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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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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.
Maybe somehow tied to the new California marijuana superstore...a time to get high?
nah it has to do with 2nd derivative consumer credit information.
let's all buy going into a weekend filled with uncertainty. and by all I mean the fed
games games games!!!
Free market?
FAIL
LMAO. Thanks, Dan. Just another reason to short more.
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...
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...
certainly..
zhdeadhead at gmail dot com
always appreciate your thoughts and insights!
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
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.
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?
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.
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".
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".
shades of april
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.
Bernanke! Stop stimulating yourself!
Exactly. It looks like his Viagra kicked in just in time.
Stay clear. Monday is going to be the first BIG DOWN Monday in a while..........
You wish...
some short EUR covered, caused USD to weaken --> which naturally was a buy signal for the retarded algos, launching buy progs out. nothing real.
"Retarded Algos"?
Sarah's going to ask that you apologize...
ahhh, makes sense. thanks, Oso. we all knew it wasn't based on good news or fundamentals.
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!
I'd think short covering for the most part.
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?
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.
I prefer blackwater to backwater for not being
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
Sell into all rallies!
That's just Leo buying the dips.
dude. jinx.
You, too, have a great mind.
<> --
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 .................
I think it was Leo buying the dip.
<> --
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 .................
A bear trap for sure, but don't gnaw your leg off.
Not the plunge protection team...............please....
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.
Still think we stay below Dow 10K
house of the $17m man no doubt?
NO NO NO NO YOU ARE ALL WRONG, IT'S LEO BUYING SOLARS, GEEZ GUYS
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!
The rumor is that Greece just discovered a major new oil field on their border with Dubai.
To the Ponzi Protection team's credit, markets were super duper short-term oversold. Thankfully the USD's bid is still strong.
Like too see the volume on the spike compared to the rest of the day.
On the hourly, the volume spike was 666k. Go figure.
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??
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.
What the hell is driving oil up? Has China found a way to turn the stuff into some kind of stir fry oil?
Oil's down a buck twenty seven, Chief
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!
Think I'll add some short S&P's at the close. My money is on the PIIGS.
Ask Gingrich how he knows Monday will be a down day.
this is the biggest scam ive ever seen
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.
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...
Dictator Market is setting prices after close. When no one is able to disagree with it.
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
They will not let this Pig die..
I'm tired of taking the hat out, putting the hat away. Taking the hat out, putting the hat away.
that's classic, i'm trying to take it off permanently but the PPT wont let me.
are u effing kidding me?
This "3 pm pump" bullshit should be investigated.
MASSIVE failed auction I wouldn't be short this...
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!
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.
+1 million billion (that is a trillion in European for you 'mericans)
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.
dually noted. JPM say, "The more confusing the better!"
Gold hit support and JPM flipped the on switch.
The worst part is that sh3t eating grin on MCC.
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.
Adam Storch's invisible hand
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.
Just shows ya how without the added grease the pipe would surely have become seized in the receptacle.
Is it coincidential that the ramp occured just after the bond market closed?
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.
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.
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.
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.