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Afternoon News Round Up
- Fed's Outright Treasury Coupons Purchase for USD 7bln May. 2016 - May 2019, Offer/Cover 3.637 vs. Prev. auction of similar maturity 3.74
- Prime-mortgage delinquencies climb to 2.9%
- Russian banks require USD 20-80 bln in additional capital in 2009, says Fitch Ratings
- IMF reports reserve currency assets for Q1 2009; USD's share of reserve assets rises to 65% vs. Prev. 64.1%
- French finance minister Lagarde says French banks can withstand deeper economic slump
- Venezuela says hoping for USD 75 oil price in 2nd half of the year
- Gasparino says about 9 groups to be chosen for PPIP
- Deutsche Bank CEO says banking industry will be less profitable
- World Banks' Zoellick sees 'great uncertainity' on recovery's timing
- RBS, Lloyds may need to sell units to win aid, EU's Kroes says
Courtesy of RANSquawk
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REITS up on 1/3 the 3m avg volume.
Yet another wild one today. With most of the “senior portfolio strategists” on vacation this week, the markets are now controlled by the Xbox geeks, Guitar Hero rock and rollers, World Poker champions, and Halo warriors now manning the trading desks while the bosses are away.
Looks as if a few went to a big party last night, knocked back a bunch of 40’s, snorted a few lines and then got on the computer to play a few games. One guy in particular, in an attempt to impress his new stick-armed, C-cupped aneorexic girlfriend, showed off his lightening fast reflexes by jamming the crude oil futures and blowing out some short-sellers at 2:00am.
“Check that out, see how I just blew up a few quant funds?”
She really wasn’t interested, she was too busy checking Twitter to see when the Michael Jackson viewing was going to be staged, or what kind of lingerie Paris Hilton bought yesterday.
Back at Wall Street, chaos and confusion enveloped the markets in the morning as all kinds of Program Robots were buying this, selling that, as the algorithms were short-circuiting and ruining most managers plan for a June 30 “happy print”.
Looks as if the IBD Top 100 Chinese Heatmappers (SNDA, NTES, SOHU, etc.) were getting slammed today. Three days ago, these stocks were “must own” issues for the quarter end print, and today, they were chain selling them as fast as they could.
Bonds and currencies were going haywire, as a few large funds got clotheslined when a few central banks tried to squash the CHF and caught a few gamers napping after last night’s binge drinking.
Basically, another day of stick-saves, panic selling, stop-running, attempted Hail Mary passes which is typical when the second string juniors are left by themselves to “safeguard” the colossal billions under management at Harvard, CalPERs, Fireman’s Fund, Vanguard, Janus, etc.
Funny how the TIAA-CREF ads give you the impression that there is a staff of 180 seasoned portfolio strategists, risk managers, Monte Carlo simulators, etc. protecting the teacher’s retirement money “for the greater good”, when in reality, all this money is being daytraded under the shortest of timeframes, creating ridiculous volatility.
Bonds seem to be gamed like Internet stocks lately. Check out the intraday chart and you would swear you were back in the summer of 2000 trading VTSS, EMC, QLGC, etc.
And all the equity allocations are being used to chase the “hot stocks”. Nobody is buying XOM, JNJ, PG, KO anymore, because it’s impossible to “catch up” from last year’s losses by buying some slow-moving Dow Dinosaur.
Instead, they are still running the junkers, Dollar Thrifty making a new 52-week high:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=dtg&sid=...
And DDRX making yet another new intraday high today:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ddrx&sid...
And they are bandwagoning all the new “green” IPO’s like Solarwinds:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=swi&sid=...
Anyone wanna bet that PALM makes the No. 1 spot on next week’s IBD Top 100?
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=palm&sid...
HEY TYLER, THIS BOARD IS CRUMMY. HOW COME MY TEXT DIDN'T SPACE PROPERLY, AND WHY NO HYPERLINKS ALLOWED??
probably requires some basic html skills. makes me seriously doubt your understanding of "robot" trading if you don't even know decades old html
Basic HTML Tutorials. I can't seem to get the break or paragraph tags to work though. Will do some more digging.
Ah.
Lagarde must have been given the rose colored Kool Aid by the Trichet/Weber cliche at the ECB
Obama,s policies may not be working as well as many had hoped:
The market keeps rebounding. It needs to be much, much lower. Americans are being scammed and nothing being done about it.
good finance articles http://www.bit.ly/12NCJR
We need to stop the corruption by Goldman, bank of Amerika, and Jp Morgan. Stop the Geithner and bernanke. .