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Market In Freefall As USDJPY Takes Out Stops, S&P Now Negative For The Year

Tyler Durden's picture


Just a few more pips in the USDJPY and we are in uncharted territory. Below 79.75 in the USDJPY there is little support, except for the BOJ. Flash crashes in assorted index tracking futures are being witnessed everywhere, with an emphasis on Europe. In the meantime, following the rush to safety (in the Yen), the market is plunging to day lows, and the S&P has just turned negative for the year.


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Wed, 03/16/2011 - 14:17 | 1061979 PenchantForHoarding
PenchantForHoarding's picture

Hang on, bitchez!

Wed, 03/16/2011 - 14:21 | 1062010 camaro68ss
camaro68ss's picture

How low can you go, i say how low can you go!

sing it with me, how low can you go!

Wed, 03/16/2011 - 14:30 | 1062084 alien-IQ
alien-IQ's picture

a tsunami of margin calls could be in the making. the end of day could present a glorious freefall.

then we'll see how low we can go today...and then of course...we still have tomorrow. Unemployment numbers and Friday options expiration. It's the clusterfuck trifecta (otherwise known as a bears wet dream).

Wed, 03/16/2011 - 14:46 | 1062190 TradingJoe
TradingJoe's picture

checked out the PPTs heavily at work?!

Wed, 03/16/2011 - 14:54 | 1062252 alien-IQ
alien-IQ's picture

yep..watching that. /Es up almost 20 points in 30 minutes and the USD dives.


still..I can't imagine anyone wanting to be holding long overnight with the chaos and uncertainty in Japan right now. I still think we could see a big end of day drop to a new low.

I went short the /ES on the break below 1270. Still holding that. If we see another break down near the EOD I'll double up my position and cash out at the bell or shortly thereafter. this keeps running up I'll stop myself out at 1265. But so far 1260 is proving to be pretty good resistance.

Damn this is fun:-)

Wed, 03/16/2011 - 15:08 | 1062351 TradingJoe
TradingJoe's picture

Hah, you betcha its fun to trade but more importantly to watch PPTs scramble :))) I agree with your assessment, wont let anything overnight either, just the QQQQ puts i put on the other week and could already pay out handsomely , I wonder in all o this where oil is going to be?!

Wed, 03/16/2011 - 15:17 | 1062415 alien-IQ
alien-IQ's picture

if the /ES breaks below 1255 with volume after 3:30, watch the market get monkey-hammered into the close.

but then again...we're playing against machines that have no capital limits...they could just as easily try to roof this bitch...logic is not a factor here.

it's gonna be a nail biter.

Wed, 03/16/2011 - 15:21 | 1062436 What does it al...
What does it all mean's picture

BOJ is buying Yen, and selling Dollars.  The trend is bound to reverse.  (They have been intervening for the last 3 days....)    Yen will depreciate.  

Why are you lying to the people?  Japan need their currency to be strong and then pay for this disaster...  

Wed, 03/16/2011 - 15:31 | 1062498 TradingJoe
TradingJoe's picture

here we go again next vola! am just guessing here but 1255 is too weak for a hold! always watching options vola too and what I see is people freaking out extreme vola(fear) showing! I think the Qs will hit 41.75 in no time making me some 15 bucks bubba, on 60!puts!:))!

make sure your ESs give a little @4pm! and beyond! as to the PPTs POMO MOMO guys I think they have order to keep powder dry, it just does not work in the way down:))!


Wed, 03/16/2011 - 16:09 | 1062762 alien-IQ
alien-IQ's picture

blah...closed it out at 1253. I was hoping for more but it was still a nice profit. Had to take it while it was there for the taking because who the fuck knows what these Machiavellian savages will decide to do with the market tomorrow. I 200+ gain on the DOW would not at all surprise me...regardless of what happens in Japan.

This market is so twisted I'm sometimes ashamed I make a living at this.

Wed, 03/16/2011 - 16:26 | 1062903 TradingJoe
TradingJoe's picture

I hear ya' feel the same some times but after 23 years you get used to it:)))

i still think it will roll over to the 1200 level, see i like this gradual thing, instead of a

wooosshhhh down bottle necks are something very nasty!

well was nice talking to ya will hit the gym now, my disc hernia screams for it :))

maybe we should find a way to exchange personal emails, seems to me you know whatcha doing cant say this about many on this site! :))

Wed, 03/16/2011 - 17:12 | 1063081 Zero Govt
Zero Govt's picture

Where is the PPT ?

Where is the almighty Federal Reserve ?

i've been boring people silly, no doubt, asking the 'theorists' to respond to their 'markets are rigged' conspiracy... c'mon Gentlemen you called it, where are the Feds hiding these past few days?   

Wed, 03/16/2011 - 14:55 | 1062263 Cleanclog
Cleanclog's picture

3 days of BOJ pump = 3 months FED POMO yet S&P and Dow down for year, almost at levels of 3 months ago.

Wed, 03/16/2011 - 14:46 | 1062203 Haywood Jablowme
Haywood Jablowme's picture

Jeezus.....they are now having to resort using riot water cannons to feed the fuel pools.

In a sign of desperation, police will try to cool spent nuclear fuel at one of the facility's reactors with water cannon, normally used to quell riots

Probably time to start liquidating some PM's and take 1 last trip to Disney with the whole family.



Wed, 03/16/2011 - 15:02 | 1062304 treasurefish
treasurefish's picture

Who makes water cannons?  Maybe I should be long there.

Wed, 03/16/2011 - 15:17 | 1062417 Haywood Jablowme
Haywood Jablowme's picture

Apparently someone prefers King's Island over Disney.  Can't say I blame em'.  "The Beast" is one hell of a ride.



Wed, 03/16/2011 - 14:55 | 1062260 AbandonShip
AbandonShip's picture

no, no, no.  They'll lower the margins on the way down just like the hike the margins on the way up!  Everything will be fiiiiine.

Wed, 03/16/2011 - 14:55 | 1062268 hamurobby
hamurobby's picture

I love this place.

Now if we could just get gold down 10-20% and take the profits from the downward move in equities and buy some more physical gold, that would be some biwinning.

Wed, 03/16/2011 - 14:47 | 1062201 jus_lite_reading
jus_lite_reading's picture

WOW! A bunch of earthquakes occuring around the globe including canada up near where that nuclear power plant has shut down. Coincidence?


Wed, 03/16/2011 - 15:10 | 1062354 treasurefish
treasurefish's picture

That nuke reactor in Ontario dumped 73k liters of water, but say everying is cool.


This time, the reactor event happened before a random earthquake not too far away. Coincidence? No.

Wed, 03/16/2011 - 14:51 | 1062217 Math Man
Math Man's picture

Put your rally caps back on....  

"The operator of Japan's tsunami-crippled nuclear plant says it has almost completed a new power line that could restore electricity to the complex and solve the crisis that has threatened a meltdown.

Tokyo Electric Power Co. spokesman Naoki Tsunoda said early Thursday the power line to Fukushima Dai-ichi is almost complete. Officials plan to try it "as soon as possible" but he could not say when."

Wed, 03/16/2011 - 15:01 | 1062295 Roger Knights
Roger Knights's picture

This may explain much of the rally. But it may be too late for electricity to be much help--for instance, if it's too dangerous for workers to approach the scene, or if the internals have been damaged to badly to operate normally.

Wed, 03/16/2011 - 15:02 | 1062303 alpds
alpds's picture

what happen? why sudden pick up?

Wed, 03/16/2011 - 14:20 | 1061984 Johnny Lawrence
Johnny Lawrence's picture

The bear market rally could be at a close.

Wed, 03/16/2011 - 14:18 | 1061985 CPL
CPL's picture



Everyone grab somethign to short!!!

Wed, 03/16/2011 - 14:19 | 1061997 Yikes
Yikes's picture

I've got my NFLX.  Come on down.

Wed, 03/16/2011 - 14:21 | 1062013 etrader
etrader's picture

BBC saying the Swiss want to pull their nationals out...

"The Swiss foreign ministry said it would lay on charter flights if necessary to bring Swiss nationals home."

Wed, 03/16/2011 - 14:45 | 1062188 sabra1
sabra1's picture

i just grabbed little timmy!

Wed, 03/16/2011 - 14:18 | 1061989 the not so migh...
the not so mighty maximiza's picture

The president retreating to Rio is what did it.

Wed, 03/16/2011 - 14:40 | 1062149 victor82
victor82's picture

Mark this down.

Obama's trip to Rio as Fukishima starts its meltdown will go down as his "Flight over Flooded New Orleans".

Book it.

Wed, 03/16/2011 - 14:41 | 1062167 Spastica Rex
Spastica Rex's picture

God, I hope you're right.

Wed, 03/16/2011 - 14:47 | 1062208 sabra1
sabra1's picture

yeah right, come next election, his little sheep will gladly vote him in, ONE MORE TIME!! 

Thu, 03/17/2011 - 00:56 | 1065439 Zero Govt
Zero Govt's picture

Obumma hasn't a snowball in Hells chance of re-election 2014 i'd be surprised if anyone in Washington WC, sorry DC, has a chance of re-election ...the whole clown show should be for the toilet by then

Wed, 03/16/2011 - 15:01 | 1062291 resipsaloquacious
resipsaloquacious's picture

Yes, because what Obama does or does not do in relation to a tsumani and potential nuclear catastrophe in Japan is equivalent to what Bush and Brownie did and did not do during Katrina along the Gulf Coast (that is to say, Bush and Brownie shat the bed and then hang their unwashed sheets out the window for the world to see). 

Oh wait... no, those two situations are not analagous at all. 

What you meant to say is "I hope Obama's trip to Rio...".


Wed, 03/16/2011 - 14:50 | 1062221 jus_lite_reading
jus_lite_reading's picture


According to news it's due to bandwidth issues! LMAO!

Wed, 03/16/2011 - 14:18 | 1061991 cougar_w
cougar_w's picture

Tsunami of a different kind.

I'm in cash. God help the rest.

Wed, 03/16/2011 - 14:21 | 1062005 Cognitive Dissonance
Cognitive Dissonance's picture

Spring is coming cougar. Do you have that infernal 2/3 wheeled machine fixed yet?

Wed, 03/16/2011 - 14:23 | 1062025 cougar_w
cougar_w's picture

Given the cost of fuel I think I'll finish it this weekend ... and put a $8K price tag on it.

The scent of money.

Wed, 03/16/2011 - 14:26 | 1062069 Cognitive Dissonance
Cognitive Dissonance's picture

I demand photos of the finished bike.....with cougar proudly "mounted" on it of course. :>)

Wed, 03/16/2011 - 14:32 | 1062112 Cursive
Cursive's picture

@cog diss

I'll let ya'll know if we start selling rickshaw's at the dealership. :)

Wed, 03/16/2011 - 14:39 | 1062139 Cognitive Dissonance
Cognitive Dissonance's picture

10-4 good buddy. See ya on the highway. :>)

I prefer Baby Ben blue if you can manage it.........with Bernanke pulling if you don't mind.

Wed, 03/16/2011 - 14:44 | 1062185 Chump
Chump's picture

With a nice whip in the base package I hope.  "Mush, bitch!"

Wed, 03/16/2011 - 14:58 | 1062275 AbandonShip
AbandonShip's picture

is that the hybrid model?

Wed, 03/16/2011 - 14:19 | 1061994 Cognitive Dissonance
Cognitive Dissonance's picture

NOW we shall see if the Fed and it's minions have any more credibility left. I say they have squandered most of it, but you never know what desperate men and women will do.

Wed, 03/16/2011 - 14:21 | 1062018 SDRII
SDRII's picture

cut rates of course

Wed, 03/16/2011 - 14:27 | 1062078 cougar_w
cougar_w's picture

They'll have to invent a new math to do that.

I wouldn't put it past them, however.

Wed, 03/16/2011 - 14:30 | 1062087 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Where are these desperate women you speak of? I'm asking for a friend, of course.

Wed, 03/16/2011 - 14:34 | 1062123 Yield2Greatness
Yield2Greatness's picture

Yes where?  BTW, FunkyMonkeyBoy is not my friend but I like him like one.

Wed, 03/16/2011 - 14:32 | 1062107 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Where are these desperate women you speak of? I'm asking for a friend, of course.

Wed, 03/16/2011 - 14:35 | 1062127 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Where are these desperate women you speak of? I'm asking for a friend, of course.

Wed, 03/16/2011 - 14:41 | 1062150 Cognitive Dissonance
Cognitive Dissonance's picture

You were so excited at the prospect that your hand was shaking on the mouse, thus the triple post.

I fully understand. :>)

Wed, 03/16/2011 - 16:45 | 1063005 centerline
centerline's picture

Maybe he has three friends (or a lot more confidence that most!).

Wed, 03/16/2011 - 14:41 | 1062152 LFMayor
LFMayor's picture

settle down, Beavis.

Wed, 03/16/2011 - 14:53 | 1062245 malikai
malikai's picture

My crystal ball tells me they will repent, raise rates to 40%, and Benocide and Taxxy will step down, be prosecuted, and end up in prison where they will be raped daily.

Wed, 03/16/2011 - 15:14 | 1062399 chinaguy
chinaguy's picture

They only need to announce QE3 as "very likely"

Wed, 03/16/2011 - 14:20 | 1061999 Fredd00
Fredd00's picture

carry trade unwinding bitchezz

Wed, 03/16/2011 - 14:24 | 1062047 Duuude
Duuude's picture

Bingoo FreddOO

Wed, 03/16/2011 - 14:21 | 1062002 ReallySparky
ReallySparky's picture

And to think we all thought that the deficit, unemployment, bank fraud, ect. blah, blah, blah would tank the market. 

Wed, 03/16/2011 - 14:25 | 1062052 Misean
Misean's picture

That toxic shit was all contained. Japan's, not so much.

Wed, 03/16/2011 - 14:51 | 1062229 Breaker
Breaker's picture

"And to think we all thought that the deficit, unemployment, bank fraud, ect. blah, blah, blah would tank the market. "

It did. Had the administration let the bubble pop, let TBTF banks go bankrupt, not run up 1.4 trillion a year in deficits as far as the eye can see, and had the fed not inflated the money supply, we would have had a couple of really bad years and be starting a real recovery. Instead, their policies left us with no room to move. As it is, the administration and the fed have backed us into a corner. Anything goes wrong and there's nowhere to go, except Rio.

Wed, 03/16/2011 - 14:21 | 1062007 Robot Traders Mom
Robot Traders Mom's picture

Just got a call from Harry Wanger. He is in the clink. He was arrested in the Dateline sting and needs somebody to sell out of his dollar carry trade for him.

Wed, 03/16/2011 - 14:31 | 1062089 zaknick
zaknick's picture

I knew he was a pedo!

Catch up on what’s really going on:

Those who manipulate the unseen mechanism of society constitute an invisible government. We are governed, our minds molded, our tastes formed, our ideas suggested largely by men we have never heard of … in almost every act of our lives whether in the sphere of politics or business, in our social conduct or our ethical thinking we are dominated by the relatively small number of persons who understand the mental processes and social patterns of the masses. It is they who pull the wires that control the public mind.

Wed, 03/16/2011 - 14:33 | 1062108 zaknick
zaknick's picture

I knew he was a pedo!

Catch up on what’s really going on:


Those who manipulate the unseen mechanism of society constitute an invisible government. We are governed, our minds molded, our tastes formed, our ideas suggested largely by men we have never heard of … in almost every act of our lives whether in the sphere of politics or business, in our social conduct or our ethical thinking we are dominated by the relatively small number of persons who understand the mental processes and social patterns of the masses. It is they who pull the wires that control the public mind.

Wed, 03/16/2011 - 14:42 | 1062162 Takingbets
Takingbets's picture

I noticed yesterday his user account is gone. Did you guys finally hurt his feelings? :-)

Wed, 03/16/2011 - 14:52 | 1062238 Robot Traders Mom
Robot Traders Mom's picture

No, he is grounded and his mom took his computer.

Wed, 03/16/2011 - 14:22 | 1062017 Oh regional Indian
Oh regional Indian's picture

Reality meets markets in such circumstances. 

President runs away.

I think the New madrid fault is ready. Bummer is gone a week right? Full family and his personal "trainer" in tow?

This is not good. I think you can seriously say Buh-bye Greenback, hullo redneck, or some such.

I hear the sound of indices thudding in the morning.


Wed, 03/16/2011 - 14:32 | 1062110 slewie the pi-rat
slewie the pi-rat's picture

hey ORI!


got paper?  lol.  let's see if meyer boomburg can get some of his platforms and robot yo-yo vituosi to generate the bids to stop this fuking tsunami, eh bro?

Wed, 03/16/2011 - 14:47 | 1062161 Oh regional Indian
Oh regional Indian's picture

Sloooo ieee, I got paper, and it's rolling, i got green (backs of course) and they are rolling too, in paper, down benny bux hill, like jacking jill on an i/o died pill and gone to heaven in a hand job.

If you get my drift, please shift, a gear, or three.

This downhill ride cannot be allowed to happen in neutral. That would be called a run-away reaction.



Wed, 03/16/2011 - 14:57 | 1062271 LFMayor
LFMayor's picture

re: neutral.  That's called a Georgia Overdrive. 

Eastbound and down, bitches!

Wed, 03/16/2011 - 14:39 | 1062130 B9K9
B9K9's picture

I have been proposing for some time that Obama will be replaced by a 'Strong Man'. The constitutional process is already in place - it was used during Watergate.

First, Biden resigns and is quickly replaced with Petraeus. His confirmation sails through the Senate, which of course would be on the plan.

Next, we get an announcement that Barry has some kind heart condition that is seriously being aggravated by stress, etc. As it will appear to be life threatening, and since the country needs a "full time President" (cue Nixon), his resignation will be regretfully accepted.

Well, say hello to Pres Petraeus. Fist item on the dock: arrest Ben, Timmy & the other 1,000 or so Wall St criminals. Second item: temporary (which will become permanent) suspension of SS and other entitlements. Third: selective default (suspension of payments) of Ts. Fourth: a post Peal Harbor kind of speech outlining what the country faces and where we need to go.

These kinds of predictions are easy, because mankind hasn't changed one iota over thousands of years. We are still emotionally driven herd animals. Governments change all the time - the only anomaly is how long this one has lasted.

Wed, 03/16/2011 - 14:39 | 1062140 SDRII
SDRII's picture

S. Mchrystal is another one to watch...polished General gives interview mocking POTUS to Rolling Stone...hmmmm

Wed, 03/16/2011 - 15:28 | 1062482 I only kill chi...
I only kill chickens and wheat's picture

I'd go for Mchrystal.

Wed, 03/16/2011 - 15:38 | 1062533 MachoMan
MachoMan's picture

I agree with the agenda of business conducted, but I'm not sure how it will happen...  I suppose via a general is as reasonable of method as any.  Also not sure about the time line...  not sure barry will still even be in office when the time comes to roll up the sleeves so to speak.

Wed, 03/16/2011 - 14:52 | 1062241 Ahmeexnal
Ahmeexnal's picture

Jeb Bush 2011.

Wed, 03/16/2011 - 14:56 | 1062265 snowball777
snowball777's picture

I hear Chavez will be available soon.

Wed, 03/16/2011 - 15:03 | 1062301 Ahmeexnal
Ahmeexnal's picture

Last time I checked, the Vuvuzelan currency was backed by gold by -hold on to your baseball caps- 150%.

Yes, the Vuvuzelans reported holdings of 150% gold to circulating currency (bolivars).


I bet Cha Cha Chavez is blowing his vuvuzelas loud and clear right about....NOW.

Wed, 03/16/2011 - 15:15 | 1062402 pazmaker
pazmaker's picture

I don't think he is blowing anything but.... well you know...

Inflation is rampant above 20% in Venezuela.  People sell food staples on the black market for USD.  I woouldn't put too much faith in the bolivar.

Wed, 03/16/2011 - 14:56 | 1062266 Zon
Zon's picture

holy shit, im all for not having obama as president and bernanke arrested. But im not willing to let a f'ing general take over the country. Martial law and a general who had(somewhat) control over a ridiculous war is not what we need.

Wed, 03/16/2011 - 15:05 | 1062321 Bam_Man
Bam_Man's picture

Laurent Gbagbo 2012.

Wed, 03/16/2011 - 15:35 | 1062466 Miss Expectations
Miss Expectations's picture

I'd prefer to slip Ron Paul in there in an I Claudius kind of way.

Wed, 03/16/2011 - 16:50 | 1063031 centerline
centerline's picture

History would suggest you stand a decent chance of being right about this.  I think we have to first feel quite a bit of stinging though.  The strong man needs an audience that will blindly follow.  A little more damage to the bread and circuses will do nicely.

Wed, 03/16/2011 - 14:49 | 1062219 sabra1
sabra1's picture

we all know he's a radiant guy, he just doesn't want to be radiated! hence, his rushed vacation!

Wed, 03/16/2011 - 14:21 | 1062024 Rockfish
Rockfish's picture

This is the best time to watch cnbc watch em squirm

Wed, 03/16/2011 - 14:25 | 1062053 John McCloy
John McCloy's picture

+1 These are the only days I watch both Jim "Just buy a little" Cramer and Fast Money.

Wed, 03/16/2011 - 14:26 | 1062068 Misean
Misean's picture

Stellar advise, Jimmy.

Wed, 03/16/2011 - 14:23 | 1062029 virgilcaine
virgilcaine's picture

BTFD was getting Old...

Wed, 03/16/2011 - 14:47 | 1062213 dbach
dbach's picture

We're still getting those afternoon rallies though. Once the market closes down and near the lows the BTFD trick will finally be toast. But yes it was getting really annoying.

Time for the market to start reflecting the actual value of the underlying securities. Then we'll be able to break this malaise, its just going to hurt first.

Wed, 03/16/2011 - 15:18 | 1062429 chinaguy
chinaguy's picture

Nope....wait until the total correction is 10-15% & then BTFD

too many hopium numbers tied to the market & too much spin to let it fall


Wed, 03/16/2011 - 14:23 | 1062031 Yikes
Yikes's picture

S&P caught a break at 1250.  We'll see if it holds as a bottom.

Wed, 03/16/2011 - 14:24 | 1062033 Franken_Stein
Franken_Stein's picture


Where is Obama on all of this ?


He didn't show up in Wisconsin either ?

He should pull his head out of Blankfeins ass and do something about it !


Where are you, Mr. President ?!


Wed, 03/16/2011 - 14:46 | 1062189 victor82
victor82's picture

Comrade Stalin sent him to Rio. 

To the Camps. On vacation.

Something really bad is going to come down and Jeebus is going to be down in Brasil with all the wimmens and he will look like Bush in Washington when Katrina hit. Mark this down.

Wed, 03/16/2011 - 15:13 | 1062389 depression
depression's picture

He is in transit to Australia.... Northern Hemi is toast.

Wed, 03/16/2011 - 15:29 | 1062484 Miss Expectations
Miss Expectations's picture

Thanks for telling me who was in Blankfein's ass.  Obama's head is so far up there, all I can see are shoes dangling.

Wed, 03/16/2011 - 14:22 | 1062034 digalert
digalert's picture

Is this a Jim buybuybuy Cramer day?

Wed, 03/16/2011 - 14:23 | 1062042 John Law Lives
John Law Lives's picture

How long until we see another massive Yen infusion into money markets.

Wed, 03/16/2011 - 14:25 | 1062043 TruthInSunshine
TruthInSunshine's picture

Where is Nero?

Don't make me do my rant again, Nero, for you are naked, without clothing, and we all know it.

Now fiddle on, to the tune of 'Blue Skies.'

Wed, 03/16/2011 - 14:27 | 1062050 LRC Fan
LRC Fan's picture

PPT working overtime this week trying to prop up various countries, currencies, and dictators. 

The dow literally just jumped 60 pts on nothing more than air.  Gotta love that shit

"Well off the lows" is CNBC's take on all this. 

Wed, 03/16/2011 - 14:28 | 1062080 John McCloy
John McCloy's picture

That is Maria B's favorite line, "Well off the lows"

Wed, 03/16/2011 - 14:36 | 1062137 Misean
Misean's picture

Hmmm, so it's not "I have three holes..."?

Wed, 03/16/2011 - 14:26 | 1062051 Tail Dogging The Wag
Tail Dogging The Wag's picture


Wed, 03/16/2011 - 14:25 | 1062054 Corduroy
Corduroy's picture

I think the chances of the Tokyo Stock Exchange not opening tomorrow have increased substantially.

Wed, 03/16/2011 - 14:26 | 1062056 bob_dabolina
bob_dabolina's picture

Shirakawa with the stick save.

Wed, 03/16/2011 - 14:25 | 1062062 MarkTwainsMustache
MarkTwainsMustache's picture

JPY is a very large funding currency in financial markets...i.e. there is a crap load of people short the yen.  Hold onto your britches if a few more stops get taken out, could get violent.

Wed, 03/16/2011 - 14:27 | 1062076 AccreditedEYE
AccreditedEYE's picture

and the S&P has just turned negative for the year.

The market takes the path of maximum frustration right? I'm sure there are more then a few fund mangers who are "frustrated" right now.... the types that love buying AAPL into multi-year highs.

Wed, 03/16/2011 - 14:27 | 1062077 MarkTwainsMustache
MarkTwainsMustache's picture

JPY is a very large funding currency in financial markets...i.e. there is a crap load of people short the yen.  Hold onto your britches if a few more stops get taken out, could get violent.

Wed, 03/16/2011 - 14:30 | 1062095 Jim in MN
Jim in MN's picture

No, no, NO!  CalPERS says it's supposed to be +7.75% real.  In perpetuity.

So turn that liquid frown upside down! 

Wed, 03/16/2011 - 14:31 | 1062096 Tail Dogging The Wag
Tail Dogging The Wag's picture

1.00 CHF=1.10069 USD


Holy Cow!


Radioactive US Dollars!


Wed, 03/16/2011 - 14:52 | 1062220 slewie the pi-rat
slewie the pi-rat's picture

i think it's a 3-way!

"The Dollar ($), The Yen (Y), And The Swiss Franc (CHF)"

fxxx porn by slewie the pi-rat

who could object to casting Y as a hot young lady? the $ must be studly and pretend to doright.  i guess this means CHF is a tranny, right?

altho the dollar is in great demand, and is waxing other currencies, in this 3-way, Y has our studly male member locked in her hot, tight pussy, about to deliver the greatest creampie in digital history!  now that Y has sucked CHF to an archetypal boner, s/he is pulling outa that hot, red oral orfice and getting behind the $ who is certainly willing, given the CHF's great rack and pinion, but has never been bent over quite this far, ever before...

Wed, 03/16/2011 - 16:09 | 1062764 depression
depression's picture

"i guess this means CHF is a tranny, right?"

good stuff slewie !

Wed, 03/16/2011 - 14:31 | 1062097 Johnny Lawrence
Johnny Lawrence's picture

But UBS told me to buy the dip today.

Wed, 03/16/2011 - 14:37 | 1062131 Blano
Blano's picture

They meant chip dip.

Wed, 03/16/2011 - 14:33 | 1062106 GeneMarchbanks
GeneMarchbanks's picture

Intervention! ...Monkeys

Wed, 03/16/2011 - 14:32 | 1062109 MaxVernon
MaxVernon's picture

This from Financial Post:

Yen strength is likely to prove short-lived

The country now faces grave challenges as it deals with the aftermath of the earthquake and the tsunami. In the financial markets, the authorities also need to maintain the trust of investors in Japanese government bonds, restore confidence to the equity markets and prevent the yen from becoming highly volatile.

How's that going, then?

Wed, 03/16/2011 - 14:34 | 1062111 GeneMarchbanks
GeneMarchbanks's picture

Intervention! ...Monkeys

Wed, 03/16/2011 - 14:33 | 1062114 Misean
Misean's picture

The nuclear agency needs to get its hands on some of the coolant the BoJ uses for its printer arrays.

Wed, 03/16/2011 - 14:34 | 1062115 reader2010
reader2010's picture

with the sole purpose of bringing down the yield on the long bond?  

Wed, 03/16/2011 - 14:35 | 1062118 silvertrain
silvertrain's picture

I put my hand up on your hip, when I dip , you dip, we dip...

Wed, 03/16/2011 - 14:35 | 1062129 vincent
vincent's picture

Cramer pumping IBM 2 days ago.

Oh..newsflash...Tech sucks




Wed, 03/16/2011 - 14:40 | 1062146 Blano
Blano's picture

Lol, nice timing........again.

Wed, 03/16/2011 - 14:51 | 1062228 overbet
overbet's picture

the cramer cult is back in full force....yesterday he plugged btu and had ceo on from xlnx and clr all strong as hell today in a weak mrkt

Wed, 03/16/2011 - 15:06 | 1062336 slewie the pi-rat
slewie the pi-rat's picture

this is gonna get way worse b4 it gets better, and it is not gonna get better while any of us are still pretending to enjoy planetary existence here.

i have set the over/under for this event at Chernobyl X5, with March 31, 2011 as "settlement day in green stamps" and vegas is getting more action than on March Madness, so far.  in case of any disagreement regading the quantification vis-a-vis chernobyl, slewie will make the decision, which will be final AND binding on all playaZ.

after the shit i went thru here, yest, no one else is qualified..., but in the event i am too fuked up to e on the 31st, tyler can make the call @  4 PM eastern, and we'll just let the green-stamp-based chips fall wherever tf they fall, 'k?

Wed, 03/16/2011 - 15:09 | 1062343 slewie the pi-rat
slewie the pi-rat's picture

D.P.  lol

Wed, 03/16/2011 - 14:36 | 1062134 ivars
ivars's picture

DJIA continues as predicted on Feb 6th-my prediction for March 16th was around 11600-see the chart and explanation:


Wed, 03/16/2011 - 14:39 | 1062151 Misean
Misean's picture

Your prediction, of course, includes the mega-quake and meltdown, does it?

Wed, 03/16/2011 - 14:37 | 1062135 WineSorbet
WineSorbet's picture

Talk about the PPT kickin in!

Wed, 03/16/2011 - 14:36 | 1062136 prophet
prophet's picture

We've got 43 very vunerable reactors and he leaves the country?

Wed, 03/16/2011 - 14:49 | 1062224 victor82
victor82's picture

Dude. I'm telling you. He and the team around him have lost it. 

This is like Bush going out to that birthday part right after Katrina.

Now you know what the Bourbons were like before the Bastille was stormed and Robespierre started taking names.

Wed, 03/16/2011 - 14:51 | 1062242 nonclaim
nonclaim's picture

He's got to lead something...

Wed, 03/16/2011 - 14:38 | 1062141 nobusiness
nobusiness's picture

How do I invest/protect portfolio when the PPT always fucks me.

Wed, 03/16/2011 - 14:39 | 1062148 LawsofPhysics
LawsofPhysics's picture

You shouldn't have said anything Tyler,


emergency auction in 3...2...1...

Wed, 03/16/2011 - 15:18 | 1062427 slewie the pi-rat
slewie the pi-rat's picture

rilly! liquidation sales right now in a mall or brokerage near you!

and, for the big red 1, below, the injection certainly was worth the temprary two cents, again, doncha think?  the japanese are gonna hafta try to protect their 2 biggest assetZ, here:  USD-denominated Treasuries, and GE stock...

Wed, 03/16/2011 - 14:41 | 1062154 firstdivision
firstdivision's picture

That was one hell of a Yen injection!

Wed, 03/16/2011 - 14:42 | 1062157 taraxias
taraxias's picture

PPT buying the fucking dip with a vengeance.

Not even a mushroom cloud over Wall St. could take this market down.


Wed, 03/16/2011 - 14:44 | 1062181 geminiRX
geminiRX's picture

It's truly amazing what they are doing with your tax dollars

Wed, 03/16/2011 - 14:54 | 1062253 taraxias
taraxias's picture

I don't think it's my tax dollars, or borrowed dollars anymore. It's digital phantom dollars created with a few keystrokes on a keyboard. As long as those selling hard commodities continue to accept this charade the game goes on, the second they don't the game stops. That simple.

We're not in Kansas anymore.

Wed, 03/16/2011 - 14:55 | 1062257 nonclaim
nonclaim's picture

Yeah, the rate of climbing is to reach the close at 'unchanged'.

They don't even try to hide it.

Wed, 03/16/2011 - 14:43 | 1062165 Sophist Economicus
Sophist Economicus's picture

Hello Jimbo,

this is your buddy down here at GS - you've got a little red going on here in your foundation's portfolio - if you don't liquidate your NKE and APPL by end of day, we're gonna need to make this account green for ya.  Yeah, you should SELL, SELL, SELL before we LIQUIDATE, LIQUIDATE, LIQUIDATE.   Oh, say hi to Erin for me

Wed, 03/16/2011 - 14:43 | 1062166 firstdivision
firstdivision's picture

That was one hell of a Yen injection!

Wed, 03/16/2011 - 14:43 | 1062171 Misean
Misean's picture

Man, printing money sure is fun. Hope nobody notices.

Wed, 03/16/2011 - 14:43 | 1062176 camaro68ss
camaro68ss's picture

wow what a recovery. we are going green by the end of the day

Wed, 03/16/2011 - 14:46 | 1062204 Sophist Economicus
Sophist Economicus's picture

Probably a 4th wave up -- probably one more impulse wave down for today.   1225/1230 looks like a nice place to bounce for tomorrow's oversold rally, IMHO - which means very little

Wed, 03/16/2011 - 14:43 | 1062178 mtomato2
mtomato2's picture

I thought it was all the ZH'rs B-ing The F-ing D.

Wed, 03/16/2011 - 14:43 | 1062180 FranSix
FranSix's picture

One thing ppl are ignoring is the incremental jump that the discount rate can take to break the zero bound and go into negative territory.

I would say a Yen meltup is in the cards, much like the 1987 crash.  The U.S. discount rate is already below the Japanese 3-month treasury rate.

Longer term Japanese interest rates seem very slow to respond, but now I'm thinking Hugh Hendry is going to get a lot of interviews if he's correct to bet on higher interest rates in Japan.


Wed, 03/16/2011 - 14:44 | 1062183 antidisestablis...
antidisestablishmentarianismishness's picture

The ZH GiddyMeter went off the charts.  It's the new VIX.  Now all we need is a Hindenburg Omen to confirm the buying opportunity.

Wed, 03/16/2011 - 14:44 | 1062186 massergy
massergy's picture

Anyone know if Bill Gross has released his brackets yet?

Wed, 03/16/2011 - 14:46 | 1062192 camaro68ss
camaro68ss's picture

I think ben is over there showing them how to print the shit out of things

Wed, 03/16/2011 - 14:46 | 1062197 jkruffin
jkruffin's picture

Is there any doubt that Stocks = AUD/JPY?


What kind of crooked crap is this ponzi made of really?  This is a joke across the board. Who in their right mind would buy a stock these days? Bernanke and Harry Wanger are the only two idiots dumb enough to do it to my knowledge. LOL

Wed, 03/16/2011 - 14:46 | 1062199 What_Me_Worry
What_Me_Worry's picture

An almost perfect "V"

Wed, 03/16/2011 - 14:47 | 1062202 Clapham Junction
Clapham Junction's picture

WOW-Time to give Prechter some serious PROPS when he gets it right!

PPT getting in gear as I write this, however.

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