010 at 3:35 PM
CV said...: I use SCOTTRADE...

It has worked fine all day, and the executions came in perfectly (even during that crazy few minutes)...

I sold the SPXU shares on my moms account down around 1072... Did a "market sell"...; May 6, 2010 at 3:35 PM
Mannwich said...: I'm in!; May 6, 2010 at 3:36 PM
CV said...: Citi...

See what happens when you're owned by the US Government?; May 6, 2010 at 3:36 PM
karen said...: i've placed a number of GTC type orders now.. i want to see my top again.. i won't go long.. there is zero value here.. too much leverage in the price as we all got to see when sh*tty hit the fan.; May 6, 2010 at 3:36 PM
dl said...: Nic @ 3:33

OUCH!!

(Someone's going to get fired over this); May 6, 2010 at 3:39 PM
Mannwich said...: Greece video from yesterday.

http://globaleconomicanalysis.blogspot.com/2010/05/dow-plunges-nearly-1000-points-video-of.html; May 6, 2010 at 3:39 PM
Leftback said...: do a lot of folks ask Brian to sell during the JOHNNY HOUR tomorrow?

Agreed on zero value. Later on we can all buy DIVVYS but not at these multiples.; May 6, 2010 at 3:39 PM
Mannwich said...: @lb: Retail has to be running scared now. How many will take their recent profits and run at this point? I gotta believe many will. Has to make them nervous to watch this all over again so soon after the most recent meltdown.; May 6, 2010 at 3:41 PM
karen said...: i'd almost feel better if they negated all trades between a certain time! i just wonder if that C rumour is an excuse.; May 6, 2010 at 3:42 PM
DL said...: I suppose now we're going to have to retest the 1070 level tomorrow, or more likely next week.; May 6, 2010 at 3:43 PM
karen said...: now the charts are going to be so screwed up... crude and the dollar still good, tho.. gold and gdx okay..

hey, look at gs.. not much off its lows!; May 6, 2010 at 3:44 PM
mcHAPPY said...: @DL

Are you buying oil around $76?; May 6, 2010 at 3:44 PM
karen said...: crude is gonna break 75!!! pls don't incite me.; May 6, 2010 at 3:46 PM
karen said...: it is going to fall for 3 more weeks.. look at a long term weekly chart.. it's a no-brainer as they say, laughing.; May 6, 2010 at 3:47 PM
AmenRa said...: I'm gonna need bigger charts...; May 6, 2010 at 3:47 PM
DL said...: McHappy @ 3:44

The market dropped more than I thought it would. I had agreed with CV's prediction (two days ago) that we would stop around 1110.

In any case, I do intend to take a significant stake in OIH some time in the next 2-3 weeks.; May 6, 2010 at 3:47 PM
Mannwich said...: "So easy", as others who shall not be named, so often opine.; May 6, 2010 at 3:47 PM
karen said...: and the real depression is coming by the way.. it's that or hyper-inflation and i dare say the former is the better route.; May 6, 2010 at 3:48 PM
Mannwich said...: Here come the buyers.; May 6, 2010 at 3:49 PM
Mannwich said...: Sadly, I agree, karen. As do others here, I'm guessing.; May 6, 2010 at 3:49 PM
Mannwich said...: Schwab unavailable again. WTF?; May 6, 2010 at 3:50 PM
Bernanke said...: More QE on the way.; May 6, 2010 at 3:51 PM
CV said...: @karen (3:48)

agreed...

Not for the BANKS tho :-); May 6, 2010 at 3:52 PM
Mannwich said...: F(&(@#$'ing Schwab.; May 6, 2010 at 3:53 PM
AmenRa said...: I-Man

SPX daily = Takuri line. Even crossed the 233 SMA today.; May 6, 2010 at 3:54 PM
I-Man said...: THink the charts are screwed up???

Imagine the ALGO'S!!!; May 6, 2010 at 3:56 PM
DL said...: AmenRa,

You've got your hands full today (for the daily wrap).; May 6, 2010 at 3:56 PM
AmenRa said...: CV

We closed below the weekly 3LB reversal yesterday. I was hoping it would hang on for two days to have the week actually close below it. Then look for confirmation. But we got confirmation and a trend in the move today. Best laid plans..; May 6, 2010 at 3:57 PM
bob said...: TD was good here to, couple blips but all actual trading systems seemed good.

IAB same thing, although their market data feed has been down all day.; May 6, 2010 at 3:58 PM
AmenRa said...: Anyone notice the dragonfly doji on the Dow from two days ago?; May 6, 2010 at 3:58 PM
Mack said...: Trading Error at Major Firm Blamed for Market Plunge: Sources (Story Developing)

the plot thickens; May 6, 2010 at 4:03 PM
Nic said...: DOW futures tanking again; May 6, 2010 at 4:03 PM
Mannwich said...: Bank holiday anyone? ;-); May 6, 2010 at 4:04 PM
Mannwich said...: Alright, off to the gym. Check back later. Interesting day and week to say the least.; May 6, 2010 at 4:04 PM
Leftback said...: Hard to get data today (!) but execution was good.

Was tempted to do all kinds of things.. and in the end did nothing. After all, nothing material has changed since this morning.

LB can't help but observe that we are now in a TOP sandwich, above KAREN'S TOP but below NIC's TOP. How delightful!

Today was slightly frightening, and I wasn't even long. I did wonder if we would do an '87. JUMP YOU F*CKERS.; May 6, 2010 at 4:06 PM
karen said...: someone pls look at the aapl candle! 199!; May 6, 2010 at 4:08 PM
DL said...: Hard to believe, on a day like this, Macro-Man can only muster a mere six comments.; May 6, 2010 at 4:08 PM
Ben22 said...: damn, my last post must have been eaten.

what a day...hahahaha

Anon, don't short buddy, seriously.....buy that dip.

bloomie now claiming a fat finger trade?? what a joke.

this is...impulsive; May 6, 2010 at 4:08 PM
DL said...: karen,

Don't you think it would be worth backing up the truck if you can get it at $200, or $210...?; May 6, 2010 at 4:10 PM
Ben22 said...: JPM is claiming that PM's could not get trades to go through today, this was more than one fat finger trade....; May 6, 2010 at 4:11 PM
Leftback said...: and three of the six were by an ass. MM is "members only" now..

This is the beginning of another part of the Japanese experience.
Sayonara COGNOS-san. Domo arigato, WANGER-san.; May 6, 2010 at 4:13 PM
Ben22 said...: "MSM attributing it to "concerns about Greece". LOL. Where were these idiots 4-5 months ago?"

Thanks for seeing it our way this time.

Still laughing about people looking for a short squeeze at 1170 when you had a put/call below 1 and bullish sentiment holding on while most were looking for a "healthy correction".

Let the calls for PPT, The Fed, and Obama to take control begin.....; May 6, 2010 at 4:13 PM
Mannwich said...: @ben22: Well, I call 'em like I see 'em and I have to side with you on this instance. That's just ridiculous. We've been prattling on about Greece for MONTHS now. It wasn't exactly a secret.; May 6, 2010 at 4:16 PM
Ben22 said...: Erin Burnett to cry on air before august

Media Forecast.

The news is hilarious right now

"when things get this 'crazy' the smart money buys"; May 6, 2010 at 4:17 PM
Mannwich said...: I honestly can't even watch, ben, although I WILL watch Bloomie at the gym. It's the only time I watch.; May 6, 2010 at 4:18 PM
spoonman said...: Some social mood for you via Kid Dynamite. Apocalypse Now; May 6, 2010 at 4:20 PM
Ben22 said...: I know Manny, I think when P3 ends I'll have you fully converted, for now man, way to go on that TLT, I hope you have as fat of a smile on your face as I do right now.

I'm trying to get serious though....it's just one day, can't get too excited.; May 6, 2010 at 4:21 PM
Mannwich said...: @ben22: Agreed. Gotta keep the game face on.; May 6, 2010 at 4:23 PM
DL said...: According to the yahoo finance site, the ratio of down volume to up volume today was only 58:41… Could that be correct?
(Seems amazing if true); May 6, 2010 at 4:24 PM
spoonman said...: DL - I don't think so.; May 6, 2010 at 4:27 PM
Ben22 said...: just throwing this out there as we've discussed it before, all these HFT's algo's, etc. are programmed full of bias, incorrect assumptions and the attempt to make markets conform to physics, they are all programmed to sell just like the are to buy, the exit being extremely disorderly, they treat low volatility as a good thing, when it is just the opposite....IF, there was a machine trade issue today, perhaps it's related to this, perhaps something was programmed in that caused this trade....who knows and really who cares, just a thought, p3 will come with or without it.; May 6, 2010 at 4:28 PM
karen said...: despite the wreckage of the charts.. this does rather confirm the downtrend, doesn't it? and we should retest these lows.. i know that seems drastic.. but it just has to be so.. and aapl isn't worth over 200 anyway! that was leverage and QE! sorry, for all the exclamations.; May 6, 2010 at 4:30 PM
DL said...: spoonman @ 4:27

Thanks. I didn't believe the numbers they had at yahoo.; May 6, 2010 at 4:31 PM
I-Man said...: Its a rather exclamatory day...

What is really strange, is that it was quiet as a tomb in my office today.

Not a single call from clients. Not one.

Only calls I got were from brokers wanting to know "what the news was" that caused it.; May 6, 2010 at 4:32 PM
DL said...: Karen @ 4:30

"AAPL isn't worth over $200 anyway".

Someday I'm going to make you eat those words.; May 6, 2010 at 4:33 PM
DL said...: I-Man @ 4:32

That's an interesting anecdote. Maybe J6P hasn't panicked yet.; May 6, 2010 at 4:34 PM
Mannwich said...: @DL: Maybe J6P perceives the Feds will be there to prop up the markets.......key word being "perceives".; May 6, 2010 at 4:36 PM
mcHAPPY said...: "when things get this 'crazy' the smart money buys"

Ben, did you actually hear this?; May 6, 2010 at 4:39 PM
Anonymous said...: You do realize BR went all cash sometime in the last day. That guy is so bright.; May 6, 2010 at 4:43 PM
Anonymous said...: I was short PG. I can't help it if I hit a billion. I'm human. I'm not a specialist.; May 6, 2010 at 4:47 PM
Leftback said...: The Bond Report 5.7.10 FTQ Day Two

Risk assets were sold today as investors in equity and credit markets finally perceived that they had in fact been holding on to six sacks full of shit rather than quality paper. At one point, JNK was off 7% (is that for real?). IGs were also hit hard.

To be slightly more technical, we presume that some highly leveraged players were forced to liquidate positions as a somewhat disorderly unwind of USD and JPY carry trades gained pace in the morning.

The Treasury market was the major beneficiary, with a bull flattener taking place, rather than the bear steepener that so many hedge funds had adopted. The resulting squeeze, especially in the long bond, caused squeals of displeasure from Westport to Greenwich, and was entirely to our satisfaction.

Corpies: LQD -1.65%; AGG 0.14%; JNK -2.68%; HYG –2.49%;
Govies: TLT 3.09%; IEI 0.56%; TIP 0.45%

Today's waterfall move in yields was a stunning development, even to a Treasury and dollar bull. Such massive moves are rarely one day events, and so with a Friday ahead, we decided to sit and do absolutely nothing.
I haven't even had time to look at MBS, CMBS etc.. In retrospect, the announcement by Treasury of reduced auctions may have been a "hand signal" that the bull market in Ts was about to resume.; May 6, 2010 at 4:51 PM
karen said...: i've decided how i'm going to deal with these candlesticks.. i'm going to lop off the tail.. charts are still ugly. all 3 indices below the 100 MA.. how sharply we bounce is anyone's guess.. or do we wallow about because retail actually does suck, unemployment is high, RE is a negative growth industry and CRE losses haven't even been realized..; May 6, 2010 at 4:53 PM
DL said...: "Risk assets were sold today"

Ya think?; May 6, 2010 at 4:55 PM
BinT said...: Look if there are going to be 388 comments while I am toiling in the salt mine, we are going to have to start something like "Blogs on Tape" so that I may listen as I earn my daily bread...certainly not enough time to read..; May 6, 2010 at 4:55 PM
I-Man said...: Maybe this caused the selloff...

http://www.foxnews.com/us/2010/05/06/tsa-worker-arrested-jokes-fight-size-genitalia/; May 6, 2010 at 5:03 PM
Ben22 said...: McHappy,

word for word on bloomberg around 4:00 or so.

Karen,

re-test the lows?, I'm looking for new lows when the ultimate move is over.; May 6, 2010 at 5:03 PM
DL said...: I-Man @ 5:03

Hilarious.; May 6, 2010 at 5:04 PM
Ben22 said...: whats with the anon BR worshipers that come around?

Give me a break, he was all cash not short, and looking for a bounce to short in to, and not one week ago was talking about bullish sentiment waning and all sorts of other nonsense. Look no doubt it was great he missed today, but who cares?

Anecdotal reports on his performance aren't so impressive considering he's apparently called every top and bottom since 10/07.

I don't hate BR, but I'm not a fanboy either, plenty of people here caught this move and weren't sitting in cash, does AT's mini short ring a bell? I'd rather give a shout out to him. His charts are far superior anyway.; May 6, 2010 at 5:09 PM
karen said...: ben22, i was hoping that anon was being sarcastic..; May 6, 2010 at 5:12 PM
Ben22 said...: perhaps Karen, we got BR trolls here all the time though. It's old....

It's probably C or LB, lol.; May 6, 2010 at 5:13 PM
karen said...: finviz has crude breaking 75 today.; May 6, 2010 at 5:14 PM
Anonymous said...: I said, "Nice trade, Taboo!" Look it up.; May 6, 2010 at 5:15 PM
Ben22 said...: another thing we've talked about here before are shorts not getting paid during p3, I think many people that were playing out of the money puts today got a taste of exactly that.

Are people paying attention?????; May 6, 2010 at 5:19 PM
Leftback said...: "Risk assets were sold today"

That's the kind of tongue-in-cheek humour you pay big $ for....!!; May 6, 2010 at 5:20 PM

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Morning Audibles 5.6.10 A Hugh Hendry Sighting

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