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Classic Pre-Options Expiration Crank and Shank
Today. Mark it down. Another banner trading day for Goldman, who pocketed another $50 -$100 million shanking the tape today to knock off all the Mo-Mo Monkeys who bought yesterday's breakouts. Its going to be a good weekend at the Hamptons for the Prop Desk traders.
Criminal forensics are necessary to analyze today's action. The first tip off was El-Erian on CNBC and David Tice on Bloomberg spooking the herd with their forecasts of a a big selloff. That was enough for Goldman to pull the rug and start chain-selling stocks.
However, if you looked under the surface, the tape was telling a different story.
I noticed that worst of the worst European bank stocks were ramping big on the open today. Keep in mind that these are the banks which bought the bulk of the toxic waste turned out by the crack houses on Wall St.
Check it out:
Also noticed that another massive failure of Colonial Bank, whose carcass was gladly scooped up by BB & T caused a massive rally in that stock:
And other junk financials were screaming as well, such as Regions:
And Bank of America and Citi were well bid today, no selloff of any consequence.
And don't forget the "resilient consumer", who can still afford to buy $110 jeans full of holes, no matter how dire consumer sentiment is.
Abercrombie and Fitch gone wild today:
Hey girls, your turn today:
Other bellweathers of the "resilient consumer" is Allergan and
Maidenform, still well bid since there remains a voracious demand for
Botox and lingerie.
Seems as if the market is operating in a self-reinforcing feedback loop.
As stocks sell off, yields on T-Bills nad T-Bonds collapse. That means more cheap, unlimited financing for our profligate deficits, cheaper rates for "Cash For Clunker" financing, and minimal margin interest costs.
More importantly, Grandma is getting sick of earning a paltry 60 basis points on her money market account, and she hears of her Bingo partners making good money in stocks, so the lower interest rates go, more Grandmas throw in the towel on start moving money out of savings and into stocks.
Never underestimate the gambling fever of these little old ladies. Just go into the casinos and watch them play the slots.
In fact, I heard on Bernard Lo on Bloomberg radio last night talking with some guy from WMS industries, on how they are making newer, more sophisticated, slot machines for the casinos, and orders have never been higher.
Check out the stock:
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Amazing how "Da Boyz" can manage the tape and keep it in such a tight trading range..
They do it to keep the most players on edge, not knowing which way it is going to break.
Wonder how the Robots are handling the "trends" on this one.....
LOL....
AUG has been a god's gift to mechanical trading. If you're complaining about this setup, you must have your head examined!
robot traders have no idea how to act in the presence of T&A
lmao
Jesus Christ....I made the mistake of turning on CNBC after the gym and caught Melissa "Can't Speak Without a Stutter" Francis
What an utterly useless bag of caca
This prompts me to start a game of "hang man"
Melissa Francis is a....
S t _ _ i d F _ c _ i n g C _ n t
Alex, I'd like to buy a vowel......"U"
....also, equally annoying is CNBC's never ending focus and BREAKING NEWS regarding June 30th 13-d filing by the likes of Buffet, Soros, Ackman, et. al.
June 30th was almost two mother-f**king months ago.....
Are you kidding me.....this is "tradable" news?!?!?!!?
UGH!!!!
Robo, thank you, from the 10% of woman who make up ZH's readership.
Not really my taste but i appreciate the effort.
And to return the favor, heads up, starting Monday Amanda Drury is back on CNBC for the next 3 weeks.
LMAO!...TNA is too funny,,,
http://www.coastergallery.com/1999/shockwave3.jpg
Pre-options expiration?
Something on CNBC World overnight said a Canadian Bank was looking to buy the good biz of AIB. Didn't catch the details, since the sound was set on R0. But figured it would rally the garbage over there.
We need a quadruple short junker ETF. Of course, we'll need a better name.
It's All in the Name
The only "winning trade" long term is to short any double short etf and watch the decay before your eyes....
Tis a fact indeed. One only needs to go to Profunds and download the history from the inception of the funds in 1997 to prove it. But they do give you a big bang for your buck if you are on the right side for a short term trade.
Bingo !!!
Wurd.....
Yup. Short any one of them . . . it don't matter. Just watch out for the margin requirement short-term!
I like to short a pair consisting of the bull and the bear ETF. I am market neutral that way. Then time and volatility do the rest. Some of them (especially Direxion) are difficult to borrow.
There are shares available to short
Correction. There are no shares available to short for retail customers.
It's a PITA, I know, but it will work.
Thank you guys for your posts whether the charts are too big or not!
Missed this one.
Remember Corus Bank, that financed all those condo's??
Some hedge fund manager who wants to "make his year" in just a few days ramped this one up 35% today:
Here's one that turned a lot of the "Channellingstocks.com" guys on their heads.
This was working as a perfect short for several days, until Goldman discovered that one of its Prime Brokerage clients was beating down this psycho chick, and decided to throw a stick of dynamite into the room...
and decided to throw a stick of dynamite into the room...
Quote of the day
Talking about dynamite ....
Someone could telm me what this meas
http://en.wikipedia.org/wiki/60_Hudson_Street -
Western Union working with computers backbones and ......
" In 2006, a New York City panel approved the storage of nearly 2,000 gallons (7,500 liters) of diesel fuel on six floors of the building, part of some 80,000 gallons (300,000 liters) of fuel oil stored in the building. Community opposition had been raised regarding concerns that the presence of the fuel oil posed a fire hazard that could result in a catastrophic failure of the building, similar to what had happened to 7 World Trade Center, which collapsed after the September 11, 2001 terrorist attacks.[4]"
OIL ?
............
Very major internet / telecomm hub.
Fuel would be for generators to insure it would stay up for a very long time.
If that site went "dark", most everyone would know about it.
Considering this issue as a true way ....
Should all of us take our cares stocking fuel at our homes ? Perhaps under our seats ?
Don't mind so
As usual stupid is as stupid does---melissa has it wrapped up.
Compliments of James Quinn
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.”
There is no area of ignorance more distressing than in the area of economics and finance. Those with superior knowledge and power are able to mislead the ignorant masses regarding the state of our economic situation because most Americans have no clue about deficits, inflation, or the printing of money out of thin air. I’m reminded of Jeff Foxworthy’s “You Know You’re a Redneck” comedy routine.
You know you are ignorant if:
Love your stuff Robo
Nice post RT. Keep it rolling.
Channeling Scams and the rest are twelve line chunks of the Goldman algo that Sergei stole. They fit into the bigger picture.
I thought it really trange that gold wa up this AM, euro was up this am, but our futures were down and bond yeilds were down. this made no sense to me. I could not understand how asia and europe were up but we had neg futures can someone explain this. I will say the signal from bond land was for big sell off. This shit the government is letting foldman do disgusts me. time to burn down broad street.
I agree with Lizzy
THANKS RobotTrader!!
Nice pictures today :)
robot trader? trader joe? what is this, the mark to market forum?
Too dirty even for the stool!
Yes thank you Robo, especially for the 2nd A&F picture--he's got "Tyler Durden" abs!
Another chart set I use to see when we are overbought or oversold.
Right now, we are right in the middle, in no-man's land.
Thanks to "Ki" at Clearstation, who gets credit for these:
I'm all for alternating pictures also... and no more Kathy Lee Gifford on ever again...
I kind of like Capitalstool even though the owner banned me for being bullish and insufficiently worshipful of his genius. Here's his valedictory to me:
Dr. Stool
to me
show details Mar 7
Reply
Follow up message
I don't like you. You are a cretin- a rotten, miserable excuse for a human being who as no clue what he is talking about but thinks he has the answers to everything. You've never read a word of my work and yet you pass judgment on it. You have no clue as to the depth and breadth of what my research is about. Yet somehow you think you have the right to trash my research without ever having read one single line of it. What are you, clairvoyant.
Nope, just a narcissistic jackass who has all the answers and enjoys belittling others. It makes you feel like a big man. I've dealt with sickos like you for years. Eventually, I tire of it. Enough is enough. I gave you more rope than I ever should have, looking for some redeeming thread.
I could find none.
I am in business to sell a service. My message boards are an adjunct to that service. Get it? Or do you trash anyone who invites you into their place of business?
My business is successful because I add by subtracting people like you.
And learn to spell. Poor spelling detracts from your message.
I will be bouncing your emails back to you so don't waste your breath again.
See ya.
Note the date, about 3 trading hours before the start of one of the greatest bull runs in the history of the stock market (my portfolio is up $260,000 since then). I particularly like the way he indicates that I can't respond to him - not that I'm bitter:
http://www.cubestat.com/www.capitalstool.com
BWHAHAHAHAHAHAHAHA
That's too funny
I tried to find his Memorial Day......"Hey Asshole" missive that he directed at me, but it appears to have been deleted.
Too bad....so sad.....
He'll eventually be down to himself and his dopples. I wish Sudeca would come here too (also Jimi and MDPorter). It won't matter how many people leave though, Doc will never give up control of the site - which goes a long way toward explaining his career path.
That Doc guy is a joke. I have been to his site over the past several years and the guy's dick always bends bear. He and most of the kool-aide followers there missed the entire 2003 melt-up. Then when the market started crashing, he missed that too. He seems to always bash anyone that has a different view. I don't know what good his supposed Fed analysis is as he never seems to make any good trading calls. He always hedges his words, "could go up, could go down" or "this level, now that level" What use is that? POS if you ask me.
GFG Guaranty Financial Group Inc
Now this one didn't do so well Friday - Lots o inside selling
Guess the insiders thought they were going down yesterday. But then Colonial jumped the queue. Pencil GFG in for the next FDIC Friday Night.
Thanks to Jorma posting about this today I am here. This is GREAT.
You would think that Lee would understand that you can not kick everyone off and have any decent content left. I wish Sudaca would come here.
In one trade of single blocks, executed all at the same time, an institutional trader sold 448,014 of the S&P 500 ETF (SPY) August 100 calls for 1.39, bought 298,676 of the October 106 calls for 1.37, and bought 149,338 of the September 103 calls for 1.51
UPDATE: Well, what do you know. The large SPY trade was busted, meaning that the trade was broken -- essentially the same outcome as if it never happened.
It is hard to tell exactly what took place. Maybe someone slipped in an extra digit into each leg of the trade?
As it stands, it looks like someone has still put on the diagonal trade we described, but definitely in smaller size. The trade does have a bearish overtone, at least in the short term, but the trade size does not have as much of an effect on the market.
http://www.optionmonster.com/news/article.jsp?page=commentary/in_the_new...
WOW. What's with the charts?