Forex Gridbot Players Now on Edge
Ongoing currency volatility spurred on by various utterances and retractions from Eurozone officials is wreaking havoc on the "Watch The Money Roll In" forex gamers. And stock investors, sniffing out a squeeze, have resumed the "Dash For Trash" trade, buying whatever stocks were beaten down the most.
Now that football season is over, hordes of unemployed action junkies have abandoned sports wagering and have returned to the stock and FX markets, hoping to make a killing using insane leverage and relying on Program Robot trading models hawked over the internet.
No doubt, most were blown out on the first day of trading, as currencies were getting whipsawed by contradictory statements coming out of the EU. But the stock traders didn't do so bad, using he recent rally in oil prices to start gunning airline stocks:
And besides gunning the PIG banks, like National Bank of Greece, up over 20% on world record volume.....
Many are going to start looking for the worst, oversold, crap possible and start dryhumping them to squeeze out the shorts.
The 1999 Hookers are always the best bet, since everyone is hoping to catch the next 600% rally in the SOX...
I'll be watching these..
And don't forget the banks, all choking on mountains of bad real estate loans:
Not much happening yet.....
But just wait.
Now we have to sit and wait to see what Disney says....
(9 votes)
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on Tue, 02/09/2010 - 16:07
#223986
Daniela Pestova is the bomb. So is the USD.
on Tue, 02/09/2010 - 16:11
#223996
A bailout-based global economy is the path to prosperity.
on Tue, 02/09/2010 - 23:05
#224481
Thank you. I'm going to have someone crochet that on to a decorative wall hanging and display it next to my autographed photo of Ludwig von Mises.
on Tue, 02/09/2010 - 16:14
#224002
As an old floor trader - back when there was a floor - I'll tell you the Pound showed a "beware of the dragon" pattern today. The dragon reared it's head around noon. Means higher prices.
on Tue, 02/09/2010 - 18:08
#224179
interesting :) ... more info on that?
on Tue, 02/09/2010 - 23:10
#224492
random thing i found
http://www.scribd.com/doc/8331452/Dragon-Pattern
on Tue, 02/09/2010 - 23:26
#224509
I think dragons are appropriate.
on Tue, 02/09/2010 - 16:16
#224010
Love it!
on Tue, 02/09/2010 - 16:22
#224025
Are these all short squeezes or do the Pig Men simply cause everything to trade on inverse fundamentals now? If United has a plane crash, for instance, should I load up on calls for the inevitable 800% bottle-rocket?
on Tue, 02/09/2010 - 17:46
#224153
Only if it's a terrorist attack Then the stock is priceless
on Tue, 02/09/2010 - 16:33
#224048
My fondest memory of Disney was this cartoon where Minnie Mouse was giving Mickey Mouse a blo-job, while Daffy Duck was giving it to Daisy Duck doggy style.
on Tue, 02/09/2010 - 17:08
#224090
I missed those. Post a link. It might be more fun to take a happy pill and see this:
http://www.break.com/usercontent/2009/12/alice-in-wonderland-trailer-3-1557051
DIS seems so solid.
I call bullshit on today's rally. JPM, BAC, AAPL, and a bunch others did a big nothing.
Didn't Melissa look sooo hot today. ohhh la la
http://www.cnbc.com/id/15840232?video=1409119271&play=1
I think I'll try and find my Greek-man god now that they have some bling bling.
http://eligiblegreeks.com/41Index.cfm
on Wed, 02/10/2010 - 06:26
#224707
Re Melissa Lee--dude are you drunk by noon or what?
on Tue, 02/09/2010 - 16:50
#224082
The Euro is oversold as are stocks and commodities. A rally was in the cards. I sat on my ass and worked my day job. I remained poised to go short, but await SPX 1100-1120.
on Tue, 02/09/2010 - 16:59
#224099
At this point the only way to trade with all the news flow is with inside info--which I lack.
on Tue, 02/09/2010 - 17:47
#224155
I bailed out just before Thanksgiving. I won't be back unless/until the Dow hits 8500
on Tue, 02/09/2010 - 17:02
#224103
Robo As usual thanks for post. Any take on this post saying Berkshire will trade on the S&P? http://blogs.telegraph.co.uk/finance/garrywhite/100003582/warren-buffett... Sounds like a massive ramp coming Monday....Unless the euro is trading @ 1.35 and picking up steam to the downside!
on Tue, 02/09/2010 - 17:50
#224158
S&P failed miserably at the first retracement level 23.8% and back into the 1060 area; those who think they can start the buy all trash game, you are informed now.
on Tue, 02/09/2010 - 17:57
#224167
On a relative basis the banks kinda sucked today:
http://stockcharts.com/h-sc/ui?s=XLF:SPY&p=D&yr=1&mn=0&dy=0&id=p88228987093
IMHO, this stinks baaadly---a better view:
http://stockcharts.com/h-sc/ui?s=XLF:SPY&p=D&yr=3&mn=0&dy=0&id=p88228987093
The banks are the key to this market and they say "no"---kinda like one of those psycho bipolar girlfriends that Robo has. "No" means "no", no?
on Tue, 02/09/2010 - 18:20
#224192
Your posts usually calm me. This one does not make me calm.
on Tue, 02/09/2010 - 18:41
#224215
You gotta be kidding me, I sound like permabear. I mean, I am self-conscious about it because I thought all along this is a bear market rally; I have to pinch myself at times... But these things always last longer, always, than one expects...
on Tue, 02/09/2010 - 18:55
#224227
indeed. banks are very weak. spells trouble. just look at the 6 month charts of GS and JPM. i can't handle 3 year charts. i live in 5 minute intervals.
on Tue, 02/09/2010 - 19:51
#224295
I don't know. You always seem extremely balanced to me. You got some some kind of barometer thing going on. The time before this when they took down gold and you were trying to say gold's getting taken down and everyone jumped ya. I knew you were right then. LOL That time was small liquidation and adjustments. Something big is going down right now. I can smell it. There's just too much testing going on in both the political and financial arenas.
on Tue, 02/09/2010 - 19:13
#224244
andy...bkx is struggling though it held up a bit better than the spx during the 1150 high downdraft (those silly regionals kept it from slicing down harder)....keep in mind also that bkx topped in mid october and never got back there.
rifin.x (faz/fas as you must know) looks to be in a confirmed (elliot wave) downtrend, possibly 3 of 3 of first leg (but not sure).... my broker at ML had a piece today (may have been internal, not sure, definitely was not elliot wave stuff) that shows a break of 717 on rifin.x could be a death star.
on Tue, 02/09/2010 - 19:21
#224251
DH, those regionals kinda suck too:
http://stockcharts.com/h-sc/ui?s=rkh&p=D&yr=3&mn=0&dy=0&id=p88228987093
I know about the rotation due to the lack of prop trading, but look what that did for WFC---whole lotta nothing... If the balance sheets are rotten---they are---no rotation saves them. A short squeeze is nice to ride, but you have to let it go; it's no marrying material. Treat it as a super nice escort, so to speak, not that I know what that means...
on Wed, 02/10/2010 - 08:09
#224731
If the balance sheets are rotten---they are---no rotation saves them
I could not agree more....mr. efficient market will eventually rule on these zombies.
Note also S&P's statement today about TBTF and the recognition that the US gov't may not bail them out any longer (i.e. recognition that the American citizenry won't bail them out, then again, the banks have the Fed to do the yeoman's work).
on Tue, 02/09/2010 - 21:58
#224403
I would say that the RIFIN appears to be making either a symmetrical triangle, or bear pennant pattern. Either way, both are continuation patterns to the downside.
on Wed, 02/10/2010 - 01:53
#224625
I find it interesting how if you take out the Lehman collapse from the equation the decline is very nearly perfectly linear, which, given the logarithmic nature of the right-most scale, gives you a decline function of something like
f(t) = ke-0.2t + c0
or so, which suggests a few things:
1) The decline of the index is slowing, but there's very little indication that there are an higher order effects likely to buoy the market back up.
2) The Lehman collapse was a shock to the financial sector, but that the banks have returned to their long term trendline downward.
3) The fiscal stimulus package in the US is already wearing off.
Nice graph, and some decent analysis on your part.
on Tue, 02/09/2010 - 18:08
#224178
Please note goldbugs:
Gold will decline tomorrow. It tested previous support levels as resistance today. The 1080 level will not be breached tomorrow.
I just wanted this prediction where you call could read it. Gold bitchez, and good night.
on Tue, 02/09/2010 - 18:28
#224199
The problem is you posted the same prediction on Sunday night. Gold gained $24.80 since then.
Keep posting junk and I'll flag it as such.
on Tue, 02/09/2010 - 21:29
#224374
First of all, on Sunday, I didn't say it was going down tomorrow, just going down. It is. The action of the past couple of days was a correction, or dead cat bounce from Thursday. Now we're oversold again.
on Tue, 02/09/2010 - 21:56
#224400
* I meant overbought. Don't want you to use a mistake against me again in six weeks.
on Tue, 02/09/2010 - 18:41
#224213
After a day like today, you believe the chart can predict a rumor? I suspect that MSM headlines are manufactured to hide existance of TA. But Rumors? That's a reach even for me.
on Tue, 02/09/2010 - 21:35
#224386
Yes, the MSM headlines are made up to hide TA in the markets.
The drop on January 19th had nothing to do with any politics, and the bounce of the last couple of days had nothing to do with "good news."
We were oversold Friday, and we've been running up since then. Yesterday was wave B in the correction, and today was wave C. Tomorrow begins the downtrend again.
on Tue, 02/09/2010 - 19:03
#224237
Does it occur to you that saying "gold bitchez" sarcastically in every post is equally inane as saying it genuinely in every post?
on Tue, 02/09/2010 - 21:35
#224388
It's like a lightning rod for the goldbugs.
on Tue, 02/09/2010 - 19:25
#224249
Left is right, and up is down hmmm?
And how are you determining this stuff? A wittle catapiwar tohd you? how cute!
Also what constitutes manana? The NYSE? What if it gets to 1080 in asia? and who told you about the magic support number? Guys, we need some new codes...and handshakes...and hats. JK, as the support is always changing, we will have new codes tomorrow....and new hats! Do not worry Jack Handy, you were out of the loop before you were in!
I will applaud you for trying though, honestly. Today was too weird, I will sleep on my calls.
on Tue, 02/09/2010 - 21:32
#224382
Gold has been following the channel of the S&P, which made it to the top trendline of the channel intraday before going back down again. Tomorrow, we should see action much like Thursday of last week in both the S&P and gold unless the channel breaks, which I don't think will happen.
I get the 1080 level because that is the level that gold had a hard time getting through on the way up, and that is the level that it took gold three times to breach on the way down. It was resistance, then support, and now it's resistance again.
It took three tries to go down past the 1080 level, and it did on the third stroke of a descending triangle pattern. Then it plummeted, and now it went back up to see if it could make it through again, and it couldn't and bounced off. Tomorrow should be down action for it.
on Tue, 02/09/2010 - 21:47
#224395
How about this... if I'm wrong, I'll STFU. If not, I'll keep posting these predictions for the benefits of my fellow gold bitchez crowd.
on Tue, 02/09/2010 - 23:10
#224491
no need to STFU so long as you keep substantiating your thinking as you usually do... I like gold most times, and certainly long-term, but right now I'm wary (and a bit poorer :^)
it's the 'gold is good/gold is dead' folks (that offer nothing more) that tire most of us...
i may want to disagree, but i like the insight, esp when you're correct on the general signal (vs noise).
2cts...
on Tue, 02/09/2010 - 18:13
#224183
further slide in stocks tomorrow to friday,next week bounce..
on Tue, 02/09/2010 - 18:31
#224205
Cramer bearish on banks, recommending buying puts.
He also hates the OIH, says its going down to $106.
Watch stocks sky huge tomorrow.
on Tue, 02/09/2010 - 18:54
#224225
if Citi breaks 2.50, it might go back to 1, or is that just voodoo technicals?
http://stockcharts.com/h-sc/ui?s=c&p=D&yr=3&mn=0&dy=0&id=p88228987093
Chime in
on Tue, 02/09/2010 - 18:58
#224230
cramer... lol. i'm always hearing that "i own this stock for my charitable trust". a million times a day. but i never heard what that "charitable trust" does. build a hospital in nyc? send kids to summer camp? does anyone know?
on Tue, 02/09/2010 - 19:00
#224233
That's because he wants you to love him---you know---he is just a great guy and all...
on Tue, 02/09/2010 - 19:07
#224240
His charitable trust funds trips for low income children to visit graveyards and dig up the remains of the dead. Then Cramer dons the clothes of an old Irish Sailor and tells them ghost stories over roasted marshmallows.
on Tue, 02/09/2010 - 19:15
#224245
andy...if citi goes to 1, every jackass in the world might jump on it...it's a lottery ticket. I'd probably buy a few for the hell of it at a buck
on Tue, 02/09/2010 - 19:25
#224255
Call BO and BS, this could be a great PR move! Everyone loves a lottery!
on Tue, 02/09/2010 - 19:52
#224296
Hello Andy,
Isn't citi "technically" insolvent?... 28.4 billion shares valued at zero = o
Yeah, it might/should technically bounce at $2.56 ..... Why would it?
... its all smoke and mirrors, play at your own risk.
on Tue, 02/09/2010 - 19:27
#224261
They used cheap shots/tricks to spook the gold market (1. US is recovering interest rates up, 2. Banks will be flogged to death read from a teleprompter, 3. Greece will bring down the world.)
But how long can this last? Do we really believe deflation will return and wipe out all "god's work" that was done last year to save our banking friends and kill dollar?
Do you expect they suddenly just cut up this USA credit card (i mean the usa deficit) and say no thanks to this free money/prosperity. No, that will not happen until the credit rating collapses and the card is not accepted anymore.
It's more likely the country is sacrificed for private interests. More wars&bailouts&social waste will come...
The technicals might be screaming big sell, they gave up ~10%, you dare ask for more?
on Wed, 02/10/2010 - 10:55
#224962
=> :) previous post :)
on Tue, 02/09/2010 - 18:33
#224207
Master Bates: I anticipate a migration out of all currencies and into other assets such as precious metals. There will come a time when Euro weakness or relative dollar strength is meaningless as owners of wealth renew their faith in gold. The process has already begun.
on Tue, 02/09/2010 - 19:11
#224242
I like that you are trying to help ;)
on Tue, 02/09/2010 - 20:26
#224304
Nothing to get too excited about. It's only short-covering. LOL!!!
Today's market action:
Most active gainers:
NYSE
Nasdaq
Amex
Most active decliners:
NYSE
Nasdaq
Amex
Relax, don't stress:
on Tue, 02/09/2010 - 23:21
#224503
Leo are you funcki nuts or what?
Jesus, you are making paris hilton hard.
Stay long leo, stay long.
on Wed, 02/10/2010 - 03:15
#224647
so gayish lol
on Wed, 02/10/2010 - 00:30
#224569
at last, Leo...lame images....you should post on China/US financial war articles...bullish this is, bullish
on Wed, 02/10/2010 - 05:55
#224697
You know, we need a column specifically noting the trading or investing risks of the day. For example, in no particular order:
1. EU aids the PIIGs
2. EU doesn't aid the PIIGs
3. Some random European bank begins to blow up
4. War with Iran
5. The Chinese dump Treasurys or GSEs
6. QE 2 is announed here in the States.
Stuff like this. Someone should make a list, daily. Seems like things were a lot simpler before 2007 or so.....
on Wed, 02/10/2010 - 07:43
#224722
Perhaps we should all stop and think how how money investors would have lost had they followed the advice of some bears on ZH since last March. In fact, if you read the comments carefully, you would never want to invest in stocks ever again.