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Last Ditch Push To Close NASDAQ Green Succeeds

Tyler Durden's picture




 

The Liberty 33 folks succeed in breaking the Nasdaq's 12 day losing streak in a 10 minutes no holds barred, rabid buying spree. The market is once again fully credible.

 

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Tue, 07/06/2010 - 16:11 | 455234 firstdivision
firstdivision's picture

Same on SPX.  If that wasn't a manipulative stick save, I don't know what one is.   

 

TD, can we get a volume chart for ES up to close? 

Tue, 07/06/2010 - 16:22 | 455274 Abiggs
Abiggs's picture

Market was/is technically oversold in the short-term. There are non-confirmations for the move below 1025 ranging from the vix to tick data.

Oh and btw, ES volume into the close was at the highest level of the day, rivaling volume at the open (also coincidentally an up move)...

Tue, 07/06/2010 - 16:59 | 455387 homersimpson
homersimpson's picture

Oversold - like real estate in Florida, right?

Tue, 07/06/2010 - 17:39 | 455511 Abiggs
Abiggs's picture

Similarly to my AUD/JPY point that you conveniently failed to reply to earlier, was ES buy volume higher at the beginning and end of the trading day OR am I wrong about that as well? 

Tue, 07/06/2010 - 19:31 | 455708 SheepDog-One
SheepDog-One's picture

Theres no such thing as oversold/overbought, CNBS typical bullshit for the bathrobe brigades at home. Dont be such a fucking moron.

Tue, 07/06/2010 - 19:58 | 455744 Abiggs
Abiggs's picture

Ah you're right, there's no such "thing" professor Merton. 

Wed, 07/07/2010 - 00:22 | 456064 firstdivision
firstdivision's picture

When fundamentals all point to an overvalued market, oversold technical indicators do not mean shit.  Look at BP from April 20 to Friday.

Wed, 07/07/2010 - 10:04 | 456444 Abiggs
Abiggs's picture

What fundamentals pointed to BP being overvalued? As I understand, an accident caused BP's price to halve. Are you stupid, or am I missing something?

Wed, 07/07/2010 - 10:13 | 456472 firstdivision
firstdivision's picture

I am talking about the technicals vs fundamentals, or are you too stupid to read?  You are obviously so high on your horse you cannot see anything in front of you.  Just keep living like that.  Your MBA has taught you oh so much. 

Wed, 07/07/2010 - 10:18 | 456487 Abiggs
Abiggs's picture

I guess I'm too stupid to make the connection between technical/fundamental analysis and the BP accident.

Please explain where you see the connection?

Wed, 07/07/2010 - 15:26 | 457012 firstdivision
firstdivision's picture

Once Deep Horizion took a shit, fundamentals said overvalued for the entire decline, but technicals would point to oversold moments.  The connection is that there is not one, and that to state that oversold/undersold as a primary indicator would be false.  One has to look at the underlying factors for the movements both macro and micro.  Using a technical indicator is about as accurate as VAR modeling.  Yes technical indicators have been useful, especially since more and more people moved to algo trading, but with out true support then the indicators will fail on 6 sigma levels.

Wed, 07/07/2010 - 15:43 | 457042 Abiggs
Abiggs's picture

Buddy, anyone with half of a brain understands that all analysis (technical and even fundaental) get thrown out of the window when a catastrophe such such deep horizon happens. The objective is to run for the doors. That's like the equivalent of comparing the Lehman collapsing to the value of the S&P - Ain't nobody worried about whether the market is over or undervalued at that point...

I was simply stating that the market was SHORT-TERM oversold after last week (the move on tues and today seems to back up my analysis). My call falls closer in the realm of comparing a shaky earnings statement and after 8 days of heavy selling, deciding whether to stay short or jump in long...

You obviously do not have enough experience to understand this. maybe instead of bashing me for offering an alternative perspective, expand your horizons and maybe you could learn a thing or two.

Tue, 07/06/2010 - 16:12 | 455237 OutLookingIn
OutLookingIn's picture

 

 Bless good old American 'know how' and HFT quant controlled algos!

Wed, 07/07/2010 - 00:52 | 456031 GoinFawr
GoinFawr's picture

On that note OutLooksIn:

Generally I'm not much of a fan of 'Hot Karl' Denninger, but is the following shit for real??

http://www.youtube.com/watch?v=xOr5suFJ6-k&feature=player_embedded

 

Er NM, already been covered. My bad.

Tue, 07/06/2010 - 16:16 | 455254 Boilermaker
Boilermaker's picture

I don't get it.  Really.  Why continue to delay the inevitable.  Fuck, aren't the big boys out of their long positions by now?  Don't they need it to go down to justify more QE?

Why continue to do this more and more blatantly?  Why risk the very shred of integrity (cough) that still exists?

Give me a fucking break.  So, by making it even more extremely obvious that it's rigged, that's supposed to convince more retailers to jump in.

This is like modern day 3 card monte.  How many times is the 'lucky' guy going to have to find the Queen before the rube / mark steps up and plays?  The problem is, if he's too luck for too long, even the rube knows it's a fucking scam.

Man...we must be close to the end.

Tue, 07/06/2010 - 16:39 | 455320 Noah Vail
Noah Vail's picture

I just read the other day that retail trades are only 3% of total market. Who's left? Prop desk vs. prop desk?

Tue, 07/06/2010 - 17:02 | 455392 Fish Gone Bad
Fish Gone Bad's picture

It is in the best interest of the USA to keep the markets up.  People are already not spending money.  Imagine how it will be when the markets finally correct.  It will be ugly, and people will be very unhappy that their 401K are worth a fraction of what they used to be worth. 

Does anyone remember the Fed hiring all those traders? 

Tue, 07/06/2010 - 17:13 | 455424 Boilermaker
Boilermaker's picture

It absolutely is not in the best interst of keeping the markets 'up'.  The more this gets exposed as an absurd scam the less likely anyone will touch it ever again.  I understand the populist vision of why it's 'good' but, shit, it isn't working.  The wealth effect isn't playing out on the masses.  They just don't buy the bullshit.  So, why keep shoveling more bullshit on them?  Now, you're just making it worse long term.

Tue, 07/06/2010 - 19:33 | 455710 SheepDog-One
SheepDog-One's picture

My conclusion is the USA destructors have gotten cold feet, theyre scared of the people, 100 million gun owners stocked up on tons of ammo. This is not a game, at some point people will start shooting. Believe that.

Tue, 07/06/2010 - 16:17 | 455256 onecrazytexican
onecrazytexican's picture

I love the conspiracy theories as much as the next guy, but if 33 Liberty was all that, we would have never been down 9 straight sessions, right?

Tue, 07/06/2010 - 16:18 | 455265 firstdivision
firstdivision's picture

Never underestimate hedge funds and IB's prop desks unwinding long positions.

Tue, 07/06/2010 - 16:52 | 455363 Abiggs
Abiggs's picture

ZH's bloggers cry manipulation, 33 liberty, hal900, fraud, blah, blah, blah at every up-tick while 99.5% of them have zero first-hand experience working on a trade desk.

If that doesn't constitute ignorance and group think, then I don't know what does. This site has become the bearish version of CNBC. It is really unfortunate because this site has some top notch content minus the subjective "manipulation" commentary and comments...

 

Tue, 07/06/2010 - 16:57 | 455375 homersimpson
homersimpson's picture

Maybe you're just crying ignorance and stupidity in eloquent words. Close your eyes tighter - hear no evil, see no evil, right? I'm sure the run up today was due to valid reasons (e.g. - Abiggs buying up everything in the hours before the stock market started and the few minutes before it closed). In other words, if you don't like the site, go back to CNBC since we're too sensitive to your bullish needs.

Tue, 07/06/2010 - 17:22 | 455452 Abiggs
Abiggs's picture

You reinforce my point - utter ignorance. I never said that I was bullish nor do I care to read cnbc. All I ever sated was that the technicals point to a SHORT-TERM oversold condition in the market and that bloggers such as yourself are retarded. I state objective points while you throw around the zh "bull" insults. 

BTW you never got back to me on my ES and AUD/JPY divergence comment earlier. I guess google finance doesn't provide real time futures and currency charts...

Again, you have succeeded at making my point for me.

 

 

Tue, 07/06/2010 - 19:23 | 455682 Astute Investor
Astute Investor's picture

We all can't work at Citadel.....

Tue, 07/06/2010 - 19:31 | 455706 pan-the-ist
pan-the-ist's picture

I, for one, find it wonderful to have a fresh perspective around here for a change.  Maybe you can share your first hand knowledge of how much retail trading is going on and whether or not more fence sitters are buying equities and moving away from their cash positions or getting back into the market and so forth?

Wed, 07/07/2010 - 00:28 | 456068 firstdivision
firstdivision's picture

Oh mighty trader tell us your stories from the Lehman bonds desk. 

Tue, 07/06/2010 - 17:15 | 455427 DavosSherman
DavosSherman's picture

The SEC watches porn and blogger Denninger watches fraud: http://www.youtube.com/watch?v=xOr5suFJ6-k&feature=player_embedded

 

Makes sense to me. Abiggs, 70% of trading is done by high freq algo boxes, dark pools and prop desks. Go watch Dennis Kneale the optimist - I'm sticking to 0 hedge for my news. 

Tue, 07/06/2010 - 17:36 | 455495 Abiggs
Abiggs's picture

"Makes sense to me. Abiggs, 70% of trading is done by high freq algo boxes, dark pools and prop desks"

Thanks for sharing this original and highly confidential piece of information Davo...

You guys never fail to surprise me! You definitely failed the following directions and summarizing what you read test back in school. Can you please point me to where I said that I support and read CNBC or where I said ZH was a bad news source?

 


Wed, 07/07/2010 - 00:36 | 456073 firstdivision
firstdivision's picture

What you are implying is that technicalities are the end all be all.  Did you stop and think for a second why desks have been unwinding a lot of risk lately?  Maybe the technicals are not correct on their calculus.  It is too hard even with Mandelbrot's model to emulate randomness (which I hope you do not subscribe to the EMH as your professors like to tout).   You can go long on your technicals for the short-term and I will sit short for the long term.

Thu, 01/06/2011 - 19:33 | 854319 Abiggs
Abiggs's picture

How's that short position looking; roughly 1200 S&P points later?

You sure know how to pick a market top...

Tue, 07/06/2010 - 19:37 | 455716 oklaboy
oklaboy's picture

excuse me, and your qualifications are?

Tue, 07/06/2010 - 19:52 | 455738 Abiggs
Abiggs's picture

MBA in Poli Sci 

LMAO

Tue, 07/06/2010 - 22:53 | 455990 dcb
dcb's picture

when the goldman prop desk has something like four loosing trading days in a year how can you think the thing isn't manipulated

Wed, 07/07/2010 - 00:48 | 456094 GoinFawr
GoinFawr's picture

I totally agree with you Abiggs, you haven't a clue what constitutes ignorance, though a mirror might help. On the other hand I'm betting arrogance is your strongest suit as you have it in spades. Bonne chance!

Regards

Tue, 07/06/2010 - 16:25 | 455258 macfly
macfly's picture

Why is the market going up, can someone please explain it? Everything everywhere shows we are clearly sliding into a depressionary cycle, so what sense is there in a manipulated and overvalued market?

These folks must have a reason, but I fail to see it?

Tue, 07/06/2010 - 16:30 | 455297 lizzy36
lizzy36's picture

more buyers than sellers.

Tue, 07/06/2010 - 16:37 | 455313 walküre
walküre's picture

yeah, lots of 'dem $100,000 bids

Tue, 07/06/2010 - 16:31 | 455300 docj
docj's picture

Honestly, it's not like these numbers mean anything anymore.

Besides, when the only people in the market are a bunch of HAL 9000's trading the same POS back and forth on zero volume, ramping the S&P up 10-handles in the last 45-minutes of the trading day after a holiday is child's play for these pros.

Tue, 07/06/2010 - 16:33 | 455302 Dburn
Dburn's picture

I went to bed last nigh when the Dow futures were -46, pleasently pleased. I wake up this morning and see them at +105. I think the funniest part about was the Marketwatch search for an explanation on why Dow Futuures were up three digit. Then it came down to Austrailia. Did they have a quick chalkboard?

"Anyone have ANY good news to explain this shit?"

" My Car Insurance went down"

"I got laid last night"

"Come'on we need to sound knowledgeable"

"Well there was some minor good news on Austrailia that I caught when I was fucking around with my iPad"

"Good Job. Good thinking Good teamwork. Go with it. You got the headline this morning"

"I do?" she asks weekly

"Better you than me, man I wouldn't want to be standing under the comments on that one"

Unreal. Fucking world is coming apart and the futures are up like the Fed found a extra 50 basis points under the couch to cut

Tue, 07/06/2010 - 16:38 | 455319 -1Delta
-1Delta's picture

ya... i slept well-woke up pissed off as a mother

 

 

 

Tue, 07/06/2010 - 16:51 | 455356 Young
Young's picture

Amen, same thing... I was so pissed of I kicked a hole in a door...

Tue, 07/06/2010 - 16:47 | 455340 Noah Vail
Noah Vail's picture

Don't you people ever look at anything but daily charts? Examine any major market drop during major recessions and you will always find these seemingly inexplicable up days. There are idiots who will "buy the dips" all the way to the bottom.

 

If all this is manipulation, who is footing the bill for it? That's what I'd like to know.

Tue, 07/06/2010 - 16:50 | 455354 -1Delta
-1Delta's picture

the problem was the -10 to + fuckin 30 on the S&P was on  like 45 contracts... that is manipulation? the manipulation was at the endof the day not at night...

Tue, 07/06/2010 - 18:02 | 455556 Turd Ferguson
Turd Ferguson's picture

Why don't you ask Abiggs? He seems to have all the answers.

Tue, 07/06/2010 - 16:37 | 455305 Dburn
Dburn's picture

I don't usually double post. I've been wasting years making comments. You guys better check under the hood.

Tue, 07/06/2010 - 16:36 | 455311 walküre
walküre's picture

Consider it window dressing. Consider it make-up.

Anything that will impress the people that the doom & gloom economists have it all wrong all the time.

The banks are too big to fail. What about the media and government complex? Advertising, marketing or propaganda is a costly undertaking but it is required to keep the people "informed".

A market crash is just not permissable. It would start a vicious cycle of decreased spending and depressed citizens. It's better to keep the lie up and the illusion that all is not lost.

Question is, how many people are still believing the lies and how many people pretend they do believe but are taking precautions and prepare for the fallout that will inevitably come one day. Few admit that manipulation is going on for there is a big price to pay and their credibility is ruined.

 

Tue, 07/06/2010 - 16:19 | 455259 onecrazytexican
onecrazytexican's picture

Double post, sorry.

Tue, 07/06/2010 - 16:18 | 455260 -Michelle-
-Michelle-'s picture

I particularly enjoyed the last minute of trading.  Quite the show; almost better than the neighborhood fireworks display on Sunday.

Tue, 07/06/2010 - 16:22 | 455278 aaronb17
aaronb17's picture

I have actually been stunned at how LITTLE upside the market has seen since the end of April.  Look at long-term charts and you'll see very few times the market has declined at this rate.

For all the cursing and claims of manipulation during the March 2009-April 2010 rally, isn't it odd that the PPT has suddenly lost so much control?  Or maybe they weren't really in control after all . . . it just seemed that way until everyone decided they weren't?

 

Tue, 07/06/2010 - 16:25 | 455285 -Michelle-
-Michelle-'s picture

Manipulation leads to instability leads to increased manipulation leads to increased instability leads to blatant manipulation leads to collapse.

It's like trying to regain your balance on a tightrope; the gesticulations get wilder and wilder before the fall.

Tue, 07/06/2010 - 16:24 | 455282 jkruffin
jkruffin's picture

Let's wait until after the market closes and it is goosed up 50+ point within 5 minutes to tell everyone that mortgage delinquencies are on the rise again.

http://finance.yahoo.com/news/New-Loan-Delinquencies-on-the-cnbc-3973491...

Tue, 07/06/2010 - 16:51 | 455358 papaswamp
papaswamp's picture

Nice catch!

Tue, 07/06/2010 - 16:29 | 455294 IE
IE's picture

Well, this entire day was a joke.  I was never worried at any time about the initial morning surge attempt to shake out the shorts & show all is well.  I took off my stops, nearly doubled down on BGZ and FAZ near the top of the day, and am still well green now on both even after the stick-save.  Going to wait & see how the morning looks before putting the stops in again. 

IMHO, the battle for 1040 was utterly lost by the bulls today.  The rest of the news is all noise, IMO. 

Also - another nice opp to buy PHYS at 11.50 ... which seems to be a strong support.

Tue, 07/06/2010 - 16:42 | 455328 -1Delta
-1Delta's picture

THE 1040 selloff was the only news of the day...

Tue, 07/06/2010 - 16:46 | 455339 IE
IE's picture

yep.. a stunning rebuff of the obvious effort to turn the tide.

Tue, 07/06/2010 - 16:44 | 455334 carbonmutant
carbonmutant's picture

 There is no real stick save unless they can get the SPX to close above 1040.

Otherwize we're jus bouncing in a channel.

Tue, 07/06/2010 - 16:47 | 455342 IE
IE's picture

I stand corrected - you are right.  It was all sizzle, and no steak.

Tue, 07/06/2010 - 16:48 | 455346 -1Delta
-1Delta's picture

yup... see the 10yr yield for confirmation on what direction we are heading... hmmm bear flags are a bitch

Tue, 07/06/2010 - 16:44 | 455336 Remington IV
Remington IV's picture

My Tin Foil Hat was missing until 3:30 ,,, glad I found it

Tue, 07/06/2010 - 17:49 | 455530 Crummy
Crummy's picture

When it goes missing they know it went missing.
They're probably water boarding your fondest childhood memories right this minute.

Tue, 07/06/2010 - 16:46 | 455338 walküre
walküre's picture

Did anyone notice the headline "Urugay vs. Netherlands 1:3" on the ticket a few minutes before the third goal actually scored? Maybe it was their mistake, maybe it was manipulation or maybe I dreamed that.

Tue, 07/06/2010 - 16:52 | 455361 papaswamp
papaswamp's picture

glitch in the Matrix

Tue, 07/06/2010 - 16:49 | 455351 Yorick7
Yorick7's picture

Just to play devils advocate for a minute, The market was oversold after last week, Asia tried to take it lower on the Tokyo open but it didn't work.  So we had a nice rally in Europe and dow futs (s+p's whatever you like) b4 the open.  After the open the dow drifter higher and then went fairly bid even after the weak ISM numbers.  THEN it had a decent sell off!  So agreeing that people or machines try to mess around with the last few minutes b4 the close I would say today was a draw.  I'm a bearish but realise it won't be a straight line down.

Tue, 07/06/2010 - 16:55 | 455370 Abiggs
Abiggs's picture

Wow at least someone on this site has a mind of their own - I thought you didn't exist anymore.

Tue, 07/06/2010 - 17:36 | 455490 Cheeky Bastard
Cheeky Bastard's picture

Dude; dont generalize so much. Everyone with 2 functioning brain cells said it was a technical bounce when futures went into the green and called for a tech-bounce when NIKKEI, HSI and SSE maintained an up-day. Now; many cry manipulation due to Pavlov' effect on those [rare] days when market behaves somewhat normally [not today]. Everyone was expecting an up day due to various reasons, but mostly technical.

What happened during the trading hours, I dont know; but this closing in the green was anything but normal. Intraday put/call ratio surged to 2.63; the average is 0.5xx; thats not a normal daily movement; and constant volatility in p/c-R is either a) indication 99% people trading the market are morons with severe ADD b) there is some weird shit going on. You chose; but dont make generalization such as you did now; many here can make a difference between a day that experienced "normal trading" and days like this one.

Intraday swings like this one when VXX price volatility is 10% is not an indication of "normally" traded market.

Tue, 07/06/2010 - 18:00 | 455551 Abiggs
Abiggs's picture

My apologies if you thought that I was referring to you. I guess you fall under the .05% that actually have a clue and can discern the truth from the bs. I know that you've been on this site since 2008 and no have doubt you know your shi*t judging by your commentary. Unfortunately readers such as homersimpson have made this site the typical commercially attractive, group-think anti-capitalist source where the valid information gets lost in "manipulation/anti gs/algo" bs.

 

Even you have to admit, the quality of content on ZH has been deteriorating over the years. Your opinion might differ, but I see it mostly as a product of trying to apeal to the group think masses characterized by homersimpson-like readers and I am just sick of it - I want the old ZH back!

Tue, 07/06/2010 - 18:15 | 455584 Cheeky Bastard
Cheeky Bastard's picture

The posts [Tyler's and the contributors that is] are the same/better; what changed is that with more knowledge people became more angrier. I dont blame them for that; what I do find irritating is that, apparently, everyone is emotionally attached to the movements in this market; which is beyond what I will comment on. Im not on this site from 08, but from 09 [as a registered member] and I learned a lot of things here; most didnt; or did but did not expand on that knowledge with the underlying technicals. I understand the rage, the need to "do something" but that somehow transformed from an honorable cause to shouting. Which is a shame.

Tue, 07/06/2010 - 18:48 | 455648 Yorick7
Yorick7's picture

Lets take off the "the end is neigh" placards guys.  It's a market and will be so for a while, have a look at the Nikkei in the 90's or the dow in the 30's. Two way risk is back, the fast crash was 2008 before most investors realised what was going on, now most do, and if you missed that then that's too bad, making money being bearish will take more time.  This doesnt mean you are wrong just that you will have to wait longer for it to be profitable.  It's in your best interest it hangs around because you can make some money.  And for those of you wanting the sky to fall just remember it only falls once so be careful what you wish for.

Tue, 07/06/2010 - 19:42 | 455723 oklaboy
oklaboy's picture

Looks like a MBA in Poli Sci with a side job at the door of Le Circ

Tue, 07/06/2010 - 19:50 | 455735 Abiggs
Abiggs's picture

"MBA in Poli Sci"

I rest my case...

Tue, 07/06/2010 - 16:58 | 455386 walküre
walküre's picture

The news from Germany was bullish. I haven't heard or seen anyone report on this here. The manufacturing sector is booming there. They have to hire more people, putting extra shifts on and revenues will be good. That stuck out to me after reading all the bearish reports from the US to Asia. The Australia thing is so not important. What the fuck is Australia anyway in the big picture. A desert island with commodities.

Both the DOW and the S&P and particularly the Nasdaq showed tremendous signs of weakness, even stress at one point. I don't see anything oversold at these levels. That would suggest stocks are cheap, which they're not at 12 or 15 x P/E. Dividend play may work for some until next year but if there's a crunch, the companies will have to preserve cash and forgo their dividends.

Going into Q3 and Q4 without further stimulus is a flat or slowly unwinding market at best and a few days with flash crashes at worst. Either way the genie is out of the bottle and refuses to go back.

Wed, 07/07/2010 - 00:51 | 456099 firstdivision
firstdivision's picture

The news from Germany is a doctored bullishness, Australia was about as fantastic as when the Chinese "unpegged" the Yuan, and the technicals may point to oversold (if you do subscribe to such things as RSI, Bollinger Bands, Aroon, et al.) but make no mistake that they are just simple mathematical equations that some follow Gaussian methods.  Well we have already seen that leptokurtosis is a real problem that is hard to truely quantify, and is truly an end all be all. 

A simple fundamental analysis will show that the market has not sold enough.  We will see another QE here shortly, and I for one look forward the the failed bids on that since too many know our problem will be to repay what we have already taken out.  Additionally poplulation growth rates have actually been on the decline ( sorry no nifty Bloomberg graphics http://www.google.com/publicdata?ds=wb-wdi&met=sp_pop_grow&idim=country:...) so why should our economy not deflate to sustainable levels comparable to populations (I know I am going way out on a limb for saying that)? 

Wed, 07/07/2010 - 10:20 | 456476 Abiggs
Abiggs's picture

Can you please summarize this "A simple fundamental analysis will show that the market has not sold enough"?

I am NOT being sarcastic, I honestly want to understand how to make this sort of analysis so I can quickly and convincingly value a market fundamentally. 

 

Thanks

Tue, 07/06/2010 - 16:51 | 455357 Cyan Lite
Cyan Lite's picture

Google still has about 14 consecutive down days however...

Tue, 07/06/2010 - 16:55 | 455372 Young
Young's picture

According to my super spectacular dollar/liquidation indicator, the bear will wake up again tmorrow...

Tue, 07/06/2010 - 18:15 | 455583 Jendrzejczyk
Jendrzejczyk's picture

You forgot to put on your evil clown/court jester uniform.

Tue, 07/06/2010 - 17:03 | 455395 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

I was expecting this little counterrally, made some money and am now preparing for the next big one. Go short young man!

Tue, 07/06/2010 - 17:04 | 455397 Gordon_Gekko
Gordon_Gekko's picture

Isn't it ironic how the enforcer of our enslavement resides on a street named "liberty"?

Tue, 07/06/2010 - 17:20 | 455444 Calculated_Risk
Calculated_Risk's picture

As ironic as Andrew Jackson on a $20.

Tue, 07/06/2010 - 17:11 | 455417 omi
omi's picture

it's trying to build iHnS

 

idiots can't stop screaming manipulation at ANY market move.

This is the expected behaviour, and is in fact normal, after a downmove people cover towards the end of the day.

 

Once again, please stfu.

Tue, 07/06/2010 - 17:49 | 455529 OdinsBeard
OdinsBeard's picture

None so blind as those that won't see!  Seriously, do you want the PPT to carve it in triplicate in stone that they manipulate markets before you believe it?  Are you so stupid that you expect us to believe that "these aren't the droids we're looking for"?

 

Get a grip man!

Wed, 07/07/2010 - 00:46 | 456091 Oh Jesaulenko -...
Oh Jesaulenko - you beauty's picture

What was the PPT doing last year as the S&P500 went all the way down to 666?

Tue, 07/06/2010 - 18:02 | 455558 Wheatman
Wheatman's picture

Those morons at the PPT couldn't breach 1040. They are ultimately fucked. Pitty they use tax payers $$. Get out of the USA quick. And get your bags of wheat.

Tue, 07/06/2010 - 18:10 | 455577 antidisestablis...
antidisestablishmentarianismishness's picture

Really, what do people THINK the market should reasonably do?  Gap down to your perceived level of fair value every day and just stay there until you decide that fair value has changed?  Jesus, it's a market, it goes up and down, get used to it.  Actually, bring some of your friends, it's a zero sum game and I need easier competition.

Tue, 07/06/2010 - 18:12 | 455580 -Michelle-
-Michelle-'s picture

what do people THINK the market should reasonably do?

Act reasonably.  Reflect reality.

Tue, 07/06/2010 - 18:19 | 455592 antidisestablis...
antidisestablishmentarianismishness's picture

But most people here seem to think the SPX is worth something far lower than where it currently trades.  Let's say 800.  Wouldn't the most reasonable thing be for it to gap down to 800 tomorrow morning?  Why dink around in slow motion getting down there? 

Tue, 07/06/2010 - 18:27 | 455607 Abiggs
Abiggs's picture

+100 LMAO

Tue, 07/06/2010 - 18:25 | 455604 Abiggs
Abiggs's picture

"Act reasonably.  Reflect reality." LMAO 

It depends on whether you perceive reality fundamentally or technically.

Tue, 07/06/2010 - 18:38 | 455631 ToddGak
ToddGak's picture

Do people always act reasonably?  Do people always reflect reality?  And the market is just made up of individual people (proxied through computers) after all.

Tue, 07/06/2010 - 18:41 | 455640 -Michelle-
-Michelle-'s picture

I would say that your assertion that the market is made up of individuals is out of date.

Tue, 07/06/2010 - 18:35 | 455626 juwes
juwes's picture

Will pat myself on the back for this post early mid morning today while ES was up 25 points or so:

 

 

by juwes 
on Tue, 07/06/2010 - 10:24
#454135

I'm convinced we are in an inverse reality to the 1990's, where to be a genius, you simply bought the dips.

Don't think too much, just sell using whatever oscillator you like best.

 

 

I stand by this view of the market, because it's really the best way to have luck hit you in the face.  Pick a side, and get to trading.  I go long once and a while, but feel dirty when I do.  Today shows why.  Overnight ramp job followed by some surprised short covering in the AM, sell the rally the rest of the day and $$$$$$$$$$$$$!!!!

Tue, 07/06/2010 - 18:35 | 455627 carlo
carlo's picture

It's not a zero sum game when one big player is printing money

Tue, 07/06/2010 - 18:45 | 455638 carlo
carlo's picture

lol .... anybody just hear Cramer explain "fair value" based on pre opening futures vs cash ?

 

scary

Fri, 08/20/2010 - 10:16 | 532696 herry
herry's picture

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