Morning Audibles 6.18.10 - Open Thread

Sorry, having a few technical problems this morning...







Open Thread for now (duh - aren't they all)... I'll be back with some words after things get sorted out...



116 comments:

BinT said...

Read the CR post about Krugman. Very interesting. I am having a little trouble with it, and you must understand I am the reincarnation of Herbert Hoover himself....But the massive stimulus has so far down little for the unemployed man on the street, and it has allowed the big banks to essentially carry on as before the crisis hit.

The size of government needs to be cut drastically, so that money stays on mainstreet and is available to the average Joe. I don't think the pump priming now that kills future generations is the way to go.

Anonymous said...

test

qqqqtrader said...

Detroit takes top spot in auto quality survey

Anonymous said...

Greenspan says in the WSJ-

the runaway Federal Deficit threatens to turn the US into the next Greece.

He doesn't actually think that the US debt bears any credit risk, due to our ability to print at will, but that there is a substantial risk that borrowing costs will soar


of course borrowing cost are dependent on demand- but I wonder where we would be if rates on treasuries were closer to 7 or 8 percent- the interest becoming a larger and larger part of the budget- but as Greenspan said- I guess we can print at will- and I guess pay our interest with the new dollars-

I am sure that wouldn't cause any concerns

Anonymous said...

"Agriculture, Oil Futures Markets Are Not Driven By Speculators, OECD". www.bloomberg.com/news/regions/Canada.html

Really? What happened with Sugar and why there is so much oil stored in tankers?

Anonymous said...

this is pretty damn funny- John Stewart doing his thing- fool me once shame on you- fool me eight items- I am a fucking idiot

An Energy Independent Future

hat tip Kid Dynamite

Anonymous said...

Serbia wins.

Anonymous said...

@Ahab,

The mess that Greenspan caused. He's a printing machine. He's part of the problem- world over.

Wes said...

...remember the Romans - clipping their coins, print, print, print...always has been, always will be...

CV said...

@Wes

I remember it like it was yesterday (Romans)...

CV said...

Is my screen funny, or are the cash markets lagging way behind the SPY?

karen said...

LOL! This blog is the perfect start to my morning! Seeing $gold up doesn't hurt either.. not that my little miner is back at its highs, rolling my eyes. Good morning everyone! (Lakers won! Was that close, or what?!)

Anonymous said...

thought of the day:

"Every dollar you spend is a vote for what you value in life."

hat tip TBP-

and as BR has demonstrated- sometimes that means yachts and sports cars-

still a good thought though

spoonman said...

Karen,
Let's not talk about it...

Anonymous said...

Wes-

I think you were the one who turned me on that Mises article re the Romans and currency debasement- it was great stuff- I have passed that along to a lot of people

Wes said...

..you italian, cv

Wes said...

ahab- i recall that very well...

Nic said...

For the past 11 years the week after June options expiration has been negative for stocks

karen said...

ahab, i really don't like that quote at all... frowning.

Anonymous said...

so what's up Wes-

you an engineer or a geologist? Or some other specialty in the oil biz I am unaware of?

karen said...

Nic, I really like your quote... smiling.

Anonymous said...

karen @ 9:48-

shoes come in handy- so they have value-

better than being barefoot- right?

Wes said...

@ahab - ocean engineer, in the oil biz...yes

karen said...

staying out of jail via paying my taxes comes in handy, too. that quote is annoying as hell for some reason. a rock is hard. how's that for an equally deep quote?

karen said...

wes, can't say i like your avatar much. too sad!

Anonymous said...

ocean engineer?

sounds pretty cool- so you are involved putting those rigs up in the oceans- quite an engineering feat that is-

I knew you were a smart dude

Wes said...

@k - it is very, very sad, indeed...

Anonymous said...

Karen-

I wouldn't consider paying your taxes as spending-

a rock is hard?. . .hmmmm . . .profound

Anonymous said...

Ahab's quote should read "Every HARD EARNED dollar you spend..."

So I guess it doesn't apply to you... smiling.

CV said...

@wes

Oh that settles it then...

I thought an "ocean engineer" was someone who drove trains underwater...

Wes said...

ahab,

i do floating production facilities which may or may not have drilling capability,

i am not so much involved with exploratory drilling,

more on the long term production side of deepwater field development...planning and designing offshore "floating real estate"

CV said...

Just think...

Every tax dollar you spend is funding two wars and a whole list of other nice things...

karen said...

CV, thank you for sticking up for me but monopoly money is funding those wars and all those other nice things..

karen said...

They are going to kill us all, I am convince of that.

Anonymous said...

WE, humans have no respect for mother nature.
DP

Anonymous said...

everyone watch that John Stewart piece I posted-

it is hysterical-

gotta roll out- all have a great day!

Wes said...

..second that, Jon Stewart clip is great...

karen said...

just caught up with last night's thread.. thanks AR.. those spy candles seem to be playing out today.. but i no longer trust my own mind in this market.

karen said...

BEST Jon Stewart ever!

qqqqtrader said...

@ AmenRa

re: "The Myth: The filling of the reservoir behind Three Gorges Dam in China changed the rotation of the Earth."

The weight of gold GLD is holding in their vaults should offset this... NO?

karen said...

spx has crossed over 50 ema.. now can it hold?

CV said...

@Amen

NASA scientists calculated that shift of such as mass would increase the length of day by only 0.06 microseconds

That explains everything...

Goldman Sachs is behind everything, (as slowing things down by 0.06 microseconds would allow their HFT algos to front run and cram in a bunch more trades ahead of yours)...

AmenRa said...

qqqqtrader

I think GLD is trying to stop PHYS from taking all available physical gold.

AmenRa said...

EURCHF is below 1.3730. Is is time for SNB intervention? Do they have enough left to intervene?

Nic said...

Blimey Slovenia is kicking your butts

Wes said...

...not kicking my but

Wes said...

t

karen said...

This is fantastic.. Ron Artest after last night's game.. Makes me want to laugh and cry! (in a better way than the Jon Stewart video..)

http://www.youtube.com/watch?v=oda0WkFcus0&playnext_from=TL&videos=tVMW7cETVA8

karen said...

from: http://www.fundmymutualfund.com/

1120 is the 'exponential' moving average; if you are curious the 'simple' moving average is up at 1140 so I'd assume that would be the next upside target if we breach here.


As hard as it is to believe - if bears cannot put a stop to this soon - it appears we are simply back to the low volume, V shape grind up moves that are so atypical in history (normally you see volume EXPAND on moves up) but now becoming routine since summer 2009. As with much of the past year if there is not a market moving event that causes humans to react, the market simply grinds up or sideways on algo trading ... almost self automated at this point.

karen said...

explain this one to me please:

June 18 (Bloomberg) -- Citigroup Inc. plans to raise more than $3 billion for its private-equity and hedge funds, even as U.S. lawmakers consider banning banks from owning and investing in so-called alternative funds, people with direct knowledge of the plan said.

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

karen said...

an easy chart i picked up from an afraidtotrade commentor:

http://s657.photobucket.com/albums/uu293/bigelkhorn/uii.png

seems too obvious still but no arguing above 1120.

CV said...

@karen

Here's a DOW chart that's similar to that one...

Thing is... Look at the blue boxes... Very similar levels to those of February...

In February, the market at least afforded a RETEST back...

This would imply around 1090 on SPX as a correlation...

FWIW...

http://2.bp.blogspot.com/_TwUS3GyHKsQ/TBqo1A0FRDI/AAAAAAAAF38/XCkOS1B1zUo/s1600/2010-06-17-PROPHET.png

karen said...

excellent, cv..

CV said...

I said "imply" :-/

Damn divergence indicators are flashing so overbought right now...

It's something like 4 waves lower on 10 minute charts...

Algos seem to know how to blow all logic...

AmenRa said...

CV

You will be assimilated.

CV said...

Slv 2 - USA 2

karen said...

I've been having fun with these.. overlaying on spx: $cmpkte, $cmpktb, and $cmpktl.

72bat said...

so 'splain to me why edu's ball in the net was disallowed? (can't get the game live here at the ol' workstation)

karen said...

1120 is done.. stick a fork in it as my chef friend would say.

CV said...

@karem

x2

http://3.bp.blogspot.com/_9F0JHqrtlSs/R1yj4SPHHnI/AAAAAAAAArI/CRGCKIA-q4w/s1600-R/stick-a-fork-in-it_web.jpg

karen said...

Has everyone been assimilated? I'm lonely!

I-Man said...

That ref should be banned from World Cup-

Fucking ridiculous! Just fucking disgraceful.

arbitrage789 said...

Assimilated?

CV said...

@karen

I'm just sitting here wit a dazed look on my face...

What the hell needs to happen to get this market to correct back a little...

We're back to March April...

72bat said...

borg, dl. borg.
personally i was thinking that summertime ennui (there it is again, cv) has set in and this market will work sideways longer than anyone can stand.

arbitrage789 said...

Probably get a bit of a correction next week.

All the way down to 1096 (or so).

karen said...

DL, i love it when you talk like that.. gives me real HOPE (not Obama's kind.)

Nic said...

Hello Karen!

Quote of the day:
"watching US play today was like trading on OPEX - your losing, your (almost) winning, you close flat."

arbitrage789 said...

Karen @ 1:28

Then again, we may not get below 1105. The point is, I see the correction next week as very shallow.

We're going to 1150, like it or not.

AmenRa said...

SPX wants to go lower but the algos keep getting in the way. Traders are rolling over put contracts and dumping calls (my .02)

arbitrage789 said...

AmenRa,

I think the VIX continues to trend lower over the next few weeks. Down to 18, maybe less.

karen said...

DL, last June-July the spx went from 875is to 1150.. a six month rally with a 275 point rise.. why can't we do the same thing this summer? i can't imagine not seeing 1300-1350 by year end.

karen said...

especially with all the new QE, right?!

AmenRa said...

DL

That's what the market expects but we know how that usually works out.

arbitrage789 said...

Karen,

1300 by year-end?

I don't know if you're serious, or just playing.

I suppose I could see 1275 by January (2011).

karen said...

So much for the housing recovery...

AmenRa said...

Karen

That's why I added the lumber chart to yesterdays corner. If lumber prices are falling hard then home builders have no work because they're not building.

arbitrage789 said...

AmenRa,

Copper is also worth paying attention to.

Been rather weak lately.

AmenRa said...

Will there be a rumor over the weekend used to try and weaken gold?

karen said...
This comment has been removed by the author.
arbitrage789 said...

Karen,

You posted in duplicate.

You posted in duplicate.

So what is Dr. copper trying to say?

karen said...

let's figure out what the dollar is trying to say.. : )

karen said...

i can't imagine the market selling off here.. longs won't get to take advantage of the gap up on monday !!!

I-Man said...

First post from I and I Cockpit...

I'm going to enjoy these monitors.

I-Man said...

Whats the shortcut to open a new window?

karen said...

I-Man, welcome back !! best to ignore me, this afternoon.. my sarcasm knows no bounds : )

arbitrage789 said...

I-Man,

Now all you need is a string of winning trades to pay for it all.

karen said...

hey, I-Man, what time is it in Seattle?

I-Man said...

All good Karen, I see we're just treading h2o.


@ DL
No shit, mane...

I paid outright for it though. No credit shit.

I-Man said...

Ha! I aint in Seattle, but its 12:15pm.

Not 5pm yet,

:)

But it will be earlier than later because this afternoon the brokers are taking the I-Man out his farewell event...

Happy hour on the river. Could get nasty.

karen said...

okay, we are the same time i guess..

I-Man said...

"out FOR his farewell event..."

Probably consume a few too many ipa's... I'm getting dropped off there.

:)

karen said...

Oh, it's five someplace, that wasn't why i was asking.. my husband is flying there.. wondering how he will react to my last text upon arrival, laughing.

arbitrage789 said...

I-Man,

I wish you all the luck in the world

(as long as you're not trading against any of my positions).

karen said...

you will have a fun time, I-Man; but don't wreck your weekend.. remember moderation : )

I-Man said...

I see someone already defaced that ref's wikipedia page...

Thats a low blow, really.

I was really pissed earlier, and still dont even know why the goal was waived, but I'm sure the dude knows he absolutely blew it. I've forgiven him already.

I-Man said...

I've always had fun in seattle, only been up there for ball games though. I'm closer to portland than seattle.

karen said...

I'm afraid we are going to live Nic's 1:31 quote today.. i'll think i'll try to be productive for the next 30 min..

I-Man said...

Alright, catch yall later.
Enjoy the close.

Should be real exciting. Pfft...

CV said...

What's interesting to me at the moment is that if you start with the 1042 as a bottom (after 1040)...

We rallied hard for a day, then closed right on a 61.8% retrace of that rally... (1055)

Since that close, the TRENDLINE for that close has not been closed UNDER...

It was about to yesterday (until the miracle rally at the end of the day led it back in that direction)...

Today, we started off following that trendline again (but have leveled off)...

This kind of thing could lead to a gap down (on bad news) Monday... OR... Some kind of "catch up" move (quickly to regain the trendline)...

Either way, I expect Monday to be more volatile than today...

AmenRa said...

Mofos are trying to churn higher into the close.

hehe said...

Go Algeria!!

Nic said...

I just fell asleep watching the England game and the markets weren't enough to keep me awake either ... awful day.
Remember when opex was fun or at least kept you awake? ugh
Hope everyone has a great weekend.

Nic said...

A doji day in football and a doji day in the markets

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