TRADERS ANONYMOUS: Morning Corner 1.18.11

Morning Corner 1.18.11

10YR NOTE
-no change (below mid)
trend=down
low= 119.594
rev= 123.578; mid= 121.586

The 10yr note has held its 50% retrace for the past month. Has it bottomed? The lows have held the SMA(55). Is that the level if broken that will initiate QE3?

MUB
new low 96.26
trend=down
low= 96.26
rev= 101.61; mid= 98.94

And I thought IQI was having a bad day.

IYR
-no change (above mid)
trend=no
direction=down (1 bar)
rev= 57.62; mid= 55.68

Running out of steam as it continues to get rejected at its 50% retrace. Considering that home prices are still on the decline what is holding it up? 10yr and 30yr yields are still moving higher and foreclosures are being held up (for good reason). Por favor explique.

279 comments:

«Oldest ‹Older 1 – 200 of 279 Newer› Newest»

Bruce in Tennessee said...: Bernanke is not finished. This China visit shows the problem to all of us. Hu is going to be treated like a true friend with all the trimmings on this visit. Truth is, China's command economy has decided they would like to lead the world at this juncture and with low wages and an undervalued yuan, they may pull it off. Our run was based on deficit spending year after year, and we must pull in the reins here. We will spend less.

Did England come back after it fell and after the pound was devalued? No. And I expect we won't either. It is probably time to tell Japan they will need to take more responsibility for their defense in regards to Korea and China, and time to tell Europe to keep their own eye on Russia.

If China pulls this off, and I have my doubts, they will in time run into the same problems we did. Costs of armed forces, pollution clean-up, care of its citizens, that sort of thing.; January 18, 2011 at 7:18 AM
Bruce in Tennessee said...: Besides, before WWI we didn't have these high ideas about destiny...do you really think the average Canadian feels much different each day he goes to work than the average American?; January 18, 2011 at 7:21 AM
anon said...: BinT

This picture says it all...

http://tinypic.com/r/2pzy2kh/7

From this article...

http://www.economist.com/node/17797714; January 18, 2011 at 8:04 AM
AmenRa said...: Citigroup WTE .04 vs est .07. I guess some of the TBTF are out of accounting gimmicks to boost EPS.; January 18, 2011 at 8:06 AM
A fixed income analyst to be named later said...: A lot of IYR is REITs that own commercial property. Since the economy didn't grins to a halt for very long, and malls are not yet "ghost malls", the CRE sector has recovered. So this part of IYR is solid for now. The debt rollovers were saved by the BEN BERNANK's ZIRPy policies. This sector is absolutely crucial to the elite, which is why rates will not spiral upwards. If they do it is all over for these guys. Not going to happen. See Japan.; January 18, 2011 at 8:23 AM
Anonymous said...: With all of the lying cheating and subterfuge Pandit can manage....

WTE? WTF? Is the mood of the news stream about to change?; January 18, 2011 at 8:24 AM
Anonymous said...: Q4 revenue USD 18.37 billion vs. Exp. USD 20.36 billion.

C revenue missed by 10%... 10% ??? This really is a turd in the banking sector swimming pool. Wonder if there are more to come?

The BRIAN SACK will be XTRA busy today trying to hold the SPOOZ up above the water line.; January 18, 2011 at 8:31 AM
Vikram said...: Well, you saw my hedge fund, that's how I got the job...; January 18, 2011 at 8:54 AM
Anonymous said...: Ah yes, Old Lane, wasn't it?
That was one of the darkest alleys on the Street.; January 18, 2011 at 8:55 AM
Vikram said...: 10% down, that's nothing, I got a bonus if I did that well in the past, 2/20...; January 18, 2011 at 8:56 AM
A fixed income analyst to be named later said...: We will be watching MUNIS today. How deep will the knife sink into the butter, and will JOHN E and the STATE PENSION FUNDS sell in a blind panic? Let me count the ways that pension funds are screwed.....; January 18, 2011 at 8:56 AM
Bill Gross said...: We are certainly hoping for more panic !; January 18, 2011 at 8:57 AM
Mohamed El-Erian said...: Panic is The New Normal; January 18, 2011 at 8:57 AM
Man on the Arab Street said...: Bread riots are the New Normal; January 18, 2011 at 8:57 AM
Helicopter Ben said...: Let them eat Cake.; January 18, 2011 at 8:58 AM
Jean-Claude Trichet said...: Qu'est-ce que c'est? Pas de pain?
Quelle horreur !; January 18, 2011 at 8:59 AM
Anonymous said...: AAPL slammed!
down 5%; January 18, 2011 at 8:59 AM
Anonymous said...: Got news for you, Vik.

You get the 2 for showing up.
But you have to make money to get the 20 !; January 18, 2011 at 9:01 AM
Anonymous said...: AAPL is 20% of the NAZZ. Think about that.; January 18, 2011 at 9:01 AM
Vikram said...: I told them I wasn't that good at sums...; January 18, 2011 at 9:03 AM
anon said...: http://www.forexlive.com/160171/all/healthy-us-capital-inflows-into-us-in-november

Talk all you want about this guy or that guy buying Spanish bonds…at the end of the day, money continues to flow into the US…; January 18, 2011 at 9:15 AM
AmenRa said...: If there is buying of the 10yr & 30yr USTs then why is the yield on them also increasing?; January 18, 2011 at 9:28 AM
Anonymous said...: ""Anonymous said...
AAPL is 20% of the NAZZ. Think about that.""

QQQQ is only down 0.75%... now; January 18, 2011 at 9:29 AM
ben22 said...: apple is not really getting slammed, it's already recovered 50% of the loss from yesterday, lets see what happens rest of the day, and lets not forget everyone and their mother has been chanting "buy the dip" for over two months now, there are notes on nearly every desk this morning from the "top analysts" saying to buy apple and if there is one thing everyone "knows for sure" it's that apple is the best company in the world.....ever.

meanwhile in what might be described as a bank CEO's wet dream environment, Citi still misses earnings by 50% and get this, apparently their trading desk was a contributing factor in the miss, can't help but laugh about that.

put call ratio is amazingly low; January 18, 2011 at 9:30 AM
karen said...: morning! up for the bell, anyway.. but i thot futures were green.. pls point out the dip as this is obviously my big chance.. oops, i missed it.; January 18, 2011 at 9:32 AM
ben22 said...: the dip happened yesterday; January 18, 2011 at 9:35 AM
karen said...: well, it looks as tho uup is toast.. next stop 22?
tbt is at critcal point.. nearly a breakout right now from wedge; January 18, 2011 at 9:42 AM
Jennifer said...: Or maybe pre-market. I missed it too. Got an alert from one of my darling subscription services about how AAPL was going to open "at support."; January 18, 2011 at 9:42 AM
karen said...: Jenn, you can still buy GS!; January 18, 2011 at 9:44 AM
Jennifer said...: Interesting...I see that DR is saying that muni selling is overdone this morning.; January 18, 2011 at 9:45 AM
Jennifer said...: Karen -- I'd rather shovel the driveway than buy GS. At this point, its a matter of principle.; January 18, 2011 at 9:46 AM
AmenRa said...: AFIA2BNL

Yields are up and there is still buying of USTs. What gives?; January 18, 2011 at 9:50 AM
Rosie said...: Muni selling is overdone.
I am going to shovel the driveway.; January 18, 2011 at 9:50 AM
AmenRa said...: The JBTFD crowd are about to get hosed...; January 18, 2011 at 9:51 AM
karen said...: Jennifer, shoveling driveways is fun.. LOL.. who wouldn't rather shovel a driveway?!; January 18, 2011 at 9:51 AM
karen said...: zerohedge
Rumor of fat finger causing drop in T-notes; January 18, 2011 at 9:53 AM
karen said...: Steve Sears
Citigroup Q4 Could Make or Break the Bank http://on.barrons.com/hJ1BuR; January 18, 2011 at 9:53 AM
karen said...: (6 min ago) tradefast
i think fade $AAPL here - small short

tradefast is my bull! he is being unamerican !!; January 18, 2011 at 9:54 AM
karen said...: TLT.. if it breaks 91.. are we still Japan, LB?; January 18, 2011 at 9:57 AM
A fixed income analyst to be named later said...: Ra:

USTs ARE NOT GOING TO BLOW UP. WE ARE THE NEW JAPAN.

OK. Once you internalize that, you will see the big picture. We are in a slow deleveraging event, and that will be accompanied by LOWER YIELDS. The selling of Ts that led to higher yields was the reversal of a crowded QE trade by the HFs. That event is over.

Look at Rosenberg's little presentation where he shows the time series of JGB 10y yields, it is very instructive. There were some little bumps but it just kept on falling and falling. This is ZIRP. It is a black hole for liquidity and guess where the liquidity is trapped?

- it is in JGBs/USTs, and in German bunds.

Spain, Portugal, Ireland, Greece can't do this b/c they are not monetarily sovereign. Japan is, US is so they can QEaze. JPY and USD are safety vehicle currencies.

Iceland can devalue but this creates inflation as there is no demand for the Icelandic kronur. The UK is in the middle, they can QEaze but must beware hyperinflation b/c there is little demand for GBP in the region.; January 18, 2011 at 9:57 AM
Anonymous said...: Low in TLT was at about 88, so 91 is not a line in the sand.
I would be buying a 90 handle, and an 89 handle with both hands.; January 18, 2011 at 9:59 AM
karen said...: Minyanville Media
Check out a free preview of Jeff Cooper's market report. http://bit.ly/edr5p3; January 18, 2011 at 10:01 AM
karen said...: low in TLT is 80.23.. summer of 2008; January 18, 2011 at 10:03 AM
Jennifer said...: http://www.fundmymutualfund.com/2011/01/report-first-two-years-of-college-show.html

Interesting reading if you've got some quiet time -- I'm not really surprised, but I guess it is worse than I thought. Coincidentally, we are being bombarded with ads for Landmark College, some place in VT that helps kids w/ learning disabilities handle real college (no doubt at a hefty price.); January 18, 2011 at 10:06 AM
A fixed income analyst to be named later said...: I meant last year's low, corresponds to about a 4% 10y yield. 80.23 corresponds to a 5.00-5.50% 10y. That is not happening any time soon.

If they lose the long end....

HOUSING is toast. CRE is toast. CORPORATE DEBT roll-overs are toast. The US equity market is toast. The FED is toast.

This is NOT going to happen. People lost billions betting against JGBs. Don't be that person. Right, Gary?; January 18, 2011 at 10:07 AM
karen said...: i'm just sayin' cuz.. well, we should know soon.. TBT will break down instead of up and we should see a sell off in equities.. albeit brief.. they don't want to frighten the sheep.

if GS hits 171.36 buy, buy, buy, btw.. especially if you think the house is in control.; January 18, 2011 at 10:07 AM
Gary Shilling said...: I should jolly well say so. Yes, indeed.
We are ears deep and asshole long the 30y.; January 18, 2011 at 10:08 AM
Jennifer said...: The whole college issue is fascinating to me. The uber competitive schools seem to have more and more applications every year. Combine that with a drive to admit more foreign kids, promote diversity of every kind, it is harder than ever to get in. On the other end of the spectrum, there are clearly (highlighted in FMMF's article above, many schools that take the walking dead, milk them for all they're worth, and send them off into the world with no real skills. I have a nephew who is a college freshman at a so-so midwest school this year. We helped him with the application process. It doesn't seem like there is a real "middle ground" anymore -- a school you can actually get in to that will actually teach you something. I guess I have about 7 years to worry about this :-); January 18, 2011 at 10:10 AM
karen said...: here you go, btdippers-
Jeff Saut: What Should You Buy on a Pullback? http://bit.ly/f4U2mz; January 18, 2011 at 10:12 AM
karen said...: Jenn.. my nephew went to LandMark.. not sure he finished, however.

He did do a fantastic semester at sea, I remember..; January 18, 2011 at 10:14 AM
karen said...: "Jennifer said... The whole college issue is fascinating to me."

Just keep that attitude! Son number 2 is in his second year.. I'll tell you what, even better than that college diploma? Having one accept an offer letter..; January 18, 2011 at 10:16 AM
Andy T said...: Leftback.

Is Liverpool going to get relegated? Geez....; January 18, 2011 at 10:22 AM
Anonymous said...: It doesn't seem like there is a real "middle ground" anymore -- a school you can actually get in to that will actually teach you something.

The better State schools, e.g. SUNY Stony Brook, and most of the Cal system are great value for the money. The small NE liberal arts colleges are great but very expensive. The Ivies are overpriced. Most big box state schools are simply diploma mills that churn out mediocrity at best. The lower echelons of the US university system are truly dire. Many graduates are barely literate and numerate.; January 18, 2011 at 10:22 AM
karen said...: LB.. I am NOT disagreeing with you, btw.. i'm just keeping an open mind because I can only say what I see here on the charts.. I would concede, however, that gold seems to be saying that yields will fall again.

What happens when the world's reserve currency is the carry trade? Past performance does not guarantee future results.; January 18, 2011 at 10:23 AM
Stevie G said...: Is Liverpool going to get relegated?

No. But we are going to have to scrap for every point.
40 points stays up, we have 26. 14 more to go...; January 18, 2011 at 10:23 AM
karen said...: tell me about it : (

New blog post: DXY consolidating below key support http://www.forexlive.com/160208/all/dxy-consolidating-below-key-support; January 18, 2011 at 10:25 AM
Anonymous said...: What happens when the world's reserve currency is the carry trade?

This, and the bread riots, are going to place severe restrictions on the performance of risk assets....; January 18, 2011 at 10:28 AM
karen said...: there goes TLT.. JFC.; January 18, 2011 at 10:32 AM
A fixed income analyst to be named later said...: EEM cannot get going even on a down day for BUCKY.
That's not bullish for that trade.

Which is good, b/c we are short it.
BTW we agree with the following meme:

CHINA is a massively fraudulent over-leveraged hot money hyper-inflationary bubble that will burst in a big ugly way.; January 18, 2011 at 10:33 AM
A fixed income analyst to be named later said...: 2s30s just hit 401 bps. Massive buy signal flashing for bonds. Keep your eye on munis. If they bounce while this yield move is going on it means that someone has been told to accumulate them with Benny bucks.

4.60% on the 30y is delicious in a basically no growth environment with 17% unemployment. The only growth here in the US is the FED's balance sheet and the BERNANK's nose.; January 18, 2011 at 10:37 AM
Anonymous said...: A bounce is on in MUB and IQI. Let's see if this sticks or if someone is trying to engineer an exit.; January 18, 2011 at 10:39 AM
anon said...: MRK...; January 18, 2011 at 10:41 AM
Anonymous said...: MRK P/E 9 and yield 4.4....

Getting tasty, keep an eye on that knife.; January 18, 2011 at 10:45 AM
Jennifer said...: LQD broke down out of the wedge. Just sayin'.; January 18, 2011 at 10:53 AM
A fixed income analyst to be named later said...: We are entering the band of 4.60-4.80% on the 30y that we discussed as a buy target. With commodities where they are now, it is difficult to see yields breaking out of that band. We suggest beginning to accumulate some Treasuries.; January 18, 2011 at 10:53 AM
Jennifer said...: http://etfstocks.typepad.com/

VIX approaching long term support. (or zero, whichever comes first.); January 18, 2011 at 10:55 AM
A fixed income analyst to be named later said...: Take your pick of yield vehicles here.

The 30y at 4.6% or MRK at 4.4%.
I doubt that both of these can blow up, and I suspect that neither will.

Bonds and divvies will see us through this thing.
Short the emergings and selected commodity vehicles.; January 18, 2011 at 10:55 AM
VIX said...: Zero is long term support.....; January 18, 2011 at 10:55 AM
A fixed income analyst to be named later said...: EURUSD backed off from 1.34, finally.

You mean there is still a debt crisis over there ???; January 18, 2011 at 10:58 AM
Brian Sack said...: Can't get the sucka past the flat line, what's going on?; January 18, 2011 at 11:11 AM
Brian the Broker's Shapely Assistant Tawny said...: Can I interest you in RARE EARTH STOCKS, JOHNEEEEEEEE ?; January 18, 2011 at 11:11 AM
Brian the Broker said...: We recommend rare earths and emerging markups.
I mean, markets.; January 18, 2011 at 11:12 AM
Bond Crash said...: I am so not happening. Just FYI...; January 18, 2011 at 11:12 AM
Colin said...: Just joined Billy on the front lines with some of the high yielding munis. Couldnt resist the 8+%ers. Might be early, but these look pretty juicy.; January 18, 2011 at 11:25 AM
Anonymous said...: Fighting the tape never made anyone a dime.; January 18, 2011 at 11:26 AM
AmenRa said...: But a tape with a 4 handle range is taking everyones dime.; January 18, 2011 at 11:30 AM
A fixed income analyst to be named later said...: Colin

Agreed. Have been thinking along the same lines. However, the November, December and January bounces in munis didn't end well. Still sitting and watching for now.; January 18, 2011 at 11:32 AM
Anonymous said...: "Fighting the tape never made anyone a dime."

Tape isn't doing much of anything, today, really, is it?
Do you have something more illuminating to offer?; January 18, 2011 at 11:37 AM
karen said...: http://www.forexlive.com/160228/all/lotsa-buzz-about-this

By Jamie Coleman || January 18, 2011 at 16:32 GMT
|| 3 comments || Add comment
Who’s cranking up the printing presses?
Why Ireland, it turns out.
They’re using a power granted to them in the Lisbon Treaty to create money from nothing that virtually no one knew they had…
I wonder if China is aware of this little nugget as they run around the continent snapping up government debt…; January 18, 2011 at 11:46 AM
Bruce in Tennessee said...: anon @8:04...

Yes, exactly. I am not against what America stands for in the world, but the fact is government fails when it tries to do things on a scale like this. You decide you are going to be the world's policeman, but you put it on the credit card year after year, and eventually it ceases to work.

I still think a balanced budget amendment would be the sanest thing this congress and this president could do in the next two years. The rest of it, including enabling FED chairmen, would take care of itself.

Finally got to the mine...; January 18, 2011 at 11:56 AM
karen said...: The Economist
This week's most recommended article - Chinese foreign policy: Tough new attitude is dangerous and counterproductive http://econ.st/gbDIdw; January 18, 2011 at 11:58 AM
Bruce in Tennessee said...: Karen:

The snow is melting! Finally! The deer are back in the pastures. We finally got our UPS package yesterday out in the boonies where the Ponderosa is located..; January 18, 2011 at 12:00 PM
ben22 said...: who's the anon on my MRK trade? I took some starter long action on that chart on the further dip today, stock is down roughly 10% in a very short period of time here. The AZN chart in this space could be interesting for trading as well, if the market rallies all the way until summer you'll get two quarters of divvies from them as well.

re: VIX

I can see the case for a five wave move to the high's during the crises, looks like an extended fifth wave in that pattern after a wave iv that took longer than wave ii, from the highs a giant ABC correction, where the C wave is going to end I don't know and maybe we shouldn't even count the VIX but we've got moronic put/call ratio and advancing issues getting weaker as the rally has extended and new 52 week lows, while small right now, are increasing at the same time. Complacency reigns supreme, lots of QEtards out there boys and girls.

Also see lots of weaker volume on stocks that have been rising, sentiment very bullish (lots of rationalizing about this right now as well) I'd wait before going balls deep short because I still think we could go to 1350 with some sort of blow-off top here, that said, given how cheap puts have gotten, you can put on some nice option spreads several months out that could pay very well without fronting much money.

re: college, I went to a school that's perhaps considered one of the one's that produce the mediocre at best students, it's all good people think this way, I've done way more than most people I know my age and I have exactly $0 in student loans. On the other hand, the top kid in my high school went to Yale, developed a nice coke habit there and now lives at home with mom and dad, another real smart kid I knew from HS got a full ride to Case Western, he dropped out, working at the family biz now.

The wealthiest guy I know didn't go to college, the second wealthiest one I know went to Rutgers, probably another school that produces mediocre folks at best. Know a young kid from DE here, barely made it through college, had a kid when he was 16, he makes about 2.5 million a year trading bonds, bought himself a nice Aston Martin to go along with his million dollar condo in Chicago, all before he was 28 years old. Of course, his taxes are going up now... Maybe we all should have spent our time getting MBA's at Ivy League schools instead getting out in the world and making some money

bottom line, imo life is what you make it, the school you go to hardly determines where you end up, though I would agree it determines where a lot of people start out; January 18, 2011 at 12:05 PM
ben22 said...: I know a lot of you don't like the strategy but selling some covered calls on stocks like MRK this year could produce some nice low risk returns/income; January 18, 2011 at 12:07 PM
Bruce in Tennessee said...: Karen,

I read the Irish article early this morning, and I find it incredible if it is actually true. That the government being bailed has this much power to fiscally enslave future citizens. (Meaning starting tomorrow..)

The leader of Ireland has a 14% approval rate...; January 18, 2011 at 12:08 PM
Colin said...: Re: the college issue.

I went to one of the big boys, and I have to say, college is always going to be what you make of it. Some people worked hard, others didn't, and most people ultimately ended up where they wanted to. The bigger issue is that these major schools are filters for the rich/legacies to push their kids into the upper tiers (and better jobs) under the guise of merit.

But in response to the "study" that says kids don't learn anything. SATs (which I am assuming they used) are used as a predictor of college success, not a measure of intelligence per say. So colleges are not really trying to maximize their student's SAT scores. This isn't to say ppl aren't wasting alot of money and time not learning, but take these studies with a grain of salt.; January 18, 2011 at 12:13 PM
ben22 said...: dzz really could be interesting here

do I have the stones for it

nah, not likely

but maybe some ninja's could find a good entry; January 18, 2011 at 12:20 PM
karen said...: wow.. really hope this isn't the dead cat bounce for the dollar, but an eleventh hour reassertment of the uptrend.. (i might have made that word up..); January 18, 2011 at 12:22 PM
karen said...: MS.. just sent out missive.. JBTFD on appl ahead of earnings..; January 18, 2011 at 12:23 PM
ben22 said...: my love affair with the dollar is back on, I just can't leave that bitch, every time I try, she pulls me right back in; January 18, 2011 at 12:25 PM
ben22 said...: thanks MS, the wall street broken record is in full effect, as was revealed in all its glory on CNBC this morning, after trotting out James Cramer who is "bullish appl, just 7 points lower though" they revealed that virtually every anal_yst at every bank was buying the dip in aapl.

John E is getting what we might refer to as the "hard sell"

like that dude with brass balls says

ABC; January 18, 2011 at 12:27 PM
ben22 said...: also, that comment above about how Q4 could "break C", also hilarious

what's worse, an earnings miss of the 2007/08 credit crisis? but sure, it's Q4 that could break that bank

jokers; January 18, 2011 at 12:31 PM
karen said...: http://pragcap.com/bernsteins-4-phases-of-a-bull-market

Richard Bernstein, Merrill Lynch’s former Chief Equity Strategist and founder of Richard Bernstein Advisors says the US equity markets remain in the early phases of a new bull market. According to Bernstein investors are still far too cautious and in denial over the sustainability of the market run. Bernstein says we are currently sitting somewhere between stages one and two of the bull market:; January 18, 2011 at 12:34 PM
karen said...: from today's pfenning:

And then on another front, the dollar is having to fight off the calls that China was "dissing the dollar" yesterday... In my opinion, that's exatly what China's Premier, Hu, was doing... It was like the children's book, Horton Hears A Who... This time it was "The dollar hears a Hu"! HAHAHAHAHAHAHA! Basically, this is just another step for the Chinese, folks... the have to begin this verbal assault on the dollar's ability to be the world's reserve currency, and build a portfolio, if you will, of reasons why they feel that way, so one day, in the future, when the renminbi is ready, they can bring out all these reasons, and make a case for their currency to dethrone the dollar. For those of you who did not see or hear what Mr. Hu, had to say... Check this out...

"The current internationa currency system is the PRODUCT OF THE PAST" Hu said in a written response to questions posed by writers ahead of his meeting with the U.S. President today. Highlighting the dollar's importance to global trade, Hu impliitly critcized the Fed's recent decision to pump $600 Billion (QE2) into the U.S. economy, a move criticized as weakening the dollar at the expense of other countries' exports. Hu, went on to say, "The monetary policy of the United States has a major impact on global liquidity and capital flows and therefore, the liquidity of the U.S. dollar should be kept a a reasonable and stable level."; January 18, 2011 at 12:45 PM
A fixed income analyst to be named later said...: 4 phases my ass.
That's all bull. We are in ZIRP.

Good data is bad news, and bad data is good news.
Japanese investors were bullish too, I am sure.

Eventually someone is going to get pantsed.
Didn't miss much while I was away.

Interesting that a squeeze of Euro shorts can't gun the market....; January 18, 2011 at 12:46 PM
A fixed income analyst to be named later said...: "when the renminbi is ready"

ROR. China is a really really large farm with fancy iron gates.
This is all going to cost people a lot of money.

China 2010 = USA 1929. It is mainly foreign capital.
Once the fraud is revealed, there will be a run for the exits.

Crash, part deux.; January 18, 2011 at 12:49 PM
Anonymous said...: Camden follows Newark with police cuts. Crime is coming.

http://news.yahoo.com/s/ap/20110118/ap_on_re_us/us_camden_layoffs

Of course, these places don't matter and the inhabitants are not really people to the BERNANK or to F. Charles Weaselton III, equity strategist at Rippemoff Bankcorp. So it's all good.; January 18, 2011 at 12:53 PM
karen said...: http://www.npr.org/blogs/money/2011/01/14/132940442/the-friday-podcast-the-frankenstein-mortgage; January 18, 2011 at 12:55 PM
Anonymous said...: Great old guy at 107, but read the generational warfare in the comments. Now seriously, it's not this guy's fault. Although he was a banker....

http://finance.yahoo.com/focus-retirement/article/111841/view-of-retirement-at-107?mod=fidelity-livingretirement&cat=fidelity_2010_living_in_retirement; January 18, 2011 at 1:02 PM
A fixed income analyst to be named later said...: Citi:

Gerspach told reporters the bank had about $150 million of gains from principal trading in the third quarter, and “virtually zero” in the fourth.

WTF? That was a great quarter, all you had to do was get long Ts in July and then sell em in October and buy anything else that had a pulse...

unless you are a bank, and had to hold all your Treasuries, b/c you need Tier 1 capital, b/c you are.. you know, insolvent.; January 18, 2011 at 1:09 PM
ben22 said...: I think it's pretty funny how Fidelity runs so many articles about how to get to retirement. As if they are helping anyone get there.

fidelity at one point not long ago ran 1 out of every 3 401k's in the country, most of Fidelity's flagship funds have returned 0 or even worse lost money over the last decade and their "customers" in 401ks have the balances and the 401k loans to show for it.

Over that period of time they collected many billions in investment mgmt fees, last I checked, Abigail Johnson was worth several billion dollars, one of the greatest skimming schemes ever run here in the states.

Now.....Follow that green line; January 18, 2011 at 1:16 PM
karen said...: Hinde Capital's Ben Davies On The 11 Threats That Should Terrify Investors And Push Gold Higher http://read.bi/fmpvNe; January 18, 2011 at 1:18 PM
Matthew said...: "I know a lot of you don't like the strategy but selling some covered calls on stocks like MRK this year could produce some nice low risk returns/income"

I like the strategy, but I would caution to (1) not have calls outstanding during divvy periods and (2) make sure you are getting enough premium per sell.

Re: University: The "good" ones are the same as the "bad" ones (education-wise). The only difference is the "good" ones have more severe grade inflation and a better name (each of which will aid in landing a job).

The whole "higher" education paradigm is a huge scam. Americans have so many educational resources available to them, they could cut education costs by 90 percent or more by self educating (which is what you really do in college anyway).

On the job education is much better anyway. Colleges, at best, can offer education on generic subjects. In the business world, everyone ends up working with proprietary models/technology that needs to be learnt from square one.

Businesses have basically tried to push training onto the government via post-secondary education, but they have all found out that they need to retrain all college grads anyway. Why not just start them out of high school and pay them less while they are in training. That equals less debt for students, more relevant education for workers, and more productivity for businesses.; January 18, 2011 at 1:19 PM
karen said...: http://www.bloomberg.com/news/2011-01-18/boehner-will-win-this-game-of-default-chicken-commentary-by-kevin-hassett.html; January 18, 2011 at 1:20 PM
Matthew said...: PS: I should also add that universities are much better suited for training certain types of professionals like lawyers and doctors, who have more academic type positions.; January 18, 2011 at 1:22 PM
Anonymous said...: This speaks for itself. Low volume, no shorts to be seen and insiders unloading to any HARRY WANGER who happens to be around:

http://www.zerohedge.com/article/insider-selling-buying-ratio-div0-no-insiders-bought-any-stock-prior-week

I am not very bearish US equities but buying here might be...

SOO-EE-SIDE-ELL

Thanks, Marc.; January 18, 2011 at 1:24 PM
A fixed income analyst to be named later said...: Most US universities are an extremely expensive kegger.... dude.

Little is taught and less is learned. We admit to having attended what might be considered an élite institution, which was also totally free. Neither the entrance process nor the coursework was easy....; January 18, 2011 at 1:27 PM
Anonymous said...: If Colin got long MUB and IQI this morning he is up big on the day.....

Nice shooting, bud.; January 18, 2011 at 1:29 PM
karen said...: a good read..

http://www.minyanville.com/businessmarkets/articles/volcker-rule-us-banks-proprietary-trading/1/18/2011/id/32238; January 18, 2011 at 1:29 PM
karen said...: i just realized that GM and AIG have nearly identical charts since the IPO.; January 18, 2011 at 1:35 PM
karen said...: yoku and dang both down over 8% today.. that is interesting.

ben, you could give dust a try..; January 18, 2011 at 1:39 PM
karen said...: Truer words have never been spoken! stockgut Invisible Chaos
Tops are temporary. Bottoms are required.; January 18, 2011 at 1:40 PM
Not Leftback said...: Some bottoms may stand for all time.

The Leftback Bottom™ of 3.6.09, for example has no peer....; January 18, 2011 at 1:42 PM
Anonymous said...: Brain Drain: Most College Students Learn Next to Nothing, New Study Says
Posted Jan 18, 2011 12:09pm EST by Stacy Curtin
Related: ^GSPC, ^SPY, COCO, APOL, DV, ESI, ^DJI
With millions of people out of work in this country -- many who have college degrees and even advanced degrees -- rising tuition costs have many wondering if college students are getting the bang for their parent's buck. (See: Rethinking College as Student-Loan Burdens Rise)

A new study suggests, “not hardly,” if the goal of earning a four-year college degree is to actually learn something.

The report based on the book Academically Adrift: Limited Learning on College Campuses found that after two years of college, 45% of students learned little to nothing. After four years, 36% of students learned almost nothing.

Lack of Learning

Most people would jump to the conclusion that it is the fault of the college student who just wants to have fun and party, but that’s not entirely the full picture. Even though students are about 50% less likely to study today than in previous decades, the report found universities are to blame as well; largely because professors spend too much time focused on research and not enough time on the students.

On the flipside, the real world still does value a college education.

Even (and especially) in today's tough labor market, Corporate America agrees that, "yes" college is worth every penny as most employers consider a college degree a prerequisite for employment.

Do you think college is worth the cost?

http://finance.yahoo.com/tech-ticker/brain-drain-most-college-students-learn-next-to-nothing-new-study-says-yftt_535824.html; January 18, 2011 at 1:43 PM
Anonymous said...: DUST has behaved as it is advertised to, we have used it.; January 18, 2011 at 1:44 PM
A fixed income analyst to be named later said...: Most college graduates are maroons*. Especially those from Chicago.

*sophisticated joke. Actually one of the nation's few genuine seats of learning. No grade inflation there.; January 18, 2011 at 1:46 PM
Anonymous said...: U of Chicago, where fun goes to die ;-); January 18, 2011 at 1:46 PM
ben22 said...: "largely because professors spend too much time focused on research and not enough time on the students."

A fine line argument. Most of my core business classes were class size of 500-700 students per session, maybe 1,400 kids in the class so they split it up in two sessions and they were held in an auditorium, you didn't ask questions in these classes, there were no discussions and every single business major at PSU had to take them. I don't know anyone in those classes that got one on one time with the prof, in fact, half the kids I knew never even set foot in one those classes, they just bought Nittany Notes and passed the exams that way, probably down at Cafe 210 sipping long islands during class time.

In classes like that you just have to figure it out on your own.; January 18, 2011 at 1:53 PM
A fixed income analyst to be named later said...: That's the one.
"U of Chicago. Hell DOES freeze over."

It is an awesome place.; January 18, 2011 at 1:54 PM
Anonymous said...: probably down at Cafe 210 sipping long islands

or frou-frous...; January 18, 2011 at 1:54 PM
ben22 said...: Karen,

I'll probably pass on shorting the metals, I lost on too many trades in silver last year, I'll get emotional getting involved with that again, but DUST, gotta love that ticker at least.; January 18, 2011 at 1:55 PM
Anonymous said...: http://quotes.ino.com/chart/index.html?s=PACF_TLT&t=&a=&w=&v=d3

TLT could be shaping up a nice 'double-bottom'

otro:
http://finviz.com/quote.ashx?t=TLT

also, remember, TLT throws off a Div., and has Options, to be Faded, for add'l 'Risk MGMT' features..

AAIP

also @ 13:43; January 18, 2011 at 1:56 PM
ben22 said...: I only did frou frou's at Players, the state college "night club" ROR, think it's called something else now, that and a steady diet of leaded and unleaded Beast, b/c you could get kegs for $35 at hickey's and hand in your empty's for a $10 credit.

and all my frou frou back then were of the disgusting variety, like some bankers club vodka with some generic packet of kool-aid, now I go high class frou frou, organic fruit punch and such.

come to think of it, I've been drinking kool-aid or kool-aid like drinks for a long time now ;-)

it's all coming together for me guys; January 18, 2011 at 1:58 PM
Anonymous said...: Some nice simple TA here. Including silver....

Bruce that was TA, not T & A. Go back to work.; January 18, 2011 at 1:59 PM
A fixed income analyst to be named later said...: Marky has become a bit of an artist with Ye Longge Bonde chartynge, and a connoisseur of ittes Derryvatif Productes. Perhappes he mighte even attempte Ye Mightye Wyddowmakker...?

Hark, or Mark my words.
March TLT calls are going to be a nice trade.; January 18, 2011 at 2:02 PM
Anonymous said...: Here's the TA. Sorry, I made the joke about T&A and then I started thinking about.... well, you know....

http://www.zerohedge.com/article/graham-summers’-free-weekly-market-forecast-resistance-edition; January 18, 2011 at 2:03 PM
karen said...: ha! my son just texted me.. did i by aapl today? tomorrow's earnings are supposed to be over the top..

my reply, eff no. too late.. already back near highs..; January 18, 2011 at 2:04 PM
A fixed income analyst to be named later said...: More toolishness regarding Treasuries. Note the commentary from Neel "Cash and Carry" Kashkari. He wants you to sell Ts. He works for PIMPCO. Do you trust this man?

http://www.bloomberg.com/news/2011-01-18/treasuries-decline-in-new-york-trading-as-global-equities-post-increases.html

The 2s30s slope at 401 bps is NOT a sell signal. This is like nine standard deviations from normal behavior. Even THE BERNANK can't get it up much more than that. Now, in a "normal recovery", the next thing that happens is the long end drifts up to 5-6% and the short end gets absolutely slaughtered in the most bloody way possible because of real growth in the economy.

Ha ha ha ... bonk.

Start buying the long bond. Right Gary? Rosie?; January 18, 2011 at 2:09 PM
Anonymous said...: I like the idea we get a sell off to 1250 (bottom of the trading channel). Too many JBTFDers to get below that, one imagines.; January 18, 2011 at 2:10 PM
karen said...: Three shot at Los Angeles high school; gunman at large - Los Angeles Times http://lat.ms/fUQvbB; January 18, 2011 at 2:11 PM
Anonymous said...: Of course we'd love to see the KT.

But that's not strictly speaking a market call....; January 18, 2011 at 2:11 PM
karen said...: http://www.foxbusiness.com/markets/2011/01/18/sec-keeping-close-tabs-bofas-wikileaks-situation/; January 18, 2011 at 2:11 PM
beast said...: b22-

Were you able to get beast bottles? They came in a returnable, indestructible carton. Fill it with the empties and it was better than concrete block for elevating beds for lofts...

Good old days...; January 18, 2011 at 2:12 PM
Anonymous said...: Three shot at Los Angeles high school

Nothing to do with the guns though...... I mean what is it that makes the average American more stupid on this topic than a chipmunk?; January 18, 2011 at 2:13 PM
SEC guy said...: sec-keeping-close-tabs-bofas-wikileaks-situation/

Mainly in case Assange has any porn. We could care less about fraud by a TBTF.; January 18, 2011 at 2:14 PM
karen said...: aig back at 52.. what happened to 62?; January 18, 2011 at 2:14 PM
karen said...: could NOT care less, you mean.; January 18, 2011 at 2:15 PM
karen said...: NEW YORK (AP) -- American Express Co. said Tuesday that the rate at which it wrote off its card balances as uncollectible dropped to its lowest point of the year in December. Its rate of late payments also bottomed out last month, a positive sign for the months to come.

The card issuer said in a regulatory filing that it wrote off 4.1 percent of balances for the month, down from 4.4 percent in November. American Express, which has a more affluent customer base than most card companies, reported a peak charge-off rate of 10.2 percent in August 2009, months before other card companies saw their customers' problems paying bills start to level off.

http://finance.yahoo.com/news/Amex-December-writedowns-late-apf-3831404950.html?x=0&sec=topStories&pos=7&asset=&ccode=; January 18, 2011 at 2:16 PM
Anonymous said...: Bear baiting. Albert Edwards at CNBC. Bear baiting usually reaches a crescendo near market tops. Cramer under the desk, shouting "sell it all, sell everything..." that's near a bottom.

http://finance.yahoo.com/news/Bear-Investor-Says-I-Have-cnbc-3475208819.html;_ylt=AqKs0_b7Jy0WW6XZscq7SbW7YWsA;_ylu=X3oDMTE1dGw1Ym01BHBvcwM2BHNlYwN0b3BTdG9yaWVzBHNsawNiZWFyaW52ZXN0b3I-?x=0&sec=topStories&pos=3&asset=&ccode=; January 18, 2011 at 2:17 PM
Anonymous said...: anyone see this @ 0 Hedge ?

http://www.zerohedge.com/article/case-against-treasury-bonds

will have to say, that, when presented like that, Ye Olde Longge Bonde is a bit of a sticky wicket..no?

AAIP; January 18, 2011 at 2:19 PM
Anonymous said...: AX is an indicator of the TRIFURCATION in the economy.

Saks, AX, Needless Markup all doing well.
Mid level, Kohls, Target, not so much.
WMT, dollar stores being squeezed to death by costs.

No problem for C, BAC. They just lie, I mean "mark to model".; January 18, 2011 at 2:20 PM
Anonymous said...: C just called me..... coincidence???

ROR.; January 18, 2011 at 2:22 PM
Colin said...: I am indeed sitting on a comfortable paper gain, but going to ride this puppy for a bit here, I think a lite sell-off in stock land could move a little money into munis, but who knows. I just cant resist trading on Bill G's coattails.; January 18, 2011 at 2:23 PM
A fixed income analyst to be named later said...: http://www.zerohedge.com/article/case-against-treasury-bonds

This guy has been wrong 999 times out of the last 1000 trades. My case against a conflagration in the long bond has been elegantly stated by Rosenberg and Shilling, and refuted over twenty years of "imminent disaster forecasts" for JGBs. Trust me, we have a few years to go.

Japan, on the other hand, may be running out of time.; January 18, 2011 at 2:25 PM
spoonman said...: Karen,
Don't look now. via forexlive; January 18, 2011 at 2:26 PM
AmenRa said...: MUB making a bullish engulfing candle and IQI is making a bullish piercing candle today.; January 18, 2011 at 2:27 PM
A fixed income analyst to be named later said...: I think a lite sell-off in stock land could move a little money into munis, but who knows. I just cant resist trading on Bill G's coattails.

Yes yes and yes.

Agreed on all, I am waiting to see a little more volatility and "damped oscillations" before playing this for the longer term. We are strategic asset allocators as well as traders, as one has to be in credit. I don't have to make the first 1% in gain as long as I miss the last 5% in losses.; January 18, 2011 at 2:28 PM
bob said...: AFIABNL

He met with bernanke this morning for breakfast, and then had lunch with Geithner, he knows....; January 18, 2011 at 2:28 PM
spoonman said...: Could somebody clue me into what the difference is between some of the broad muni ETF's? Obviously, the state specific ones are, well, state specific. But what's the difference between, say, IQI and MUB? Duration? Credit rating? Seniority? Maybe I'm just being dense...; January 18, 2011 at 2:31 PM
ben22 said...: we stopped buying bottles of anything during my junior year for various reasons, this is probably not the best place to get into some of those details, funny as some of them are

always got the beast in kegs or cans, I don't even remember them having bottles, but a solid block could have come in handy for a few things

the only bottles we ever really bought were hurricane 40's, another high quality drink. Even our liquor usually came in something plastic, unless we were trying to impress some girls, in which case maybe we got some screw top wine or maybe for the real special ladies we bought some Boone's.; January 18, 2011 at 2:32 PM
AmenRa said...: Ruh roh. The wind blew the wrong way and now the HFTs can sniff 1300...; January 18, 2011 at 2:32 PM
karen said...: spoonman, not sure whether to thank you for the warning or cry. i better call the sump pump guys today..; January 18, 2011 at 2:33 PM
AmenRa said...: spoonman

I believe AFIABNL can be quoted on this. IQI equates to junk/HY and MUB equates to IG aka LQD.; January 18, 2011 at 2:34 PM
AmenRa said...: ben22

No Wild Irish Rose, Thunderbird or Cisco?; January 18, 2011 at 2:35 PM
Jennifer said...: http://blog.afraidtotrade.com/interesting-triple-index-weekly-overhead-levels-to-watch-closely/

Good stuff here...; January 18, 2011 at 2:36 PM
spoonman said...: Ra, thanks.; January 18, 2011 at 2:36 PM
Jennifer said...: Ahhh...favorite college drink recollections...tacky Chinese restaurant served up these concoctions called scorpion bowls -- had to have at least two people present to order one -- came in a big bowl with two huge straws. Good luck finding your way home.; January 18, 2011 at 2:38 PM
Colin said...: What Ra said, just taking a look at their major holdings you can get a good idea of what you are working with:

MUB - http://portfolios.morningstar.com/fund/holdings?t=mub&region=USA&culture=en-us
IQI - http://portfolios.morningstar.com/fund/holdings?t=IQI&region=USA&culture=en-us; January 18, 2011 at 2:38 PM
spoonman said...: exactly what I was looking for Colin. Thanks.; January 18, 2011 at 2:41 PM
bob said...: J

I knew Miss Kong well..?; January 18, 2011 at 2:43 PM
Anonymous said...: i better call the sump pump guys today..

No need, we can take care of any pumping needs.; January 18, 2011 at 2:46 PM
Anonymous said...: @Jennifer -- Scorpion bowls from The Hong Kong Restaurant in Harvard Square??; January 18, 2011 at 2:46 PM
IQI said...: Hands off my junk!; January 18, 2011 at 2:46 PM
Jennifer said...: Townie bar closest to my dorm ran a month long special on some whiskey called Yukon Jack. That was quite a month.

Sorry, bob, didn't follow.; January 18, 2011 at 2:47 PM
Jennifer said...: Upstairs. Very pink.; January 18, 2011 at 2:49 PM
Anonymous said...: maybe for the real special ladies we bought some Boone's

Nice. It was £1 a pint of John Bull at our place on Fridays. We called it "Duck and Dive Night".; January 18, 2011 at 2:50 PM
Anonymous said...: Duck the punches, and dive for..*

* The remainder of this post has been censored.; January 18, 2011 at 2:51 PM
karen said...: CA's budget crisis:

http://www.economist.com/node/17906049?story_id=17906049&fsrc=scn/tw/te/rss/pe; January 18, 2011 at 2:53 PM
Anonymous said...: MackieFear,

right? the Beast in Bottles? not that I ever remember, either..

"Hurricane 40s", that's too funny..the Market had all kinds of those 'Malt Liquors', with the accompanying backlash from the JJackson's/AlSharpton's stipulating that they were 'Mkt'd to 'Inner City Youth'/'Corrupting the Future'..

J,

that 'Scorpion Bowl' trick must be part of the "secret" Chinese Restaurant-Playbook..have seen a # of those over the years..

personally, I miss those 3 litre Bottles (Coke, Sprite, et al.)..those + a Fish Bowl led to some good Engineering..

ibid.; January 18, 2011 at 2:54 PM
AmenRa said...: Comcast & NBC merger wins approval from FCC and DoJ. CNBC on the ropes?; January 18, 2011 at 2:55 PM
bob said...: Anonymous said...

@Jennifer -- Scorpion bowls from The Hong Kong Restaurant in Harvard Square??

You know miss kong....; January 18, 2011 at 2:57 PM
Anonymous said...: AAIP: the Market had all kinds of those 'Malt Liquors'

"Don't let the Smooth Taste Fool Ya...... "

Epic.; January 18, 2011 at 2:58 PM
karen said...: http://www.bloomberg.com/news/2011-01-18/jpmorgan-s-emc-mortgage-sued-over-mortgage-loan-documents.html; January 18, 2011 at 2:59 PM
Jennifer said...: From DOC --
Since the mid-week review of the ongoing precious metals correction in which further weakness was anticipated, gold has shed another $20, and silver has pulled back to test an important pivot. I expect a bit more selling to weigh on PMs, but I also believe the low may not be far away, time-wise. As noted in the previous post, all four of gold's intermediate cycle corrections since the 2008 liquidation have found their lows right on the 150-day moving average. If the same moving average were to hold the current decline, another $50-60 of downside is implied.; January 18, 2011 at 3:00 PM
ben22 said...: yes, I always drank my hurricanes out a of a brown paper bag, had to do it right.

or sometimes we'd tape them on our hands, you know, if it was one of "those nights"

also, the comment about 3 litres and fishbowls, priceless.; January 18, 2011 at 3:03 PM
Anonymous said...: @Bob, yes I do know Miss Kong. I was the semi-proud owner of a 69 Beer Club shirt from there. I don't think they do that any more.; January 18, 2011 at 3:05 PM
Billy Dee Williams said...: ....(laughing uncontrollably at ben....)

"Don't let the Smooth Taste Fool Ya...... "; January 18, 2011 at 3:05 PM
The Long Bond said...: Told you that 4.60% was a screaming buy, here we are at 4.56%; January 18, 2011 at 3:06 PM
The Long Bond said...: Try having a conversation with a JGB or a Schatz.; January 18, 2011 at 3:07 PM
The Japanese Yen said...: What exactry are you imprying?; January 18, 2011 at 3:07 PM
Anonymous said...: Department of ROR:

CNBC's Cramer says Citi (C) completely on track, let them settle, says 'Citi is cheapest stock in bank universe'; January 18, 2011 at 3:11 PM
Anonymous said...: Of course they can still get cheaper....; January 18, 2011 at 3:12 PM
Anonymous said...: 2:27PM EST: 6.50 -0.90 (12.16%)
Bacterin International Holdings, Inc. (BIHI.OB)

http://finance.yahoo.com/q?s=BIHI.OB

wtf? Nice Ticker Symbol..
~~~

http://encycl.opentopia.com/term/Malt_liquor

"...At least for a brief period in the mid-1990s, some brands of malt liquor, including Olde English 800 and Mickey's, were available in even larger, 64-ounce glass bottles..."

1/2 Gal. Bottles? missed that one..

AAIP; January 18, 2011 at 3:12 PM
ben22 said...: yeah, he (Cramer) was really bullish Citi this morning, lots of comments about book value and real earnings

Might have something to do with that housing shortage he's been forecasting of late, apparently that's coming early next year in the US, just pay no attention to all the inventory we have, especially now that that fence isn't being built along the border, those empty homes should move real quick.

how so many people still take him seriously I doubt I'll ever understand; January 18, 2011 at 3:14 PM
bob said...: OE 64's....When 40 just isn't enough. You couldn't put them in your coat pocket though...; January 18, 2011 at 3:15 PM
Momo Muppet said...: No Momo?; January 18, 2011 at 3:15 PM
Matthew said...: "I think a lite sell-off in stock land could move a little money into munis"

You might be right that munis can catch a bid here, but I don't hold the view that money flows between equities and fixed incomes so nimbly. Most of the fixed income money stays in fixed income, but moves from sector to sector. I don't see a compelling case to move from corporate credit to muni credit in any major way.; January 18, 2011 at 3:17 PM
Anonymous said...: how so many people still take him seriously I doubt I'll ever understand

It's that "regular guy" shtick. Peep trust me to "stand up for the little guy" and "help 'em to make a buck".

It is actually a very sad show at Market Tops, I assume some of the brighter callers are plants and some of the stocks pumped are holdings of his "trust".

The bear mutilations were fun, but I liked him best under the desk with the spooky noises.

Fast Money is more sophisticated but still a P'n'D apart from Guy.; January 18, 2011 at 3:19 PM
Matthew said...: "or sometimes we'd tape them on our hands"

Edward Beer Hands; January 18, 2011 at 3:19 PM
Matthew said...: "Fast Money is more sophisticated"

Fast Money is less sophisticated. All they do is momentum. The "Chairwoman" and Scaramoochie (or WTF his name is) are the only ones that have ever mentioned non-momentum strategies.; January 18, 2011 at 3:21 PM
A fixed income analyst to be named later said...: Most of the fixed income money stays in fixed income, but moves from sector to sector.

Exactly, agreed. The FI market is so large that small flows in and out of equities don't do much. The time to run for the hills is when HYG and JNK start to melt.

I do think that HY holders are asleep at the wheel a bit, and some of the smarter money might begin to exit the "nice safe" junk bond universe for the "über-dangerous risky" muni bond.

I am sure that you catch my drift here. Watch JOHN E's moves in the bond market and do the opposite....; January 18, 2011 at 3:22 PM
Anonymous said...: Fast Money is less sophisticated. All they do is momentum.

LOL. I like the highly tanned commodity a**hole best. NOT.; January 18, 2011 at 3:24 PM
karen said...: today is aapl AND ibm.. tomorrow, GS and the world!

no, i meant GS, WFC, USB, BK and STT..; January 18, 2011 at 3:26 PM
Anonymous said...: 5-Year Treasury 1.952 +0.023 +1.19%
10-Year Treasury 3.364 +0.031 +0.93%
30-Year Treasury 4.561 +0.03 +0.66%
http://finviz.com/
~~

"or sometimes we'd tape them on our hands"

McB,

that's some serious 'Accion`'

ibid.; January 18, 2011 at 3:27 PM
AmenRa said...: The only thing good on CNBC is CNBC Asia.; January 18, 2011 at 3:28 PM
Anonymous said...: Many many banks tomorrow.
Get your FAS and FAZ on... or better still just sit it out !!!

Just trading the charts here, that's all, this market needs a sell-off and it may just get one before we JBTFD.

Insiders are not buying into this earnings season.; January 18, 2011 at 3:29 PM
AmenRa said...: The 64oz bottle had a jug handle at the top so you could put the bottle on your elbow. Lift your elbow to drink ;-); January 18, 2011 at 3:29 PM
Anonymous said...: The only thing good on Bloomberg Asia is Susan Li.

Since Bernie left, I mean.; January 18, 2011 at 3:30 PM
karen said...: this was really really good from optionmonster..

http://www.youtube.com/watch?v=pUiFF2jckHE&feature=player_embedded; January 18, 2011 at 3:35 PM
ben22 said...: re: taping 40's to your hands

I know some other people have done that, don't be ashamed.

I did lots of that kind of stuff in college, should have seen the elobarate beer bong I contsructed, cost me about $60 worth of hardware store materials even with my employee discount, double hose action and stoppers on the ends straight from the True Value plumbing department, none of that using your thumb stuff. I'd typically use that when wearing my yellow shirt that only said BEER on it, stole that idea from a PanterA video. Real highbrow type activity.

during one of my finer nights I filled that thing with vodka, you can imagine what followed, go ahead, get a good mental picture going for yourself it was probably pretty close to what you are thinking right now.; January 18, 2011 at 3:38 PM

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Morning Corner 1.18.11

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