TRADERS ANONYMOUS: AmenRa's Corner

AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

Creditcane™: My first cousin is named Foreclosure Felon.

SPX
Bullish short day. Midpoint above EMA(10). Above all SMA's. Above 1177.84 (the .0344 fibo from high). New high on daily 3LB (reversal is 1165.15). QE2infinity (aka the beginning of the end).

DXY
Bearish short day. Midpoint below EMA(10). Still below its 76.4% retrace at 77.60. Also below 78.41 (.0557 from low). New low on daily 3LB (reversal is 77.39).

VIX
Bullish long day (also bullish thrusting). Midpoint below EMA(10). Below weekly 3LB mid and monthly 3LB mid. No daily 3LB changes (reversal is 21.21). Still hanging out in the "no fear" zone (yeah right).

GOLD
Bullish long day. Way above all SMA's. Midpoint above EMA(10). Closed above new 0% retrace (time for another 0%). New high on daily 3LB (reversal is 1340.30).

EURUSD
Bullish short day. Midpoint above EMA(10). Held its 61.8% retrace at 1.3899. Above all SMA's. New high on daily 3LB (reversal is 1.3772).

JNK
Bullish long day. Above all SMA's. Midpoint above EMA(10). Closed back above the 100% retrace. New high on daily 3LB (reversal is 40.01).

10YR YIELD
Bearish short day (failed to close gap). The 0.0% fibo retrace at 23.59 has held. Still below the weekly 3LB mid (27.60) and all SMA's. Midpoint below EMA(10). No daily 3LB changes (reversal is 24.56).

DJ TRANS AVG
Bullish long day (quit setting the hanging men free). Holding above the upper trend line and all SMA's. Midpoint above EMA(10). New high on daily 3LB (reversal is 4583.57).

CRB
Spinning top day. Midpoint above EMA(10). Above all SMA's. Held the Gann 1x1. New high on daily 3LB (reversal is 295.11).

XLF
Spinning top day. Midpoint above EMA(10). Failed to close above SMA(144)---see Aug 3rd. No daily 3LB changes (reversal is 14.89).

400 comments:

«Oldest ‹Older 201 – 400 of 400 Newer› Newest»

I-Man said...: Hogwash Ben!

8% is good enough for anyone.

They want 25%, tell them to buy a mutual fund and see how that turns out.; October 14, 2010 at 11:08 AM
McFearless said...: Short Crone,

couldn't agree more, hear you on all counts.

Ahab,

lol, yep, clearly beating the market isn't always enough. I used to throw this in the face of some folks that bitch about underperforming the market in a quarter or month or some other fairly meaningless period of time for the people I work with....I'd ask them....so if the market is down 15% next quarter and I lose 10%, you'd be happy because that quarter we beat the market yes?

Well, NO BEN, that's a stupid thing to say....and of course I reply

but that's what you just said, did I misunderstand you?

and then the explaining and rationalizing starts; October 14, 2010 at 11:10 AM
I-Man said...: On the tape, I think we just trapped some buy programs and weak longs...

Be on the lookout for some action before lunch today...; October 14, 2010 at 11:10 AM
McFearless said...: short crone, three nights in a row I got a recruiting call at the house from Waddell and Reid...I'm thinking I should just go over there, cause another flash crash, and call it a career. Andrew Ross Sorkin will probably interview me afterward.; October 14, 2010 at 11:11 AM
McFearless said...: I-man,

i went into that meeting last night feeling prettay good, I'm thinking, hey, I've got a short in this guys accounts as a hedge against his few longs (one of which is DD, omg 40% this year? for real), he's heavy bonds, and up just over 8% on the year through Tuesdays close so even after the rally beating the market overall with far less risk/volatility.

Bottom line: I didn't leave the house feeling that way.; October 14, 2010 at 11:13 AM
karen said...: new Jim Grant video..

http://www.businessinsider.com/jim-grant-debt-2010-10; October 14, 2010 at 11:15 AM
I-Man said...: I used to hear this stuff from my brokers all the time, my response:

People pay an advisor to be objective and unemotional about their money.

If clients want index returns every year, year in and year out, then they should buy an index fund.

My inclination is that they would have no idea when to sell, or when to buy more... in fact, they will do the exact opposite of the right decision when left to their own.; October 14, 2010 at 11:16 AM
Shortcrone said...: McF, one thing I find interesting is that I hear from compliance when I lag the market for a quarter, but I never hear from them when I am beating the market by the same percentage. From their perspective, am I not demonstrating just as much risk when I overperform as when I underperform? And when the overperformance comes from including bonds, etc. in a portfolio for a growth oriented client, I have to explain their inclusion, as it is not part of their "recommended allocation".

Everyone is growth oriented and an aggressive investor as long as they perceive no risk. Once the risk becomes evident, i.e. once it's too late, they become conservative. Time to fill out one of those excellent client risk tolerance questionnaires...; October 14, 2010 at 11:17 AM
karen said...: check out the 3 day, 10 min cup and handle on FAZ; October 14, 2010 at 11:22 AM
Shortcrone said...: I got my training, including CFP, in the 90's. As investors and advisors we were fed the milk of buy and hold and stocks for the long term and we were always right. We never realized how much dumb luck was at work. I believed right up to Sept '08, then spent the next year and a half in my office trying to understand the past. Blogs like this cleared a lot of crap out of the way. I gave up thinking like a child and am trying to help clients without leaning on dumb luck. It flies in the face of everything that is being sent out from broker dealers,etc. I look like a fool 95% of the time. And I don't care.; October 14, 2010 at 11:23 AM
karen said...: DRV has a similar pattern.. maybe we can sell off into the close..

how can a Tepper still be bullish here.. i'm thinking guns, ammo, food, and water.. oh, no, i'm turning CV!

(oh,man, but you should have heard my dentist yesterday!!); October 14, 2010 at 11:24 AM
Anonymous said...: I believed right up to Sept '08, then spent the next year and a half in my office trying to understand the past.

sorry dude- no disrespect- but that just made me laugh my ass off:-)!!; October 14, 2010 at 11:28 AM
I-Man said...: "Never confuse brains with a bull market."

Words fi live by.; October 14, 2010 at 11:29 AM
McFearless said...: @SC,

I learned all about what compliance was here for my second year in the biz. I was reassigned to a client who's advisor had been fired from the firm for churning, selling A shares, 18 months later pulling those and jamming people into B shares....then a little time after that, rip them into an annuity to cover the CDSC on the B shares with the credit from the annuity, three huge paydays on the same money. I found a client that lost about 17,000 as a result of this crap so I told compliance, what I didn't know is that two years prior the advisor was busted, went through arbitration, etc. I told the compliance supervisor that I found another instance of what he did and I thought we needed to make sure the client was aware and could take action, I was told to keep my mouth shut, that the clients got statements and should read them and that they didn't complain when it intially was brought to arbitration so we weren't going to bring it up now 2 years later.

We had a major battle with compliance in 2007 as I was pulling every last stock out of peoples accounts I began getting weekly calls from compliance telling me I needed to provide documentation of what I told the client, that they agreed to lower their risk, etc. It wasn't long after this that I was stopped and warned about sending any links to clients in an e-mail that didn't come directly from the firm. I was sending all kinds of links to people on housing/deflation/debt, and they cut me off from doing that.

Our company has yet to provide a single warning of the problems at hand and than a basic paper from our CIO last year about how we are "similar to Japan" but that you should talk with your advisor about a diversified portfolio, or try these new in house fund of funds! So I have that going for me.; October 14, 2010 at 11:31 AM
I-Man said...: Yall see that trap?; October 14, 2010 at 11:32 AM
karen said...: http://www.zerohedge.com/article/art-cashin-qe2-religulous-experience-if-you-have-faith-it-will-happen; October 14, 2010 at 11:33 AM
McFearless said...: SC,

yep, most of the advisors that I spend any time at all with from the company (usually at the once a year thing we qualify for) laugh at me, think I'm nuts, that I use "magic charts" and all that jazz. I kind of like it.; October 14, 2010 at 11:34 AM
McFearless said...: Art Cashin reads McFearless!; October 14, 2010 at 11:35 AM
McFearless said...: I

the looks of that could be promising. what was that you said about right before lunch!

sweet.; October 14, 2010 at 11:35 AM
Shortcrone said...: Ahab, glad I could bring some levity into your life, however it comes! Perhaps I should have said it took me that long to figure out just how blindly incompetent I was. I am now aware of some of my incompetence. More is revealed every day. If you can't laugh at yourself, laugh near yourself.; October 14, 2010 at 11:37 AM
karen said...: "What the Fed will end up doing on November 3, probably only Bill Gross knows. Yet one thing is certain - if at 2:15pm the FOMC statement headline scanning robots do no see confirmation of QE2, the market will plunge so fast it will force people to look back at the flash crash with nostalgia."; October 14, 2010 at 11:37 AM
Anonymous said...: I-Man's got the goods!; October 14, 2010 at 11:38 AM
karen said...: pls look at 3 day 10 min upside down cup and handle on spy right now!; October 14, 2010 at 11:39 AM
Shortcrone said...: McF, I'm getting all sorts of promotional stuff about structured notes now. And annuities with guarantees are being very quiet in comparison. Hmmm...; October 14, 2010 at 11:40 AM
karen said...: it's actually a 2 day upside down teacup.. so perfectly formed.. just looks sweeter on the 3 day..; October 14, 2010 at 11:41 AM
McFearless said...: karen, yeah I can see it, good eye.

@SC, this is why I'm such a Prechter fan, when I started reading his letters I realized I was really clueless about so many things, maybe about everything because I used to think events caused the markets to move! It's funny now how clueless I was. Say what you will about their market calls, and wow have they been bad of late, but you have to really think through your own ideas when you read them, if for no other reason that makes them very valuable in my eyes.; October 14, 2010 at 11:42 AM
Shortcrone said...: The last annuity product they produced had a prospectus in excess of 1700 pages-more than the health reform bill. The sales desk called to ask if I had any questions, and did I need sales pieces, etc. I told them very sweetly that as soon as I finished the prospectus I would look at potential sales. They said "oh, no one ever reads those things...."; October 14, 2010 at 11:43 AM
McFearless said...: yeah, structured notes...those get a lot of play around us too. Annuities are still pretty big though as well. I got a recent story on that front but we'll save that for another day.; October 14, 2010 at 11:44 AM
McFearless said...: lol SC, right, why are you reading that crap....hahaha.

funny that whole idea of "think outside the box" in our world it's more like

Conform or Die!; October 14, 2010 at 11:46 AM
McFearless said...: I hope the I-man caught this move....nice call bro.; October 14, 2010 at 11:47 AM
Anonymous said...: SC-

just a funny line is all- I had a mental picture of someone looking stunned-

probably very much akin to how we all looked when we found out the "easter bunny" was all a big scam; October 14, 2010 at 11:47 AM
Anonymous said...: my SKF looking prettier by the second; October 14, 2010 at 11:49 AM
Shortcrone said...: Ahab-now I'm the one on the floor-too accurate by far! And what are you implying about the Easter Bunny?; October 14, 2010 at 11:49 AM
McFearless said...: "I had a mental picture of someone looking stunned"

no that guy works at my office, he's the one I told you all about...Mr. Apple is going to $400 easy...and he "nailed it with Bidu" this year....he had in 08 too, but hey, he's just making money now, sort of, some might call it clawing back to even.; October 14, 2010 at 11:49 AM
I-Man said...: Caught the whole thing amigo...

JAH has the goods... He just shares it with the I from time to time.

Jalapeno bagel time at Dread Capital...; October 14, 2010 at 11:50 AM
Anonymous said...: "clawing back to even"

doesn't Cramer have a book by that title?; October 14, 2010 at 11:59 AM
Bruce in Tennessee said...: Stocks Slip After Jobs, Inflation Reports- AP

Stocks edged lower Thursday after another disappointing report on jobs. But losses were limited because traders expect the Federal Reserve will act soon to strengthen the economy.

...Let's see, haven't we had basically 1% or lower rates for most of 2000-2010. So the Federal Reserve, by QE2 will strengthen the economy? More likely "traders expect the Federal Reserve will act soon to keep a floor under equities."; October 14, 2010 at 12:01 PM
karen said...: so spy closed its mini opening gap up..; October 14, 2010 at 12:06 PM
karen said...: http://www.businessinsider.com/manal-mehta-branch-hill-capital-bac-2010-10

Is Bank Of America The Most Exposed If There's A Brand New Mortgage-Bond Scandal?; October 14, 2010 at 12:08 PM
karen said...: Karl: http://market-ticker.org/post=169169; October 14, 2010 at 12:10 PM
Anonymous said...: I think I'm going to bag the office today-

raining like a mofo- dreary-

if there is anything pressing I'm certain they'll call or I can pick up their emails on my BB-

to tell you the truth- I don't even know why I go to the office- outside of putting a deal together- it's all just communication-

old school I guess; October 14, 2010 at 12:10 PM
karen said...: and this is all FAZ can muster.. UFB. really.. what a total farce.; October 14, 2010 at 12:10 PM
karen said...: true story: http://dealbreaker.com/2010/10/ex-hedge-fund-manager-paul-greenwood-at-a-crossroads/; October 14, 2010 at 12:12 PM
Bruce in Tennessee said...: EUC 20083
3,888,001
4,123,513
-235,512

...It appears that the long term unemployed are really about out of time...; October 14, 2010 at 12:13 PM
Shortcrone said...: Would someone please give a shout out when this mortgage bond thing gets the heat it deserves? I've sharpened up my pitchfork so often I'll have to replace it before it gets a workout.; October 14, 2010 at 12:15 PM
Anonymous said...: karen-

I'm going to start calling you link lady-

and Paul Greenwood- without knowing- I would put money on it that he's a bachelor; October 14, 2010 at 12:19 PM
karen said...: i'm sorry.. i can stop posting all the links.. it's twitter that is the cause of all my new found stories... and of course i feel the need to share..; October 14, 2010 at 12:22 PM
I-Man said...: I like it Karen, keeps me amused when I'm waiting for trades...; October 14, 2010 at 12:23 PM
mcHAPPY said...: @Short Crone

"I got my training, including CFP, in the 90's. As investors and advisors we were fed the milk of buy and hold and stocks for the long term and we were always right. We never realized how much dumb luck was at work. I believed right up to Sept '08, then spent the next year and a half in my office trying to understand the past. Blogs like this cleared a lot of crap out of the way. I gave up thinking like a child and am trying to help clients without leaning on dumb luck. It flies in the face of everything that is being sent out from broker dealers,etc. I look like a fool 95% of the time. And I don't care."

I'm not in the business but you and me both. Glad to hear some people will secure the financial futures of some lucky clients.

If we get a lower low today, I see 5-3-5-3-5.

Unfortunately, squiggles are hardly reassuring.; October 14, 2010 at 12:26 PM
Anonymous said...: LL-

didn't say I didn't like them:-)!; October 14, 2010 at 12:26 PM
Bruce in Tennessee said...: Yield up on the 10 year by 12.36% today?? I suppose when you force rates down this low that even a little rise translates to a lot of money.; October 14, 2010 at 12:26 PM
Shortcrone said...: Karen, your links provide great insight and variety! Keep it up, please!!; October 14, 2010 at 12:28 PM
karen said...: mrtopstep - all sorts of index sell programs here SPZ support 1165 then 1161

fiatcurrency - US home equity decreased by $7trillion between 06-10, but mortgage debt only contracted by $270 billion. Catastrophic trouble for the banks!; October 14, 2010 at 12:32 PM
Anonymous said...: speaking of links-

looks like John Elway just got duped out of 15 million-

http://sports.yahoo.com/nfl/blog/shutdown_corner/post/John-Elway-invested-15-million-in-a-Ponzi-schem?urn=nfl-276931; October 14, 2010 at 12:40 PM
karen said...: you know, that TBT chart could go either way.. but currently the trend is still down.. and it's looking like it hit resistance and is backing down again..

i'm gonna check $usb.. haven't looked at that one in a while..; October 14, 2010 at 12:40 PM
karen said...: and quite sincerely, $usb looks headed higher on yesterday's print alone.. and $tyx looks headed lower.. black candle yesterday.. looks like a retest of support coming at least..

it's all so bizarre..; October 14, 2010 at 12:44 PM
karen said...: and here we sit, barely down on the day.. just a correction in an on going bull market that reflects our booming economy and near 0% unemployment situation.. yeah, i left the 1 off on purpose.. it's all 1s and 0s..; October 14, 2010 at 12:46 PM
Bruce in Tennessee said...: Why Barack can't learn

12:16 pm ET 10/14/2010 - MarketWatch Databased News

WASHINGTON (MarketWatch) -- Here's the problem with Barack Obama: He thinks he's on the right path.

This is what he tells his campaign rallies. It's the persistent message in a long interview appearing in the New York Times Magazine on Sunday.

He's still touting the checklist he keeps on meeting his campaign pledges (70% checked off, only 30% to go). He's on the right path even as unemployment increases, a foreclosure crisis is about to spiral out of control, and J.P. Morgan Chase reports another big increase in earnings while Wall Street plans to pay out record bonuses. See story on J.P. Morgan earnings.

If you think this is the right path, voters are saying in midterm election polls, where are the exits?

The Times piece is titled "The Education of a President" but there's one lesson that seems to be missing: Governing is not about checking off a list you compiled in 2008, but dealing with the problems of 2010. Read the Times' interview.

Take the foreclosure crisis -- the lack of adequate documentation is putting a virtual freeze on the process nationwide with incalculable consequences for the housing market and the banks. See bank stock slide.

...and so it goes until November.; October 14, 2010 at 12:47 PM
CV said...: @karen

It still looks a little 3P&ADH like to me (from that chart I put up yesterday)...; October 14, 2010 at 12:50 PM
CV said...: "Here's the problem with Barack Obama: He thinks he's on the right path."

The right path?

That's easy for him... Blame Bush and blame the GOP... Doubt he'll ever change his mind there...; October 14, 2010 at 12:51 PM
karen said...: Thank goodness you are back, CV.. I need protection : )
Seriously, tho, i am about to lose my mind..; October 14, 2010 at 12:56 PM
CV said...: @karen

C & BAC are down 5%... What's the problem?; October 14, 2010 at 12:57 PM
karen said...: did you all note the new high in the aussie today?! (or FXA, at least) no wonder this market can't stay down : )

and FXY.. we gotta pick a nice target and then buy YCS..; October 14, 2010 at 1:00 PM
I-Man said...: Bonds are looking strong off that auction...; October 14, 2010 at 1:01 PM
karen said...: CV, C should be under $1 or delisted!!!; October 14, 2010 at 1:01 PM
I-Man said...: Oh shit! not anymore... 30 getting whacked; October 14, 2010 at 1:02 PM
I-Man said...: I'll leave the bond commentary to LB... lol.; October 14, 2010 at 1:05 PM
Anonymous said...: here some news to cheer you up-

In World Without Growth, Buy "Water, Food and Warmth," Chris Martenson Says

http://finance.yahoo.com/tech-ticker/in-world-without-growth-buy-"water-food-and-warmth"-chris-martenson-says-535506.html; October 14, 2010 at 1:06 PM
CV said...: delisted is fine with me...; October 14, 2010 at 1:09 PM
CV said...: @ahab (1:06)

You have to go roaming all over God's Green Earth to uncover stories like that?

CV has been telling you that since the first day I was ever on a blog...; October 14, 2010 at 1:10 PM
McFearless said...: Let me give you all an example of why I said Christine Odonnel is not ready for prime time:

In the debate she made the point that we didn't want to create a nation of people looking for handouts (too late, btw)...and her example of why she thinks it's happening now:

out of all the good examples she could have given she said:

"the unemployment rate has leveled off but we still have 1 in 7 people on food stamps"

that was her best example I guess, you'd think for someone that lives in Wilmington she might have used BAC or JPM as an example instead.; October 14, 2010 at 1:11 PM
Anonymous said...: CV-

dude- that was from Yahoo- his take is that peak oil will make it impossible for economic growth; October 14, 2010 at 1:20 PM
karen said...: wow, $tyx just changed its stripes! bullish engulfing on yesterday's black candle..; October 14, 2010 at 1:20 PM
CV said...: Y'all see?

Basically though, none of you have to worry about heat... CV will explain why...

You should be WANTING Ben Bernanke to print quadrillions of dollars...

Think about it... for $400 dollars I got enough wood pellets to supply a pellet stove that keeps an entire floor of the house warm for the whole winter... It's stacked on 4 pallets...

But look what you can do with a TRILLION DOLLARS of $100 bills...

http://www.pagetutor.com/trillion/index.html

That's a lot of home heating if you just burn up your Bernanke Bucks!

He's so smart! See? he had your back all along...; October 14, 2010 at 1:21 PM
McFearless said...: people still talking about peak oil...lol.

riddle me this...where does oil come from?; October 14, 2010 at 1:22 PM
karen said...: mrtopstep

Top Notch's Video Report: DOWN but NOT OUT http://bit.ly/cJIKa3; October 14, 2010 at 1:22 PM
McFearless said...: folks, ....remember this

watch Wilmington Trust Bank very close over the next 6 months. I just got some very bad information about this bank. Keep and eye.; October 14, 2010 at 1:23 PM
CV said...: @McF

where does oil come from?

It comes from buried dinosaurs off one of Jupiters moons...; October 14, 2010 at 1:27 PM
McFearless said...: oh ok, I just wanted to make sure it wasn't horse bones CV, I really like Jello and I know Jello is made from horse bones....right?; October 14, 2010 at 1:29 PM
I-Man said...: Tim says if they take out ES 1175 he's going home... LOL.; October 14, 2010 at 1:31 PM
I-Man said...: Where does oil come from? It comes from JAH...; October 14, 2010 at 1:32 PM
CV said...: you're not trying to make a case for PEAK JELLO are you?; October 14, 2010 at 1:34 PM
I-Man said...: My coach and I were just laughing about how down 50 pts on dow feels like a crash...

They've really done a number on us with this rally...; October 14, 2010 at 1:34 PM
McFearless said...: no, but I am making a case for Peak Bill Cosby

jello pudding pops, frizzle fazzle dazzle; October 14, 2010 at 1:36 PM
karen said...: watching Taibbi:

http://www.ritholtz.com/blog/2010/10/magic-money-printing-machine-at-the-fed/

trying to explain the game to the general populace..; October 14, 2010 at 1:37 PM
CV said...: It would be a shame to run out of jello...

http://www.hearseclub.com/images/gallery2007/55_destructacon2007/DSC07120_jello_wrestling_4.jpg; October 14, 2010 at 1:38 PM
karen said...: we get to 1173 and i'm covering my new shorts.. i HATE this market..; October 14, 2010 at 1:42 PM
Anonymous said...: my son has on Full Metal Jacket-

great movie-

b22-

no doubt in my mind that there will be peak oil; October 14, 2010 at 1:42 PM
CV said...: The $TRAN candle, (which looked so good yesterday), is working its way to becoming a DARK CLOUD COVER...; October 14, 2010 at 1:43 PM
McFearless said...: It's a shame Taibbi is with Rolling Stone, anyone else get that Rag besides me? I'm thinking of canceling. The constant Obama worship is hard to bear, not to mention, they cover very little music anymore outside of pictures of Katy Perry and lady gaga at various places in various states of clothing.

Very few good articles about bands, and a lot of the good ones on the stones or beatles are just glorified re-writes of the old articles. point is, tiabbi would have a better audience somewhere else.; October 14, 2010 at 1:43 PM
McFearless said...: "no doubt in my mind that there will be peak oil"

really? total conviction on that one?; October 14, 2010 at 1:44 PM
CV said...: @ahab

I love that donut scene in FMJ; October 14, 2010 at 1:44 PM
I-Man said...: Ben/McHappy,

Looking at the 1min ES chart... do you see that 1064.5 as the end of a 5th?; October 14, 2010 at 1:48 PM
Anonymous said...: it all comes down to the expense to extract-

so lets say there is plenty of oil- but oil goes up and up and up in price as it gets harder and harder to extract

dude- I grew up in the 70's- oil embargoes- when gas went over a $1- and gas lines- and the invention of locking gas caps so folks wouldn't siphon your gas, odd even days to get gas-

what a show; October 14, 2010 at 1:48 PM
McFearless said...: effing tiabbi link just froze up my whole computer, I never go to BR's site anymore at work because of this, should have known better.; October 14, 2010 at 1:48 PM
McFearless said...: @I,

will send you some updated charts tonight or tomorrow as I might get home really late tonight. I dont' really see it that way right now, doesn't mean I'm right though.; October 14, 2010 at 1:49 PM
CV said...: McF is just "toying" with all of you when he talks of PEAK OIL...

Because eventually... LONG AFTER HUMANS... The world ought to go through a period of excessive vegetation... In the natural process of things, that vegetation will decay down into peat bogs and then get swallowed up by the Earth... It'll get compressed to coal, and some of it will become subjected to geo-thermal processes that will create oil...

So as long as there is abundant vegetation, there will be the coctail to produce more...

Thus, NO PEAK OIL...

The question is whether man will be around that long to use it...; October 14, 2010 at 1:50 PM
Anonymous said...: CV-

great scene- that actor who played the DI did an incredible job; October 14, 2010 at 1:50 PM
I-Man said...: I'm pretty sure it was, and we just finished the first wave up off the low.; October 14, 2010 at 1:55 PM
karen said...: Moody's: CMBS delinquencies up to 8.25% in September; October 14, 2010 at 1:56 PM
I-Man said...: http://www.cnbc.com/id/39664612

BULLSHIT.; October 14, 2010 at 1:57 PM
karen said...: Ben, I get Rolling Stone, too..

Sh*t, i HATE this market.. i really really do.. 1173 here we come.; October 14, 2010 at 1:58 PM
Andy T said...: Must be sweeps week for CNBC or something. They just did a full clip of good porn with a title "Hard Times for the Porn Industry."

Earlier, some Scotsman was feeding MCC some whiskey and telling there to "hold it in her mouth...hold...hold...now swallow." It was pretty bad.; October 14, 2010 at 1:58 PM
I-Man said...: HAHA; October 14, 2010 at 1:59 PM
McFearless said...: yeah I don't know anything about Peak Oil, I just know the people claiming it don't even really know where oil comes from, so color me a skeptic when they tell us in the same breath we are about to run out. I heard a scientist once state that we know more about space than we do our own oceans....so a lot of those types of predictions are a little funny to me, people anymore think we got it all figured out, as if we are now kryptonians walking to the earth living in magic crystal palaces and knowing all because of understanding of science. someday it is highly probable many of einsteins theories will be laughed at and proven to be not entirely correct, we'll probably all be long dead by then.

I'd like to think we'll see peak fiat before we see peak oil; October 14, 2010 at 1:59 PM
I-Man said...: That really cheered me up after reading that story about those norwegian dudes...

Thx AT; October 14, 2010 at 2:00 PM
karen said...: carleygarner - Cotton futures limit up, ICE freezes option trade because synthetics were trading over double limit!; October 14, 2010 at 2:00 PM
McFearless said...: lol AT.

karen, did you read the Oblahblah interview in the last one.

The answer to every question was

well republicans

I also gag every time I read the with us/against us chart they put in there.; October 14, 2010 at 2:01 PM
karen said...: oh my word! the bells are striking the hour and i can't believe only 2 left to go before the close.. this day went FAST.; October 14, 2010 at 2:02 PM
karen said...: Ben, i did not read because you summarized it for me, LOL.; October 14, 2010 at 2:03 PM
I-Man said...: So let me get this straight... what those two guys did was a crime...

But the machines do nothing but stuff bids and offers, send and cancel orders all damn day, and they are the "victims"...

Shit just makes my blood boil. Fuck the machines... and the institutions that whore them.; October 14, 2010 at 2:05 PM
CV said...: @Andy

Ooh... I gotta get that clip of MCC...; October 14, 2010 at 2:08 PM
McFearless said...: i say fuck the people that set them up, they want us all to believe they didn't program their own bias right into the algo and that somehow the computer should be exempt from rules that humans must abide by.... they go out in public and hype it, hype that they have taken the emotion out, etc etc.

it's such a joke to me that so many people think these algos are infallible.; October 14, 2010 at 2:09 PM
CV said...: @McF

"with us/against us"

WTF? Oh, so I'm just supposed to take all the effing crap that you come up with and not challenge it...

I suppose I'm UNAmerican for questioning your superior wisdom...

gag me!; October 14, 2010 at 2:11 PM
I-Man said...: I bet the vast majority of the programmers couldnt trade worth a shit if they had to.; October 14, 2010 at 2:11 PM
karen said...: NicTrades - Opec say $100 barrel oil will compensate producers for fall in dollar without derailing economy. LOL

oops.. JPM at low of day?; October 14, 2010 at 2:12 PM
McFearless said...: CV,

I wish I could show some of them to you right now...you'd get pissed. It's taken me a while but now I can finally just laugh at them.; October 14, 2010 at 2:12 PM
I-Man said...: I might have been wrong about that 5... shits looking grim again...; October 14, 2010 at 2:12 PM
karen said...: did any of us even pay attn to the JPM earnings? I didn't..; October 14, 2010 at 2:15 PM
AmenRa said...: The movie with the infamous phrase..."me love you long time"; October 14, 2010 at 2:17 PM
McFearless said...: I've been reading up about them over at KidD's karen (re: JPM), he's had some good posts and then some links where you can follow elsewhere to other commentary, lots of fishy business in the 8k...but the bank 8k's always do.; October 14, 2010 at 2:19 PM
I-Man said...: Bank fundies???

BWAHAHAHAHAHAHAHA....

Dont waste your time. Lies, and lies, and lies...; October 14, 2010 at 2:20 PM
karen said...: Oh, that's right.. I'm an idiot.. i posted that Kid D link in the first place.. i got mixed up for a minute.. rolling my eyes..; October 14, 2010 at 2:20 PM
karen said...: ben, i hate to disappoint you with my shallow thinking but i'm beginning to buy into the Tepper Theory.. this market will not go down, and they will flood the country with dollars.. It was my thesis of late 2008 and 2009 that has finally taken hold with the mainstream.. LOL.; October 14, 2010 at 2:23 PM
McFearless said...: Karen,

hey, do whatever you think best, I'm over talking about David Tepper. I've got more important things to think about, I've spilled enough pixels on the topic.; October 14, 2010 at 2:24 PM
Anonymous said...: going back to the 70's- having lived through it so I took it in stride-

but looking back on it- that decade was incredibly turbulent-

we lost a war, oil embargoes, hostage crisis, stagflation, Jimmy Carter

kind of a grim period; October 14, 2010 at 2:26 PM
karen said...: El-Erian: The Fed aims to push investors out on the risk spectrum, and to urge banks to lend & large companies to spend.

http://bit.ly/akieg7; October 14, 2010 at 2:28 PM
Anonymous said...: Ra-

and. . .me soooo horney; October 14, 2010 at 2:30 PM
CV said...: @ahab

at least you had your disco and polyester suits...; October 14, 2010 at 2:30 PM
karen said...: One of the BEST things El-Erian has ever put out, imo..; October 14, 2010 at 2:30 PM
Anonymous said...: having been over in that area-

sucky/fucky pretty common term with the ladies; October 14, 2010 at 2:33 PM
karen said...: abnormalreturns - $XLF http://chart.ly/mcl7wgl

The equity market (for now) is disregarding the effects of the foreclosure crisis. Should it?; October 14, 2010 at 2:36 PM
McFearless said...: Bruce Berkowitz is likely to be a name we all remember before this movie is over. This guy is now in a battle with David Einhorn over the value of St. Joes, he also has huge holdings in C and BAC, but most important, it has been rumored that part of the reason the whole AIG deal went down like it did was because of his exposure.

he's made an even larger reflation bet than John Paulson...time will tell.

In the past when David Einhorn has delivered a thesis like this he was exactly correct, time will tell if he isn't this time but I'd be careful fading him.; October 14, 2010 at 2:45 PM
I-Man said...: http://www.zerohedge.com/article/bls-bs-update

Wow...; October 14, 2010 at 2:48 PM
I-Man said...: They just cant get the buy programs to stick...
know what that means...; October 14, 2010 at 2:57 PM
CV said...: @karen

To me, this whole QE2 gobble-de-gook is going to turn into a massive SELL THE NEWS event...

This is about the half dozenth time I've said this, but the whole thing reeks of 2007...

Cramer comes out in August with his famous "they know nothing" rant...

Fed doesn't like to be upstaged by some clown on TV, nevertheless starts the rate cutting process at next meeting...

Rather than typing the whole sequence that unfolded out here, go to the link and see for yourself...

http://en.wikipedia.org/wiki/History_of_Federal_Open_Market_Committee_actions

Basically... When the market got what it wanted... The PROCESS of easing was started... September and October produced big rallies...

But note what happened by the December 2007 FOMC meeting... What had been 50 basis point cuts, now were 25 basis point cuts...

THAT'S NOT ENOUGH CANDY!

The markets quickly sold off (after that December FOMC meeting), but then regained their footing after the bankers realized their year end bonuses were in trouble)... That was also the time that meredith Whitney arrived on the scene...

By mid - January, the markets were in freefall, and the Fed had to placate the markets by doing a series of intrameeting cuts, and the rest is history...

My point is... The same is going to happen here... The markets are responding here in anticipation... But let me tell you that NO AMOUNT OF QE2 IS GOING TO BE SATISFACTORY...

They could make it a blabillion dollars, and the markets will act as if they want 2 blabillion dollars...

If theu get 10 blabillion dollars, they're going to want 20 blabillion dollars...

We're way past the realm of ANY number making any difference... Wall Street are just a bunch of screaming spoiled rich kids, that whine and scream even if they get a pony on their birthday (because now they want 2 ponies)...

They're like that little spoiled rich girl in Willie Wonka and the Chocolate Factory...

They're a bunch of Cowboys who have Bernanke, Obama, and the politicians in Washington dancing as they shoot bullets at their feet...

Please don't tell me that you believe that some ALL KNOWING person is going to crunch the numbers and come up with the exact amount of QE2 that's going to "fix" the markets...

The markets DON'T WANT to be FIXED... They'd prefer to STAY BROKEN... That way, they can get constant tender loving care from the big breasted nurse...; October 14, 2010 at 2:59 PM
I-Man said...: Dont everyone flip to sell programs at once now...

Take it easy...; October 14, 2010 at 3:01 PM
McFearless said...: lol, they can sell as fast as they buy I. you are right, every 50 points feels like a crash now for bears, hilarious.

cant wait to drive to philly in a bit, what a shit day out there; October 14, 2010 at 3:07 PM
I-Man said...: Nice little save there... must have been a bit to scary for someone...

Oooohh...

75 pts on dow just too much...; October 14, 2010 at 3:11 PM
I-Man said...: BOO!; October 14, 2010 at 3:11 PM
karen said...: big news: (zerohedge - Here Comes The Scramble For Capital: JPM To Raise $4 Billion http://www.zerohedge.com/article/here-comes-scramble-capital-jpm-raise-4-billion)

JP Morgan Launches $4 Billion 2-Part Bond Offering -Source
2:52 PM ET 10/14/10 | Dow Jones
NEW YORK (Dow Jones)--On the heels of the bank reporting a jump of 23% in its third quarter profit, J.P. Morgan Chase & Co. (JPM) has launched a $4 billion two-part debt offering Thursday, according to a person familiar with the deal.; October 14, 2010 at 3:12 PM
McFearless said...: CV,

just saw the trade with franchize...you think that's gonna help you agains the might bo jacksons?

come on man; October 14, 2010 at 3:13 PM
karen said...: anyone read the el-erian article?!! excellent.. "Most people do not like to be pushed into doing anything, let alone into taking more risk. "; October 14, 2010 at 3:16 PM
I-Man said...: Very freaky price action last 20 min or so...; October 14, 2010 at 3:16 PM
I-Man said...: Oh yeah, tomorrows opex... DUH...; October 14, 2010 at 3:16 PM
karen said...: topstep: market TENDENCIES - not rules, have shown inflows of $$ into #equities #monthend & start as well as #midmonth... PIT BULL's mention/observation of coin toss whether this unfolds = questions whether it will happen today = neutral; October 14, 2010 at 3:18 PM
I-Man said...: Forgetting about opex at 3:20 on a thursday afternoon =

CMON MAN!; October 14, 2010 at 3:21 PM
McFearless said...: there is certainly awareness of foreclosure issues amongst the retail crowd, it's just that none of them know what it means, and very few believe it would impact them in any way.; October 14, 2010 at 3:24 PM
I-Man said...: Prison rape now...

Yikes. I'm skeered.; October 14, 2010 at 3:24 PM
karen said...: this is the last straw: Eric Rosengren says FED HAS OPTION TO BUY CORPORATE BONDS..; October 14, 2010 at 3:25 PM
karen said...: tradefast

QE2 long trade is crowded - so, it (long) is the pain trade - will Bernanke disappoint tomorrow? puts are cheap, under the circumstances; October 14, 2010 at 3:26 PM
CV said...: @mcf

The trade is more to help his team out against THEM THUGS...

He has Jermichael Finley out and needs a TE... So I was going to deal him Gonzalez in a swap, hoping to help him get over the top...

I'm in a race here to try and get to the 7 game money payout... THEM THUGS is in my way (whether I beat your team or not)...

If I lose to you... I need THUGS & BOOEY to go down too...; October 14, 2010 at 3:29 PM
karen said...: Ben, thanks for your 2:45.. very interesting..; October 14, 2010 at 3:30 PM
karen said...: oh, since Peak Oil was mentioned earlier:

http://www.financialsense.com/contributors/chris-martenson/future-chaos-there-is-no-plan-b

i'm not reading it, however.; October 14, 2010 at 3:31 PM
CV said...: @I-Man

just don't forget about... THE ELECTIONS... 100% of your trading should be focused there (according to what I've read around the blogosphere)...; October 14, 2010 at 3:32 PM
McFearless said...: some new protests going on in Greece, ah...just another day.; October 14, 2010 at 3:35 PM
CV said...: @McF

You should "collude" with me here...

You play Booey next week... You could "lay down" for me here, then I'll slide you some of my best players for next week...

Call me the "cheatin commish"... :-); October 14, 2010 at 3:35 PM
CV said...: we split the dough and head to Mexico with some hookers & blow!; October 14, 2010 at 3:36 PM
Bruce in Tennessee said...: OOH, ooh, Mr. Kotter
Yes, Horshack?
Someone in the bond market has lost the thread of the grand global recovery plan. Will they have to stay after school?; October 14, 2010 at 3:36 PM
I-Man said...: I feel your pain shorts, and dont feel that good about making money off of it... but I got to trade whats there.; October 14, 2010 at 3:38 PM
McFearless said...: maybe a few more bears out there today, excessive pessimism?....RMAO!

http://www.cboe.com/data/IntraDayVol.aspx; October 14, 2010 at 3:43 PM
karen said...: tradefast @NicTrades waiting for fomc is logical, but bernanke speaking tomorrow -- regardless, unclear if ben has the votes for QE2

(seriously, someone needs to reign in the fed before they utterly destroy the dollar and crude is $150 again..); October 14, 2010 at 3:48 PM
karen said...: This could be it.. interest rates might put a halt to the Fed's next QE..; October 14, 2010 at 3:50 PM
karen said...: mrtopstep

chatter #NYSEimbalance 35mil to sell; October 14, 2010 at 3:50 PM
karen said...: i wish we didn't have GOOG and opex all at once!! and BB speaking tomorrow.. i should just slit my wrists now and not live it..; October 14, 2010 at 3:51 PM
karen said...: deleveraging is a myth.. fantastic chart..

http://yfrog.com/n9morpj; October 14, 2010 at 3:53 PM
McFearless said...: whats this wrist slit craziness again....get a frou frou and go to the beach; October 14, 2010 at 3:53 PM
karen said...: mmm, death by alcohol does sound like a better option. thanks, ben.; October 14, 2010 at 3:54 PM
karen said...: can you believe this market?? really?? we'll be green by the close.; October 14, 2010 at 3:55 PM
McFearless said...: why would mortgages go down just because property values did....what the hell kind of thinking is that? and then there is a question if the debt is valid....like maybe there isn't really a mortgage?

I don't get it.; October 14, 2010 at 3:56 PM
CV said...: A recent joint study conducted by the Department of Health and the Department of Motor Vehicles indicates that 23% of traffic accidents are alcohol related...

This means that the remaining 77% are caused by a**holes who just drink coffee, carbonated drinks, juices, yogurts, and shit like that...

Therefore, beware of those who do not drink alcohol. They cause three times as many accidents...; October 14, 2010 at 3:57 PM
McFearless said...: we have some not so prudent retailers claiming to buy every dip...this is as it should be right now, like I've been saying, trade against the big boys if you like, since everyone else is right at the moment...commercials reduce S&P exposure six straight weeks, their shorts on NDX all-time highs.

these are "they" people.; October 14, 2010 at 3:58 PM
AmenRa said...: Can't have utter destruction until after option expiration.; October 14, 2010 at 3:59 PM
karen said...: Ben, i took the chart differently... the banks aren't counting the losses on their books..; October 14, 2010 at 4:00 PM
I-Man said...: Fuckin insane...; October 14, 2010 at 4:01 PM
McFearless said...: lol, ok karen, well in that case, sure, of course they aren't, as we said yesterday, they can't, they'd all be insolvent.
no matter, give it time.; October 14, 2010 at 4:03 PM
I-Man said...: I doubt there will be any congressional inquiry over this flash rally.; October 14, 2010 at 4:04 PM
I-Man said...: I heard Waddell and Reed just bought a shitload of mini's...; October 14, 2010 at 4:05 PM
McFearless said...: they pressed B instead of M

bwahahahahaha; October 14, 2010 at 4:06 PM
CV said...: Somebody typed in "ELECTIONS" into a newsfeed loop and the algos went batshit...; October 14, 2010 at 4:10 PM
I-Man said...: What a fucking joke this is.

I dont even feel good about having a good day.

What does that say?; October 14, 2010 at 4:11 PM
karen said...: well, we are gonna have goog at a new high tomorrow..; October 14, 2010 at 4:13 PM
McFearless said...: "What does that say?"

that you care about more than just making money....which according to some is for suckers, often the same people that rail against those that practice this exact behaivor.; October 14, 2010 at 4:13 PM
karen said...: http://ibankcoin.com/flyblog/2010/10/14/the-magic-penis-is-coming/

(nic tweeted that : ); October 14, 2010 at 4:15 PM
I-Man said...: Alright Capitalists... I need to get outside.; October 14, 2010 at 4:15 PM
McFearless said...: guys, check out the josh rosner post at Barry's today on the mortgages, pretty simple to understand the issue at hand after reading, no nonsense.; October 14, 2010 at 4:16 PM
McFearless said...: yeah I gotta hit the road, more self esteem destruction ahead for benny.

have a good night crew.; October 14, 2010 at 4:17 PM
Colin said...: Goog ramping hard. Looks like the rally is back on...; October 14, 2010 at 4:19 PM
Anonymous said...: "If quantitative easing is going to come it's going to bring us more liquidity, people are going to apply more leverage to the market, and they're going to be backing winning stocks," he said."- Simon Maughan, co-head of European equities at MF Globa

see folks- no brainer- just listen to folks like this and you'll understand; October 14, 2010 at 4:19 PM
karen said...: goog up 45pts now.. over 8%; October 14, 2010 at 4:29 PM
mcHAPPY said...: I just went to TWSWB for the first time in months. Just reading the first number of entries it appears he is plagarizing Denninger's entries.; October 14, 2010 at 4:30 PM
karen said...: alaidi

Gold ATMs in many world top hotels. Here's the one at Westin-Madrid http://bit.ly/br0SDQ I exchanged euros for yello

(seeing is believing..); October 14, 2010 at 4:31 PM
karen said...: goog almost to 600 now.. geeze...; October 14, 2010 at 4:32 PM
Anonymous said...: @karen

You reminded me about GOOG... I was going to put up a chart on that the other day...

I was about to say that it's probably going to end up doing a GAP fill (up there around 582) where you can basically drap a huge rectangular bos between 570 and 585 going back to last December...

Frankly - I think it's all just chart painting on GOOG, and it tells me zilcho about the rest of the market...

CV; October 14, 2010 at 4:32 PM
Anonymous said...: yeah- goog- should have probably sold my SKF when the selling was good-

but I still think the banks will slop it up next week-

I'll be patient; October 14, 2010 at 4:35 PM
karen said...: well, it filled that gap..it's over $590 right now..; October 14, 2010 at 4:37 PM
Anonymous said...: @karen

It's IMPRESSIVE...

But again... Draw that rectangular box in the manner that I described before...

You'd basically see that the price probably NEEDED to go up there at some point to cover up all those gaps...

Now it can do some painting... But guess what?

The hideous chart gap lies BELOW... :-)

CV; October 14, 2010 at 4:46 PM
Anonymous said...: @karen

In fact... This is all shaping up so CRAZILY similar to what I was talking about earlier... and what I've been talking about for weeks...

This QE2 bullshit is just "jerking people around"... It's the same as 2007, after the CRAMER RANT and the fed started cutting rates...

Look at the GOOG weekly chart going back a couple of years...

Look what GOOG did between OCTOBER 07 and JANUARY 08... It peeked over $600, then was never heard from again...

If you ask me... It's going to have to do a hell of a lot of work to get through $600 for any sustained time (especially with that huge hole underneath)...

The caveat is, that if Bernanke actually DOES succeed in lighting the gas can, then GOOG can go astronmically high...

I'm telling you though, that if that happens, I'd rather own silver and gold (physical) than crappy electronic pieces of GOOG stock that by the time I'd sold the shares and got my redemption, my winnings wouldn't buy me a loaf of bread...

CV; October 14, 2010 at 4:55 PM
wunsacon said...: Wow. So many posts, so little time to read (after an extended day of work).

Almost 400 posts!; October 15, 2010 at 12:04 AM
wunsacon said...: And now there are 400.; October 15, 2010 at 12:05 AM

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