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Algospasms Incite Chaos and Pandemonium on Wall Struck
Another wild trading day with Algo/Igor/Robo programs running amok, as if Marlon Perkins was blasting a locomotive airhorn at the Wildebeest herds from a helicopter. Crazy moves back and forth, with intraday boner runs, followed by shanks, clothesline drops, so fast that the 19-year old gamers cannot even follow the motion.
Despite chugging down 9 Red Bulls, most of them are passing out from the volatility as if they were inside a centrifuge:
Now the EU is in real trouble, since throwing a trillion at the Euro has done nothing but embolden the speculators to pyramid even more shorts to finance the ever increasing costs of the summer weekends at The Hamptons, which, no doubt will set new records in rents/SF after the fantastic trading runs this quarter.
Meanwhile, Bernanke, Geithner, Trichet, LLP has successfully pulled off yet another massive reliquification with resounding success:
- CRB Index remains in crash mode, with most commodities plunging, virtually guaranteeing yet another quarter with negative CPI and PPI. Who cares if gold is skying when everything else is deflating?
- World record bond issuance is met with voracious buying, ever increasing auctions are floated off at fantastic bid-cover ratios, no doubt the result of momentum-buying by the quants.
- Despite crashing stock markets, the Dow Jones is still safely above 10,000, and any attempt to break below 10,000 will result in an instantaneous crash in bond yields across the board. Who cares if Portugal's bond spreads blow out to 800bp when the 10-yr. Treasury yield is flopping around at 3% and T-bill yield are zero?
While most stocks were gyrating wildly today, there were a few winners:
Obviously, the golds were big winners today:
But do not underestimate the consumer discretionary names.
Such as Maidenform, rocketing up to new highs:
And, of course, the bottom feeders were feasting on Maguire Properties again, assuming that somebody is going to buy up all those vacant downtown Los Angeles skyscrapers..
And don't forget the asset managers. No different than the Hollywood producers here in Los Angeles. No matter how badly they bomb, within a few years, all is forgotten and they quickly attain superstar status once again.
Looks like Bill Miller is back on the "Most Valuable Player" list again...
All I can say, its going to be a huge year at The Hamptons this summer...
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Today was basically a huge digestion day. Goldbugs were out pounding the table, telling us to buy gold, gold shares, basically anything that glitters...
Once this gold dust settles, my feeling is that the real action will start in other sectors. I hear the salesladies at the next Eurohedge conferences will be smoking hot.
Leo,
I'm thinkin' the 2nd and 5th gals (from the right) are needin' a bit more SOLAR....;-)
I count tell any of them apart.
+ 1. The far right representing the newest 9000 model Kimber doll. Looks and feels real. It never deflates and doesn't even doesn't talk back.
My gosh...who do you work for?? I gotta tell granny to stay away from predators like you...
I....care, (a lite titti bit)
Those who own ONLY Gold?
Gold goes up: the fiat crowd looks for a bag to fill.
http://www.youtube.com/watch?v=uX0-QL7YEyU
SLW.
Quite an impressive run:
Corporation of the next 2 decades.
Yeah, I sold mine yesterday. Smacking my forehead today.
Ditto.
How do I get back in? Serious question.
Maybe there will be profits taken today?
AXU worked out pretty well too.
I have 500 shares bought on 05/13/2005. I have a 662.11% gain in them.
Nice
I suggest that you all read one of your/our contributors above re: second leg down in depression. It is going to be interesting to see whose ass will be in the sling besides ol faisals. Be wise. Oh, and gold verrrry interesting!
Can we get that maidenform video in mini micro?
Where's my Viagara? If Robo remembers Marlin Perkins, then he could probably use some too.
quit putting me in the category with the Algos!
I love your report Robo...makes my day. :) Great charts too! Thanks bro!
LOL! Watch this:
AAAA HAHAHAHAHAHAHAHAHA!!! Oh God! Jimmy C's..... time to throw in the towel buddy!!There is a pasture somewhere for old retired hedge fund hands. Go there and stop pretending you know all of the inside moves. You moved the ball down the field for financial media over the web. great job. Call it a day man. Your connections at Fidelity ain't what they used to be. Your connections to The Squid will hopefully get incinerated in the legal/legislation storm headed their way. Hang up the cleats.
Yes, he is insane.
And something tells me Europe will come out of this crisis stronger than ever:
I would move to Sweden if it wasn't so cold...my ultimate evil plan is to get Sweden to move to me...
Is not very cold, try northern alberta
Something tells me that Europe, as well as the remainder of the west, took grand steps this weekend toward a multi-decade descent into a much, much lower standard of living.
Robo - I think Leo is infringing on your IP.
Robo, congrats on the new invention... Kevlar Coattails.
Robo I always look forward to your posts and today is the funniest yet! I kind of resemble the guy in the centrifuge after a 1.75 liter of Smirnoff. I sure hope gold goes to infinity so I can punch out of the USA and head to my terd world Philippines retirement home sooner. The way its going they will be frontrunners as the rest of the world spirals down to parity with them. I just hope it doesn’t cost me more for my entertainment.
don't know how amok the trading programs are really running but the new york times just ran a story that said goldman, jp morgan, bank of america and citigroup each made trading profits every single day of the first quarter. they said it had to do with the good job they were doing for their customers. imo "on" would have come closer to the truth.