TRADERS ANONYMOUS: Morning Audibles 6.25.10

Morning Audibles 6.25.10 - Look!... Nevermind Don't

I'm just going to save my breath and put up the same chart as yesterday...

One either see the fractal or they don't...

Today we will see what the PPT is made of, or it could be very quiet out there ahead of the G-20 meeting...

There are no such things as stock market crashes when we have "wizards" & "smart guys" in charge

THAT's why the markets are so resilient? Right... People go to be KNOWING that their money and INWESTMENTS are safe... If we EVER EVER go down... It'll probably be by way of a 1 point loss every day... You know... It would therefore take us around 5 years to float down to zero...

Calmly and orderly...

253 comments:

«Oldest ‹Older 1 – 200 of 253 Newer› Newest»

Nic said...: Morning CV, got my tin hat on.

Thanks for the gossip Market Maker; June 25, 2010 at 8:55 AM
CV said...: The DOG ATE the Treasury Dept's Homework

Fire at Commerce Dept...

"And now for the envelope... oops, it just burned down. Oh well. First no budget, now, no GDP...

According to unsubstantiaed rumors, the fire is headed to the records room at the US Treasury next...

Unfortunately for our creditors, there will soon be no paper record we owe money to anyone. And like that, our $13.1 trillion in debt, it's gone."

---

I thought they were using an abacus to count the debt...; June 25, 2010 at 8:59 AM
karen said...: morning! gold talking back this morning ; ); June 25, 2010 at 9:45 AM
karen said...: three times i tried to post that comment! anyway, i'm already frustrated with the banking index..; June 25, 2010 at 9:45 AM
karen said...: Nic, "I am flat right now, markets too scary. It could be a face ripper or a total colllapse so I am watching to see." That makes me feel really uncomfortable since i am so short.. but listen to me on one little thing.. do not short gold unless it is for 5 minutes.. that's where there will be a face ripper one day.; June 25, 2010 at 9:48 AM
AmenRa said...: Try as they may but the down move can't be stopped.; June 25, 2010 at 9:49 AM
CV said...: Banks should be downright cheery that they have a great American like Chris Dodd, to push thru legislation that lets them gang rape the American middle class...; June 25, 2010 at 9:50 AM
karen said...: look at drv.. running to 8.70 minimum today ??; June 25, 2010 at 9:51 AM
I-Man said...: I think its going to be a quiet grind up to 1080 or so on ES today.

Friday, light volume. Tired, volatility strung out traders...

Otherwise, the bulls are going to have to defend 1040 today, and not sure they will have the stomach for it after all we've seen thus far in the week.

If we do drop, its going to fast, and hard to catch unless you're already short. Chasing waterfalls is a difficult proposition.

More likely that we carve out some short term support at 1068 and try to make a lower high early next week... 1086 maybe... 1106 if bulls are lucky.

I'm just going to practice some more complicated order entries on the simulator today I think.

For my range I have 1036 and 1086 bracketed... 50 handles... gotta love the vol!; June 25, 2010 at 9:55 AM
Anonymous said...: you don't know me
but lets push this thing higher for a bit; June 25, 2010 at 9:56 AM
Anonymous said...: blogger sucks
tried posting 5 minutes ago
lost posts; June 25, 2010 at 9:58 AM
karen said...: milquetoast michigan sentiment? a non-starter for the market apparently. but anything can happen now so toss a coin !; June 25, 2010 at 9:59 AM
AmenRa said...: UoM Sentiment came in BTE. Yet I look at XRT and see something different. Who exactly are they polling for their results?; June 25, 2010 at 10:00 AM
karen said...: if we were to have some sort of a crash today.. even a mini.. CV is going to have a messianic following after precisely calling the euro that time... : ); June 25, 2010 at 10:03 AM
I-Man said...: Might play some swings from the long side today if we can hold up over 1073... hoping to play a buystop blowout at 1076... might be able to catch 1073 to 1080 with some luck.; June 25, 2010 at 10:04 AM
karen said...: a great review from trader mark:

I prefer to play the primary trend (which is down), rather than to get very cute and try to catch both the up and down moves since it just increases the degree of difficulty and opens up more chances for mistakes. But as we type, we are sitting at the low end of subrange #1. Either 1070 holds or does not. A very aggressive player would lift shorts here and try to play a bounce I suppose, with a tight stop just below 1070. I would have much preferred to see a big down open today to shake everyone's hopes as that would have been a good place to trying some long side forays, at least for a quick trade. But with the up open, it's just "meh" as we are in the middle of the 60 point range. We can go up 30 S&P points from 1070 and still it would mean nothing, while 30 points down just takes us to the long term support.

The market is having a terrible week, down about 4% and trading in yet another huge weekly range of 60 S&P points. Just as we have in many of the previous 3-4 weeks. Completely bipolar action and impossible to build intermediate positions in this environment.

http://www.fundmymutualfund.com/2010/06/back-to-same-game-plan-as-may.html; June 25, 2010 at 10:06 AM
AmenRa said...: If banks are higher then FinReg has been neutralized. If FinReg had any teeth banks would be down 3-5% already.; June 25, 2010 at 10:07 AM
karen said...: Yelnick says were headed back to my top:

http://yelnick.typepad.com/yelnick/2010/06/mother-market-setting-a-trap.html; June 25, 2010 at 10:10 AM
karen said...: I am with Tyler on this, "It Is Just Surreal Now: UMichigan Consumer Confidence Index At Laughable 76, Highest Since January 2008."

When the lies are so thick you can't see thru them, the market doesn't buy into them any more.. let's see where we are around in another half hour.; June 25, 2010 at 10:13 AM
Nic said...: Thanks Karen! :); June 25, 2010 at 10:14 AM
Mannwich said...: I see more downward revisions on GDP. No worries. It's fun to pretend and then ignore the revision later though.; June 25, 2010 at 10:17 AM
karen said...: Nic, one more thing about gold from Mr. Gold himself, don't trade it unless you have 24 hr access. (and maybe you do, little night-owl!); June 25, 2010 at 10:18 AM
Nic said...: How bizarre is it that the Govt has passed the most sweeping financial reform since Sarbanes Oxley and the market is flatlined?; June 25, 2010 at 10:18 AM
Mannwich said...: Testing.; June 25, 2010 at 10:19 AM
Nic said...: I have 24 hr access ... but just watching from the sidelines; June 25, 2010 at 10:19 AM
CV said...: @karen

I'm 100% positive we WON'T crash today...

There...

Now whatever happens... I'm wrong...; June 25, 2010 at 10:20 AM
I-Man said...: limit buy @ 1067; June 25, 2010 at 10:28 AM
I-Man said...: Got a nice channel to work with on the ES 1min chart, thats what I'm trying to play here.; June 25, 2010 at 10:31 AM
karen said...: Nic, not bizarre at all considering the market we are in.. : )

It's the "Now whatever happens... I'm wrong." market.; June 25, 2010 at 10:34 AM
karen said...: a lower low on spy today.. 107 really needs to give way.. it seems weak support to me but whatever!; June 25, 2010 at 10:41 AM
AmenRa said...: There's blood in the water and the sharks are circling...; June 25, 2010 at 10:43 AM
I-Man said...: I'm trading with Lloyd and Jamie today... I'll fight them again next week...; June 25, 2010 at 10:45 AM
I-Man said...: And now I'm out...; June 25, 2010 at 10:53 AM
McFearless said...: "A very aggressive player would lift shorts here and try to play a bounce I suppose, with a tight stop just below 1070."

Is TM reading this site, lol, said exactly this yesterday near the lows....; June 25, 2010 at 10:56 AM
I-Man said...: And that is why you use stops...; June 25, 2010 at 10:57 AM
karen said...: ben, come on, we are too close to the bottom not to get there.. anyway.. need to revisit 103 spy.. or break thru it.. that would be a big uh-oh.; June 25, 2010 at 10:59 AM
McFearless said...: the market is done...stick a fork in it, come back btwn now and 2016.; June 25, 2010 at 11:00 AM
karen said...: i think somebody should call Katy..; June 25, 2010 at 11:00 AM
McFearless said...: Karen,

I'm quite confident we see 800's before this year is out.; June 25, 2010 at 11:00 AM
Anonymous said...: I, almost saw your 1067 but why 1067?; June 25, 2010 at 11:00 AM
I-Man said...: Anon @ 11:00

On the ES 10min chart, I drew a trendline yesterday that connected the two lows, 1066.5 and 1066.75, and extended it out into space.

This line served as support overnight, and also served as resistance this morning at about 1073.5.

Then, I drew a parallel trendline starting at this mornings low of 1065.25...

That was my channel, and 1067 was a "shakeout length" below the lower channel boundary.

Was hoping the channel break would suck in some sellers, and then whip them back up to 1074.

Got filled at 1067, but clipped out at 1066.25... I always keep stops tight, but super tight on countertrend trades.; June 25, 2010 at 11:08 AM
I-Man said...: That same lower boundary is now serving as resistance at 1067 btw...

And keep in mind I'm quoting the Sept ES prices, not cash SPX.; June 25, 2010 at 11:10 AM
McFearless said...: internals dont' look *awful....this afternoon could get interesting.; June 25, 2010 at 11:17 AM
Anonymous said...: Thx I, pretty bold trade, all the channels I'm seeing are trending down.; June 25, 2010 at 11:17 AM
Colin said...: Karen, I'll assume you meant 6.70 on the DRV today? I just can't understand how it keeps getting hammered.; June 25, 2010 at 11:22 AM
McFearless said...: probably same reasons as before, the worse the data is the more people think there'd be more housing stimulus or whatever...the fed rules the world according to most...ya "herd"; June 25, 2010 at 11:26 AM
McFearless said...: it's all been said before, people are going to buy all the dips for quite a while on this next big wave down....; June 25, 2010 at 11:27 AM
karen said...: Colin, not funny! and NO i did not mean 6.70.. laughing.. the market is inefficient and dumb.. what else can i say? it might even be fixed/rigged/gamed.. but it is all we've got.; June 25, 2010 at 11:30 AM
I-Man said...: Now that all those shorts are in, that trade is going to work...

I just misjudged the velocity of the shakeout.; June 25, 2010 at 11:31 AM
AmenRa said...: Ben

At what point do they stop buying dips and throw in the towel?; June 25, 2010 at 11:31 AM
I-Man said...: @ anon

No prob. Certainly bold in the sense that its countertrend, but when you risk 3 ticks to book 6 points, its not really.

But if its against your rules to trade countertrend, then yes, certainly.; June 25, 2010 at 11:33 AM
Mannwich said...: @Amen: At 800? ;-); June 25, 2010 at 11:34 AM
CV said...: Towel said...

"Throw me in already, I'm bored"; June 25, 2010 at 11:34 AM
AmenRa said...: Manny

Hell they bought the dips all the way down to 666 and then claimed they called the bottom...BS; June 25, 2010 at 11:35 AM
Mannwich said...: @Amen: LOL. Well, they WERE going to be right eventually, I guess!; June 25, 2010 at 11:38 AM
I-Man said...: Long french press, short Mr Coffee.; June 25, 2010 at 11:38 AM
CV said...: It's so moronic to manipulate markets this way (keep them from falling)...

The more it becomes obvious, the more people end up getting scared...

As in... "If they need to manipulate it this much, things are probably pretty scary"...

By doing so, you're just fanning and extending the fear...

People will never want to be a part of it...; June 25, 2010 at 11:39 AM
Mannwich said...: I gotta hand it to Richard "the Dick" Bove. He's quite skilled at getting his name and comments out there in the media. A true media whore. Well done, Dickster. Well done, indeed.

But Richard Bove, a banking analyst with Rochdale Securities, said the bill would not severely curtail banks’ operations.

“I don’t see there being a tremendous clampdown on the ability of banks to make money,” he said.; June 25, 2010 at 11:41 AM
Mannwich said...: I think that's the end game, cv. Look at the NIKKEI. That's where we're headed, I think. Lower lows and lower highs for years.; June 25, 2010 at 11:41 AM
McFearless said...: "At what point do they stop buying dips and throw in the towel?"

Ra, because of what I'm calling Primary Wave 2 (march 09-april 10) I think the answer to this is DOW 6,500, until then people will be more focused on the upside they are going to miss, applying the outcome of the March 09 bottom to all dips moving forward.; June 25, 2010 at 11:42 AM
I-Man said...: CV,
I fully agree. Its rather pathetic, but also quite predictable.

It will take an absolute shun of equity markets by an entire generation for them to realize the stupidity of what they have been doing.

Like Todd Harrison has said, if they had stopped in 2001, we already would have reached a bottom by valuation standards, and who knows how the global picture would have changed if they hadnt been so fixated on the liquidity, ZIRP bullshit.

But alas, ignorance and alot of capital at your disposal can be a dangerous combo.; June 25, 2010 at 11:43 AM
CV said...: Here's where the market is right now...

http://img.thisismoney.co.uk/i/pix/2007/12/WileECoyote_203x150.jpg; June 25, 2010 at 11:44 AM
McFearless said...: anyone scrambling to assess "the bill" is a dingbat. This is only the first bill, AFTER the next wave down there will be another.; June 25, 2010 at 11:45 AM
I-Man said...: I mean seriously!

Look at the title to the FT's special report on the G-20 today:

"Pressure is on to reverse latest slide."

That says it all.; June 25, 2010 at 11:47 AM
Mannwich said...: @ben: But Bove the Dick's motives are so predictable as a cheerleader for the financial services industry. Anything he can do to help goose shares of the firms he's in.; June 25, 2010 at 11:48 AM
karen said...: funny! TGI HFT Fry Day

http://www.zerohedge.com/article/tgi-hft-fry-day; June 25, 2010 at 11:49 AM
I-Man said...: All that aside, I'm thinking we probably close up around 1076 today to close out the week.

We've given them enough pain for one week...

:); June 25, 2010 at 11:50 AM
McFearless said...: lol bove the Dick,....that's hilarious

anyway, yeah, he's a douche, and how he's on tv..."that's beyond my pay grade"; June 25, 2010 at 11:51 AM
McFearless said...: this idea that it's somebody's job to reverse anything negative is GIB to the extremem, you know, bad shit just happens sometimes....it's the basic attitude that denies the fact that social mood is creating the news....not the other way around...yet they tackle "the news" and therefore it never works.; June 25, 2010 at 11:53 AM
McFearless said...: the fact that consumer sentiment is highest since Jan 2008 should be a comfort to anyone with a contrarian bent (so everyone here basically).....also...if you want to feel contrarian about something else...this will likely work:

"President Barack Obama declared victory Friday after congressional negotiators reached a dawn agreement on a sweeping overhaul of rules overseeing Wall Street."; June 25, 2010 at 11:55 AM
I-Man said...: Totally... when did it become the job of global leaders to "control" the market???

I thought they were just supposed to be good leaders, and then the market would naturally fall into synch with its own rhythm.

But no... we gotta CONTROL that shit... you know, keep that market in line.

How well does that work out???; June 25, 2010 at 11:55 AM
CV said...: @I-Man

Screw that...

CV wants to see some Stone Cold Steve Austin pain...; June 25, 2010 at 11:56 AM
Nic said...: A face ripper in crude ...; June 25, 2010 at 11:58 AM
I-Man said...: Bring THE PAIN... (defiantly punches own chest); June 25, 2010 at 11:59 AM
McFearless said...: any good leader should be able to help his or her followers understand that having to struggle can actually be a reward and that desireable outcomes often require across the board sacrifice.

Any leader that tells people it should be blue skies and rainbows 100% of the time...is not a leader.; June 25, 2010 at 12:00 PM
CV said...: @Nic

It could be that there are some tropical storms a brewin'; June 25, 2010 at 12:00 PM
I-Man said...: @ Nic

yikes...; June 25, 2010 at 12:00 PM
McFearless said...: http://www.youtube.com/watch?v=VFb9WhlGzn4; June 25, 2010 at 12:01 PM
CV said...: @MCF

"Any leader that tells people it should be blue skies and rainbows 100% of the time...is not a leader."

Especially when you have to read off a teleprompter...; June 25, 2010 at 12:01 PM
CV said...: The TELEPROMPTER in CHIEF; June 25, 2010 at 12:02 PM
McFearless said...: C,

you know a big part of the problem is that politicians believe the nonsense economists tell them, such as how they "cause" economic outcomes...if that's the case, guess we better start giving credit where it's due right....I'll start with Hitler and the nice economic expansion Germany had after he took power.

Now how insane does that sound?; June 25, 2010 at 12:05 PM
CV said...: From ZH

ECRI Leading Economic Index Plunges At -6.9% Rate, Back To December 2007 Levels When Recession Officially Started

"It's getting close: the fabled -10% annualized change (see David Rosenberg) which guarantees a recession is now just 3.1% away, which at this rate of collapse will be breached in two weeks. The ECRI is now at December 2007 levels, the time when the last recession officially started. The index dropped from an annualized revised -5.8% (previously -5.7%) to -6.9%. As a reminder, from Rosie, "It is one thing to slip to or fractionally below the zero line, but a -3.5% reading has only sent off two head-fakes in the past, while accurately foreshadowing seven recessions — with a three month lag. Keep your eye on the -10 threshold, for at that level, the economy has gone into recession … only 100% of the time (42 years of data)." We are practically there."; June 25, 2010 at 12:06 PM
Mannwich said...: A "challenging" month for KB homes. Shocker.

http://www.calculatedriskblog.com/2010/06/kb-home-month-of-may-was-particularly.html; June 25, 2010 at 12:08 PM
CV said...: Typical Recovery; June 25, 2010 at 12:08 PM
Nic said...: There is a tropical storm brewing that could reach the GOM.
Crude weekly candle is now a hanging man off the 61.8 fib, not so pretty for bulls; June 25, 2010 at 12:08 PM
McFearless said...: CV,

12:06

"I'm not saying there isn't going to be a double dip, I'm saying the data isn't there to support it"

TWSWB

Go and figure that one out.; June 25, 2010 at 12:10 PM
McFearless said...: Nic,

so, I've been reading a lot of these astro analysts lately and there were certain alignments that occured this week which the astro folks predicted could start a major storm on the east coast that would move to the gulf...it's that is what blew threw where I live yesterday...it's gonna be nasty.; June 25, 2010 at 12:12 PM
Mannwich said...: Uh Oh. Chinese becoming more like us with regards to materialism?

http://globaleconomicanalysis.blogspot.com/2010/06/gold-diggers-in-china-say-show-me-house.html; June 25, 2010 at 12:12 PM
I-Man said...: BR has always struck me as an adept trader, I wonder why he gives a shit about all this "data"?

If you're a good trader and can read tape, then there is no reason to fall back on econ data to make decisions.

Just follow the money.

Works everytime, and always has.; June 25, 2010 at 12:13 PM
McFearless said...: full moon is tomorrow btw

you know, in case anyone wants to rent Teen Wolf or something.; June 25, 2010 at 12:13 PM
bob said...: One Angry Dwarf and 200 Solemn Faces

Dick Bove on CNBC-

http://www.youtube.com/watch?v=GwFBshjGe8I; June 25, 2010 at 12:14 PM
McFearless said...: I,

to any trader, economic data is nothing but a distraction, completely worthless information.

it can help confirm your larger wave counts....but as I've always maintained...trading off it is a losing proposition, and you certainly can make forecasts with it...but you can predict the past.; June 25, 2010 at 12:15 PM
I-Man said...: Nic, is it just me, or is that a gartley forming on the ES 5min?; June 25, 2010 at 12:15 PM
karen said...: The weekly unpaid loan amounts for the homes to be auction this week in Laguna Beach tops $10 million again..

http://lagunahomes.ocregister.com/2010/06/24/these-laguna-beach-homes-are-off-to-auction-20/6003/; June 25, 2010 at 12:21 PM
Nic said...: No gartley yet; June 25, 2010 at 12:23 PM
Nic said...: Bullish pattern completes at 1080 ...; June 25, 2010 at 12:23 PM
Nic said...: cash; June 25, 2010 at 12:24 PM
Mannwich said...: TLT holding strong here.; June 25, 2010 at 12:29 PM
I-Man said...: Morpheus Trading just put a buy entry report on TLT and UUP, Manny... you might want to take a peek at it.

They are pretty good ETF traders.

http://www.morpheustrading.com/short/z100621.html; June 25, 2010 at 12:34 PM
karen said...: this absolutely amazing! watch the intro completely to learn how to use it..

http://www.wolframalpha.com/screencast/introducingwolframalpha.html; June 25, 2010 at 12:37 PM
Nic said...: Bloomberg show Greek debt swaps trading at a record 1,140 bps, says probability of default nearly 69%.
But hey, rally on Mr Mkt; June 25, 2010 at 12:41 PM
arbitrage789 said...: Nic @ 10:18

There's not much that happens on Capitol Hill that well-connected money managers don't know about the moment it happens.

(Everything's been discounted).; June 25, 2010 at 12:44 PM
Nic said...: V true, DL; June 25, 2010 at 12:47 PM
I-Man said...: Trailing orders are really cool... cant believe I've never played around with these before.; June 25, 2010 at 12:48 PM
arbitrage789 said...: I think there's a good chance we brush up against Karen's top by next Friday.; June 25, 2010 at 12:48 PM
I-Man said...: I just figured you out DL... you closet technician you.

:); June 25, 2010 at 12:50 PM
arbitrage789 said...: I-Man @ 12:48

Aren't you going out "flat" every day?; June 25, 2010 at 12:50 PM
Nic said...: I-Man - did you see this the other night? thought you would like it:
http://www.youtube.com/watch?v=jbn3rOPmR9w; June 25, 2010 at 12:51 PM
karen said...: DL, Yelnick agrees with you if you noted my 10:10 above.

http://yelnick.typepad.com/yelnick/2010/06/mother-market-setting-a-trap.htm; June 25, 2010 at 12:51 PM
I-Man said...: Yes... flat everyday.; June 25, 2010 at 12:52 PM
arbitrage789 said...: I-Man @ 12:50

I don't know... I've been "out of the closet" for some time now.

However, I do attempt to understand the "big picture" macroeconomic issues.; June 25, 2010 at 12:52 PM
Mannwich said...: Thanks I-Man. Will do.; June 25, 2010 at 12:54 PM
CV said...: @karen

Thats pretty cool...

Is that some kind of website? or a subscription service?; June 25, 2010 at 12:55 PM
I-Man said...: I just know what you're watching to get that target...

Thats all.; June 25, 2010 at 12:56 PM
karen said...: CV.. you can do so much with with it!! i got the "loganormal" price distribution of crude and gold.. fascinating..

50% range, 1 month | 74.42 (-5.5%) to 83.33 (+5.8%)
95% range, 1 month | 66.81 (-15.2%) to 92.82 (+17.9%)
50% range, 1 year | 64.74 (-17.8%) to 95.79 (+21.6%)
95% range, 1 year | 44.56 (-43.4%) to 139.2 (+76.7%)

it seems to be free!! you must watch the entire intro to really get it..

you can put currencies in.. gdp to railway line.. compare countries.. i'm flabberghasted.; June 25, 2010 at 12:59 PM
arbitrage789 said...: Yeah, I'll have to examine that Planet Yelnick site when I have more time.; June 25, 2010 at 12:59 PM
bob said...: A lot of the sci fi types pointed to the birth wolfram alpha as proof of AI(it's alive), very powerful.; June 25, 2010 at 1:04 PM
I-Man said...: That made me cry Nic... thx.

"Some dude in Arkansas" really took the cake.; June 25, 2010 at 1:06 PM
karen said...: oops, i'm on the wrong side of this today.. or for the moment..

REITs rise 3% in midday trading
1:03 PM ET 6/25/10 | NEW YORK (MarketWatch) -- Shares of leading real estate investment trusts and an exchange-traded fund that tracks the sector were up in early afternoon trading Friday. Equity Residential Properties Trust , ProLogis , Kimco Realty Corporation , Apartment Investment and Management Co. , Simon Property Group Inc. , Boston Properties Inc. , Vornado Realty Trust and SPDR DJ Wilshire REIT ETF were all seeing gains, with Equity Residential Properties and ProLogis up the most at 3% at the latest.; June 25, 2010 at 1:14 PM
I-Man said...: Interesting... never heard of this fandangled contraption before...

Found some cool thoughts on it here:

" This is the first step toward thinking machines, toward the "Intelligence Explosion". Human invention and progress will start to follow Moore's Law.

Get creeped out and excited by that.

Interesting. Web 1.0 ran about 12 years. Web 2.0 ran six years. Web 3.0 will run three years (2009 to 2012). Web 4.0 (ubiquitous informational synchronicity) will run just 1.5 years (2012 to 2013). Web 5.0 (direct human computer interface? artificial intelligence?) will happen over just a few months, and then we cross the threshold, whatever that may be.

What will Web 4.0 look like? Ubiquitous informational synchronicity basically means information is available all the time, everywhere, and is continually updated. My car talks to my house, talks to my cell phone, talks to me. Electronic agents take care of much of my personal business - pay my bills, manage my finances, do my shopping. What I want to know, I know, instantly. New information enters the system continuously, and is immediately assimilated."

It was a comment from this link:

http://www.singularity2050.com/2009/05/wolfram-alpha-great-fun-awaits-us.html; June 25, 2010 at 1:14 PM
CV said...: @I-Man

Well if it's that damned smart, how come thesee friggin ALGOS can't figure out we're in an economic depression and sell this market already?; June 25, 2010 at 1:21 PM
CV said...: I wonder how long it's going to take all that artificial intelligence to figure out that the race of humans are a bunch of idiots?; June 25, 2010 at 1:26 PM
I-Man said...: Because you have to realize the futility of "control" before you can embrace the knowledge...

@ Anon

Do you see the channel now? Just poked above the upper boundary at 1075...; June 25, 2010 at 1:27 PM
Mannwich said...: @cv: That's probably been determined already.; June 25, 2010 at 1:27 PM
bob said...: It figured that out 1 year ago, sold it, then a nanosecond later bought it back, figuring almost immediately that they are that stupid and will almost certainly want to buy it now.; June 25, 2010 at 1:28 PM
I-Man said...: Should be trading back down to 1071 in a little bit... which is not only the uptrend support off of todays low, but also the midline of that channel.; June 25, 2010 at 1:30 PM
CV said...: Little early to start the Friday ramp job isn't it?; June 25, 2010 at 1:35 PM
Mannwich said...: There it is. The little rally.; June 25, 2010 at 1:36 PM
Mannwich said...: Never too early for a ramp job, cv.; June 25, 2010 at 1:37 PM
72bat said...: itching to put on shorts for this upcoming, lovely summer weekend?; June 25, 2010 at 1:38 PM
CV said...: THINGS YOU'LL NEVER HEAR...

Quick... The market is melting up...

Somebody must be "fat fingering" trades again...

Cancel them all, and put the circuit breakers on...; June 25, 2010 at 1:39 PM
I-Man said...: 4 handles on the ES through resistance isnt a ramp job... just par for the course I think.; June 25, 2010 at 1:41 PM
CV said...: @I-Man

ANYTHING "green" above 800 is a ramp job...; June 25, 2010 at 1:42 PM
Mannwich said...: Sideways summer is here?; June 25, 2010 at 1:42 PM
I-Man said...: Dont be going zerohedge on us, CV...

:); June 25, 2010 at 1:43 PM
I-Man said...: Seeing your 1:42, I'll say:

Touche.

:); June 25, 2010 at 1:43 PM
CV said...: @I-Man

You'll know I've gone ZH on you when the site is down constantly...; June 25, 2010 at 1:44 PM
Mannwich said...: LOL cv. No kidding. That site is always down. Where is their hosting service? In the jungle somewhere?; June 25, 2010 at 1:45 PM
I-Man said...: I just think its amusing that anytime the tape jumps by a few handles the guys at zerohedge cry PPT...

They've been getting louder lately now that the trend has changed.

Like on Wednesday...

Its just a mad volatile tape, shits going to move alot, and everytime it does, its not because the fed is juicing spoo's. (Unless they are juicing audusd, audjpy, spx, dow, naz... in unison, which I find highly unlikely.); June 25, 2010 at 1:46 PM
Anonymous said...: @I

I think I see it now, see it on 30min, bottom channel touches on 6/23 @ 10:30 approx.

NICE!; June 25, 2010 at 1:47 PM
I-Man said...: Thats not to say that they arent participating in the futures market... I'm sure that they are. Only at certain moments though, when most other bids vanish and shorts get too over-aggressive...; June 25, 2010 at 1:48 PM
bob said...: Album for the weekend, courtesy of toronto's own-

http://www.brokensocialscene.ca/discography-spotlight.php?search=AC014

The song titles are a perfect match.; June 25, 2010 at 1:51 PM
CV said...: All they have to do is intervene in the Euro and the rest follow suit...

Tell me why the Euro is moving the way it has for the past 3 days when Greece CDS's are blowing out?; June 25, 2010 at 1:52 PM
CV said...: Answer:

g-20 meeting this weekend; June 25, 2010 at 1:53 PM
Mannwich said...: Agreed, I-Man. I was being facetious today.; June 25, 2010 at 1:53 PM
I-Man said...: @ anon

That is not the exact one I was referring to, but it is parallel to the same line... now start trying to draw trendlines off major lows that are parallel to that line you just drew.

Harmonics.

Also, if you start playing with gann lines (I just eyeball them, but there is a precise angle measurement of where they should be) off of those swing highs and lows, you will begin to see what I call "Jah Grid".

Thats basically all I do, draw trendlines off major highs and lows, adlib gann lines from the pivots, and overlay some channels.

Helps to keep your lines different colors, I use a system for keeping track.

What is really spooky, is when you start overlaying those with Ra and Nic's fibo's...

And then read AT's weekly slides.

It all comes together.; June 25, 2010 at 1:59 PM
I-Man said...: Actually, I take that back... it starts getting real spooky when you start to play around with fibo timing analysis...; June 25, 2010 at 2:04 PM
I-Man said...: CV's fractal charts, for example.

Also check this guy out sometime:

http://www.mjbraun.net/index.html

And dont forget about the astro...; June 25, 2010 at 2:06 PM
I-Man said...: What? Is everyone geeking out on that search engine or something?; June 25, 2010 at 2:10 PM
CV said...: Quiet I-Man...

I'm trying to get some sleep here... :-); June 25, 2010 at 2:13 PM
I-Man said...: I know, I just asked that search engine what everyone was up to.; June 25, 2010 at 2:15 PM
I-Man said...: Thats how I know Nic and Karen are at the beach doing cartwheels...; June 25, 2010 at 2:21 PM
karen said...: more funnies:

Moody's Says Provisions Of Fin Reg Reform Bill May "Trigger Disruptions" In Credit Market
Submitted by Tyler Durden on 06/25/2010 13:11 -0500

Rating Agency

Just headlines for now. Not like anyone cares what Moody's thinks but if even the rating agency can not spin some data in a benign way, there likely are some major sandtraps in there.; June 25, 2010 at 2:23 PM
karen said...: I was actually out watering and filling birdfeeders...; June 25, 2010 at 2:25 PM
Nic said...: I-Man
Mark Braun is THE man; June 25, 2010 at 2:30 PM
CV said...: Speaking of "sandtraps"

LB must be in one right now (with his golf ball) and can't get out... :-); June 25, 2010 at 2:30 PM
I-Man said...: Nic, yes he is...

That webinar changed my life. lol.; June 25, 2010 at 2:34 PM
karen said...: LB is in Texas wishing he was in a sandtrap, I bet..; June 25, 2010 at 2:39 PM
CV said...: I wonder if the North Korean soccer team is going to have to face a firing squad after losing the last 2 games by a combined 10-0?; June 25, 2010 at 2:39 PM
karen said...: an interesting article:

http://www.minyanville.com/businessmarkets/articles/us-government-financial-planning-investment-strategy/6/25/2010/id/28934?; June 25, 2010 at 2:41 PM
CV said...: You know what everyone is thinking right now...

"OK it's Friday 2:40 PM... Market Down all week but we may have put in a temporary bottom this morning... Here comes the late Friday afternoon ramp job... Followed by MOMO Monday..."

That's what LOGIC & CONDITIONING would tell you right?; June 25, 2010 at 2:42 PM
karen said...: from John Paulson: "Paulson said he is optimistic on the American economy. "I think we're at the tail end of the credit crisis," he said "We're in the middle of a sustained recovery in the US. The risk of a double dip is less than 10 percent.” Europe, however, “is the one soft spot in the world," he said.

"It's the best time to buy a house in America. California has been a leading indicator for the housing market, and it turned positive seven months ago. I think we're about to turn a corner.""

Okay, so if he thinks CA turned positive he has another thing coming.; June 25, 2010 at 2:43 PM
karen said...: to continue: "But his investments signal a more pessimistic view. Paulson’s firm is the largest holder of Gold exchange-traded funds in the world, as Paulson said he fears "currency instability and inflation due to the large amount of quantitative easing."

He denominates all of his assets in gold and is bearish on the dollar. “Within three-to-five years, we could see high single, if not double-digit rates of inflation,” he said."

http://www.cnbc.com/id/37918926; June 25, 2010 at 2:44 PM
I-Man said...: Did John Paulson sell his soul to Goldman or something?

That guy has become a major let down for me.; June 25, 2010 at 2:45 PM
Anonymous said...: @I

just use multiples of 18

amazing what the price does at these points

1080 is one; June 25, 2010 at 2:46 PM
I-Man said...: We know the other Paulsen sold his soul a long time ago...

The permabull one that puts out all the garbage research.; June 25, 2010 at 2:46 PM
karen said...: Well, there are some equally smart people with the opposite views..; June 25, 2010 at 2:47 PM
CV said...: the "toolbox" keeps adding more hammers...; June 25, 2010 at 2:47 PM
I-Man said...: @ anon

1080 also happens to be the largest cluster of offers in the order book.; June 25, 2010 at 2:47 PM
Mannwich said...: @I-Man: Guys like Paulson have sold their sold a long time ago. Several times over.; June 25, 2010 at 2:47 PM
karen said...: are we flipping coins here? my coin sez sell-off into the close.; June 25, 2010 at 2:48 PM
CV said...: any Mr. Topstep?; June 25, 2010 at 2:49 PM
Nic said...: Mr Topstep
http://www.youtube.com/watch?v=rNZdtsm4sfI; June 25, 2010 at 2:50 PM
CV said...: @karen

I'm using the coins to keep my eyelids pried open...; June 25, 2010 at 2:51 PM
I-Man said...: I'm still thinking 1076 on the ES Karen, alot of defense at the 1072-73, alot of offense at the 1079-80 levels.; June 25, 2010 at 2:51 PM
Mannwich said...: I say coin gets stuck in the rafters. Story continued next week.; June 25, 2010 at 2:52 PM
Anonymous said...: @Nic, did you read John Crooks' currency currents today. Wow, harsh words for Obama Administration.

"Tells G-20 leaders to Print". Ha!; June 25, 2010 at 2:53 PM
karen said...: CV, i burst out laughing..

per Danny, if it werent for gold, i think i'd be wanting to join the dead today, too.; June 25, 2010 at 2:58 PM
CV said...: I feel like I'm sleepwalking...

They could put me in a zombie movie and they wouldn't need makeup...

I'd probably win an Oscar!; June 25, 2010 at 3:01 PM
karen said...: CV, would a flash crash wake you up? maybe a beer is what you need, a hair of the dog that bit you, LOL.; June 25, 2010 at 3:05 PM
karen said...: can i say again how much i hate this market? even if it drops i will hate it because it is so effing wishy-washy!!; June 25, 2010 at 3:06 PM
I-Man said...: Now we're talkin! It is friday, after all...

:); June 25, 2010 at 3:07 PM
CV said...: You know...

Come to think of it... This reminds me of that time period right before the Euro hit 1.29...

I'd called for that number for months 9to hit on May 4th...

It was almost there (on 4/28), then did this silly reversal for 3 days...

It looked like my prediction was a GONER, but then, lo an behold it took a swan dive after the May 1st holiday weekend...

These last 3 days feel like that (even taking it right back to that same trendline)...

Of course when the Euro blew up the FLASH CRASH followed on its heels...

CV got the girl in the end on that one...; June 25, 2010 at 3:08 PM
bob said...: http://www.youtube.com/watch?v=IP3VVsA_xXc

Feeling very musical today. It's the only thing keeping me awake...; June 25, 2010 at 3:08 PM
CV said...: @karen

I was just trying to wake people up...

It was getting lonely talking to myself with the markets perched on the abyss...; June 25, 2010 at 3:10 PM
I-Man said...: Never Ending Math Equation is one of the best songs they ever wrote...; June 25, 2010 at 3:10 PM
McFearless said...: this might have already been brought up but I hear the oil move is israel/iran rumors.; June 25, 2010 at 3:11 PM
I-Man said...: Need to get that back on my ipod...; June 25, 2010 at 3:12 PM
Mannwich said...: This comment has been removed by the author.; June 25, 2010 at 3:12 PM
I-Man said...: Gravity Rides Everything, Bernanke.; June 25, 2010 at 3:15 PM
CV said...: @McF

You mean there's going to be a hurricane in Israel & Iran? :-); June 25, 2010 at 3:17 PM
CV said...: LOL

One of the advertisements over at TWSWB is an ad for a 25 hour Jet Card...

Big wheeler dealer!; June 25, 2010 at 3:20 PM
I-Man said...: And if you're feeling sleepy... it might be from the dramamine...

http://www.youtube.com/watch?v=TK1bi4emEkk&feature=PlayList&p=4D80FF57D09D6E55&playnext_from=PL&playnext=1&index=5; June 25, 2010 at 3:21 PM
CV said...: I guess they figure all the "well heeled" big spenders that frequent the site (like f411) need to see what services they have to offer...; June 25, 2010 at 3:22 PM
Anonymous said...: @Ben, the gold move is G-20 printing?; June 25, 2010 at 3:23 PM
McFearless said...: John Paulson was a nobody before goldman let him select the SHITTY mortgages to short. Perhaps we should not forget that.; June 25, 2010 at 3:23 PM
CV said...: I'm trying to "crack myself up" here so I don't fall asleep before the close... :-); June 25, 2010 at 3:24 PM
Mannwich said...: Like I said, ben. Paulson "sold his soul" long before now.; June 25, 2010 at 3:25 PM
McFearless said...: no, I was told that 11 US war ships went through the Suez Canal 2 days ago and troops are amassing on the northern Iran border while Isralie planes land on Saudi air strips.

we aren't so foolish as to think that flotilla episode or the war games Israel has been conducting for months was coincidence right?; June 25, 2010 at 3:26 PM
Anonymous said...: Bank reform bill?

Sesame Street crowd. If I remember correctly there were two characters, Barney and Frank?; June 25, 2010 at 3:26 PM

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Morning Audibles 6.25.10 - Look!... Nevermind Don't

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