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Most are watching Bloomberg TV Goldman special. Others are selling. The buy only algos are still stuck in traffic on the LIE for now.
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This could get ugly quickly or just another buying opportunity
Is that you Cramer? LOL.
I had to laugh about his rant last Friday on his show about the Goldman thing. What a douchebag. He must really think his viewers are all dumb. And the way he breaks his arm patting himself on the back day after day is so sad.
eh topping is a process, it usually takes quite a while. Afterall you can't expect all the 'bank holding co's' to be fully hedged! They have to whipsaw this up and down for a good six months before pulling the rug out from under you.
What does stuck on the LIE mean?
delete
Long Island Expressway (LIE), one of the main routes from The Hamptons into Manhattan.
Aka worlds biggest parking lot.
http://www.bloomberg.com/avp/avp.htm?clipSRC=LiveBTV
Not bad insight for now...
BTW Tyler, all this talk about Fabrice's emails..any way you can get ahold of them and post em?
Anyone else catch what happened to GS puts on Friday? Better to be lucky than good.
Don't know about others but I had some out of the money GS (170) puts that I was going to let expire worthless on Friday. I am grateful to Khuzami and others at the SEC.
Betty Lu actually leading a very good discussion, as opposed to the clowns on the other channel...
although 4 points in the future are nothing, the price action in gs looks bad and could be a game changer if just half the of all that sqiud shit is true
This could get ugly quickly if German, Dutch and British governments start to get involved. GS is a toss-up until then.
But if the plan had been to get Joe Retail back in the game, this may spook that plan. Now, an impotent SEC has planted the seed of doubt in Joe's mind as to whether the game is rigged, or not.
They'll have to pump each other, then, and be ready to make the first move.
True, it was just starting to feel like retail was about to get back in and, man had the bulls started sounding like assholes whose shit don't stink, just like they always do at a top.
Its likely that sentiment will remain high to very high during the sell-off. Buying opportunity after buying opportunity will be heard from all pundits.
Hint: It is the same snake oil they have been selling all along, except that the final backstop is about to become unhinged.
Same as the NAZ plunge. It dropped 400 points or so. By the time it had gone fron 5300 to 4400 , Abbie Cohen and the rest were pounding "buy the dips", the message boards were filled with "stocks are on sale". "You only lose if you sell", and the classic "don't let the MM's get your shares"
Into the 3000s , "it a normal correction, I mean look at it Year over year we are still up".
2500 "Well, now is the time to really pour it on"
1500 "Well I would classify this as a bear Market
1100 " Wow is this ever going to stop?"
CNBC announcer Sue WTF, This may be a "Bear Trap" , but somehow mangles the words as they come out, as Bear Rally's occurred on the way the way down.
One was really horrific but much more short lived than this one. Retail investors meeting margin calls by sending in their savings to get plastered again.
We really need that feeling of total dominance by the bulls before I think we get what should be coming. Otherwise this may turn into a multi-day correction and burst out to new highs as more dip buying occurs.
Ahh the Siren call of FAZ though. Can you really ignore it this time? HAHAHA. The bitch hates me.
My time is near.
+1000
Getting there, u still have over a year.
it's always darkest before the dawn
The Goldman fraud story can’t be derailed. The story is just beginning. A line or two in this morning’s New York Times’ Goldman article suggests where this story may be headed.
The SEC filing of the law suit, said the NY Times, “seemed to confirm many Americans’ worst suspicions about Wall Street: that the game is rigged, the odds stacked in the banks’ favor.” And also from the Times, “For Goldman Sachs, it was a relatively small transaction. But for the bank—and the rest of Wall Street—the stakes couldn’t be higher.”
Most wise observers fully realize that the oligarchs on Wall Street headed by Goldman Sachs working through the leverage of the NY Federal Reserve Bank, effectively can control most operations of the U.S. financial system and the congressional and Administration policies related to it.
But the reason the Goldman Sachs event is likely to have a life of its own is because there is one additional player in this scenario. That player is the American people. Napoleon proved that the control of politics centers on having the power to wreak physical destruction whenever needed. As Anatol Rapoport suggested in his book Clausewitz on War, Napoleon’s power showed that he could place “his relatives on thrones with no more thought to ‘legitimacy’ than if they were so many police commissioners.”
This kind of political power backed with military force was shattered in the world by the establishment of the American government. For here the power began to rest not in the hands of an emperor but in the hands of the people. As this nation drifts farther and farther away from the people under the veil of Goldman and Chase rulers, the people are becoming increasingly alarmed.
The details of the SEC suit are not going to matter to the man on the street who sees his economic and social life being crushed by a giant power that has no loyalty to the principles of the American system. All he needs to know are the names of these criminals. And with millions like him, this story will begin to unfold it all its magnitude.
I agree with your outline.
I posted in another thread that this is the O-Team's FDR moment.
Are they going to be a government of the oligarchs and the MNC lobbyists or are they going to be a government of the people?
I think they have made a decision and the future will be messy.
My hunch is that the O-Team forsaw that the future would be messy regardless. The have enough smarts to recognize the coming euro crisis, the problems with insolvent banks, a melt-up market funded by the people at 0% (actually a likely negative real rate).
If you know the system is corrupt and unstable then do you not seek to take command and place yourself at the the head of the growing anger of the jobless and underwater polity?
I think we are in for a ride.
The gov.is also very concerned about their own debt coming due, and the consequencs of even a 1% yield rise would bankrupt them even quicker. Therefore a quick crash in stocks sends everyone scampering to treasury bonds for "perceived safety".
The debt coming due from now till 2014 is huge, and the interest alone will take 2/3rds of incoming taxes to pay.
now that is some good stuff right there.
a melt-up market funded by the people at 0%.
Dang, that’s good!
If you know the system is corrupt and unstable then do you not seek to take command and place yourself at the the head of the growing anger of the jobless and underwater polity?
Yes! And when that command no doubt will be guided by ulterior intent, I also agree: I think we are in for a ride!
"Send lawyers, guns and money; the shit has hit the fan"
some pineal glands would be nice too, just for fun?
Nearly the same thing could have been said using the names Morgan, Pierpoint, Vanderbuilt, Rockefeller, Carnegie, and Astor, to name a few.
In fact the term Robber Baron goes all the way back to the Medieval period, source Wikipedia.
Obviously this game has been going on for a long, long time.
Yes, but this time, it really is different. Teddy Roosevelt broke up some of the trusts. Let’s see Obama break up this monopoly.
This is a giant financial creature that is influencing and entangling western governments and central banks around the world and establishing rules of conduct for all players in the world’s financial environment. This was only a dream of the Rothschilds, not an actuality. Nathan could exert a lot of influence, but he was not yet at the point of Goldman and the Fed, of running the world.
The international banking cartel’s holding is much different now. There’s been nothing like this in the history of the world. These people are packing the Congress and the Administration and the Courts and all the key financial centers and organizations around the world. These people are on the verge of locking in the hidden agenda behind the IMF/World Bank system--world socialism. The Fed’s role in bringing this about was established at the 1944 meeting in Bretton Woods, New Hampshire. The goal was a world central bank that would create a common fiat money out of thin air for all nations and require them to inflate together at the same rate. You’re seeing the power of the IMF/World Bank unfold before your eyes, right now… in the Eurozone.
This contest between the banking cartel and the people is not a contest between the wealthy visitors to the Hamptons and the workingman. This is the final contest for all the marbles. Whoever wins this contest either will 1) be able to establish Geithner’s dream of a worldwide currency and the Fed’s dream of a Keynesian one-world government, or 2) be empowered to crush this Vampire Squid once and for all. I root for the latter. If this monster is not slain by the people, as G.E. Griffin said, it will become the people’s eternal lord and master.
I don't think those who follow a neo-classical mode of the economy would seek to institute a worldwide fiat currency just so all countries inflate at the same rate. It's counter productive from their point of view, half the point of a sovereign issuing paper money is so that it can inflate its way out of recessions (a spurious doctrine from a half-baked framework but none-the-less it's one of the reasons governments issue fiat.)
Things could get downright cataclysmic:
You have an overextended rally in the broad and financials, a market that was due for a massive selloff that has been surviving on vapors and a rally predicated on GS and the Fed being untouchable. I think the administration is crapping in their pants and the economy as we all predicted is in a full blown depression. When the volume comes on the open and possibility for criminal charges to lead to a bevy of whistleblowers I truly beleieve we will be below 10,000 by the end of the week. Interest rates are headed up..QE is over and banks just got smacked in the teeth and their prop desk trades will not be looking too wonderful in Q2.
Especially if they have to raise capital for FASB 166/167, rising foreclosures and legal defense. With unemployment benefits ending and jobless claims kicking up plus a commerce lockdown costing millions per second in Europe I cannot see the future opening up down less than 200.
You really know how to bring a blush to a young girls cheeks.
Well I expect the manipulators to try to use every ounce of dry powder left but it is irrelevant at this stage.
EIn my opinion the emperor himself finally looked in the mirror on Friday and said "Oh shit..Im not wearing any clothes"
4 points is not a game changer, Christ things could be positive by Monday... Maybe Cramer can hit his buy-buy -buy F#$^& button....idiot...Wish someone would develop a derivative in which I could short him,Kneale, Bob P.and the fast money desk....
4 points ain't shit we need 104.
Tokyo is opening in 30 minutes. Lets see what mood the asian market is in now that the GS news has had some time to marinate ...
April 19 (Bloomberg) -- Japanese and Australian stock futures fell after U.S. securities regulators accused Goldman Sachs Group Inc. of fraud, commodity prices fell and the yen strengthened.
chickenshits hiding in cash. we'll see how that works out for them.
(Reuters) - Japan's Nikkei average is set to slide on Monday after Wall Street fell its most in nearly two months on fraud charges against Goldman Sachs and after some U.S. corporate earnings failed to live up to high expectations.
Nikkei down 150. Lets see if it stick ...
The meltup will continue unabated
Yeah probably. DOW closed down 125 on Friday, so on Monday we should close up 145 at least right?
I just wanna watch the UFC. You know, watch some heavyweight guy just get the good 'ol GROUND AND POUND till his face is a bloody pulp!!!
This is getting interesting
You guys are all so cynical, you act is if there is a group of old white men sitting in a smoking room with high-backed chairs and cigars planning the future of our country and the world as they line their pockets...
It couldn't be that way... could it?
:)
Overnight Charts...
You can watch them here:
http://clearstation.etrade.com/cgi-bin/bbs?post_id=9331973&usernm=wndysrf
I wonder if Obama and company got their hands on some really bad (impossible to spin/hide) economic data and decided it was time they needed a scapegoat. Main street hates the banks and hates the Fed. As much as i believe that banks have heavily influenced policy for some time, my absolute belief that politicians will do anything to stay in power leads me to believe that GS is just too juicy an offering on the altar of politics. Also, if the economy is truly not in a recovery, how hard would it be to send in some auditors and be "shocked, truly shocked" that those bank assets are not worth near as much as the banks claimed. All's fair in love and war.
Wouldnt surprise me as the 1Q GDP number will be the last decent number coming for quite a while...
I think a 9.7% U3 number that has been heavily manipulated to stay below 10% 6 months before an election is enough.
I do not think anyone is prepared for the coming job loss that will result in the coming year as the unemployment checks stop rolling in. When is the last time the economy has this large population reliant upon a service based non manufactruing industry not collecting income and with inflated mortgages and credit card debt. Incorporate a near incalculable new integer such as student loan debt and we got negative lift off Houston.
To put it in perspective across the street there was this seemingly successful place on Bleecker and Broadway here in the city that was jam packed on the weekends and the guy had to shutter this month because he could not make rent. Every month I walk down Bleecker I see an increasing number of closed retail. The only retail I have seen growing is in West Village/Chelsea with opening of HSBC/BAC & JPM locations.
FASB 166/167 is still end game in my opinion. The moment the ball starts rolling down hill the momentum cannot be reversed that is why they have been defending the dow and their capital furiously. When this all ends I see them all BK.
I'm still confused about the timing. I would have though that the Gov would dump their shares of C before they put the banking monopoly under the spotlight.
Exactly, +100
Disclamer: I am heavily short xlf.
Look at JPM and WFC on monthly, see how they are trading back at the highs and forming a W? W on such a large scale would retrace several times before it breaks out, so now is a perfectly reasonable time to short them, then buy them cheaper on 2nd attempt to see if it can break 3 year highs. Sounds crazy, but that's how charts work.
One look at the treasury teams of Clinton, Bush and Obama tells you that Goldman is still firmly in charge. At this point, Obama is not going to take on GS; maybe later, when the dominoes begin to fall. But, the people are starting to make their case.
In the vast darkness of these financial caves, giant tigers await for investors and citizens. Approach tigers such as Goldman and JP Morgan and you have a ferocious fight on your hands. And that’s because you are fighting many tigers, the tigers that they control--the “ex”-Goldmanites, bought politicians and regulators, Cabinet level Goldman men, funded university economists and even NY Times columnists. You’re fighting lies, false data, name-calling, special interest regulations, litigation, heavy media attacks including Internet trolls and Internet websites, aggressive and ruthless equity sellers and the government’s Information Czar Cass Sunstein. And behind the whole attack is the power of the government and the billions of dollars available for war chest money.
In this battle emerges Zero Hedge, forging forward on the narrow road of logic, exposing ongoing political intrigue, armed with fact you can depend on and the courage to deliver the attack on unethical and criminal activity—revealing where this is heading.
Zero Hedge is the new fight club in town, fighting to put the “market” back into stock market in one of the most brutal fights in financial history. Round One: Tyler scores with a solid right putting Goldman on the defensive…
Round Two has just commenced...
I am surprised Bill Clinton trashing Rubin/Summers isn't getting much attention here on ZH.
http://www.bloomberg.com/apps/news?pid=20601010&sid=acD1vOuW1r3k
Bad sign for the oligarchy, their patrons are starting to turn on them.
was wondering the same thing.
"Come on in Bill, the water's great!"
slick willy needs some scapegoats! this fool was well aware of what he was doing. with this whole gs bit, people need to keep in mind the politicians need for a scapegoat. its the only hope we have...
Willie is a rock. They will never break Slick! A man of character, that one.
\\sarcasm\
Nikkei still taking a beating...
And Hong Kong looks set to gap down as well.
Hang Seng 21,888.00 -310.00 -1.40There are no futures.
There is no market.
There is no spoon.
Ben lays the golden eggs.
Dow opens up 50.
Dow closes up 150.
Can't wait for the movie. Goldman Sachs as "The Helper". The arrogance of GS will be their undoing. Greed is good. Bragging about it is not.
How about 'brag is a good dog but steadfast is better
One would think the carry trade gets rocked here but nah. That's a little surprising. Despite weakness in Japan, we'd be better off witnessing a shellacking in Asia vs sweating out a mere 1-2% move lower. This is sad given all this news...
Too much shit piling up on Goldman here. They can't settle , not a chance . The other banks will get dragged into as news of lawsuits that was off the radar suddenly become THE news as people angrily ask the govt what they are going to do about it. Some excellent pieces up on Huffington Post. I think it's correction with a tinge of crash time. The market needs to get low enough to scare the shit out of everyone but not low enough that it makes the 401K voting block despair too much.
Then the elections and on down to some God Forsaken hole in the ground. People don't realize how many out of work securities lawyers there are right now. The money here is huge. These firms gained huge amounts forcing banks to settle on Enron. All they need to know is they won't be fighting the govt . They don't care about the market, they care about cash. Whoever might have thought this was controllable was higher than a kite on a bright and windy day.
Watched Wall Street Journal report with Maria this morning and was absolutely shoke when there was no meention on the Goldman story. Like what the F***! Was this done deliberately? Anyone noticed this?
Can't be surprised by that. Remember how excited Erin was after the close on Friday when GS traded up 1.2%? WSJ report is a pathetic show anyway and maybe they want to play it down somewhat for the little guy. Who else would really be watching that trash anyway, unless there's news like what's happening now.
Algos work on momentum, momentum works both to the upside and downside. If selloff starts, selling NDX from 76.8 to 61.8 is a possibility.
How many times have we gone to bed on a Sunday night with futures down 7-15 points on the E-minis, only to have a major gap up on the following morning?
Yawn, it's going to take a lot more than GS getting sued to get this market bearish. Maybe InTrade should start taking lots on how much GS will pay for a fine. I'm guessing somewhere between $500k and $1 million. Oh, and the obligatory settlement to pay $25,000 to a non-profit geared towards financial literacy.
I guess the monetary value allotted to loss of trust, along with "a can or worms being opened" in an overbought market is taking its toll. The overseas markets are getting creamed, and the futures continue descending.
Breaking News: The Little green Oompa Loompas that operate the ES Pump machine were just notified stat. Willy Wonka is on it.. We should see green by morning. In the mean time , Come on Boys and Girls, Lets sing..
Oompa Loompa doom-pa-dee-do
I have a perfect puzzle for you
Oompa Loompa doom-pa-dee-dee
If you are wise, you'll listen to me
What do you get when you guzzle down sweets?
Eating as much as an elephant eats
What are you at getting terribly fat?
What do you think will come of that?
I don't like the look of it
Oompa Loompa doom-pa-dee-da
If you're not greedy, you will go far
You will live in happiness too
Like the Oompa Loompa doom-pa-dee-do
Goldman is not the issue - the USD is the issue. Can't see the manipulation/connection yet tho' -
Didn't Blankenfein start in the stock room? He is no oligarch and he is expendable, just like Barback and Michelle.
Couple thousand points down on the Dow would put some lead in the USD's pencil I imagine.
correctemondo
SSE is about to break under 3000 again
Hmm....could this be all a scheme by Goldman executives to bring down the price of Goldman stocks so that they can make more money on part of their bonus that is awarded in the form of stocks.
Right, its ALL a scheme, and no one ever figures it out as everyone loves getting pumped and dumped, and the Ponzi casino just continues growing as if no one is the wiser! Yep thats how Ponzi's work, they never get derailed...always a huge line of suckers to buy in no matter what. <sarcasm off>