TRADERS ANONYMOUS: Morning Audibles 7.6.10

Morning Audibles 7.6.10 - About Face?

Futures were pointing towards about a 20 handle drop at the open, but obviously TPTB have decided overnight that it's really just too scary for markets ever to go down...

That ought to make one feel very secure in holding longs (for the long term) right?

So the markets have done an about face... Latest quote sees futures opening in GREEN territory (up about 4 handles - which was about a 24 handle reverse while you were in "beddie bye")...

Here's what it basically looks like...

Little did anyone know that "Hope" & "Change" meant that you hoped your 401K wouldn't go down, but if it did, you'd have a pals in the right places to look the other way while their masters actively "changed" every outcome to their own benefit...

Interested in seeing how it's done in REAL TIME?

http://www.themarketguardian.com/2010/07/market-manipulation-on-display/

Or... Nowadays apparently NOT...

Obama admin bans press from filming BP oil spill areas in the Gulf

That's CONTROL YOU CAN BELIEVE IN!

218 comments:

«Oldest ‹Older 1 – 200 of 218 Newer› Newest»

CV said...: test; July 6, 2010 at 7:57 AM
McFearless said...: well, after 7 straight down days this had to come sooner or later, shouldn't last too long, hopefully we get a decent level to sell into, lets not get burned around the neckline.; July 6, 2010 at 8:16 AM
AmenRa said...: I hear Buffett now has a loophole in the FinReg bill. He won't get hit for $8b. Figures.; July 6, 2010 at 8:20 AM
mcHAPPY said...: This is absolutely incredible re: spill.

The turnaround in futures is pretty startling as well.; July 6, 2010 at 8:37 AM
CV said...: Frankly Americans...

It is NOT IN YOUR BEST INTEREST to know the truth about anything!; July 6, 2010 at 8:49 AM
bob said...: Random fact-

AC used to work for the CIA.; July 6, 2010 at 8:53 AM
Nic said...: Good post CV,
Shocking re spill.

So much for Canada's robust housing market:
http://www.theglobeandmail.com/report-on-business/vancouver-home-sales-drop-sharply/article1629806/; July 6, 2010 at 8:54 AM
Nic said...: This comment has been removed by the author.; July 6, 2010 at 8:55 AM
AmenRa said...: I see Buffett has been granted a loophole in the FinReg bill so he doesn't get hit for $8b. Figures.; July 6, 2010 at 8:58 AM
Anonymous said...: test; July 6, 2010 at 9:06 AM
Anonymous said...: Blogger troubles again ladies & gents...

Big Brother must be watching...; July 6, 2010 at 9:07 AM
Anonymous said...: If anyone else is having trouble posting, try posting ANONYMOUS, then put your initials in a tag...

CV; July 6, 2010 at 9:08 AM
Anonymous said...: From the globeandmail.com/report-on-business:

"Vancouver home sales drop sharply". Down 30% yoy. As expected and foretold by our very own CV!

WTF headline,"China defedends jailing U.S. geologist". Violation of vague secret law.

Yeh sure rob capital and technology and then jail them(kick their ass). Very good business, ethical practice .

Look at the comment section on the Chinese story. Chinese government operatives are usually out in full force defending China's side. This one is timid.; July 6, 2010 at 9:09 AM
karen said...: morning! looks as tho I should go back to bed!!; July 6, 2010 at 9:13 AM
Anonymous said...: Random note-

AC used to work for the CIA.

bob; July 6, 2010 at 9:16 AM
Anonymous said...: I see Buffett has been given a loophole in the FinReg bill so he doesn't get hit for $8b. Figures.

AmenRa; July 6, 2010 at 9:17 AM
Anonymous said...: Despite this huge turnaround in overnight futures, I'm still a little skeptical that today isn't just a fakeout move to scare bears into coovering...

We'll see...

CV; July 6, 2010 at 9:17 AM
Anonymous said...: It seems that posting ANON is working for now...

Everyone, if you could, please, just do that and sign your name to the bottom until this is resolved...

Some of the browsers did UPGRADES over the weekend and I think that might be where some of the problems lie...

Not sure... Some UPGRADE, right? It must have been a GOVERNMENT upgrade...

CV; July 6, 2010 at 9:20 AM
Anonymous said...: @AmenRa

"I see Buffett has been given a loophole in the FinReg bill so he doesn't get hit for $8b.

We postulated as much last week... Yup - figures

CV; July 6, 2010 at 9:22 AM
Anonymous said...: Looks like Mutual Fund Mondays was pushed to post holiday. More bait as insiders sell during the move up.

AmenRa; July 6, 2010 at 9:22 AM
Anonymous said...: test

Has anyone noticed that blogger problems happen when the Google and China problems are in the news?

AmenRa; July 6, 2010 at 9:24 AM
Anonymous said...: So let's see...

- The S&P cash was at 1018 at 3PM on Friday.
- It rocketed up to 1030 by 3:45
- The sold down 1022 in 15 minutes
- Overnight the futures were at 1004
- And we're going to open up near 1032

We're still 5 minutes to the open...

These are what you call NORMALLY FUNCTIONING MARKETS...

Either that, ot Brian had a helluva BBQ!

CV; July 6, 2010 at 9:26 AM
Anonymous said...: I still think blogging problems occur because bloggers will talk about the obvious manipulation in the markets. Ex: futures

AmenRa; July 6, 2010 at 9:26 AM
Anonymous said...: @Amen

ZH is down as well...; July 6, 2010 at 9:27 AM
72bat said...: no problems accessing zh
-72bat; July 6, 2010 at 9:31 AM
Anonymous said...: Poor Johnny...

Brian is buying stocks from Jamie & Lloyd for his 401k again...

Golfing retirement community is almost within reach...

CV; July 6, 2010 at 9:35 AM
Anonymous said...: The first five 1-min candles don't look that promising to the bulls...

AmenRa; July 6, 2010 at 9:37 AM
Anonymous said...: @Amen

This "pop" could be the fakeout of all fakeouts...

Really - If the markets had closed at 3:45 on Friday, we'd only be up marginally...

It's only the last 15 minute selloff in the cash last Friday coupled with the low prints in the futures that make this look like a rip-roaring bull wave...

I'm skeptical until I see som real follow through...

CV; July 6, 2010 at 9:42 AM
Anonymous said...: Blogger comments not working on my blog either.
Very annoying
Nic; July 6, 2010 at 9:44 AM
Anonymous said...: Are we tracing out a May 25-June 8 shape?

Or

Are we tracing out a June 23 shape?

Both are eerily similar at this point - in the context of their relative time frames of course.

mcH; July 6, 2010 at 9:46 AM
Barack Obama said...: test; July 6, 2010 at 9:48 AM
Anonymous said...: ...and don't go to blogger help to find out what's wrong. Help is helpless.

AmenRa; July 6, 2010 at 9:48 AM
Anonymous said...: TO ANYONE WHO IS HAVING PROBLEMS POSTING COMMENTS - I'VE DISCOVERED A TEMPORARY FIX IS TO POST ANONYMOUS (not using your Google or blogger profile)

Just sign your initials at the bottom of your comments if you want to identify yourself (until this problem gets resolved)...

CV; July 6, 2010 at 9:49 AM
Anonymous said...: @Barack Obama

No need to "lurk" here... You belong over at that HOPE & CHANGE blog...

Or, don't you have some ASS TO KICK somewhere?; July 6, 2010 at 9:51 AM
Anonymous said...: 10,000 is the little number than could.

I think I can, I think I can, I think I can.

mcH; July 6, 2010 at 9:53 AM
72bat said...: cv -
or use "Select profile > Name/URL" and type in your name(leave URL blank)
at least then your post shows up as "CV said.."; July 6, 2010 at 9:53 AM
McFearless said...: hello???; July 6, 2010 at 9:54 AM
McFearless said...: can other people see this?; July 6, 2010 at 9:55 AM
CV said...: @72

cool, thanks!; July 6, 2010 at 9:55 AM
Mr Panetta said...: guys, sorry for the temporary blogger issues
you'll be up and running soon; July 6, 2010 at 9:56 AM
Anonymous said...: I'm w/ CV-

could be a head fake; July 6, 2010 at 9:56 AM
Anonymous said...: . . .and this morning it was reported the reversal in futures was an expected good report @ 10:00 on ISM-

right; July 6, 2010 at 9:57 AM
Anonymous said...: weaker than expected-

duh; July 6, 2010 at 10:02 AM
Anonymous said...: testing???

b22; July 6, 2010 at 10:06 AM
Nugget said...: Gold getting smacked around a bit... supply/demand; July 6, 2010 at 10:06 AM
Ben22 said...: test?; July 6, 2010 at 10:06 AM
McFearless said...: blogger sucks; July 6, 2010 at 10:07 AM
Whack A Mole method of problem solving. said...: When I was small we got together one Sunday for a fairly big family get together...I was about 6. There was a beautiful little girl there too, name of Penny, also about 6, and I became twitterpated that afternoon. We played together until it was time for her to leave. I never did see that cousin again....

...Almost analagous to today's past and present economy.; July 6, 2010 at 10:09 AM
Anonymous said...: From Twitter:
@DougKass i am sticking with my forecast that we saw a yearly market bottom last week.. coming up.. hello darkness my old friend $$

Nic; July 6, 2010 at 10:10 AM
Anonymous said...: Market making new highs but not making higher NYSE TICKS. Divergence everywhere.

AmenRa; July 6, 2010 at 10:11 AM
Anonymous said...: test; July 6, 2010 at 10:11 AM
Anonymous said...: From Twitter:
@DougKass
I am sticking with my forecast that we saw a yearly market bottom last week.. coming up.. hello darkness my old friend $$

Nic; July 6, 2010 at 10:12 AM
Anonymous said...: fugg it. even as "anon" the posts won't show (after 5 refreshes nothing).

AmenRa; July 6, 2010 at 10:13 AM
Anonymous said...: Johnny hour from hell. They are really trying to get bears to capitulate. That ain't gonna happen. The bears know the hunt is on for bull carcasses.

AmenRa; July 6, 2010 at 10:16 AM
Nic said...: This is turning into quite a rout ...; July 6, 2010 at 10:16 AM
18 said...: what is it with SPX 1044,
it just loves that area; July 6, 2010 at 10:19 AM
Ben22 said...: today's rally was predictable yes?

watch your stops around the neckline....don't be a home gamer.; July 6, 2010 at 10:21 AM
72bat said...: really, are most of y'all unable to post?
c'mon karen, grind those beans, suck up some java, and get crackin'; July 6, 2010 at 10:22 AM
Anonymous said...: ISM Non Mfg

NMI 53.8 from 55.4
EMPL 49.7 from 50.4
PRICES 53.8 from 60.6

1) Say it with me D-E-F-L-A-T-I-O-N
2) Weekly claims and NFP will continue to show increasing job losses.

AmenRa; July 6, 2010 at 10:25 AM
Anonymous said...: Blogger Status
Tuesday, June 08, 2010

Post Mortem for Blogger Service Interruption June 7

By Eddie Kessler, Blogger Engineering Manager

As we recently committed to you, when serious service interruptions occur, we will provide you details about what went wrong and what we're doing to help prevent similar problems in the future.

From about 12:30 AM PST on Monday, June 7 until about 12:30 PM, a significant subset of Blogger users, mostly in the US Midwest, were unable to post to their blogs. No data was lost and blogspot was largely unaffected, so your blog’s readers weren’t impacted.

We posted the issue on the Blogger Status blog, and we made a brief status update on our Twitter account as well. Meanwhile, we kept a close eye on the reports coming through our help forum and Twitter stream.

The problem was caused by human error. One of our datacenters inadvertently had the wrong server configuration when we performed our regular service update. Once we figured this out, we corrected the problem quickly.

We are in the process of adding additional monitoring that will prevent this kind of outage from recurring.

We are truly sorry for any inconveniences this might have caused you. In the meantime, we will try harder to make Blogger a more reliable service.; July 6, 2010 at 10:30 AM
Anonymous said...: Johnny's all in. Time to get out the shears for the fleecing.

AmenRa; July 6, 2010 at 10:30 AM
karen said...: As I posted in the post that didn't post.. I went back to bed! But I'm back now : ); July 6, 2010 at 10:30 AM
karen said...: I should stayed up and bot some drv! guess i still can..; July 6, 2010 at 10:32 AM
Anonymous said...: Riding the squeeze... and the surf is up.

-I-Man; July 6, 2010 at 10:34 AM
karen said...: uup tagging the lower bb today.. trend down now as of last three candles on 13-34 ema chart; July 6, 2010 at 10:35 AM
karen said...: faz returned to sub 17 today..; July 6, 2010 at 10:37 AM
Nic said...: I am on death watch for the death cross; July 6, 2010 at 10:40 AM
Anonymous said...: Gold down. Dollar down. There is a disturbance in the force.

AmenRa; July 6, 2010 at 10:43 AM
Anonymous said...: What does 'don't be a home gamer' mean?; July 6, 2010 at 10:43 AM
Anonymous said...: if the market is going to head higher, it should any minute as I just went short.

mcH; July 6, 2010 at 10:45 AM
72bat said...: i am really, REALLY missing survivor capital comments in real-time. sucks!
only 2 of 4 of my posts have come up so far.
which probably answers my so-far un-published comment: is no one posting? where is everybody?; July 6, 2010 at 10:57 AM
McFearless said...: it means not to set your stops in a place where you deserve to have your money taken away from you, think about the amount of people watching the H&S right now, look at the neckline on AT's charts and don't join the GIB in placing your stops if you are trying to trade around the pattern.; July 6, 2010 at 11:15 AM
McFearless said...: is this working now?; July 6, 2010 at 11:15 AM
McFearless said...: gold is down again....shenannigans; July 6, 2010 at 11:18 AM
CV said...: @Nic

I was looking at the characteristics of the last few DEATH CROSSES (per the "maxcherry" chart that ben put up yesterday)...

Something interesting I noted is that in the ones since 2000, almost always the indices, upon making the death cross, made a quick attempt at backtesting the 50MA...

Now the 50MA is around 1108 as we speak, but it's going to start dropping like a rock (as we're exactly 50 days since 1220 SPX)...

The falsh crash candle was 8 days after, and there have only been 20 closes OVER 1108 (out of the 50 days)...

Bulls still have their work cut out for them to make this an '04, or '06 type event...

And the Fed (or the government have nary an arrow in the quiver to reverse this one)...

IOW, it'l looking more like 2000...

CV; July 6, 2010 at 11:19 AM
I-Man said...: Buying dips today... not fighting this.; July 6, 2010 at 11:19 AM
Anonymous said...: test; July 6, 2010 at 11:30 AM
Anonymous said...: test; July 6, 2010 at 11:30 AM
Anonymous said...: test; July 6, 2010 at 11:30 AM
Anonymous said...: DOH!; July 6, 2010 at 11:31 AM
Anonymous said...: DOH!; July 6, 2010 at 11:31 AM
Anonymous said...: DOH!; July 6, 2010 at 11:31 AM
Anonymous said...: DOH!; July 6, 2010 at 11:32 AM
Anonymous said...: I'VE GOT BLISTERS ON MY FINGERS!; July 6, 2010 at 11:32 AM
Blogger Support said...: McFearless said...
is this working now?

YES; July 6, 2010 at 11:34 AM
karen said...: this is crazy.. the posts show and then they disappear!; July 6, 2010 at 11:34 AM
CV said...: France's Lagarde: Bank stress test results out 23 July

http://euobserver.com/9/30417

Let the farce begin! At least we know what DAY it will start on...; July 6, 2010 at 11:34 AM
Anonymous said...: Anonymous said...
What does 'don't be a home gamer' mean?

Not an aficionado of The Lightning Round?; July 6, 2010 at 11:34 AM
72bat said...: suggestion: include the time you post your comment to determine the time delay to its actual publication time
11:35 AM; July 6, 2010 at 11:35 AM
AmenRa said...: testing 1...2...3...; July 6, 2010 at 11:36 AM
CV said...: I don't know...

My comments are disapearing at random...; July 6, 2010 at 11:36 AM
mcHAPPY said...: Shorts sold for small profit. Will probably regret it but I think there is more upside.; July 6, 2010 at 11:37 AM
Anonymous said...: I've heard of this but never believed it to be true... HFB or High Frequency Blogging. It mostly confuses the average trader which causes him to make mistakes. Combine this with HFT and the ones in the know rule all.; July 6, 2010 at 11:37 AM
AmenRa said...: Ben

Seems to be working now. BTW when is the planetary alignment supposed to happen?; July 6, 2010 at 11:37 AM
BinT said...: Ben,

We are not Japan. I am thinking we are now Europe. Slow growth and high unemployment. For as far as the eye can see.

Interesting pop today in the markets. Wonder what the close will bring.; July 6, 2010 at 11:44 AM
Nic said...: Speaking of web shutdowns:
http://www.prisonplanet.com/tsa-to-block-websites-with-controversial-opinions.html; July 6, 2010 at 11:50 AM
Anonymous said...: I've heard of this but never believed it to be true... HFB or High Frequency Blogging. It mostly confuses the average trader which causes him to make mistakes. Combine this with HFT and the ones in the know rule all.; July 6, 2010 at 11:50 AM
Anonymous said...: I've heard of this but never believed it to be true... HFB or High Frequency Blogging. It mostly confuses the average trader which causes him to make mistakes. Combine this with HFT and the ones in the know rule all.; July 6, 2010 at 11:50 AM
Anonymous said...: I've heard of this but never believed it to be true... HFB or High Frequency Blogging. It mostly confuses the average trader which causes him to make mistakes. Combine this with HFT and the ones in the know rule all.; July 6, 2010 at 11:50 AM
Anonymous said...: My comments are disappearing at random...

CV; July 6, 2010 at 11:53 AM
AmenRa said...: This comment has been removed by the author.; July 6, 2010 at 12:01 PM
Anonymous said...: You know...

I don't think it's just BLOGGER...

On all my YAHOO accounts (e-mail & fantasy teams), I keep getting booted out there as well and have to re-sign in)...

Something is going on with the WEB...; July 6, 2010 at 12:03 PM
Anonymous said...: test; July 6, 2010 at 12:03 PM
Nic said...: My comments show, then I refresh page and they are gone.
Homeland security are testing the internet shutdown switch.
I actually had a nightmare about that, can you imagine if the markets really crashed hard and they shut down the internet? scary stuff.; July 6, 2010 at 12:07 PM
trading diary said...: anyone sold to the rally?; July 6, 2010 at 12:26 PM
karen said...: Sandy Shore, AP Business Writer, On Tuesday July 6, 2010, 11:55 am
Drivers are finding lower gas pump prices now that the July 4th weekend is over and prices are likely to keep sliding.

The national average for retail gasoline prices was $2.724 a gallon, 2.6 cents less than it was on Friday as the holiday weekend began, according to AAA, Wright Express and Oil Price Information Service. The pump price is 11.3 cents more than a year ago but about the same as a month ago.

Predictions of a national average of $3 a gallon faded weeks ago because supplies remain above a five-year average and demand is tepid as consumers worry about jobs and the strength of the economic recovery.

Analysts think gasoline prices will bounce a bit between now and Labor Day but will not jump significantly.; July 6, 2010 at 12:27 PM
karen said...: look at XRT.. jcg another example.. 95% institution owned..; July 6, 2010 at 12:30 PM
I-Man said...: Just got long again @ 9729...

Trading dow mini's this week.

Feeling one of those up 3% days, but I've been wrong about the force of the recent selling pressure the last few times I've traded countertrend.

I like buying dips today tho, seems like most are still selling rips.; July 6, 2010 at 12:33 PM
I-Man said...: If they shut down the internet, I might actually cheer at this point.; July 6, 2010 at 12:35 PM
I-Man said...: Blogger seems fixed... can I get a witness?; July 6, 2010 at 12:37 PM
karen said...: SoCal short sales up 74%
July 6th, 2010, 9:00 am by Jeff Collins
The number of transactions in which a home sells for less than the owner owes the bank is up 74% in the region this year, mainly due to a doubling of those so-called “short sales” in the Inland Empire, the Southern California Multiple Listing Service reported.; July 6, 2010 at 12:37 PM
Anonymous said...: Ben,

Are you dipping your toe into TBT here?

Bruce; July 6, 2010 at 12:39 PM
CV said...: @Nic

Well if this blog ever shuts down we can all go back to Ritholtz...

He LOVES the government (and everything about it)... The more the better...; July 6, 2010 at 12:40 PM
I-Man said...: Clipped out, looking to reenter at about 9689.; July 6, 2010 at 12:47 PM
mcHAPPY said...: Good to see all is well with blogger. I got back in very quickly after my shorts sold - except this time all in.

Looking at what happens around 1029.; July 6, 2010 at 12:52 PM
CV said...: Anything you ever wanted to know about what a CLOWN Altucher is...

James Altucher's Three Creative Ways to Boost the U.S. Economy

http://finance.yahoo.com/tech-ticker/james-altucher%27s-three-creative-ways-to-boost-the-u.s.-economy-516300.html?tickers=^DJI,^GSPC,XRT,XHB,HRB,INTU,TLT&sec=topStories&pos=9&asset=&ccode=

Excerpt:
"Unleash the 'PPT': The Fed should regularly buy S&P 500 futures before the open, at midday and near the close, when it'll get the most bang for its buck, Altucher says. "They've been spending a $1 trillion [plus] in the mortgage market," he notes. "Now I'm saying, spend 1% in the stock market. It's the same idea. Let's do it where it impacts people the most - where it impacts Main Street."; July 6, 2010 at 12:53 PM
KickAss, SmartAss, and DumbAss said...: CV:

No, first he loves Ritholtz...the government is a distant second.

..When are we going to get your schedule of media appearances?; July 6, 2010 at 12:53 PM
karen said...: From TBP/BR: " I continue to sit in the camp that says the US economy is slowing, but not rolling over. I won’t rule out a recession in 2012, but I don’t see one over the next 2-4 quarters."

We know! Cuz this is a typical recoveryless recovery in which "Bernanke Created Half of 234 Years’ Worth of Money Supply."; July 6, 2010 at 12:56 PM
mcHAPPY said...: K @ 12:56

so true.

RUT and DOW confirmed what I was looking for. Waiting on SPX and NAZ.; July 6, 2010 at 12:58 PM
karen said...: CV at 12:53! Words cannot express my outrage..; July 6, 2010 at 12:58 PM
karen said...: did you all note the crude sell off?; July 6, 2010 at 1:00 PM
BinT said...: They ought to unleash the PPT today...what are happening to our turn-around rally?; July 6, 2010 at 1:01 PM
BinT said...: http://finance.yahoo.com/news/8-Problems-That-Could-Trigger-usnews-2034065513.html?x=0

"Tax hikes.

Most experts say it's not a question of whether taxes will go up in the United States, it's more a question of when. The Bush tax cuts will expire at the end of the year. If they lapse, taxes will go up. Research has shown that there is a 3 to 1 ratio that can be applied to how tax hikes affect GDP growth, according to Arnott. For instance, if taxes go up by 1 percent of GDP, then GDP will fall by 3 percent. When the tax cuts expire, Arnott says, that will be equivalent to a 2 percent jump in taxes as a percentage of GDP. That means GDP growth next year should be 6 percent lower than it would be without the tax hike. "So that is really the big issue that we think creates a catalyst which can make a second dip pretty high odds and reasonably imminent," he says."

...And I continue to think about what Laffer said about moving income, when possible, into 2010 to avoid tax increases. I would bet Leftback's Porsche that is occurs..; July 6, 2010 at 1:10 PM
Anonymous said...: is sometimes is spelled this...; July 6, 2010 at 1:12 PM
CV said...: Somebody needs to give Altucher a "swirlie" in the andytsgang toilet bowl...; July 6, 2010 at 1:14 PM
Obama said...: I'm gonna get those m*ther f***ers in Arizona.

Nobody enforces Federal law unless I say so!; July 6, 2010 at 1:20 PM
karen said...: can't watch or read this : )

http://www.tradersnarrative.com/10-reasons-to-be-bullish-1-big-reason-to-be-bearish-4376.html; July 6, 2010 at 1:30 PM
McFearless said...: so we are up now, finally, that's annoying

"Are you dipping your toe into TBT here?"

No, I don't really trade around bond positions for clients so much so just sitting tight, not adding, not subtracting, not hedging.

as for my "home gamer" comment, I just meant not to place your stops like a dummy right at predictible points around the H&S neckline, you'll deserve to have it taken away from you if you do.; July 6, 2010 at 1:32 PM
McFearless said...: testing...; July 6, 2010 at 1:33 PM
McFearless said...: " I continue to sit in the camp that says the US economy is slowing, but not rolling over. I won’t rule out a recession in 2012, but I don’t see one over the next 2-4 quarters."

Who.

Cares.

and I've never seen someone tie in a bounce in futures to global warming or climate change, so that was a first....; July 6, 2010 at 1:35 PM
Bruce in Tennessee said...: Amazing what a few hours will do to turnaround Tuesday.; July 6, 2010 at 1:36 PM
karen said...: Ineresting from Steve Wynn:

http://www.msnbc.msn.com/id/21134540/vp/37394943#37394943; July 6, 2010 at 1:42 PM
karen said...: oooh.. frivolous lawsuits! one of my fav subjects.. watch that Wynn clip..

UNCERTAINTY OF BUSINESS CLIMATE IN AMERICA IS FRIGHTENING EVERYBODY..; July 6, 2010 at 1:44 PM
Anonymous said...: CV. Not going back to TBP... please..
DP.; July 6, 2010 at 1:45 PM
James Altucher said...: Karen,

I have Bing; July 6, 2010 at 1:45 PM
mcHAPPY said...: http://www.marketwatch.com/story/conspiracy-of-weasels-is-killing-real-reform-2010-07-06

The mood is a-changing.; July 6, 2010 at 1:46 PM
McFearless said...: Altucher,

you look like a slob, clean yourself up already, how can anyone take you seriously.; July 6, 2010 at 1:46 PM
karen said...: KidDynamiteBlog

my wife's reaction to Altucher: "how does the Fed openly manipulating the market restore confidence?"; July 6, 2010 at 1:47 PM
McFearless said...: Mchappy,

mood changed in April, we are just seeing it now.

;-); July 6, 2010 at 1:48 PM
arbitrage789 said...: Karen @ 1:44

I actually regard "frivolous" lawsuits as the secondary issue.

I think the bigger problem is with lawsuits that actually have merit, and where the plaintiffs SHOULD get an award, just not an astronomical one.; July 6, 2010 at 1:51 PM
mcHAPPY said...: @Ben,

You, I, and most here know that.

Johnny is still figuring it out.; July 6, 2010 at 1:52 PM
McFearless said...: Andy's gold charts are really helpful (for me anyway)

I'm not short gold, in this case I'd like to see some more momentum before stepping in rather than trying to be there for the turn. I see very few calls for gold to go much lower (maybe none?) I see lots of calls for gold to go higher, and in many cases...waaaay higher.

sentiment is crazy extreme to the bullish side on gold.....; July 6, 2010 at 1:52 PM
Bruce in Tennessee said...: The DOW, she is a fickle mistress...; July 6, 2010 at 1:54 PM
karen said...: DL @ 1:51, also a good point..; July 6, 2010 at 1:55 PM
McFearless said...: was today's top a iv, or a C?

beats me at this point right now.... either way, levels weren't good enough for a short and I'm certainly not buying dips.; July 6, 2010 at 2:00 PM
McFearless said...: "Johnny is still figuring it out."

He'll get to chapter 2 by 6,500 DOW.; July 6, 2010 at 2:00 PM
Bruce in Tennessee said...: I don't exactly understand why Altucher gets the pub he does. He reminds me of Pee Wee Herman, and I certainly wouldn't take investment advice from him. He looks too goofy to be taken seriously. And there are things he could change externally to be taken more seriously, but obviously that doesn't matter to him.; July 6, 2010 at 2:03 PM
McFearless said...: And I can't even go to the grocery store
Without some ones thats clean and a shirt with a team
It seems we living the american dream
But the people highest up got the lowest self esteem
The prettiest people do the ugliest things
For the road to riches and diamond rings
We shine because they hate us, floss cause they degrade us
We trying to buy back our 40 acres
And for that paper, look how low we a'stoop
Even if you in a Benz, you still a ____ in a coop/coupe; July 6, 2010 at 2:03 PM
McFearless said...: "I don't exactly understand why Altucher gets the pub he does."

I always thought the same thing about Lenny (Nailz) Dykstra. One common denominator is TS.COM.; July 6, 2010 at 2:05 PM
Nic said...: Mr Topstep:
http://www.youtube.com/watch?v=0Lpb8gGMFhw; July 6, 2010 at 2:05 PM
karen said...: it is 100 degrees in NY.. (watching topstep!); July 6, 2010 at 2:06 PM
arbitrage789 said...: I haven't paid any attention to Altucher until recently, but I assume that he's one of those ANAL-ists who's never had a bearish thought in his life.; July 6, 2010 at 2:07 PM
McFearless said...: same here karen, going to be like this all week, it's nasty out there.; July 6, 2010 at 2:07 PM
arbitrage789 said...: Yeah, how I wish there were three feet of snow on the ground.; July 6, 2010 at 2:09 PM
karen said...: it's about 60 and drizzling at my house!; July 6, 2010 at 2:09 PM
McFearless said...: most people remain holed up either way....too hot or too cold, at least we have a goldilocks economy....oh wait.; July 6, 2010 at 2:14 PM
CV said...: @karen

As of this moment, that Doug Kass tweet came out just as the market hit its top tick for the day...

There are enough tools around to challenge Home Depot these days...; July 6, 2010 at 2:15 PM
SPXer said...: k, lets turn this thing back up?; July 6, 2010 at 2:18 PM
McFearless said...: I refuse to go to twitter, but just like to point out, doug kass was "more than all in" about 4 weeks ago.; July 6, 2010 at 2:23 PM
karen said...: well, i won't follow kass on my twitter that is for sure.. ben, i like it as a news feed.. nic and i have talked about this.. a free bloomberg terminal : ); July 6, 2010 at 2:25 PM
CV said...: @McF

I'm not trying to make any more of a political statement that simply observing that people like Kass or Ritholtz seem to have a great deal of difficulty reconciling what is perhaps an inkling towards a BEARISH market view, with their political yearnings to see the current Administration succeed...

It was so much easier, for them, back in 2008 when Bush was still President...; July 6, 2010 at 2:29 PM
McFearless said...: C,

it does seem to be the case...; July 6, 2010 at 2:31 PM
CV said...: A quick look at this thing...

With todays move, there is a potential UPPER CHANNEL formed that should make the 1031-1034 level fairly interesting if it gets visited...

Those levels would the the FIBOS to todays low vs. high...

It would probably have to get hit today though if was going to figure into a larger pattern...; July 6, 2010 at 2:34 PM
CV said...: @McF

I'm trying to think of others as well (and I know there are a few)... But those two are the main ones that come to mind that fit the profile...; July 6, 2010 at 2:35 PM
Anonymous said...: re BR's ECRI post-

what? zero expectations until confirmed by ECRI?; July 6, 2010 at 2:35 PM
karen said...: http://www.zerohedge.com/article/schonfeld-fires-15-traders-blames-fast-greedy-robots; July 6, 2010 at 2:36 PM
CV said...: Interestingly...

We almost hit 18's 1044 number and we're back down to 1026...

Where's 1008 dammit? or 990 (CV's favorite)...; July 6, 2010 at 2:38 PM
mcHAPPY said...: CV,

SOld my shorts at 1026.

Very much watching those numbers - 1031-1034.; July 6, 2010 at 2:38 PM
spoonman said...: The circus is in town, according to the learnedDr. Hussman. He even has a PhD!

"If I see clowns walking around the grocery store buying peanuts, and there's a big top tent with two unicycles in front of it in the middle of what is usually an open field, I'm sorry, I'm going to conclude that the circus is in town."; July 6, 2010 at 2:39 PM
Anonymous said...: and following up on CV's post-

the result- had it been McCain who won- and had he enacted all the same policies-

would BR be as non-temperamental as he is now- Sgt Friday's "just the facts maam', just the facts"

or is it more likely McCain would have been a punching bag for the last year and a half?; July 6, 2010 at 2:46 PM
McFearless said...: somewhere along the way BR fell in love with ECRI, not sure when or why, nor do I really care. It's a bunch of wasted time.; July 6, 2010 at 2:49 PM
Tan Joe said...: "If I get fired as a TRADER, at least I can get a job as a stunt double for George Hamilton or Eddie Munster"; July 6, 2010 at 2:52 PM
CV said...: @ahab

the latter; July 6, 2010 at 2:52 PM
CV said...: @mcf

ECRI = rearview mirror...fogged; July 6, 2010 at 2:56 PM
Anonymous said...: Karen, I hope you are enjoying this SRS/DRV move with me, first big divergence I've seen in a few months. Perhaps a turn is in the works with the 200day/mini bottom break in IYR?

Colin; July 6, 2010 at 2:57 PM
Bruce in Tennessee said...: "Meanwhile, I continue to believe that both Bernanke and Geithner's hands should be tied quickly. If we have learned anything over the past 18 months, it is clear that these bureaucrats can misallocate an enormous quantity of public resources with mind-numbing speed. The diversion of public resources to the bondholders of failing financials - to precisely the worst stewards of capital in society - is not stimulative, but ruthless. A second economic downturn should encourage the repudiation of the policies that Bernanke and Geithner pursued during the first."

HUSSMAN!; July 6, 2010 at 2:58 PM
Doug Kass said...: I hope that's Karen probing my bottom and not CV:

Dougie's Bottom; July 6, 2010 at 3:00 PM
McFearless said...: I started reading this again yesterday as I finished my last book:

http://www.amazon.com/Reminiscences-Stock-Operator-Investment-Classics/dp/0471770884/ref=sr_1_1?ie=UTF8&s=books&qid=1278442878&sr=8-1-spell

Next time any of you want to go all conspiracy theory or get mad about "manipulation" pick up this book and just read the first 25 pages. It should calm you right down.; July 6, 2010 at 3:02 PM
CV said...: So I guess Morgan Stanley has taken 5.5% (10yy)off the table for 2010...

Jobs Will Give Boost as Stimulus Ends, Greenlaw Says: Tom Keene

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aTkqle8TWnGY&pos=4

Today 10yy (2.94)...

The bond market doesn't believe this equity (or what WAS an equity rally) in the least bit...; July 6, 2010 at 3:05 PM
18 said...: "CV said...
Interestingly...
We almost hit 18's 1044 number and we're back down to 1026...
Where's 1008 dammit? or 990 (CV's favorite)..."

Can I post some numbers in 30 minutes or so that may be of interest to some of y'all? Kind of a long post.; July 6, 2010 at 3:05 PM
McFearless said...: "A second economic downturn should encourage the repudiation of the policies that Bernanke and Geithner pursued during the first."

let us hope, for all of our sakes, that a second dowturn will in fact do much more than this.

END THE FED!; July 6, 2010 at 3:06 PM
McFearless said...: "Can I post some numbers in 30 minutes or so that may be of interest to some of y'all?"

dude, I know you aren't asking me, but whats with the request, this isn't TBP police state blog, just post that shiz already!; July 6, 2010 at 3:07 PM
I-Man said...: wish I hadnt even got out of bed today...; July 6, 2010 at 3:07 PM
karen said...: Colin.. i took profits on my DRV last week.. am wishing i had rebot this morning and commented on it while in the high 7s earlier..

the only exciting thing i have going on right now is my crude short via DTO.; July 6, 2010 at 3:09 PM
CV said...: @18

post away; July 6, 2010 at 3:09 PM
mcHAPPY said...: Interesting that the DOW, RUT, and NAZ are not following SPX to new lows right now.; July 6, 2010 at 3:09 PM
Blog Police said...: We're watching.; July 6, 2010 at 3:10 PM
karen said...: I-Man.. I went back to bed 2 or 3 times this AM!! LOL.; July 6, 2010 at 3:10 PM
arbitrage789 said...: K @ 3:10

Nice gig if you can get it.; July 6, 2010 at 3:11 PM
CV said...: LOL

Tesla - IPO

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/trichet/TSLA%207.6.jpg; July 6, 2010 at 3:12 PM
Bruce in Tennessee said...: "Interestingly, some observers lament that corporations and some individuals are h olding their assets in "cash" rather than spending and investing those balances, apparently believing that this money is being "held back" from the economy. What is preposterous about this is that the "cash" that companies and individuals are observed to be holding is primarily in the form of government securities and base money created over the past couple of years, which somebody has to hold at every point in time until those liabilities are retired. This is not money that is waiting to be spent. It is a stack of IOUs representing resources that have already been squandered, and now somebody has to hold these pieces of paper until they are retired.

In short, instead of directing savings toward investments in real, productive assets that we would observe as physical output, fixed capital, and equipment (and claims on those assets in the form of corporate stocks and bonds), our economy has been forced to choke down a massive issuance of government liabilities in order to bail out bad debt. For every dollar of debt that should have defaulted, we now have two dollars of debt outstanding (the original debt, and a newly issued government security). What appears to be "sideline cash" is simply the evidence of past spending. Again, the crucial consideration is how the government spent the funds in the first place. Rapidly mounting evidence suggests that the answer is "not very well."

"The overwhelming risk at present is that we are in what I've called the "recognition phase" where economic reality and earnings guidance deviates substantially from the expectations that have been priced into stocks. Two phases of a market downturn are generally the most hostile. The recognition phase and the capitulation (or "revulsion") phase. This market is nowhere near completing the shift in psychology that one would expect in a recognition phase, much less a capitulation phase. At worst, we see reports like "A few naysayers are worried about a double dip, but this can be ignored because double dips are rare." We will be fine, and even willing to shift to a moderately constructive position if we observe a sufficient reversal in market internals and economic statistics. But here and now, the strongest indications are highly defensive, and the required shift in evidence - at least at present - would have to be so broad that it appears unlikely."

...I like this boy. Always have. And I like his conservative nature, even if he doesn't match the returns of some funds during these "bubble" periods...but he has common sense, and has left the ivory tower behind him..; July 6, 2010 at 3:13 PM
Nic said...: I just did an interview for trader-radio about currency trading and my trading style. Hard to believe anyone would be interesting. I bet I sound like a wolly. It goes out on Thursday.; July 6, 2010 at 3:15 PM
Anonymous said...: also-

re Altucher- why is buying futures (as if it has not been happening already) a way to help the "economy"

I don't follow that- and he relates it to supporting housing prices-

well of course- holding up asset prices has been the Fed's main job the last 10 years or so-

but the economy? how does that help the economy?

and his other thought on 20% tax rebates-

"That has an immediate ‘multiplier effect' in the economy" as consumer spending drives more spending and more production, which eventually boosts employment.

where- in China? Unless he means at retail stores stocking up on Chinese goods-

dude's clueless- and all his ideas are temporary remedies at best-

no tough policy recommendations of course-

is all about forcing the market higher or putting money in people's hands to consume-

as if consumer spending alone will solve our problems; July 6, 2010 at 3:15 PM
karen said...: Nic, that is fantastic! What an experience!; July 6, 2010 at 3:16 PM
arbitrage789 said...: Nic @ 3:15

If there's a web link to a recording, post it.; July 6, 2010 at 3:17 PM
Bruce in Tennessee said...: Nic, what is a wolly?; July 6, 2010 at 3:19 PM
karen said...: Nic, that is fantasic! What an experience!; July 6, 2010 at 3:19 PM
CV said...: Now under the trendline from Thursday low to Friday low...; July 6, 2010 at 3:22 PM
Bruce in Tennessee said...: We are down nearly 200 from the high of the day...I would bet you one of CV's cigars that won't be mentioned on the closing bell...; July 6, 2010 at 3:24 PM
Anonymous said...: @ Nic
doesn't matter how you sound, because...; July 6, 2010 at 3:24 PM

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Morning Audibles 7.6.10 - About Face?

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