Morning Audibles 10.1.10

And then there were...


What? Don't tell me you forgot about ol' Shemp?




Reports: Emanuel to quit White House on Friday

As has been speculated for some time now, White House PCOS Rahm Emanuel will be leaving to run for mayor in Chicago... Hmm... All I can say to all you Chicago-ans is...


It's reported that his first act as mayor will be to suspend all "short yellow bus" activities...


"F—ing retarded," Mr. Emanuel scolded the group, according to several participants. He warned them not to alienate lawmakers whose votes would be needed on health care and other top legislative items...

So take that! 

What CV? Don't you have any GOOD news to print? Something that will make us happy? Well, What about this?

Federal Reserve 'Will Be Gone' In 25 Years, Top Financial Mind Predicts, Despite Geithner's Vote Of Confidence

Excerpt: "A mere half-hour after Treasury Secretary Timothy Geithner praised the "necessary" and "very substantial" actions of the Bush and Obama administrations to "break the back of the financial crisis," one of the world's leading financial minds said Thursday that the United States is in the same economic predicament today as it was in 2007, predicting that within 25 years the Federal Reserve "will be gone."


Gone within 25 years? Let's analyze the "published" balance sheet and see if there's anything to this story?


Actually, CV has dug up, specifically for you readers, just EXACTLY what is on the mysterious FED balance sheet...


Ah well what can I say? Perhaps I'll end this thread on the topic of "monkeys"... More specifically, the likelihood that some will come flying out of your butt anytime soon... Now all I need to do is try and handicap the odds of that happening, or that we'll get a correction of the nature indicated on the following chart... Most are betting on the "monkeys" at this point...








195 comments:

Anonymous said...

I thought some here could appreciate this...I woke up to the sounds of the business report on the radio...announcer said S&P futures down 6 points. Turned on the TV only to see that he had mis-read the script.

mcHAPPY said...

A run up at the open to 1148-1150 would fit exactly what I am looking for. I'll let you guess what I think happens after.

CV said...

Hmmm...

http://www.euribor-rates.eu/current-euribor-rates.asp

Jennifer said...

Bucky got sick overnight...

AmenRa said...

Can't let futures show weakness. It was down around 5am est then miraculously rebounded. This will not end well (eventually).

mcHAPPY said...

It is miraculous, isn't it.

Bucky is the only thing needed to watch right now. If and when it gets off the mat is when the fireworks will begin.

Anonymous said...

for Jennifer-

no more loud Snuggie commercials-

http://www.truthdig.com/arts_culture/item/congress_dials_down_tv_commercials_20100930/

call me ahab said...

regarding my 8:54-

kind of nice seeing congress tackling the tough problems

karen said...

odd JNK down.. sorry, late.. will read morning audibles next!

ben22 said...

ahab,

I wasn't too shocked to hear that WMT wasn't packed. I'd imagine if I went to a WMT in Camden NJ it'd look different than the one close to West Chester PA.

I know of one in DE in a fairly rough area, I'll check it out one of these nights and report back.

karen said...

never mind.. ex div day for jnk

CV said...

U of Michigan at 9:55

The Wolverines are off to a 4-0 start so I expect this to be BTE... :-)

ISM at 10:00

72bat said...

ben -
it's the e-o-m midnight sales that were remarked upon by the wmt exec (ceo?), i.e., when the debit cards of po' folks on gubmint aid get re-charged.
next e-o-m's are halloween and november in midst of xmas sales so maybe these two won't reflect the phenomenon as clearly.
sorry i didn't make it to the walmart in les affluent area last night. up too late and up too early all this past week.

ben22 said...

72, ok, I was wondering if it was only a specific date, either way, I bet it's not every wal mart, probably a more clear trend in harder hit areas, we have a serioulsy screwed up thing going on right now where some places are in full on depression and others seem like they never even really went into a serious recession.

I won't go to WMT on halloween, I stay in on halloween, I hate that holiday.

ben22 said...

here's my once a week e-mail from Eaton Vance:

"How about a higher yielding product that also may allow for additional diversification?

Please consider EEIAX, the Emerging Market LOCAL income fund"

call me ahab said...

b22-

yeah it was a ghost town- but as I said to Ra last night-

where I live may not be conducive to seeing the "down and out" whiling their time away at Walmart

ben22 said...

I wouldn't bother, I don't talk to this guy, I'm just on some list he sends mass mails to, I avoid all the MF buys but PIMCO, used to have a good internal at Fidelity but that was 2003/2004.

karen said...

amazing pictorial of art.. save for when you have time, be prepared for shivers:

http://www.nytimes.com/interactive/2010/09/25/opinion/opedat40-illustration.html

ben22 said...

one thing you can do on the ground floor in the well-to-do areas to figure out if things are good/bad is to go to a high end consignment shop where the well off are going to bring in all of last years designs or older stuff they just don't want anymore. Around here they have slowed down but not to a stand-still, there is one I visit every time I go up close to Chestnut Hill to see how busy it's been. One of the clerks told me that some of the non-working spouse "allowances" have been cut and they aren't seeing people coming in with a trunk full of high end clothes to dump off there anymore. A lot of rich people do this because it helps them feel better about themselves and there's a little tax break.

what I have noticed of late when I go is that it seems you find more men and women looking there for interview outfits.

but hey, recovery is on in the total conviction environoment

ben22 said...

of course it took the same amount of time as always, but I can't believe today is 10/1....this year feels like a flash....

CV said...

A RobotTrader sighting (with Tyler Durden) right on top...

Maybe there is a little feud going on...

---

by RobotTrader
on Fri, 10/01/2010 - 08:24
#617945

Anyone trading on fundamentals is getting killed.

Those who are following price action are doing well.

Login or register to post comments

by Tyler Durden
on Fri, 10/01/2010 - 08:25
#617948

"Price action" as in one minute momentum? As in buying at the peak yesterday? They did well? Or maybe this should be directed at Jim Cramer.

72bat said...

ha! halloween's my fave. sadly, it's become increasingly pablumized and safely secularized. i lobbied our village council to stop moving around the observance date of halloween so that trick-or-treat would coincide with surrounding communities that coordinated to observe it on "safe" nights only, i.e., not on fridays or saturdays. they finally did so, agreeing it was not their place to mess with it anymore than they would set the date to observe christmas, good friday, easter, yom kippur, or rosh hashanah.
believe it's 2nd only to xmas in terms of
retail sales.
this halloween i'll be at a live performance of red priest after having returned from the neil gaimin halloween weekend gathering of american gods" at house on the rock

call me ahab said...

CV-

I thought of that- it was a miserable night

b22-

I sold my mother's (deceased) fur coat at a high end consignment shop-

guess my father couldn't stand looking at it anymore- so took care of it for him-

those places are pretty cool- but definitely for women

72bat said...

ben -
don't know about that. i tag along when my kiddoh shops one in louisville's east end. have found some classic mens' wear, seer sucker shirt/pants/jacket, aloha shirt, alligator belt, etc.

call me ahab said...

CV @ 9:59-

I'll check that out at ZH- interesting that tyler durden is leading the charge- could be why the commenter's are so emboldened to slight him

72bat said...

michigan bte and indices drop? wtf?

call me ahab said...

72b-

that's funny- where I sold my mother's fur coat was strictly women's wear and jewelry

AmenRa said...

The ISM employment index dropped to 56.5 from 60.4% in August and the new orders index fell to 51.1 from 53.1.

Preview of next Friday

CV said...

new chart in thread

Last time we were at yesterdays level, the market proceeded to put in some pretty long red candles...

Of course we all know that that would never happen now because the FED is going to backstop everything...

So you can buy high and sell higher... (and, of course, forget about those fat chart gaps below because they'll NEVER - EVER - get filled...

Right?

karen said...

aapl ticking down..

72bat said...

cv -
oh, i see ism followed michigan by 5 minutes as did indices

karen said...

record high inventories: http://twitpic.com/2tmw3i

ahab said...

have to roll out-

all have a good day

karen said...

daily charts of aapl, nflx, cat, c! check em..

karen said...

mrtopstep

$ES_F #futures tone of mrkt softer than recent days and SPoos have been rejected by OR Top notch daily pivot 1139.70

karen said...

SAN FRANCISCO (MarketWatch) -- Shares of Amazon.com fell 1.6% to $154.47 on Friday morning after McAdams Wright Ragen downgraded the stock to a hold rating. Analyst Dan Geiman cited the stock's high valuation as the main reason for the call; Amazon shares had recently crossed his $140 price target. "We're still quite favorable on the company's prospects in the coming quarters, despite near-term headwinds related to marketing-related expenses supporting Kindle and ongoing investments to increase the company's fulfillment capacity, as well as more difficult sales and margin comparisons," Geiman wrote. He raised his price target on the stock to $160.

karen said...

mrtopstep

observation countertrend fridays - $ES_F lookin for stops - globex low 1135.25 - ystrday low 1131.50 - trailing stops above TN pivot

karen said...

fiatcurrency

*TREASURY TWO-YEAR NOTE YIELD FALLS TO RECORD LOW OF 0.4066%

CV said...

Is a European Bank going to blow up over the weekend?

http://www.euribor-rates.eu/current-euribor-rates.asp

CV said...

AAPL is BELOW a 61.8% retracement from the recent high down to the little mini flash crash print of a couple days ago...

karen said...

i really like both those charts,CV.. the second one is clever! so many long red candles..

karen said...

haven't heard from grant in a while:

http://www.zerohedge.com/article/jim-grant-accuses-fed-lethal-intervention-and-manipulation-us-economy

karen said...

fiatcurrency

rmr GS planning management buyout at 170 USD . good luck boys

karen said...

http://www.businessinsider.com/goldman-the-markets-great-trick-is-that-new-quantitative-easing-is-already-priced-in-2010-10

karen said...

$25 mln payout rumored on 1.3750 digital
Written by Jamie Coleman
October 1, 2010 at 13:11 GMT
Traders note talk that a bank will have to payout $25 mln to a customer if EUR/USD is above 1.3750 at 10 am…Expect heavy defense of that level…

CV said...

@karen

on that business insider article...

"It's all priced-in they say, and if 'fair value' for the ten-year is at 2.9% yield, then government bond prices are currently too high and we're likely near a peak for government bonds."

Fine... But then if 2.9% is "fair value", that still puts FAIR VALUE in the S&P with an 8 handle...

Jennifer said...

Karen -- CAT looks like it fell out of bed this morning, but upon closer inspection I think it is still above a trendline touched on 9/17. NFLX, on the otherhand, is toast. New puts soaring. Makes uninsured diamond losss somewhat less painful.

Jennifer said...

You can all thank me now for taking Rahm off the national scene...whereas you may be (mostly) free of him now, I will have to hear about him morning, noon and night.

Jennifer said...

Do you think it is appropriate for the Prez to be making middle finger comments on national television? We seem so low class.

karen said...

Jennifer, it has got to turn up! did you check the washing machine catch? the one down low (possibly in back if you have US washer) near the drain.

Jennifer said...

Oooh..didn't think of that...did feel all around inside the tub but didn't look in the catch. It isn't the end of the world... it was a side stone, not the center one, thank goodness. Unfortunately, it was only a little more than a year old since I got a whole new ring for our 10th last year.

karen said...

Friday, October 1st, 2010, 10:25 am
Homebuilder Lennar Corp. (LEN: 15.79 +2.67%) completed a $740 million acquisition of distressed properties. The portfolio includes 306 properties and 397 loans, most of which are nonperforming.

The portfolio, which came from three large financial institutions that were not identified, has a total unpaid principal balance of $529 million and REO properties valued at $211 million. Approximately 65% of the acquired assets are residential and 35% are commercial. Rialto Investments, Lennar's origination subsidiary, is responsible for oversight and day-to-day management of the properties.

http://www.housingwire.com/2010/10/01/lennar-acquires-740-million-in-commercial-and-residential-reo

karen said...

i suppose the above means that those financial institutions will be adjusting their balance sheet, or off balance sheet, for the above transactions?

Jennifer said...

The EWFF is out early...I can read it in the preschool pick up lane.

karen said...

http://www.pimco.com/Pages/BeyondBrinkmanshipABetterEconomicPathfortheUSandChina.aspx

It is in virtually no country's interest -- including that of the United States -- for China's economic development to derail. China is the world's strongest growth engine, its largest creditor and its biggest trade partner.

Jennifer said...

Lets hope LB wasn't on the wrong side of the LQD flash crash this morning.
http://market-ticker.org/akcs-www?post=168014

karen said...

this day is getting suckier by the second..

karen said...

WHAT IN HELL IS WRONG WITH ME that I didn't take my SDS profits yet again???

karen said...

what scares me is that i know a number of people hurting for jobs and money.. contractors as well as white collar..

karen said...

this happened this morning:

http://www.zerohedge.com/article/hundreds-thousands-trades-canceled-lqd-flash-crash-confirms-sec-are-bunch-corrupt-bumbling-b

AmenRa said...

What is the ratio of new orders to inventories telling the world? Currently it's 0.919 and last month it was 1.033.

karen said...

my streaming quotes seem to be at a standstill again.. get ready for next leg up..

karen said...

here we go! Chrysler's domestic September sales leap more than 60%; GM's U.S. sales rise 10.5%
10/01/2010 11:50:23 AM

CV said...

Pretty much says it all right here...

http://market-ticker.org/akcs-www?get_gallerynr=272

karen said...

CV @ 12:01, pls don't frustrate me further!!

karen said...

Tell me about it!!

http://www.businessinsider.com/soon-someone-is-going-to-get-crushed-by-the-quantitative-easing-trade-2010-10

karen said...

http://www.bespokeinvest.com/thinkbig/2010/10/1/telecom-valuations.html

AmenRa said...

I'm dying over here from laughing: http://market-ticker.org/akcs-www?post=168005

ben22 said...

@72,

most of the consignments are going to cater toward women mainly because in general they care more about men when it comes to appearance, the one I know of that I mentioned earlier has some greats mens stuff from time to time though. I've gotten some really cool ties there.

ben22 said...

care more than men about appearance...

ben22 said...

I find the mood around the Social Networking/Facebook movie very interesting, it's getting way more buzz than the new Wall St. movie.

AmenRa said...

The LQD 1-min chart is something to behold. The first three minutes are brutal.

karen said...

AR.. did you see my post on that? stockcharts doesn't even show the big drop..

ben22 said...

I added to shorts today, stop is 1154.

AmenRa said...

Karen

The first and third minute were takuri/hammer candles with insanely long lower shadows. The second minute was spinning top. Of course trades were cancelled.

72bat said...

ben -
but it's those same women who from time to time go through their hubby's closets to weed out the "out-if-date" styles or items that they're just tired of seeing on their spouses ("honey, have you seen my seersucker jacket?")


cv -
what happened to your comment after karen's 12:53 re the secret prize?

CV said...

What (12:53) comment?

72bat said...

didn' say nuffin' (hehehe )

Jennifer said...

It is a beautiful day here, but I find myself feeling rather sick to my stomach. Some guy from the Conference Board in NY was on the noon business hour spouting off on how we hadn't done enough stimulus, but there wouldn't be a double dip...meanwhile I'd just like for us to take our medicine and get it over with so I can find out what things are like on the other side. I find that I personally have a very active (and negative) imagination, so I'm not so secretly hoping that it might not be as bad as I fear, and can we just go ahead and get it over with already while I still have some money left? Love how the SEC has completely punted the flash crash too. The problem with abandoning the rule of law is that when the government stops following the law the people do too.

Jennifer said...

The LQD print shows up on the daily chart at stockcharts.com, but not the 1 or 5 min ones. I see conspiracies everywhere.

Jennifer said...

Off to help at a school function...a red close would be just fine. Don't let NFLX bounce, I'm holding puts over the weekend.

ben22 said...

72,

a little late in the season now, but I would like to get a new seersucker....I will look at one of those shops first. Those are always good for summer weddings and at this stage in my life I usually have 3-4 to attend each summer.

ben22 said...

@Jennifer,

there is a main street where you live isn't there?

CV said...

Funny exchange on SEC blaming Flash Crash on Waddell & Reed...

---

by quasimodo
on Fri, 10/01/2010 - 11:37
#618533

Phew! Glad they have that problem taken care of.

Pass me the pipe Doc

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by Bam_Man
on Fri, 10/01/2010 - 11:43
#618547

Waddell and Reed kidnapped the Lindbergh baby.

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by faustian bargain
on Fri, 10/01/2010 - 12:06
#618620

I heard that Waddell and Reed demolished the WTC. Also they caused the Eyjafjallajokull eruption.

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by unwashedmass
on Fri, 10/01/2010 - 12:40
#618708

busy guys. i thought they took out kennedy.

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by Apocalicious
on Fri, 10/01/2010 - 12:46
#618727

Waddell & Reed is responsible for global warming.

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by goldmiddelfinger
on Fri, 10/01/2010 - 12:43
#618721

For once Bush gets a break

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by Apocalicious
on Fri, 10/01/2010 - 12:47
#618728

Waddell & Reed got Bush elected.

AmenRa said...

Harrisburg, PA begging state for funds to avoid bankruptcy: http://tinyurl.com/2wnefxb (from ZH)

72bat said...

waddell & reed counted the hanging chad ballots in florida?

ben22 said...

waddell $ reed financed the oil spill

and hello?

they were behind Katrina as well.

CV said...

they faked the moon landing

CV said...

They shot JR

CV said...

they divided by zero

CV said...

and pressed ENTER

karen said...

you guys are hysterical! a guest came.. now gone.. i was freaking out the whole time, of course.. gotta have my tic fix...

Obama said...

We should definitely bail out Harrisburg.

mcHAPPY said...

I am confused. The kind folks on CNBC said it was a fat finger back in May. They said the 'algo' excuse was nonsense. Now here we are nearly 5 months later and the SEC says it was 'algos'? I thought CNBC were the authority on financial news? Jeeez louise.

CV said...

they're the guy, behind the guy, behind the guy...

karen said...

have i mentioned that i hate this market yet today?

DL said...

I assume we get another rally on Monday.

Anyone wanna take the other side of that?

CV said...

@Obama

You must have done a poll to figure out how many votes you'd get to bail out Harrisburg to come to that conclusion...

DL said...

Karen @ 2:34

I don't believe you've told us whether or not it's giving you a headache.

I-Man said...

The guy really did make a stupid ass trade, but well after the action started.

I heard he tried to sell 75k minis... yes, thats 75,000 contracts...

That kind of boneheaded move would crash the market on a good day, let alone when the shit's on the way to crazy town, aboard the No Bid Express.

I remember posting about this the day after the flash crash, and saying that it was a "I'm shitting my pants" reactionary trade.

Those always work out, right???

(And this guy manages a huge mutual fund??? Why am I not surprised?)

DL said...

Do garden-variety mutual fund managers normally buy and sell allotments of 75K E-mini contracts?

I-Man said...

Not "trade", hedge gone bad. Real bad...

My guess is he meant 750... or maybe 7500, as a hedge, but even that at the low is stupid.

AmenRa said...

CV

Missed a comment:

by DonS
on Fri, 10/01/2010 - 12:16
#618643

CNBS has the breaking news up and the story had multiple replies calling out the bullshit, so they replaced the article 2 twice and deleted the replies.... media cartel unreal

I-Man said...

Ivy Asset Strategy A is the fund I think, and yes, that fund is allowed to use equity index futures to offset risk in the portfolio.

AmenRa said...

Since I still haven't gotten around to reading my EWT, what is the wave count from the lows this morning on the 5-min SPX?

CV said...

@I-Man

"(And this guy manages a huge mutual fund??? Why am I not surprised?)"

Maybe he thought they were getting the Olympics? :-)

CV said...

@I-Man

He didn't want his clients to miss out on all the fun... You know... THE FUN!

AmenRa said...

Gold seems to be saying all other talk is BS. The 10yr & 30yr are saying listen to gold (and golds cousin silver). Will the MSM ever rebel and call out the government? I have a feeling October will wipe out all gains for the year pushing the SPX under 1000 (minimum).

karen said...

Tho I feel one coming on: U.S. stocks strengthen; Citigroup gains 5%
2:42 PM ET 10/1/10 | SAN FRANCISCO (MarketWatch) -- U.S. stocks found some footing in afternoon trading Friday, with all three major indexes trading higher. The Dow Jones Industrial Average rose 56 points, or 0.5%, to 10,844. The blue-chip average had dipped into the red briefly as investors fretted over weak components in the Institute for Supply Management's September index on manufacturing. The S&P 500 rose 6 points, or 0.5%, to 1,147. The Nasdaq Composite rose 3 points, or 0.1%, to 2,372. Energy and financial sectors led the S&P 500, with Citigroup up nearly 5%.

karen said...

HaHa! zerohedge says -

Here is the truth: The primary cause for the flash crash is the SEC

karen said...

you know why airline stocks are strong today? cuz crude is nearing $82 barrel.. makes sense I know.. they used to move in opposite directions.

CV said...

@DL (2:35)

I don't want to go balls out and take the opposite of that...

But I really feel the equities are running into resistance at this juncture...

Any move higher (spurred on by the typical late Friday crap that we've seen all summer - and into Monday Morning futures), would probably surprise NOBODY... Especially since it's the 2nd day of 401k money used to bid prices up...

Although theoretically, today is DAY 1 of that, and typically they chase the high beta (so why are NFLX, AMZN, etc. down)?

Were the "allocations" switched to increase COMMODITY exposure? Hmmm... Could mean a "top" in those is coming soon...

Anyway - Even if we're up on Monday, I don't see it pushing much past the Thursday high (if it even gets there at all)...

It just doesn't seem like there's room to move without a meaningful correction...

And similarly to ending the last Q by keeping bids under prices, on the other side of the fence, nobody probably wants to start the new quarter behind the 8 ball...

In football terms... You don't want the other team running the 2nd half kickoff back for a touchdown on your ass...

my 2 cents...

McFearless said...

any of you ever been to harrisburg?

McFearless said...

it's reaaally nice

(super snark)

karen said...

in BB's world every asset class goes up.. except the value of the dollar of course..22.65 for uup.. at LOD!

McFearless said...

"I thought CNBC were the authority on financial news?"


no no no

CNBC is:

First in (monkey) business, worldwide.

karen said...

not sure i can stomach the last hour, but i'll try..

karen said...

no no no sounds like LB..

CV said...

@karen

"The blue-chip average had dipped into the red briefly as investors fretted over weak components in the Institute for Supply Management's September index on manufacturing."

If you parse the report out... The economy is CONTRACTING...

http://market-ticker.org/akcs-www?blog=Market-Ticker&page=2

CV said...

@mcf

"any of you ever been to harrisburg?"

Isn't, like, 3 mile island in view down river as you cross the Susquehanna bridge into Harrisburg?

McFearless said...

C,

it's a dump, enough said, driven through many times on my way to and from PSU, got stranded there once in the middle of winter driving home from Erie, but that time I did stay in a holiday inn express.

karen said...

Not sure if anyone remembers my friend with Macadamia nut farm on the Big Island that told me he was going to have to give it back to the bank.. (and he had $225K into it!) cuz they wouldn't refinance him.. Well, lo and behold, the bank calls his wife and asks why they aren't trying to get a loan modification.. She was undone.. She said they had tried SIX TIMES !! looks like the banks are more anxious to work deals.. interesting at any rate..

karen said...

okay, i'm getting sicker by the second!

I-Man said...

Dont fret, K...

Volumes couldnt get any lighter... in YM anyway.
Waste of a trading day.

AmenRa said...

All I'll say is that today is the third test of one-one-five-zero. Failure is not an option so says the wizard of oz.

AmenRa said...

I see the usual 3:10-3:20 charge is on again...

I-Man said...

All I'll say is that trading sucks, and I wouldnt wish it on my worst enemy.

I've said like ten times this week that I wish I'd never heard of the market, or trading, or any of it.

I should be living with a bunch of rastas on an ital farm in Jamaica... not battling it out in YM in babylon every day.

Oh wait, this is what I wanted...

Wow.

I-Man said...

Not sure about that Ra, I think we'll dump into the bell, but not take out any support.

karen said...

I-Man.. after meeting you I cannot imagine you in Jamaica! LOL

I'll email you the cake baker!

CV said...

So people...

What's wrong about the first foto in the thread today?...

C'Mon Man!

McFearless said...

I've taken some real interesting in combing through all the financial reports of that REIT I mentioned to you all the other day....it's a big portfolio, over 900 properties in 35 states and over 5 million square feet of real estate in Texas alone.....I've been looking at equity price results given their 20% write down of the estimated share value,....the whole thing is interesting, should see the variable rate debt maturing for them in 2011....holy crap

here are the top 10 tenants the last two figures represent the % of total annualized income of the portfolio and the % of total square feet of the portfolio:

SunTrust Banks BBB+ Retail/Office 8.6% 4.0%
AT&TI A Offi 71% 63%
AT&T, Inc. A Office 7.1% 6.3%
RBS Citizens, NA A- Retail 2.9% 1.6%
Sanofi-AventisU.S.Inc. AA- Office 2.5% 1.3%
Sanofi Aventis U.S. Inc. AA Office 2.5% 1.3%
United Healthcare Services, Inc. NR Office 2.5% 2.2%
C&S Wholesale Grocers,Inc. Private Industrial 2.3% 5.4%
VersaColdStorage NR Industrial 2.0% 3.4%
Shop Rite Supermarkets BBB Retail 1.6% 1.1%
C ll C ti B+ I d ti l 16% 5%
Cornell Corrections B+ Industrial 1.6% .5%
Lockheed Martin Corporation 1.5% .6%

I-Man said...

Well, I could see myself having a crappy beach house in San Clem, if prices would drop another 80% or so...

It could happen, lol...

CV said...

@McF

Damn dude... Ur effin BUD FOX!

McFearless said...

CV,

I have some Teldar Paper to sell you then

karen said...

oh this is funny.. 3 times i've re-booted my streaming quote list thinking it had stopped.. NO! the market has stopped.. if i stare at it long enuf, i get a little green or little red blink.. blinking christmas tree lights gone bad!!! in every way..

karen said...

well, cv, i think you are saying that one of the stooges is missing..

DL said...

Bud Fox wouldn't be Bud Fox without Gordon Gekko.

Leftback said...

LB is almost recovered from a week in bed.

We are out of LQD, by the way... that flash crash was not caused by me selling, however.

Something big is on the way... CB interventions in FX and gold seem to me to be possibilities. A bond break at the front end is not impossible, if we get a decent jobs number. I would be sleeping badly if I owned JPY, GLD or TLT. Or LQD, LOL...!!!

Mulling some trades, probably short the long end this weekend. By the middle of next week I will take up some more strong dollar trades (shorting gold, yen, crude perhaps). I can see commodities being hit hard fairly soon. Equities may be mixed, and bonds may be killed.

This analysis is predicated on a BTE jobs number, which might be politically expedient. The thing is we will get one, eventually..

(I don't expect anyone to agree with this..)

CV said...

@mcF

OK... Since you're the only one paying attention...

Look at the first foto in today's thread and tell me what's wrong...

CV said...

@karen (3:28)

NO... OK I'm going to make this more simple...

Identify the 5 people in that foto...

karen said...

CV.. see my 3:28, I am trying!

karen said...

a week in bed?! NOW I'VE HEARD EVERYTHING!!!

McFearless said...

Orszag's tie is to wide for the lapels on his suit? or do you mean the charts? or Romers chin(s)?

DL said...

"I don't expect anyone to agree with this"

A correction in gold would hardly be surprising.

A "massaging" of the jobs data before the election would also not be shocking.

CV said...

Identify the 5 individuals...

McFearless said...

DL,

Did you see gartmen's comments on gold at BR's?

karen said...

But a good jobs number puts a brake on new QE.. which is already priced in!

DL said...

Karen,

Have you no compassion for the infirmed?

McFearless said...

peter, romer, summers, timmay, and rahm?

CV said...

@mcf

correct,correct,correct,correct,wrong...

CV said...

last guy is Jared Bernstein...

Had y'all FOOLED by association...

karen said...

one of these people?

http://www.doobybrain.com/2009/09/14/official-white-house-cabinet-photo/

McFearless said...

rubin?

McFearless said...

I thought the hair looked a little white for rahm

McFearless said...

jared bernstein....isn't he a member of the shared prosperity initiative.

I-Man said...

They're all liars.

I-Man said...

And corporate whores.

I-Man said...

I could keep going... but yall know.

I-Man said...

The pool closed yesterday... summer is over.
Time to take up knitting I guess.

karen said...

a one year supply of food for 799!

http://www.costco.com/Browse/Product.aspx?Prodid=11487214&cm_mmc=BCEmail_Sept2010Mailer-_-Banner_-1-_-Thrive

Leftback said...

K.,

It wasn't as much fun as it sounds.

Agreed - a good jobs number means no QE, kills miners, energy, and gold. But a good jobs number would be good for the banks and retail.

It would be a sell the rally/buy the dips event if it happened. One day something like this is going to happen....

spoonman said...

"...almost recovered from a week in bed."

No innuendo? You must really have been sick...

I-Man said...

The twins were in bed with him, all good, Spoon.

karen said...

hilarious.. will the fun never end?

http://www.zerohedge.com/article/cme-refutes-entire-104-page-sec-wr-scapegoating-drivel-two-simple-paragraphs

CV said...

@mcf

Check it out...

http://www.newyorker.com/images/2009/10/12/p465/091012_r18903_p465.jpg

I needed a foto with those guys & rahm in it but couldn't find one... So I figured Bernstein would fool everyone with the white hair if I "x"'ed out the face...

CV also did the MOON LANDING... :-)

Andy T said...

Real butt-reamer for the DXY today.

See support a little bit below here. I'm going 20% long of a Max position here at the equivalent of 78.09.

I'm out again this weekend but will have some technical charts and post on Sunday night.

Jennifer said...

So glad I got home in time to see a triangle.

Mel said...

Am I the only one who caught the news vis a vis the last job stim project expired earlier this week...and that there'll be at least 250k more NGO types in the soup lines next week?

McFearless said...

he doesn't have a beard, that's usually what I look for.

CV said...

@Andy T

Your TEXANS may be Andre Johnson-less vs. Oakland on Sunday...

McFearless said...

more balls for jacoby jones

ravens have a big game this weekend, so does PSU, and it should be fun watching McNabb against the birds

CV said...

@Mel

"that there'll be at least 250k more NGO types in the soup lines next week"...

That's OK... The BLS will come in, and hand them all signs in the soup line that say

"WILL WORK FOR FOOD"

and count them as employed...

Leftback said...

Andy's right. It's all about DXY. Everything else is leveraged against it.

I give it a couple more days of DGDF before we turn. ADP may be the "pre-release" for Friday's jobs number.

McFearless said...

yep yep....gotta see the dollar move, no doubt guys

CV said...

@McF

Owen Daniels is banged up too...

But the trouble with that is (if you're Jacoby Jones), is that Nnamdi Asomugha moves over to cover you...

Jones would probably be targeted more if Johnson was drawing coverage by NA...

Mel said...

I made 4 gals of beet borsch the other day...maybe I can help them out...ROR

CV said...

@LB

Can you explain the jump in EURIBOR today?

McFearless said...

he's good CV, but I think they'll run well against my boys so things can open up down field. there are lots of good games this week....florida alabama too.

CV said...

@Mel

the way this country handles that is to give people vouchers for McDonalds, and then Bernanke & Brian Sack frontrun MCD stock...

McFearless said...

i'm still not going to start jones though

DL said...

Got short ESZ0 @ 1145 today. Plan to hang on for a few days, even though it'll probably go red on Monday.

CV said...

Arian Foster is the guy who is likely to put up the best numbers in that game...

McFearless said...

probably showing my age a bit here but I'm still going to have to point out that dudes last name is Sack.

some many things we could come up with there.

Beavis & Butthead said...

Huh Huh Huh... you said "Sack"

CV said...

@McF

You have a pretty good line-up going...

Bradshaw may have a little difficulty against the Chicago run D... But you don't have many other options...

- Donald Brown wasn't practicing this week
- Garcon is out
- Turner is in front of Snelling

Jennifer said...

Have a good weekend everyone! Thanks for holding NFLX down for me...theta be damned. I see a pumpkin farm in my near future. The best part is the pumpkin catapult...not much better than the splat from a giant pumpkin being launched out into a harvested corn field...ahh, the midwest. How did I wind up here? Maybe I can write Lloyd's name on the pumpkin before the launch.

CV said...

@Jennifer

Just don't let it do one of those watermelon jobs on you like it did to the girl in the video a few weeks ago...

McFearless said...

yep, I'd like to see roddy white have a solid week, and it would be good for dustin keller to score

I-Man said...

Have a good weekend I-veryone, get some rest and relaxation.

Yardwork fi I and I...

Leftback said...

"Can you explain the jump in EURIBOR today?"

There are any number of European banks that might be rumored to be distressed, on any given day, with very good reason. Apart from the Irish situations which are now government problems, there are all the Spanish banks, any one of which might be at death's door. If at some point it is no longer "contained" then there will be "contagion".

Something to keep half an eye on...

Leftback said...

LB is now short the long bond.

There are no POMOs and no auctions of the long duration bonds in the week directly ahead of us. So we might actually have, you know, a market... just for a while. Long bonds are now both technically and fundamentally extremely vulnerable to any kind of good economic news.

karen said...

at least they were following their passion:

http://news.yahoo.com/s/ap/20101001/ap_on_re_eu/missing_balloonists

karen said...

Now, who are we to believe, the SEC or the CME:

http://www.ft.com/cms/s/0/8ee1a816-cd81-11df-9c82-00144feab49a.html

"The [SEC] report said the starting point of the flash crash was the sale of 75,000 so-called e-Mini futures contracts on the S&P 500 stock index, worth $4.1bn, which a large institutional investor placed via an automated trading system."

The CME claims: "The 75,000 contracts represented 1.3% of the total E-Mini volume of 5.7 million contracts on May 6 and less than 9% of the volume during the time period in which the orders were executed. The prevailing market sentiment was evident well before these orders were placed, and the orders, as well as the manner in which they were entered, were both legitimate and consistent with market practices. "

Leftback said...

The Bond Reportzzzzzzz 10.01.10

It wasn't a very interesting day.

Corpiez: ZZZ z.zz%; ZZZ 0.24%; JNK 0.20%; HYG 0.15%;
Goviez: ZZZ 0.68%; ZZZ 0.20%; TIP 0.70%
Hedgiez: ZZZ zzzzz%

We are long JNK, HYG and short the long bond. We are fearful for the P/L of recent fixed income inwestors. Too much complacency in bond land regarding the inevitability of QE2, deflation and anything bond-friendly.

Await future opportunities and sit on your wonga, is our advice.

Risk is high.

I-Man said...

Stakes is High

http://www.youtube.com/watch?v=JYw0NnHDRzc

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