BofA's Head Technician Calls For Market Correction

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Mon, 09/20/2010 - 13:42 | 592438 Id fight Gandhi
Id fight Gandhi's picture

Whats the point, tech doesn't matter, fundamentals don't. I've been in the industry for 10 years and they aren't hiring back.

Might as well say fuck it and work a blue collar Job (which I would since my family has been in construction for years) but can't get work there either.

Mon, 09/20/2010 - 14:55 | 592612 Boilermaker
Boilermaker's picture

You must have missed Obama's "Town Hall" on CNBC today, otherwise you wouldn't be this gloomy.

Have you considered investing your unemployment check in REITS? 

Mon, 09/20/2010 - 13:43 | 592444 Translational Lift
Translational Lift's picture

Hell....she's trying to use fundamentals to justify the market.  Doesen't she know that the market is controlled by POMO and hopium....

Mon, 09/20/2010 - 14:30 | 592557 crosey
crosey's picture

She has to produce something or she'll be fired.  Can't just sit around and do nothing.

Mon, 09/20/2010 - 13:44 | 592450 Saxxon
Saxxon's picture

Can't short this; just breaking out of the high side of a several-month-long channel, elections coming up.  Patience.

Mon, 09/20/2010 - 13:54 | 592476 augmister
augmister's picture

+1 !

Mon, 09/20/2010 - 14:10 | 592514 pat53
pat53's picture

1150 is next stop, probably by Friday

Mon, 09/20/2010 - 13:51 | 592465 TradingJoe
TradingJoe's picture

The answers is that all connection is already lost to everything, main street & fundamentals, unemployment and inflation/buying power etc. Just paid my car maintenance bill, get this, labour is more expensive then parts....can you dig! I expect nothing else but total collapse once this farce is over, there is nothing Benjie can do, he can print the shit out of them presses but it won't help, eventually it will all be over, for most of the system. 1930's will look like a mild general rehearsal! Make as much as you can and LEAVE or ...Else!

Mon, 09/20/2010 - 13:52 | 592467 augmister
augmister's picture

The Fed owns this casino stock market and the house never looses....They will continue to run this thing up.... until they cannot.  Like anyone is going to be surprised when the whole thing unwinds?   Hoard your FRNs and when the bough breaks and the cradle falls, you will have the opportunity of a lifetime buying PM as the market will take everything down with it. 

 

What is the difference between the economic collapse and the Second Coming?   The collapse will happen sooner than later!

Mon, 09/20/2010 - 13:52 | 592468 goldmiddelfinger
goldmiddelfinger's picture

450mm shares at 2pm

Mon, 09/20/2010 - 13:53 | 592469 Chippewa Partners
Chippewa Partners's picture

The salesmen at Merrill  need reasons to generate commish.  Bartels has them.

Mon, 09/20/2010 - 13:53 | 592470 HelluvaEngineer
HelluvaEngineer's picture

Summary: this could go either way.  Here are a bunch of charts.

Mon, 09/20/2010 - 14:06 | 592505 Saxxon
Saxxon's picture

+1

Mon, 09/20/2010 - 21:42 | 593751 StychoKiller
StychoKiller's picture

With robots shuckin' and jivin' all the live-long day, how can anyone rely on technical analysis?  All it takes is for one software change to get the robots to stampede for the exit to bring down the house of cards.

Robot(s):  "By your command!"

 

Mon, 09/20/2010 - 13:57 | 592489 homersimpson
homersimpson's picture

In other words, she has no control of the Fed, so her opinion is worthless at this time.

Mon, 09/20/2010 - 14:12 | 592519 NOTW777
NOTW777's picture

it appears there is a may 13 gap @ 1157.44

Mon, 09/20/2010 - 14:12 | 592520 bugs_
bugs_'s picture

A very detailed analysis.  Um...hey Mary Ann, how is Gilligan doing btw?

Tue, 09/21/2010 - 00:58 | 594084 PiratePiggy
PiratePiggy's picture

Busy starting a new fad called Rap. Rapping at "the sands". "Ahead" of his time. Honest. Check it out.  Debbie Harry eat your heart out, Rapture was a copy cat of our little buddy.

 

http://www.youtube.com/watch?v=aTSrde9IJ9g

 

 

Mon, 09/20/2010 - 14:20 | 592534 Double down
Double down's picture

Make work sales job.  People do not care anymore, the function of this piece is to keep people engaged. 

Good luck with that.

 

Mon, 09/20/2010 - 14:34 | 592548 Threeggg
Threeggg's picture

Cramer just said   "BUY" on CNBC

look for a bloodbath soon !

Says the "Only" thing that matters is the ticker and that shows the vote of confidence from the people.

What about POMO ?

LOL

Mon, 09/20/2010 - 14:36 | 592562 plocequ1
plocequ1's picture

There is no correction today. Bear trap. Rally on. My Google is up 19 on its way to 9,000. I am a Bear in denial until the game is up. Listen to Alex jones and stop relying on charts.  We are all screwed. Enjoy the rally while you can.

Mon, 09/20/2010 - 14:41 | 592577 AnonymousMonetarist
AnonymousMonetarist's picture

The market is going to go up or down?

Brilliant!

 

Mon, 09/20/2010 - 14:55 | 592613 dot_bust
dot_bust's picture

My idea of a market correction would involve letting the big banks fail and dissolving their primary means of economic control--the Federal Reserve. I've been telling my friends that the big banks are the Federal Reserve.

They're shocked to hear that. They didn't understand that the Fed, the main power structure, is just the U.S. banks. I explained to them that the U.S. banks comprise the board of directors of the Fed. When will the public learn of this? Who will tell them?

Mon, 09/20/2010 - 15:20 | 592704 Sam Clemons
Sam Clemons's picture

I've thought of making a graphic showing how "money" is created and moved through the economy to serve the very purpose of showing the Fed is just a cartel of private banks and that everyone pays taxes to pay the interest on the debt they bought with created money.  Maybe a graphic would help people understand?

Mon, 09/20/2010 - 15:30 | 592752 dot_bust
dot_bust's picture

That's an awesome idea! I like it a lot.

Mon, 09/20/2010 - 15:36 | 592778 AnonymousMonetarist
Mon, 09/20/2010 - 15:38 | 592780 AnonymousMonetarist
AnonymousMonetarist's picture

dup

Mon, 09/20/2010 - 15:20 | 592706 Dismal Scientist
Dismal Scientist's picture

The mantra you learn is 'Don't Fight The Fed'. It is what it is, and all the bleating in the world will not save you throwing away your hard earned fiat in pointless shorting. But since PMs are going up too, and all ZHers are long (including me), then whats the issue ?

Oh, you want common sense, fair market practices and justice for all to be established ? OK, now I get it. Good luck with that...

Mon, 09/20/2010 - 15:32 | 592762 Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

To quote the great Yogi Berra -its that deja vu moment all over again,it looks like a repeat of the vertical lift off in February,a Fed fuelled monster short covering fake rally - a reversal when it looked like the market was tanking,it started at the beginning of September and the Nasdaq is now up 13%.And you get technicians coming out with stuff like this?

To me it looks like JPM/GS have prior knowledge of QE11 and are front running it.Sorry Mary,you won't find any of this stuff in a book or on a chart,the charts are meaningless now.Looks like Dow 40,000 is the intention,another lifesaver for Wall St,pity a loaf of bread is going to cost $10 when it gets there.

 

Mon, 09/20/2010 - 17:10 | 593108 jkruffin
jkruffin's picture

Very Interesting READ!!!!  We already know most of this, but at least there are some others out there trying to tell it:

The “signs” of recovery, so breathlessly trumpeted by the politicians who want it to be true, is not generating the new jobs we need. The resumption of unemployment benefits will help those who were cut off but not all who need them. Foreclosures are rising, and government programs to stop them are not working.

It is unlikely that the current policies can remedy any of this and it is certain that extending tax cuts for the rich will not create jobs. There is no jobs bill about to be enacted. Many of the industries blue collar workers toiled in are going or gone. Bailed out General Motors just spent $3.5 Billion dollars to buy a new lending company to get those subprime loans restarted to move cars off the lot. Is this moving “backwards” or not?

Unemployment is worse than we know. The Daily Finance site reports that the firm TechnoMetrica which monitors the stats is finding the real figures shocking.

“The June poll turned up 27.8% of households with at least one member who's unemployed and looking for a job, while the latest poll conducted in the second week of July showed 28.6% in that situation. That translates to an unemployment rate of over 22%, says Mayur, who has started questioning the accuracy of the Labor Department's jobless numbers.”

The site adds, “For years, many economists have pointed to evidence that the government data undercounts the unemployed. Economist Helen Ginsburg, co-founder of advocacy group National Jobs For All Coalition, and John Williams of the newsletter Shadow Government Statistics have been questioning these numbers for years.

In fact, Austan Goolsbee, who is now part of the White House Council of Economic Advisers, wrote in a 2003 New York Times piece titled "The Unemployment Myth," that the government had "cooked the books" by not correctly counting all the people it should, thereby keeping the unemployment rate artificially low.”

Those books are apparently still being cooked. The Administration now admits there will no movement in the rate until 2012.

What may be more serious is the erosion of the middle class that well underway, Business insider cites these statistics:

•    83 percent of all U.S. stocks are in the hands of 1 percent of the people. ?•   61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.?•    66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.?•    36 percent of Americans say that they don't contribute anything to retirement savings.?•    A staggering 43 percent of Americans have less than $10,000 saved up for retirement.?•    24 percent of American workers say that they have postponed their planned retirement age in the past year.?•    Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.?•    Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975

Mon, 10/04/2010 - 04:38 | 623486 Herry12
Herry12's picture

Thanks for such a great post and the review, I am totally impressed! Keep stuff like this coming!...
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