TRADERS ANONYMOUS: Morning Corner 2.10.11

Morning Corner 2.10.11

CSCO (weekly info)
new high 22.01
trend=up
high= 22.01
rev= 20.17; mid= 21.09

Cisco missed on EPS but beat on revenue. Reduced forecast for future growth. AH closed below weekly 3LB reversal price and also below its 23.6% retrace. Monthly 3LB is still trending down. Stock has traded back up to gap resistance (up until earnings) and it will continue as resistance. It should reverse this week. If not then why even care about fundamentals.

QQQQ (weekly info)
new high 57.38
trend=up
high= 57.38
rev= 54.74; mid= 56.06

Technology is holding up for now. Cisco is only 2.4% of the Q's so its weakness may not do too much damage. Monthly 3LB is trending up. The blinking game continues.

FXI (weekly info)
-no change (below mid)
trend=up
high= 47.76
rev= 38.36; mid= 43.06

Trading below its weekly 3LB mid indicates weakness. It's very close to its monthly 3LB mid and a monthly close below that would ratchet up the weakness exponentially. It tested its 50% retrace twice. Will it catch a bid and go for a third test? Probably not since China keeps raising rates to keep inflation in check. This doesn't even include the 30% drop in real estate prices that they are planning. More yang than yin.

219 comments:

«Oldest ‹Older 1 – 200 of 219 Newer› Newest»

BinT said...: http://ftalphaville.ft.com/blog/2011/02/10/484536/portugal-unmoored/

"Over in a quiet corner of the eurozone — Portugal’s government bonds have been slowly getting worse"; February 10, 2011 at 7:22 AM
Bruce in Tennessee said...: http://www.bloomberg.com/news/2011-02-09/new-jersey-bond-rating-cut-by-s-p-on-growing-pension-health-obligations.html

New Jersey’s Bond Rating Cut by Standard & Poor’s

"New Jersey’s pension-funding deficit increased by $8.05 billion, or 18 percent, to $53.9 billion as of June as the state failed to make contributions. The state also has an unfunded liability of $66.8 billion for providing medical care to retired public employees, the treasury department said in December."; February 10, 2011 at 7:26 AM
Bruce in Tennessee said...: http://www.dailyfinance.com/story/real-estate/u-s-foreclosure-filings-rose-in-january-as-nevada-continues-to/19837993/

US Foreclosures Rose in January; February 10, 2011 at 7:34 AM
Bruce in Tennessee said...: http://www.bloomberg.com/news/2011-02-10/king-faces-ticking-clock-on-interest-rate-increase-as-u-k-inflation-soars.html

"The inflation outlook has prompted investors to bet on a rate increase. The implied yield on June short sterling futures has risen 25 basis points this year to 1.14 percent. The pound has gained against 15 of the 16 most traded currencies in that period."

...Surprise!; February 10, 2011 at 7:54 AM
Andy T said...: Bucky back in mini- "Beast Mode" this AM.; February 10, 2011 at 7:54 AM
A fixed income analyst to be named later said...: Hey Bruce,

I think that the US and UK are going to try to ride through this little inflationary bump of 4-5% UK and 2-3% US, as the BoJ did several times. None of the mini-inflationary episodes was lasting in Japan, and none resulted in wage inflation or a recovery in housing prices.

My money is on no hikes, and yes, more QE and stimulus down the road.; February 10, 2011 at 8:25 AM
Bucky the Talking Currency said...: I am fixing to put a hurt on commodity specs and EM longs...; February 10, 2011 at 8:26 AM
Anonymous said...: What happens after the upcoming Irish election is not going to be inflationary for the UK bank balance sheets. Sinn Fein is pissed off with the bankers and developers. You do not want Sinn Fein pissed at you.

Haircut, sir?; February 10, 2011 at 8:28 AM
Anonymous said...: good morning TA'ers-

it would be interesting if Ritholtz's 8% correction actually comes to pass exactly as foretold-

maybe there is something to the 90/90 omen-

still a bit upside down on my SDS and TLT-

maybe today will get me to green?

where's my man b22 been lately?; February 10, 2011 at 8:35 AM
Anonymous said...: Initial Claims 383k. Santa's Elves even had trouble getting to the unemployment office with the winter weather. Darn reindeer.; February 10, 2011 at 8:48 AM
Anonymous said...: it appears TLT getting bludgeoned again

just can't get any damn respect (for such high quality paper); February 10, 2011 at 8:58 AM
2small2bail said...: TLT TA from Corey

http://blog.afraidtotrade.com/long-term-trendline-support-test-in-tlt-bond-fund/; February 10, 2011 at 8:59 AM
A fixed income analyst to be named later said...: Lovely charts from Corey !!

Heckuva trend line. A lot of the shenanigans is related to Congress dicking around about the debt ceiling. Kabuki theatre.

The selling momentum we just saw in TLT was the most intense on that eight year chart.

We think that trend line holds.; February 10, 2011 at 9:08 AM
A fixed income analyst to be named later said...: Remember that Treasury can restrict supply or issue less paper at these higher yield levels and therefore can influence price by that mechanism as well as via POMO. The Fed can't control everything but Treasury and the Fed can do a lot to control bond yields.; February 10, 2011 at 9:10 AM
Anonymous said...: so . . .some dip buying today I imagine-

I-Man at the ready?; February 10, 2011 at 9:22 AM
AmenRa said...: AFIA2BNL

The move to get traders into bonds started early? Funny because yields on the 30yr are actually up.; February 10, 2011 at 9:28 AM
A fixed income analyst to be named later said...: We are pre-auction here. 30y goes on sale at 1pm. A bit of a move out is normal. Demand may be lighter b/c of yesterday's huge 10y demand.

Also remember claims were BTE!; February 10, 2011 at 9:32 AM
Anonymous said...: hmmmm . . . "Nokia Said to Be Near Software Partnership With Microsoft"

interesting- possibly Nokia vying to become the purveyor of Windows 7- much like Motorola ditched their own platforms and went all in on Android a couple years ago; February 10, 2011 at 9:32 AM
18 said...: 18's SPY on 15min chart...

...132.30 ...yesterday close
131.40 ...gap below, may try to fill
...130.50 ... weak support
129.60
[gap between, may try to fill, good support 129.60]
...128.70
127.80 ... great support; February 10, 2011 at 9:35 AM
Anonymous said...: Ron Paul: QE2 Is a "Total Failure"

unless of course you went long the stock market (or commodities) in September; February 10, 2011 at 9:39 AM
karen said...: morning!

NEVADA STATEWIDE CASINO GAMBLING REVENUE FALLS 2.39% IN DEC.; February 10, 2011 at 9:41 AM
Jennifer said...: This seems wimpier than I would have expected.; February 10, 2011 at 9:46 AM
18 said...: That's the gap fill? ... LOL

anyone buying the dip below 131.40?
it's an 18 50% fib :/
give it some time... going back to work, this is boring.; February 10, 2011 at 9:55 AM
18 said...: oops, it's an 18 50% fib below; February 10, 2011 at 9:57 AM
bob said...: LB

Doesn't the debt ceiling issue play the other way, anyway? If they restrict the ability to borrow, there is less supply of debt (T's).

Less supply....; February 10, 2011 at 9:59 AM
karen said...: As Andy always said, this is an attrition process:

Jobless claims hit 2-1/2 year low http://yhoo.it/gJapQJ; February 10, 2011 at 10:02 AM
Anonymous said...: 1302-1308 seems the obvious stop.

No debt ceiling increase = default. So no, not exactly.

Ron Paul: QE2 Is a "Total Failure"

unless of course you went long the stock market (or commodities) in September

or wanted to unload a lot of your JNK (keep it clean, ladies...!); February 10, 2011 at 10:02 AM
karen said...: green shoot? not so much. December US wholesale inventories rise 1% http://www.forexlive.com/166017/all/december-us-wholesale-inventories-rise-1; February 10, 2011 at 10:03 AM
AmenRa said...: 30-Year Fixed

CURRENT 5.06
1 MO PRIOR 4.79
3 MO PRIOR 4.37
6 MO PRIOR 4.49
1 YR PRIOR 5.08; February 10, 2011 at 10:06 AM
I-Man said...: Will be selling rips if given the chance, but it will have to be a really nice retracement. I wont be getting too cocky with any short positions. Especially as we approach the following:

Watch for big dip buying at the following YM levels:

12089

and below that,

12054

A little unfinished business from Monday. The seeds for this were planted at the open on Monday...

Absolute fallout could take us to test 11800 again... but I doubt that happens this time.

There is a lot of support around 11950.; February 10, 2011 at 10:09 AM
Anonymous said...: 12089 and 12054.

What's that in SPX for us SPOO hounds?; February 10, 2011 at 10:12 AM
Anonymous said...: Ben can issue his own debt now if he wants, he has already been dabbling.

Wasn't that the point of asking for the "new" ability to pay interest on reserves?

Thinking out loud, and way outside of the box.; February 10, 2011 at 10:14 AM
karen said...: http://247wallst.com/2011/02/10/global-oil-demand-estimate-rises/; February 10, 2011 at 10:15 AM
I-Man said...: Not sure about that, I have not been watching the ES lately.

If you look at the SP500 and Dow 5min charts together on finviz, you should be able to eyeball it pretty well.

If I have time I will take a peek...; February 10, 2011 at 10:19 AM
18 said...: @I

Don't mind me but I plugged 18's into the DJ30, hourly chart...

numbers are
12240
12060
11880

just goofing around, haven't really applied 18's to the DJ but I do see some patterns here; February 10, 2011 at 10:20 AM
A fixed income analyst to be named later said...: We are rather hoping that all the EM toys might be thrown out of the pram tomorrow morning so we can close our trade out and make an early weekend of it. This has already been an absolute monster for us.

We will not buy dips in EMs, but we will sell rips. Nor will we buy any US equity dips this side of the Irish election, unless we have crescendo selling or until we see an extended run up in Bucky and the Treasury complex that comes to a halt.

We do need to get our fixed income hedging organized, as we think there will be some pain days ahead as the TLT grinds along a smoothly rounded bottom....

There are bank runs in Ireland, and people are buying gold. Not risking shorting the yellow metal until we work through that political event.; February 10, 2011 at 10:20 AM
Anonymous said...: Morning all.
Here is an interesting article about lil danny snyder.
Enjoy.
http://www.washingtoncitypaper.com/articles/40063/the-cranky-redskins-fans-guide-to-dan-snyder/
The delicious irony is, the story was buried, til he sued.

foghorn; February 10, 2011 at 10:23 AM
I-Man said...: Actually, they havent traded closely together enough this week for me to eyeball it, sorry.

It looks like the ES has already tested what I would be waiting for YM to test, so we shall see...

1303 maybe on ES, but that is only a guess.; February 10, 2011 at 10:24 AM
Anonymous said...: Here is an interesting article via Yves.

http://emptywheel.firedoglake.com/2011/02/09/security-firms-pitching-bank-of-america-proposed-targeting-glenn-greenwald/

foghorn; February 10, 2011 at 10:33 AM
A fixed income analyst to be named later said...: Yes I have 1302.

The EEM was everybody's darling.. now she can't get a date.
So many HFs now on the LONG DM/SHORT EM trade.
Nice to be right in the meat of a trend trade, easy money.; February 10, 2011 at 10:41 AM
Bucky the Talking Currency said...: This could be the start of my big impulsive move up....

http://www.bloomberg.com/apps/quote?ticker=DXY:IND; February 10, 2011 at 10:42 AM
Anonymous said...: foghorn-

Snyder wanted an apology- but because there wasn't one forthcoming- he sued-

apparently he finds it anti-semitic-

I am not sure if Snyder quite understands how despised he is in DC- no-one will coming to his defense; February 10, 2011 at 10:46 AM
Anonymous said...: I wonder if the dethroning of Mubarak will embolden other countries in the fertile crescent?; February 10, 2011 at 10:50 AM
Anonymous said...: Snyder wanted an apology-

Ha. Win some games, then !!; February 10, 2011 at 10:52 AM
I-Man said...: I cant think of anything nice to say about Dan Snyder.; February 10, 2011 at 10:55 AM
Anonymous said...: "Win some games"

no doubt- and the dude's so fickle-

Turner, Schottenheimer, Spurrier, Gibbs, Zorn, Shananhan . . .

and I think I missed one- all during his tenure; February 10, 2011 at 10:55 AM
I-Man said...: The more I look at this, the more I want to put a bid out and buy the next dip on the 5min...; February 10, 2011 at 11:00 AM
I-Man said...: Zorn... PFFFFTTTTTT.; February 10, 2011 at 11:01 AM
Anonymous said...: Terry Robisky.
The yes man who started Jeff George.

foghorn; February 10, 2011 at 11:03 AM
A fixed income analyst to be named later said...: See you for the auction. Feel sick and need a nap.; February 10, 2011 at 11:04 AM
Anonymous said...: And we thought Jerra Jones was a greedy, worthless bastard.
Step up your game Boss Hog.

foghorn; February 10, 2011 at 11:05 AM
Anonymous said...: Jeff George- lol

and Zorn- the coach who wasn't allowed to call his own plays; February 10, 2011 at 11:05 AM
I-Man said...: That was such a tease...

I was really hoping to get a short runner. Those are the best, make your dough real quicklike, and can close up shop early.

Not to be.; February 10, 2011 at 11:06 AM
karen said...: just listened to this glen neely interview..

http://www.neowave.com/company-nov2010interview.asp; February 10, 2011 at 11:18 AM
karen said...: I just watched the Anderson Cooper clip on Letterman.. very interesting..; February 10, 2011 at 11:29 AM
I-Man said...: Maybe there is a nice short here...

Kinda smells fishy...; February 10, 2011 at 11:34 AM
AmenRa said...: Another failure to stay below the daily 3LB mid on the SPX. Mondays opening gap higher held as support. What is it going to take?; February 10, 2011 at 11:35 AM
I-Man said...: Nah... should just buy the next dip. Cant be overthinking this shit.

It is what it is.

BTFDMF; February 10, 2011 at 11:43 AM
AmenRa said...: If JNK is up and LQD is down then why is IQI down and MUB up? I thought JNK was similar IQI.; February 10, 2011 at 11:46 AM
A fixed income analyst to be named later said...: A flight to quality is beginning in munis. Hence MUB/IQI.

People sense that Meredith Whitney is correct. AGAIN. Voters do not want muni bailouts by increased taxation. People also know that income derived from home sales is flat. The states and cities are running out of time. This will be the second time in our lives we see Real Money panic (pension funds etc..). Should be fun, if you like watching elephant stampedes.

Corporate balance sheets are in much better shape than cities and states. So I sleep easily knowing my JNK is always going to catch a bid.; February 10, 2011 at 11:55 AM
karen said...: http://mrtopstep.com/2011/02/10/george-cavaligos-looks-at-odd-treasury-auction-week/; February 10, 2011 at 11:55 AM
karen said...: Molson Coors 4Q net falls 51% on lower beer volume, rising costs for taxes, ingredients http://yhoo.it/ewPaLk; February 10, 2011 at 11:57 AM
AmenRa said...: Gold has shrugged off earlier weakness and silver has retaken 30. CRB up also. Now where did I read that commodities were about to get sold hard?; February 10, 2011 at 11:57 AM
AmenRa said...: AFIA2BNL

Got it. Gracias.; February 10, 2011 at 12:00 PM
Anonymous said...: Warsh goes.

http://www.bloomberg.com/news/2011-02-10/fed-governor-kevin-warsh-resigns-bernanke-adviser-had-questioned-stimulus.html; February 10, 2011 at 12:13 PM
Anonymous said...: re: Coors

Volume sales down 1.9% globally.
Not my fault mon.

foghorn; February 10, 2011 at 12:20 PM
I-Man said...: @ 18

Try playing around with 34 or 35 with the Dow charts...; February 10, 2011 at 12:25 PM
Bruce in Tennessee said...: http://www.rttnews.com/CorpInfo/EconomicCalendar.aspx

Page 6....4AM....

...I couldn't help but notice the PPI for Norway released today is up 22.4% from 12 months ago....

our PPI on the 16th...

..Bernanke says ours will be contained..; February 10, 2011 at 12:27 PM
Anonymous said...: Interesting article on globull warming.
http://strata-sphere.com/blog/index.php/archives/15928

------------------------------------
"...We should have simply looked at the claims and wonder why was there such a mountain of panic from an ant hill of temperature rise? Think about it folks – they are wetting their pants of a supposed 0.8°C rise in temperature over 100 years! Forget about the fact we have been coming out of a mini Ice Age for 400 years (some warming is expected). Forget the fact there is no way to get this global accuracy today, let alone use sparse data from before the time of wide spread electricity (let alone indoors plumbing) to get a global temperature number over 100 years ago for comparison. Forget about the poor math and the cover up of the data proving they had no claim for long term comparisons. Forget about this handful of arrogant ignoramuses dominating their little backwater of science and duping the gullible.
0.8°C over 100 years?"
-------------------------------------

foghorn; February 10, 2011 at 12:31 PM
Anonymous said...: “Independently of its misdeeds, the mere power, the bare existence of such a power, is a thing irreconcilable with the nature and spirit of our institutions.”

Nicolas Trist, secretary to Andrew Jackson, writing on the privately owned Second Bank of the United States (Schlesinger, The Age of Jackson, p.102); February 10, 2011 at 12:35 PM
A fixed income analyst to be named later said...: B in T

The next PPI will represent PEAK FLATION. This will almost certainly be the day or close to the day of high yield at the LONG END, and the middle of next week should therefore be a bond buying opportunity.

The short end of course is controlled by THE WIZARD.; February 10, 2011 at 12:37 PM
Anonymous said...: foghorn-

all you need to know about the environment and environmentalists comes from Professor George Carlin

http://www.youtube.com/watch?v=EjmtSkl53h4; February 10, 2011 at 12:37 PM
karen said...: if correlations haven't broken down.. the spx is due for tumble.. was just noting EPI, THD.. FXA and SPX to follow? or will the former two bounce..

Breaking News
CIA chief Panetta tells Congress US debt, deficits are a threat to national security - Reuters; February 10, 2011 at 12:40 PM
Bruce in Tennessee said...: that is spooky news Karen...; February 10, 2011 at 12:46 PM
A fixed income analyst to be named later said...: CIA chief Panetta tells Congress US debt, deficits are a threat to national security

More Kabuki theatre. Send in the clowns.; February 10, 2011 at 12:47 PM
Anonymous said...: This is the most important auction since...

...yesterday

Bruce, I had to give Grand Rounds today, it's hard to talk at 7am.
Usually it is all I can do to sit upright and drink coffee.; February 10, 2011 at 12:49 PM
Anonymous said...: Send in the Clowns.
Paging Harry Wanger, please pick up the white courtesy phone.

foghorn; February 10, 2011 at 12:50 PM
Bruce in Tennessee said...: Lefty:

I know...I expected a groan from the Spooky news quip about the CIA, but nobody is awake or loves me anymore...

Oh, Say LA Vee....; February 10, 2011 at 12:51 PM
karen said...: BBC Business
Portugal denies borrowing problem http://bbc.in/e6Cwjz; February 10, 2011 at 12:51 PM
Bruce in Tennessee said...: Snowed again here overnight...rumor is that polar bears have been seen outside of town floating on ice they no longer have at the NP..; February 10, 2011 at 12:53 PM
karen said...: ".. it's hard to talk at 7am. Usually it is all I can do to sit upright and drink coffee."

I'd be willing to vouch for you on that.. LOL; February 10, 2011 at 12:55 PM
karen said...: all i know is that the market is going to do something.. and then some news item will be attributed to the move.. but it would have done it anyway, LOL.; February 10, 2011 at 12:57 PM
Bruce in Tennessee said...: A sex therapist wondered what the differences in religion would make with women when they reached climax. So he found a Protestant, Catholic, and Jewish woman who agreed to be monitored during sex.

The Protestant woman was first. At climax, she screamed,"Jesus!, Jesus!, Jesus!" over and over.

The Catholic woman was next. At climax,she screamed,"Mother Mary!, Mother Mary!, Mother Mary!" over and over until she was exhausted.

The Jewish woman was the last participant. At climax, she screamed," Pink! Pink! Pink!.....I think I'll repaint this room Pink!....."

Sorry, Karen....; February 10, 2011 at 1:01 PM
Anonymous said...: BinT
Same here, cannot wait for spring.
Pond iced up again this morning.
I HATE some winter.

foghorn; February 10, 2011 at 1:01 PM
karen said...: http://www.economist.com/node/18114537

Where are the workers?
Troubling trends behind the falling unemployment rate; February 10, 2011 at 1:06 PM
karen said...: Treasury sells 30-year bonds at 4.75% yield. 2.51 bid to cover 2.68 avg; February 10, 2011 at 1:07 PM
A fixed income analyst to be named later said...: A less exciting auction than yesterday but yields in line with Mr Market. So nothing to be alarmed about here.

Bid/Cover 2.51
Total Amount $16 B
Yield Awarded 4.750%

Staying in the channel between 4.6 and 4.8%, look for another yield spike next week, for the PPI on Wednesday. CPI Thursday.

Now, we need to make some money for the P/Ds. How about a bit of a risk-off jobby today, and then at 2pm we will also get the new POMO timetable so we can see who will be gaming what and when.; February 10, 2011 at 1:09 PM
I-Man said...: Karen, I-Man is in love with your 12:57...; February 10, 2011 at 1:14 PM
I-Man said...: BTW, bought a dip a few minutes ago... first one of the day.; February 10, 2011 at 1:18 PM
Bruce in Tennessee said...: Why is FNMA down 18% today? I didn't see the news..; February 10, 2011 at 1:22 PM
Bruce in Tennessee said...: Lefty,

I am with you about buying bonds next week.; February 10, 2011 at 1:24 PM
Anonymous said...: @foghorn (1:01)

There's always pond hockey ... http://familyfun.go.com/crafts/pond-hockey-goal-966477/

2s2b; February 10, 2011 at 1:28 PM
A fixed income analyst to be named later said...: http://www.bloomberg.com/news/2011-02-10/u-s-30-year-fixed-rate-mortgage-increases-to-5-05-highest-since-april.html

There is some kind of resolution coming for Fannie and Freddie and this will be announced on Friday. Don't forget that they are BK. I think we are about to hear about them being wound up. The question is who gets the toxic assets? Fire sale of the good mortgages to private equity? Clever scavengers like NLY and CIM getting them for pennies? Then send all the shitpiles back to the TBTF?

OK I am dreaming...; February 10, 2011 at 1:31 PM
karen said...: BloombergTV, Barclays' Ghezzi Says U.S. Stimulus Policy Is `Becoming Harmful' http://ow.ly/3U130; February 10, 2011 at 1:31 PM
Anonymous said...: I think it might be fun to trade some zero coupon Treasuries one way and hedge with TBT the other way. There will be no need to hedge once QE2 ends or some other kind of SHTF.; February 10, 2011 at 1:33 PM
18 said...: "I-Man said...
BTW, bought a dip a few minutes ago... first one of the day."

you mean you didn't buy the SPY dip below 131.40 this morning?

I'm saddened and disheartened!; February 10, 2011 at 1:37 PM
karen said...: zerohedge
Prominent Chinese Economist Advises Country To Sell Its $500 Billion In GSE Holdings Before QE2 Ends http://is.gd/KXSPLk; February 10, 2011 at 1:38 PM
I-Man said...: Ha!

I was trying to play by the rules...; February 10, 2011 at 1:39 PM
karen said...: GS sporting an H&S i think..; February 10, 2011 at 1:39 PM
karen said...: new high for aapl 360.00 (yesterday's 52 week high 359.00.. 52 week low 194.00) currently sellling off low of day 352.00

what is with all the .00s ??; February 10, 2011 at 1:43 PM
karen said...: aapl falling knife! hope jobs is okay.. geeze..; February 10, 2011 at 1:44 PM
karen said...: mini flash crash ? hopefully not jobs.; February 10, 2011 at 1:45 PM
karen said...: they say he died, now..; February 10, 2011 at 1:45 PM
Anonymous said...: anecdotal reports that nobody is lining up to buy the Verizon iphone; February 10, 2011 at 1:48 PM
karen said...: RUMOR: LTCM Founder Myron Scholes Retired From His Hedge Fund http://read.bi/fBVAx3; February 10, 2011 at 1:49 PM
I-Man said...: A lot of rumors going around lately...; February 10, 2011 at 1:50 PM
18 said...: SPY 1 min chart looks wacky today...

@I... I couldn't even guess which way it may go now, it's between most of my 18 fib levels.; February 10, 2011 at 1:51 PM
I-Man said...: Something tells me thats just how the Market wants it, 18...; February 10, 2011 at 1:53 PM
karen said...: zerohedge
Stratfor Reports Mubarak Has Already Left Country, Speech Prerecorded http://is.gd/TAyQea

seriously.. we need a rumor gauge!!; February 10, 2011 at 1:53 PM
karen said...: BreakingNews
Mubarak will announce constitutional procedures before handing over powers - al Arabiya; February 10, 2011 at 1:56 PM
Bruce in Tennessee said...: Where did you see the Jobs notice, K?; February 10, 2011 at 1:57 PM
I-Man said...: The one I heard this morning was that the Saudi King is dead.

Yesterday it was PTJ calling a top.

Today its Steve Jobs is dead.

I'm thinking aliens will reveal themselves as head of the World Bank tomorrow.; February 10, 2011 at 1:57 PM
karen said...: actually that was a reutersflash..; February 10, 2011 at 1:57 PM
Jennifer said...: On the radio (before I got home and back to the computer) the egypt rumor of the minute was that Mubarak was refusing to leave after all.; February 10, 2011 at 1:59 PM
karen said...: Bruce, the Jobs news is totally unconfirmed and wretched.. people grasping to explain a rapid 12pt drop in aapl..; February 10, 2011 at 1:59 PM
karen said...: Jenn.. the mubarak rumours are all over the map..; February 10, 2011 at 2:00 PM
Anonymous said...: I'm thinking aliens will reveal themselves as head of the World Bank tomorrow

you guys are always behind the ball

http://www.emirates247.com/news/ufo-white-ball-over-dome-of-rock-2011-02-03-1.351281; February 10, 2011 at 2:00 PM
karen said...: we are in the psychology of uncertainty right now.. reminds me of the eye of AR's creditcane.

i remarked yesterday, or earlier in the week, how twitchy the traders were..; February 10, 2011 at 2:01 PM
karen said...: anon @ 2.. LOL.. i almost posted that pic yesterday : ); February 10, 2011 at 2:02 PM
karen said...: another rumor! Dish Shares Jump After Credit Suisse Says AT&T May Bid http://bloom.bg/e9sPDa; February 10, 2011 at 2:03 PM
karen said...: Jason Ruchel
all grains dumping into the close...corn now red on day after new highs on year; February 10, 2011 at 2:03 PM
I-Man said...: BTFDMF...

The only rumor you need.; February 10, 2011 at 2:04 PM
Jennifer said...: New POMO schedule out...no wonder we're up more...; February 10, 2011 at 2:05 PM
karen said...: finally, a fact! Breaking News
Oklahoma records all-time cold-weather mark this morning: 31 degrees below zero at Mesonet - NewsOK http://bit.ly/i0YbOK; February 10, 2011 at 2:05 PM
Anonymous said...: watch the video

was probably John Titor; February 10, 2011 at 2:05 PM
karen said...: i cannot believe this website exists: http://www.isstevejobsdead.com/

jobs must have an amazing sense of humor..

After I'm dead I'd rather have people ask why I have no monument than why I have one.

Cato the Elder
Roman orator & politician (234 BC - 149 BC); February 10, 2011 at 2:09 PM
Anonymous said...: WFMI
may be a good short next week; February 10, 2011 at 2:18 PM
karen said...: new video: 100y bond 1000y bond what's the difference http://ping.fm/pysf1; February 10, 2011 at 2:32 PM
Anonymous said...: Back to these levels... again

http://stockcharts.com/h-sc/ui?s=$BPSPX:$VIX&p=D&yr=2&mn=0&dy=0&id=p87574561966; February 10, 2011 at 2:34 PM
Anonymous said...: Be a yardstick of quality. Some people aren't used to an environment where excellence is expected.

Steve Jobs; February 10, 2011 at 2:35 PM
Colin said...: Pain train in KCC land. Long bond won't quit. Holding tight.; February 10, 2011 at 2:36 PM
A fixed income analyst to be named later said...: The boys over at Macro Man refer to these days as "donning the Kevlar gloves". Having been through this before (Jan and Apr 2010), the Death of Treasuries talk and general Slough of Despond around Fixed Income this week does seem all too familiar. Sentiment extremes, we embrace Ye.

Having serious thoughts about Zero Coupon Ts, but we have to be VERY sure before we go down that road.; February 10, 2011 at 2:40 PM
Anonymous said...: Monster move in USDJPY.; February 10, 2011 at 2:42 PM
karen said...: New blog post: Real money buying EUR/USD on dips http://www.forexlive.com/166112/all/real-money-buying-eurusd-on-dips-2

BTW.. today will make USOs third straight close under its 100 MA..; February 10, 2011 at 2:42 PM
Anonymous said...: We would like to introduce K to Treasury STRIPS.

:-); February 10, 2011 at 2:45 PM
Jennifer said...: Now would be a great time for a sell-off into the close...you know, just to mix it up a little.; February 10, 2011 at 2:53 PM
karen said...: Ecuador's 2010 Crude Oil Output 486,088 B/D
2:50 PM ET 2/10/11 | QUITO (Dow Jones)--Ecuador's average crude oil output last year was 486,088 barrels a day, virtually unchanged from the 486,049 b/d registered in 2009, the Central Bank reported.

The country's total 2010 oil production was 177.42 million barrels.

Petroecuador averaged 301,216 b/d last year, while the remainder was produced by private companies operating in Ecuador.

Oil is Ecuador's main export and the government's main revenue earner.

In January, Ecuador's government concluded almost three years of negotiations aimed at gaining more control over its natural resources and increasing its oil revenue by replacing production-sharing deals with services contracts.

The new contracts turn the companies into service providers for the exploration and extraction of hydrocarbons.; February 10, 2011 at 2:53 PM
I-Man said...: Selloff into the close?

BLASPHEMY.; February 10, 2011 at 2:56 PM
karen said...: zerohedge
GE has lost $50 million on CSCO today. Yes, GE; February 10, 2011 at 2:57 PM
I-Man said...: But it will probably look like it will selloff into the close, just enough to get some shorts on board, and then the big boys come out with extended clips in the uzis.; February 10, 2011 at 2:58 PM
Giles Straightarrow said...: Jennifer said...
Now would be a great time for a sell-off into the close...

We are using the suction device in the emerging markets.
It isn't quite ready for US applications.

No, please don't touch that !!; February 10, 2011 at 2:59 PM
karen said...: oops.. wasn't csco supposed to hold 19?

and that aapl show earlier was an view into how tight stops are to lock in profits, imo..; February 10, 2011 at 3:02 PM
Anonymous said...: U.S. Stocks Retreat on Concern Over Cisco's Margin, Inflation - BBG

US Stocks Retreat on Boredom, Low Volume and Lack of Yield

Doesn't really have the same ring, does it?; February 10, 2011 at 3:09 PM
Jennifer said...: Seems like Egypt has the potential to get out of hand in the AH.; February 10, 2011 at 3:12 PM
I-Man said...: MA has already put out two new pieces this week, if anyone is interested:

http://www.martinarmstrong.org/economic_projections.htm

Of course, pay him no mind, he's just a kook...; February 10, 2011 at 3:15 PM
Jennifer said...: AAPL continues to go down...; February 10, 2011 at 3:18 PM
Bruce in Tennessee said...: Mr. Straightarrow may have a touch of Peyronie's disease, methinks..; February 10, 2011 at 3:23 PM
Jennifer said...: Ouch!; February 10, 2011 at 3:24 PM
I-Man said...: Go make us some coffee, Giles.; February 10, 2011 at 3:24 PM
I-Man said...: Black and sweet, like my ladies.; February 10, 2011 at 3:24 PM
Giles Straightarrow said...: Certainly not !!

You should ask the ladies whether curvature is a real phenomenon.; February 10, 2011 at 3:25 PM
Anonymous said...: Always remember
The angle of the dangle
is in direct proportion
to the heat of the meat.; February 10, 2011 at 3:28 PM
Anonymous said...: commonly see this type of price action after a breakout out near the apex of the triangle:

http://2.bp.blogspot.com/_OpWmYZm7O8I/TUxg3AprrxI/AAAAAAAADpM/vd8VbQXGTHU/s1600/001-binve_01.png; February 10, 2011 at 3:29 PM
karen said...: speaking of diseases you can catch in NYC:

http://www.nytimes.com/imagepages/2011/02/10/nyregion/disease-graphic.html?ref=nyregion; February 10, 2011 at 3:31 PM
I-Man said...: Not what?

The coffee, or the ladies?; February 10, 2011 at 3:32 PM
Bruce in Tennessee said...: Just my hobby, but this action looks weak to me week after week. Interest rates are generally higher...commodities are higher..at least some countries are reporting alarming PPI's...I don't see the retail buyer jumping in like the tech bubble, even in this very manipulated FED environment...

..I suppose I could go play in the sandbox..; February 10, 2011 at 3:32 PM
Bruce in Tennessee said...: We know you have a way with the ladies I...; February 10, 2011 at 3:34 PM
Giles Straightarrow said...: Not the disease, the curvature... !!

I can bring coffee from Lloyd's Zanussi machine.; February 10, 2011 at 3:35 PM
Anonymous said...: I don't see the retail buyer jumping in like the tech bubble

But the Street and the media will keep on trying to lure them.; February 10, 2011 at 3:36 PM
Bruce in Tennessee said...: Lefty,

Curvature in ladies is a very real phenomenon..; February 10, 2011 at 3:36 PM
I-Man said...: Thanks for reminding me, Bruce...

Mrs I would not be pleased.; February 10, 2011 at 3:36 PM
Giles Straightarrow said...: Or is it a Zamboni? I forget. NO, that was Stevie Cohen.; February 10, 2011 at 3:36 PM
Anonymous said...: Curvature in ladies is a very real phenomenon..

Says the plastic surgeon !; February 10, 2011 at 3:37 PM
Bruce in Tennessee said...: Obama holding a placard that says GAME OVER in regards to Egypt..

Who knew?

http://www.cbsnews.com/; February 10, 2011 at 3:40 PM
Bruce in Tennessee said...: http://www.cbsnews.com/2300-202_162-10006594-7.html; February 10, 2011 at 3:41 PM
Anonymous said...: Talk about freudian slips

http://www.rawstory.com/rs/2011/02/clinton-legalize-drugs-too-much-money/

-------------------------------

"...Asked by Denise Maerker of Televisa what she thought of drug legalization, Clinton said it was unlikely to work.

"There is just too much money in it," Clinton said. "You can legalize small amounts for possession, but those who are making so much money selling, they have to be stopped. They can’t be given an even easier road to take, because they will then find it in their interest to addict even more young people."..."

----------------------------------

Just damn
Too much money for whom?

foghorn; February 10, 2011 at 3:44 PM
Anonymous said...: Even after a 14% drop, CSCO is less attractive than Bruce.
Which obviously is saying something.; February 10, 2011 at 3:44 PM
Anonymous said...: Today is a bit of a bore. Which earnings are going to suck next?
As always the interesting thing to watch is the Friday action.

Do people fear being long almost as much as being short?
Or does nobody care about this market any more?
We will find out tomorrow by about 3pm.; February 10, 2011 at 3:46 PM
Anonymous said...: COLD STEEL didn't show up for work today.
The more often that happens, the bolder Mr Shorty becomes.; February 10, 2011 at 3:48 PM
Bruce in Tennessee said...: In my grand wisdom oh assembled multitude, I listened to the great seers and prophets of 2001-2 who told me that big tech had had its day in the sun. I, Grasshopper, took that advice to heart. I did know that John Chambers was not a bubba I would want running my business. Now I did NOT know that Steve Jobs would have more brains than Albert Einstein on a coffee high...but he is certainly OOTO. (Out of the Ordinary)...; February 10, 2011 at 3:49 PM
Anonymous said...: Speaking of staying away from fucking plastic surgeons.
BEFORE
http://www.thebuzzmedia.com/wp-content/uploads/2007/10/jenna_jameson_hot.jpg

AFTER
http://laurielovesyou.files.wordpress.com/2010/09/jenna-jameson-oscar-gala-01-thumb.jpg

Just say NO.

foghorn; February 10, 2011 at 3:50 PM
I-Man said...: I dont know how I keep dodging these bullets... I guess cutting loose at 3:40 is saving my ass.; February 10, 2011 at 3:51 PM
Jennifer said...: Is this really the best Egyptian translator we can find? I can't understand a word the guy is saying. Doesn't seem like he is leaving though.; February 10, 2011 at 3:54 PM
I-Man said...: I'm toying with a new strategy of just booking gains and getting out as fast as possible.

If up a few ticks, immediately moving stop up to even, if up 7, stop protects 5, if up 10 ticks, stop is immediately moved to protect the 10.

If clipped out at up 10, who cares?

If your stop is protecting 10, and it turns to 15, you move it up again...

No way you can lose getting clipped out with gains.

Of course, this assumes that your entries are good, if your entries suck, this wont work.; February 10, 2011 at 3:55 PM
Bruce in Tennessee said...: http://finance.yahoo.com/news/January-deficit-grows-by-50B-apf-1040737723.html?x=0&sec=topStories&pos=main&asset=&ccode=

January deficit grows by $50B, on pace for $1.5T; February 10, 2011 at 3:55 PM
I-Man said...: The retracements lately have been a real PITA...

As referenced by the action 10 min ago.; February 10, 2011 at 3:56 PM
karen said...: BergenCapital Mike Bergen
Rumor: Top 30 under 30 e-minis futures trader Don Nitti calls a 2011 top in the S&P 500.; February 10, 2011 at 3:56 PM
Anonymous said...: Until tomorrow, peep.

Positions will be closed out tomorrow. Maybe by lunch.
It has been a long cold and exhausting week in NYC.; February 10, 2011 at 3:58 PM
AmenRa said...: That move on the SPX just blew through a ton of stops.; February 10, 2011 at 3:59 PM
Anonymous said...: What is the national perception of the Boss Hog SuperBowl?

Jerra is getting ripped pretty good locally.
I thought presentation sucked as usual, but game was pretty good.

http://www.startelegram.com/2011/02/08/2833926/dfw-dropped-the-ball-during-super.html

foghorn; February 10, 2011 at 4:00 PM
Bruce in Tennessee said...: http://ftalphaville.ft.com/blog/category/capital-markets/

Return of the ECB bond purchases…

After a two-week hiatus, the European Central Bank is back; reportedly intervening to buy up Portugese bonds on Thursday after yields on the Club Med debt surged.; February 10, 2011 at 4:01 PM
AmenRa said...: AAPL probably down because there were no long lines at Verizon. The iPhone went on sale today. Current excuse is that the majority of people who wanted one ordered online.; February 10, 2011 at 4:01 PM
Anonymous said...: Closed red again, ladies.

Just sayin'....; February 10, 2011 at 4:02 PM
AmenRa said...: Bruce

Word was that the ECB was forced to buy the bonds.; February 10, 2011 at 4:02 PM
Bruce in Tennessee said...: Yep. Amen, I think people just forget about peripheral Europe...but it sure doesn't seem to go away..; February 10, 2011 at 4:04 PM
karen said...: i cannot believe the last two, 5 min periouds of the market close.. that was wild.. who ever is running those buy programs is going to lose.; February 10, 2011 at 4:05 PM
A fixed income analyst to be named later said...: EURUSD in Wile E Coyote territory. Irish election will get the ball rolling, if there are no other peripheral bond blow-ups. Wall of maturity dead ahead for many of these bond issuers.

Obviously maturity is not something we worry about.; February 10, 2011 at 4:06 PM
Anonymous said...: Didn't the market close red...?

Smirk...; February 10, 2011 at 4:07 PM
Jennifer said...: In color only. And only the Dow. This is ridiculous!; February 10, 2011 at 4:10 PM
Anonymous said...: http://www.imagesocket.com/view/2011/01/21/panties510jpgyedh.jpg

there ya go boys; February 10, 2011 at 4:11 PM
I-Man said...: @ Anon

You call that RED?

I call that FLAT...

But I hear ya... it wont green.; February 10, 2011 at 4:13 PM
I-Man said...: The same folks playing buy programs play the other side too...

Often wondered if its as simple as flipping a switch, or clicking a mouse.

The danger, is that we all have the same charts...

Pack 'o Dogs.; February 10, 2011 at 4:14 PM
Anonymous said...: Flat, FLAT
I was learnt as a young lad,
that more than a mouthful
is a waste.
Waste not/want not.
Or something like that.; February 10, 2011 at 4:17 PM
karen said...: http://www.bespokeinvest.com/thinkbig/2011/2/10/emerging-markets-not-participating-in-global-rally.html; February 10, 2011 at 4:18 PM
Anonymous said...: Forex & Bonds Last Change Change %
EUR/USD 1.3595 -0.0129 -0.94%
USD/JPY 83.25 +0.89 +1.08%
GBP/USD 1.6094 -0.0005 -0.03%
5-Year Treasury 2.397 +0.081 +3.50%
10-Year Treasury 3.708 +0.066 +1.81%
30-Year Treasury 4.773 +0.078 +1.66%
http://finviz.com/

I-Bro,

how's that day-trading working out ?

are you sure it's compatible w/ "Jah/'One Love'" ?

AAIP; February 10, 2011 at 4:24 PM
AmenRa said...: karen

The last two 5 min candles is a way to remind those who doubt their power of what they can do to the market. That or another hedge fund closed shop and waited until the close to liquidate.; February 10, 2011 at 4:24 PM
A fixed income analyst to be named later said...: EEM has support at 44. That would be a JBTFD.
Until we get there, PARTY ON, Garth.

Looking ahead we have a light data week and PPI on Wednesday. Absent some offshore meltdown that usually means we have a bullish M/Tu. You really can't see Treasuries finding much enthusiasm, the PPI will probably be priced in by the time it arrives. So bearish Ts.

Resolution of Egypt - precious metal sell-off? Just a thought.; February 10, 2011 at 4:26 PM
Anonymous said...: http://peoplesworld.org/j-p-morgan-chase-forecloses-on-active-duty-troops/
------------------------------------

"...Over 4000 families were affected.

"We failed to comply with aspects of the law," said Stephanie Mudick, a vice president of the bank at a recent hearing, offering an apology to the troops.

However some lawmakers were not satisfied writes the Wall Street Journal, "California Rep. Bob Filner, the top Democrat on the panel, made it clear he doesn't think an apology is enough.

"You broke the law. How are we going to hold you accountable?" said Filner. "Everything is impersonal. Nobody is ever responsible and yet these people's lives are turned upside down. You can't just apologize...and then, this is over."...

---------------------------------
Blythe at it again.

foghorn; February 10, 2011 at 4:28 PM
karen said...: cmg up 17 pts in ah.. cake not so much.. i'm just shaking my head..; February 10, 2011 at 4:32 PM
Anonymous said...: Fixxy,

these Rates are lookin' to get 'out of Control', no?

pretty soon, we're going to be looking for a different 'Playbook', yes?

AAIP

After Hours: 88.41 +0.22 (0.25%) 4:16PM EST
http://finance.yahoo.com/q?s=TLT; February 10, 2011 at 4:35 PM

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Morning Corner 2.10.11

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