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From Dow Under 10,000 To ES Over 1,100 In One Easy Step... And No Volume
When the market can move from under Dow 10,000, on massive volume, to the clutch level of 1,100 (or 1,100.50 to be precise- let's not be too obvious) in one day, on yet another volumeless (the red in the chart does not stand for US communism... yet) melt up, you know you just have to roll the dice. In other news, we are now raising equity to build a NYSE themed casino right on the Las Vegas strip, complete with High Frequency flowing fountains full of Fed liquidity, card dealers who frontrun your cards, and corrupt pit bosses straight from the Senate. We don't think we will need much capital: we hope to do a fourth lien 99.9% LTV, so a few cents should be sufficient for a full equity stake. In this environment all we have to say is - "When there's something strange in the neighborhood, you should probably call ghostbusters. For all your other market manipulation needs, dial 1-900-PLUNGEPT"
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DXY tells the tale. Overbought or just a pullback?
5% gain for the month with the RSI back at simililar levels to back then looks like consolidation.
What's ES stand for?
Endless Shit
Only Bellysnort of tha day, thanx.
Wish I hadn't been reminded of tha Banksters getting free Pixeldust from tha Fed, been smoky all fucking day.
nice. +1
es stands for /es, the chart symbol for the s&p 500 futures, the most liquid market in the world. it trades from 6pm sunday night until 416 pm friday afternoon.
i have made and lost huge amounts of money trading it over the last 3.5 years
Thanks.
when it gets pumped that much that fast, i can't help but believe there is huge market moving news on the way.
i prepared by increasing my short position.
3 day weekend is the fraudsters favorite time to spring something.
come on all you bears, grab hold of a huge piece of bull and rip off a great chunk.
Really? I bought GS calls.
One step ahead of you. Would't touch ES with a trillion miles pole.
Could be a load of bank closures by FDIC tomorrow after close counting on 3 days to absorb amount or some surprise names.
Only closed one last week - saving the doozies for this weekend?
Dammmmmm thats good fucking hopium......
I have been short the SP for months and once the vix june future goes under 25 thats a definite long again. Its been painfull, at times, but sometimes you just have to dig in and say fuck you hopeheads I'm right. Well ZH, Bill Bonner, David Rosenberg and all the other anti-hopium crusaders are right. I'm just going to be standing on the shoulders of giants.
Or not.
That sounds to me like the kind of strategy where you lose a metric asston of money and then go on the Yahoo message boards to bitch and moan about how the markets are rigged.
Very nice but hey can't complain IF you use the manipulation team to your advantage. Just have enough puts to protect when she BLOWS!
S&P moved from Tuesday's low 6% to today's close. Pretty impressive move for less than two days.
Yes - impressive.. like Barry Bonds getting the all-time homerun record..
Right on the nose, perfect parallels
Barry Bonds to Senate Oversight Committee:
"These specific allegations you've made, I think are absolutely bizarre... It was fucking arthritis balm... alright?"
Bennie Bernank-ster to Senate Oversight Committee on PPT & Market Meltups:
"These specific allegations you've made, I think are absolutely bizarre... It was fucking arthritis balm... alright?"
Hairy Wanker might do overnight research and go long on cork
I love the smell of burnt tax dollars in the evening..
Its the smell of the inflation tax...the stinkiest sort and the hardest to wash out.
NY Times 15 minutes ago, top kill not working.
http://www.nytimes.com/2010/05/28/us/28spill.html
Actually says "it's a set back" but that they remain "very optimistic".
The stakes were higher than ever as public frustration over the spill grew and a team of government scientists said the oil has been flowing at a rate 2 1/2 to five times higher than what BP and the Coast Guard initially estimated.
Two teams of scientists calculated the well has been spewing between 504,000 and more than a million gallons a day. Even using the most conservative estimate, that means nearly 18 million gallons have spilled so far. In the worst-case scenario, 39 million gallons have leaked.
That larger figure would be nearly four times the size of the Exxon Valdez disaster, in which a tanker ran aground in Alaska in 1989, spilling nearly 11 million gallons.
http://news.yahoo.com/s/ap/20100527/ap_on_bi_ge/us_gulf_oil_spill
Market rocketed higher today and solars were on fire led by SunPower:
Robo, we miss ya!
I have to admit Leo - I couldn't help but think of what you said when I saw this article recently:
http://www.businessweek.com/news/2010-05-26/china-solar-surges-in-hong-k...
Maybe you are onto something..
If you look at the earnings reports from Solarfun (SOLF) and Trina Solar (TSL), you'll see that demand is picking up. The last selloff in solars was a major buy. Dummies who sold them because of euro woes will regret their decision.
Quite the game of roulette your playing....just don't ever land on red (i.e. Katla blows or sovereign defaults). If Katla were to blow, your solars won't be shining
A rising tide lifts all boats, but when that tsunami comes, EVERYTHING will be taken out to sea......
Personally I think LED's are going to be the next big thing. They really are amazing for the power they use. They just have to get the per unit price below $15 a lamp.
freaky pale hands
quit looking at her hands and you'll feel better.
What I want to know is... who wears their wedding ring to go swimming at the beach?
Also, you'd think that pin up girls would leave their rings off in general when they do shoots so that the more desperate among men would still be able to fantasize about stalking/marrying them.
Just some observations...
Isn't the ring on her right hand?
His left is your right ;)
I bequeath to thee the nom de plume "Left Hand Johnny". That is all.
Lots of people wear them and some of them lose them. The
hand shrinks in the cold water and the ring falls off.
Those old dudes with metal detectors aren't looking for bottle caps.
freaky pale hands
+1
Hands, what hands?
You conveniently left out that the stock started the year at 24, dramatically underperforming the overall market.
The girl is hot. I'll give you that.
Nice eye candy,
but the stock traded @ 150 late in 2007.
http://finance.yahoo.com/q/bc?s=SPWRA+Basic+Chart&t=5y
Good luck with that bear market rally.
Solars are not in a bear market but they're totally manipulated by the big hedgies and Goldman. When I tell you this is the next bubble, I'm not talking out of my ass. The trick with these solars is to accumulate them every time they get whacked hard. One more piece of advice: have no fear, this market is heading much, much higher. Bubble Ben and Titanium Timmy are just getting started.
Don't know about the fundamentals, but if no one else is buying thats a good reson for you to be. Hang in there Leo, and you could make an absolute fortune, contrarian bets like that are always the ones that come of biggest.
Also its worth noting that huge fortunes were made in the bear market of the 30's, our good friend Keynes being a good example. If you hit the right sector at the right time, bear or bull can be irrelevant.
100% correct, there is always a bull & bear market going on in different sectors.
Shorting Leo is even more profitable than shorting Cramer.
Lets see... if you invested $100K in this stock Jan 1/10, you would still have about $50K to invest in gold miners... it's not too late Leo!
For as long as poor market fundamentals and uncertainty exists - gold will continue to be the next bubble (and likely not even close to popping).
I'll be back next week, I've been busy working on an outdoor job on my mom's house...
Robo, by the time you are back, the meltup will be well on its way!
long STP or long CSIQ?
LONG ALL THESE SOLAR PUPPIES:
http://finance.yahoo.com/q/cq?d=v1&s=csiq,fslr,jaso,ldk,sol,solf,spwra,stp,tsl,yge
Whoa! Now there's a future I could sink my teeth into -- maybe all I'd get is bust in the mouth or a severe tongue lashing!
Leo! It's Another Pension Cover Up!
Look how she is shamelessly hiding assets! Where is the fuckin' transparency in markets? Audit the blonde!
LOL, I'd love to audit her but the Palm sisters got to me first!
Are the machines pushing this higher left with inventory at the end of the day? I see low volume, but i don't know how they can end up without risk?
(Apologies if this is really obvious, but have been following this phenomenon for over a year now)
The fed must be allowing them to exchange it at the discount window. The only explanation I can think of for how the banks can profitably do this.
HolyFuck. I hadn't even considered that...but then why not, y'know? What a scam this has become.
Fed is using the banks as a proxy to pump the ES.
I think nothing happens this weekend BARRING a terrorist act or North Korea doing something else stupid.
But this move is the most inviting short anywhere above 1112 that I've ever seen.
BREAKING NEWS!!!!!
The top kill on my bottle of Blanton's is successful! No more flow from this darling. Placing two cubes in the crystal tumbler proved to be the solution everyone was looking for. Genius!
Can someone explain in plain english the "volumeless" nature of today's move? I admire ZH enormously and I actually enjoy its usual snarkiness (sp?) - but I wold like to know whether the characterization of the move up today as volumeless (a claim that has been made numerous times on up days) is fact or fiction (or sour grapes) since many of us visiting the site evidently expect things to get worse before they get better.
Go to stockcharts.com and notice the lower volume. Todays volume was average. The volume on the down days is well above average. But when you have the magic index futures, you can make the stock indexs gap open.
http://stockcharts.com/charts/gallery.html?$INDU
No volume? A lack of true human buyers. All machine trading, which by design slowly "melts upward" to
give the false impression that everything is fine and to induce real buyers to enter the "market" (aka casino).
http://www.futurespros.com/futures-indexes/mini-s-p-500-index?smlID=1090...
Referring to that link (I hope it works), I think he's referring to the big ramp up from 4pm yesterday until 4am today (i don't know what time zone futurespros is using), on very low volume compared to the big downturn just prior, at around 2pm yesterday. I guess the implication is, this is computers buying and selling small amounts to each other to goose the price up, since no real person wants to be in the game.
And I totally don't have any financial background, so somebody correct me if I've interpreted anything wrong. (Also a little 'bingo' if correct would be validating for me...)
That's pretty much it.
In a grossly oversimplified example, two computers could trade back and forth during the night slowly increasing the price, trading 1 share at a time. Thus they are 'Goosing' the market without any real substance.
Basically, HFT has a long bias and prices trickle upward when computers are left to do thier thing overnight. Downward movements generally accompany massive volume as everyone heads for the door at the same time.
Think about a baseball game. People arrive (buy) at the ballpark at different times, based on thier desires (big baseball fan, like this particular pitcher, tailgate, etc.) and analysis ("lots of traffic", "parking is troublesome", "first inning is always boring", etc.).
Leaving the park is a different story. It's a madhouse with everyone going in the same direction. Typically, everyone want's to leave (sell) when the game's over... nobody wants to stick around and watch the grounds crew do thier thing.
Just one guys' opinion, but, I see a move up on low volume as bullish.
Why?
Because exchange insiders, you know, the guys with the perfect trading quarters, were able to move up prices without outside participation. When the outside money comes in via high volume, that's when the rally ends.
Isn't that about like saying it's bullish just because it went up?
You could do a lot worse than trade the market this way.
Even a crude trend indicator like the 200dma would've gotten you on the sidelines or short at ~13k and back in at ~8.5k. That beats the hell out of almost all the "expert" forecasters.
The outside money is not coming back. I'm waiting for the seedy "insiders" to start shanking one another. Then we'll see a collapse
What outside participation?
@70% of this crap is HFT.
Except maybe MutualFundDope Monday.
Gap open SPY 2.30% then sit in a tight range all day long. Yes thats the end of month mark up. I bet they will have some real fun with the magic futures Sunday night and Monday morning till 11:00am. The magis futures may float up to ES 1200, on 100k contracts. Like magic!
Prestidigiflation.
Someday, somewhere, somebody will get my wit.
I'm actually afraid if I hit the buy button the HFT's will try to fill and I'll take a stock to the moon. This dark matter shit is really beginning to get scary.
Man, go ahead and hit the buy and watch what happens to your stock. It is fuckin surreal what happens for about 20 minutes after.
The Matrix really is sentient.
I knew last night at around 8:00pm cst when I was watch the Dow mini futures jump 20-30 points with no hits on the bid or ask that something was up. After watching that I knew that was all computer driven. I doubt the average trader with a 100k account is even in this market. Risk mannagmnet has been blow out of the water with the late night swings and most are sidelined.
The market is in the hands of complete bastards and in 24 hours everyone gets Stockholm Syndrome.
TYLER SHUTUP I'M STILL LONG BITCH
*bitch slap*
Kataphraktos or Xevrakotos? Bitch!
Perhaps both?
I'm not advocating violence, but somebody (read- bankers) needs to get shot over this bullshit fraudulent shit....
shit.....
Anyone on a desk here,I would like to know where the flow came from?
The flow came from press releases regarding the "top kill" successes,
then bad news released about size of spill and now news that bp is stopping the "top kill"
Futures are down now!
ah ok thanks, who was active crossing the trades, any ideas where they came from?
33 Liberty.
Kidding (Maybe?)
China apparently *not* dumping EUR. But please, read between the bullshit.
I went long from the lows--luck possibly--assuming we were oversold and also seeing the buying support in this area in the recent past. I still think we have upside potential up to the 20 day moving average before we roll over again. I don't see market manipulation just a temporarily oversold market in this case. I think the manipulation is being phased out, albeit slowly now.
Exactly, couple more days relief rally, then probably the big rollover. I've been gradually re-establishing short positions, but I think we get 10 more points at least in the S&P before the next leg down.
If you only look at the technicals, your view can be supported. But the fundamentals are so bad that there must be someone behind the curtain.
Similarly, who is holding the bag with no real support below?
Time to make them hurt is nearing...puts, puts, puts.
I am anticipating that Mt. Hekla exploding will be that catalyst, as it puts a tourism dollar damper (that's right, $) on the Euro economies and delivers the death blow to the Euro.
I lost my home today shorting the markets. Can i stay over tonight? Seriously.
:(
Margin calls tomorrow, or does your broker give 1 day grace?
you scum sucking shorts got bear trapped yesterday!!!!!!!!!! HA HA HAH
ZH, stop losing people money...........you snooze, you lose at Sp500 1050s
now back to 1170s and maybe new highs
Just remember he who laughs last, laughs loudest
You must be DukeRu or the Nicole chick who always posts on wsj.com that the stock market is going up. Always gotta blab about your gambling habit and as usual, confusing luck for skill.
I dunno if you're dumb or ignorant at the fact that we've already made our cash from the wipeout a couple weeks ago. Oh that's right - you gamblers always remember your wins.. never you losses.
Also, we can probably tell that you got picked on quite a bit in high school. Grow up. I'm not going to spit on you today.
BP makes me ill. Worse, is that the media buys into the BS. The dude says "we're neither optimistic or pessimistic" and of course the media jumps on it as good news.
They stopped the process because something isn't going according to plan. Period.
Does anyone recall the MSM reporting that during the top kill process they would stop to monitor than continue again 16 hours later? No. It wasn't part of the plan. Unreal!
OMG I agree with Harry. He might just become one of the ZH guys at some point. Shoot me now. :>)
The whole process of top kill is to force under pressure MUD into the pipe all the way down to the oil field. The weight of the MUD keeps the oil and gas inside the field or at least lower than the sea bed.
Since they have stopped the process, this means they did not succeed in doing so and now the MUD that did get forced down the hole is probably being slowing forced back up along with the oil and gas.
The idea is to keep going until it's done. It's BS to say that this is OK.
Exactly! And you can watch it live - mud blasting out co-mingled with oil. And the asinine MSM asks, "Why is the color of the plumes different today?" Gee, let's see...oh, that's right because the mud that's being forced down is being blasted right back out. You don't have to be a fucking genius to figure this out!
That's some funny shit, right there, Harry!
Are you the modern day Rip Van Winkle? Where have you been, my friend. MSM is so dead that it is in a state of Rigor Mortis.
Saw Fast Money while at the gym. I have seen that show maybe twice in the past. I don't watch CNBC. It's idiotic at best. Anyway, you would have thought that there was no bad news out there at all. None. One guy went so far as to say that and added that all economic data in the US has been great.
Doug Kass comes on and says, Buy! Fundamentals are great!
One guy throws cold water on everyone else and a fight almost broke out.
Meanwhile, BP is telling us how they're not stopping the oil spill.
Meanwhile, North Korea wants war with the South.
Meanwhile, GDP (never mentioned) is revised downward.
But....JCrew had great earnings! Fuckin' A!
Come on in, Harry. The water's warm.
Glad to have you join the realist/cynic crowd!
What has happened to you Harry? Do you have a fever? You looking at the fundamentals; how can that be? You were in Chicago and everything was great? What has happened between Chicago and now? I am not trying to be condescending, just want to know which particular event has changed your perception of the economy and where the market is headed? You were so bullish that even the ardent bulls took cover.
I sold when SPX dipped below 1110 on the way down. That was my plan and I stuck with it.
Yes, I heard good things in Chicago from some smart small business people. But what I think they failed to see, many of them, is that they are betting on human sentiment staying positive in the face of crashing fundamentals. Hell, we see this with every company reporting earnings that are raising guidance into next Q.
We had a good to great April/May in many small businesses. But that doesn't mean it's going to continue. Especially now! Only two weeks after that conference, we've seen chaos and future realities rearing its hideous head (or many heads).
It's almost as if we had a mini bubble just recently in housing that is popping in extreme fashion right before our eyes. Suddenly, many people thought they had money again because of the perception of housing sales rising.
And think of the stupidity of buying a house at a higher price and higher mortgage rate to get an $8,000 credit. My god, had you waited a month, prices dropped and mortgage rates plummeted. Common sense is not a trait bestowed upon many.
My theory is that if TLC network is shut down - people will stop being hypnotized by stainless steel and granite countertops....and stop being stupid property virgins.
R.E.S.T.E.C.P! for keeping it real.
http://www.youtube.com/watch?v=iWAxmMdvKYU
Ali G - Economics and Selling Stocks High
http://www.youtube.com/watch?v=ksGzn5bRFzQ
Peace out!
Congrats Harry, no Junks yet!
Nice to get all views here... wish they'd just knock off the Junks... just reply if you want to object to something!
Dennis Gartman is key.
"Nothing surprises me anymore"; and he suggested EUR might hit 1.29 next week, then fall back down to fresh lows.
Wow, Harry hung around long enough to become cynical. Cool.
duplicate
On the day the president announces that the Gulf Spill is 5 times larger then anticipated, which will be the worst ecological disaster in US history, BP stock rose 7%...infact all oil stocks did well today, way to go and reward them for their efforts Wall St. Just like we have rewarded the banks for causing the financial crises, the oil industry ought to climb to new highs now. Another perfect example of how out of touch the markets are with the rest of America. Makes me sick!
You don't understand how stocks work.
Stop consuming fossil fuels now. In fact, please stop consuming carbon entirely.
I guess I don't understand,please enlighten me...If the spill is 5 times larger than anticipated? I believe it is more like 25 times larger, that means BP will be on the hook for possibly 100's of billion in liability? They will need their own bailout when this is done, and anybody with their stock will have plenty of toliet paper.
OK Tyler, have 'em build the casino.
But after inexplicably having my ass handed to me all day I can expect the cards to get appreciably better between 3:30 and 4 o'clock, right?
B.O. and Co. can't afford to have 350,000,000 people at bar-b-ques,this long weekend,bitchin' about the market going down.
RAMP IT!!!
RAMP IT HARD!!
And for the clown at Fast Money who argued that everything in Asia and Europe are not only improving but strong, we get this:
SAN FRANCISCO (MarketWatch) -- Japan's core consumer prices fell 1.5% in April from the same month a year ago, Ministry of Internal Affairs said Friday. The core CPI figure, which excludes volatile fresh-food prices, had been forecast to fall 1.4% according to separate surveys by Kyodo News and Dow Jones Newswires, and compares to a drop of 1.2% in March. Overall consumer prices in Japan fell 1.2%. Japan's unemployment rate for April rose to 5.1%, compared with a Dow Jones Newswires survey forecast it would remain unchanged at 5%.
There's a reason the Nikkei has been in crash mode.
Harry, your metamorphosis has been a delight to watch & informative as well I might add.
When something turns around too far too fast, something gives and it usually isn't pretty.
Notice how Harry never responds to all the warm and fuzzies?
He makes me really suspicious.
Him and Johnny Bravo.
I suggest all ZH'ers stop boasting about your gold and your guns and your lead and locations.
This site is being totally "WATCHED" like Big Brother watched.
I'm totally serious.
DoChen and Hulk especially and a few others. We all know you are ready, stop bragging.
This is general advice all around.
When I'd posted my Gulf Oil solution site earlier, someone accused me of IP farming. Whatever that is.
Imagine how easy it would be for the feds to track you down with a "request" to ZH hosting company for "details"?
Never pays to be too careful.
The views though, keep them coming and keep them strong, the rest of it, keep it down.
I'm totally serious.
Is it because he goes to the gym
wrong field
If Harry can change then so can I. I love you now Leo, and I am going long Chi.com solars and Helenic bonds to prove it! You are a misunderstood genius.
Change, bitches!!!!!!!!!!!!
'Genius is the infinite capacity to take pain'
Fool
Just posted a EURO monthly chart ...
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1