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Bernanke Central Planning UnLP Rejoices As It Sends ES Surging In Last Print Of Day, Dow Closes Green

Tyler Durden's picture


Below are the closing prints in ES. The E-mini closed right above VWAP in one block. In a word: Unbelievable, or rather - "who gives a shit." Does anyone even pretend this closen market is anything less than utterly and criminally manipulated? Does anyone care? We didn't think so. The only mantra remaining: Must. Close. Green. With ever fewer exchanges, expect to see much more clowning around to a centrally planned stock market near you soon.


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Wed, 02/09/2011 - 17:18 | 947537 Temporalist
Temporalist's picture

And the DXY was only down $.40.  Happy days!

Wed, 02/09/2011 - 17:18 | 947538 redpill
redpill's picture

Phew!  That was a close one! ;)

Wed, 02/09/2011 - 17:38 | 947591 Michael
Michael's picture

The Fed has only one mandate, create the illusion of confidence.

Subjective mindset will meet objective reality soon enough.

Wed, 02/09/2011 - 17:46 | 947613 SheepDog-One
SheepDog-One's picture

I sure hope youre right, because this daily market orgazmatron fest is making me ill and giving me a 24/7 migraine.

Wed, 02/09/2011 - 17:19 | 947539 Fidel Sarcastro
Fidel Sarcastro's picture

Yup -- bought 16.25 & cheered the manipulation to 1320.00.  It's cRaZ.

Wed, 02/09/2011 - 17:19 | 947544 gimli
gimli's picture

Shaddup and buy the fuk'n dip

Wed, 02/09/2011 - 17:20 | 947546 Turd Ferguson
Turd Ferguson's picture

Wow...and no end in sight, either.

Don't be short anything that is denominated in dollars. Period.

Wed, 02/09/2011 - 17:23 | 947554 tmosley
tmosley's picture



Wed, 02/09/2011 - 18:44 | 947772 william the bastard
william the bastard's picture

Two boring gold pimps have a small circle jerk.

Wed, 02/09/2011 - 20:43 | 948021 tmosley
tmosley's picture

Normalcy bias.  Not everyone has sex with multiple male partners every day.

Wed, 02/09/2011 - 17:26 | 947560 topcallingtroll
topcallingtroll's picture

I'm itching to.short silver again. It is in the resistance zone.

Wed, 02/09/2011 - 17:32 | 947576 hambone
hambone's picture

Au contraire - I actually bought TZA at close yesterday and watched and nurtured it all day to sell it at the ripe profit of 1.5% (this after probably losing 9999% in previous episodes of TZA).  Lucky I sold when I did come it came crashing down at the close.

Bottomline, probably best not to mess w/ the Russell.

Wed, 02/09/2011 - 17:22 | 947553 hambone
hambone's picture

ZH must simply accept the market is no longer a "market".  It is a policitical tool to build confidence and pass along subsidies to owners of companies and their shareholders.  End. of. Story.

We accept it of other "lesser" nations...just understand we are now a lesser nation and it all makes sense.

Wed, 02/09/2011 - 17:50 | 947631 nonclaim
nonclaim's picture

It is political but no less criminal: Fed/Treas/Gov trio is buying everything with *your* money. And you have to pay interest too, to them!

The money may be fiat/fake but the assets they are buying are real. Even if the market crashes and the dollar goes to zero, the companies and employees are still real and it is theirs to keep. Until a revolt breaks out, that is...

Wed, 02/09/2011 - 17:58 | 947660 hambone
hambone's picture

Morally repugnant, wrong headed, yeah. 

Criminal?  When you're the king, you make the "rules".  My guess is the Feds activities would not be found "criminal".  They would be allowed in a time of national crisis or simply deemed within the Feds mandate. 

You have to have stable law and justice to determine something is criminal.  Show me anyone (beyond Madoff and non sanctioned Ponzi's) who's actions have been found criminal.

Wed, 02/09/2011 - 18:17 | 947717 nonclaim
nonclaim's picture

When you're the king, you make the "rules".

I'd say "While you're the king...".

But yeah, financial crimes are worth it, that is established. But still a crime it is.

Settle for a tenth of what you got and get banned for life from trading, really? How harsh a punishment...

Wed, 02/09/2011 - 18:26 | 947729 hambone
hambone's picture

"While" you're the king... Excellent point.  Somebody(s) may end up losing his head over all this if history is any guide.  However, a population as complacent and unaware as America's isn't likely to figure out the real villains vs. ready served scapegoats.

There likely is not going to be any justice in this life.  Maybe so on the second lap around.

Wed, 02/09/2011 - 17:25 | 947556 buzzsaw99
buzzsaw99's picture

I have much more confidence in our markets comrade.

Wed, 02/09/2011 - 17:26 | 947561 Hedgetard55
Hedgetard55's picture

Actually, that was Harry and Hamy buying the dip at the end of the session.

Wed, 02/09/2011 - 17:31 | 947564 MrTrader
MrTrader's picture

Buy 50.000 ES contracts market at every single tick you can imagine. You can be the greatest IDIOT alive, have no understanding in underlying econometrics and you will make a killing. The IDIOTS at investment banks, mutual funds and hedge funds care about the rest. They are Ben Bernanke´s great followers. Bonuses and awards received easily for a no brainers work!!!!!

Halleluja in risk free land! Question: why so complicated, Bernanke? Why not organize a hand out of paper money directly at the New York FED????

Damn, I need my new Ferrari !!!!

Wed, 02/09/2011 - 17:29 | 947566 Spaceman Spiff
Spaceman Spiff's picture

Remember, remember! 
    The fed member, 
    The Printing treason and plot; 
    I know of no reason 
    Why the Printing treason 
    Should ever be forgot! 
    Bernanke and his companions 
    Did the scheme contrive, 
    To blow the dollar and stocks
    All up alive. 

Wed, 02/09/2011 - 17:30 | 947567 Walt Whitman
Walt Whitman's picture

Stick save, bitchez!

Wed, 02/09/2011 - 17:30 | 947570 notadouche
notadouche's picture

Oh man I can't believe the last minute moves upward and what's more annoying is that damned over the hill camel nose Maria Bartiroma doing a cheer and waving her pom poms.  She is the  Forrest Gump of financial "reporting" 

Wed, 02/09/2011 - 17:40 | 947598 topcallingtroll
topcallingtroll's picture

Hey! Dont you dare insult my one true love! Ahh...Maria!

Wed, 02/09/2011 - 18:01 | 947671 mynhair
mynhair's picture

(sounds of puking in the background)

Wed, 02/09/2011 - 17:31 | 947573 b_thunder
b_thunder's picture

Utterly and criminally manipualted market?   Yes.  But with what precision!   Sack and HFTs are definutely "learning."

Wed, 02/09/2011 - 17:37 | 947586 IEVI
IEVI's picture

If anyone can't see that the equity markets are reacting to the effects of bubblenomics, then they are blind. Like all bubbles it will pop. With many of the shorts eliminated (see the explosion when it finally blows it should be extraordinary.

Wed, 02/09/2011 - 17:37 | 947589 SashaBelov
SashaBelov's picture

Well, who's buying? Guess fed cant do it itself. Are PDs exposing themselfes to next market crush - because unless they bid to every single ask made by those still in the market and that means forever on everyday more overpriced level... imposible unbalanced game by definition.

Wed, 02/09/2011 - 18:02 | 947678 randocalrissian
randocalrissian's picture

IMO it goes like this:


PD1 buys for $1 sells to PD2 for $2

PD2 sells to PD3 for $3

PD3 sells to PD4 for $4

PD4 sells to PD5 for $5

PD5 sells to retail investor for $6

PDs 1-5 short everything at $6 and market goes bidless

PDs 1-5 cover at $1, wiping out retail.


So long as retail never again enters the picture (you know, on a big scale) the market HAS to keep going up, and PDs and everyone in it benefits, since there will be nobody there to get burned by the hot potato and each sequential transaction passes along more wealth.  It's a transparent pyramid of infinite width so it never reaches the peak until retail puts their head on the block.  Let's hope everyone stays out for as long as possible.

Wed, 02/09/2011 - 18:05 | 947687 buzzsaw99
buzzsaw99's picture

So long as retail never again enters the picture (you know, on a big scale) the market HAS to keep going up...


Wed, 02/09/2011 - 17:39 | 947594 Trimmed Hedge
Trimmed Hedge's picture

I understand it can be painful to realize a loss, but perhaps it's best to just cover the short, already....

Wed, 02/09/2011 - 17:39 | 947596 Rainman
Rainman's picture

Whatever this closing move is, it plays more reruns than I Love Lucy.

Wed, 02/09/2011 - 17:42 | 947602 Wheatman
Wheatman's picture

If the HFT boys are winning, who is losing in this market? Does anyone lose? I stayed long for the 2:15 express and got a green win, but who piad me?

Wed, 02/09/2011 - 17:49 | 947626 monkeyfaction
monkeyfaction's picture

I guess anyone that owns dollars but isn't invested in the stock market is paying you.

Wed, 02/09/2011 - 17:43 | 947606 simpleminds
simpleminds's picture

Note to self...if market still down 15 minutes before close...put in stop limit order to buy ES just above recent high...exit on close...payday

Wed, 02/09/2011 - 17:46 | 947610 RobotTrader
RobotTrader's picture

The news on WFMI is proof positive that the consumer is happy again and willing to spend.

Why is that?  Because the PigMen have successfully slammed oil back down again (using paper of course), and have capped gold to staunch the fear of inflation.

More proof that you cannot fight City Hall.  Never bet against the house.  The PPT can move any stock or commodity with huge boatloads of paper contracts with ease.

They got oil today.  Tomorrow, they will start attacking the grain speculators.

Anything and everything will be pulled out to keep the U.S. consumer happy and spending money.  That way, it will be impossible to have any sort of riots here which Gerald Celente and other gloomers are predicting.

And based on how the FXI is trading, The Bernank is taking note and he's getting a hint that he can NEVER raise interest rates like the PBoC is doing.

So it appears that the U.S. Consumer is once again ready to overtake the world and allow all the creditor nations to start ramping up production to start producing toys and crap for us to buy.

Wed, 02/09/2011 - 17:50 | 947632 topcallingtroll
topcallingtroll's picture

Yeah! More crap! USA! USA! USA!

Wed, 02/09/2011 - 17:54 | 947643 tmosley
tmosley's picture

They've only got ten little fingers they can jam into that dike, and the water is already up to their waist.

If they are gong to push grain down, they better do it quick before they lose the rest of the Middle East.

Wed, 02/09/2011 - 18:03 | 947683 mynhair
mynhair's picture

Push grain down, with roads closed in the mid-fly-over due to icing.

Wed, 02/09/2011 - 17:54 | 947644 MrTrader
MrTrader's picture

China, Japan, Germany, UK, Russia and Middle East countries made a large mistake when the US banks were bankrupt: they should have liquided all Treasury Paper and bring the US down on its knees!!!!! Now, uncle Ben has inflated all assets and there is no doubt: this idiot of a central banker is going to win the deflation=> inflation game! For the other players like China, Germany and others: well, somebody needs to produce the goods for the citizen of the US, isn´t it?

Wed, 02/09/2011 - 17:56 | 947653 AccreditedEYE
AccreditedEYE's picture

The PPT can move any stock or commodity with huge boatloads of paper contracts with ease.

All except CSCO. :)

Wed, 02/09/2011 - 18:13 | 947704 lieutenantjohnchard
lieutenantjohnchard's picture

old catfish mouth robo uber bull bear wanna be is at it again. shameless she shills the bull case after 8 trading days ago waxing eloquent whether the top was in. and day before yesterday telling us the bull case for oil and gold. now she tells us that we ought never fight city hall.

question is did she learn not to fight city hall today?

well one thing is for sure. gentleman jim sinclair is back to being a gold fool again in her eyes.

the good news is that old catfish mouth will change her mind tomorrow, and make him a genius if gold gaps up. guess it's a girls right to change her mind.

sigh ......

Wed, 02/09/2011 - 23:22 | 948352 Ludwig Van
Ludwig Van's picture


Junked @ churlishness.


Wed, 02/09/2011 - 18:24 | 947725 papaswamp
papaswamp's picture

"Tomorrow, they will start attacking the grain speculators."

Yep...corn is up 95% YTD time for a whack. Huge number of idiots loaded into CORN ETF today. They will get slaughtered.

Wed, 02/09/2011 - 18:30 | 947736 newworldorder
newworldorder's picture

Why pick on Robo here.

Whether his call is accurate or not on grains is really not the issue. His main assertion is directionally correct. Namely that the FED/Treasury/PD  are directionally able to control markets. The consumer must spend or the system comes to a halt. I may not like it, but there it is. Not much we can do about it.

Wed, 02/09/2011 - 18:49 | 947784 lieutenantjohnchard
lieutenantjohnchard's picture

respectfully, newworldorder, robo said the opposite a week ago that the fed/treasury/pd are able to control the market. robo also made the case for an oil and gold skyrocket - this week. now he's going the other way. he is consistently inconsistent, changing with the wind.

tomorrow, if the market drops robo will change directions and blow with the wind. mind you, robo doesn't believe his own writing. robo is - in his words - only 30% invested. so robo doesn't even take robo's own advice, nor act on the premise that the fed/treasury/pd control the market. if he did he'd be all in.

Wed, 02/09/2011 - 21:44 | 948107 Zero Govt
Zero Govt's picture


I haven't junked you but just to say that post was junk. Anyone imagines 'Town Hall' controls any stock market just doesn't know their history nor what a bunch of Ronald McDonalds Town Hall is.... name one single topic they are good at?

..."fuking things up" is not acceptable as an answer BTW  

Wed, 02/09/2011 - 17:48 | 947621 topcallingtroll
topcallingtroll's picture

what if we do touchdown for a perfect landing? Maybe in five years horizontal fracking will drive world oil prices down just like it did for usa natgas. Russia and venezuela go bankrupt. Democracy and enduring peace break out in middle east. Afghanistan becomes the world leader in base and precious metal production. What if we really do grow our way out of this shit and cut our trade deficit 25 percent just by oil price drops alone? I know i shouldnt be drinking the kool aid, but it tastes so good. Not all black swans are bad.

Wed, 02/09/2011 - 18:33 | 947744 oldmanofthesee
oldmanofthesee's picture

Shit, Troll. You guys had finally convinced me to load up on gold at $1360! What the heck do I do now?

Wed, 02/09/2011 - 17:49 | 947627 firstdivision
firstdivision's picture

Today's price action reminds me of this past summers.  Always pumping it in the last hour, seems QE3 is starting to get priced in.

Wed, 02/09/2011 - 17:50 | 947630 gunsmoke011
gunsmoke011's picture

To be perfectly honest – with each passing day, and with each unbelievable save – I am almost ready to accept that we may Never see another market implosion. I am almost convinced that the FED, GS, JPM own so damn much of this market that there are not enough real investors left to bring it down. Let’s face it – it simply is not in the best interest of those who control this piece of shit to have a market meltdown. It will take an Event – or some foreign power – to take the market out of the control of the Central Planners ability to manipulate it to get the long awaited implosion. IF that happens however – it will be Epic in its magnitude.

Wed, 02/09/2011 - 18:10 | 947700 hambone
hambone's picture

I'm in agreement.  If / when the market goes down, I don't think it will be a tradeable event.  It would seem to signify the Federal gov and Fed have lost control.  That dollar printing is no longer of any impact.  Dollars are no longer welcome. 

Til that happens, BB will continue to export massive inflation to China, Egypt, Pakistan, Vietnam, Saudi Arabia, Venezuela...etc.  They will see huge spikes and are already unable to keep up w/ the inflation even w/ wage hikes up to 40% in a single year in parts of China.  This inflation is soon to be exported back at us through corporations unable to eat these commodity / wage hikes.  Consumer goods (clothes, shoes, food, etc) and non-discretionary items alike will have huge price hikes coming this year.  Poor, poor corporations will protect their margins at the expense of volume.  Get ready for more layoffs.  Get ready for stagflation that will likely hurt worse than anything America has ever seen likely leading to hypinflation (don't think we'll ever get proper inflation).

Wed, 02/09/2011 - 17:51 | 947635 Mae Kadoodie
Mae Kadoodie's picture

J6P not buying into the carny. All it does is piss them off more.

Wed, 02/09/2011 - 17:52 | 947636 Dr. Porkchop
Dr. Porkchop's picture

Congrats, your stock is up again! Wanna sell? Excellent.. will that be monopoly money, groupon or farmville credit?

Wed, 02/09/2011 - 17:53 | 947641 tony bonn
tony bonn's picture

priapism is seen as a cure for what should be a limp market....but priapism eventually results in castration....

Wed, 02/09/2011 - 17:54 | 947642 TriggerFinger
TriggerFinger's picture

rhetorically speaking in response to your rhetorical question, i don't give a shit

Wed, 02/09/2011 - 18:00 | 947672 Cdad
Cdad's picture


The destruction of the market's credibility is part and parcel of regime death.  Look no further than today's announcement of the [likely] sale of the NYSE.  Rather than fix the many problems looming there, simply merge..again. 

Day by day during this Tepper rally, credibility is dying.  Confidence in the Fed is dying.  Confidence in DC is dying.  MSM credibility...dead.  All parties involved are looting what is left of the treasury.  That part about "this does not end well"...well, what did you think it would look like?

As for you capitulating bears, here comes the selling into a vaccum phase of the bubble.  Why do you think insiders have been selling like mad into all of this "good news" ?

Behold, Cisco after hours...


Wed, 02/09/2011 - 18:14 | 947713 hambone
hambone's picture


I think we're finding out first hand why an entire generation who survived the GD1 never trusted the financial system.  I don't expect this time around will be any better.

Thu, 02/10/2011 - 02:17 | 947768 Cdad
Cdad's picture

Saluzzi just hit a home run with his comment on the Blow Horn.  The exchanges should not even be public companies.  This is critical infrastructure to our free market system.  Now sell it to DB?  Are you kidding me?

Again, the problem, no matter which specific issue we are talking about, is the systemic corruption of the entire financial system.  Security leak on the NADAQ?  Never mind that...the government told us to keep quiet about it.  Sell the NYSE...sure.  Until Wall Street and DC have had fire hoses turned on them, we cannot recover.  Until then, the looting will continue.

Capital will not form in institutions as corrupt as ours....the NYSE included.  The Bernanke bucks will be the last bucks in.  And will not end well.

Wed, 02/09/2011 - 18:15 | 947715 Ferg .
Ferg .'s picture

I know I shouldn't be surprised but seriously , wow , that was ... wow . And the surge continued in ES after the close . Another last hour save .  Is this market capable of rising on decent volume ? Are all its gains going to come during hours/days of vapour participation ?

Wed, 02/09/2011 - 18:18 | 947718 scratch_and_sniff
scratch_and_sniff's picture

Well i just started putting my shorts on dow and s&p tonight, wish me luck...i wont need it though, this thing is going down. Anyone for side bets?

Wed, 02/09/2011 - 18:33 | 947743 mynhair
mynhair's picture

Cover fast tomorrow.  As soon as the next POMO schedule is announced, it's back to musical chairs.  Bet you a date with Maria Barfilomo.

Wed, 02/09/2011 - 18:50 | 947788 scratch_and_sniff
scratch_and_sniff's picture

Dont worry im keeping things tight, i just have a feeling the "buyers" are going to calm down somewhat. And by the way, whoever she is...i have done a lot worse.

Wed, 02/09/2011 - 18:32 | 947742 Village Smithy
Village Smithy's picture

Robot Trader nailed this one. It seemed awfully coincidental that just as oil was beginning to look like a real inflationary problem it settled back down. This inspite of the unrest in the Middle East. BB is flying alot of kites with one hand. I hope the strings don't get tangled.

Wed, 02/09/2011 - 18:37 | 947750 mynhair
mynhair's picture

I formally object to 'UnLP'. As I am a Limited Partner by force, my resources are NOT unlimited.

Wed, 02/09/2011 - 18:54 | 947754 MallaKite
MallaKite's picture

Never been a more fantastic time for retail to unload.....


1288.8   1388.8  1488.8 1588.8 1688.8 1788.8

Wed, 02/09/2011 - 19:02 | 947812 Obaminator
Obaminator's picture

Well, I see a good number of people got burned too. But I did a 2/3'rd hedge on my positions yesterday thinking we may not get the correction I was looking for. At this point, we just cant short the market with any degree of certainty.

The Stock Market is not relating to fundamentals or reaility any more, thats for sure. What is appears to be doing, is pricing in a massive devaluation of the US dollar. It wont take Hyperinflation to balance the US income/debt/revenue imbalances, it will simply take a 75% devaluation of the dollar over say 5-6 years...or...10-12% inflation per year on input costs of materials and goods.

We saw this back in the 70's and 80's, just on a slightly smaller scale.

The Stock market can stay levatated as Long as the HFT keep passing the bag of Sh~t between each other, and if they expect $10 today to be worth only $2.50 in 5 years (put another way needing $40 in 2017 to buy $10 worth of crap) then the stock market could platue-out and never fall...

At this point it all depends on IF the Fed can keep up the debt charade and prevent a pull of US Treasuries by foriegn gov'ts...and right now they are winning, as unfair and cuounter-intuitive as it seems.

Markets remain irational longer than I can remain solvent!

Wed, 02/09/2011 - 19:15 | 947837 Cdad
Cdad's picture

 At this point, we just cant short the market with any degree of certainty.

Are you saying that you are waiting for certainty?  Ummmm....that is never the case.

As for how long the Fed can keep the debt charage up...ummmm...have you checked Euro debt lately?  Not going too well. 

Can the market remain irrational?  Yes...but in both directions.  Insolvency is not the providence of short sellers...but all of us.  Check the very upper right corner of this page.



Wed, 02/09/2011 - 19:37 | 947892 defn8Dog
defn8Dog's picture

If you are so smart why aren't you rich? DO NOT OVER THINK THIS 1 . NYSE Lebersuppe uber alles

Thu, 02/10/2011 - 11:55 | 949402 Obaminator
Obaminator's picture

Im not rich because Im thinking rationally about the markets, and the markets are irrational.

Lets say I short the market for 2 years, knowing full damned well the dow 13,000-14,000-14,400 was a bubble, and I finally get tapped out just before it tanks...does that make a person stupid? No. It means the person had the right idea, at the wrong time.

What Im saying is people need to play it a little safe for now until the market shows some sign that its actually gunna come back down. And after the latest rally based on completel QE BS, I now have NO idea of when that will be...Dow could go to 20,000 before relaizing its not worth more than 5000...then what?

Stupid is as Stupid does. If we all continue loosing on shorts, then well...thats all I have to say on that.

Wed, 02/09/2011 - 21:09 | 948067 jpintx
jpintx's picture

Maybe you are correct, but I have been hearing about market manipulation for, lets see, 1975 until today, 36 years +/-.  Someone bought and someone sold about 200,000 contracts in the final 15 minutes, that's all I know for sure, and anyone of us could have joined in on either side.

Wed, 02/09/2011 - 22:00 | 948139 Ned Zeppelin
Ned Zeppelin's picture

We all participate in this through our 401ks.  Aint' no "gold funds" offered at most companies. I looked at my Dec 31 statement and figured it's almost time to move out of equities and into cash. But not quite yet.  Before the fall, I figure. 

Wed, 02/09/2011 - 22:13 | 948175 newstreet
newstreet's picture

Robot, like I said before, you are the new Alan Abelson.

Wed, 02/09/2011 - 22:14 | 948179 newstreet
newstreet's picture

Robot, like I said before, you are the new Alan Abelson.

Do NOT follow this link or you will be banned from the site!