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Do You See What Happens Larry When You Ban Naked Shorting, CDS Trading And Institute A Transaction Tax With A 6 Hour Notice?
With Merkel also about to announce a transaction tax, America is about to see its population of HFT scalpers, front runners, predatory algos and other binary mutants explode as all the German math Ph.D.'s come to New York. In the meantime, if you listened to Goldman earlier today and covered you lost, as usual. Santelli now sees EURUSD going to 1.20 promptly. Additionally, with tens of billions in sovereign CDS scrambling to unwind overnight with no prior warning, you will see some seismic moves via arb desks. When Lehman blew up, CDS traders at least got a heads up that Sunday. This crisis is rapidly becoming worse than Lehman.
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why the gold sell-off?
Goddamn! With TEN YEARS of data that has been published by GATA, how many times is someone going to ask this same question?????
Why the gold selloff?
(I couldn't help myself)
Actually, today is one day I don't see manipulation... gold is actually holding up very well today. If you see it head for 1200 in a rapid, violent move, then start suspecting...
And for God's sake, if you want to bet on long gold, use at the money calls, limit your downside against the Fed-backed JPM nitwits.
Gold does not have to plummet for there to be manipulation. The best example is the 2% rule, which has been enforced for years.
Gold/silver are simply NOT free markets, yet!
Easy, Hog. Don't make me tase you, bro.
Damn you hog. You just forced me to go watch that tool get tased again on Youtube. It never gets old.
moronic computers who don't know which way correlations go on an hour by hour/day by day basis?
option week; surge protection team doing their things
Option expiration week?
That or "smart money" is bailing 'cause Cramer's on the tube pumping gold.
Flash Crash #2 today?
The mother of all flash crashes?
THE SECOND TOP COMING
Churning and churning in the widening gyrations
The fall guy cannot hear the Fabulous Fab;
Things fall apart; the averages cannot hold;
Mere algorithms are loosed upon the world,
The red-inked tide is loosed, and everywhere
The ceremonies of insolvencies are drowned in liquidity;
The best are charged but avoid conviction, while the worst
Are full of flash orders.
Surely some revelation is at hand;
Surely the Second Top Coming is at hand.
The Second Top Coming! Hardly are those words out
When a vast image out of CNBC
Troubles my sight: a waste of dark pools;
A shape with lithe body and the head of a man,
A gaze blank and pitiless as the sun,
Is moving its slow thighs, while all about it
Wind shadows of the indulgent no-fat dessert ads
The darkness drops again but now I know
That twenty seconds of stony asleep-at-the-switch
Were vexed to nightmare by a rocking ticker,
And what rough beast, its hour come round at last,
Slouches towards bell-ringing to be born?
+1 Nice work
+1 poethic
If we could only tie Yeats rolling in his grave to a generator, there would be no energy problems! Good job!
Germany is building a "roach motel"
Nothing good came out of Gottingen since the 30s.
Agreed
Do your friends a favor. Tell them to "batten down the hatches" because there's a HARD RAIN coming. Tell them to get out of debt and sell anything they can sell (and don't need) in order to get liquid. Tell them that Richard Russell says that by the end of this year they won't recognize the country. They'll retort, "How the dickens does Russell know -- who told him?" Tell them the stock market told him.
http://www.businessinsider.com/dow-theorist-richard-russell-sell-everything-liquid-you-wont-recognize-america-by-the-end-of-the-year-2010-5#ixzz0oIumLLaKInteresting. Has Russell ever had a freak-out before?
My girlfriend is not thinking me too crazy now for forcing her to liquidate her 401k at Dow 11k last month. When she called the broker up he was saying to her, "I do not understand you finally recovered most of your losses and now you want to sell?"
I told her he would say something similar to that and told her to tell him this, "My boyfriend said to say I am no longer a willing participant in the ponzi scheme"
Love it!
Awesome.
silly TD, central planners and central bankers know best
This is What Happens Larry! This is What Happens When You F*** a Speculator in the A**!
ha ha ha ha-- what is that from?? I can't find it in my Google!!!
The Big Lebowski
" Your like a child Angela.Like a child who wanders into the middle of a financial revolution.Angela you are out of your element!"
If you like that line, you will love this movie. Go watch it.
I'm not sure I can fully trust another human being who doesn't like TBL.
I keep telling myself I really need to watch that damn movie.
Won the oscar for best movie ever made!
and yes Donnie, we can go to In&out Burger after the crash!
These guys clearly don't know what the hell they're doing at this point but I for one do not have a problem with banning naked short selling per se. In at least some circumstances (in equities anyway) it gives the sellers' side of the market a mechanical advantage: load up on puts/CDS etc. and give the order to essentially short the float at the market. BAM! Not a foolproof bear strategy but it can be hard for (an especially) smaller company to defend against.
In the soverign debt/CDS arena I'm not sure you really can "ban" anything with much effectiveness. If you put the squeeze on in one place it will come out another.
//////////////////////
Good Meredith Whitney interview from yesterday:
http://www.cnbc.com/id/15840232?video=1496578146&play=1
Why was the Euro ever valued 30% higher than the dollar in the first place?
Metric System.
HAAAAAAHAAAAA +1/4, No, no, no +10
excellent!!!
nice
+100
+100
+100
Funniest 2 word witty comeback award of the day!!
+10 banannas !!
LOL. They were always valued the same. America just couldn't do the conversion.
Silver just moved through 1st support at $18.88...what happens next will be decisive....
There she goes.Silver to move to $22 overnight, watch.......
I hope so. Bought 30oz physical last week for just under 20 bucks per oz. Yah, getting in a little late, but the way markets have been reacting lately is a little disconcerning....
That will be interesting...it's almost 19. right now.
I'm holding you to that one LH! (I wouldn't hurt if you're right, but bold and daring need to be held accountable) Cheers!
Cheers! And if I may, I will hold to breaking $20.92 in 24 hours, as that is the exact number I have been waiting for to start the fist leg of the break out ($20.92 is the old peak circa May '08). Note, this breakout will end with silver moving to $330 an ounce in the next year or two, this while gold moves to $3300 an ounce ($3300/$330 conservative estamate, and high estamate at $20,000/$2000). I have silver to gold at 10/1. Not sure where the cross will land, variables are gold(platinum)/dollar/oil. It could be $10,000/$1000 or $3300/$330 for example, but 10/1 is the end result. I also have the Dow Jones on par with gold. This is all on a two year time line.
Once we hit that top ($20.92), I think it will pause for a few days, capitulate violently, and then continue up. I have been waiting for this moment, and I think we are now on the doorstep.
Let the $100 gallon of gas commence!
all for transaction tax. just enough to make hft not work. it is insane. they pay these fools to run hft on their systems, so in effect they are paid to trade on an exchange. it costs me to trade, it should cost them. charge them two bucks a trade and watch how fast trading for two pennies a share is gone. a merket may have to actually move based on some economic rationale. not momentum computer algos.
Support the transaction tax at your own risk with these jokers instituting it.
Like the PTB are smart enough or care enough to distinguish between the small trader and these hft. Anyone who trades is a fat cat to be beaten for political expediency.
1.2266
silver and gold move down because of deleveraging. when most of the money in the market is borrowed this is what happens. it is why margin, leverage, must be limited in speculative markets. having hft leverage up is a market disaster and one of the main reasons for the collapse
Das ist wunderbar!
What is wrong with banning naked shorting? It's fraud per se.
Isn't it already banned?
Yeah, Do not like what you see, close your eyes.
Yeah, but now it's double-secret banned.
Yes, naked shorting is bad, and already banned. However, in this case, the regulation shuts down the naked CDS markets, and you will no longer be able to hedge against EU bonds.
Ooops.
Ok, if there is a flash crash today everyone keep their eyeballs peeled for odd stock prices (i.e. the ability to buy P&G for 1 cent a share). At 1 cent a share, I am game. The whole "NYSE won't honour the trade" is a sham. I heard there may be a class action lawsuit from the last flash crash on P&G. Did anyone get the opportunity to buy P&G during the last crash?
It'd be funny if everybody put in orders for hundreds of stocks at 1cent.
I should put an order in for Apple at this price. Harry would be proud of me.....
Do you mean funny "ha ha" or funny "omg where the hell did all of my market cap go"?
Zerohedge RULES if for no other reason than constantly quoting Walter Sobchak.
Isn't LIBOR OIS a great confidence builder for us shorties?
SHHH don't tell anybody about it. It's rallying.
Yikes!!
http://finviz.com/futures_charts.ashx?t=GC&p=m5
EU leaders need to hire a better PR firm or they are deliberately tanking the euro. Since I prefer to give people the benefit of the doubt, it must be deliberate. If they devalue quickly they can sell bonds easier where it settles? Guess I'll be greedy and wait a little to trade dollars for euros.
Anyone else notice that the 10 yr is now under 3.40?
I publicly rescind any prior comments I have had on the Euro. I did not think it was possible to have worse PR than what the EU has done lately.
US may have horrible financial policies. However, you have to hand it to Bernanke's crew for managing it in the PR forum so well.
What happened to gold exactly when Lehman imploded? Explain...
So if Euro collapses, capital will rush to USD correct? USD Index will strengthen because it's weighted heavily on the Euro. So wouldn't this drop gold and silver for awhile? Until entire world realizes USD is shit? World will finally wake up the fact the Bernanke printed money like it was going out of style...then BAM! gold - silver to the moon when those US bonds implode.
Merkel to push for international transaction tax... sigh.
http://imarketnews.com/node/13621
Merkel to push for international transaction tax... sigh.
http://imarketnews.com/node/13621
Hey leo remember this?
He's probably too busy attending to his margin calls.
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And to think that I ALMOST covered @ around 1.25 ish....
It is an "undercover" devaluation folks. We want 1 EUR = 1.1 USD.
I think the Germans smell another Lehman Brothers out there and are getting ahead of the curve. Something doesn't feel right in the market and it almost has a feeling that somebody told the truth and others are getting whispers about the truth and are running to protect against Lehman II.
I'm thinking same like Eire but will buy Gold by the end of this year or start of next year, meanwhile I'm preparing a shopping list for German made tools now I may finally afford.