Intraday Observations

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Wed, 07/08/2009 - 15:24 | 5407 Anonymous
Anonymous's picture

You mean they offed the little frog? C'est drole, c'est tres drole.

Wed, 07/08/2009 - 15:32 | 5410 thinkinghardwil...
thinkinghardwillkillya's picture

That remix by MS made me wonder. OK. They can reshuffle the layers of this junk, back it up with some bs monte carlo and produce a better rated most senior bucket. But who is going to hold the rest of this beauty? Perhaps, send it to fed as collateral?

Wed, 07/08/2009 - 15:36 | 5411 Anonymous
Anonymous's picture

IMO the current cyber attacks are a welcomed distraction from the real news on the Goldman Sachs HF trading program code. Some interesting questions posed by Karl Denninger at

Something really ugly popped up on Daily Kos yesterday late in the afternoon.....

...GS, through access to the system as a result of their special gov't perks, was/is able to read the data on trades before it's committed, and place their own buys or sells accordingly in that brief moment, thus allowing them to essentially steal buttloads of money every day from the rest of the punters world..........

Wed, 07/08/2009 - 15:48 | 5412 Anonymous
Anonymous's picture

Is it possible this cyber-attack had anything to do with the NYSE's late close last week?

Wed, 07/08/2009 - 16:00 | 5417 RobotTrader2 (not verified)
RobotTrader2's picture

Gotta hand it to Bernanke, Geithner, LLP.  Each time a massive Treasury auction is scheduled, stocks are crashed, gold is bombed, so money instantly flees into the safety of AAA-rated U.S. soveriegn confetti and U.S. dollars.

Today was a Hail Mary play if I've ever seen one, watching the TLT rocket away into Outer Space.

Now the Plutocrats have a green light to issue trillions more in fiatcos, bailout all of the states, float another stimulus plan, or whatever for "the greater good".

Mugabe must be furious.

Ben and Turbo Timmy are able to finance unlimited budget deficits, unlimited trade deficits, finance multiple wars in third-world countries, and have enough left over to bailout Citibank, CIT Group, or whatever walking corpses are remaining.

And the world laps up our bonds like a kid laps up chocolate syrup on whipped cream.

Truly an accomplishment.


Wed, 07/08/2009 - 16:57 | 5431 Steak
Steak's picture

Wouldn't the strength in the 10yr be related to the unwind of steepener trades (so lotsa people now going long-10yr short-2yr)?

Wed, 07/08/2009 - 17:03 | 5432 deadhead
deadhead's picture

The rahmster and company will bash through some sort of stimulus at the precise moment where assistance is needed for the mid term CONgressional elections.


He'll be like Ahminajed (sp?) handing out oil money to rural villagers 2 months ago.

Wed, 07/08/2009 - 20:12 | 5455 ghostfaceinvestah
ghostfaceinvestah's picture

SPX 7/8: 879.56; SPX 5/1 877.52

CL1 7/8: 60.14; CL1 5/1: 53.20

GT10 7/8: 3.310; GT10 5/1: 3.155

A little slippage in Oil, but besides that, it looks like they have the markets geared exactly how they want them.

Anyone long equities should be worried about where SPX needs to go if they want 2.5% on the 10 yr (<800).


Wed, 07/08/2009 - 20:18 | 5456 Anonymous
Anonymous's picture

is this the same robotrader on

Wed, 07/08/2009 - 16:03 | 5418 Comrade de Chaos
Comrade de Chaos's picture

So WTF is all of the noise surrounding yet another stimulus package? Push it, real good, in several minutes, a bit more higher and higher baby....vacancy rates are ~ 9% therefore housing is on rebound..

Wed, 07/08/2009 - 16:10 | 5420 Anonymous
Anonymous's picture

My algorithm trader contact revealed to me 10days ago that these systems were soon to go specatularly bust. Make no mistake. what has been revealed publicly in the Sagyev case is just the beginning. The extent of the fraud at gs and wall street is beyond comprehension for the average person.

Wed, 07/08/2009 - 17:38 | 5438 Ned Zeppelin
Ned Zeppelin's picture

Kind Sir:

Can you elaborate?

Wed, 07/08/2009 - 18:00 | 5442 Veteran
Veteran's picture

I heard that.  What's the dealyo?  Inquiring minds want to know

Wed, 07/08/2009 - 21:48 | 5476 Anonymous
Anonymous's picture

He cannot. Because he's FOS.

Wed, 07/08/2009 - 16:14 | 5421 Comrade de Chaos
Comrade de Chaos's picture

So oil is below 60, someone must be in a rush to reverse their contango positions. : ) First there was a deflationary report by GS and soon after this spectacular drop, is this me or the scheme sounds familiar? Got to give them a credit, to make "the smart money"  believe in oil @ 100 in the deflationary environment , ROFL....

Wed, 07/08/2009 - 16:14 | 5422 mikeyv1970
mikeyv1970's picture

Well looks like computer kicked in hard at 3:40pm and blasted the DOW and other indices positive in just a few dozen seconds.  Looks like GS and JPM have their puters back up...


Wed, 07/08/2009 - 16:44 | 5430 Anonymous
Anonymous's picture

Comforting to have the status quo ante back, innit?

Wed, 07/08/2009 - 16:21 | 5423 Bubby BankenStein
Bubby BankenStein's picture

I found it amusing that the MSM credited those guys in funny looking suits on the NYSE floor (Specialists) for manually settling / reconciling their books in the extended session on July 2.  Quite heroic!

Wed, 07/08/2009 - 16:22 | 5424 Comrade de Chaos
Comrade de Chaos's picture

now, what was the % drop in gas prices that caused the spectacular "hedgy" 07 explosion? love is in the air.

(damn, i hope to be wrong, because there is such a thing as too much of excitement...)

Wed, 07/08/2009 - 16:28 | 5426 spekulatn
spekulatn's picture

Great stuff on the poor french fella. This movie gets better by the minute.




Wed, 07/08/2009 - 16:38 | 5428 Bubby BankenStein
Bubby BankenStein's picture

No worries guys, Blackwater is all over this.

Wed, 07/08/2009 - 16:44 | 5429 economessed
economessed's picture

T.D. -- how have you managed to keep Michael Jackson out of this discourse on financial inexplicability, market gamesmanship, and technological mischief?  You have outperformed the MSM for days now.  I have no idea how you are capable of doing this.

Wed, 07/08/2009 - 17:27 | 5436 Anonymous
Anonymous's picture

S&P is 8% off highs on 6/11, dow is 7.87% off highs and NASDAQ only 7.06.

Not quite 10%, but we'll be there soon.

Wed, 07/08/2009 - 17:43 | 5439 Ned Zeppelin
Ned Zeppelin's picture

I heard on Bloomberg Surveillance on the way in this morning (having distanced myself from this for a few days to save my sanity) that there was a $19 billion sale of ten years, heard the tick up in price in 10 years and said the same thing about T3, Helicopter Ben and Larry Summers.  Gotta hand it to them - North Korea runs out of  4th of July fireworks and lights off a few ICBMs instead,  cyber-attacks, GS code stolen (gosh!), stock market drops - hell yes I would like to suck up some of that flight to safety paper sir. Damn, Robo Trader  - is it that simple? And the question then is, is this sustainable indefinitely?  

Wed, 07/08/2009 - 17:52 | 5440 wiskeyrunner
wiskeyrunner's picture

Laying the ground work for the government to take over and regulate the intranet. Big brother will be watching. This will be done to prevent any sort of uprising by the masses.

Wed, 07/08/2009 - 18:15 | 5446 Veteran
Veteran's picture

I was curious about that too.  Last I checked an attack of this purported magnitude constituted an act of war.  Evidently not as newsworthy as an ex football star getting zapped by his breezie

Wed, 07/08/2009 - 21:04 | 5462 Buttercup
Buttercup's picture

Your are correct. 

See the Cybersecurity Act of 2009, a John Rockefller Bill.

Wed, 07/08/2009 - 22:05 | 5479 ghostfaceinvestah
ghostfaceinvestah's picture

Rockefeller (a CFR member) would love nothing more than to shut down the internet, in order to forward his goal of One World Government.


How that guy keeps getting elected is beyond me.

Thu, 07/09/2009 - 06:42 | 5504 zeropointfield (not verified)
zeropointfield's picture


Wed, 07/08/2009 - 17:59 | 5441 RobotTrader2 (not verified)
RobotTrader2's picture

I think the energy action is being driven by a couple of Amaranth-type funds which are blowing up.  Maybe T. Boone Pickens, since he cancelled his wind farm project.  His BP Capital probably got wiped out trying to jimmy up the oil market.  Poor speculators, they always get the shaft by the CFTC.

Wed, 07/08/2009 - 18:08 | 5444 RobotTrader2 (not verified)
RobotTrader2's picture

Amazing how some retail stocks got hockey-sticked at the end of the day.  Man, I was so close to shorting this yesterday:


And then there is Family Dollar, favorite shopping destination of the wives of the laid off M & A strategists.





Wed, 07/08/2009 - 19:21 | 5453 FischerBlack
FischerBlack's picture

As I read the Morgan Stanley article on Bloomberg today my jaw just dropped. I can't believe the shamelessness of these fucks. Aren't they even a little embarassed?

Wed, 07/08/2009 - 20:34 | 5457 berated
berated's picture
MS manages our company's retirement account. I wrote our account manager about this article and here was his response: These are specialty transactions associated with Morgan Stanley's hedge fund portfolios and have nothing to do with <my company's retirement account>.  Primarily these deals are custom made offerings for a specific insurance company or bank's portfolio.  Clients like these institutions approach Morgan Stanley and ask us to create securities like this all the time.  This is a large portion of the investment banking revenue associated with us or Goldman Sachs.  No comment from us of Goldman indicates the private nature of these transactions.   There is a strong appetite in the institutional marketplace for such securities.  Not on the retail side, hence not much information is pushed out to the public.  They are very complex, customized transactions not suitable for many clients - only very large institutional ones.
Wed, 07/08/2009 - 21:24 | 5470 FischerBlack
FischerBlack's picture

This guy is obviously a retail broker and is feeding you the line his compliance people fed him. What he means to say is,


"You know those fees you pay us to manage your retirement plan? Well we use them to pay off something known as a 'ratings agency' for something known as a 'AAA rating' so we can do something known as 'play hide the sausage' with toxic loans to make it simpler to do something known as 'selling them to widows and orphans' so we don't have to think about them anymore. M'kay?'



Wed, 07/08/2009 - 21:46 | 5475 Anonymous
Anonymous's picture

Sure. They will all end up in pension funds of states and Unions and the taxpayer has to bail that out too.

Wed, 07/08/2009 - 22:07 | 5480 ghostfaceinvestah
ghostfaceinvestah's picture

exactly.  it is called an "agency" problem - the stupid fund managers are managing someone else's money.


no doubt they will get a nice dinner and round of golf from MS for buying this sh*t, though.

Thu, 07/09/2009 - 11:04 | 5551 Wilderman
Wilderman's picture

Just finished "House of Cards" by William Cohan, detailing the end of days for Bear Stearns.  They (and apparently Lehman, as well), tried all sorts of bizarre crap like this at the end.  Looks like desperate attempts to raise cash before the ship sinks.

Wed, 07/08/2009 - 20:51 | 5459 jm
jm's picture


What's new on California default risk? 

Wed, 07/08/2009 - 20:55 | 5460 hohack
hohack's picture

i need me some MAMA right now.... marla, music please?


ot:  td what kind of captcha asks  '(-450) minus (-304) equals'  , wtf? minus minus a minus.....  = lol ... stud.

Wed, 07/08/2009 - 21:04 | 5464 Marla Singer
Marla Singer's picture

The Zero Hedge captcha... that's which one.

Wed, 07/08/2009 - 21:34 | 5472 FischerBlack
FischerBlack's picture

I hope you're not tracking wrong answers. I just got two wrong in a row. And that's embarassing because I was using a calculator.

Wed, 07/08/2009 - 20:58 | 5461 RobotTrader2 (not verified)
RobotTrader2's picture

Re:  California


I guarantee that the O-Team will step up and loan California billions when the time comes.

After all, why not?

When you can float unlimited amounts of confetti at 1.5% - 3.5%, what does Obama have to lose?

Perhaps Mrs. Obama is waiting for Mrs. Maria Shriver to come to the White House and grovel a bit, shower heaps and praises about how fancifully dressed she is, exchange the usual pleasantries, then the Govornator will finally get his much need bailout.

Watch California credit default swaps crash when this happens.

Wed, 07/08/2009 - 21:04 | 5463 Anonymous
Anonymous's picture

Again the end of the day shotgun was fired both barrels a blazing. At 3.20 pm 160 mil spy traded in 40 min another 80 mil plus. This has gotten so disgusting i can not throw up anymore! S&P Earnings 50 max = s&p 600-750. Will the ppt keep the market proped forever? Should i start to go ALL-IN now for a 10 percent hit or is this the calm before the storm? Opinions please.

Wed, 07/08/2009 - 21:45 | 5474 FischerBlack
FischerBlack's picture

I covered all of my shorts yesterday in my PA, and then got lured into some SDS calls at the day's low today. I'm still contemplating suicide for being such a sucker. I predicted this morning to my assistant that SPY would break below the 200 day and then close near the open. I don't know why I was lured into this loser short position when I had a perfectly sound and reasonable theory that had yet to be falsified.

Now, I'm probably going to have to take a loss tomorrow thanks to all the goddamned 'green shoots' growing out of the ass of Alcoa. (Though, I am very surprised at the lack of after-hours bullishness from little Billy and his odd-lots.)

I think we get a rally here until maybe the third week of July, and then we roll over.



Wed, 07/08/2009 - 22:10 | 5481 ghostfaceinvestah
ghostfaceinvestah's picture

you might be OK for tomorrow morning, we still have some 30 year debt to sell, but once that auction is over, the market is going to take off like a rocket.

pure manipulation.  oh well, in 5-6 years earnings will catch up to justify S&P @ 900, which is where it will still be.

Thu, 07/09/2009 - 00:46 | 5492 taocean
taocean's picture

take the 10.

Wed, 07/08/2009 - 21:06 | 5465 Anonymous
Anonymous's picture

At a minimum, while spinning relationships between things that have none, at least ZH could spell the name correctly of someone who just passed. His name was Aguilar, not Aguilard.

"hat tip to simple google search."

You may now go back to your unbelievably hilarious conspiracy theory about types of trading that correlate to zero... on a time line that's not so long, really.

Wed, 07/08/2009 - 21:12 | 5467 Anonymous
Anonymous's picture

by anonymous Gord

will the real ZH please stand up - one article two sites two separate threads and no cross-over

and the quantum theory CAPTCHA problems are getting tougher

I look forward to the next iteration of CAPTCHA -- String Theory

and I got the last "math" question wrong WTF

Wed, 07/08/2009 - 21:15 | 5468 Marla Singer
Marla Singer's picture

Blogspot is not long for this world.


I have moderated the 700 level discrete math CAPTCHA problems.  (Wimps!)


I was considering this:


Which word does not belong to the list?: * markopolis smart reliable waters ethical Which word does not belong to the list?: * blankfein courageous waters madoff summers Which word does not belong to the list?: * intelligent honest smart summers hero
Wed, 07/08/2009 - 21:51 | 5477 Anonymous
Anonymous's picture

Turing machines. Yeah eeek.

BTW, the radio buttons are not mutually exclusive.

Do NOT follow this link or you will be banned from the site!