The Magical Bid Comes In, Pushing Market Over 1% Higher In A Few Minutes, Mandate Is To Close Over 10,000 On The Dow
This is not the plunge protection team you are looking for. In other news, PETA would like to inform you that no quant hedge funds were mauled in the orchestration of this dramatic reversal. The Greek Prime Minister confirms this.
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on Fri, 02/05/2010 - 15:20
#219541
is it my imagination or does this almost always happen on fridays on a week with big losses, almost traded on it at 2 pm but didn't, wished I had.
on Fri, 02/05/2010 - 15:38
#219601
Maybe somehow tied to the new California marijuana superstore...a time to get high?
on Fri, 02/05/2010 - 15:59
#219675
nah it has to do with 2nd derivative consumer credit information.
on Fri, 02/05/2010 - 16:03
#219693
let's all buy going into a weekend filled with uncertainty. and by all I mean the fed
on Fri, 02/05/2010 - 15:21
#219544
games games games!!!
on Fri, 02/05/2010 - 15:56
#219660
Free market?
FAIL
on Fri, 02/05/2010 - 15:21
#219546
LMAO. Thanks, Dan. Just another reason to short more.
on Fri, 02/05/2010 - 15:22
#219550
it was the consumer credit number that gave an excuse to lift.....actual minus 1.8 billion versus consensus of minus 8.4 billion....this is the number that had a mistake in the Fed report pointed out by the ZH reader a while back...
on Fri, 02/05/2010 - 15:33
#219575
Hey DH, yesterday I gently mentioned that some bids would be around gold's 1060 area (and below). We'll see what transpires next week. Stay focused. BTW, if you're ever inclined, give me an email address for you, to chat offline (your call). Be well buddy...
on Fri, 02/05/2010 - 15:41
#219611
certainly..
zhdeadhead at gmail dot com
always appreciate your thoughts and insights!
on Fri, 02/05/2010 - 15:23
#219552
this is getting really, really ridiculous. it worked out in my favor, miraculously, but it shouldn't have, and i refuse to believe that this is real market action. this is bullshit
on Fri, 02/05/2010 - 15:44
#219625
if you're into elliott wave, this is probably a 4 as expected, with 5 to come going down to complete wave 1 of 3 of 1 of P3...or something like that! hang tight, we'll be in the spx 900 range soon enough.
on Fri, 02/05/2010 - 17:01
#219767
I'm not an expert on Elliott - I've only read two of his books - but I thought the basic premise was the waves are the result of the combined actions of many individuals acting independently. It increasingly appears that this market is not composed of independent individuals, but co-ordinated cephalopods, and thus, is it possible that Elliott wouldn't apply?
on Fri, 02/05/2010 - 17:41
#219835
Elliot over many years accounts for these matters in a broad sense be it the PPT you saw today, or a war, or an event, etc....it's all about social mood and how the herd acts and reacts....
update....it appears that we have finished a leg 1 of the 3 we are in now and today's actions put us in 2 (prob a c of an a,b,c). within a few days we should see a 3 of 3 start and it should be a good downdraft.
on the zh blogroll, go to "daneric" who does a great job on this. from dan's site, there is a link to kenny who is excellent. read both if you want to learn more...i think both are much better that the formal elliot wave org headed by prechter.
on Fri, 02/05/2010 - 19:12
#219974
Unlikely that market changes. (Hasn't for 110 years)
The "intervening forces", if any, are just as much part of mass psychology as you and I. But I caution, EWT is not a minute by minute thing as Prechter seems to imply. The longer the horizon the more precise it gets. It is not inconceivable that more and more computers emulate the past (even if they do not specifically do it in an EWT design) but if EWT exists then the emulation will reflect it. The difference might be in relation to the past a matter of speed from A to B, but if we get to B "too early", we will just stay at B til "time is up".
on Fri, 02/05/2010 - 19:19
#219980
Unlikely that market changes. (Hasn't for 110 years)
The "intervening forces", if any, are just as much part of mass psychology as you and I. But I caution, EWT is not a minute by minute thing as Prechter seems to imply. The longer the horizon the more precise it gets. It is not inconceivable that more and more computers emulate the past (even if they do not specifically do it in an EWT design) but if EWT exists then the emulation will reflect it. The difference might be in relation to the past a matter of speed from A to B, but if we get to B "too early", we will just stay at B til "time is up".
on Fri, 02/05/2010 - 15:23
#219554
shades of april
on Sat, 02/06/2010 - 04:55
#220291
It was on March 3 that Obama looked into the cameras and said now is a good time to invest in the stock markets.
So the PPT must have just been set-up, or at least, an understanding was reached. The markets have been artificially gamed ever since, especially in futures. With my 401-K I can't simply sit in cash, so I'm 100% in 3-month T-bills. I won't participate in the stock market.
on Fri, 02/05/2010 - 15:25
#219559
Bernanke! Stop stimulating yourself!
on Fri, 02/05/2010 - 19:03
#219960
Exactly. It looks like his Viagra kicked in just in time.
on Fri, 02/05/2010 - 15:26
#219560
Stay clear. Monday is going to be the first BIG DOWN Monday in a while..........
on Fri, 02/05/2010 - 15:36
#219588
You wish...
on Fri, 02/05/2010 - 15:27
#219562
some short EUR covered, caused USD to weaken --> which naturally was a buy signal for the retarded algos, launching buy progs out. nothing real.
on Fri, 02/05/2010 - 15:34
#219579
"Retarded Algos"?
Sarah's going to ask that you apologize...
on Fri, 02/05/2010 - 15:35
#219585
ahhh, makes sense. thanks, Oso. we all knew it wasn't based on good news or fundamentals.
on Fri, 02/05/2010 - 15:38
#219599
basically.... why go short when you crushed the s&p 60 points in 2 days? time to cover and wait to see what happens on the weekend then short....
But the rally cry is TREASURIES BITCHES!
on Fri, 02/05/2010 - 15:28
#219563
I'd think short covering for the most part.
on Fri, 02/05/2010 - 15:30
#219566
The consumer credit numbers: revolving dropped 8.5bn; non-revolving (like cars) increased 6.8bn. So people are borrowing less. What a surprise. They should borrow more as the economy worsens?
on Fri, 02/05/2010 - 15:31
#219567
The relief on the faces of the CNBC clowns is obvious. These are people who feel a personal responsibility to pump the market higher. They all know that if they're honest, they'll either be fired or assigned to some backwater for punishment, a fate worse than firing.
We've all seen and heard telling examples of Freudian slips by various "repeaters" where they say something that either exposes them for what they are (whores) or moves the market in the wrong direction. Oops, sorry about that, just kidding.
on Fri, 02/05/2010 - 15:41
#219603
I prefer blackwater to backwater for not being
on Fri, 02/05/2010 - 16:18
#219718
Actually they think that the market moves because of them.
During the last administration that was the joke. Now days they believe it.
Never believe you own BS. - Marketing 101
on Fri, 02/05/2010 - 15:32
#219570
Sell into all rallies!
on Fri, 02/05/2010 - 15:33
#219574
That's just Leo buying the dips.
on Fri, 02/05/2010 - 15:35
#219586
dude. jinx.
on Fri, 02/05/2010 - 15:41
#219610
You, too, have a great mind.
on Fri, 02/05/2010 - 15:35
#219581
<> --
kid in a secure location in Washington DC
kid : hello mr bernanke , elroy here !
BB : good god , elroy ....what have you done ? i go to a meeting and come out and S&P has spiked 1% !
kid : isn't it great sir ? worked like a charm ! at 2:45 , i just sprayed out the buy orders and caught'em all off guard .
BB : elroy .... look at my e-mail again ........ what time did i say to kick in the buying ?
kid : right here sir .... elroy : at 3:45 , go ahead and spend about $10 billion on SPX futures .........ooooh , i started an hour early .... sorry
BB : yes you idiot ....... now people have time to think about this absurd rally out of thin air and decide to unload more into it .
kid : yes sir ... i see the SPX going red again .
BB : <<>>>> listen kid , go ahead and feed out another $5 billion into the close and then call me at 5pm on the secure cell to tell me where we are in after hours .
kid : yes sir ... sorry sir ........ why on the cell , sir ?
BB : you kidding ? they just announced DC is getting as much as 5 feet of snow ....... i'm on my way home in the limo .
kid : ah , sir ? how will i get home ?
BB : go home ? you kidding ? with your screw up again today ? you get yourself comfortable on the couch ...... there are some oatmeal bars in the cabinet when you get huingry ......
kid : <<<>>>>> yes sir ........
BB : and kid , make SURE you keep the volume down low on TV . I do NOT want to explain to geithner and obama you had the volume on ' Sponge Bob ' turned up so loud you missed that call yesterday and let markets plunge 3% .....
kid : yes sir .... you can count on me sir !
as Bernanke hangs up phone ...... " egads i deserve more than a Nobel ..... between elroy and harry reid , i'm going to have a mental breakdown from the stupidity around me as they try and stop me from saving the world "
limo fades off into the swirling snowstorm .................
on Fri, 02/05/2010 - 15:35
#219582
I think it was Leo buying the dip.
on Fri, 02/05/2010 - 15:36
#219590
<> --
kid in a secure location in Washington DC
kid : hello mr bernanke , elroy here !
BB : good god , elroy ....what have you done ? i go to a meeting and come out and S&P has spiked 1% !
kid : isn't it great sir ? worked like a charm ! at 2:45 , i just sprayed out the buy orders and caught'em all off guard .
BB : elroy .... look at my e-mail again ........ what time did i say to kick in the buying ?
kid : right here sir .... elroy : at 3:45 , go ahead and spend about $10 billion on SPX futures .........ooooh , i started an hour early .... sorry
BB : yes you idiot ....... now people have time to think about this absurd rally out of thin air and decide to unload more into it .
kid : yes sir ... i see the SPX going red again .
BB : <<>>>> listen kid , go ahead and feed out another $5 billion into the close and then call me at 5pm on the secure cell to tell me where we are in after hours .
kid : yes sir ... sorry sir ........ why on the cell , sir ?
BB : you kidding ? they just announced DC is getting as much as 5 feet of snow ....... i'm on my way home in the limo .
kid : ah , sir ? how will i get home ?
BB : go home ? you kidding ? with your screw up again today ? you get yourself comfortable on the couch ...... there are some oatmeal bars in the cabinet when you get huingry ......
kid : <<<>>>>> yes sir ........
BB : and kid , make SURE you keep the volume down low on TV . I do NOT want to explain to geithner and obama you had the volume on ' Sponge Bob ' turned up so loud you missed that call yesterday and let markets plunge 3% .....
kid : yes sir .... you can count on me sir !
as Bernanke hangs up phone ...... " egads i deserve more than a Nobel ..... between elroy and harry reid , i'm going to have a mental breakdown from the stupidity around me as they try and stop me from saving the world "
limo fades off into the swirling snowstorm .................
on Fri, 02/05/2010 - 15:37
#219591
A bear trap for sure, but don't gnaw your leg off.
on Fri, 02/05/2010 - 15:37
#219592
Not the plunge protection team...............please....
on Fri, 02/05/2010 - 15:38
#219596
Too much company on the short side. Had to be shaken out, probably by insiders who are selling short themselves to accomodate the covering.
Notice how I used the word "probably," LEO.
on Fri, 02/05/2010 - 15:38
#219598
Still think we stay below Dow 10K
on Fri, 02/05/2010 - 15:40
#219606
house of the $17m man no doubt?
on Fri, 02/05/2010 - 15:41
#219609
NO NO NO NO YOU ARE ALL WRONG, IT'S LEO BUYING SOLARS, GEEZ GUYS
on Fri, 02/05/2010 - 15:42
#219612
Who knows what happened. There was probably a rumor that Greece discovered $30 billion in forgotten t-bills in an old filing cabinet or something. Treasury staffers from Italy, Portugal, Ireland, and Spain are in their archive basements with flashlights as we speak. Problem solved!
on Sat, 02/06/2010 - 02:51
#220259
The rumor is that Greece just discovered a major new oil field on their border with Dubai.
on Fri, 02/05/2010 - 15:42
#219614
To the Ponzi Protection team's credit, markets were super duper short-term oversold. Thankfully the USD's bid is still strong.
on Fri, 02/05/2010 - 15:43
#219617
Like too see the volume on the spike compared to the rest of the day.
on Fri, 02/05/2010 - 19:11
#219972
On the hourly, the volume spike was 666k. Go figure.
on Fri, 02/05/2010 - 15:43
#219620
Comedy. And we're supposed to trust these markets? When at will they can be ramped higher over a hundred points in a half hour??
on Fri, 02/05/2010 - 15:43
#219621
Where is that HR Pufnstuf flute...re-captioned with "Timmmmmmyyyyyy" instead of "Jimmmmyyyyy"....oh wait am I high? I didn't smoke anything....must be a free-floating Xanax buzz from the NY-DC complex. Keep in mind they all have to go home to their mommas' basements early this weekend for Snopocalypse II: This Time It's February. So any massive tweaking of our fabric of unreality has to be done oh, about now, before the rush hour.
on Fri, 02/05/2010 - 15:44
#219627
What the hell is driving oil up? Has China found a way to turn the stuff into some kind of stir fry oil?
on Fri, 02/05/2010 - 16:00
#219678
Oil's down a buck twenty seven, Chief
on Fri, 02/05/2010 - 15:45
#219628
Where is the info on the 401k Decission?
I've read the article: http://www.zerohedge.com/article/treasury-soliciting-your-feedback-regar...
WHEN DOES THIS PASS / CONFIMATION / ECT!!! MORE INFO PLEASE!
on Fri, 02/05/2010 - 15:46
#219629
Think I'll add some short S&P's at the close. My money is on the PIIGS.
on Fri, 02/05/2010 - 15:46
#219630
Ask Gingrich how he knows Monday will be a down day.
on Fri, 02/05/2010 - 15:46
#219631
this is the biggest scam ive ever seen
on Fri, 02/05/2010 - 16:26
#219744
If you truly are upset at what is transpiring, remove all funds other than what is necessary from your bank accounts, cash in all stocks and buy gold and/or silver. This is the only way to vote with your money and send a message to the banking and investment system.
on Fri, 02/05/2010 - 18:11
#219903
Unfortunately, most Americans are still too apathetic to "send a message to the banking and investment system." I think it's going to take widespread hunger or another significant breakdown in society to motivate JQP to make some kind of statement...
on Fri, 02/05/2010 - 15:47
#219634
Dictator Market is setting prices after close. When no one is able to disagree with it.
on Fri, 02/05/2010 - 15:51
#219651
Hi guys its me Leo (the douche bag), and i just wanted to say that im sorry for moving the market so much, but i had to buy the dip
on Fri, 02/05/2010 - 15:59
#219673
They will not let this Pig die..
on Fri, 02/05/2010 - 16:00
#219679
I'm tired of taking the hat out, putting the hat away. Taking the hat out, putting the hat away.
on Sat, 02/06/2010 - 02:07
#220246
that's classic, i'm trying to take it off permanently but the PPT wont let me.
on Fri, 02/05/2010 - 16:02
#219688
are u effing kidding me?
on Fri, 02/05/2010 - 16:03
#219697
This "3 pm pump" bullshit should be investigated.
on Fri, 02/05/2010 - 16:04
#219698
MASSIVE failed auction I wouldn't be short this...
on Fri, 02/05/2010 - 16:10
#219707
Better than television - for a market geek this was PURE ENTERTAINMENT!!! - I mean that's gotta be an historic uptick right? Just glad I covered BEFORE I went to the bathroom!
on Fri, 02/05/2010 - 16:18
#219720
The BB put is back, apparently 10K is a psychological level we don't want to fall below.
The McClellan Oscillator just pointed to oversold levels, if we are still in a trading range the market will be up again early next week.
Gold stocks are up more than 5%, with GLD flat, looks like decoupling and an expected move higher for gold.
on Fri, 02/05/2010 - 16:21
#219731
+1 million billion (that is a trillion in European for you 'mericans)
on Fri, 02/05/2010 - 17:51
#219862
Actually, a thousand billion is a trillion. I know it's all so confusing and no one really understands it, but a million billion is a quadrillion. Get used to it, Bernanke will familiarize you with $quadrillion QE before you know it.
on Fri, 02/05/2010 - 20:08
#220024
dually noted. JPM say, "The more confusing the better!"
on Fri, 02/05/2010 - 16:19
#219725
Gold hit support and JPM flipped the on switch.
on Fri, 02/05/2010 - 16:21
#219729
The worst part is that sh3t eating grin on MCC.
on Fri, 02/05/2010 - 16:26
#219746
CNBS homepage banner (in red):
"Dow Jones Industrial Average closes above 10,000 (click here for story)":
http://www.cnbc.com/id/35259652
Adam's Smith invisible hand at work. Free markets be U.S. Unbelievable. Not.
on Fri, 02/05/2010 - 17:08
#219776
Adam Storch's invisible hand
on Fri, 02/05/2010 - 17:33
#219826
When you are running a Ponzi scheme you cannot scare off potential customers with sequential down days thus the last minute uptick. Rigged? Does a bear.....you know the rest and many more faithful idioms used over the centuries.
on Fri, 02/05/2010 - 17:55
#219873
Just shows ya how without the added grease the pipe would surely have become seized in the receptacle.
on Fri, 02/05/2010 - 19:50
#220002
Is it coincidential that the ramp occured just after the bond market closed?
on Fri, 02/05/2010 - 22:39
#220142
You are not imagining things Tyler. Today at about 3pm we were ordered by superiors to buy a sizable position in Portuguese debt for the express purpose of supporting the country.
I see by the volume and the timing that we were just doing the little bit that was assigned to our institution.
on Fri, 02/05/2010 - 23:02
#220157
Forget the nonsense about an end of day "pump" or some secret cabal of politicians and bankers running some "plunge protection team" (all the PPT believers seem to disappear when the market actually does plunge hard as it did in 2008).
Expect to hear something positive out of the EU this weekend. This was the same type of action we saw all the time in 2008 on the Friday afternoon right before we'd hear about another big bailout coming from Paulson/Bush et. al. that year. I wouldn't be surprised to hear something positive from the EU this weekend and a big rally on Monday.
on Sat, 02/06/2010 - 07:51
#220318
All you will get out of the EU this weekend is piss and wind.
They have not got a plan yet, it will go much closer to the brink.
The german people have not yet spoken their mind.
Some of the PIGS will mebbe get ushered into a new sub-euro and work inside an ERM (exchange rate mechanism) snake like UK tried, whenever it was.
All public sector wages immediately paid in new currency, all bank withdrawals in new currency, interest rates jump, spend money to stabilise exchange rate to start with to encourage soak-up of existing domestic euros, and quick inflation over 18 months to offset it.
on Sat, 02/06/2010 - 15:59
#220664
Shorts were covering a little early on friday. Afterall they did take a nice profit over the past two days. And we all know that the market can bounce up as fast as it goes down. Smart traders don't want to be holding much over the weekend. We all know when the deals for GS and AIG etc took place. All were on the weekend when shorts were holding big positions in GS and BAC and others, only to be caught on Monday after hearing the fed had come to their rescue. What once was a big gain turned into a nightmare for many.