Morning Audibles 6.17.10 - 16 Years later

Anybody "pining" for the good old days?


You know... When life was simple (and we didn't feel the need to have media headlines dominate our lives)...


It's tough for CV to remember exactly, but I remember flashes... Of 1994... (specifically, June 17th 1994)...


- There was an economic "recession" in 1994... TYPICAL, as I recall... Pretty much the same as a "Wall Streeter who Blogs" might describe today...


- 1994 was also a WORLD CUP year... LOS ANGELES was the host... The games would start a day later, June 18th... (with the US team miraculously tying the Swiss 1-1 on a FREE KICK goal from the top of the box)... The "host nation", USA, would later beat COLOMBIA on an "own goal" [whereby the perpetrator of the own goal, Andres Escobar of Colombia, would be "shot to death" by pissed off fans upon his return home]... USA eventually advanced to the knockout rounds and were eliminated by World Cup champion BRAZIL (whereby the USA team fashioned a VERY STOIC performance led by goalkeeper Tony Meola, and players like Eric Wynalda, Alexi Lalas, John Harkes, & Roy Wegerle, who broke into the European soccer leagues... as well as athletic talents like Cobi Jones & Claudio Reyna)... In the FINALS, Italia lost to Brazil when superstar Roberto Baggio (of Juventus) flew a final sudden death penalty kick over the left upper crossbar...


- CV was living in Italia during this time (1994)... But before all of the UNRAVELINGS of what was described in the previous bullet... I remember watching this strange scene (with no sound) on a TV, attached to a pergola, in the outdoor gazebo portion of a trendy PIZZERIA in Rimini, Italia...


June 17th, 1994

The pizza I ordered, was a "stracchino & rucola"... Mamma mia che buona! MWAH!

Si come devo spiegare... Una pizza con "stracchino & rucola" (arugula)... e una pizza bianca (con verdure) & in caso mio, insieme con la birra - TANTO!... La "pizzeria" si chiama EMBASSY... Se volete, ogniuno di vuoi... io posso farti conoscere il capo di questo posto... Ti guiro che si mangia bene gli... Sicuramente!

Va bene?

Oggi? 2010, 17 Giugno? Che fai SPX?

Che cazzo ne so? :-)

Buon appetito! (mi manca ITALIA - un puo...)

192 comments:

Anonymous said...

I was very young when the deadly gas Methyl Iso Cyanate leaked out of a Union Carbide plant in Bhopal, India. May people died, I think, around 15/16000. Many were blinded and suffered just way too much. So many were poor and got pittance as compensation. No one was punished and some judgement came in this month after 26 years. But that too just fodder for the media, nothing else.

The reason I am saying all this is that I have all this in mind when I read about BP. What amazes me is that people still expect something from Obama or BP or whoever.
I mean guys, grow up. When Blair came to power, I think the Brits had hopes from him. He failed massively and Obama from the 1st day on has just been a compilation of stupid teleprompter words. Hope, change. Made me laugh.

But all that is still OK. What is NOT OK is that people still have expectations and still get disappointed. Nothing is going to change, Period. Wtf will it take for you guys to understand??

Trust me, this is not a disillusioned person here. I am just a guy with open eyes who really understands what a freaky, low probability, random event it is that despite all what is around, I still wake up, breathe, move around, live, go back to sleep and up till now, wake up again. So thank your stars, and keep doing whatever shit you have been doing coz that freaky random even is not gonna last. Some chemical, some oil, some drunk driver, some bomb by some crazy, some broken elevator, faulty brakes, leaky valves, e-coli in that burger, the cola that i don't need, some stray bullet (some crazies in India celebrate wedding by firing in air, and some times it misfires and then you know what....). There are just too many things against you, the odds are not good.

But please stop expecting THEM to be any good. They are just out to screw you.

Prashant

PS: Why don't they teach from books like "demon of our own design". Unintended consequences and complex systems are concepts which are so much under appreciated.

Wes said...

...who can out perform Tony, so far, only the chairman of bp...and perhaps, O

...and, i don't think it is "Brit" bashing, it is only bp bashing that i hear,

...i know "bp is not british petroleum", yeah right...

BinT said...

Initial claims 22k higher than predicted. And last week's claims adjusted higher.

I don't care what CNBC or the media in general say, I am content to keep my B'rer Rabbit thinking here and just lay low...

Keynesian thought just spends government money, but the Individual (always gets back to that) has decided to keep a low profile too, and that individual is the small business owner, too. There is NO way with what is coming in 6 months in regards to business expenses, that people are going to aggressively expand here and now. And the gulf is just one more little thing.

mcHAPPY said...

Housing bubble, asset bubble, commodity bubble, equity bubble, yield bubble........

All are fine and dandy but at what point does the IGNORANCE bubble pop?

When do the masses clue in to what has been discussed here and on various sites (Mish, Denninger, here, TWSWB*, etc.) for years?

*before the typical recovery set in.

AmenRa said...

BinT

What always catches my attention is how many are falling off the EUC each week. What do these people do now that all benefits have expired?

CV said...

@Amen Ra

"Let Them Eat Cake"

72bat said...

mchappy -
and where and/or from whom are these masses get a clue, or more to become informed? forget gaining understanding?
imagine louisiana afer katrina and macondo, ripe for huey p. long deux.
why randy newman could write a song...,
kingfish anyone?

mcHAPPY said...

@Ra

You obviously have not been watching Steve LIESman each week. A lower EUC number is a good thing.

AmenRa said...

mcHAPPY

I know LIESman believes that those that fall off EUC are getting jobs. But from where? Small businesses are retrenching and hiding in the bunker until the smoke clears.

72bat said...

"who took on the standard oil man and whipped his ass? just like he promised he'd do
"ain't no standard oil man gonna run this state
"gonna be run by little folks, like me and you."

72bat said...

"who took on the standard oil man and whipped his ass? just like he promised he'd do
"ain't no standard oil man gonna run this state
"gonna be run by little folks, like me and you."

karen said...

Prashant, I appreciated your comment! Thanks..
Bruce.. you forgot the UNEXPECTEDLY.
Good Morning! (nothing could be worse than yesterday : )

72bat said...

you know, the small people, like that bp feller was goin' on about.

karen said...

oops, i forgot that what is negative for the dollar is positive for the market.. maybe not such a good day coming up.

wunsacon said...

Eesh. I remember watching that OJ video.

Actually, it was more fascinating without the audio, because you had to imagine what might be happening.

karen said...

interesting from 24/7: Ralph Lauren, the founder, of Polo Ralph Lauren (RL) decided to sell $800+ million in stock yesterday to lock in that capital gain rate of 15% that will expire after 2010. Look for more founders and CEOs to do the same.

CV said...

Alright folks...

Ready for another day of 'ass kicking"? :-)

CV said...

I say we close on 1090...

karen said...

1119-20 is the 50 ema.. this is day 3 of trying to get on top across the indices board.

Anonymous said...

hey Wes-

dude- to follow up from last night- got a bit tired- but wanted you to elaborate a bit more on this deep water drilling you are working on-

10,000 ft water depth? How do they fix a problem when its that far down? I am not necessarily opposed to drilling almost anywhere- but I guess the issue is how do you contain a blown well that far down? Or does everyone just keep their fingers crossed?

I am assuming you are an engineer or geologist?

BinT said...

Our group is unusual. We are totally paperless. Letters are dictated and typed by computer. Charges entered by the physician go immediately to the carrier. Notes and diagnoses are voice dictated and entered electronically, no typing is required.

Yet, we are going to lay off people this fall to lower expenses. It is not something we have to do, it is pre-emptive. It is not heartless, it is a way that we continue to pay good retirements, health benefits and salaries to the remaining employees. We are NOT expanding our labor pool.

We are tremendously efficient. But businessmen and women, nonetheless

karen said...

Ten Brands that will Disappear in 2011

Anonymous said...

CV/wunsacon-

remember Dexter Manly? Dude used to work for a company called Colonial Mortgage in Fairfax Virginia- same office building I worked at- had the exact same ride-

full size white Bronco- must have been the car to have I guess- if you were a football player

72bat said...

wes -
aren't the newly discovered, massive fields off the coast of brazil at super depths?

Nic said...

Morning!
USDJPY big wedge breakout to the downside below 91.00 suggests strong bonds and weak risk today ...

karen said...

i'm not sure yesterday's $wlsh candle means anything but it is worth noting for confirmation today..

karen said...

Delta in the Value of a Promise or What is a Dollar?

I-Man said...

Tony Hayward's gotta have some butterflies this morning...

Think he called Blanky for grilling tips?

I-Man said...

Ouch... philly fed... nasty is right.

CV said...

@karen

From the article...

"In other words, a dollar is a piece of paper backed by the promise of the Federal Reserve to pay you another dollar."...

Nowadays, instead... It's the promise of Obama to pay your gas & mortgage... LOL

Sorry! I know it's getting old... But I can't help myself as it just makes me laugh hysterically every time I think about it... So it's one of those mantras I repeat over and over just to provide some kind of absurd comic relief...

Kind of like a Monty Python skit... :-)

BinT said...

The last Philly Fed was 21, they were expecting 20, and it came in at 8?

If you read Briefing.com about last month's 21, they were skeptical that expansion would continue and now you get an 8?

...When the economy is dependent on government spending..................

karen said...

Class, your assignment is to contrast and compare the 7 month daily charts of $spx, jnk, and $wtic, and forecast. Extra credit* will be given to those correctly forecasting prices on or near July 31.

*Big Bucks

Nic said...

Don't use EUR for direction in SPX, big squeeze on in EUR. AUD is better guide today

CV said...

@karen

BTW - I know I haven't sold you on this yet...

But something like this is what CV is ultimately shooting for...

http://www.youtube.com/watch?v=0C9Ugc4ZO4w&feature=fvw

CV said...

@karen

*Big Bucks...

NO WHAMMIES!

CV said...

Alright...

No dorking around here... Just hit my 1090 today (per my 9:31) & I'll be happy...

karen said...

CV, i won't click on that unless you assure me it is not about tilapias.

Roberto Baggio said...

You had to bring up that penalty again?

Mamma mia!!

karen said...

i wonder if the leading indicators data crimped TWSTB typical recovery theme.

CV said...

It's about "gardening" (the fish are a sideshow)...

CV said...

@Baggio

Sorry "codino"... :-(

karen said...

Diana Olick, "Oil may be the nail in Florida's housing coffin." Love her description of Pensacola! ..."I've been in beastly hot Pensacola, Florida, preparing stories on mortgage mediation, and, of course, oil. President Obama dropped by the beach yesterday to talk to some local folks, while I spent the day in empty beach front mansions and empty ocean-view condos."

http://www.cnbc.com/id/37736499

mcHAPPY said...

@Ra

re: LIESman, I probably should have thrown in a snark or sarcasm.

Leftback said...

BUCKY weak today but should hold 85.30 area.

Typical recovery I see... the unemployed are buying gold !!

karen said...

sorry! screwed that link up!

http://yelnick.typepad.com/yelnick/2010/06/testing-the-ipo-window.html

karen said...

CV, the score on the video about put me in the funny farm! i'm in a fragile emotional state, you know.

CV said...

get a grip :-)

CV said...

There's no crying in baseball...

http://www.youtube.com/watch?v=tPqYnC-SW5w

mcHAPPY said...

1107.13 is holding on the first attempt it seems. This was the low of yesterday. This gives me a little concern.

karen said...

I never saw that movie! Thank goodness.. too much yelling for me.. I don't like yelling.

Anonymous said...

karen @ 9:33-

interesting link- another brand that has little cache I find hard to believe would survive is Chrysler-

I mean really- name one Chrysler car outside of the Cordoba (w/ the rich Corinthian leather)

mcHAPPY said...

And there goes 1107.13. NExt up.... 1101.20. Unfortunately there is a little gap back at 1115-1113.

wunsacon said...

Speaking of "crying", I thought this was an interesting read:
http://en.wikipedia.org/wiki/Battle_of_Leyte_Gulf

Read the paragraph with ‘THE WORLD WONDERS’.

karen said...

Wunsacon.. finding a needle in a haystack would be easier..

Leftback said...

Dollar and SPOOZ down together.... hope this isn't FX regime change.

You have to remember that buying Ts is buying BUCKY, so those two are at cross purposes here. This should be temporary. USD and JPY are carry trade vehicles, so should move in opposition to risk.

Nic said...

LB
the distortion was the short squeeze in EUR this morning. Correcting now

CV said...

@Amen

Figures... The latest wedge points right to 1110...

karen said...

This is how they close tax loopholes?

Senators passed an amendment to the proposed American Jobs and Closing Tax Loopholes Act of 2010 that aims to give an estimated 180,000 prospective first-time homebuyers enough time to close on a purchase and qualify for federal tax incentives.

The bill — House Resolution 4213 — passed the House vote in December and moved through the Senate Committee on Finance in March. The amendment, sponsored by Sen Harry Reid (D-NV), that passed yesterday extends the homebuyer tax credit by three more months.

Nic said...

I am thinking SPX 1090 for this pullback and then another swing higher

CV said...

@Nic

That's PRECISELY what I'm thinking...

I hope it happens early...

I'll play the 1090 and take the rest of the day off...

Leftback said...

5y Ts at 1.98% again. INFLATE that, suckers.
LB <3 s Fixed Income.

.. and the LADIES, of course... :-)

Nic said...

Extend and pretend:
Senate OKs Reid Amendment to Extend Homebuyer Tax Credit Closing
http://goo.gl/fb/y2YrM

Roberto Baggio said...

Codino is one of those words with multiple meanings...

You calling me reactionary of guy with pigtail... or .... ????

Anonymous said...

wunsacon @ 10:40-

interesting stuff my man- I guess Japan threw in all they had willing to risk it all in the Philippines because if they lost that- they had no way to fuel their ships anyway- so I guess it didn't matter how many of their ships were destroyed

mcHAPPY said...

I got a little ahead of myself - again. 1101.20 comes next. But before this we need to take out 1105.91. A lot of resistence here.

mcHAPPY said...

Especially interesting when the low today is 1105.97.

CV said...

@Baggio

It was what the Italians "nicknamed" you dummy!

CV said...

because of your hair style...

mcHAPPY said...

Very interesting we could not or are struggling to get through 1110.25.

Nic said...

Are you guys watching the BP testimony? For a guy destroying the known world Tony is pretty hot IMO

Nic said...

Good article in the NYT today. Big Oil (including US ones) have been destroying Nigeria for 50 years ... but ... it's in Nigeria
http://www.nytimes.com/2010/06/17/world/africa/17nigeria.html

Leftback said...

The 2y is at 69 BPs, he noted, smirking....

CV said...

@LB

The 2y is at 69 BPs, he noted, smirking....

"This means that the Fed will soon have its Congress OpCo legalize:

a) negative interest rates and

b) make holding any cash in deposit or money market funds treason."

LOL

Anonymous said...

one of the strangest posts I have seen in a while- the link is quite bizarre and almost disturbing- but I guess they were just trying to teach the little children about the "birds and the bees"- the David Lynch version I guess-

http://www.ritholtz.com/blog/2010/06/afternoon-reading-12/#comment-322447

not quite sure of the point of the post- but maybe I am missing the bigger picture

mcHAPPY said...

Time to go gap filling.

Leftback said...

Has anyone started to quantify the methane release from this BP disaster? It is a very potent greenhouse gas, even more than CO2, to the extent that global warming advocates now even worry about bovine flatulence*.

* That is British for cow farts.

CV said...

@LB (11:38)

You be VERY right about that my friend (CH4)...

I've been trying to tell that to people for a long time but it seems to breeze right over their heads...

Or "through" it (as the case may be)...

CV said...

@LB

Although if the "oil spill" had happened on the Saturn moon Titan, this might have not been such an ecological disaster... :-)

CV said...

@LB

More cases of bovine flatulence:

http://www.youtube.com/watch?v=DlkxQMxJmEU

Leftback said...

Yes, there is a lot of methane in the atmosphere of Jupiter.... not my choice of vacation spot.

Most people wouldn't know methane from sulphur dioxide, including, sadly, many Americans with degrees. Most college degrees? Pay your money and you get one. About as valuable as a roll of Charmin.

Confederacy of dunces.

CV said...

@LB

I bet this girl would know the difference...

We should make her SPEAKER OF THE HOUSE!

http://www.youtube.com/watch?v=lj3iNxZ8Dww&feature=related

CV said...

@I-Man

How's your MEGATRON setup treatin' u today?

Nic said...

BP doing 10bln debt issuance to pay for Obama's slush fund at ridiculous spreads. They must not have good liquidity. Not good news. They need their share price to rally and spreads to come down if America wants them to pay for this mess.

AmenRa said...

$ VOL NET is negative
NYSE TRIN 1.22 and higher
Bulls struggling to hold up market
Deciding it's about time to buy some SPX puts.

Leftback said...

Sell off you horrible BARBAROUS RELIC.... !

The GREEKS are back in business... ARGENTINA and MESSI was wonderful to watch this morning, although someone should teach Asian defenders and keepers that the ball doesn't EVER bounce in your own box. You have to attack it in the air, or bad things tend to happen on those little chips into the area.

CV said...

@Amen

Nic & I have this thing going down to 1090...

U in too? :-)

CV said...

@LB

Argentina looked awesome...

"Don't cry for me"... (There's no crying in futbol either)...

AmenRa said...

CV

I'm in. Looking for a test & close below 1089.41 (monthly 3LB low close).

Nic said...

Yes I do CV. The 200dailyma going to be the toughie.

Nic said...

BP burned 15% of their cash holdings in 1 month. With debt being 3.5x multiple of their 2009 CH/CEH, yield on 10B musnt be above 5%.

Nic said...

allegedly ...

Leftback said...

Argentina's later games may be 4-3 affairs.

Their back four is sloppy, and they don't have one good full back. Heinze is a converted centre back, and slow as molasses. Gutierrez is useless defending. But they play a very beautiful brand of futbol, which LB has always admired. MESSI's right leg is strictly for standing on, but his left is a gift from God.

CV said...

@Amen

1118.74 - (1118.74 x .0259) = 1089.76... as well...

Leftback said...

Nic, is that BP's Tony in the other half of your picture??

CV said...

.02359

CV said...

My web browser homepage was featuring the "Tony Award" winners earlier this week...

Great to see those guys are striving to stay ON TOPIC...

karen said...

CV, the typical recovery is a moderate recovery now:

http://www.ritholtz.com/blog/2010/06/deep-global-recession-only-moderate-recovery/#comments

CV said...

...of all elaborate plans

CV said...

@karen

I saw that... LOL...chuckle...chuckle...

Great to see TWSWB "on top" of things as well...

Nic said...

Hysterical ... Hitler and the world cup. watch before they take it down
http://www.youtube.com/watch?v=z-Ln_rqPpPk

CV said...

We could be nearing the point here where we see some acceleration to the downside...

I'm not much into counting "small waves"... But it sure LOOKS that way...

Nic said...

Ha LB, no. I wish ... :)

AmenRa said...

There is nothing funnier than politicians acting like they are all knowing. Just trying to pull the wool over the eyes of their constituents.

arbitrage789 said...

LB @ 11:38

What are your views on PORCINE flatulence?

CV said...

@Amen (12:34)

BS... No way...

CV just thinks it's funny when politicians just rant...

http://www.youtube.com/watch?v=l9R-cQ_A_6w

CV said...

Pelosi is counting on his vote to fill her quotas...

CV said...

Oh no!

Hank Johnson was right!

http://www.youtube.com/watch?v=ITx4aFhASTE&feature=related

Nic said...

I need some fresh air. My trades work better when I don't watch. back later :)

CV said...

@Nic

That always works for me when I have a bet on a football game... :-)

CV said...

@Nic

But be careful... You don't want to become the next "Mannwich" indicator...

arbitrage789 said...

CV @ 12:48

And what is the "Mannwich indicator" saying right now, in your opinion?

Nic said...

Well I am short crude, AUD vs EUR and CHF and short USDJPY which is pretty much the same as short indices if that helps you asses me as an indicator.

Nic said...

short sterling vs yen too

CV said...

@DL

CV thinks we test 1090 (today or tomorrow)...

Nic said...

I think it will take a couple of days ...

Nic said...

I am going off Tony. He is starting to remind me of Geithner with his stonewalling and shifty eyes

AmenRa said...

I think they're threading water until opex is over.

CV said...

@Amen

It would appear as such, thus far, (treading water)...

They want everyone to think that OPEX is pinned...

Is there a surprise in store? We'll know by today's close...

CV said...

Anyway...

Divergence indicators favor the "bears" to a slight degree here (so I'm going with that)...

CV said...

Note to Lloyd...

Nobody wants to buy your crappy stocks up here at prices that your ALGOS bid them up to...

YOU - are the only volume on upside moves... (which means - none)...

You're going to have to wait until July (when the momos come in and are FORCED to buy your inflated crap using Johnny's money)...

BinT said...

http://www.bloomberg.com/apps/news?pid=20601080&sid=at1LryDErbfM

Japan Companies Join U.S. in Hoarding Cash on Europe

June 17 (Bloomberg) -- Japanese companies accumulated a record amount of cash last quarter and household assets rose to the highest level in almost two years, gains that have yet to spark investment amid concern about the economic outlook.

Non-financial companies held 202.7 trillion yen ($2.2 trillion) in currency and deposits as of March 31, the most since quarterly data began in 1997, the Bank of Japan said in Tokyo today. Households’ financial assets climbed 3.1 percent from a year ago to 1,453 trillion yen.

Japan’s preference for cash parallels trends in the U.S., where companies boosted their liquid assets by 26 percent in the year through the first quarter to $1.84 trillion, the highest level since records began in 1952, a Federal Reserve report showed last week. Businesses may be waiting for stronger signs of a durable global economic recovery before they’re prepared to step up investment and hiring, said economist Glenn Maguire.

...Now where was that I read that in a debt crisis people and small business would try to pay off debt, and maybe quite buying no matter what the interest rate...if I could just remember...

I-Man said...

@ CV

"Jah Cockpit" is not fully operational until comcast arrives later today to wire up the new broadband.

Then I and I have some downloads to do, and maybe by tomorrow night I-Man will make the first SC post from Jah Cockpit.

Not really watching the tape today, looking fwd to catching some of France/Mexico in a bit.

Pulling for our neighbors to the south in this one actually, screw the french.

I-Man said...

Re: opex

Of course.

Remember all those put sells from last week?

You think those are going to go out ITM? Not a chance...

I-Man said...

Havent seen the actual chain, but I'd bet that the 1090 and 1100 strike is where the "invisible hand" is posturing...

I-Man said...

How bout those Greeks?!

Went out for breakfast with them down 0-1, come back and they pull off a 2-1... wtf Nigeria?

Leftback said...

LB opines that the action in gold has more to do with options in the paper vehicles than demand for Indian weddings. Perhaps BP could make a Golden Plug for the well that keeps on gushing.

Yield check: 5y T 1.98%, SPX ~ 1.90%, The Yellow Metal 0.00%.

BinT said...

"The mayor of the Irish city of Cork has banned the word 'recession' in an effort to lift the city's spirits after the long downturn."



Ooooooooohhhhh! I like it!

"oil leak" "bailout"
"housing overhang" "jobless 'recovery'"
"deficit" "congress"
"Pelosi" "taxpayer funded"

...Where is my red pencil?

Leftback said...

That golden laser is getting quite close to my goolies.
Do you expect me to TALK, Goldmember?

BinT said...

The size of your goolies, Lefty, means the laser probably poses no danger....

I, on the other hand, would be in serious, almost horrifying peril....

Anonymous said...

Prashant,

Best post I've ever read on this blog.

Cold Steel said...

I'm back..... are you FEELING me?

karen said...

spy candle is black and ominous

OJ said...

So am I baby, so am I...

Nic said...

Anyone need Gravol?
I am staring this market down now ... I will not blink until it behaves

The Twins said...

Bruce,

We have it on good authority that LB has BAWS like WATERMELONS.

Anonymous said...

test

72bat said...

green? full of seeds? eaily broken open?

Nic said...

Hendry fix is required:
http://www.businessinsider.com/hugh-hendry-mike-novogratz-gaim-2010-6

You know who wrote it...don't you said...

"seedless" watermelons....

Leftback said...

Let's hear more about candles...

This crowd has no respect !!!

karen said...

Thanks, Nic, I needed that! sighing delightedly

Anonymous said...

Maradona celebrated the victory, which followed a 1-0 win over Nigeria in their opener, by hugging and kissing his players, but he insisted afterwards: "I still prefer women."

Leftback said...

Holy Gary Shilling... this long bond rally has legs today.

karen said...

CV, this beauty is for you, "The Racing Post"

http://dlisted.com/node/37700/images/ascotladies4.jpg

Leftback said...

Q: What goes zzzzzzzzz..... bonk?
A: A trader snoring his head off.

karen said...

http://blog.afraidtotrade.com/stocks-up-volume-down-momentum-down-careful/

CV said...

@karen

Cutie pie...

I hope she had her money on "Rite of Passage"...

karen said...

"Rite of Passage pulled off a surprise in the Gold Cup at Royal Ascot on Thursday, outdueling Age of Aquarius in the stretch and winning the Group 1 race at odds of 20-1."

karen said...

I've been wondering when MW would show up! just found this but haven't read/watched:

http://www.marksmarketanalysis.com/2010/06/charlie-rose-talks-to-meredith-whitney.html

72bat said...

from zerohedge, More On Tim Geithner's European Stress Test Kool Aid
comments:
"I used to have Leukemia. My doctor told me so. I didn't like what he said. So, instead, I pissed in a cup and tasted it myself and determined that I didn't have leukemia. I've been cancer free for 3 weeks!"

arbitrage789 said...

Charlie Rose is a kind of "jack of all trades". When it comes to interviewing economists, his questions (and follow-up questions) tend not to be all that trenchant.

mcHAPPY said...

The market has a new sponsor.

Leftback said...

Turn that thing off, Goldfinger....!

karen said...

Here's an indicator of some sort: I have never hated this market as much as I do now.. I don't even know what it is supposed to do anymore.

CV said...

@karen

It's supposed to bore you into submission so you you happily return to "Dancing With the Stars" while they rob you blind...

AmenRa said...

oh hell naw....

AmenRa said...

re: the sudden jump in the SPX

CV said...

That's TOTAL bullshit!

karen said...

nearly 4 pts in 5 minutes.. shaking my head.

karen said...

30 pts in 5 min on the dow.. what is the news?

CV said...

4 points in one tick...

AmenRa said...

Karen

Nada. Probably a search and destroy mission for stops.

AmenRa said...

Also looks like they are trying to fill all gaps on the 1-min charts.

Leftback said...

Karen, think of it as REALITY TV, like "Trading With the Stars".

You could be a guest on FAST MONEY, remember when TBP peeps thought you were K-Fine? LB would like a chat with JOE MELANOMA ("Gold is an Easy Trade Here"), not to mention POUTY LIPS. ADAMI seems like a decent guy though..

CV said...

@Amen

Well in an effort to do so, they're leaving a lot of other ones behind...

mcHAPPY said...

The gap from this morning was not totally filled.

CV said...

This is a complete & utter farce...

karen said...

I need a drink!

Anonymous said...

See Prahant post.

CV said...

Goldman must have been having it's ONLY losing day of 2010...

So... We can't have that, can we?

6 whole months without a losing day... What outstanding traders they are!

Leftback said...

Heavens above! Is this a flashing indicator of a top or what?

I love GOLD, Mister Bond

What have you done with the girl, Goldfinger?

karen said...

The carrot juice isn't quite doing it for me.

Lord Blankfiend said...

"6 whole months without a losing day..."

You betcha.

Leftback said...

Quelle horreure!
Les Bleus fall behind 0-1 to Mexico.... (grins broadly)

CV said...

Pepe le pew says...

"Pew...Pew...Pew"

karen said...

well, that black and ominous candle is back on the spy.. but i don't expect it to mean anything ; )

CV said...

I've seen some ridiculous tapes before...

But this one ranks pretty high on the list...

karen said...

CV, you can say that again.

Leftback said...

The WSWB would say that in-day movements are NOISE, and on this point I happen to agree. Of course the NOISE is made by algos to convince us that there really is a market, and that it didn't die in 2009, and it is in fact interesting and squirrely, as apart from 100% driven by liquidity injections and managed by prop traders at NY Fed, Goldie and JPM.

CV said...

@LB

It tells you they're scared shitless...

Leftback said...

Folks on the Blog Next Door and ZH are going ga-ga over gold... the Death of all Fiat Currency will drive gold to new highs....

Sentiment feels toppy.

Someone is going to be wrong. This will be interesting.

CV said...

@LB

I like what KD has to say on the subject...

When TSHTF, the thing will go extremely parabolic...

These small new highs aren't signs that it's anywhere near going parabolic...

CV said...

Furthermore...

When it DOES go extremely parabolic:

1. You won't be able to get your hands on any

OR, if you do

2. The government will steal it from you

Leftback said...

With inflation at the dizzy heights of 0.0%, it's not going parabolic.

Meanwhile GOLD has risen on 22 of the last 21 trading days.....
It's going UP, you have to get in on this now, said the cab driver.

Leftback said...

When it DOES go extremely parabolic:

You will find that GLD shares may disconnect from the yellow metal.

One would be better advised to have gotten one's hands on some fuel, fresh water and arable land. But that is some way off, luckily.

Leftback said...

AU REVOIR LES BLEUS !!

Le Coq Sportif won't be crowing much in the morning....

Nic said...

I think we identified the inflection point for a pullback correctly.
Crude has come off as has USDJPY.
Risk currencies and indices are holding their levels and consolidating sideways instead of pulling back which is bullish.
Low volume and France vs Mexico or the political grandstanding with BP are a distraction today.

Nic said...

Thats a good looking 4hr doji / shooting star on Gold, LB. And we are at "the" level.
I might trade it.

Nic said...

$VIX close of 25.05 is the lowest close since the flash crash of May 6th

AmenRa said...

Nic

Don't remind me. Arrgghh.

BinT said...

http://www.bls.gov/news.release/empsit.nr0.htm

" THE EMPLOYMENT SITUATION -- MAY 2010


Total nonfarm payroll employment grew by 431,000 in May, reflecting
the hiring of 411,000 temporary employees to work on Census 2010, the
U.S. Bureau of Labor Statistics reported today. Private-sector em-
ployment changed little (+41,000). Manufacturing, temporary help ser-
vices, and mining added jobs, while construction employment declined.
The unemployment rate edged down to 9.7 percent."

...This is from June 4, but these 411,000 workers were hired in May and work thru July. In August these jobs disappear.

I do like the term gobsmacked, by the way. I see someone walking by a cab, with the window rolled down...or at a soccer match...

wunsacon said...

@ Karen / 10:47 AM

Sorry, Karen. Please pardon me if you already know this. But, you can hit "CTRL+F" in your browser and then a search string to find words on a page.

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