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From Art's mouth to God's ear.
Only one ear?
ah yes Black Friday and the crash of 87 and everyone's favorite pundit of the day Louis Rukeyser with his pals Marty Zweig and Allen Sinai
Black Friday edition of Wall Street Week in its entirety
WOW! His face was really green on my TV that night, don't adjust that set! Oh yeah, get that Kojak Lollypop ready, because who loves you, baby! Nice post, thanx for the mammories[sp] but wasn't Black Friday on a Monday that year?.
Marty and Sinai were pretty prescient that night follow the links for Black Monday and beyond and you'll get to see your buddy Cavuto and even a cameo by a youthful Kudlow
and in this report a week later what in hindsight is perhaps the birth of the current generation of banksters as the push for deregulation goes full speed ahead (including a cameo by the Late Bill Seidman)
Awesome! Thanks for posting...
Rukeyser: “These computers are used by large institutional investors, whose money managers are paid huge sums of money, to make no-brain decisions that are made for them by computers. Aren’t these guys overpaid?”
Cant happen, circuit breakers.
The chaos will be everywhere else tho, gonna be fucking funny when stawks dont trade for a week then open down 30%.
Yep, I'm guessing what we'll see next wont be some smooth comfortable patch job, but a sudden chaos event.
Jim Sinclair seems to be echoing the same thoughts...
They didn't think it could happen in 1987 either. Remember portfolio insurance? Everybody had it. There is always something that can trash the system. Flash crash, a robot blows up, who knows. They said the Titanic was unsinkable. We all know what happened there.
Even with circuit breakers a 30% one day drop is possible.
You'd think they'll be able to switch all algos to buy in the half hour breaks no?
and the "plunge protection" team
but who knows what game theory can do to the robots. untested waters now.
2k shaving in one week, then QE3
except it won't be called QE3.
It will be called "Cupcakes" according to Jim Rogers
Great, plunge the markets down (I dont believe they can) and then 'QE3'....go for it Ben I really want to see my gold at $2,000 overnite.
I was only 3 months in 'da bidness' when the '87 crash happened. What a rookie hazing that was. What doesn't kill ya........
Ha ha, my boss walks out of the men's room with his necktie thrown up around his shoulder, his eyes were all red and watery. I went inside there was vomit everywhere, what a day! Bobby P. got all my guys out, what can I say. Here check the reprints from this book, great pics of Boesky & Guiliani too: https://picasaweb.google.com/larryokarski/TheMissilesOfOctober
PPT was born 10/20/1987 XMI Futures on CBOT saved the world! C2XMZ if I remember correctly... and Oh yeah, Larry Wachtel said on the speakerbox, "Things must be getting bad, I just PUKED!" Smithtown did too, ha ha. (This was a Monday, not a Friday).
I was 7 months into Goldman when the '87 crash hit...surreal market action...feels nothing like it. Rates are half, PE's are lower, this is a different issue. Worldwide debt exposure is off the charts compared to '87, and that, this time, is the catalyst.
A 2,500+ drop in the Dow? There wasn't a PPT back in 1987, but certainly possible over the course of a week, in the absence of the Fed.
Actually I had a drink with Art at Ben and Bensons that Friday before the crash..actually 4 drinks...I think he has a point....ha ha I was the AXE in Genetech symbol GENE and the stock was in a crossed market on Monday for 5 hours....it was the wild west baby.....sweet
Was it the practice to flee Wall Street for mid-town steakhouse on Friday? Did you all take the subway, bus, taxi, or ? to 52nd street?
P.S. I hope someday I can have a drink with Art.
1987 was the start of the bull market, glad to see you are so optimistic tyler. but i think you are rushing it just a bit.
By "Bull Market", are you reffering to the millions of manufacturing jobs we lost to China during that period of time?
talking strictly stock index numbers, not trying to get philosophical
stock index numbers meaningless in real terms.
Greenspan slit the curreny's throat during this time.
well if they are meaningless on the way up, surely they would be meaningless on the way down. and if that were the case, why such attention to it?
Funny man, you make me wanna roll my IRA over to you at Edward Jones so you can fix my asset allocation for me.
try again dum dum. bull started in early 80s.
didn't really get going until we were able to fashion GDP out of debt. Can't do that anymore and that's the difference.
if you spelled "dumb dumb" correctly you might have some credibility
No he's right and you're wrong, go buy some Dum Dum suckers and see for yourself.
oh the pops, staple food of all white trash households
A fool and their money are soon parted....say goodbye to your paper wealth Shill Boy.
You may not like it but paper wealth is going to be around for quite a while.
It's what "Kazoo" used to call Fred Flintstone... But since Fred isn't around...
Back then we were just starting to lever up as a country. That is no longer an option. We are in debt destruction mode now. The Dow will go to 4000
The bull market to which you are referring is generally considered to have begun in 1982, not 1987.
A Lesson from 1987: Who did the traders screw? They screwed each other! It wasn't the little guy holding the bag, it was the brokerage firms- EFHutton? Drexel-Burnham? Kidder-Peabody? A large swift move lower shakes out the little guys' stops, have we learnt nuthin' from history? There will never be a TARP II, so Jamie & Lloyd better be careful this time.
On the other hand, God Bless Art and his trader's gut, there aren't too many like him around anymore- I'm thinking of Larry Wachtel as another example.
so Jamie & Lloyd "better be careful this time."
They got their loot already...did you see their compensation for last year??? they know what is coming...but, hey thanks for the warning...
BULLSHIT, markets only crash when bailout legislation doesn't go through, and then like TARP it's voted on again the next day.
THE STOCK MARKET IS TOTAL FUCKING GARBAGE.
Agreed. The markets are now just pure garbage, completely irrelevant to anything real world and stinking.
where is hammy when you need him???
any bulls out there?
they need volunteers to hold the bag...
Bernank might call it a 'perception tool'.
When it comes to Bernanke, it's a perception stool.
Market breadth yesterday was the worst since 2008. Advice from a guy with pointy ears: You do not want to be long equities right now. I am 100% short.
Likewise. Could be a major change in trend occurring: from Bull (fully rigged) to Bear (need justification for further rigging). If so, a strategic change from BTFD to STFB is in order. Care to compute the probability - based on your cold calculus - that such a trend change has indeed occurred, Mr. Spock?
Precisely. A shift in market momentum does indeed seem to be occurring now. One indicator that gives us evidence is the slow stochastics of the S&P 500. Every time this oscillator came down to 20, it was a BTFD moment. But on this swoon, slow stochastics has dropped below 20, which hasn't happened in over 2 years. Further, it has been languishing under 20 since June 3--about 2 weeks, which hasn't occurred since 2008. This is the start of the decline the bears have been looking for.
Well, it feels that way to me as well, but better to leave feelings out of it, right? You express a 100% probability ... astounding! And encouraging, as I've actually been Selling The F'n Bounces since about March, even turned my nose up at some modest profits & am looking forward to getting some $ back at this point. At this point, I'm at least 100% certain this dip is of a higher degree than the last few. Thanks for the slo stoch numbers that confirm that feeling.
BTW, I used to do the Mr. Spock schtick back in the dot.com days on another board, in another galaxy far, far away. Can't believe how time flies, and how many suckers ... I mean "investors" can fall for the same crap time and again. Fear, Greed::Rinse, Repeat
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