Intraday Market Update: All About The Carry

Earlier attempts to bounce the market on imaginary volume have failed, as the old faithful regime in the EURJPY unwind reasserts itself yet again. Look for the market to follow every move in this still somewhat relevant carry pair. However, never discount the volume vapors. If ES volume hits near record cumulative lows again, we expect volume to win over carry unwinds any day as program trading goes back to its default "buy" mode, oblivious of fundamentals or technicals.

Comments

[Turd Ferguson]

Today's 0.5% move would be about 55 Dow points.

[RobotTrader]

Traders are not worried about currencies.

They are too busy reaching into the dumpster and buying garbage plays like Blockbuster..

LOL...

[Fraud-Esq]

Hey- don't they release movies 28 days before all their competitors by contract? OK...I only took a brief look and I don't pump bankrupt stock, but

if that's true....and they could restructure the 1B debt....

[whatsinaname]

Honestly, I sold BBI at a big loss a few years ago. Bought those shares back at one-fifth the price yesterday. Am one of the guys pumping it back if you will. Hope and have a feeling something good will come out of this 28-day deal. Keyes has not been able to make much headway yet while Netflix is at 117 today.

Meanwhile fundamentals do matter - CNBC said so.

http://finance.yahoo.com/news/Amid-Wild-Headlines-cnbc-2545582542.html?x=0&sec=topStories&pos=1&asset=&ccode=

[Hephasteus]

Ya good job. Artificial supply/demand models are working great. Just ask disney. Who will likely come out with a limited release of the fox and the hound for cash. Them being the fox. You being the stupid hound sure that you can live in peace and friendship.

[John McCloy]

That is just your basic big banks ramp up to cause a short squeeze. Basically the only way they know how to make money. Fleecing the mutual funds daily. Next they fleece each other.

[Cookie]

Go silver!!

[doublethink]

Fundamental: It's All About Jobs.

http://www.chartoftheday.com/20100507.htm?T

[macfly]

Dude, talk about a day late and a dollar short, did you not read the real breakdown of that BS phony number here yesterday?

[USCDoctor]

When are those +500,000 jobs per month that Bieden talked about going to kick in?

[whatsinaname]

What are you talking about ? CNBC says fundamentals do matter !!

http://finance.yahoo.com/news/Amid-Wild-Headlines-cnbc-2545582542.html?x...

[godfader]

So whenever we go up its "manipulated program buy trading". When we go down "it's the ponzi scheme falling apart, showing its true face"? Did I get that right?

[Al Huxley]

Harry Wanger, you better get out there and start buying, because the market needs to break 1180 to get the bull-trend back on target.  Shouldn't require too much buying, though, given the volumes.

[Headbanger]

I just hope Skynet and HAL 9000 get bored and vaporize each other today!

[ghostfaceinvestah]

Meanwhile, the one true currency just went vertical.

[whatsinaname]

Funny. Gold is priced in Euros these days. HAHAHA. Every time the euro drops gold shoots higher.

So even the dollar does not count.

[Midasfinancas]

Volatility ready to explode again.

http://midasfinancialmarkets.blogspot.com/2010/05/volatility-ready-to-explode-again.html

[Wyndtunnel]

http://hplusmagazine.com/articles/ai/singularity-101-vernor-vinge

+: What signs would you look for which indicated that the Singularity is near?

VV: There are a number of negative and positive symptoms that a person can watch for. An example of a negative symptom would be if you began to notice larger and larger software debacles. In fact, that’s sort of fun to write about. One of the simplest of positive signs is simply to note whether or not the effects of Moore’s Law are continuing on track.

The fundamental change that may be taking place -- humans may not be best characterized as the tool-creating animal but as the only animal that has figured out how to outsource its cognition — how to spread its cognitive abilities into the outside world. We’ve been doing that for a little while ten thousand years. Reading and writing is outsourcing of memory. So we have a process going on here, and you can watch to see whether it’s ongoing. So, for instance, in the next ten years, if you notice more and more substitution for using fragments of human cognition in the outside world — if human occupational responsibility becomes more and more automated in areas involving judgment that haven’t yet been automated — then what you’re seeing is rather like a rising tide of this cognitive outsourcing. That would actually be a very powerful symptom.

[HarryWanger]

Market rebounding nicely. Raining in Chicago, break between meetings. I'm hearing nothing but positive news here regarding strength in retail. Some say it's even better than 2006-7. 

Claims moving avg. is looking good. Tack on great earnings from Kohl's, Urban and CSCO and that certainly supports what I'm hearing here. Nice to see it at ground level taking hold.

[Busy-Body]

You, along with the drivel you post, could arguably be the best contrarian indicator in the history of the world.......

[curbyourrisk]

I can't believe the in-eptness of this tool.  Dennis Neale has nothing on you. 

[ColonelCooper]

Harry, you are such a douche I can smell vinegar from my computer.

[sneering nihilist]

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