Morning Audibles 6.2.10 - The Rain In Spain

CV never gets tired of Audrey Hepburn...




Overnight, Spanish banks BBVA & Santander are getting creamed on credit worries (whocoodanode?)... I mean just 3 weeks ago, Cramer was telling us...




After the CEO of Banco Santander (STD), Alfredo Sáenz Abad, said the mid-term outlook is "brilliant," the shorts went looking for cover. "He got right in their face saying the numbers look good, the dividend looks good, the outlook is brilliant," said Cramer. "Banco Santander is the canary in the coal mine. If this goes, Europe goes. It is the Citigroup (C) of Europe." While some called Abad a "hype artist," Cramer noted the banks undervalued assets... (Cramer & Dick Bove must be be bestest buddies)...



As for BBVA?



Ángel Cano: “The bank of the future requires a new retail model and a different kind of relationship with customers” (yeah - how about managing your business property and NOT asking to be bailed out for starters?)...

But CV is sure that this is an ISOLATED event [snark]... I'm sure CNBS is cranking up the spin machine as we speak... Bernocchio will tell us this is all "contained" (like subprime)...

That, while 10y yields hit a 2 handle overnight, the 2y yield has just hit fresh all time lows at 0.586%, a level not seen since Dec 2008 after the Fed did its last ZIRP cut...

Translation? This ain't good for you equity bulls! 

You've got nothing in the stock market say you?... Well consider this (with regards to the general economy)...



Conspiracy and the Impending Spanish Bank Collapse: Who Needs TV for Entertainment?

In fact, the "conspiracy" taking place is the round-the-clock, Chicken-Little propaganda about the "Euro debt crisis" - while the same, U.S. propaganda-machine ignores the much WORSE finances of U.S. state economies.

California's economy is roughly the same size as Spain's - and in much worse shape. Michigan's economy is roughly the same size as that of Greece - and in much worse shape. Illinois' economy is roughly the size of Portugal's - and in much worse shape (etc., etc.)...

Coming soon, to a town near you...

308 comments:

«Oldest   ‹Older   1 – 200 of 308   Newer›   Newest»
CV said...

@Amen

MONTHLY 3lb reversal on SPX?

Coming (tomorrow) to a town near you...

CV said...

@McF

(from other thread)

Besides Christie... You read the news about Russ Feingold right?

CV said...

& now that Krugman's using the D word...

It's official! QE 2 is coming...

GIB

CV said...

Hey Amen, if they do this right, they can make the 50 cross the 200 on the same day that the monthly 3lb reverses...

LOL

AmenRa said...

CV

Monthly 3LB confirmation tomorrow (w/o any BS). It reversed down in May.

McFearless said...

C,

heard about feingold this morning, got mixed feelings about him, on the one hand he was against the repeal of Glass St. and the 08 bailouts, on the other hand, he's not voting first and foremost because "this reform doesn't prevent crisis"

I've got news for feingold (interesting name btw)....there isn't any reform that you can put in place to stop all crisis.

Anonymous said...

Just curious CV, were u sh@*tting about the honorary doctorate, normally that comes with a pretty high profile (I'm guessing gym instructing wouldn't be enough on its own hehe, sorry if this matter has already been settled in the earlier thread!)
Best Bertie

CV said...

@Amen

That's what I meant... You know me, I always get my "terminology" wrong...

Good thing I don't manage OTHER peoples money...

OR am "married" for crying out loud!

McFearless said...

figures I have to go to philly for the day with futures where they are....oddly enough, last time I was up there all day for meetings was the same day as the flash crash.

no, that isn't a prediction...just sayin.

AmenRa said...

CV

No problemo. Happened to me at first as I got used to using 3LB.

karen said...

Oh, CV, you are too, too funny! And, what a title for this morning's missive.

karen said...

One of these dopey headlines just came out:

U.S. home prices' April rise is first advance in seven months
06/29/2010 09:06:32 AM

Anonymous said...

Your excitement has rubbed off Amen, I'm totally pumped for the 3LB reversal,even though I only have a foggy understanding of what it even is ha! You've been working us all up to this for months now
Bertie

I-Man said...

Something tells me that the folks overseas had a bit too much fun last night...

NY will make them pay.

Case Sschiller and CC today... always good for a juice.

If we hit 1040 early, tempted to play the long side today.

CV said...

@Bertie

Not in other countries...

It's all an issue of what napkin it's printed on...

But actually, all kidding aside, in that field of study, I actually am highly qualified for such... (from a practical & application standpoint)...

The best way I could describe it would be to ask you what formal education did Ben Franklin have?

Therefore, what right did he possess to produce anything material in the way of inventions and contributions to society?...

Useless man that Ben Franklin... No "formal" education past 10 years old... Why in the world would anybody want to listen to him?

Anonymous said...

Oh Ben sorry I'm a month too late here but I wanted to see if you were happy with the LOST ending, I was a bit annoyed since I really wanted to find out more about those damn mystery numbers, as well as the Dharma guys, after 6 years that was the least they could have done for us I thought.

Bertie... again

karen said...

"Eighteen of 20 cities showed price increases month over month. Only Miami and New York recorded price declines" You all know how upset I get about this data set unless it is interpreted correctly.

CV said...

@I-Man

FWIW - I don't think we're going to take out 1040 today... (We ought to dangle pretty close though)... If Europe doesn't fall abart before their close...

But that's really a useless thing to say because we'll take it out eventually...

McFearless said...

Bertie,

well, I did like the LOST ending but at the same time I'm sort of with you, they left a lot of things unanswered that I would have liked to have known about. Overall though, awesome show.


@Karen,

lol, I think we both know this is seasonal, but really what is funny is the "only miami and ny" thing.....I remember very well when RE started to show trouble as early as 06 all the articles I read that concluded:

It's just Miami

then later

It's just Florida and Nevada and that's mainly just Las Vegas, these are offset by price rises in State College, PA.

then a little later

it's just Florida, Nevada, California and Arizona. Well, and maybe Michigan. Maybe.

you get the idea.

AmenRa said...

The ECB had a failed auction. That should give Bernocchio more night sweats.

I-Man said...

FWIW there is some TL support coming in at 1050...

May set up a ripper back to 1080 by tomorrows open.

1073 could get tested before lunch.

The air doesnt smell right for the meltdown trade today... hope I'm wrong... ;)

Anonymous said...

karen-

who cares about April?

rear view mirror-

any gains are suspect as they are tax credit induced

Anonymous said...

Macro-man.blogspot.com/

"Bonds vs. Goldfinger". Gold is going higher on, "Cos they'll print money".

QE2.

BTW, Queen Liz is in Canada. Says, feels good to be " at home".

I-Man said...

MM has some good thoughts this morning about the long bonds/long gold trade...

Still cant decide if I want to take the other side of the gold half...

Yall know I love the bonds... and still do.

I-Man said...

LOL anon...

CV said...

Bernocchio says

"I care about April... Let's just keep publishing months where the results look positive then go back to blowing vuvuzelas"...

McFearless said...

probably doesn't mean anything but an observation. I always check on TBP when the futures show a big fat red because BR likes to put up some sort of look out below thread or something when this happens. Here's what's strange, as of now he's got only 5 comments on that thread while he's got 8 on the first time homebuyer thread. the market thread has been up for about 2 more hours than the homebuyer thread.

Complacency?

Two or three weeks ago the majority over there were buying the dip.

CV said...

Speaking of vuvuzelas...

Spain vs Portugal today in WORLD CUP...

So do you think J6P today, over there, really cares if their banks are melting down?

Just asking...

McFearless said...

"Cos they'll print money"

ha! yes so true, everyone's magical insight is exactly this.

the Wizard has everyone believing in fairy tales.

Anonymous said...

Agree about the formal education bit above CV, all a doctorate takes is time really.
My point was that an honorary one is different in Aus at least - you have to have done something amazing, unless you're a politician in which case it doesn't seem to take much at all.
Anyway, congratulations doc.

Bertie

CV said...

@Bertie

Writing 3 curriculum manuals for a university level course, I suppose, qualifies as something...

So it was a CATCH-22 on how to get them "official"...

Anonymous said...

Japan's new Prime Minister Naoto Kan, who has made debt reduction a priority, has a more immediate concern. With upper house elections looming on July 11, he must convince voters that his party can also figure out a way to fuel growth and fight deflation.

debt reduction and growth to fight deflation- hmmm . . .

must have been talking to Merkel

Mannwich said...

Yowsa. Red right out of the gates here.

Nic said...

Kartik Athreya: "Non PhDs shouldn't be trading this great market- they are too stupid to get the great fundamental and liquidity trends"

I better stop then ...

I-Man said...

Nice work on the audjpy, Nic...

CV said...

104.65 - 105.65 (on the SPY)

CV thinks, might be a first area of support...

I-Man said...

Whats your choice of countertrend longs?

audusd?

CV said...

@Nic

LOL

I-Man said...

Grr... just got told to wait until after data comes out.

Had a buy limit in @ 1049...

Oh well, probably smart.

karen said...

CV.. the problem with 104 is how many times it has been hit! think thin ice..

Anonymous said...

Ben @9.29 I stopped reading TBP comments threads ages ago (only even look the think tank there actually now) but I remember when he would often get hundreds of comments when you guys were in full flight there. Wonder what a good day comments-wise is for him now. I think Karen described the site as "effing wishy-washy", my thoughts exactly.
Hope Steve Barry is doing ok though...

Bertie

CV said...

If it (SPY) just BLOWS through that zone, I'd be careful about catching falling knives though...

Europe was down almost 3% at one point...

SPY is only down 1.8% thus far...

3% would put us right near 1040

karen said...

and why would anyone buy at 105, for heaven's sake.. you would just sit on your hands and wait..

I-Man said...

Because they crazy!

;)

karen said...

lastly (ha ha, you all wish) lastly, need i remind you, THE TREND IS DOWN.

CV said...

@karen (9:40)

agreed -

I'm really just flying by the seat of my pants here...

I KNOW the levels... Just wondering if "today is the day" they all get blown or not...

Mannwich said...

"Change: The 12 Year Plan - Banks may have until 2022 to spin off their hedge funds". LOL. "Change you can believe in".

http://www.huffingtonpost.com/2010/06/29/volcker-rule-could-wait-u_n_628935.html

CV said...

This kind of reminds me of the moment Bear Stearns blew up...

Market didn't fall apart right away...

I-Man said...

1050 to 1063 is one hell of an intraday swing...

Could almost call it a day at that point if its nailed with precision.

McFearless said...

"Non PhDs shouldn't be trading this great market- they are too stupid to get the great fundamental and liquidity trends"

oh man, now I went and peed my pants laughing at this.

McFearless said...

p/call never got above .84 yesterday....today should give us some good internal data to comb through tonight.

CV said...

@karen

I'm not saying that any HUMAN trader (with their wits about them) would buy 105...

I'm saying some algos may be set there because it prints a tradeable chart pattern...

I-Man said...

(Still want to punch that dude...)

But I figured it out... he's got a PhD...

A Player Hater Degree.

I-Man said...

This things about to rip higher, I'm telling yall...

McFearless said...

PhD's never get the great fundamental and liquidity trends...not ever, they'd have to unlearn what they were taught to be able to see them!

Nic said...

Sorry I-Man, I got distracted.
Buy what you hate, EUR

McFearless said...

and, I think it's funny as well that so many people keeping using the world liquidity...this deflation is going to be wicked bad.

McFearless said...

the word....not world.

CV said...

@karen

And karen... look at the 1 minute charts...

CV would be RIGHT about that... It made AN ATTEMPT to stop there... but failed...

Nic said...

That was a JOKE
I am not buying EUR.
If equities rally AUD is always good.

karen said...

another point.. the dollar is moving off oversold levels--not overbot by a long shot.

McFearless said...

check out the silver.

Nic said...

CV - save this, we are going to be needing it.
http://www.poorandstupid.com/images/20070921ben.jpg

I-Man said...

If this market has 1028 in it, which is the next support from my perch after 1040...

Then I will be very impressed.

1040 would be nice, but justs sets up more treachery imo.

CV said...

@Nic

I'm kind of fond of this one :-)

http://1.bp.blogspot.com/_PLjNWOu-Zn0/SrP-XuKRk-I/AAAAAAAAA7I/FGMZlGrCorM/s400/Market+signal.png

CV said...

I wonder how many "short bond" hedgies are blowing up?

Nic said...

Hahahahaha
Funny

McFearless said...

"I wonder how many "short bond" hedgies are blowing up?"

Oh, you mean mr. Black Swan's "must have" trade, the one everyone must have?

Hugh Hendry is laughing somewhere right now.

CV said...

@McF

That's EXACTLY what I mean :-)

McFearless said...

I'm not as strong on the real short term stuff so I'll just stick with what I did in 09 and repeat the larger target over and over.

we goin to see an 8 handle on the S&P this year team.

Anonymous said...

@ Nic(9:40).

Just ignore that ass! Karthik Athreya(India-American) snob!

I didn't want to say this, but I see it in some professionals educated in the East.

From Canada(India).

Nic said...

I-Man
I like EURUSD AT 1.2150-1.2110 and AUDUSD at 85

Mannwich said...

I would venture to guess this is NOT BTE.

Mannwich said...

Peter Schiff can't be too happy.

karen said...

i could make a case for dow support around 9800 if it weren't for that series of lower lows.. 9757 was this year's low so far.. (unless that was the bottom!! hahaha)

Anonymous said...

Consumer Confidence Plummets in June

karen said...

here is an UNEXPECTED SURPRISE for Bruce:

U.S. consumer confidence plummets to 52.9 in June from 62.7 in May
06/29/2010 10:02:34 AM

Mannwich said...

BTE karen?

McFearless said...

thinking past near term support, really bulls just need to hope that all that support from last summer can hold in the mid-high 800's because there's nothing but cliff diving after that.

CV said...

@McF

More "EW" theory...

Stephen Strasburg... "The Natural"...

Big splash in MLB a few weeks ago... Yesterday the newspaper articles are asking "Should he be on the ALL STAR TEAM" (after 3 weeks in the Big leagues)...

He goes out and gets rocked by the Atlanta Braves 5-0...

It's like CLOCKWORK ain't it? :-)

CV said...

@McF

CV's "prediction" (on Andy's poll last December) was... for 2010

SPX HIGH = 1230
SPX LOW = 840

Anonymous said...

Nic-

like that warning at the bottom of the Bernanke action figure-

Warning: cannot really prevent a severe recession

lol

CV said...

...wait, it might have been 1235, I forget...

Nic said...

CBOE Volatility Index- $VIX up 2.95 to 31.95; S&P 500 down 1.70%

karen said...

TBT has not made a new 52 week low.. need a couple more pennies.

McFearless said...

it is C, it's all part of the clockwork.

McFearless said...

C,

don't remind me of those calls, I'm still pissed about the 1158 target and how all that played out in january, the market slapped me around there for a few months, but those shorts are all green anyway.

McFearless said...

but really though dude, those could end up being awesome calls, so props.

CV said...

CV expects some BREAKING NEWS to come out from the Fed any day now...

Something like...

http://www.theimpulsivebuy.com/images/miraclebubbles.jpg

McFearless said...

if we hit new lows this week of course there will be news....the social mood will create it.

CV said...

I think we're about to get the last wiggle down for the day around now...

Karen... watch 104.65 on SPY... It'll probably break thru to the downside... but if it recovers to around there, I thinks that's more or less the mark...

CV said...

104.38 was the lowest low from a few weeks ago...

McFearless said...

lot of back and forth right now with wavers counting this as a big impulse trying to decide if we are in wave iii or v. pretty exciting.

CV said...

FDX

Finally gave it up (gapped down on the daily) and took out the February lows...

CV said...

That might be your canary right there (not that one is needed)...

I-Man said...

8 minutes... I can make it...

Mannwich said...

I wonder of Cognos got short in time?

I-Man said...

Cognos is loading up on shorts right now!!!
(With the SPX down 28 handles...)

CV said...

Oooh...

Europe had been trying to hold on... But they just took another little nosedive in the past half hour...

CV said...

watch that SPY 104.38 print...

That's the LOWEST LOW of the year thus far...

I-Man said...

I feel like a rabid pitbull on a leash right now... with a mailman ten feet away...

CV said...

Although CV has a 100.728 AH SPY print on his screen...

That I was trying to illustrate to you mugs a few weeks ago...

Anonymous said...

more likely that Cognos is loading up "in his" shorts right now-

I haven't seen him post in a while-

but I guess BR has the typical" recovery meme covered-

although he has been pretty negative on housing

CV said...

Tell cognos that the KRACKEN has already been unleashed...

I-Man said...

85 on audusd...

McFearless said...

"I wonder of Cognos got short in time?"


I was at TBP earlier this month reading him state

"you have to buy the dips"

and I'm pretty certain he wasn't talking about dips in put options.

nobody like that is going to short the market, especially not with his precious earnings expectations being so strong.

mcHAPPY said...

WHen do we bounce?

There are gaps a plenty with the open today.

CV said...

@ahab

LOL

karen said...

http://blog.afraidtotrade.com/1930-dow-comparison-hitting-too-close-to-home/

CV said...

104.27... yikes

I-Man said...

Oh... I get it... if you're going to play this whipsaw, you're going to have to buy new lows...

Always fun. Pfft.

McFearless said...

"WHen do we bounce?"

2016, next "big one"


hehehe.


well, I'd love to cancel these and stay and watch but I gotta roll out.

Good luck to everyone today, be back around the close or so.

I-Man said...

Peace McF... I-Man wont let us make new lows from here... gotta leave you some meat on the bone for your return.

McFearless said...

karen, 10:30


if those are wave counts they are wrong....but really, I've never been more spooked than I was when RP did the fibo ratio analysis between now and then....it's straight up insane that we are not matching that time period...we are tracing out a MULTIPLE of it

look out way below.

karen said...

i'm surprised the dollar isn't stronger...

Nic said...

There is all these people on twitter saying we smash 1040 SPX. This is too spiky for me to see it smashed, would have preferred we grind into it to see it taken out.

McFearless said...

now I really gotta go

thanks for propping it up before I get back I.

I guess you work for "they"

;-)

Anonymous said...

b22 @ 10:29-

exactly-

and I bet he wasn't cash either-

so certain he was of the future

CV said...

The QUARTERLY candle I'm sure is going to be a real beaut! - lol

Mannwich said...

I think Cognos' "fund" probably blew up by now.

I-Man said...

I-They

Anonymous said...

Canadian banks eh! If I had purchased Royal bank of Canada in August '09 and held it until today - I would be in RED!

Thanks to all the traders here. You've taught me a lot. Followed you guys to Andy's and then here.

Canada(India).

karen said...

i'm thinking spy needs an rsi of 30 before it can bounce..

CV said...

@Nic

If you didn't catch what I typed earlier...

We already printed a new 2010 on the SPY (just a few minutes ago)...

The cash can't be far behind, can it?

Nic said...

Cool video: http://www.youtube.com/watch?v=6CKkLYYczdM

CV said...

@karen (10:38)

That's probably a good way of looking at it...

Maybe even 28 (and even then with positive divergence)...

CV said...

Europe isn't leveling off...

They keep going lower & lower...

CV said...

Crude spiked 4% last Friday... Prices at the pump were 10 cents higher over the weekend...

Now it's right back down to last Thursday's levels...

Think the price will come down 10 cents before everyone gets in their car for the 4th of July????

mcHAPPY said...

CV,

You are correct. US markets have a long way to go to catch up to China and Euro markets.

I believe there is a face ripper in the near future. I do not give this leg down much more than tomorrow - possibly today.

We are on day 7 of the decline - do I hear a conlcusion on the 8th? followed by a sharp rally to coincide with the much anticipated cross?

CV said...

@mcHappy

It could happen that way...

Breaking 1040 could lead to a lot of PUT buying (I said that just yesterday)...

What better way to rip those fresh PUTS than a rally back up to the 50MA...

I think we have to print a lower low first though... It would look more convincing (and suck more shorts in)...

CV said...

The 50MA is 1122 as we speak...

200MA = 1112

Cross where? 1116?

I-Man said...

Long @ 1043.75 and feeling yucky about it...

Anonymous said...

BR has a post up about the Dark Cross

Mannwich said...

@ahab: BR site down for me. Can't get in. Can you?

Mannwich said...

Been down all morning.

CV said...

Question to TWSWB...

"Why didn't you post that about 10 days ago like every other blog on the planet?"

Answer: "I was traveling" (with my suitcase full of cash)...

Anonymous said...

manny-

I can get into TBP- I heard a rumor that you were a "Rah Rah CNBC" type- any truth to that- lol

CV-

he hasn't stated his positions lately so maybe he unpacked some of that cash

Mannwich said...

Taibbi weighs in on 60 Mintues' Lara Logan's critique of Rolling Stone mag.

http://www.rollingstone.com/politics/matt-taibbi/blogs/TaibbiData_May2010/122137/83512

CV said...

@ahab

I'm just a "button pusher"...

Hey - BR is 1000x better than most of the tools on the street...

CV just holds "high profile" people to high standards...

No rest for the weary... You know how it goes...

Mannwich said...

@ahab: That's weird. Still can't get in.

LOL! Yeah, ME, of ALL people a over there a "rah rah CNBC Cheerleader" type? Has anyone been more pessimistic than I over there all this time? I almost choked on my coffee yesterday when I read that. I had to take several deep breaths and show some restraint in my reply. I think I did OK, considering.

CV said...

@Manny

I was thinking... Instead of "Manny Mondays", any piece you write should be of the theme...

"Take the Load off Manny" :-)

Here's your theme song...

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

Mannwich said...

That Taibbi blog post is WELL worth the read, by the way. Eviscerates Logan and the whole compliant Mainstream media as sychophants who just want to be "in the club". So right.

Mannwich said...

LOL cv. I love it!

Mannwich said...

I might have to use that for next Monday's post.

Anonymous said...

CV-

at times BR's site reminds of the Huffington Post or the Daily Kos-

social issues- but w/ BR having all the right answers (in his own mind)-

his post the other day about how we are lagging behind other countries on health care- I had a field day w/ that subject-

problem is- I just don't care that much- the cynical heartless person that I am- so everyone was ganging up on poor ahab-

I got a good laugh out of it- because they're getting worked up and I am just having a little fun

Mannwich said...

Now I can't get it out of my head. LOL.

CV said...

@Manny

You should... It suits you...

Awesome song...

Mannwich said...

Here's the money paragraph:

True, the Pentagon does have perhaps the single largest public relations apparatus on earth – spending $4.7 billion on P.R. in 2009 alone and employing 27,000 people, a staff nearly as large as the 30,000-person State Department – but is that really enough to ensure positive coverage in a society with armed with a constitutionally-guaranteed free press?

4.7 billion on PR alone in 2009? Holy crap we are so fucked.

Mannwich said...

Agreed. Great song. Makes me want to fill the cooler and jump on a road trip myself.

Anonymous said...

manny-

yeah- that was a bizarre retort-

obviously unaware of your "bearish" cred

CV said...

@Manny

CV is even mentioned in the song...

"Crazy Chester followed me, and he caught me in the fog.

He said, "I will fix your rack, if you'll take Jack, my dog."

I said, "Wait a minute, Chester, you know I'm a peaceful man."

He said, "That's okay, boy, won't you feed him when you can."

I-Man said...

Alright... stepping out here.

CV said...

I know what I-Man has on his radar screen right now... :-)

Squash that BUG I-Man!

Anonymous said...

man-

I sure wish I could get in on that Tesla IPO- LOL

I-Man said...

Mr Market, proceed with the squeeze I was trying to play now...

Mannwich said...

@ahab: So I get it from all angles (uber-bulls AND bears) now over there. Can't win!

CV said...

@ahab

The last thing I want to do is get into a HC debate right now...

But... CV's gut tells me that the whole bill will end up getting overturned and tossed out by a new Congress in the aftermath of what's coming...

JMO

That's why it doesn't hardly bother me anymore...

I-Man said...

Or maybe we are going to test that 1028...

I honestly have no read right now... that usually means its time to go upstairs and make some breakfast.

Anonymous said...

Karen , Spy RSI reading @ 25.11.
we may get bounce here. very close. isold my spxu all of it. TZA still got it.
DP

karen said...

SAN FRANCISCO (MarketWatch) -- Tesla Motors (TSLA 18.14, +1.14, +6.71%) shares opened at $19 a share in their public debut on the Nasdaq, above the $17 offer price from the Silicon Valley maker of the high-end Roadster electric sports car. After opening more than 11% above the IPO offer price, Tesla shares settled back to $17.76 in recent trades. Tesla sold 13.3 million shares in the IPO and priced the deal above its expected range of $14 to $16 a share due to strong demand. Tesla, of Palo Alto, Calif., is the first American car maker to go public in a half-century.

CV said...

LOL

Obama Says He And Bernanke Agree Economy Is Strengthening

http://www.zerohedge.com/article/obama-says-he-and-bernanke-agree-economy-strengthening

karen said...

DP, i'm not seeing that except on a 10 min with RSI (3).. anyway, i meant on a daily with rsi (13 or so).

CV said...

Classic retort...

"Is the recovery in all 57 states?"

Anonymous said...

and CNBC asks-

"Can US Stocks Regain Mojo"

where could it have gone

karen said...

on my 60 min spy chart i am seeing a possible bottom in rsi (3) however. but i'm not buying it : )

CV said...

@karen

Yeah, Tesla hits the streets just in time for the announcement of ROLLING BLACKOUTS (because of the crumbling electricity grid infrastructure)...

CV says if we just put a propeller cap on all the geniuses in Washington with their PhD's we could solve the problem through wind energy...

Either that or just let it flow thru the empty spaces between their ears...

Anonymous said...

SPY low volume.
DP

AmenRa said...

1022.44 (mn fibo .1618) here we come!

karen said...

i do think the spy trades below 104 today.. fwiw (not much ;)

CV said...

@Amen

Think it has a chance to overshoot and cover that chart gap at 1016? (on this try)...

karen said...

i only want 16.90 for my faz..

CV said...

That was just after Labor day weekend last year...

Anonymous said...

is the bottom in for BP? it's in the green on such a woeful day

karen said...

NLY is green today too..

CV said...

@ahab

Beyond Petroleum!

LOL- They should change their slogan to...

"Beyond Plankton"

I-Man said...

Abbey Joseph Cohen says theres a big rally coming...

Based on valuation.

lmfao...

AmenRa said...

CV

Overshoot probably. I'm thinking that gap gets tested after the ECB LTRO matures. But then again everyone could say F'dis and head for exits today.

karen said...

this is good!

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aUX73.jJy8eg

June 29 (Bloomberg) -- George Soros has been making what he calls a “grave accusation” against Germany. The financier- philanthropist said last week that Germany is endangering the European Union by keeping wages down and pursuing a balanced national budget too aggressively. Germany’s parsimonious attitude, Soros suggests, may bring down the euro.

It is time to turn the question around, and make a grave accusation against Soros. It is Soros who is endangering the euro by advocating these spending and loosening policies.

18 said...

chart

the 58 X 18 (1044) support held for the 4th time, but, the 3 X 18 (54) and 8 X 18 (144) crossover is near.

18 is the number... use it!

CV said...

HAL 9000 said...

"I've just picked up a fault in the AE35 unit... It's going to go 100% failure in 72 hours..."

Anonymous said...

sadly-

what folks can't seem to get their head around is that fuel- any fuel requires burning something- in the case of electric cars- it is coal- used to create the electricity to charge them-

because someone doesn't see the coal plant charging up their car- it must be green and clean-

I can't wait until cold fusion

CV said...

Soros... talking his book...

Fiscal irresponsibility helps his GLD book...

I-Man said...

Just the tip of the iceberg...

So tell me, who else is bought and sold?

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aXf9c5B9KWfA

"Banks Financing Mexico Drug Gangs Admitted in Wells Fargo Deal"

CV said...

Alice Cooper says...

I'm 18 & I like it...

http://www.youtube.com/watch?v=Nwm2bNCTMdQ

mcHAPPY said...

Hit 1054 then E-I-E-I Uh Oh?

Anonymous said...

Banks Financing Mexico Drug Gangs Admitted in Wells Fargo Deal

it's not against the law or anything- is it?

mcHAPPY said...

Or we are forming a barrier triangle:

One more test of 1044 with a very small bounce would lead to another fall.

A break of 1051 would rule this out.

1020 would be a nice area on the S&P to wrap this up.

CV said...

Do these people have ANY credibility left?

ANY?

June 29 (Bloomberg) -- President Barack Obama said after meeting with Federal Reserve Chairman Ben S. Bernanke that the U.S. economy is strengthening even as it faces “headwinds” because of concerns about the European debt crisis.

“We have seen some very positive trends in a number of sectors, unfortunately because of the troubles we’ve seen in Europe we’re now seeing some headwinds and skittishness and nervousness on the part of the markets,” Obama said at the White House after a meeting with his economic advisers.

Bernanke, who joined the president for his daily economic briefing, said he and Obama talked about how the U.S. economy is being affected events in Europe, without giving details.

Obama returned June 27 from a summit of the Group of 20 nations, where leaders agreed on a target for advanced economies to at least halve deficits by 2013 and stabilize their debt-to- output ratios by 2016.

Concerns about the global recovery have added to stress in the credit markets. Company debt offerings declined 3.8 percent last week to $38.6 billion, according to data compiled by Bloomberg. U.S. Treasuries are having their best year since 1995, returning 5 percent through June 24, according to Bank of America Merrill Lynch index data, as investors seek alternatives to Europe, where Greece and Spain had their credit ratings downgraded.

Economy ‘Strengthening’

While there remains work to do to on the economy, Obama said he and Bernanke share “the view that the economy is strengthening, that we are into recovery.”

Obama said that in the U.S. there is “great concern about the 8 million jobs that were lost” since the recession began in December 2007.

Economic growth, jobs and mounting government debt will be top issues in November’s congressional elections, with the unemployment rate at 9.7 percent and voters pessimistic about the recovery.

The Conference Board’s confidence index slumped to 52.9 this month from a revised 62.7 in May, figures from the New York-based private research group showed today. The median forecast called for a decline to 62.5, and the gauge was lower than all projections in a Bloomberg News survey of 71 economists.

While the U.S. has created jobs every month this year, companies in May added the fewest number of workers in four months.

Financial Regulation

Obama also said winning passage of sweeping legislation to overhaul of financial regulations is vital to continued economic stability.

“Not only will completion of the financial regulatory reform bill provide some certainty to the markets,” Obama said. “But it also ensures that consumers will be protected like never before.”

The death yesterday of West Virginia Democratic Senator Robert Byrd, and Wisconsin Democrat Russell Feingold’s refusal to back the final package mean Obama will need some Republican support to obtain the 60 votes necessary push the measure ahead.

“I think there will be enough interest in moving reform forward, we will get this done,” Obama said.

I-Man said...

Ahab, wait til you read the quote from the former Wachovia regulator...

The bank didnt give a shit, because of the amount of coin they were making... they clearly didnt think that anything of consequence would happen...

Whats that indicative of?

AmenRa said...

CV

Obama basically said we're gaming NFP (and probably strongarming ADP).

CV said...

@Amen

He implies that (in J6P-ese) that we're basically OK except for those "pesky" Europeans and their problems when...

California is worse than Spain
Michigan is worse than Greece
Illinois is worse than Portugal

Get a job! - Start at Dairy Queen and work your way up...

AmenRa said...

CV

He still can't get CONgress to extend unemployment benefits.

Plus this move off the 1042 low doesn't inspire confidence in the bulls agenda. Houston we have a problem...

I-Man said...

I'm smelling one hell of a disturbance in the force here... and dont really know what to make of it yet.

Going to take a look at all the fx and see if I can come up with anything...

CV said...

@Amen

With Byrd dying, and Feingold switching, FINREG isn't done either...

Which is GOOD, cause it sucks!

He likes it though... Go figure!

CV said...

Maybe Justin Beiber will run for President in 2012...

You know... a "hard hitting" type that knows how to tackle structural problems...

No wait... He's CANADIAN... (ineligible)...

Eh... That shouldn't be a problem... (with enough money - that can be fixed)...

Anonymous said...

I-Man-

it's against the law not to report deposits greater than $10,000 and to not report suspicious activity (SAR- suspicious activity report)- to the appropriate agency-

that's where the federal government gets everyone- they'll paper trail it and say you should have done this and this and this-

busted-

just like on your tax returns- you must report all income- even illegal income- but really- who is going to report illegal income- but that way they can get you for tax evasion if they can't make other charges stick-

"you see your honor he did not report his income as a hit man for the Gambino crime family"

CV said...

@ahab

Whar about "Rahm's" rent free apartment from the BP "pr" guys?

Nic said...

Cool thinking Mr 18

mcHAPPY said...

A failure to get over 1048 here could be very bad for bulls.

Luckily, we'll know in minutes.

CV said...

Europe heading towards closing on the lows (unless a "kick save" comes along)

«Oldest ‹Older   1 – 200 of 308   Newer› Newest»

Post a Comment

Disclosure/Warning

This blog should not be interpreted as investment advice of any kind. The authors are NOT representing themselves CTAs or CFAs or Investment/Trading Advisor of any kind. The authors may or may not trade in the markets discussed. The authors may hold positions opposite of what may by inferred by this blog.The information contained in this blog is taken from sources the authors believes to be reliable, but it is not guaranteed by the authors as to the accuracy or completeness thereof and is presented here for information purposes only. Commodity trading involves risk and is not for everyone.