TRADERS ANONYMOUS: Morning Corner 3.15.11

Morning Corner 3.15.11

AH views (10 hours to open)...

ES (weekly info)
-no change (below mid)
trend=up
high= 1342.50
rev= 1289.50; mid= 1315.63

It's a little after 23:00 ET and it's a bloodbath in the futures. If somehow this turns around before the open I will be astounded. Pictured is a 15 min chart of the AH carnage.

Nikkei Futures (weekly info)
WEEKLY REVERSAL new low 10005.00
trend=no
direction=down (1 bar)
low= 10005.00
rev= 10830.00; mid= 10417.50

Nikkei Futures oddly enough was a week behind in having a weekly 3LB reversal down. It's looking like this week will be confirmation. This is a log chart so that candle is no joke. Most of the Asia markets are participating in this move down. It's 23:19 ET so it's still early in the trading session and the final move down is not yet known.

TED Spread
Things are also not well in euroland...

250 comments:

«Oldest ‹Older 1 – 200 of 250 Newer› Newest»

CV said...: With all the crazy stuff going on, it doesn't even seem right doing this... But in any case, I've set up an NCAA Bracket Tournament on YAHOO...

If you missed the announcement, here's the link for anyone to sign up...

---

http://tournament.fantasysports.yahoo.com/t1/register/joinprivategroup_assign_team?GID=145169&P=blackswanzbitchez

Use this info...

Group ID# 145169
Password: Blackswanzbitchez; March 15, 2011 at 4:32 AM
CV said...: Also -

I've been reading an watching a lot on the crisis... As always, it's hard to sift through what's utter bull****, and what's useful information...

Whenever I can, I'll post things that, IMO, might be intelligent and useful for readers here... In saying that, if someone reads something and happens to KNOW that it is false or misleading, PLEASE SPEAK UP... I think we're all served by getting as close to THE TRUTH as possible (and as most know - "The Ministry of Truth" - isn't a very reliable source)...; March 15, 2011 at 4:37 AM
CV said...: Here was something that I felt informative...

...on the radiation creeping over Tokyo

Normal is ~ 0.15 uSv (microSieverts, or millionths of Sievert) per hour. It varies widely.

A dose of 1-2 Sieverts will have you puking. Once you get past 2 Sieverts you start seeing serious illness and possibly death, after about 50 Sieverts you'ce pretty much certain to die. You can tolerate more radiation if it's a low dose over a long time than a higher dose for a short time.

So let's call 1 Sv "bad," and let's also give you a week to get to that dose (figure evacuating, etc). A week has 168 hours in it, so a dose rate of 1 Sv/168 = 0.00595 Sv / hour is our "bad" threshold. I'll round to 0.006 to make life easy; this is 6 mSv (milliSeiverts) or 6000 uSv (microsieverts.)

So, 6000 uSv / 0.15 uSv (our background) = 40,000 X normal background.

This is for acute radiation sickness. Cancer, infertility, and the like can happen at much lower levels, indeed _any_ ionizing radiation increases mutation rates and theoretically increases cancer risk. Quite a few consider 100 mSv as the cut-off, that's one-tenth of a Sievert, and would make the cut-off 4,000X normal background.

Watching the radiation meters today, I saw one prefecture hit 4,200 nGy (nanoGrays). Four our purposes Sieverts and Grays can be used interchangably. 4200 nGy is approximately 4.2 uSv, about 28X normal background levels.

If you want perspective, the hot zone around Chernobyl during the accident was ~ 3600 Sv.

That's 24,000,000,000 (24 Billion) times normal background radiation.

If I were in Tokyo, I'd be concerned, hell, I probably would be packing, but I wouldn't be panicing just yet. Radiation levels would need to be more than 100 times what's been measured away from the plant to get to a consequential level.; March 15, 2011 at 4:38 AM
CV said...: I posted this for LB last week before he was thinking about jumping in and buying the Nikkei...

http://dawnwires.com/investment-news/financial-impact-of-japan-tsunami-based-on-past-events/

---

Looks like THIS TIME, we might have gone directly to jail (do not pass go - do not collect $200)...; March 15, 2011 at 4:42 AM
CV said...: ...a pretty good blog (having decent info on nuclear disaster risks)...

http://theautomaticearth.blogspot.com/2011/03/march-13-2011-how-black-is-japanese.html; March 15, 2011 at 4:44 AM
CV said...: Oh...

& I posted this yesterday on WEATHER PATTERNS...

Latest Pacific Trajectories From the Japanese Reactor

http://cliffmass.blogspot.com/2011/03/latest-pacific-trajectories-from.html; March 15, 2011 at 4:48 AM
CV said...: ...35,676,000 people in the greater metro [Tokyo]area...

That's close to the ENTIRE population of Canada...; March 15, 2011 at 4:53 AM
CV said...: CRAMER says "buy CAT"...

What a douche!; March 15, 2011 at 5:13 AM
Anonymous said...: 30yr Bond 122.1250 +1.3750 +1.14
10yr Note 120.187500 +0.500000 +0.42
NY Gold 1407.5 -17.4 -1.22
NY Silver 34.715 -1.125 -3.13
Emini S&P 1262.0 -33.5 -2.59
Emini Nasdaq 2231.00 -61.00 -2.66
Emini Dow 11732 -256 -2.14
US Dollar
76.931
+0.582 +0.75%

AAIP

Chip Prices Jump; Global Manufacturing Chain Disrupted
March 15th, 2011

Here we go.

Via: Reuters:

Prices for key technology components extended gains on Tuesday, as damage at Japanese plants and infrastructure caused by Friday’s devastating earthquake and tsunami threatens to disrupt the global manufacturing chain longer than many had expected.

Dozens of Japanese firms from component makers to electronics firms and automakers are keeping their plants shuttered, while damage to infrastructure including power, roads, rails and ports will take months to repair.

The prospect of prolonged supply disruptions sent global companies scrambling for alternative sources of high-tech components in particular, a sector where Japan is still a dominant player.
http://cryptogon.com/?p=21149

AAIP; March 15, 2011 at 6:40 AM
Bruce in Tennessee said...: today's events show why most commentators are of the ready fire aim variety. most of the msm thought this wouldn't be much of a global event. I think next time I major in economics....!

patience; March 15, 2011 at 7:05 AM
Bruce in Tennessee said...: http://www.foxnews.com/politics/2011/03/14/obama-urged-seize-reins-crises-pile/

"Gardiner called the U.S. position an "unusual abdication of leadership by the world's only superpower." Though the administration wants any potential intervention to have a broad base of support, Gardiner said that whenever the United States steps aside on an international crisis, it creates a "vacuum" and can become an excuse for "inaction."; March 15, 2011 at 7:19 AM
Bruce in Tennessee said...: "TOKYO, March 15 (Reuters) - Japan's Nikkei share average plunged 10.6 percent on Tuesday, posting the worst two-day rout since 1987, as hedge funds bailed out after reports of rising radiation near Tokyo. Many mutual funds were left on the sidelines, leaving them poised to dump shares into any rebound."; March 15, 2011 at 7:30 AM
Bruce in Tennessee said...: this should give Hussman's hedged funds a boost today...; March 15, 2011 at 7:31 AM
Anonymous said...: "Tokyo Shoppers Strip Stores as Nuclear Risk Sparks Panic"- Bloomberg

http://www.bloomberg.com/news/2011-03-15/japanese-consumers-empty-supermarket-shelves-as-soon-as-supplies-arrive.html

those shelves look pretty empty; March 15, 2011 at 7:45 AM
Anonymous said...: Pre-Market Real-Time: 18.84 -1.08 (-5.42%) 8:01AM EDT

http://finance.yahoo.com/q?s=GE&ql=1

ibid.; March 15, 2011 at 8:03 AM
Anonymous said...: ahab,

re:
http://finance.yahoo.com/q?s=DNN&ql=1

yesterday, I didn't get Long, was following it after you mentioned it..

AAIP

GE Shares Dive Again In Pre-Market; Merkel Takes Nuclear Plants Offline
http://finance.yahoo.com/news/GE-Shares-Dive-Again-In-siliconalley-181911269.html?x=0&.v=6; March 15, 2011 at 8:07 AM
Anonymous said...: hoffer-

any dip buyers who bought GE . . .hopefully they unloaded the stock yesterday before the market closed

re DNN- sold before I left for my office- nice little trade-

sold the SSO when I left too- small loss . .

today- my instinct would be to sit on my hands and not try to 2nd guess how to "play" the market; March 15, 2011 at 8:14 AM
Anonymous said...: Tim Knight's take on PM's

"Precious metals are going to get gang-raped; again, with no lube."

quite poetic- lol; March 15, 2011 at 8:18 AM
AmenRa said...: http://www.bloomberg.com/news/2011-03-14/tokyo-electric-confirms-explosion-at-fukushima-nuclear-plant.html

quote from article:

The building that houses the No. 4 reactor at Tokyo Electric’s Dai-Ichi nuclear plant has two holes in it and water in the spent fuel pool may be boiling, Hidehiko Nishiyama, deputy director-general of Japan’s Nuclear and Industrial Safety Agency, said in Tokyo.

“If it is boiling, the water level will drop and hydrogen will be released,” Nishiyama said.; March 15, 2011 at 8:21 AM
Anonymous said...: ahab,

good to hear, was 'doing the Math' .16/2.39, and was thinking ~'that should be Good.'

and re: 'dip buyers', here:
http://finviz.com/quote.ashx?t=GE&ty=c&ta=1&p=d

that stock has 'issues', it, already, broke the uptrend..

Maybe, it'll 'chill out' 'round ~18..

AAIP; March 15, 2011 at 8:21 AM
Anonymous said...: Jim Cramer- "Japan -- I'm a Buyer"

http://www.thestreet.com/story/11043237/1/cramers-mad-money-recap-japan--im-a-buyer-update-1.html; March 15, 2011 at 8:22 AM
ben22 said...: @AT,

re: 800

I know the feeling all too well, it will be oh so unforseen when we get there.; March 15, 2011 at 8:22 AM
Anonymous said...: SLV down almost 6%; March 15, 2011 at 8:30 AM
ben22 said...: It's quite interesting to me how many people that are constantly telling you to go with the trend are ever so excited to call the bottom of this correction.

When I went to bed last nite futes were pretty bad but I haven't woken up to something like this since 09.

Clearly going right through that 1270 zone so I'd think we get a small bounce here for the d wave pretty soon.

from the last thread, re: Japanese jokes

I'm with I-man on this one.; March 15, 2011 at 8:32 AM
ben22 said...: yeah, so much for SLV calls, lol.; March 15, 2011 at 8:32 AM
Anonymous said...: "If Market Keeps Falling, Fed Will Keep Printing: 'Dr. Doom'"- CNBC

"Falling stock prices will be met only with more money injections from the Federal Reserve, Marc Faber, the so-called "Dr. Doom," told CNBC."; March 15, 2011 at 8:33 AM
ben22 said...: also, Steve Liesman = giant prick; March 15, 2011 at 8:34 AM
Anonymous said...: b22- Tim Kight's take on today- FWIW:

"I've got a plan. Short the f*ck out of everything on a push to 1280."

it appears he, you and I-Man are on the same page; March 15, 2011 at 8:35 AM
Jennifer said...: I was reading over last night's thread & comments. CV wrote something about the spent fuel and how a particularly bad scenario would be a fire where that is stored. I would swear that someone on Bloomberg said that there was a fire in that very place while I was fixing lunches this morning. If this doesn't get controlled quickly people everywhere are going to stop worrying about how to trade this thing and start worrying about what they need to do to prepare.; March 15, 2011 at 8:36 AM
Jennifer said...: So...the world is melting down, but NFLX is up? All those Japanese people who are told that it isn't safe to go outside are going to watch streaming video? Oh wait, they don't have electricity.; March 15, 2011 at 8:38 AM
Anonymous said...: Jennifer-

re nflx- GS upgrade- seems funny in light of everything that is going on; March 15, 2011 at 8:42 AM
Jennifer said...: Gold is looking a little radioactive this morning.; March 15, 2011 at 8:44 AM
ben22 said...: Ahab,

I need to give credit to Andy big time because his charts have been the same for about 5 months now for the most part and I was working heavily off of them, even back then his charts were building up for this move, none of us of course knew there would be a disaster like this though.

I think the big meet of this move is above over now though....but we'll see, it always had the potential to develop into something more ominous, where we just stair step down for 12 months now, each time we move up bulls will JBTFD thinking it's all over, and if recent history is a guide, they'll be telling you the trend is up all the way down.; March 15, 2011 at 8:44 AM
ben22 said...: big meat, that's supposed to say

what a phrase to typo......; March 15, 2011 at 8:45 AM
Anonymous said...: "they'll be telling you the trend is up all the way down."

that's funny

so . . .you don't like the short idea on a push to 1280?; March 15, 2011 at 8:46 AM
Jennifer said...: From February 1st... (Andy posted this then, but it seemed particularly appropriate to repost.)

Only a few times per decade is a market poised for a drastic change in behavior and trend. The S&P is in such a situation right now, where the size and speed of its future move could be so large and so fast that it suggests a MAJOR, national or international EVENT is looming. Based on timing parameters, this could begin any day from now until about mid February. It could start from either a higher or lower level than the S&P is trading at right now (1303 Mar.). The last time I stated such a thing was on a radio interview with Ike Iossif just 1-2 weeks before September 11, 2001.

Let me make it clear, I have NO IDEA what THE EVENT will be, but it is important to be aware of this possibility and prepare accordingly. Based on wave structure, once the S&P's "bull market" rally is over, a new decline should return it to 11100 (that is a 200 point drop or nearly a 20% decline) in less than 3 months! If and when that occurs, it will confirm the S&P has begun a 1-2 year bear market that will eventually place the S&P back in the 800-900 range!

Glenn Neely
NEoWave, Inc.; March 15, 2011 at 8:49 AM
Anonymous said...: from the last thread, re: Japanese jokes

I'm with I-man on this one.

March 15, 2011 8:32 AM

x2

AAIP; March 15, 2011 at 8:50 AM
Anonymous said...: ...Earlier Prime Minister Naoto Kan urged all Japanese living within a 30 kilometer radius of the plant to stay indoors. He also called for calm and added that he would head an integrated headquarters made up of government officials and representatives from the plant's operator Tokyo Electric Power Co (TEPCO) for handling the nuclear crisis.

"There is still a very high risk of more radiation coming out," Kan said.

Chief Cabinet Secretary Yukio Edano said higher levels of radiation recorded near the plant could have an adverse impact on human health. Hence people should go as far away as they could to avoid the threat of radioactive contamination.

"Now we are talking about levels that can impact human health. (The) further away you get from the power plant or reactor, the value should go down," Edano added.

Meanwhile, the International Atomic Energy Agency (IAEA) said efforts to put out the fire at the spent fuel storage pond of the Fukushima No.1 plant had succeeded.

Earlier an IAEA statement said the blaze at the plant had resulted in radioactivity being released "directly" into the atmosphere. Based on information provided by Tokyo, the U.N. nuclear watchdog said dose rates of up to 400 millisievert per hour had been reported at the power plant site...
http://news.ino.com/headlines/?newsid=31520110540

Japan Still Battling Threat Of Nuclear Contamination
4 minutes ago

(RTTNews)

ibid.; March 15, 2011 at 8:55 AM
Jennifer said...: I have an options question -- I don't want trading advice here, but some framework for how to evaluate the decision. I own the May 120 SPY puts. I don't usually buy OTMs because I've had bad experience with them before. (So why this time? Anticipating the end of whatever wave we may or may not be in, I guess.) I've found that the "theoretical pricing" and the real world don't line up too often. I bought these things the day after the 1344 peak and they have basically waffled between plus 15% and minus 15% ever since. Basically it seems that you need price to move in a straight line or the chop destroys the value of the option. So, I'm planning to sell into "strength" this morning, even though they won't be ITM, they should be in the green for me. I imagine, that barring the complete destruction of the main island of Japan, that there will be a relief rally of some sort, and even if we do only get to Tim Knight's 1280 that will crush these stupid things again. Am I missing anything here? Thanks.; March 15, 2011 at 8:56 AM
ben22 said...: Ahab,

I like the idea of his trade if we get that bounce, as I said last few days, I'll add to my shorts there as well, but I think you have to have a very good exit plan there, I'm not yet so confident that the run that started in 09 is completely over yet.

I guess the bottom line is, unless you are trading intraday like the I-man, it's not time to go long yet imo.; March 15, 2011 at 8:57 AM
Anonymous said...: another picture of store shelves in Japan:

http://www.bloomberg.com/apps/data?pid=avimage&iid=iuD90WASV_IM; March 15, 2011 at 8:58 AM
M E Hoffer said...: speaking of Au ..

http://quotes.ino.com/chart/?s=NYMEX_GC.J11.E

that's some 'Clavadista de Oro' ..

AAIP; March 15, 2011 at 8:58 AM
Anonymous said...: J-

see some of:
http://search.yippy.com/search?input-form=clusty-simple&v%3Asources=webplus&v%3Aproject=clusty&query=Options+Trading+vega

AAIP; March 15, 2011 at 9:01 AM
ben22 said...: Jennifer,

I think in general you've got it right. I suppose you could put a more complex trade on and leave the position alone, but if you are just keeping it simple I think you have it.

lets say for example that Andy's charts do play out

those puts would expire worthless

only time I ever really got paid on big OTM options was in 2008, otherwise, you can have general direction right and lose money on them easily.; March 15, 2011 at 9:03 AM
karen said...: Good morning, all!

Jennifer, I have those two paragraphs screen saved on my lap top..

I leery and confused by all the JBTFD and snapback talk.. that is how conditioned everyone is.. the market can only go up and this is your big chance to buy in.; March 15, 2011 at 9:04 AM
Jennifer said...: A rise back to 1280 would put us right under that trendline I pointed out yesterday. Perfect short oppty.; March 15, 2011 at 9:06 AM
Jennifer said...: Thanks, Mark. I'm selling.; March 15, 2011 at 9:06 AM
ben22 said...: Karen,

remember when we were talking about how 2010's gains would be wiped out in a matter of a few weeks. Well, I'm not sure we're going all the way down to 1130's on this move but look for example, at the DAX.

Elevator down.....or is it bungee chord?; March 15, 2011 at 9:08 AM
Anonymous said...: J-

surely~

was that, 'vega', what it was you were "looking for"?

AAIP; March 15, 2011 at 9:10 AM
Jennifer said...: You're not kidding about the DAX. We have reinsurers here too... Thanks for the options lession. Those OTMs are for selling, not buying. Sometimes, though, they are hard to resist :-) I've got a ton of April ITMs, and having really mixed feelings about that this morning. Not fun to make money during so much misery -- I guess that's the curse of the bear.; March 15, 2011 at 9:12 AM
Jennifer said...: Mark -- yes, it helped. I can't imagine a more panicky open, and that's the sell cue.; March 15, 2011 at 9:14 AM
Jennifer said...: I've seen 3 comments now about buying AAPL in this selloff. Yikes. BTD isn't going to die quickly.; March 15, 2011 at 9:16 AM
karen said...: Steve Sears (Barron's)
Many major investors were short OTM SPX puts as part of "black swan hedges."

Be very careful w/ buy on dip talk that will emerge today. Banks could be trying to unload positions, lighten up their holdings.

Long ATM SPX put, or slightly out, and sold 2 SPX puts to defray expense. No one expected nuclear disaster. Mad mad scramble to cover.; March 15, 2011 at 9:16 AM
karen said...: well, i'm freaking out.. can't decide if we will bounce right away or waterfall.; March 15, 2011 at 9:19 AM
karen said...: zerohedge - Rule 48 Invoked

http://is.gd/F1uEN0; March 15, 2011 at 9:21 AM
CV said...: going to ANOTHER thing that Andy (& others say)...

Major market tops don't occur on bad news...

---

Only speculating here, but given the devastation of the events in Japan, if the market somehow DOES manage to recover and begin an upward track again (even if it only regains 1350 or so)...

It would probably start being talked about as being INVINCIBLE (to bulls)... Quite literally - IMPERVIOUS to even nuclear fallout...

Think about that... And plan accordingly because that might end up being the real tipping point... Especially if it is viewed that it is central bank policy that is, once again, saving the day...; March 15, 2011 at 9:21 AM
AmenRa said...: AUDJPY down 3.3%
Silver down 5.1%
WTI down 3.4%
Sugar #11 down 5.8%
Gold down only 2.4%
Gold/Euro down 1.56%

SPX fair value around 1291; March 15, 2011 at 9:23 AM
karen said...: Premium Bespoke gratis!

Morning Market Snapshot http://goo.gl/AJayJ; March 15, 2011 at 9:25 AM
Anonymous said...: these: "...Long ATM SPX put, or slightly out, and sold 2 SPX puts to defray expense...."

are, always, really, stoopid..

if anything, one should be doing the 'reverse'..

selling the 'near', buying the 2 'far'..

why expose yourself to "SH"?

"SH" is a broad, enough, Category, as it is..

let it work 4 you..if anything..

AAIP; March 15, 2011 at 9:27 AM
AmenRa said...: Empire Manufacturing beats expectations coming in at 17.5 (exp 16.10) BUT prices paid came in at 53.78 (prev 45.78).; March 15, 2011 at 9:30 AM
CV said...: Marc Faber on CNBS this AM...

http://www.cnbc.com/id/15840232?video=3000010534&play=1; March 15, 2011 at 9:35 AM
karen said...: Benzinga.com
Tokyo has 6.2 earthquake.

listening to Faber..

http://www.zerohedge.com/article/marc-faber-japanese-disaster-20-market-correction-and-qe18; March 15, 2011 at 9:36 AM
AmenRa said...: The 50% retrace from the Nov low to Feb high is 1258.53 and the 3/6/09-7/1/10 trendline is 1257ish. I see these as supports.; March 15, 2011 at 9:36 AM
AmenRa said...: The first five 1-min candles say DO NOT BTD.; March 15, 2011 at 9:38 AM
CV said...: Faber... (5:08)

"Bernanke will wait until S&P trough 10%, 15%, whatever, then we get QE3, QE4, QE5, QE6, QE7 whatever... He will print print print...

He doesn't know anything about the world, or economy, he just watches the S&P"...

ror - I'll x2 that; March 15, 2011 at 9:39 AM
AmenRa said...: Also the .0236 down from the close is 1265.80 and the .0382 is 1246.87.; March 15, 2011 at 9:40 AM
CV said...: Faber...

"I made a mistake... I meant to say QE18"...ror

Steve Liesman = "stunned" (yeah you would be you jerk off); March 15, 2011 at 9:44 AM
CV said...: Faber...

If the S&P drops 20%, all the Fed critics who have come out over the past few months will BEG for more money printing...; March 15, 2011 at 9:45 AM
ben22 said...: CV,

9:21....yeah, sort of thinking along those lines myself

of course, on 2/18, as I'm fond of saying, bulls seemed to feel invisible

lol....; March 15, 2011 at 9:48 AM
karen said...: i think SPY 126 is the number to watch.; March 15, 2011 at 9:49 AM
karen said...: the dollar is pathetic..; March 15, 2011 at 9:52 AM
ben22 said...: Jennifer,

did you exit?

it's pretty wild this morning, I was able to get out of some SPY 130 puts I was long at $4.18, not 4 minutes after I sold they were at $3.80.; March 15, 2011 at 9:57 AM
karen said...: Is A Japanese Banking Crisis Next? http://www.cnbc.com/id/42088351; March 15, 2011 at 10:00 AM
CV said...: Mark Haines & Cramer on CNBC wagging their fingers at the Japanese right now for not being forthcoming with information...

Talking about how they never really "bit the bullet" after the Nikkei collapse...

UFB

That's like the pot calling the kettle black; March 15, 2011 at 10:01 AM
Jennifer said...: CV -- I heard that too and couldn't believe it!

Ben -- out the May OTMs, still in the April ITMs -- thinking I might be getting greedy though.; March 15, 2011 at 10:03 AM
AmenRa said...: Did someone say BTD all the way down...

It Rarely Pays To Sell Into A Panic

That’s worth keeping in mind today as panic grips global stock markets.

Perhaps the closest recent domestic analogy to what Japan is going through right now is the 9-11 terrorist attacks on the World Trade Center and the Pentagon. Just as is the case with the Japanese stock market, Wall Street plunged on the day it eventually reopened following those attacks.

But the market quickly recovered.

Read more; March 15, 2011 at 10:06 AM
Anonymous said...: "never really "bit the bullet" after the Nikkei collapse..."

what the hell does that even mean?; March 15, 2011 at 10:06 AM
ben22 said...: nice graphic here:

http://bbs.cobrasmarketview.com/download/file.php?id=857&sid=03eb5d2012a5666c1544148076862672&mode=view; March 15, 2011 at 10:08 AM
ben22 said...: Jennifer,
there is some support here but there's always a little relief after a big gap down, I'm thinking the bigger support could come below.

today the attitude of traders is likely more sell the rips than buy the dips, so I think they push the market around until opex.; March 15, 2011 at 10:11 AM
CV said...: @ben22

I'm just waiting for the Bernank to issue another "100% certain" statement...; March 15, 2011 at 10:14 AM
ben22 said...: well CV, you might just get one this afternoon.; March 15, 2011 at 10:14 AM
CV said...: ...and I keep hearing these reporters talking about ENTOMBING the reactors in concrete/sand/etc. (vis a vis Cherynobl)...

Cherynobl was situated on bedrock... These facilities are on the coast so I'm not sure, structurally, 5,000 tons of concrete could be supported...

What's the 'Plan B"?; March 15, 2011 at 10:17 AM
CV said...: but if the Bernank is "100% certain" it'll work, we ought to get behind the effort!; March 15, 2011 at 10:18 AM
Anonymous said...: I'm 100% certain that Bernanke is a serial bubble blower; March 15, 2011 at 10:20 AM
karen said...: remember my first target for GS? 156 ? today's range 156.32-154.85; March 15, 2011 at 10:21 AM
karen said...: one could make the case that GS broke support and should go lower.. but a meaningful bounce here, under the circumstances, would mean JBTFD : ); March 15, 2011 at 10:24 AM
CV said...: I swear, some of the comments at the Ritholtz blog are absolutely idiotic...

---

"but will shake it off as time passes just as every other country that has suffered a disaster has shaken it off over time. Uncertainty and fear, and probably a lack of buyers are motivating the fall in equities. Buyers will probably continue to sit on the sidelines until the dust settles."

...as soon as the dust settles?

where, on your rice fields in a "packed to the gills country"? And what dust? radioactive particles?

yeah, in about 5,000 years, they'll be fine...; March 15, 2011 at 10:25 AM
CV said...: ...and for the next 5,000 years

All the electronics in all those whizbang gadgets that idiot Americans are so in love with will have a new feature...

They'll GLOW IN THE DARK!

I'd be "short" flashlights here...; March 15, 2011 at 10:28 AM
ben22 said...: not to make light of 9/11, but I think a more appropriate market comparison is the 2004 tsunami.

if people actually paid attention to the market, rather than predicting the news, then predicting what people will do in reaction to the news (EMH presentation) they'd realize that markets often dont' change their trend just because of events like this. If you go back and look at all the local markets a few months after that tsunami none of them were down. During 9/11 the market was just about completing it's initial move off the highs in the S&P and the market rallied up large into december that year despite the attack.

there are literally hundreds of these examples over the last 100 years.

that markets even trend denies EMH but these people tell such a good story they convince themselves.

what's the point?

the trend changed down before this earthquake happened, and it'll likely change back up before we get any good news, but no doubt there will be an "event" that after the fact everyone will clearly attribute the move in the other direction to, just like in 2010.; March 15, 2011 at 10:29 AM
karen said...: is that a bearish rising wedge on 5 min silver?; March 15, 2011 at 10:38 AM
Jennifer said...: $SPX hourly channel, broken to the downside. http://screencast.com/t/am4rWMjW; March 15, 2011 at 10:39 AM
Jennifer said...: Karen -- yes, it is. Looking to break right at touch of 20 EMA.; March 15, 2011 at 10:41 AM
Jennifer said...: Karen -- same bear wedge on $SPX 5 min chart.; March 15, 2011 at 10:44 AM
ben22 said...: CV,

Barry's blog, and most certainly many of the people on it, have become fantastic contrary indicators.

Read any comment on a market thread, if you can suffer through the ad pop ups of station wagon Audi's you'll see it.

Typically led by one moron in particular that sat out the entire rally until November of last year when he finally claimed he was going back, "all-in"

and I'm not talking about cognos.; March 15, 2011 at 10:44 AM
Anonymous said...: I keep forgetting about Ford-

F now green- appears to always be a buy when it breaks $14-

bounces back up quick; March 15, 2011 at 10:46 AM
Anonymous said...: dead hobo?; March 15, 2011 at 10:46 AM
karen said...: Jennifer.. in those Neely paragraphs.. don't you think that was a typo and 1100 was the call ? (Andy might have typed that in or was it Ben..); March 15, 2011 at 10:46 AM
CV said...: the trend changed down before this earthquake happened, and it'll likely change back up before we get any good news, but no doubt there will be an "event" that after the fact everyone will clearly attribute the move in the other direction to, just like in 2010

---

I think that's a good point... Basically:

- It's not necessarily THE EVENT that dictates the magnitude, but rather where and how the markets were trending when the event occurred (in that case, it might have similarities to the 12/2004 tsunami

- But one should also consider that a metropolitan area of 35,000,000 people (the 3rd largest economy in the world, with a 200% debt to GDP ratio, and a MAJOR supplier of the worlds electronics & cars is the effective BULLSEYE) here... Not to mention that the 2004 Tsunami didn't cause any nuclear meltdowns...

We're FAR from being able to wrap this up...

And March 19th - 22nd time window is still yet to come...

Interesting tidbit...

9/11/01 + 3/10/11 = 12/21/12

Freaky huh?; March 15, 2011 at 10:48 AM
karen said...: Jennifer at 10:39.. that was an understatement !!!; March 15, 2011 at 10:48 AM
CV said...: @ahab

yeah... "dead hobo" was also the one who made the comment that I referenced above...; March 15, 2011 at 10:49 AM
karen said...: just put slv on a one min chart to better watch that wedge..; March 15, 2011 at 10:50 AM
Jennifer said...: Karen -- Yes, I think the call is for 1100. FWIW, I just cut and pasted straight from the Neely email. (having cut way back on my subscriptions, I had to add something!); March 15, 2011 at 10:52 AM
karen said...: Bespoke
The iShares ETF that tracks Japan's market ($EWJ) is up big from the open. Down less than 5% on the day at the moment.

I think that was premature.. I am going to watch it, however.; March 15, 2011 at 10:53 AM
karen said...: YCS is the buy today if you want to trade.; March 15, 2011 at 10:54 AM
Anonymous said...: fwiw-

I haven't been over to Ritholtz's in a while-

when you have fools like VennData talking about the "Obama Rally"-

I throw up in my mouth and I find it unpleasant; March 15, 2011 at 10:55 AM
CV said...: @ahab

re: Ford

Oh I expect half the morons out there are going to start talking about how FORD will do better because we make the cars here...

Forgetting all the while that:

- A great number of Toyotas, Nissans, etc. are "manufactured" here in the US anyway

- or, that ANY US manufactured car has "components" in it that are made in Japan

Not to make TOO much of that - because I have NO CLUE as to how radiation might seep into the manufacturing of components... After all, that stuff has to be manufactured in pretty airtight fabrication facilities...

But think about it... Cargo & container ships... ports & loading facilities... Go down the list...

Hell, the USS Ronald Reagan, and half the Pacific 7th fleet were ordered to high tail it outta the region on Sunday...

If the USS Ronald Reagan got "clicky", you just put the largest ship in the US Navy out of commission... FOREVER!; March 15, 2011 at 10:56 AM
karen said...: slv wedge still going.. my goodness.. end my suspense, pls..; March 15, 2011 at 10:57 AM
karen said...: Charles Nenner (from Mon) levels 2 watch: S&P 1283, Nasdaq 2270, DJIA 11,850. Close below means correction can pick up downside momentum.; March 15, 2011 at 10:58 AM
karen said...: Bespoke
A Look at the Nikkei's Fall; Now in a Bear Market http://goo.gl/Vzn39; March 15, 2011 at 10:59 AM
Jennifer said...: VXX is more than 2 points off its high already....good call on "vega" Mark.; March 15, 2011 at 11:00 AM
Anonymous said...: CV-

re F- yeah I know- just relaying what happens on any sub $14 move-

then it shoots upward- must be a lot of buying programs looking out for a sub $14 price; March 15, 2011 at 11:00 AM
karen said...: Cue The Spookey Music
By Jamie Coleman || March 15, 2011 at 14:59 GMT

CNBC has entered the fever-swamp realm..Some guy just came on and said the Fed will do QE3 even though no one expects it (except everyone on Wall St…) and that “shadowy forces” are buying the market every afternoon between 2 and 4 pm to keep equities propped up….
Ah yes, the “plunge protection team” at work…; March 15, 2011 at 11:00 AM
CV said...: @karen

...and this for you

POSSIBLE PACIFIC FALLOUT
"Chilean Sea bass? Contaminants accumulate in apex predators (top of the food chain) such as Tuna, or even in grazers. For example, biological anthropologists have (since 1986) found high levels of thyroid and other cancers in the Chuckchi people of far eastern Russia (they live on the peninsula closest to Alaska)-a huge distance downwind from the Chernobyl incident. It was found that the radioactive isotopes from the fallout had accumulated in the lichens that the reindeer ate that the Chuckchi indigenous folks ate.

My point with this comment is that exposure to radioactivity in the ambient environment is not the only problem. Another problem is contaimination of water supplies. A greater problem is the gradual accumulation and sequestration of radioactive isotopes in food
sources such as predatory fish, sharks, and livestock."

My "tilapia" are looking better by the day...; March 15, 2011 at 11:01 AM
Jennifer said...: Karen -- SLV didn't follow the program.; March 15, 2011 at 11:03 AM
karen said...: Japan Tsunami: 20 Unforgettable Pictures

http://news.nationalgeographic.com/news/2011/03/pictures/110315-nuclear-reactor-japan-tsunami-earthquake-world-photos-meltdown/; March 15, 2011 at 11:03 AM
ben22 said...: Karen, that 1280 from Nenner is the same one I'm watching now

if we close over it I have to go back to the drawning board, if it gets up there it should be rejected very hard if we are on the right track.; March 15, 2011 at 11:04 AM
karen said...: Aaron Task
Despite his "watch 1307" call from last week (http://yhoo.it/hAqZPf) Nenner was not short as of Mon. morning and still long $EEM; March 15, 2011 at 11:05 AM
CV said...: So if the fallout reaches California to any degree...

Wines, cheeses, milk, fruit & vegetable industry...

I don't mean to sound like I'm FEAR MONGERING here... But I think we need to at least pay attention to these things...; March 15, 2011 at 11:05 AM
karen said...: Jenn... how unruly of slv! so now i've got it in a 15 min up channel : ); March 15, 2011 at 11:08 AM
karen said...: ben, excuse me but no effing way we close over 1280..

there, i've gone out on a limb, laughing.; March 15, 2011 at 11:09 AM
ben22 said...: holy $TRIN; March 15, 2011 at 11:10 AM
Anonymous said...: “shadowy forces” are buying the market every afternoon between 2 and 4 pm to keep equities propped up…."

the longer I am alive the more I believe in shadowy forces . . .

think the Navy Seals- bad ass mofo's going in on secret missions- but what folks don't realize is the CIA operatives have already been there- when they get caught the US disowns them-

all kinds of things going on we're unaware of; March 15, 2011 at 11:10 AM
ben22 said...: Karen,

I don't think so either, I don't even think we'll get that high.; March 15, 2011 at 11:12 AM
AmenRa said...: CV quote:

"Interesting tidbit...

9/11/01 + 3/10/11 = 12/21/12

Freaky huh?"

***Yeah it is.; March 15, 2011 at 11:19 AM
ben22 said...: Karen,

we want to see some sort of wave sequence from 2/18 high that we count a-b-c-d-e

it's possible that the c wave completed today, and we are currently in wave d but I haven't spent time checking the figures on this. either way, the b wave top is up around the chop so the d wave is going to alternate with that move which was a sharp retracement. it shouldn't allow us to break above that 1280 on the cash.

if you just draw the basic lines over the squiggles it's a purty picture.; March 15, 2011 at 11:19 AM
karen said...: NYTimes DealBook
UBS Says It Is Being Investigated Over Possible Manipulation of the Libor http://nyti.ms/gVWBI0; March 15, 2011 at 11:20 AM
karen said...: thanks ben.. i really do need to learn the wave patterns as they take precedence over candles.. or just subscribe to Neely.. you and AT.. : ); March 15, 2011 at 11:23 AM
karen said...: still watching slv..
nflx is absurd.. but i'm sure there is an explanation.. (position unwind, or something!); March 15, 2011 at 11:25 AM
ben22 said...: here's some stats I got out of one of my textbooks that people might find of interest, it's a long ways from 4 pm but today is shaping up to be a 90% down day:

NPDD = 90% Down Day:

An NPDD in isolation is only a warning of potential danger ahead, suggesting, "investors are in a mood to panic"

An NPDD occuring right after a new market high or on a surprise negative news announcement is usually associated with a short-term correction.

When two or more NPDD's occur, additional NPDD's occur, often 30 trading days or more apart.

big volume rally periods of two to seven days often follow an NPDD and can be profitable for agile traders but not for investors.

A major reversal is signaled when an NPDD is followed by a 90% upside day or two 80% upside days back to back.

In half the cases, the upside reversal occured within five trading days of the low. the longer it takes for the upside day reversal, the more skeptical the investor should be.

Back to back ninety percent upside days are relatively rare but usually are long-term bullish.; March 15, 2011 at 11:26 AM
ben22 said...: as an aside, several of the top timers on timers digest finally flipped bearish this month, some just in the last week.

from what I can tell these folks are not contrary indicators.; March 15, 2011 at 11:27 AM
ben22 said...: CV,

thanks for setting up the brackets, I'll get in there tonight.; March 15, 2011 at 11:32 AM
Bruce in Tennessee said...: ben22 said...
also, Steve Liesman = giant prick

...probably more of a tiny prick, Ben.....; March 15, 2011 at 11:33 AM
ben22 said...: lol, probably Bruce.

something about that guy, I wanted to punch him this morning. I don't even like the spread collar shirts he wears!

what the hell is wrong with people on that channel....no souls.; March 15, 2011 at 11:35 AM
ben22 said...: we seem to be at a very crucial point right now for bulls....; March 15, 2011 at 11:36 AM
karen said...: slv broke the channel.. now what, laughing.. this day is getting tedious.; March 15, 2011 at 11:36 AM
karen said...: http://ibankcoin.com/scott_bleier/2011/03/15/nasdaq-big-picture-lookback-21611/

I don’t publish this here because I want to say “I told you so”. Really. The reason for the post is to promote our unique intermediate-term technical forecasting.
We posted this on CreateCapital/CreateCoin Premium on 2/16/11…Nasdaq Comp’s low today; 2616.
It’s as pretty as a picture!; March 15, 2011 at 11:38 AM
ben22 said...: he kept making all these jokes about how you can't eat iPads.

I guess for these folks it's really hilarious that 44 million people are on food stamps and they don't get why the Fed thinks it's so easy to deal with higher food costs since iPads are cheaper.; March 15, 2011 at 11:40 AM
karen said...: just for fun.. some JA for ya!

jaltucher jaltucher
My first Forbes article: about Japan, fighting panic, and what stocks I'm looking to buy this morning. http://bit.ly/ekYszY $$
2 hours ago Favorite Retweet Reply

jaltucher jaltucher
@zerohedge, would started out as legit checks-and-balance against media adoration of wall st has turned into a nuclear fearmongering website
3 hours ago

jaltucher jaltucher
@
@fundmyfund "bullish part of nuclear fallout" is the fact that there is no nuclear fallout and $EWJ CCJ URRE are all buys today.
3 hours ago; March 15, 2011 at 11:41 AM
ben22 said...: maybe around 1278 is where this is pushing too, about the 50% retrace of today's move?

help me out ninja's.

that reminds me, I need to check I's gann lines after today....; March 15, 2011 at 11:41 AM
ben22 said...: Karen,

that was not fun.....I'm now dumber than I was 5 minutes ago.; March 15, 2011 at 11:43 AM
karen said...: JJC has been trend down for over a week..; March 15, 2011 at 11:43 AM
CV said...: @Bruce

Liesman =

http://www.youtube.com/watch?v=0B4suxQVUAQ; March 15, 2011 at 11:45 AM
ben22 said...: lots of near term negative divergence here eh?; March 15, 2011 at 11:48 AM
Anonymous said...: here are some excellent ideas from Jesse Jackson Jr- example: provide every student w/ an ipod and a laptop-

http://www.youtube.com/watch?v=pBQdzl2Q4Yo

and what's cool about it- it's all free because it's paid for by taxes (laugh the fuck out loud); March 15, 2011 at 11:51 AM
ben22 said...: during a real wall of worry, people don't immediatly try and describe natural disasters as bullish, as has been done since this first hit, before the nuclear problems were even known people were out with buy calls.

reading that diary of 1985 when we broke out to the upside in the third of a third of a third wave it was surprising even for me to read and see in the data how bearish people were when that happened. everyone was super bearish and hated everything, totally different from today on every level.

you guys nailed it by saying people have been conditioned

now I'm seeing comments all over about how they may mention QE3 today and to buy ahead of it.

social mood is amazing; March 15, 2011 at 11:52 AM
ben22 said...: I got through school just fine without an iPod or an iPad and besides, it's already been shown that schools that pass these out are then using the computers to spy on students in the privacy of their own home.

all you need is a trusty 12c, no video camera's in those either.; March 15, 2011 at 11:53 AM
Bruce in Tennessee said...: The DAX once again gets pounded more fiercely than the Brits..

Maybe it is insurance, but I thought I read something months ago about a large percentage of German exports going to Japan...

Of course, until my third cup of coffee, things can be a little fuzzy...; March 15, 2011 at 11:53 AM
ben22 said...: The 9.0 magnitude quake (the fourth-largest recorded since 1900) was caused when the Pacific tectonic plate dove under the North American plate, which shifted Eastern Japan towards North America by about 13 feet (see NASA's before and after photos at right). The quake also shifted the earth's axis by 6.5 inches, shortened the day by 1.6 microseconds, and sank Japan downward by about two feet. As Japan's eastern coastline sunk, the tsunami's waves rolled in.

While I realize it's a microsecond...that to me, is amazing.

makes me feel very, very tiny and also makes me laugh a little about people that think they can "save the planet"; March 15, 2011 at 11:58 AM
Anonymous said...: b22-

we're like a bunch of ants- being all industrious then then the kid comes along and knocks down the ant hill-

then they start again; March 15, 2011 at 12:01 PM
I-Man said...: We could learn a lot from ants.; March 15, 2011 at 12:03 PM
ben22 said...: ahab,

true or not, that super moon march 19 date, if I'm being honest, it's pretty scary.

I pray that Japan is spared if anything else happens.; March 15, 2011 at 12:03 PM
karen said...: check this chart..

http://www.ritholtz.com/blog/2011/03/follow-up-japan-etf-ewj/; March 15, 2011 at 12:03 PM
Bruce in Tennessee said...: CV:

I am like Ben, I think Liesman is another Big Hat No Cattle wart. Majored in journalism I believe. I very seldom watch CNBC for anything now...occassionally I see Santelli on U-Tube.

If they weren't owned by GE I think they would turn out a much better product.; March 15, 2011 at 12:04 PM
Anonymous said...: save the planet-

that makes me laugh every time I hear it-

and to hear fools like Gore talking about the snows melting on Kilimanjaro-

so what? As if it has always had snow- and if the mountain itself had always been there-

the earth will push on with or without us; March 15, 2011 at 12:04 PM
Bruce in Tennessee said...: By the way, import prices ex-oil have gone up 1% over the last 6 months. 6% a year...and that is ex-oil....; March 15, 2011 at 12:06 PM
ben22 said...: well, there's the 1278....; March 15, 2011 at 12:07 PM
Bruce in Tennessee said...: By the way, Ahab congrats on your recent trades...; March 15, 2011 at 12:07 PM
CV said...: now I'm seeing comments all over about how they may mention QE3 today and to buy ahead of it.

social mood is amazing

---

This is the focal point of what I've been trying to say for awhile now (and at which point NOW I think everyone has crossed the threshold of understanding)...

To those who were resisting the idea of FED ACTIONS moving markets (instead - people move markets)...

My distinction was that the "conditioning" you describe above (while some are still immune), has a great deal of POWER OF PERSUASION towards the larger part of the invested population...

Whether they actually believe it or not... they tend to WANT to believe it... And there are MORE OF THEM (call them bulls), than skeptics (call them bears) at any given moment...

It takes a powerful force to shake that belief system... Either that, or a very sustained duration...

It's hard to get any "sustained durations" because of outright accounting & reporting FRAUD (so these days - calamity is about all you get)...

In the long term... I believe (AS YOU), that the market will lay everything bare... But I astounded how long the SUSPENSION OF DISBELIEF can sustain itself in a world of "deniers"...; March 15, 2011 at 12:09 PM
karen said...: DGDF.. and FOMC yet to come.; March 15, 2011 at 12:10 PM
karen said...: Keith McCullough
Tom Lee - "at the end of the day" this is all a "buying opportunity"... just like 1343 was $SPY

zerohedge
JP Morgue's Tommy Lee: BTFD on no other reason than "everyone is afraid"; March 15, 2011 at 12:11 PM
Anonymous said...: b22- I think there is something to the super moon-

makes sense that it would have some impact-

who was the trader (CNBC?) who was saying he predicted the earthquake; March 15, 2011 at 12:11 PM
CV said...: makes me feel very, very tiny and also makes me laugh a little about people that think they can "save the planet"

http://www.youtube.com/watch?v=LpZZ0ObMB0c; March 15, 2011 at 12:12 PM
karen said...: here you go: Markets: Not As Bad As Lehman, Far Better Than 1987

http://www.cnbc.com/id/42088793; March 15, 2011 at 12:14 PM
CV said...: The only thing people are "SAVING" is the GUILT that they have while they continue to rape the planet of natural resources (for profit)...

It's the same GUILT phenomenon that Obama is now POTUS...

Liberals just love to "feel good" about themselves (especially when somebody else is paying the bill)...; March 15, 2011 at 12:15 PM
CV said...: we're like a bunch of ants- being all industrious

We're more like grasshoppers... Sitting on our fat lazy asses, and wondering why there's nothing to eat come winter...; March 15, 2011 at 12:17 PM
Anonymous said...: bruce-

thanks- I can't really take credit for it though as I had borrowed the idea from a poster at Tim Knight's site-

I popped back in there last night to thanks him for the analysis-

so- you real traders out there- is anyone going to short the 1280?; March 15, 2011 at 12:18 PM
Anonymous said...: http://www.youtube.com/user/thebarcaroller

Watch this and poke around the page.
You'll learn about moons and stuff.

foghorn; March 15, 2011 at 12:19 PM
karen said...: ReutersBreakingNews
Apple Inc says will delay launch of iPad 2 in Japan due to earthquake; March 15, 2011 at 12:20 PM
Anonymous said...: "The only thing people are "SAVING" is the GUILT that they have while they continue to rape the planet of natural resources (for profit)..."

EXACTLY!!! Well put CV; March 15, 2011 at 12:20 PM
CV said...: and to hear fools like Gore talking about the snows melting on Kilimanjaro-

so what? As if it has always had snow- and if the mountain itself had always been there

10,000 years ago there was a mountain of ice two miles high covering most of North America...

I guess if the Clovis Indians hadn't stopped driving those SUV's around we could all still be hunting bison...; March 15, 2011 at 12:21 PM
ben22 said...: Ahab,

I'm not adding yet but if we go a little higher I will and then tighten up stops, market looking like it has some fight left in it right now.

also, think you might be thinking of Dennis Gartman on the earthquake?

not sure...; March 15, 2011 at 12:21 PM
Anonymous said...: "Apple Inc says will delay launch of iPad 2 in Japan due to earthquake"

yeah- I guess they are too busy queuing up for water and basic necessities; March 15, 2011 at 12:22 PM
karen said...: http://chart.ly/w9yr9pq 5MIN~We have recovered 50% from the close yesterday,and pushed through major resistance of 1274

"impressive to say the least.."; March 15, 2011 at 12:24 PM
Anonymous said...: Gartman- that was it- I was trying to pull the name; March 15, 2011 at 12:25 PM
Anonymous said...: b22-

also- thanks for your take on the 1280; March 15, 2011 at 12:26 PM
karen said...: EWJ now at HOD.. yes, it was gartmann and someone else.. i think i posted a link on it as well.; March 15, 2011 at 12:26 PM
Jennifer said...: I'd like to short 1280, but I have 2 school committments this afternoon so I'm still debating. I find I'm never really happy with stops, I like to be here to watch.; March 15, 2011 at 12:26 PM
I-Man said...: Just found out that Martin Armstrong was released to home confinement on March 8th.

Good for him!

He will be confined to his home until Sept when he has a another appeal hearing.; March 15, 2011 at 12:26 PM
karen said...: Lawrence McDonald
Pic: Even with massive excess liquidity in the banking system Commercial and Industrial loans are only 1% higher yfrog.com/h3wdhvcj; March 15, 2011 at 12:28 PM
Anonymous said...: "I like to be here to watch."

I'm the same way; March 15, 2011 at 12:30 PM
karen said...: Yahoo! Finance
Majority Sees Fed Winding Down Stimulus: CNBC Survey http://yhoo.it/h2010r; March 15, 2011 at 12:31 PM
Jennifer said...: We're getting close, this line has been respected now for quite a while, I would think it would be strong resistance once breached.

http://screencast.com/t/vjQg4Aayj7j3; March 15, 2011 at 12:31 PM
Jennifer said...: Later, everyone. Good luck!; March 15, 2011 at 12:33 PM
karen said...: programs trading not people.. see those % ups? abnormal is the new normal.; March 15, 2011 at 12:33 PM
karen said...: 3 min ago: DougKass Douglas Kass
i am selling all my long rentals purchased early this morning; March 15, 2011 at 12:36 PM
karen said...: thanks, Jennifer.. apparently others agree with you : ); March 15, 2011 at 12:37 PM
CV said...: massive excess liquidity

Which, in our DEBT IS MONEY SOCIETY, basically means that there is massive excess DEBT...

All being thrown onto the national ledger to:

- fight wars for cheap oil
- clean up and re-build nuclear accidents
- insure banker bonuses

Got food (stamps)?... And don't forget to check that little box that contributes $1 to the Presidential Campaign costs when you do your returns & pay your state & federal taxes...; March 15, 2011 at 12:37 PM
karen said...: uh-oh, ben.. tho it is a select group: Bespoke
Results from our Dow 11,000 or 13,000 poll yesterday -- http://goo.gl/07CmR; March 15, 2011 at 12:39 PM
CV said...: "Majority Sees Fed Winding Down Stimulus: CNBC Survey"

Translation: We're tools & paid shills (basically just mouthpieces for the banking sector & politicians)... We'll tell you what THEY want you to hear...

Then, when the S&P drops to 1075, you'll BEG us to "wind the stimulus back up"; March 15, 2011 at 12:40 PM
Chance, The Gardener said...: Jen -
I like to watch too; March 15, 2011 at 12:41 PM
karen said...: zerohedge
Citigroup (C) credit card charge-offs rise to 7.95% in Feb vs. 7.49% in Jan. But how can they lower their loss reserve then this quarter?; March 15, 2011 at 12:42 PM
spoonman said...: I feel bad about making money today. Some of this will have to go to Red Cross or something...; March 15, 2011 at 12:44 PM
karen said...: Japan Fears and the Retail Sell-Off. http://bit.ly/gjUsRN

John Kicklighter
Portugal is scheduled to sell up to 1 billion euros in 371-day bills tomorrow. Let's see how confident the market is after the EU summit.; March 15, 2011 at 12:45 PM
spoonman said...: This is horrible.; March 15, 2011 at 12:45 PM
karen said...: position limits coming for commodities??

http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Oil/8661219; March 15, 2011 at 12:47 PM
CV said...: "Some of this will have to go to Red Cross or something"

---

yeah - they did such a bang up job in Haiti (rolls eyes)...

But you're right... It must mean they need MORE MONEY because after all the fat executive salaries are paid, very little trickles down to the effort...; March 15, 2011 at 12:50 PM
Anonymous said...: http://img864.imageshack.us/img864/1916/b4f58b7c8b53422082cff6d.jpg

Only picture I have been able to find this morning.
Taken at 7:00 local time, #4 'caught on fire' about 6:10 local.
From The Oil Drum.

foghorn; March 15, 2011 at 12:50 PM
CV said...: Don't get me wrong... I'm not against HELP...

I'd just be careful of who I hand my money over to to get the job done...; March 15, 2011 at 12:52 PM
CV said...: & I'm pretty sure that as soon as the NCAA Basketball Tournament is over... Obama will get on the teleprompter and announce that he's going to 'kick some more ass' (because Hawaii is being threatened)...; March 15, 2011 at 12:56 PM
CV said...: @foghorn

Well that smoke doesn't look like it's blowing out to sea...; March 15, 2011 at 12:57 PM

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Morning Corner 3.15.11

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