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Department Of Wealth Effects Pull SPY Borrow In Last Ten Minutes Of Trading, Causes Green Close
Just because a red close in the only index the Department of Wealth Effects tracks, the Dow, would seem oddly suspicious in a market that is now entirely controlled by Benny army's of Hewlett Packard inkjets, we get news from two trading desks that the SPY just went HTB in the last ten minute of trading, coupled with some forced buy-ins for good measure. The farcical result is presented below.
Update: News from Boeing after close that the 787 is being delayed again explains why the Dow just had to close green. The stock is now plunging after hours which would have meant a complete drubbing in the Dow. And yes, the durable orders report is about to be revised far lower as aircraft deliveries was a consistent reason for beats in the past 2 quarters.
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Ministry of iPads.
No way! Windows Phone 7
I will be the first person to admit that I am not particularly bright. I am having a problem figuring out how it is that Bernanke can single handedly toss out a $600 billion bomb and none of our elected leaders seem to think it is a problem. Since this is such a good idea ($600 billion), it stands to reason that an even larger sum should be an even better idea. It appears that Ben Bernanke is actually in charge of our country.
That's a nice manipulation all right, as always. B doesn't wanna see red after 2 days of FOMC announcement.
After months of record insider sales, today, minutes before the bell, the insiders had a change of heart and decided to buy back the hundreds of billions of dollars worth they sold the months before. They offer their apologies.
Standing ovations, ramp job well done!
Lather, Rinse, Repeat...
+1, Bravo! A heartbreaking work of staggering genius.
But predictable.
I can only muster a /golf clap
XRX has been on quite a tear lately...
yup. some of the old school companies have re-grouped and are on the come back trail. look at EK
I saw that, un freaking believable. (Shakes head, one eyebrow up.) Good Grief.
Tyler, heard about the new lawsuit against JPM/HSBC?
http://www.marketwire.com/press-release/Kaplan-Fox-Sues-JP-Morgan-HSBC-o...
Right after the stock explodes to the upside, two days prior, due to a rules change on dividend payouts. Yikes!
And the commodities rocket hasn't run out of fuel. Take a look at cotton.
http://finviz.com/futures_charts.ashx?t=CT&p=d1
Is it really that surprising?
Can someone explain what "HTB" stands for? I know it's going to be funny, I'm chuckling already...
Hard to Borrow. It means locating stock to sell short is difficult. If people are already short a symbol, and the stock then becomes HTB, very few new shorts will be entering the market, which means less downward pressure on the stock. Forced buy-ins cause short sellers to buy back the stock even if they don't want to.
Thanks.
Thanks Hansel, more informative than funny, appreciate the reply.
I have produced an artistic reenactment of these events.
cute :)
Very cool, Hansel.
Holy thievery, batman!
Hat Tip Ben ?
Second that question. What's HTB?
Head To Butt?
Hot Tits Ballistic?
I give up.
Heroin Trading Binge
The Illusion of Wealth must be kept up at all costs. It's all about human psychology. "The stock markets are going UP! EVERYTHING MUST BE GETTING BETTER!"
I'm sorry to report, Tyler Durden's relentless pursuit of truth, was pushed aside in favor of irrational exuberance, and delusional party going. Let's ignore the facts and rally!
"Road to Recovery"
If it's a recovery, why oh why must I be told several times daily for the past year and half, that, yes, we are in a recovery?
If it's a recovery, why oh why must the Fed continue to throw free money from the helicopter?
Just sayin...
If the UNEMPLOYMENT data released today was so great as the headlines all say, why did the Fed, just two days before, pump another $600 BILLION into the markets?
If it's a recovery, why is oil usage down to decade lows at 9.3mb/d and stockpiles at 15% above the all time highs?
If it's a recovery, why are there record numbers of people collecting food stamps, welfare and subsidies?
If it's a recovery, why don't I feel like things are getting better or see friends with MBA's that have been unemployed for 2+ years get a job?
You've got the wrong attitude. It's funemployment
..and we put the FU in it.
It's been said here often, but it's just hilarious that they don't even care to make it look "not obvious". lol
Dictators want you to know that they are in charge. This is purposefully in your face. They don't want to hide the control over markets that they now possess. They want you, and every politician and judge, to know who really runs the show.
Dictators or computers? (Guess it's all the same isn't it..) Nice Avatar.
Department of Middle-Class Fleecers and Teabaggers.
how is it I get f'ing junked by basically saying the same thing as everyone else?
Don't take it personally, and no I didn't junk you.
Evidently T***aggers is just as bad as B***chezz.
oh ok, got it. Wow, I touched a nerve in this crowd? I guess I need to tone down my disgust for our established governmental system.
On second thought...nah. I'm mad as hell and if I get "junked" for being raw, well, so be it.
I'll be in my silver room counting ammo and MRE's if you need me.
nah, you are just confused and, well, this crowd ain't too touchy. Don't like cluelessness, though. Like your confusing GOP w/Tea Partiers.
Counting MREs? Not gonna last very long, are you?
- Ned
A tea bagger is not the same as a tea partier (http://www.urbandictionary.com/define.php?term=teabagger) . Although there are sure to be tea bag tea partiers.
You know, one thing I've noticed is that those who use the term "tea-bagger" are 100% more likely to have some guy's sweaty balls in their mouth? The 98% of the country that had never heard the term before Anderson Cooper's little laugh-up-his-sleeve fest on CNN is just never gonna end up sucking on some guy's scrotum. So, you got that going for you, EggDropSoupLine.
"We're on a road to nowhere"..
Of course! How can we get any pudding, if you dont eat your meat.
Now boys, We cant lose sleep over this. It is now an every day occurance and should be incorporated into our everyday way of thinking. Now go to the Hamptons and have a drink. Get laid
Judging by the volumes since May, they still havent returned from the Hamptons. They will, however, do a little trading from the iPad that is next to their shitter.
I believe aircraft orders are counted at the time of ORDER PLACEMENT and added to GDP. If the order is CANCELED, as most orders are to secure a place in line while thinking about actually ordering, it is NOT SUBTRACTED from GDP.
come'on u guys...
did u really expect the Washington Generals to beat Bennies Globtrotters???
pretty fucking maddening watching this endless re-run...
re- run....
re- run...
Even Art Cashin starts to admit the PPT is a realty. Read it at ZH yesterday...
Ahh..another day in Voodoland...its now become impossible to short, long, hedge, strangle the market.
Chop - N - Dice is the new name of the game....in the end, we might just get to see Dow 20,000...but then that will be followed by Dow 5000...the net result: The banks supported by Voodo Eco, and Ben's 'Free' Money sell at the top, buy on the dips, and basically take every last fkn cent from the average investor until they own 80-90% of all shares. At that point, I havent a friggin clue what happens.
Come on, that was the easiest trade of the day, buy the last half hour like every Friday!
Yeah, I caught a good chunk of it in the spoos.
Check out BA in after hours. Dreamliner may be delayed...again. Stock down almost 2%.
To be expected though really. Pretty light volume. I'm thinking we'll see a huge day on Monday with the CNBC "Mutual Fund Mondays" back in full effect.
Regarding Boeing, they do this all the time with the Dreamliner. Durables will have no impact from this. It's already two years delayed.
you good individual are a bag holder. we shall see now won't we? good luck with that one..and xie xie ni to you too!
Chinese citizen diguises himself in makeup as elderly white male. I have no idea what those Chinese are upto but this certainly is cause for concern:
http://www.cbc.ca/canada/british-columbia/story/2010/11/04/bc-elderly-ma...
Yeah, we should fear the Chinese, not the Feds. The Feds are our FRIENDS.
Certainly should fear the Fed for placing the Chinese in this position where they are reverting to Mission Impossible like tactices to test run how they are going to dumb Bonds at local ma and pa brances in the mid-west..
Just a theory.
here's what they're up to...making cartoons on our pathetic reality:
Wall St. gorges on record bonuses
http://www.youtube.com/watch?v=RwetW1B3J8A&feature=player_embedded
Fucking criminals
They still couldn't break it out through 2580... I believe we have business with filling the QE2 gap before the madness continues.. (VIX was able to hold 18 today too)
TD, who was pulling their borrows? Which PBs had no SPY inv?
Oddly enough, one who just announced a flawless trading quarter
The only Algo that matters...!
POMO + QE = PPT
I would expect things to start getting real interesting, if the short interest in the most liquid security in existence is so high that it's now difficult to borrow any to get short.
short interest actually decreased by 20 mill shares yesterday, bid to cover is 1.5 days on spy.
Burn the FED!
Nothing to see here. Just front-running Monday's POMO.
Exactly, market slide starts Monday-SP 875 by Jan 1, 2011-just like Graham Summers said.
I guess I'll go on record on behalf of a certain Elliot Wave subscriber service I'm still on the fence about..... The spike over the past two days is wave 5 of 3. In other words, unless the wave count is wrong or not even a usable method to begin with, a minor reversal is right around the corner. Bullish sentiment is at a multi-year high. Extremes in sentiment always happen at significant reversals. We'll see...... (I've been short, and taking a beating!)
Does anyone really short anymore?
Short via BGZ and just shaking my head like it's summer 2009 all over again. The goddamned SPY and especially the SLV (although I am definitely not shorting PM) looks like a fucking Roman Candle. Thinking about dry powder and doubling down if it gaps open Monday. Summer 2009 all over again.
I know you probably don't want to hear this here but I think QE2 has an excellent chance of sparking the economy and producing job growth. Throw in the tax cut extension and that should loosen up companies to hire. Then we have more jobs, more people with money to spend and more demand.
I've been putting a lot of thought into this lately and I'm feeling better about the prospects for its success.
lol...money just going into the bank black hole
Thanks, that gave me a warm fuzzy.
if i stand on a ladder will you spot me please?
i have something to trickle down on you.
It feels like the Aerospace / Engineering job market has perked up over the past few weeks. Contract and full time, there have been quite a few positions open up, all over the country. I'm in composites manufacturing and it's one area where USA, Inc. is still competitive on the world stage.
I've been putting a lot of thought into this lately and I'm feeling better about the prospects for its success.
I've upped my medication, too, and after staring at my navel for a good long time, I, too, think QE is the answer to everything. No more war over resources. No more poverty. No more inequality. Just free money, all the time.
And pink flying unicorns shitting skittles all over the world.
We are not in Kansas Todo!!
What I want to know is if HFT (via the banks that were just infused with another QE punchbowl) is used to implement PPT on an ongoing basis, where does it end? It appears the banks and commodities will continue to scream higher as the dollar is further debased. How can it play out otherwise if the currency is being so badly debased?
What does PPT stand for? Looked in the glossary, not there. Thanks.
plunge protection team
http://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets
PPT: The United States President's Working Group on Capital Markets
pure PARTY tonight!!!!
Spiked KoolAid all around............ :D
Dollar was up big today, so was gold, silver, stocks and just about everything else-it's Benny's Bizarro World-everything goes up!!!
A question for the crowd: Mutual fund outflows for the last 26 months, insiders selling at about 3500-to-1 buys, the the Prime Dealers using FED QE2 cash to buy the market at every dip---- Isn't there an SEC form that must be filled out, at some regular interval, when the Prime Dealers reach a certain ownership % level? Of any individual stock that they are buying?
Well, yeah, there's a disclosure rule, but it's at 5% of the shares out. Prop desks aren't exactly investing for the long term.
This is like going to a supermarket in Moscow in the late 70's and seeing pictures of rows and rows of fresh fruits and vegetables but finding only 1 soft potato and 1 rotten apple in the bins.
Damn! You mean the HFT algos left one in each bin for the weekend? Must have missed those - in a hurray to get to 'happy hour' at Mopsie's in the Hamptons!
I'm too lazy to look up the short interest in SPY, are traders still massively short SPY in this anal ramp job of a market?
Not to mock but, lots of liquidity comes from shorts getting squeezed. If they roll over, watch out cause that's when the mrkts will tank.
short interest decreased 7.5% yesterday, spy is curently 1.5 days to cover. apprx 20 milion shares capitulated yesterday. qqqq short interest edged up a negligible amount and bid to cover is around 1 day.
what if the fed did like they do with pomo and actually tell equity holders to what price they would provide support. for instance, we'll support apple all the way to 425 or spy to 150 or whatever their intentions are. maybe they might say they won't support commodity prices.
now if one knew exactly what the number was they could make risk free trades. the effects might create alot of inflation and an investor might be left with a decision whether commodities might outperform the sure bet. over time, charts might show how gold/silver outperform equities ... or maybe not ... probably would though.
the risk analysis involves wondering if a bird in hand is worth two in the bush sort or thing. many will gamble and go for higher potential because the rate of the sure thing doesn't sound attractive enough. others will take the sure thing.
it's possible that after all this inflation of the money supply, we end up with deflation anyway. so one might wonder why wouldn't they just take all the cash they can get now, whether it be a known amount or a much higher unknown amount, and have more later when prices collapse. or not ... who knows??
i'm not advocating stocks, i'm a staunch silver bull and will take my chances .. no problem. what i'm getting at is there aren't too many times investors are given a crystal ball, heck i'd take a crystal ball for just one day. but given the peek into the future, it wouldn't be very generous to keep it a secret. nor would it be considered sound advice to persuade others to go stick their heads in the sand and ignore the situation regardless if one believes QE is good or bad (i believe it will be bad). my advice is to take the money whichever way you can get it.
Yes, yes,yes......all the contrarian arguements make 100% sense. The US equity market is a den of manipulated sewage.
But, dont think for a second that the Fed and his henchman banks cant pump the s&p up another 50 pts by year end.
I used to follow Bill Fleckenstein, a very bright man, starting at Dow 11k. Three thousand points later I was out 1mil. Serious. Was I stupid? Yes.
This is a great site written by very intelligent, sophisticated people. I enjoy it. Dont bet against this market. You will lose. In fact, throw your gambling cash at an index and hold your nose. Otherwise, give the money to charity.
I could care less if markets advance another 5000 points. It will only mean gold and silver will climb to astronomical levels. The whole market is a casino right now - it doesn't matter where you throw you money - just don't bet against the house.
if you know that it's coming, why do you whine about it? It was obvious that there would be an end of day Friday ramp. Going long /ES at 3:25 netted 5.5 points (1217.50 to 1123). How much easier can it get?
The reflation trade is all there is for now. Say what you want about Tepper, he's looking pretty smart for that call he made on CNBC a few weeks ago. And I feel bad for Rosie. I read him every day and you can sense his frustration.
But regardless, it seems contempt for Bernanke is spreading beyond the Durden/Fleckenstein/Granthams of the world and into some unlikely corners. Even Gartman's letter today referenced the 'Zimbabwe-ization' of the markets. And Gartman has had nothing but praise for Benny since this all started.
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TD you constantly amaze me. lol @ SPY HTB good one
My long term indicators continue to warn of USD strength and EURO weakness.
http://stockmarket618.wordpress.com