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Intraday Market Commentary
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this is evidence of your hard earned tax dollars at work!
Actually they used the cash from those uber-crappy 30yr bonds BENRON shoved in the international investors and dumb ass primary dealers yesterday.
Is fun to prop up the market when you are not using your money and you are not intending to pay it back EVER.
The joke is on them. LOL indeed Tyler.
Rampjob. http://www.youtube.com/watch?v=OG71MPT4b2o&feature=related
WTF is consumer sentiment anyway? Are the researchers in Michigan retards?
"Oh hey, worst May in 40 years. Unemployment still around 10%. NO THATS GOOD NEWS!!!11"
Market is bullshit.
well, retail down, savings up, so naturally...
this is america, and folks have saved an extra $2 (literally). so they're lookin to take an extra coupon to walmart. duh!
Wait 'til the Hurricanes hit... Who wants to bet another BOP goes DOA? Of course a third BOP would be the charm. Then we'll see where sentiment is at.
No, no, no...the hurricanes will be a good thing. All that oil will get pushed onshore where we can collect it and get this...not pay BP for it! And think of all the new jobs that will be created to do that collecting...and wait, there's more good news- those jobs will be permanent!
self reporting = girls a size 4, boys 8".
Consumer sentiment the best since january 2008 (hahaha - Kerviel was in Jan 2008 and caused largest interest rate cute in quarter of a century, and consumers who answered this survey thought this was positive).
headline too long so editors cut the word "anxiety"
Now that's funny!! :-D
Brilliant...I'm gonna use that, OK?
Market manipulation at its best... much like yesterday.
You should say 'handling' -- manipulation would imply something out of the ordinary.
Market conditions can be overcome by a consumer sentiment poll?WTF? and what a SCAM!!!
Sales = mark to market
Consumer sentiment = mark to fantasy
Effective immediately, the term MARK-TO-FANTASY, formerly known as MARK-TO-MARKET, will hereafter be referred to only as MARK-TO-WTF.
Please abide and REMARK accordingly. Thank you.
This summarizes everything for the last year.
OK, who dropped the Viagra on the floor for the dog to eat?
Sorry. He wasn't giving me enough attention.
Drop the bottom out of the PMs and then go go go!!!!!
If all else fails resort to a wall paper prop up.
Leave out the word "French" in there and you may have something. French women generally cease being hot when they open their mouths, generally, at least for true connaisseurs.
True connaisseur, my ass! If you've never been with a French Quebecoise babe, you know NADA!!!
Montreal...makes sense. That's where Nadler lives...is it something in the water?
Not for nothing Leo, but the French even hate the French Quebecoise.
Just saying.
La jalousie est une maladie!
Heh. Uh, sure. Jealousy - I'm sure that explains it all.
Quebekers are the hicks of Canada.
I love Montreal, but boy do i hate the locals (not the immigrants, not the local English, not the friendly foreigners. I'm talking the separatist motherfuckers).
Quebecers are the hicks of Canada? Brother, have you ever been to buttfuck Ontario, buttfuck Alberta or buttfuck Manitoba? I'll show you the real hicks of Canada.
Toronto Bitches !!!!!11!!!11
I'll hold my tongue on who are the hicks of Canada but Quebec, with a debt that is 94% of GDP is the GREECE of Canada... At least they are getting on with some austerity before it gets imposed on them by the Feds in exchange for those Alberta oil-sands subsidized transfer payments - Now that's some Canadian cheese for ya.
Or the Rest of Canada might want to consider encouraging Quebec to separate along with their $135 billion of federal debt. Then La Belle Province would be free to pursue her long held dream of entering a free trade agreement with France or maybe even joining the Eurozone! HA! Even if Kebettes are HOT, Quebec is nonetheless screwed!!
Quebec is a fiscal disaster, but all it has to do is sell the crown jewel - Hydro Quebec. That should cover a good chunk of our huge debt.
Yeah, simple -- like simpleton.
How 'bout keep the water, #$%^ the debt. Might come in handy someday.
Leo, did you ever wonder if the maybe 'benevolent' powers that provided that level of debt had their interests in THE CROWN JEWEL from the very start?
I'm not saying that is what has happened here, I'm just saying that I think it is reasonable to view it that way.
Can you say World Conservation Bank?
They SHOULD seperate and leave Canada the fuck alone, except they would be an epic fail as a sovereign state, and would come crawling back to the Federeal gov in no time.
When i was in France last year i literally had to hide my stupid quebeker accent so that i wouldn't get dirty looks.
Great idea, except without Quebec, the rest of Canada will go from bland to deadly dull. Face it, we're joined at the hip. Vive le Canada! Vive le Québec!
More than enough fun in T.O, West Coast is neat too.
Again i absolutely love Montreal (hockey fans are like nowhere else) but the separatists have pissed off more than a few well-educated gents to force them to move out of the province. If it wasn't for McGill and the Habs, quebec would have nothing.
But yes we are joined at the hip
Cheeky,
When it comes to eye candy, going from Montreal to Toronto is like going from eating a gastronomic feast every day to eating oatmeal porridge every day. Yuck!!!!
So, yep... Either option gives you the runs.
...sounds like there are plenty of hicks to go around... in Canada
je me souviens
je ne me souviens jamais
For our non French speaking readers, Je me souviens means I think only of myself. It is Quebec's motto. Yes, really.
Too much French wine makes you go--Oui! Oui!
Maybe Ms Drury or Trish full cups Regan will go with the F1 look this friday...
Seen as they've had the MOTO GP look going on the past two Fridays.
Don't forget the loads of skanky wopadopali!!
Yeah totally Leo! Looks good!
<sarcasm off>
I got a good feeling.
This is a good market indicator.
What a joke we have become....ALgo's make me think "Terminator" reality here soon...
I'll take the manipulation as a gift to get out of the market and stock up on PMs.
The most frustrating thing is I don't see a 1:1 correlation in absolute price. EUR/USD is currently below where it closed yesterday, but SPX is higher. Not saying that the price movement isn't correlated almost perfectly during market hours, but the SPX peg (or starting point) changes each day.
Algos only care about short-term correlation.
Just like contuously adaptive echo cancellers on sat phone links, the algos keep adapting to whatever signals are there.
Trouble is, they end up adapting to each other.
Algo's need to have some fun too. The Algo's designers created a backend interface just for fun. It allows you to interface different software packages with the algorithm.
This months choice:
http://www.nolimitscoaster.com
Note the total lack of volume, too. Fun times.
large orders of spy puts are being bought as we speak
LOL it is, a manic one, beyond the fairy, into insanity.
Markets were down in Europe (DAX by over 1%), then at opening of US markets everything shot through the roof in a steep ramp, exceeding previous tops... If this is not manipulated, what is it?! Optimism? Ignorance? How the hell they do this?
Seems impossible to pinpoint the ones playing the strings... has been going on for weeks now, large intra-day swings, most often on no news, accompanied by exploding derivatives volumes
as long as eurusd stays below 1.216 spx500 is just temporarily diverging
i appreciate the 1 minute chart, but can you give us a 10 second chart? thanks.
From Senate hearings in I believe 1932, looking into Goldman Sach's participation in the investment trusts sold by Goldman in 1929:
Senator Couzens: Did Goldman Sachs and Company organize the Goldman Sachs Trading Corp?
Mr. Sachs: Yes, sir.
Senatro Couzens: And it sold its stock to the public?
Mr Sachs: A portion of it. The firms invested originally in 10 percent of the entire issue sum of $10MM.
Senator Couzens: And the other 90% was sold to the public?
Mr Sachs: Yes, sir.
Senator Couzens: At what price?
Mr. Sachs: At 104. That is the old stock price... the stock split two for one.
Senator Couzens: And what is the price of the stock now?
Mr. Sachs: Aprroximately 1.75
This is quoted in Galbraith's The Great Crash, pg 70 (He is quoting from senate hearings in 1932).
Yes, the analogies are there with the present, but you're still many chapters behind.
Go read about the "Business Plot" if you want to jump ahead to the surprise ending.
Are you back from reading about the Business Plot? Good. Then realize that FDR, unlike Obama, at least believed what he was saying. And we have no Smedley Butlers these days.
Meet you at the bunker. Bring canned goods.
Carry on my wayward Trade ...
they'll be peace when you're replayed ...
lay your weary arb to rest ...
don't you cry no more ....
--- apologies to Kansas
seventies rock parodies
have always been
my favorite charities
http://www.youtube.com/watch?v=YZbHagBNY98
and soon we'll all be "living in a hell hole"
i guess it's time to fasten your seatbelts
I've just looked at the chart for the $SPX and EUR/JPY on a monthly timescale. A correlated pair would put the $SPX back down at 700; which is roughly fair.
Maybe that Chinese pension fund is funding the algos...or maybe, just maybe it's the Bilderberg group who decided to prop up this market at their annual meeting in Spain. Pick your conspiracy theory...LOL!
Leo, you obviously have no idea who these men are. You see, they may be bumbling idiots, but they are maniacal bumbling idiots.
Only down 11.11! On the eleventh! Thought I would share that with you.
Maybe huge plunges in MAJOR currency indexes are totally normal.
Looks like "investors" are "shrugging off" those poor retail numbers. After all, we do have less people filing for unemployment benefits.
Just listened to Soros on Bloomberg. He is beginning to sound like an intelligent Stiglitz. The latter is moralist imitating an economist. This is beginning to get scary. We have banks on the one side that wants no regulation and then we have the economic moralist who wants to smoother us with hugs.:
http://www.bloomberg.com/avp/avp.htm?N=av&T=Soros%20Says%20%C3%A2%C2%80%C2%98We%20Have%20Just%20Entered%20Act%20Two%C3%A2%C2%80%C2%99%20of%20Crisis&clipSRC=mms://media2.bloomberg.com/cache/vyOJ9PHQw_Cs.asf
Pay no attention to that man behind the curtain!
I thought they wanted it all to collapse so why do they bother propping it up?
i thought they wanted a one world central banking take over?
they really must be conspiracy theories then as its obvious they do not want
present ponzi to collapse
it's all about the timing
Yea but just wait til the crap hits the fan shortly with the NY state budget mess about to shut down social services there. Da governor is predicting NY will see riots like Greece!
A lot of states in that position. My biggest indicator of all this week? My biz, which for the last 5 years has increased 50% YOY since its inception in 2005. I was very thankful considering the last 3 years. But, for the first time in 5 years, my biz dropped for May and is not looking so good for June. Gives me more time to read/post here though......
EURUSD down, gold up, bonds up.... equities up?
IMO this little 3-4% pop up is done, we should go down now. However everyone is watching the world cup so maybe not right now.
the farcemeisters are just laughing as they piss on the world
via flagrantly manipulating the markets to this state of utter absurdity and meaninglessness
The banksters have sucked the blood, the life from the global economy
and now, like a bad ventriloquist, they make the market's lips move and its hands wave, projecting their poorly-disquised voice
I'd love to see this ventriloquist get the living shit kicked out of him
MMM...good......
Ms. Money Master? Ms. Money Maker? Ms. Master Mason? Shake your money maker!
Roy Rogers and the Delta Rhythm Kings:http://www.youtube.com/watch?v=6nabi6-8ySE
this is a tough market to trade. akam is on the radar... who knows.
Makes me want to watch tv again. Down boy, down.
Jobs report horrible. Retail sales lower than range of forecasts. Market up.
Market is looking ahead, not backwards like most of you. :)
Gold and silver Leo. I really hope you own some.
i look ahead too ;-)
btw do you know what's a better use for your money than than paying up debt ?! buying puts in those banks
I think they are looking backwards again. Falling,.. to be continued
So Mr. Forward looking, tell me when the unemployment figure is going to fall? When we stop counting unemployed, or are you going to start hiring 5 million people to post on ZH for you? You keep saying that we are too negative, but please show me a ray of truth in numbers here in the US. The only numbers that were positive were through gov't subsidies and nothing else. Once the subsidies/tax breaks end, everything falls right back down. We need a reset, it is inevitable, and will steamroll the unprepared. After a reset, then we can have true sustainable growth.
Seriously - with comments like these given the evidence, you're looking more and more like a fool everyday. Stick with Chinese solars..
Am looking forward to proving you wrong Leo...
LOL! This coming from a guy who was crapping on the usefulness of two of the leading indicator indexes... just yesterday.
Leo, you may not be the brightest lightbulb in the chandelier, but man, you provide the most entertainment value!
...ok - lets cut the shit. Leo - either you are an idiot ... or you're a paid employee of BB and Co
Now that's a V shaped recovery. I see the right nut forming out and then stablizing into a cup handle formation. Fine example of a fuck you euro chart.
Woa look at that Doelarr go....
This is the market capitulating. I can not wait to see what happens when JPM lifts their shorts on gold and silver.
ok guys ...this was in slow motion, i hope you all are set
I, for one, appreciate Leo's posts even though I'm not really a Chinese solar fan. Harry Wanger too. What happened to velobabe? It's such a grumpy guy club without these people.
Still LOL-ing...
Timber!!!!!!!!!!!
now they let it plunge back... enough pumping and dumping for today?
Boy that didn't last long. Got a whole 20 minutes out of that crank. That shit really disgusts me.....
Does anyone know why it is possible to get almost identical, synchronized graphs in relative terms when one overlays index future charts of CAC40, STOXX50 and most of the time also DAX? Different underlying stocks, and yet they move almost in lockstep...
German Bund futures graphs are most often the mirror image of those index futures. Today this mirror image is not matching very well when inverted - perhaps this is indicative of price manipulation?
Or does this merely imply that buyers and sellers of futures do so for different indices simultaneously, continuously hedging trades and this results in identical patterns? Weird, because they have different underlying stock, one would expect different trading behaviour in the actual stocks. And yet they follow the same pattern "dictated" by the futures...
Couple of reasons:
There's not enough information flow on individual stocks to really separate them intraday, (once the market has opened and digested the pre-open news). Macro news causes futures trades not stock trades.
Europe used to trade by country, 1 guy trades France, 1 Germany etc but now it trades by sector so 1 guy trades banks, another utilities etc. So often you see all the banks go up or down together as that guy trades, and that pushes all the indices to similar moves.
I see, thanks for your answer
Still, it seems odd to me that indices are ramped up and down intra-day in a very steep manner lately, in lockstep across countries, sometimes in total absence of macro news. Isn't this indicative of manipulation, i.e. traders moving futures in one or another direction to direct stock movements, by continuously creating false optimistic and pessimistic sentiment impulses, thereby inducing short or long squeezes in stocks, commodities and currencies? Then their stock, currency or commodities trading colleagues can harvest accordingly... I'm just guessing, perhaps a poor conspiracy theory?
And what to say about other derivatives, ETF's...
A little morning after reality from today’s Morning Update at Nathan’s Economic Edge—always a must read, IMHO:
Let’s get this out in the air—are people just high? Seriously, China exports up 50%? Not only what are they smoking, but what are the people who believe this crap smoking? And if you are just plain old gullible enough to believe that it’s true, why would anyone consider that type of move a good thing? I’ll come back to that, first let’s deal with the high frequency computerized debt addicts over here who were buying stocks yesterday. …
Well guest what… yesterday the computers all got on the same side of the trade again and produced a 97.6% volume up day on the NYSE. For those keeping score, it’s now 90%+down days 8, and up days 5 since mid-April! Lucky 13. Will we get 14 as the computers all get on the same side today?
Folks, you’ve been warned and I know you’re listening because this is proof positive that not only are you out of the market, but all your friends and family are too. This “market” is nothing but very few players all chasing one another with computers, there are no “investors” left. This is an extremely dangerous thing, and it is far worse than it has ever been – EVER. Everyone with two or more neurons left that can still develop a spark is gone. Those who get on television and talk up this “market” either don’t meet the requirements of the previous sentence or they are trying to steal your money from you, plain and simple.
The chemicals pouring into the Gulf must already be leaching into the chowder heads who still believe in the fairy tale of growing retail sales. They have just failed to understand this report and its built-in survivor bias, and they have failed to allow for the fact that any rebound in sales over the past year was built upon a rush of debt-backed “stimulus.”
So the “experts” expecting .4% growth receive a report that says retail sales fell 1.2% in May. Remember, this is way exaggerated on the up side because it only measures sales at stores that are open and does not account for the lack of sales at stores that have closed. Would that be hard to account for? No. How about simply totaling sales? Is that too difficult, addition? And even then you need to realize that you are adding up DOLLARS, not products. This type of self-deception has got to stop. …
Oh yeah, everything will chug right along fine with all the stimulus removed and the world still saturated in debt. Did you catch the largest drop EVER for building materials? Down 9.3% in one month?? Weren’t Cramer and fellow single neuron pumpers just shouting to buy Home Depot and Lowes? …
Hey, all I can say is hang on. The stuff that’s happening in the Gulf by our government and by BP is absurd and also very dangerous. People are doing desperate things – they are manipulating data, currencies, and markets. They are lying. History will look upon this time as a great example of how to destroy confidence. Hey, 50% increase in exports…451,000 jobs created last month… it’s only leaking 5,000 barrels a day… subprime housing is contained… all I can say is that someone is smoking something good.
http://economicedge.blogspot.com/
If anyone still doubted the whole market has become an algos casino, this image nails it down better than 10000 words! It also tells EVERYBODY is doing the SAME correlation game, with reaction times of milliseconds impossible to humans.
looking at the comments here everyone is just making fun of it, but consider this from a mainstream point of view. It's out of the world stuff!!
Best financial pic of the year, so far.
Pretty funny segment on CNBC.
Trish Regan reported a story about the NY JETS lowering prices of their tickets.
Instead of seeing this as a sign that consumers are either cutting back or simply tapped out, Larry Kudlow blurts out, "Woody Johnson, makin' a change," as if Woody (the owner of the Jets) is doing this out of the goodness of his heart.
When it comes to the PPT and the market manipulation, I think this is the new normal. I’m surprised at how blatant some of the stuff is, (I’m sure it’s to send a message to the hedge fund shorts), but I’m also surprised that the much smarter than I Zero Hedge community seems to think two things: one, that this hasn’t been going on for a very long time, and that it can’t continue indefinitely. I think there will be hiccups along the way as they can’t control all the cash sloshing around, but I don’t see the magic printing press letting either the U.S. bond or equity market crash as long as the dollar actually has value.
For a while I thought I wasn’t smart enough to be a Keynesian, then I thought I wasn’t dumb enough to be one, now I’ve come to the conclusion I just don’t have the stones to be a part of the biggest con known to man, that spans the world and multiple generations. TPTB seem be willing to go to the wall on this one. After thinking about what true system clearing deflation will do to tax revenues and the balance of power in the world, I’ve decided that if the fed has to shove money in your pockets, pick you up at your house and drive you down to Best Buy, and make you buy that Ipad they will. But where is all the money going to come from? Ah the magical powers of the printing press. If they are willing to tell us about a trillion here and a trillion there, my guess is that what is really going on would boggle the mind. The only threat to the Fed’s racket is the loss of the U.S. Dollar as the reserve currency which in turn in dependent on the PetroDollar. It seems to me, the number one never to be spoken of sacred cow of the U.S. power structure is the dollar hegemony derived from the PetroDollar. Hey Iraq you want to price oil in Euros, meet the First Marine Expeditionary Force. Hey Iran and Russia, we can’t talk you out of pricing oil in Euros, then we’ll just make your Euros worth half as much.
Ah but it has to end soon yes? Well you would think, but if you look at the purchasing power of the dollars since 1972, estimates of the loss in purchasing power are approximately 92%. So ignoring the Alice and Wonderland GDP numbers, and with some of my fancy higher level back of the napkin math, I come up with approx 115 million American households, and an average household income of approximately 55k. That works out to approx 6.3 Trillion dollars. Assuming the TPTB were willing to debase the dollar by a factor of 12.5 once, I’m sure in this environment they are more than willing to do it again and then some. So debase the dollar, print up trillions of dollars and go ape shit wild buying up equities and bonds. I’m guessing, they are willing to take this game to the very end. 50 or 60 trillion? No big deal. Seeing how the Market Cap of the U.S equity markets is only 15T, I’m sure they can make any market in the world go any direction they want for a longer period of time than any of us would think possible. Inflationary? Eventually. But if I’m Joe Six Pack and I sell my stock, uncle Benny buys them, and hides them in the magic off balance sheet black hole. Unless I’m a tin foil hat wearer, I take proceeds from said sale and either put money back in one of his banks, buy bonds, or buy Ipads, all of which are desired results and only one has inflationary effects. Uncle Benny probably now owns a third of the stock in the world, but no big deal, as either one of two things happens, U.S equity market become the last equity market worth investing in because it never goes down, or the whole plan fails and the FED ends along with the US Equity market in the greatest supernova ever conceived.
Good rant. Be patient. The central bank and its global central plan has been broken, whacked by the economy. If you believe in the principles of John Locke and all the honest thinkers that the progress of the world has been based on man’s inventiveness and productivity, it’s clear the actions of the current financial oligarchs are counter to these fundamentals. IOW, they are taking the fruits of labor and production and rewarding the non-producers and their failed economic plans—all the while stealing as much of the transmitted producer-to-nonproducer money as they can lay their hands on.
So the bottom line is, the good news is, it’s going to break. And the higher the volume in the Ponzi scheme, the more dramatic the break. The signs (extreme debt, incompetence and corruption in governments at an all time high) all indicate that the end is near.
Some good thoughts
Algos vs Humans live from 2 to 4pm. Will the streets be full of blood or silcon?
Algos won out today, unfortunately. Look at that runup in the last 30 mins. Utter BS.
Don`t sweat it, the real ramp-up job lies ahead.:)