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Break Of Dow 10,000 Activates Sell Programs
Well, that was a fast move down. EURUSD is still above the critical support at 1.2150, most recently at 1.2180. China is buying EUR, BIS selling. Let's see who wins.
Volume surges as sell limits activated.
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It has been toying with this action for the last half hour.
Gold bitches!
M.A.R.S...Mars bitches!
The United States of Space!
Nice. For those not understanding: http://www.comedycentral.com/videos/index.jhtml?title=black-bush&videoId...
I think my ears popped on that drop!
"Just sitting musing, the virtues of cruising.
With altitude dropping, my ears started popping!
One more Red Nightmare."
I keep waiting for the Limbo stick to come out (How low can you go?)
Greetings everyone, this is my first post here. I know that I'm not the sharpest knife in this here drawer, but you can count on me NOT to spout off any nonsense in favor of the Leviathan Govt, the Republicons, the Decepticrats, or Obamatron!
One should always be aware of one's limitations on knowledge, which is why I currently avoid any thoughts of currency speculation, or even commodities trading.
Kinda hard to do anyway, since most of my bucks are tied up in a Schwab IRA, which puts some severe limits on what I can do.
I'm getting mighty tired of trying to educate the "Progressives" that spout off gibberish at CNN.com and CBS.com, so I come to this site to absorb some actual Intelligence! Keep up the good work gang!
WHOOP there it is...
Algoholic time again...
Algos put the "top kill" on Dow 10,000.
Poor Simon on CNBC.
"We are still positive"
"We are still positive" ...
"Oh look - we are now below 10,000"
"(Inaudible: Fuck!!)"
I'm undecided as of yet who's more clueless, Haines or whoever that british Simon character is.
Yesterday the whole trading day Simon was cheerleading 'Look look, market was down so hard in premarket and we made it ALL THE WAY UP. OMG OMG OMG WIN1!11'
Yet today, after being slightly up in p/m, and retracing all the way down and then some, not a single mention of the broken market. One thing i will give to Cramer is how he now recognizes the market isn't functioning. Something Haines et al. can't quite seem to grasp..
pumps kicked on..trying to keep above 10,000...perhaps BP started pumping into the wrong hole?
LOL
Care to describe the hole? You know, research.
2 holes if I understand the plan...;)
Reminds me of this classic: Bill Clinton goes to deliver a speach in Japan. He visits a whorehouse and he's banging a little Japanese girl who starts screaming "Punzai!" Bill thinks she's screaming "fantastic!great!". The next day he's playing golf with some Japanese businessmen, one of whom hits a hole in one. Clinton decides to show off his knowledge of Japanese by screaming "Punzai!" One of the businessmen whispers in his ear "Excuse me Mr. President what do you mean 'wrong hole'?"
Aide: What should we do with this abortion bill, President Clinton?
Bill: I reckon you better pay it, son.
OMG-thank you that was hilarious! I can't believe I haven't heard that one! Still chuckling!
LOL...heh heh heh heh (almost could'nt breathe there, for a bit..)
Is there enought time for a stick save?
The Great Shakedown of the equity markets.
Pan-ing for gold, if you will.
Bye bye Blackbird. Ops, I mean buy buy Blackbird.
http://www.youtube.com/watch?v=aR-bzPHsSj0
I think it's the images of BP's little Gulf of Mexico "spill" (like you "spill" a cup of coffee) on CNBC right now that's spooked the market. They're pushing the "spill" clean up companies stock as I type.
Now the CNBC repeaters are looking shocked as they see it drop below 10,000, just like all that oil just below the surface.
The 'all important DOW 10,000' Trish Reagan keeps on saying it....BTW anyone notice her extra tight shirt showing off some spectacular ta-ta's today?
WTF is so important about DOW 10,000? What a psycho market.
Ever go to Vegas? Ever see how "sex sells" everything. Wall Street has turned into a Casino. The difference is that it's televised. You no longer have to go to Vegas to be entertained. Just turn on CNBS and Vegas comes to you.
Rich
And sadly, this televised coverage of the casino is the raw video feed for TEOTWAWKI.
CNBC won't let me buy and walk down the street with a gallon of pina coladas at 6 in the morning.
I was just in Vegas last week. CNBC isn't anything near as cool as Vegas by a longshot.
no one said it was. You can be cheap, plastic, and artificial without being cool
+1
You're going to make people cry on their ipads.
Because they thought it would finish above 10k. The cue cards are all loaded that say IT WAS A SIGN OF STRENGTH.
It's below 10k....ohhh....never mind...it doesn't mean anything.
CNBC's rating are deep in the toilet. The female anchors were certainly told to step up their games vis a vis tight shirts n' skirts. This doesn't bode well for the small-breasted Erin Burnett.
Erin is cute, but unfortunately has the body of a 10 year old boy. Though highly exciting for GS execs, not so much for the Bermuda shorts clad Bubbas down on the retail casino floor chugging free watery mixed drinks.
I think Erin could be on the chopping block. I read her show "Street Signs" is doing particularly poorly.
Methinks, CNBC sent her to China to give Amanda Drury a shot. IMO, Drury blows away Erin in every conceivable way.
As an aside, Cramer's ratings were absolutely horrible. He's down to a .1 share. He loses half of his lead in from Fast Money, which isn't exactly a ratings juggernaut.
This finally puts to rest the absurd notion that Cramer is a great entertainer.
They still have that idiot Kneale on power lunch. IMO if theyre gonna start cutting anyone's air time (removing his show was a good start), they might as well cut him from the lineup completely. Or better yet, excrete in his mouth.
You mean to tell me Erin is a woman?!?
LOL +1 Mean, but I nearly spit my tea on the keyboard.
Dow 10,000 is not what I keep my eye on. More of looking at Dow 7,000 at this point, watch tomorrow will be a down by 200 to 300 points with a possible "fat finger" for all the longs.
Tomorrow I am betting on 32 black....let's get this wheel spinning.
TD: What did volume do at the end?
PLACE YOUR BETS. I say the DJI won't dip below 10k today thanks to Skynet, but heck - I went all-in yesterday shorting Euro + Asian equities. Hopefully I won't have HarryWanger like results.
I am happily wrong ... at least the money followed my brain and not my mouth. Tune in tomorrow..
PPT time again. A finish below 10,000 is sacrilege.
During the Feb 2010 bottom there was similar price action. Bull have to step up tomorrow, or at least hold ground.
Not if the Asians start unloading Euros tonight...
CM,
"Not if the Asians start unloading Euros tonight..."
They better hope like hell they already have.........
The real issue here is Who's gonna buy.
When the EU opens the SNB is going to be hit with a blizzard of sell orders...
A lack of coordination and trust is being displayed by CBs and market makers, almost on a daily basis now...
This is a HUGE tell per coming events/volatility.
+1
if ZH breaks than a close below 10,000 is all but guranteed.
ZH, the true leading indicator.
PPT to the rescue!!!
It's gonna close at the open. Never below 10,000 at this point it almost seems like an arb play.
Here comes the central banksta gantas...
PPT = piss poor timing
probably were distracted by some fantastic new tranny porn
I'm sorry... that web address was......?
Just got the popcorn in for the final 15 minutes...
I reckon they will allow it to finish down 20 pts, to make it look "natural".
See, nothing dodgy about this drop, followed by quick retrace.
looks perfectly natural to me!
this is more entertaining than any movie I've seen in recent memory
Fast is an understatement. I guess the market intervention has a "pleasant" surprise - ever increasing uncertainty or unknown - unknown, lol.
Robert Shiller on Bloomberg May 25
In summary he is skeptical of the simultaneous rally in housing and equities after the busts:
http://www.bloomberg.com/avp/avp.htm?N=video&T=Yale%26%2339%3Bs+Shiller+...
AP is about as worthless as Moody's, look at this desperate news released after the market went RED
http://finance.yahoo.com/news/Stocks-climb-after-durable-apf-353744086.h...
ROFLMAO
I like accompanying photo of the traders who seem to have things in control, as opposed to the "Trader with head-in-hands" shot that is invariably shown on a sharply down day, as though there's no chance of a floor trader being net short and making a killing that day.
Then again, a shot of a trader pumping his fist in "Hell Yeah!" fashion on a down day doesn't make for good PR.
lol! Quite astute observation good sir. Get the morning paper every day and sure enough, after every 200+ pt drop, there never fails to be sad man from the pit!
Geither goons vs killer robots, every day from 3 to 4 pm.
Same bat crazy time, same bat crazy channel.
Hilarious.
One could storyboard a comic book dynasty based on that one fantasic nugget of observation.
It's comical even. What is going on today? The finance reform bill again?
I'm feeling decadent...wine and crackers
How fast can the algos be programmed?
happy hour with a little trampoline action..
Oh dear, it appears the real market is gaining the upperhand on the casino
"the market will always win" - Jimmy Rogers
"Know when to walk away, and know when to run." -- Kenny Rogers
Weird, just a min ago I looked like it went +0.5% and about to break even, then in 20 sec it's back to uncontrolled plunge.
WTF is going on, LOL must be the Japanese housewives pumping down on the carry trade. Must be a new game in town, Robot wars 2nd edition - confuse and conquer.
It's called technical analysis. After it failed at 1090, it went back down. 1090 was critical resistance, and resist it did.
There's nothing extraordinary about what happened today, nor was there yesterday.
I should play call the close... except that I don't really follow the Dow as closely...
it's TA your ass, grow up.
I haven't seen this many blows on each side since the end of Rocky 2.
Good stuff. :)
"I haven't seen this many blows"
since your mom and sister came by last night! OOOOooohhhhh snap. LOL.
Nothing personal, I just sad to say it. :)
OK I admit - I got a laugh out of it.
Ya i was expecting said sexual comment to be made instead of Rocky, but fair attempt anyway
Freddie King via the DOW
http://www.youtube.com/watch?v=BHXKlNP4-Aw
Great guitar...such feeling.
I wish someone would sell as shit ton of Euros right now
Its all in slow motion, edge of the seat stuff... tune in next week...
wow you know they are waiting for 3:59:35 to finish this above 10k
Right, playing like the end of an Ebay auction.
No stick save for today.
WHAT IS WRONG YOU FEDS! ARE YOU FOLKS SURFIN' PR0N AGAIN?! THE STOCK MARKET IS DROPPING WITHOUT ARTIFICIAL MEANS! PPT - I SUMMON THOU TO KICK IN AND USE YOUR MONEY PRINTING POWERS. USE IT NOW!!!
Now here is a closing bell worth clapping to. I would have one of those novelty large gloves with Dow 10,000 34.0 on...
So, what version is the hat on now? 4.0? Isn't there some magic formula about hitting below 10k for x amount of times in x amount of months? Does that not bode well for the future? If someones explains the technicals or fundamentals I will understand them.
You have to decisively break a level for it to reverse from resistance to support and vice versa. Did we violate
Then, for a new downtrend to start, you have to close below previous lows, not necessarily close below a psychological level like 10000. We've already breached 10000 before. I don't believe that we've closed below it before though recently, so this may qualify as closing below the previous closing low. This is bearish, obviously.
The same thing happens with uptrends, only in reverse.
Also, patterns of charts provide clues into the future direction of the markets. When a trend cannot continue to make new highs, it will reverse. If a trend cannot continue to make new lows, it will reverse.
If a trend makes a symmetrical triangle with its trendline, the trend will continue after approximately four touches of the sides of the triangle.
With ascending and descending wedges, the trend reverses.
With ascending and descending triangles, the trend continues.
Cup and handles are bullish, head and shoulders are bearish, reverse head and shoulders are bullish.
There are psychological reasons for all of these moves. Murphy explains it best in his book "Technical Analysis of the Financial Markets" which is kind of expensive, but is the shit for teaching TA.
Thanks JB! I appreciate it. Wish I would have taken a couple of finance classes. But I know I can figure it out with the right guidance.
Meh.
Heres what you woulda learnt:
-How to create your optimal portfolio using CAPM
-Levering and de-levering Beta
-Efficient Market Hypothesis (cause its sooooooo efficient!)
-Option pricing theory (Black-Scholes, Merton, etc)
-Getting delta, vega, gamma (and theta, though it changes with the others) neutral.
My favorite class was the concrete stuff taught in Fixed Income re interest rate arbitrage (think of Long Term Capital Management) as well as pricing CDSs and other FI derivatives.
All of these mentioned (and i few i obviously forgot but have zero relevance unless youre a fin prof) are zero helpful with short-term trading. Learning the greeks in a derivatives class is good but you can learn that from youtube.
And of course certain schools offer a trading class in which you learn pretty much exactly what Johnny posted, with a bit more emphasis, in my experience, on identifying types of candles (doji, etc).
I was taught these patterns have no statistical predictive power. None.
As Dr. Mike Burry says, if they could teach you to trade, they'd charge infinite tuition.
Tee hee
Tee hee
HAHAHAHA! It was like watching an eBay bid war ... snipe at the last minute? SNIPE? C'MON, SNIPE, D*MN YOU!
HAHAHAHAAA! Any given day is random. No fundamentals. No technicals. Just some fat finger over a button ... until not.
Synergy?
by Mr. Anonymous
on Wed, 05/26/2010 - 13:01
#375194
Right, playing like the end of an Ebay auction.
I have been predicting the market based on technicals for some time now.
Technicals are very much prevalent in the market right now.
I said that the bounce would stop at 1090 as my facebook status, and it stopped at 1091.
Yesterday, I posted on zerohedge that the market would paint a hollow red candle, which means that it would be up all day from it's lows. It even suprised me by closing up (at least on the S&P) while the Dow painted the hollow red candle.
Still, the direction was easy to see.
Now, the market made it to the gap down and resistance at 1090, and failed. It will most likely hit 1040 again, which will be critical. If not, it will make some kind of consolidation pattern, in which the trend will continue.
Either way, technical analysis makes it easy to call markets. It is very prevalent at this time.
I guess the question is what was your confidence interval this morning, regarding whether today's market would close over-or-under 10K today.
Did you be your life? How about ten years of your life? How about one year? A month? A day?
Starting this morning, I saw it as even-money, although I admit I'm not really doing my Elliot wave thing, nor timing short-term options expirations, government report releases, etc.
Similarly, I'm still expecting long-term-trend down (i.e., deflation), with 3600 entirely reasonable. Of course, if the printer really gets going, then yes, that's DOW 36,000. I still expect to see DOW 6K first, though.
So, I'm the classic complainer: I see 3,600 as reasonable, and 36,000 as plausible based on meetings in which I'm not in attendance. I can't process the technicals because I see them as dwarfed by a meeting where none of the central bankers defect from "the plan", as Spain is apparently now doing. Every morning I wake up expecting to see a sovereign default "for real", or some other accidental disclosure that can't be covered up, which gets the dominoes-a-rollin'.
I *do* believe you are able to use the technicals (e.g., I believe at some level, in some tight arbitrary window, it can be done). However, I do not believe those trends are to be trusted, because I believe those trends literally change in a heartbeat based on a monetary decision, a regulatory reform statement, an elected official confused mumbling, or a torpedo attack on a fishing boat (because somebody's Mom didn't love him enough).
I would almost agree, but volume confirmations have been absent on this ascent, and any low vol up swing followed by a large vol downswing is met by an even larger upswing on low volume. I have never seen a market stay up like this after so much distribution. It is only recently beggining to change. Lately, the high vol selloffs have been sticking.
Euro about to break to a new 4 year low. 1.215 in sight.
I need a cigarette after all that. *sticks 8 cigs in the mouth*
you notice this market will not close below SPX 1065...ie the flash crash low...just sayin
YET
It had some Monday gaps to fill. You might be correct but let's let this baby sing a while before we call balls and strikes.
In my best Marv Albert impersonation ... REEEEEEJECTED!
LMAO I can hear it!
Those Umpa Lumpas who work the Stock pump machine were called in by Willy Wonka to save Agustus Glup. The fat bastard fell into the chocolate river again. Sorry Bernanke, Willy Wonka pulls rank
over you.
A sound rejection of 1090 after a sound rejection of the Feb low. Now I know why I am on the sidelines. A drag out fight.
It looks like PPT seems to be very active in overnight session these days.
SnP futs now trading at 1091. up almost 30+ full points.
And that after Dow closed below 10K yesterday for the first time since Feb 2010. Go figure.
Welcome to world's largest legalised casino. LOL.