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Thursday, May 6, 2010
Morning Audibles 5.6.10 A Hugh Hendry Sighting
My good friend Hugh Hendry was spotted on "Crosstalk". Whenever there is a Hugh Hendry sighting, it's best to just sit back and enjoy his gems of wisdom. CV won't muck up the experience and therefore offers it as a "stand alone"...
The new bubble advances...the sovereign debt bubble...we are inflating this bubble with even more expertise than the global housing bubble.
Hugh, of course, has it right. I think were I in Greece, and I knew I'd be poor for the next few decades, I would protest too.
I suppose the obvious question is: Why doesn't the Greek government now, after due dilligence, decide to withdraw from the Euro? You know, the first year you go out for football as a freshman, and there are all those seniors kicking your ass, it seems like you'll never get to be a senior, but you do...in the Greek case, the country may ALWAYS be a freshman....
@Ahab, re Canadian RE in bubble(Thanks for telling Greg "off").
Bank of Montreal just served a notice of fraud to a MP and 100 others in Calgary. That MP is also a lawyer.
I have cousins in Calgary, who I know could not possibly amass so much wealth in such short time span by just flipping in a legal way. But I have no proof.
Anyone who thinks Cdn Re is not in a bubble has vested interest! Possibly, heavily invested in RE.
McF .. I think we do have a shallow dollar correction now. We had the presser, the ECB are fiddling while Rome burns but market did not tank so ... perhaps collapse averted for a little while.
@Nic "AUDUSD and AUDJPY are the hot charts, that's where you watch it unwind IMHO"
yes I'm keeping an eye. Great action setting up here.
@spoon
I thought the scariest thing she said was about the size of nonperforming assets...that stuff is coming to market sooner rather than later....1.5x the size of all charge offs incurred since 2005 at the top 4 banks. they do not have enough capital by a long shot if this is the case.
So, the question is, how long before another round of "stress tests"?
I understood her manner of speaking perfectly.. she's trying to be succinct and accurate and she's high energy... her brain is working faster than her tongue.. NOT ACID REFLUX, or something!!!
all these charts look the same (fxp, bzq) for example.. picking targets is near impossible for me.. looking for 1150-52 to let go of some shorts i guess.. this is all one trade is effing madness..
Is anyone, but me, SICK & TIRED of the "history" (or "historic") label being slapped on to everything that moves?
I think friggin' Obama got us on this kick...
Everytime he does something, it's HISTORIC...
"My fellow Americans, I'm going to take leak, but it's going to be AN HISTORIC leak... One for the ages, that only a great man like me could ever produce... And the next leak I take will be EVEN MORE historic than the first one"!
I think this counts better as a fifth down instead of still being in a third, we should get a bounce soon and I like the idea C had early this morning, if it looks choppy and three on the way up I will back up the truck short again.
of course this could still also be corrective down.....I'm starting to lean toward that as alternative rather than primary count, we'll see on the bounce.
Over the next several months, GoldMoney will be expanding the research and market information provided on its website. There will also be a new website design to accommodate these changes. My commentaries and market insights as well as my archive of past writings will continue to be published along with material from other writers and other market information.
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I have a confession to make. I made a bad trade this morning. The game plan was to short when the gap down this morning got covered, but I got impatient, put the trade on too early. It worked out, but I was riding a bigger potential loss than I wanted to(i.e. I violated my mental stop). Good way to get screwed. Of course, the trade worked out and I made money, which is probably worse because I've positively reinforced bad habits so I figured if I told you guys it would be embarassing and I wouldn't do it again. There, I got that off my chest.
here's a relevant quote from Bob Prechter's December 2009 interview with TheIgnatPost.ru, when the USD's bull run was just starting:
Q: Currently in Russia it is very common to see forecasts which predict that in the very near future we will see a sharp decline of the US Dollar and a crash of the American treasury bill system. These forecasts cite quite strong arguments. What is the probability of such a scenario based on Elliot’s wave analysis?
-- The US Dollar is going to go up a lot in 2010, mostly because so many people think it’s going to fall. Back in 2000, when the dollar was topping, no one was bearish. Now everyone hates it. You always get “strong arguments” when markets are near a turn. This is because people use their conscious minds to create explanations for their unconscious moods. When mood are extreme, so are the arguments. Seemingly logical arguments always sound convincing at the wrong time. Long term, all currencies fail. So eventually the dollar will, too.
Q: Do you believe that the current crisis may mean the end for the economic model based on US Dollar emission?
-- I hope so. The world needs to return to honest money, which is gold, and IOUs for gold should be issued only by private entities. Governments ruin everything they touch.
Q: Will the US dollar lose the status of the world currency?
A 61.8% retrace of the 1202-1150 drop would get us back to somewhere around the SPX 1182 zone. Doubt very much that bulls can push beyond 1176 (50%) or 1182 at most.
Agreed. Maybe even some Momo Monday - but then it's down again....
Did I ever tell anyone we could see a 1% on the 10y? Crazy idea, but if we have European meltdown and don't have a US QE2 then they will all buy Ts like there is no tomorrow. That would be nice for Manny's TLT...
SUFFERN, N.Y. - Football Hall of Famer Lawrence Taylor was arrested Thursday in connection with a reported rape in the New York City suburbs, police said. The victim reportedly was a 15-year-old girl.
Perhaps, but I'm not going to wade into the whirlpool at this point. If we were to get a sharp rally that began from the 1145 level (or so), I might try to short it, however.
I'm wondering if a lot of bears (myself included) expect another significant pop up before we get our bigger leg down? Which leads me to wonder if we'll end up going virtually straight down and further down without a significant pop back up than many of us think? I mean, we went straight up for 13 straight months. What's to stop it from just doing the same thing on the downside, but only more quickly?
this is a joke; clearly the banks have no clue on the housing situation..
Citigroup, Inc (NYSE: C) raised its price target on Beazer Homes (NYSE: BZH) from $6.25 to $7.00 and remained its “hold” rating on the company.
Citigroup analyst Josh Levin said that the price target increased is supported by the normalized earnings framework and reflects the process of minimizing risk in terms of the company’s the balance sheet.
Levin said that BZH shares have positive upside, however the stock doesn’t warrant a “buy” rating.
I saw that, DL. Why does that not surprise me? I wonder how many of them "invest" and trade based on inside information too? Quite a few, I'm guessing? After all, silly little laws don't apply to some people.
The bigger problem is that they sell information to hedge funds. Any time they have debates on bills that affect individual companies,they can sell that info to hedge funds, who then place bets (long or short) on the various companies involved.
Agreed, DL. There's NO DOUBT that this goes on. It's no wonder the politicans in both parties are in bed with Wall Street. It's the perfect quasi-criminal symbiotic "WIN-WIN' relationship.
Just copy the text in the boxes, and replace the red text with what you want to link to and the text you want to appear. If I try to cut and paste it it will just show up as a link....
CR has a post up that says that the increase in personal spending last quarter came from transfer payments. I guess that means that the tax money I sent to Washington, that they then sent to LB, that is the reason there was some little juice last quarter.
But now what? Will LB continue his rakish leftstyle? Stay tuned...
Wow, this is quite impressive. I really want to get WAY more short too. Other than my tiny FXP position, I'm not there. Happy with TLT but still want to get short. Will I get the opportunity? Not so sure.
But I will offer some ideas here...
ReplyDelete2,3,5,8, who do we appreciate?
Today is DAY 8 after 1219.8...
Since March '09, most all market corrections had reversals on FIBO days...
CV is expecting to see 1152 (or possibly a slight throwover lower), then a REVERSAL of some sorts today...
It could be a pretty powerful move (which ends with a DAILY green candle)...
So keep your emotions in check today...
When does the damn break? EUR/USD at 1.2714? EUR/JPY 119?? When does the carry REALLY unwind?
ReplyDeleteFrom other thread
ReplyDeleteMy estimate is that 2012 is not about the world ending but a world reset. A debt jubilee for world governments.
@Amen
That's basically what CV has been saying since the first day of blogging (and long before that, just thinking it to myself)...
That's why I do all the "self sufficiency" preparations in my real life...
The last place I want to be stuck is in LA or Manhattan when this all goes down...
CV-
ReplyDeletedid you catch my post re BR-
the dude has switched to all cash- and actively looking to short-
interesting- in that he was 35% cash just a day or two ago
The new bubble advances...the sovereign debt bubble...we are inflating this bubble with even more expertise than the global housing bubble.
ReplyDeleteHugh, of course, has it right. I think were I in Greece, and I knew I'd be poor for the next few decades, I would protest too.
I suppose the obvious question is: Why doesn't the Greek government now, after due dilligence, decide to withdraw from the Euro? You know, the first year you go out for football as a freshman, and there are all those seniors kicking your ass, it seems like you'll never get to be a senior, but you do...in the Greek case, the country may ALWAYS be a freshman....
@ahab
ReplyDeleteGood for him...
Welcome back to the DARK SIDE sparky! Maybe he'll have more time for blogging and CV can take a vacation :-)...
. . .or should I call you General Zod
ReplyDeleteMcF
ReplyDeleteAUDUSD and AUDJPY are the hot charts, that's where you watch it unwind IMHO
"interesting- in that he was 35% cash just a day or two ago"
ReplyDeleteIf I remember correctly, he was short nasdaq a few months ago as a hedge, or was that another wall-streeter dude?
@Bruce
ReplyDeleteCV, as a freshman, kicked all the SENIORS asses!
13 VARSITY letters (try and figure how that is possible)...
@Ahab, re Canadian RE in bubble(Thanks for telling Greg "off").
ReplyDeleteBank of Montreal just served a notice of fraud to a MP and 100 others in Calgary. That MP is also a lawyer.
I have cousins in Calgary, who I know could not possibly amass so much wealth in such short time span by just flipping in a legal way. But I have no proof.
Anyone who thinks Cdn Re is not in a bubble has vested interest! Possibly, heavily invested in RE.
Great vid CV - I<3HH
ReplyDeleteThis article is bang on if you ask me:
http://baselinescenario.com/2010/05/06/it%E2%80%99s-not-about-greece-any-more/
Europe has completely fked it up.
oops excuse my language
ReplyDeleteI find it funny that the BEA had no estimate for GNP or GDI for 1Q10: http://bea.gov/newsreleases/national/gdp/2010/pdf/gdp1q10_adv.pdf (Table 9). Is it that bad?
ReplyDeletevacation's? (or as Nic would say- holiday) please-
ReplyDeletethat's for suburbanites-
next thing you'll be telling me is you drive a mini-van w/ DVD screens on the back rests
Watch CRUDE - at trendline support from the 08 lows ... a breakdown perhaps
ReplyDelete@ahab (9:10)
ReplyDeleteKneel before me... :-)
@Nic
ReplyDelete"fooked" is acceptable slang on SC...
Bonds are puking in Europe, the meltdown is about to continue in EUR
ReplyDelete@ahab
ReplyDeleteEvery day is a "holiday" for CV...
Madonna sang "Holiday" before she even became a faux-Brit
ReplyDeleteIt'll be interesting, to me anyway, to see what GLD does around the 115.74 level...
ReplyDeleteMatt Holliday is a slugger for the St. Louis Cardinals...
ReplyDeleteDoc Holliday was a good friend of Wyatt Earp
ReplyDeletemadonna-
ReplyDeleteshe's not phony or anything-
and I always found her to be a bit on the "bow wow" side- but hey- that's just me
Great clip, cv. Hendry's great.
ReplyDeleteYou all began without me this morning! got coffee! and ready for the show.
ReplyDeleteBucky just hit a 52 week high...
ReplyDeleteAhab,
ReplyDeleteI don't think she is phony but she is just not British, thats all I meant :)
anon @ 9:13-
ReplyDeletenothing against greg at all- his comment at the "sister" site however was bit naive about human behavior-
as if "there could be no RE bubble in Canada" was even a reasonable assumption
CV can settle this "Madonna" debate right now...
ReplyDeleteAfter extensive research, I've come to the conclusion that she IS, IN FACT, "phone-y"
Here's my evidence...
http://gizmodo.com/assets/resources/2007/04/madonna-iphone.jpg
poor euro! i'm sad about it! and not only cuz i have a drawer full..
ReplyDeleteNic-
ReplyDeleteshe and Bono- going to Africa like they are saviors of the poor Africans-
why don't they help people in their own countries?
that's why their phonies in my book-
it's all about them and what attention they can garner-
South Park crucified Bono
Drizella
ReplyDelete@karen
ReplyDeleteSo much for all those Europeans with their shopping bags full of Euros storming Manhattan this summer...
Looks like the lines might be smaller at BG...
Sugar is being taken out back and shot.
ReplyDeleteWhere/how does Madonna fit in to all of this? and i thot she dropped the accent when you got back in the states..
ReplyDeletealright-
ReplyDeletegotta roll out- running late to a 10:00 meeting-
catch everyone later
I wish we'd hit 1152 kind of EARLY...
ReplyDeleteI kind of want to take off an do some things this afternoon...
Technicals permitting, CV is going to take a hard look at putting on a little "hedge" around 1152...
@Amen
ReplyDeleteI contemplated doing a "SUGAR" thread this morning (with "The Archies")... But Hugh Hendry trumped all...
well, i'm upset that we didn't get a lower low on spx.. but look, we have hours to go.. and a shoe may drop out of anywhere!
ReplyDeleteHH is really getting to me, laughing..
ReplyDelete@karen
ReplyDeleteIt's coming (lower low/spx)...
Don't know if this was already posted here. Meredith. Scariest line: "banks really, truly believe the housing market has stabilized"
ReplyDeleteS&P Issues A/D 0.8
ReplyDeleteS&P Vol A/D 1.5
NYSE Issues A/D .69
NYSE Vol A/D .95
The S&P and NYSE are not in agreement. Probably explains some of the volatility.
Loving the morning Hugh...
ReplyDeleteCatch ya later...
McF .. I think we do have a shallow dollar correction now. We had the presser, the ECB are fiddling while Rome burns but market did not tank so ... perhaps collapse averted for a little while.
ReplyDeleteI'm livid over the greece thing now.. thank goodness the other countries are lining up for a handout.. it has to stop somewhere..
ReplyDeletecan't wait to watch Meredith next!
Watch BAC...
ReplyDeletefxp is driving me crazy! in a bad way..
ReplyDeleteGE too... looks like the trash might start to swirl...
ReplyDeleteMeredith is perfection.. absolutely love her..
ReplyDeleteWas there a MW clip up there somewhere?
ReplyDeleteSorry... found it.
ReplyDeleteIs HH the man or what.
ReplyDelete@Nic
"AUDUSD and AUDJPY are the hot charts, that's where you watch it unwind IMHO"
yes I'm keeping an eye. Great action setting up here.
@spoon
I thought the scariest thing she said was about the size of nonperforming assets...that stuff is coming to market sooner rather than later....1.5x the size of all charge offs incurred since 2005 at the top 4 banks. they do not have enough capital by a long shot if this is the case.
So, the question is, how long before another round of "stress tests"?
Meredith says...
ReplyDelete@karen (10:26)
Thank you karen! I always enjoy reading your comments too...
We need to go out shoe shopping some time... :-)
Ok, watch that 1162 gap on the SPX 1min chart...
ReplyDeleteI think Meredith has acid reflux or something....
ReplyDeleteIt seems more to me, upon further review, that we're going to end up getting a 21 day type correction...
ReplyDeleteEven if we get a wave ending around 1150-1152, my guess is that the bounce might only go as high as the 1172 area...
It hardly seems worth playing a counter move for 2%...
I understood her manner of speaking perfectly.. she's trying to be succinct and accurate and she's high energy... her brain is working faster than her tongue.. NOT ACID REFLUX, or something!!!
ReplyDeleteAud changing lower...
ReplyDeletebob
Bond yields exploding in Europe, Greece back at 800bps over bunds.
ReplyDeleteA lot of money going to Yen
Goldman to take it's little slap on the wrist and go back to its pillaging ways? They probably make this little fine in one day of prop trading.
ReplyDeletehttp://www.zerohedge.com/article/charlie-gasparino-says-goldman-settlement-be-between-1-and-5-billion
@Bruce
ReplyDeleteCV, as a freshman, kicked all the SENIORS asses!
13 VARSITY letters (try and figure how that is possible)...
...But CV, didn't you go to an all-girls school? That might have had something to do with it.....
lol karen, I'm only saying that because I tend to do what she does when I talk, and I think I have it, hahahahah.
ReplyDeleteI hear her like you do Einhorn. she's the best, and so smart.
"heart her"
ReplyDeleteamzn chart getting fuglier each day...
ReplyDelete@Bruce
ReplyDeleteHA! I wish... My letters were in football, baseball, & track...
I would have only made jayvee field hockey :-) (and gotten my shins battered in the process...
you didn't play golf C?
ReplyDeleteThere's your LOWER LOW karen...
ReplyDeleteMore to come...
@McF
ReplyDeleteI played golf on my own time... (not in HS)...
I didn't really start playing a lot until I was almost 30...
funny, those january shorts are......flat.
ReplyDeletejust throwing out there, got my first poison ivy of the year, it's an annual thing for me.
ReplyDeleteall these charts look the same (fxp, bzq) for example.. picking targets is near impossible for me.. looking for 1150-52 to let go of some shorts i guess.. this is all one trade is effing madness..
ReplyDeletewhich is to say.. i have been a lousy trader this year..
ReplyDeleteUK election: Best bet is that history will be made
ReplyDeletehttp://news.yahoo.com/s/ap/20100506/ap_on_bi_ge/eu_britain_election
---
Is anyone, but me, SICK & TIRED of the "history" (or "historic") label being slapped on to everything that moves?
I think friggin' Obama got us on this kick...
Everytime he does something, it's HISTORIC...
"My fellow Americans, I'm going to take leak, but it's going to be AN HISTORIC leak... One for the ages, that only a great man like me could ever produce... And the next leak I take will be EVEN MORE historic than the first one"!
you bears shouldn't be so pumped, stop trying to short this thing.
ReplyDeleteQE for life....
where's that dude?
I think this counts better as a fifth down instead of still being in a third, we should get a bounce soon and I like the idea C had early this morning, if it looks choppy and three on the way up I will back up the truck short again.
ReplyDeletefxp above 45 is gap fill and break out on weekly chart.. could tap 47 even today.. i'm a wreck !
ReplyDeletelook at srs! even faz!
no one up for 1139?
ReplyDeleteof course this could still also be corrective down.....I'm starting to lean toward that as alternative rather than primary count, we'll see on the bounce.
ReplyDeleteloving the FXP....
DGUF.
Selling picking up steam here.
ReplyDeletei raised my fxp sell limit..
ReplyDeleteA note from James Turk
ReplyDeleteOver the next several months, GoldMoney will be expanding
the research and market information provided on its
website. There will also be a new website design to
accommodate these changes. My commentaries and market
insights as well as my archive of past writings will
continue to be published along with material from other
writers and other market information.
My next commentary will be posted in the new Gold Research
section at GoldMoney.com. You will continue to be notified
by email of any new articles posted by me or any other
guest authors who contribute from time to time.
Future notification emails will be sent to you from
notify@goldmoney.com. The alerts@goldmoney.com email will
no longer be functional. Therefore, please be sure to
update your spam filters and white lists to allow emails
from notify@goldmoney.com into your Inbox.
I hope that you will find these changes to be useful, and
as always, we welcome your feedback and suggestions. Our
ongoing aim is to make GoldMoney more useful to you.
tlt manny....
ReplyDeleteYou know it, ben.
ReplyDeletedoes zero hedge ever work anymore, everytime I go there mid-day the site is down. They must have a ton of traffic.
ReplyDelete@karen (11:13)
ReplyDeleteEventually... but not today...
We hit 1152... I'm waiting for a last wiggle down to 1150, and then I think it might reverse for awhile...
I have a confession to make. I made a bad trade this morning. The game plan was to short when the gap down this morning got covered, but I got impatient, put the trade on too early. It worked out, but I was riding a bigger potential loss than I wanted to(i.e. I violated my mental stop). Good way to get screwed. Of course, the trade worked out and I made money, which is probably worse because I've positively reinforced bad habits so I figured if I told you guys it would be embarassing and I wouldn't do it again. There, I got that off my chest.
ReplyDeleteIt is a nice day to be in on FAZ and FXP. My only wish is I didn't jump at TZA at around $5.50 and that it didn't retrace down around $5.60 level.
ReplyDeleteFULL DISCLOSURE: I AM THE ULTIMATE CONTRARIAN INDICATOR! I realized what I did above... they are probably going to close in the red.
ReplyDeleteCV
ReplyDeleteThat's a Takuri line on the 5 min SPX chart testing 1151.86 (fibo .0557).
Dr. Phil says...
ReplyDelete@spoonman @McHappy
Relax guys... Read my new book and you'll feel better about yourselves...
here's a relevant quote from Bob Prechter's December 2009 interview with TheIgnatPost.ru, when the USD's bull run was just starting:
ReplyDeleteQ: Currently in Russia it is very common to see forecasts which predict that in the very near future we will see a sharp decline of the US Dollar and a crash of the American treasury bill system. These forecasts cite quite strong arguments. What is the probability of such a scenario based on Elliot’s wave analysis?
-- The US Dollar is going to go up a lot in 2010, mostly because so many people think it’s going to fall. Back in 2000, when the dollar was topping, no one was bearish. Now everyone hates it. You always get “strong arguments” when markets are near a turn. This is because people use their conscious minds to create explanations for their unconscious moods. When mood are extreme, so are the arguments. Seemingly logical arguments always sound convincing at the wrong time. Long term, all currencies fail. So eventually the dollar will, too.
Q: Do you believe that the current crisis may mean the end for the economic model based on US Dollar emission?
-- I hope so. The world needs to return to honest money, which is gold, and IOUs for gold should be issued only by private entities. Governments ruin everything they touch.
Q: Will the US dollar lose the status of the world currency?
-- Of course. The only question is when.
@Amen
ReplyDeleteYeah, I'm pretty sure it will bounce somewhere here...
I'm still waiting for another little wiggle lower after I see some MACD divergence on the 1 min charts...
it should be coming soon, theoretically
Hey C, check out this post:
ReplyDeletehttp://www.ritholtz.com/blog/2010/05/europes-web-of-debt/
:)
@spoonman:
ReplyDeleteconfession is good for the soul. Now tell us where you hid those Playboys from your parents when you were in high school...
@McF
ReplyDeleteLOL - TWSWB Whatta guy!
spx 15 min not showing an immanent turn.. lower we go..maybe a low 1150 or even lower??? i want 1139, a clean flush.
ReplyDeleteIt would be fun to see this little "takeout" go swooshing down to 1146 or so...
ReplyDeleteimminent/immanent.. it all works !!
ReplyDeleteThat's probably all the "fun & games" we're going to get (1150)
ReplyDeleteUh oh. Takuri line getting banzai'd.
ReplyDeleteSweet!
ReplyDeleteI go out for breakfast, and the hunt is on!
The new I-Man indicator!
ReplyDeleteCongrats on the TLT Manny!
ReplyDeleteMommy, is this what a disorganized carry trade unwind looks like?
ReplyDeleteThanks I. Looks like Mannwich's market famine has ended or at least paused for the time being.
ReplyDeleteGuess what hasnt bounced...
ReplyDeleteJNK.
EUR-JPY 117.0990 -3.1210 -2.60%
ReplyDeleteThis is certainly getting close to a disorderly unwind Bobby...
Happiness is a bucket full of AGG and TLT.
ReplyDeleteI-man.. i am really watching jnk.. i think spx dips under 1150..
ReplyDeleteand spx on 15 min is usually good.. for turns.
ReplyDelete1158 needs to hold to keep me happy.
ReplyDelete1150.26 the low as far as I can see so far.
ReplyDeleteLB feels bad for the JOHNNYS who got into those high flying HY funds late in the day. BRIAN is just closing the office for the summer.
Looks like Greece saved the day.
ReplyDeleteCV,
ReplyDeleteTell Dr. Phil, "I told ya!"
A 61.8% retrace of the 1202-1150 drop would get us back to somewhere around the SPX 1182 zone. Doubt very much that bulls can push beyond 1176 (50%) or 1182 at most.
ReplyDeletetake a look at spx on the daily.. not close to oversold..
ReplyDeleteShould I feel bad for my friends getting smoked in NRF today?
ReplyDeleteNah... they shoulda known bettah.
Gold is up.
ReplyDelete@LB (12:17)
ReplyDeletex2
Sounds about right...
@LB
ReplyDeleteHowever, I'd expect that move to come rather quickly...
Perhaps tomorrow (or even get started late in the day today)...
They'll try and use NFP (spin it bullish), and get shorts to cover going into the weekend...
That ought to get it moving enough to get to the levels you spelled out...
Agreed.
ReplyDeleteMaybe even some Momo Monday - but then it's down again....
Did I ever tell anyone we could see a 1% on the 10y? Crazy idea, but if we have European meltdown and don't have a US QE2 then they will all buy Ts like there is no tomorrow. That would be nice for Manny's TLT...
LT rape?
ReplyDeleteHall of Fame linebacker Lawrence Taylor accused of rape
http://www.msnbc.msn.com/id/36987069/ns/sports-nfl?GT1=43001
SUFFERN, N.Y. - Football Hall of Famer Lawrence Taylor was arrested Thursday in connection with a reported rape in the New York City suburbs, police said. The victim reportedly was a 15-year-old girl.
That would be nice for America...
ReplyDeleteNot the LT rape story, that would be terrible.
ReplyDeleteThe 10yr at 1%.
@LB
ReplyDeleteI fully expected to see at least a 2 handle on the 10y in a "P3"...
@I-Man
ReplyDeleteThat's when CV would probably go ahead and put a mortgage on a portion of the farm...
I think one could probably get long here with the mini's and make it pay.
ReplyDelete1175.
Or at minimum hedge some shorts with some UPRO.
LB @ 12:46
ReplyDeleteI see you've been listening to Gary Shilling.
(Not that he wasn't spectacularly correct for a while there).
I-Man @ 12:53
ReplyDeletePerhaps, but I'm not going to wade into the whirlpool at this point. If we were to get a sharp rally that began from the 1145 level (or so), I might try to short it, however.
check jnk!
ReplyDeleteIts a flushout Karen, watch the whippage.
ReplyDeleteI don't expect to see the SPX drop below 1100, but if it does, Bernanke can always announce another round of toxic asset purchases.
ReplyDelete"I see you've been listening to Gary Shilling."
ReplyDeleteNot really, just following my Japanese playbook, DL-san.
Oh shit...
ReplyDeleteI was wrong.
i get a prize if 1150 is taken out :P
ReplyDeleteI'm wondering if a lot of bears (myself included) expect another significant pop up before we get our bigger leg down? Which leads me to wonder if we'll end up going virtually straight down and further down without a significant pop back up than many of us think? I mean, we went straight up for 13 straight months. What's to stop it from just doing the same thing on the downside, but only more quickly?
ReplyDeleteI-Man @ 1:12
ReplyDeleteHas that ever happened before?
You should... I didnt see that coming today at all.
ReplyDelete@ DL
ReplyDeleteOf course, I just dont always admit it right away.
:)
this is a joke; clearly the banks have no clue on the housing situation..
ReplyDeleteCitigroup, Inc (NYSE: C) raised its price target on Beazer Homes (NYSE: BZH) from $6.25 to $7.00 and remained its “hold” rating on the company.
Citigroup analyst Josh Levin said that the price target increased is supported by the normalized earnings framework and reflects the process of minimizing risk in terms of the company’s the balance sheet.
Levin said that BZH shares have positive upside, however the stock doesn’t warrant a “buy” rating.
But you know, it could still turn out to be one of these:
ReplyDelete"Oh shit... I wasnt wrong... I was just wrong for thinking I was wrong."
Those are the worst...
JNK just hit terminal velocity
ReplyDeleteI-Man @ 1:17
ReplyDeleteI think you're wrong about that.
There it goes karen.
ReplyDeleteIt's a nice feeling to watch this while sitting in cash. Sort of like watching a deluge outside while you're sitting inside your house, warm and dry.
ReplyDeletefaz to 15 on the rev h&s, anyone?
ReplyDeletedl, i can assure you it's a bit nicer being short... very, very short.
ReplyDeleteOr heavily in TLT.
ReplyDeleteanyone up for 1139 now?
ReplyDeleteIts nice to see your moxie back Karen.
ReplyDeleteKaren @ 1:23
ReplyDeleteI know. But I can't watch the market continuously. Besides, I've got other sources of stress at the moment; don't need another.
Manny
ReplyDeleteI think the reason this drop has some legs because us Bears keep getting ready for the bounce ... just my 2c
dl, i was just jk!! i have so much stress myself! husbands, sons, bfs, leaking balcony..
ReplyDeleteSo when does the universal shorting ban get proposed and take effect?
ReplyDeleteExactly what I'm thinking, Nic. So many bears are beaten down and suspicious. Ripe for the elevator down just early '09.
ReplyDelete1143 would be the 89SMA on SPX...
ReplyDeleteThat was the launching point (in terms of CONFIRMATION) from after the February lows...
The 89SMA at that point was near karens top...
Nic, along that reasoning, there aren't many shorts to come in and cover perhaps?
ReplyDeletea huge blast just sounded outside my house.. i'm afraid to look..
Mannwich @ 1:29
ReplyDeleteSo did you hear about how members of Congress were shorting the market during their private consultations with Bernanke and Paulson back in 2008...?
Never got disclosed (till very recently)
@karen
ReplyDeletehusband(s)... WTF?
I saw that, DL. Why does that not surprise me? I wonder how many of them "invest" and trade based on inside information too? Quite a few, I'm guessing? After all, silly little laws don't apply to some people.
ReplyDelete@cv: karen must be a reverse polygamist. She just won even MORE respect from Mannwich. ;-)
ReplyDelete@Amen
ReplyDeleteLooking better and better for a WEEKLY 3lb reversal ;-)
Mannwich @ 1:35
ReplyDeleteThe bigger problem is that they sell information to hedge funds. Any time they have debates on bills that affect individual companies,they can sell that info to hedge funds, who then place bets (long or short) on the various companies involved.
No way to stop it.
Agreed, DL. There's NO DOUBT that this goes on. It's no wonder the politicans in both parties are in bed with Wall Street. It's the perfect quasi-criminal symbiotic "WIN-WIN' relationship.
ReplyDeleteJust over 700 points to have to put those DOW 10K hats back in the closet......AGAIN.
ReplyDeleteThis is interesting:
ReplyDeletehttp://www.thereformedbroker.com/2010/05/06/hear-that-sound-its-the-capital-window-creaking-shut/
Someone has to tell me how to put hyperlinks in one day
This comment has been removed by the author.
ReplyDeleteoops, laughing, tried to show you but it didn't work.. can't get into reformed broker site!
ReplyDeleteNic,
ReplyDeletehttp://www.ironspider.ca/format_text/hyperlinks.htm
Just copy the text in the boxes, and replace the red text with what you want to link to and the text you want to appear. If I try to cut and paste it it will just show up as a link....
I have to say, gold has held up very well since 4/26/10. Better than I would have predicted.
ReplyDelete@Nic
ReplyDeletetype in the TEXT for your link
"i can assure you it's a bit nicer being short... very, very short."
ReplyDeleteAre you talking equities or skirts Karen..? :-)
GDX and GDXJ also, DL. Miners looking pretty firm in this tape. Which kind of surprised me too.
ReplyDeleteusb has a 2% short position..
ReplyDeleteI-Man @ 1:53
ReplyDeleteOf course, it's not difficult to provide an after-the-fact rationalization.
At some point I'd like to do an in depth look at the various miners, and break them down by country and currency risk.
ReplyDeleteGold is often an asset that trades like a currency
ReplyDeleteCopper, not so much...
Banks look very bad... very bad.
ReplyDeleteCR has a post up that says that the increase in personal spending last quarter came from transfer payments. I guess that means that the tax money I sent to Washington, that they then sent to LB, that is the reason there was some little juice last quarter.
ReplyDeleteBut now what? Will LB continue his rakish leftstyle? Stay tuned...
SWHC holding pretty firm past few days...
ReplyDeleteLocked and loaded.
B/T @ 1:59
ReplyDeleteThe welfare checks that Obama sent out last year via the IRS came from China.
The bill for that hasn't yet come due.
We should get a rally in the wake of Germany's approval of the welfare payments to Greece.
ReplyDeletenow look at jnk !! 37 a real possibility.
ReplyDeleteGreat call on JNK Mistress
ReplyDeletecv, i want a raise if we get to 1139-1140 !!!
ReplyDeletedouble terminal velocity, -.70 in a clip...
ReplyDelete36.45!!!
ReplyDeleteVIX @ 28. This should be getting near the upper end of what we're likely to see.
ReplyDeleteWow, this is quite impressive. I really want to get WAY more short too. Other than my tiny FXP position, I'm not there. Happy with TLT but still want to get short. Will I get the opportunity? Not so sure.
ReplyDeletei want OUT of my shorts, laughing.. almost there..
ReplyDeleteMannwich @ 2:07
ReplyDeleteAt this point, you've got to wait for a rally. Unless you're really nimble.
So who will Cramer aim this year's "they know nothing" rant?
ReplyDeleteYikes.
Agreed, DL. I'm waiting. Don't want to short now. At least I have the TLT and FXP.
ReplyDeleteManny, I wrote this for myself on my blog this weekend... Just for these occasions:
ReplyDelete"1175...1150... and then the 1110-1090 range. Who knows what kind of fun awaits...
But, be safe- the tape will be volatile: take the easy money- sit back, wait... and reload. Dont go short on down days. Losers average losers. "
1139 karen :-)
ReplyDeleteWOW. Waterfall City.
ReplyDeleteWait for it, Karen. You might be rich by the close.
More rich... and beautiful. It doesn't seem fair...!!
Manny, TLT and Bucky are on a roll.
i'm a star today! imom.. laughing..
ReplyDelete