Morning Audibles 7.31.10 - Renew! Renew!

Posted by CV on Friday, July 30, 2010 /
CV has nothing profound, or amusing, to say this morning...


This being the end of the month, I've been looking at MONTHLY and WEEKLY charts (going back 12 years and more), to better assess the macro picture...


I'll get to posting them later on, but they're hard to annotate as one could draw many different conclusions... They're better to leave to the individual eye to decide that...


I'd said earlier this week that I expected weakness going into Friday (and lo and behold)... However - today may be the day that the market finally finishes consolidating phase 1 of the huge move up from 1010... 


Renew! Renew! - Logan's Run (1976)


Fundamentally, CV doesn't have much faith in the economy, but as I've said many times before, the ECONOMY is not the STOCK MARKET... All one needs to do is look at how the indices have behaved vs. the credit markets for the past month to understand that phenomenon... 


It's still summer though... And one weekend only means July rolls into August... In Europe, hardly anyone even works during the month of August... In America, hardly anyone ever works PERIOD (because they're either out of a job, or out shopping for an iPAD)...



Americans Splurge on IPads While Broke in New Abnormal Economy



So I don't know... Something crazy in my gut is telling me that equities aren't through here yet... And although TODAY might be weak at the open, you can always count on MOMOS on Monday & Tuesday of a new month next week to continue with the time honored tradition of transferring your automatic payroll deductions (otherwise known as 401k's), to CEO's...


Jenny Agutter as "Jessica 6"

265 comments:

«Oldest   ‹Older   201 – 265 of 265   Newer›   Newest»
stockbroker said...

Just think of all THE FUN you'll be missing if you switch to Scottrade.

July 30, 2010 at 3:29 PM
karen said...

Oh, hello, LB..

July 30, 2010 at 3:29 PM
Ben22 said...

equities in Dallas.

July 30, 2010 at 3:30 PM
CV said...

@72

I'm all for that...

But knowing out government, they'll turn us into Bolivia...

You'll be TAXED for what you sell to the grid...

July 30, 2010 at 3:30 PM
CV said...

Bolivians can't even put a rain barrel on their roof to collect water...

The government TAXES them on what they collect...

LOL

July 30, 2010 at 3:31 PM
karen said...

ben, what does "equities in dallas" mean?

July 30, 2010 at 3:33 PM
ben22 said...

it's a Liar's Poker reference, for Birinyi.

July 30, 2010 at 3:37 PM
CV said...

Side by side at Bloomberg in this moment... (you can't make this stuff up)...

"U.S. Economic Growth Slows as Consumer Spending Eroded by Scarcity of Jobs"

"Stocks in U.S. Climb on Improving Consumer Confidence, Business Activity"

July 30, 2010 at 3:38 PM
Mr Market said...

Look how many times I have touched Karen's Top today..

July 30, 2010 at 3:38 PM
karen said...

Mr. Market is the BSD of all time.

July 30, 2010 at 3:42 PM
Ben22 said...

one more push into the close and this looks constructive for a bullish trade going into Monday, it was five up followed by three down and we can see another five up.

next week is gonna be fun.

July 30, 2010 at 3:43 PM
Anonymous said...

"Bernanke makes a killing". www.financialpost.com

Federal Reserve Chairman Ben S. Bernanke's personal assets rose by as much as 31% over last year as U.S. stocks rebound. Printing is good for him.

July 30, 2010 at 3:46 PM
Leftback said...

The usual Friday afternoon trades:
Short the yen and short the long bond.

Hello Chaps, and The Adorable Mistress of the Sticks.

July 30, 2010 at 3:46 PM
CV said...

Oh wait... I'm not finished with Bloomberg yet... also...

"Americans Splurge on IPads While Broke in New Abnormal Economy" (ok - we read that this morning)...

So what is the natural response?

"RIM Said to Plan Tablet Computer for November to Compete With Apple's IPad"...

---

AMERICA BABY! (a chicken in every pot)

More like... "pot in every bong"!

July 30, 2010 at 3:47 PM
Ben22 said...

Uh, what did Bernanke's assets do in 2008? I see a lot of that kind of nonsense cherrypicking going on with money managers that "killed it" in 2009.

July 30, 2010 at 3:48 PM
ben22 said...

whats up left, you took off just in time for all your calls to pan out man.

July 30, 2010 at 3:49 PM
Leftback said...

Losing Money but Beating the Benchmark is the new Killing It.

July 30, 2010 at 3:50 PM
White Trash said...

Mr. Obama,

Could you please buy me an iPad?

July 30, 2010 at 3:50 PM
Leftback said...

ben22,

I was on those trades while In Europe. Closed TBT Wednesday 12.30 your time for a 7% swing, which is, you know, a big swinging trade.

July 30, 2010 at 3:52 PM
CV said...

@ben

I can see how this is setting up to go higher...

Otherwise - the move off 1120 would have been more impulsive...

There might be some "housekeeping" backing and filling to do here... But it's likely we're going higher...

July 30, 2010 at 3:53 PM
Bruce in Tennessee said...

Interesting...stocks are gonna finish up but the 10 year is going to 2.9...

volume must have been miniscule...

July 30, 2010 at 3:53 PM
Big Swinging Richard said...

Yeah you know me...

July 30, 2010 at 3:54 PM
ben22 said...

nice lefty, being a brit and all I've got this vision of you doing austin powers after booking that

yeaaah baby!

July 30, 2010 at 3:56 PM
ben22 said...

CV,

I see it all as distribution, it's been going on for months. but the charts set the stage, we've done two fives up and a three down....that aint bearish in the real near term. I added some more on the long side (still small) and I'll hold through the weekend.

July 30, 2010 at 3:57 PM
ben22 said...

that's all folks.

everyone have a great weekend, I'll be back in an hour or so with some friday tunes.

July 30, 2010 at 4:00 PM
karen said...

well, that was a close befitting of the day.. may i please have a drink now??

July 30, 2010 at 4:00 PM
CV said...

@ben

I actually did too... (long)

I'd been saying here YESTERDAY, that 1088 was the 55MA weekly... So I initiated some longs there...

I'm basically net neutral at the moment, but if I see some "basing" going on early on Monday, I might get out of some shorts for a week or 3...

July 30, 2010 at 4:01 PM
Leftback said...

Yes, that was a fairly stupid day. Trading equities has been a waste of time lately.

Would love to buy you a Mojito, Karen. Or would you prefer a Stella in the sunshine?

LB is missing England and Denmark, now that he is back in the sticky weather of Manhattan.

July 30, 2010 at 4:03 PM
CV said...

@ben

I'd STILL rather see the 1072 "gap" as the base, but you can't always get what you want...

I've left too many trades on the table the past 3 months (waiting for extensions that never come)...

So if the market wants to play in the MIDDLE... CV will play in the middle...

July 30, 2010 at 4:05 PM
Leftback said...

LB shorted the safety trades, rather than d*ck around with stocks.

We still have longs, we also have JNK and LQD in our FI portfolio along with a reduced amount of Ts here. Mindful of the DEATH CROSS, we will head for the exits and de-risk completely if there is a melt-up.

July 30, 2010 at 4:06 PM
CV said...

MELT-UP vs. CREDITCANE

It'll be like GODZILLA vs. MOTHRA...

July 30, 2010 at 4:09 PM
karen said...

Unfortunately there is no sunshine here and I've got a mood to match it.. My faz is up over 2.5% and my bzq is basically flat (down .2%).. all in all a total waste of time..

I was thinking a Bloody Mary since it is lunch time, but I have had a delicious Mojito or three in NY, perhaps at the end of August again this year.

July 30, 2010 at 4:11 PM
karen said...

Of course this marketwatch headline is ultimately annoying:

U.S. stocks recover losses into close, gaining 7% in July; best Dow, S&P month in a year

July 30, 2010 at 4:12 PM
CV said...

@karen

Blame it on DL...

he changed the ray of light avatar to a damn tidal wave...

Cv is signing off for a bit... WELCOME BACK LB...

July 30, 2010 at 4:15 PM
CV said...

@karen

Market closed on your TOP...

July 30, 2010 at 4:16 PM
Bruce in Tennessee said...

http://www.cnbc.com/id/38486538

Morici: What Today’s GDP Report Really Says

"Of the 2.4 percent growth reported, 1.1 percent was an increase in inventories—essentially businesses rebuilding and adjusting inventories from recession lows and to accommodate more price-conscious consumers.

This indicates actual demand in the economy is growing a scant 1.3 percent a year. Businesses can accommodate up to 2 percentage points through higher productivity and without adding workers."

...I wonder if Hussman will blow a gasket Monday. I think he's going to write about the GDP numbers too, and I'd expect a doozy....

July 30, 2010 at 4:16 PM
Leftback said...

We have plenty of sunshine here in the capital of humidity, Karen, will send some your way until the gloom lifts.

LB intends to resume THE BOND REPORT for the month of August at least, before he goes back to Europe in September.

July 30, 2010 at 4:17 PM
karen said...

Right on my top! so the seesaw is in balance.. no wonder i'm foul : )

July 30, 2010 at 4:25 PM
Bruce in Tennessee said...

Karen,

With my help you will cheer up. I am here for you.

July 30, 2010 at 4:34 PM
Leftback said...

Toss a few burgers on the grill, Bruce.

Can you say "OUTPUT GAP"?

July 30, 2010 at 4:37 PM
karen said...

Bruce, Now that Obama has been on The View, I can't even look at him with feeling apprehension at best, disgust at worst.

July 30, 2010 at 4:37 PM
Laxative Accutane said...

My indicator is now -10%, but don't pay it any attention.

No recession...

July 30, 2010 at 4:38 PM
karen said...

BreakingNews - Israel launches air strikes in Gaza in retaliation for rocket attack, witnesses tell Reuters

July 30, 2010 at 4:40 PM
Bruce in Tennessee said...

Actually Karen, going back to my comments from this morning...this is another one of those Ready, Fire, Aim ideas in the Volt. Tons of money are going to be wasted on a car with a 40 mile range per charge, and these idiots act like it is going to sell...it won't but by then it will be whocouldanode?

Big government drives me crazy. And yet, some of these ideas if started differently weren't awful. Social security if followed on an individual basis and not one big pot, might have panned out ok...

...enough. Going to a shindig tonight, and I've got to get ready in a little while.

July 30, 2010 at 4:41 PM
Ben22 said...

Karen,

if that's true...well, it's been coming...cardinal climax!

July 30, 2010 at 4:43 PM
Bruce in Tennessee said...

and I won't keep O's picture up.....over the weekend.

July 30, 2010 at 4:45 PM
karen said...

Bruce.. love that expression! Ready, Fire, Aim! I do agree, btw. Have fun tonight!

July 30, 2010 at 4:46 PM
CV said...

@Bruce

Could be a new slogan we're talking about here...

http://kitsunenoir.com/blogimages/shawn-wolfe-ready-fire-aim-1.jpg

CV likes "shaking things up" from time to time...

July 30, 2010 at 4:52 PM
Bruce in Tennessee said...

I like the new slogan, CV...

July 30, 2010 at 4:58 PM
CV said...

@Bruce

DONE DEAL... It's the Slogan for the WEEKEND...

RA's CORNER UO

July 30, 2010 at 5:03 PM
Paul Krugman said...

How about:

Ready, Steady, PRINT ?

July 30, 2010 at 5:03 PM
karen said...

good find, CV! nice steal, Bruce!

NEW THREAD UP, BTW..

July 30, 2010 at 5:03 PM
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