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Straight from the pits. Call it a cool half a billion used to ramp up the market.
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Sure, why not? it's not their money.
One other thing. I'm sick of the financial press saying the "market surges."
The word "surge" should be defined as used by George Bush regarding Iraq troop levels: to go up to the level things should have been at long ago, in order to contain bleeding and extend and pretend that things are really getting better.
That's all "surge" means these days.
How about "painfully bloats?"
Like a corpse?
maybe I'm just a jackass, but isn't it possible they're just going long on the s&p and establishing a big position? I don't think that's really so odd...
Well, the question is really: how long will they hold onto these positions? And what other positions do they have (or know about and wish to affect)?
I don't see the Squid as a buy-and-hold investor. This isn't price finding or value hunting here, in my opinion. The market has gone from thinking about a year from now to thinking about 10 milliseconds from now.
Yeah, that's a realistic view. I'm fairly certain they aren't just compliant puppets for the Fed or Treasury. I suspect there are two and three levels of play going on here.
I just liked using the word corpse. :>)
Why limit your frustration to simply the word "surge"?
I enjoy reviewing the rationale the press attempts to correlate to the market moves. Within 5 hours yesterday, one singular speech by Bernanke was both responsible by a single media outlet (Bloomberg) for the market going up (double dip unlikely) and down (caution in regard to unemployment).
I come here for the majority of my info now. If the ZH team includes a streaming ticker on the main page, I'll have no reason to leave at all.
Oh hell yes; it is fantastic the ability of the financial press to go beyond reporting the moves of the market, and instead, telling us what the market is THINKING. Not stating all possibilities, mind you, but directly attributing the market moves to a particular mindset about a particular event.
Apparently there is no cognitive dissonance for these reporters between the idea of a free market and a market which acts as anthromorphised hive-mind into which they can peer with the clarity of fine crystal.
Whenever I see an article making those unsubstantiated attributions, I just note the name of the "reporter" or "financial expert" and place that name in my "dipshit" file.
Yeah, their sense of causation and form of explanation is reminiscent of astrology. They just make two observations (more like announcements) and proclaim that one caused the other.
Tyler is like an astronomer calling out the astrologists.
Apparently, "soars" has become trite, and too often succumbs to the laws of ballistics if flight.
"Surge" will work nicely until tropical depressions start forming in the Gulf.
Soars works well though; it is a homophone for "sores."
No whammies
No whammies
No whammies
stop!
What, didn't they read Alec's report?
At this rate, their EURUSD 1.15 call might have been spot-on opposite as usual with goldman
Ahhhh...that accounts for my WTF?!?! moment when I looked at the numbers this morning.
It's opposite day, again.
But will they sell it at 3:45?
Sure... after they draw in the suckers. I loaded up on BGZ when the S&P was up 30. I feel good about it.
Per Lord Blankfein, we morts are supposed to understand that they are just doing us all a service by being a market maker.
Who's his Sith apprentice? They always work in pairs.
Darth Dimonus
haha thanks for the laugh
+1
Pronounced "di-MOAN-us"
(he's from Acturus 3 and they are fussy on the pronounciation. Of course, this is Anglicized and the original would require three barbed throats.)
This Thursday, the beginning of the end of Wall Street as we know it will kick off. Congressional Democrats and Republican leaders will begin the “conference” process on combining the House and Senate finance reform bills. In the history of the US financial markets, we've had many boom and bust periods, panics and scandals, and typically there's a public backlash to a severe financial crisis. The more severe, the further back the pendulum arcs. After the Crash of 1929 we had the Securities Act of 1933 and 1934 as well as the Investment Company
Act of 1940. Eleven years of reform. These pieces of legislation dramatically changed the face of public finance
, the capital markets, and the future of Wall Street.
http://www.minyanville.com/businessmarkets/articles/larry-mcdonald-finan...
Not holding my breath on anything meaningful coming out of a meeting of the corrupt and bought-and-paid-for. Certainly nothing of the caliber of the Securities Acts of 1933 and 1934 and Glass-Steagall.
Next time you feel like committing some horrible crime, get 40 business cards and have them made out "Market-maker" like so in large print. Then stuff about 10 of them up your ass, so when the police or authorities catch you you've got something to pull out of your ass.
Maybe they're sweating the tape to make a little ching to buy more gold with....a stressful way to live.
Well, I know what you're saying.. but if they really thought it was going up... and wanted to play on that... wouldn't they also buy half a billion dollars worth of S&P contracts... to go long? I mean it doesn't mean their intention is to drive it up, but it could be that they're betting it is going up.. knowing that they will contribute to that position by buying is just another bonus...
Well, they're doing God's Work™, so the first step of the analysis is figuring out their God.
Yes, they are truly doing god's work! The god of deception, lies and half-truths.
You mean Horus/Lucifer right?
ah someone familiar with the dollar bill.
watch the aussie market for the signal. they get the early word. london seems to be left holding the shitty end if the toilet plunger.
So could it be a desperation move because some critical derivative contracts are about to go ka-bloom?
buying here makes sense, because you know you can sell it all off at the 200 day ma... there is a good story, oversold, etc etc. it is a good move.
Now watch when they sell'em.
Kill the squid.
Trichet just announced that they're printing money
asset prices will go up in the short term, doesn't matter what they're printing as long as you can buy assets with it
goldman is following the money
and the Fed is buying Euros, hmmm? Can you say Plunge Protection Team, in French?
l'Equip de Protegement de Plunge
^^ sounds better
Maybe GS is saying to the gvt (now that another investigation has started) "See, we can make the market go up and down....NOW BACK OFF!!!"
smells to me of desperation.....this kind of desperation precedes a market collapse........... by the way, why is the market refusing to price in this peice of geopolitical risk... http://www.debka.com/article/8842/
I love the smell of cordite in the morning
Yeah, cause that means it's outgoing.
Desperate to form a bottom, classic market intevention. DOW futures pump was put down to strong GDP figures out of Aisia, yet the FTSE opened 1% down and only rose as they pumped up the DOW futures. Can't beleive people fall for these ramp jobs although as pointed out with the FX intervention seen recently the interventions effectiveness rapidly diminbishes as it is abused.
Flexing their muscle. Trying to get grandma to put her last cent into the market so they can take it....greed baby, greed.
cool. they gave me good entry points on some nice shorts.
thanks, squid.
+ 100. Same here.
just about everybody is in, all the way around. the gold buyers are all in, physical gold is off the shelves, the stock market players are all in, once everyone is all in, then its QEII or bust. Bernanke doesn't think much of QE II but what's he going to do about it? He once bitched to Congress that the dollar wasn't his problem, so Bush made him drag his ass to China. I would like to believe that between the political class and the working class, someone like Ben would have my back, (as long I don't bend over for the soap). The real catalyst in all this is Goldman, and Paulson and the hedgies. They can run the market wherever it wants to go, faster and better than anyone. Right now it wants to go up.
I don't think 1K bigs are news worthy...
It depends if there is a tentacle attached.
1k, bought in pieces, has almost no effect on the market. The equivalent of that can trade in a matter of seconds in the e-mini. The mini contract dominates S&P trade, followed by trade in the underlying stocks...
How do you know this isn't a client order or some type of spread, hedge or closing of a prop position?
Wait, GS trades for clients? /sarcasm
Turbo Timmy and Uncle Ben. /no sarcasm.
Rumor has it that CNBC will be hiring Helen Thomas to report exclusively on Goldman Sachs every move. She will search the internet for stories like this and report them from a giant rocking chair.
http://www.youtube.com/watch?v=ocBO0fr1Ui4
She will be on location when Goldmanites are called to Capitol Hill to testify according to the leaked contract.
I'd pay to see that.
watch aapl. that's your tell.
+1
It's another futile effort in a long line of futile efforts. I'm still convinced that the big investment banks are trying to lure the retail investor back into the market so they can shear them one more time. But it's not working. Despite all of the interventions, false rumors, MSM chearleading, and what have you, the market has been churning with a downward bias for the past couple of months. Volatility will not bring J6P back into the market, but instead will have the opposite effect.
I think they're cleaning out the weak shorts (or cleaning out Ben's weak shorts...).
look for a repeat of the last two days near the close. they will scuttle the ship as soon as GS is in the lifeboat and everyone who bought to hold will have to drink a lot of water on the way down. shampoo, rinse, repeat.
Tiny trade for GS. 300M USD Notional? Not news. It can just be their vol desk hedging gamma, or their index arb desk hedging an order.
However, not sure why they would trade Bigs not Minis, liquidity is usually better in Minis.
Good scam
They are in such desperation mode right now to keep the markets up..The only thing they have left is the markets. The economic data sucks and interest rates cannot stay at 0% forever.
Precisely!
Maybe this is just a 5% hedge on an inverse bet that they are truely riding. Even GS doesn't punt naked.
Could Goldman be right this time?
?? Goldman is the market, what's right or wrong got to do with it?
The EURO breakout I suggested yesterday, has made its move ...
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
From what I remember, Evil Clown, is that you mentioned the Euro making a major move. You failed to mention whether it was UP or DOWN. That sublety makes a pretty big difference.
You can disregard the Scary Clown Dude. He's like a hemorrhoid, just drops in to cause a little pain and discomfort from time to time, and disappears suddenly. I'd say he needs to be excised, but who am I to judge?
+1. A boil full of pus is more like it.
Actually, I do think Evil Clown is harmless. He seems to stay in his own corner of his forum, and doesn't really antagonize. But I don't mind calling him out on a call that was non-directional.
Tyler, a couple of comments:
- 1K big SPX contracts, equivalent to 5K e-minis, amount to a notional $270 million, not half a billion.
- To be fair, the volume in the e-minis alone pre-cash market open was a huge 500K, or 2-3 times the recent average, so 5K is not a lot in that context.
- It's US equity index futures rollover day, as it was in Japan, and next week is option exp. so strange things are happening, especially in light of the recent volatility.
Having said that, I make a prediction: BY MARKET CLOSE TOMORROW THE SPX WILL BE AT LEAST 50 HANDLES LOWER, AROUND OR BELOW 1025.
Ballsy prediction. Do you have a large short position?
Very interesting...
Very interesting...
One of the few things that could do that would be a big problem with a European bank.
Where in London do you trade Dude?.... Care to share how the floor is feeling?
3 possibilities here -
1- they have inside information and are positioning for when the lemmings find out
2- They got nothing nada zip and it is a bait hook catch release (SP contracts)-
3-Euro is going to new highs against dollar causing an "inflationary" bull market
Exactly, The markets are the only things keeping the sheeple in line.
Quick bust on the shorts to buy more time instigated by US and Chinese governments and central banks. Next time we hit S&P 1040 it breaks and we hit 850.
Yes, I'm with you. I've seen this kind of market before. It's a perfect set-up for a major plunge within 48 hours, probably as soon as today. Today's rise is all about rollover and repositioning. If you were short in equity index futures, at rollover you'd probably cover, prop up the market and re-establish the short position in new front-month futures from a higher level. That's what's happening today. It's a perfect time to load up on 1000 and 950-strike SPX puts.
Yes, the size of the pump this morning in US and overnight in Europe has my spidey senses tingling. Pumped it this hard (heehee) this morning, to keep it in the green. Wondering if we will go red by end of day!
Just in time for June VIX OpEx. Hmm...
Come on guys, let's try and get a bit more objective.
With sentiment extremes on the Euro and Dollar, oversolds on equities everywhere you look, positive divergences from the intraday to the daily time frames, momentum indicators turning within falling wedge patterns, and all this happening at major support and/or important Fib. retracements, what did you think was likely to happen?
BTW: did anyone notice the good auction results on 3 years in Italy and Spain today? Anybody notice what European equities did today BEFORE the NY open? Yesterday? Since the island reversals on May 25? Anyone taken notice of the world's strongest stock market, the DAX, in what is supposedly a crumbling Europe? Or do we just get all the negatives?
http://www.marketwatch.com/story/strong-bond-auctions-calm-euro-zone-jitters-2010-06-10?reflink=MW_news_stmp
If your news flow is lacking all the "pieces" with which to make good decisions, that might be one of the reasons why a counter trend move catches you off guard.
So now this huge move is due to GS's market manipulation?!?!
(And I'm one who says that there is, and has been, major market manipulation, but hey, it's not always the case - sometimes there are old fashioned, REAL rallies, and we've got to be able to distinguish.)
OK. Real rallies based on which fundamentals?
I don't think you'll find "fundamentals" in what I wrote.
I did mention "counter trend move" though. ;-)
All TA (with a short term "fundamental" kick start as the excuse I will conceed ).
More links:
http://in.reuters.com/article/idINLDE65913C20100610
http://www.benzinga.com/markets/bonds/10/06/326289/euro-rallies-on-successful-bond-auctions
And if you try, I'm sure you'll easily find more . . .
GS is setting 52 week lows... Someone is cooking some Calimari
Yeah but what are they doing electronically? They know that everyone is watching them on the pits. This is only half the information.