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Brent Tumbles
Not like Goldman did not telegraph their intention to crush crude yesterday. Alas, the market which now has a 24 hour real time delay function, only managed to digest the news today. The result: a plunge in Euro Brent from an intraday high of over $126 to about $122. And courtesy of everything being correlated once again to the inflation trade, asset prices everywhere are plunging.
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Gold just nose-dived to $1447.
buy the fucking dip.
Riddle me this, riddle me that, how is it that everything's a correlated crush, including the USD?
Because we have a centrally-planned command economy where losses of a few favorites are socialized while gains are privatized?
"Lemon socialism".
+ lemonade, EK! brent tumbles? trouble in paradise, err, ...china? Sell The Fukin Peak!
lol! take an OPEC sheik to lunch! fuk em all!
+1 you have it exact... since 2008.
Who knows? I just hope the S&P500 continues a serious crushing between now and Friday.
Loss of confidence. No matter how much money you print. If the markets lose confidence, they sell.
The market now seems to be "nowhere to run, nowhere to hide" for most people. If every thing is one big fucking index, then what's the point?
Silver is down to 40.15 as well.
Blythe is working it right on schedule...9:00am Ag nosedive! If she is able to keep-up her stamina, BTFD at $39.25.
I knew buying that armored truck was a good idea.
Lord Blankfein at work (wearing hat).
http://www.youtube.com/watch?v=iSHfnvy5mkA
WTI is down more.
And don't forget...the May crude options expire on Thursday. Fucking GS is probably short a bunch of calls and they're trying to cover their ass.
Gold is down
And you've got Down's.
Absolutely, we've seen this last month as well near equity OpEx and i remember you posting about it too. Games this week, that is all. Buying some long May Cs on friday might be swell..
Like I said, virtually anything can be engineered by TPTB with infinite shorting of paper contracts.
Yeah, they cannot "print" oil or gold, but they can "print" infinite quantities of short tickets on the NYMEX and COMEX.
You cannot "print" higher demand.
And what happens when you cover shorts printed to infinity?
Uh, you don't cover, and the deflationary black hole swallows the world. That's sort of the point.
You cannot print intelligence which firmly explains your problem!
Everything is collapsing. Everything except the XRT that is.
The minute by minute manipulation is breathtaking to watch. Someone really, really wants 52 to hold.
I see, Robo...you can just short your way to eternal gains to infinity. Sure.
Goldman Sachs...betraying clients and destroying market confidence worldwide.
GS needs to be destroyed. Any takers?
I been calling for that for the last 3 years.
Instead of being destroyed, the Treasury and the Bernank saved it. Anyway, I actually think JP Morgue is actually worse.
+1
Bonds are also on fire today.
No need for QE3 when panicked investors are selling commodities in droves and piling into the safety of U.S. Fiatsco paper.
Notice that on nearly all significant down days in the equity market, bonds rally. When the market finally crashes, bonds are going to do very well.
Junk me again. There's nothing contrarian about being anti-bonds right now. You'll be happy to know that UBS, Merrill, Morgan Stanley, etc all agree with you.
I agree with you Johnny. One has to keep an open mind and watch what happens without a bias if that is possible. Some people are rooting for a crash so it is hard for them to see evidence of a change in trend
Exactly
Set up for $70B in bond sales starting today... nothing, absolutely nothing, is free of Ben's fix... and it actually seems to be spreading (as the unintended consequences are addressed with ever more reckless abandon)... tick... tick... tick.
Looks like the inflation bulls marked another short term top with their incessant screaming Sunday night at the Asian open.
almost like clockwork isn't it?
The market operators ie banksters are driving the USD index down and pumping up everything else. This process will continue till there are no long positions left in the USD index and no short positions in any of the commodities, stock or currencies other than the USD.
The operators are then likely to take the long position on the dollar and short position on everything else. They would then use their money power to move the markets in the direction which would get them the maximum profit while screwing all other traders / hedge funds / investors.
The stock, commodity and currency exchanges have been reduced to gambling dens whereby the more powerful traders with deep pockets move the markets to maximize their own profits at the expense of the remaining not so powerful players. The big boys have enormous money power to move the markets in the direction which results in maximum profits for themselves. They effectively use the media to lure the other players in the market to a position where they would incur maximum loss.
The markets will fall only when the banksters have eliminated all the short positions and only they themselves have positioned themselves to profit when the market falls
OR
When an unexpected world event catches the banksters with their pants down and the softwares they use to rig the markets go berserk beyond their control.
http://www.marketoracle.co.uk/Article24581.html
'Driving down dollar and pumping up everything else'...like what?
Well you could take a look at the Swiss Franc.
OH the Swiss Franc...damn missed my opportunity to buy Francs last nite DAMMIT!
Early bird gets the worm.
"Morgenstund hat Gold im Mund."
@ak: If you really want to pump your website, post something original instead of cutting and pasting the same post day after day. It's truly annoying. (and yes, I junked you for lack of originality, robo-poster)
Already they ran into lower demand with gasoline only at $3.80 nation wide. For all those calling for $8 gas and $15 pound beef, simply cant happen. At some point here the fact that everyone is broke has to factor into the Maniacal Monetizers fantasy.
You, sir, are absolutely right, and it doesn't matter.
Price is not informative about the death that oil depletion is bringing. The trucks can stop bringing food to grocery store shelves just as suddenly at $2/gallon as at $8/gallon.
This is not about trading. It's not even about money.
It's about death. That's what oil depletion means. Death. 5+ billion of them.
Happy Tuesday !
Exactly. I could use a wheelbarrow full of cash, personally, but there aren't any. Booming commodities just means the fall back down is going to be that much more epic. Ben wishes he could sustain this "inflation."
Gold's breakout now completely erased.
Hats off to TPTB.
Once again, they achieved the "impossible".
Still gold is $250 higher then when you were panic selling and screaming CRASH and silver has doubled since then! LOL!
True, Robo and Methman and others if they actually traded their post opinions on PM's would have been wiped completely out over the last months.
They are true amateurs. If they'd spend just 6-12 months studying price actions in commodities, they'd begin to have a clue about price volatility and correction behavior. But being guru worshippers, they'll never get it.
Agreed. The fact that they have advertised their short positions for months and months leads to one of two possibilities:
#1: They are truly, truly broke and are posting from their local library
#2: They are completely and utterly full of shit
Why do they still have the balls to post? Me thinks #2 is the correct answer.
Theyre all just chock full of bullshit.
Don't sweat it Robo... they're all just pissed about the breast reduction!
DOW completely erased. Impossible, some night say.
Back to 1454. Someone appreciated the buying opportunity.
this commentary from the only man in the lower 48 who has lost money in his gold and silver investments during the biggest bull market run in history. btw: how is that possible unless you are the world's worst trader?
and of course this must be the umpteenth time you've told us gold's run is over.
but at least you had the courage to change your avatar as you promised me you would if silver ever went over $40. so, i'll hat tip you in that decision.
It's now $1452, how is that "erased"? Gold was bumping up against $1440 for months.
Fed meetings
April 26-27
June 21-22
August 9
September 20
November 1-2
December 13
Are people getting scared of any hint of the stop of QE? Jumping ship before the sell in May crowd wake from hibernation?
It is funny to me to have the world care so much what a small group of individuals decide. Pure collectivist behaviour in a western world supposedly a bastion of free markets.
Anyone with a bit of sense should be getting out of the massive equity bubble. Fantasy time is about over.
Roger that. Unless, of course, the lies that accompany earnings announcements with respect to future guidance is ignored.
Are people getting scared of any hint of the stop of QE?
The question to me is if we are looking at a long term (>1 year) trend or just a reversal in the sine wave function of the manipulated markets. Money guys can cash in if they know the inflection point of these short term tops/bottoms.
The other option is re-emergence of the deflation bogey-man, reduced government spending, no QE3, recession, and credit destruction.
My guess is another top or bottom of the sine wave, in 6 months they will be begging for Bennie to open the flood gates again. And he will gladly accommodate their wishes.
sschu
Does anyone have any experience with www.worldspreads.com? Seems the most efficient place I can find which trades (pseudo) oil futures contracts for small fry such as I.
All I knows is I puts the nozzle in mah truck.
You sound like an expert. You should be on CNBC.
Those poor guys over at King World News must be totally despondent.
Watching gold stocks getting completely crushed while everyone piles into retail stocks.
Wonder how many times they can pull this stunt off over and over?
WTF are you muttering about, lunatic? Gold is down -$2, 'completely crushed'?...DOW down -$130. 'Piling into stocks'? Robo tell your mom to give you more Ritalin your brain is all fuked up again.
You obviously do not own any gold stocks!
The guys at King World have made a lot of people a boatload of money, and the only thing they are doing now is buying on the dip. Pullbacks in commodities is part of the game.
actually, you're projecting your poor trading despondency onto the rest of us. we gold and silver holders, we band of merry men, are quite happy.
we've coined money, and will continue to coin money.
happy tzoo'ng and lulu'ing.
"happy tzoo'ng and lulu'ing"
Nice.
Just out:
http://www.marketwatch.com/story/oil-prices-skid-market-frets-about-global-growth-2011-04-12
>>
This morning, Saudi Arabia said it was reducing daily production 500,000 barrels a day to 8.5 million a day, citing weak demand.
>>
How convenient for them. They have ALWAYS done this. They have no spare capacity and they hide it behind an alleged lack of demand. What happened to their new sweet blend that was to fill in for Libya's 1.5 mbpd? What happened to it is they made 1 million barrels, in a month, and stopped.
Geology is going to win this and there is nothing that anyone, not even GS, can do about it.
For all those trumpeting $7- $8 gasoline...theyve already ran into a brick wall at $3.80. 'Demand destruction', bitchez. Thats what happens when no one has any money and you raise prices.
that's because it was all lies before, and its all lies now. Not only is the market rigged, but so is the news. There is no truth. The best we can do is ignore the news and announcements by GS and other primary dealers. This is my last day reading fucking blogs and other worthless news. I am trading only the what the charts says...and NOT listening to any more bullshit...because its all bullshit. And they getcha everytime with their bullshit.
FUCK IT!
And the real news which hasnt even trickled thru all the BS yet is we're staging right now for war with Iran. By summer according to a General in the region.
It cracks me up to read seemingly well informed people on Z.H.
crying on their keyboards because 5 billion people are about to die
when the oil runs out,
peak oil is B.S.! Any small amount of research on the interwebbys will
quickly make it clear that the squashed dinosaur theory has long been known to
false, they very foundation stone of the pyramid of bullshit that makes the petro dollar
possible, that makes MENA politics possible and wall street possible.
The Ruskys are drilling oil from 55 thousand feet below the surface,
Give it some thought, B.S. is the worlds most abundant resource.
Exibit A: http://climaterealists.com/index.php?id=6261
Convenient oil is a different conversation, but a world without Peak oil as accepted fact disallows the continuation of the entire agenda, it is all B.S.
You don't even know what peak oil means, apparently.
Hello Lloyd, it's Ben, are we on for a Friday morning t-off of 8:00? Great! Listen, you're killin me with that WTI, can you cut me some slack here, people are starting to tell me that the price of gas is going up. My driver verified that this morning.
Market is down over 100 points and AAPL and NFLX are still green.
Ahh, perfectly choreographed action by the Fed.
Dont worry, Apple will be crushed when the flow thru of no parts for China assembly hit this month. IPhones dont grow on trees, theyre assembled from Japanese parts by Chinese slaves. So solly Cholly.
and you're making zero money on your widows and orphans portfolio of hd, mo and vz.
poor robottrader, the world's worst trader.
btw: do you make your dates pay the bill?
think that a full blown correctio is on the way: http://www.hedgefundlive.com/blog/tuesday-market-expectations-41211-full-blown-correction-is-on-the-way
The major airlines are getting a nice pop.
Delta (DAL) is up about 7%.
What a joke the market is.
why? they're rollin outa their fuel hedges, here, and takin down big FRN's! oil takes it in the ass and breaks the uptrend, airlineZ go asymptotic. what else if fukin new?
i just went to a site to see what tabbi's skinny is on "wall st. wives" (scandalous!) and ended up reading: "Why Are 7 Year Old Girls Going Thru Puberty?" will be back from the playground soon, ok?
And right on cue here come all the regular suspects.
Trolls to the left of me. Shills to the right. Here I am stuck in the Zero with you.
actually I started trolling about a top again about a week ago I think. But I was totally long the inflation trade and totally aligned with you gold nuts until yesterday.
It tumbled what $3-$5 bucks? From $128?
Ya, It'll be back to $40 before we know it.
Small sample size obviously...but look at how commodities are selling off today, especially oil. Most of us here agree that a market crash will happen eventually. Looking at today's action, it seems that a crash will take care of these inflation issues.
The dollar is hugely undervalued vs the Euro and specs are long the most oil, gasoline, heating oil in the history of the contract by FAR. The marvel of this spec craze is that it got as far as it has gotten.
In crude alone the spec imbalance is on the order of 300 million barrels or more than 40% of the SPR which took about a decade to fill. The XOI / XAL ratio ran into huge resistance at the 35 level and has been rejected bigtime. On a long term basis oil is toast. $4 nat gas is going to see to that. It costs about $50 a barrel to convert natgas to diesel including capital costs. Long copper (electricty) long airlines (short oil).
The dollar is technically worthless, over the last century having lost 98% of its original 'value'. And that was before printing trillions more dollars.
just sold cyh and I am all dollars now...except for a small silver position...
I agree the inflation fears are all overblown for now and that this has so far been a tradable topping point. The hard part is figuring out when to get back in. I think it is a few months away, but as always watch the tape.
Sure it is.
Thank you Tyler!
I have had two 15 percent pops because of your reporting.
CYH had gone down too far on thin evidence of medicare fraud. bought in at 25.65 or so average
KBW had record shorts last year. You reported it had the most shorts. A regional bank etf at the height of the banking crisis totally unloved. That was worth 15 percent.
You reported both of those. Thank you!
Now for the future. I sold vde at 116 ish and gdxj at 42ish. Should have sold brazil ewz but that is my long term investment.
I do think their is a deflation scare in the future. I wasn't necessarily expecting it this soon, but goldman is a good catalyst for everyone doing what they wanted to do anyway, sell the inflation trade.
My personal belief is that there will be an entry point again, but that these may be interim tops. If we have to inflate our way to a new "rebalancing" that is a sustainable base from which to grow, then we have to have a few deflation scares along the way to keep people fooled and to moderate the sucker so it doesn't turn into hyperinflation. I think this may be the start of the first deflationary scare. I suspect we will have at least one inflation scare and one deflation scare before we are rebalanced in a sustainable way (lower wages, higher prices, real estate stabilized, dollar devalued enough to help with the trade balance). However that is probably too optimistic and we probably have several deflation/inflation cycles in the next five years. The key will be to sell inflation sensitive stuff when inflation fears get out of hand, and to buy inflation sensitive stuff when deflation fears get out of hand. Bill Gross is playing this game too, but doing it with assets that are negatively correlated with inflation.
Look at the $US. Makes the attemp to take down commodities wholey transparent. $US should be soaring. BTF commodity D.
Don't forget also that this will make bammy's push to raise taxes a bit more palatable tomorrow. So he thinks.
Holy crap,
Someone should check Bob Pisani's pupils...to see if he hit his head or something. 1.5 days down on oil, and he wonders why the market is not up on falling crude prices. Seriously, he has been on the floor for more than 20 years, and so he KNOWS that gasoline lags oil price moves by months. So either he is being entirely disingenuous, or he has hit his head and need medical attention STAT!
Bob...hello...is there anybody in there?
please, Cdad! some of us are very sensitive to anything MSM. why? b/c anything MSM tends to cause folks to do what you are doing here.
go lie down for 10-15 minutes, and turn the fukin TV off and cut all cables and dishes away with pruning shears. get free, man. that's NOT entertainment, Cdad. it's propagadananda and continuous (continual? who knows these things?) conditioning. save yerself! cut away!
In my humble opinion, most of the wars, economic and otherwise, being fought for the following reasons:
1. The inability of the majority of the worlds population to distinguish between bank liabilities and real money and goods.
2. The inability of same to distinguish between what is lawful and what is legal.
Just my 2 trillion Bernanke bucks worth.
I think the broad theme the next few years will be risk on and risk off. It is hard to be a real contrarian.
i prefer to see clear thinking among american lovers of Liberty and getting rid of ALL the dead wood "employees" in all the fukin goobermints, eveyewhere! ever had an original thought, tct? try that one, ok? and all yer "objectionZ"? stick em where the sun don't shine till you're able to think straight...
And reality will return once the contract has rolled.