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Market Probing Doug Kass' Bottom Theory

Tyler Durden's picture


Earlier today, enthused by the idiotic futures meltup, Doug Kass of sent out the following tweet: "i am sticking with my forecast that we saw a
yearly market bottom last week.. coming up.. hello darkness my old
friend $$" which was sent on the heels of this one from July "
i beleive today
will mark a classic bottom $$
The market is now about to probe said bottom theory as volume picks up. Keep in mind- bottoms are a rounding process, although the classical bottom has now been penetrated.


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Tue, 07/06/2010 - 14:07 | 454779 King_of_simpletons
King_of_simpletons's picture

LOL. Even a crazy nincompoop is wit the program these days.

Tue, 07/06/2010 - 14:58 | 454951 ShankyS
ShankyS's picture

Is Kass the inverse of Prechter? One call down five to go!

Tue, 07/06/2010 - 14:08 | 454781 ghostpirate
ghostpirate's picture

seriously, that dumbass Kass sent out that tweet at "top tick" this morning.... LOL!

Tue, 07/06/2010 - 14:11 | 454782 Young
Young's picture

Hope you're right TD. I'm still a bit anxious, the market has a tendency of falling to the broken trendline (hourly chart) then going up like crazy... Just saying :(

Although it also has a tendency to double bottom, break out of the range topside and then go straight back down the bulls kisser :)

Tue, 07/06/2010 - 14:20 | 454835 Young
Young's picture

1st sentence above: Fuck, it seems to be happening...

Tue, 07/06/2010 - 14:29 | 454869 -1Delta
-1Delta's picture

the 10yr called the rallys bluff this am...

Tue, 07/06/2010 - 14:08 | 454785 HelluvaEngineer
HelluvaEngineer's picture

VXX was on sale this morning!

Tue, 07/06/2010 - 14:15 | 454815 firstdivision
firstdivision's picture

So was TZA!

Tue, 07/06/2010 - 14:34 | 454880 TheSettler
TheSettler's picture

DRV was the blue light special!

Tue, 07/06/2010 - 14:10 | 454792 walküre
walküre's picture

message to Doug Kass ... this time is different. LOL.

oh, one more.. stocks are cheap here ...

Tue, 07/06/2010 - 14:10 | 454794 homersimpson
homersimpson's picture

I'm still pissed over how much money we taxpayers are on the hook for in regards to today's ramp-up job via SKYNET.

Tue, 07/06/2010 - 14:13 | 454806 HelluvaEngineer
HelluvaEngineer's picture

It's not real money anyway.

Tue, 07/06/2010 - 14:35 | 454882 Ripped Chunk
Ripped Chunk's picture

It's not real money until you say "fuck it" and stop paying taxes. Then they come and take all your shit (and sometimes even you too)

Oh, sorry, my mistake. I just described getting divorced again didn't I?


Tue, 07/06/2010 - 15:05 | 454968 Gordon_Gekko
Gordon_Gekko's picture

What if you don't own anything?

Tue, 07/06/2010 - 15:14 | 455004 crosey
crosey's picture

Nice move.

Tue, 07/06/2010 - 15:41 | 455124 Mr. Anonymous
Mr. Anonymous's picture

Freedom's just another word for nothing left to lose.

Tue, 07/06/2010 - 15:54 | 455182 weinerdog43
weinerdog43's picture

Debtor's prison for you!

Tue, 07/06/2010 - 14:15 | 454816 Young
Young's picture

If pension funds can sue BP for falling share prices, then can't I sue PPT for rising share prices?

Tue, 07/06/2010 - 14:11 | 454799 unionbroker
unionbroker's picture

Too many traders now know the game sell into a short squeeze don't cover 

Tue, 07/06/2010 - 14:12 | 454801 Cognitive Dissonance
Cognitive Dissonance's picture

The pain Tyler and company must endure to bring us the latest. Since I see no "h/t" sign I can only assume you actually follow the tweets of Doug Ass........ops, sorry.......Doug Kass.

I want whatever pain killer you're taking Tyler, though I better start at a half dose.

Tue, 07/06/2010 - 15:23 | 455044 ZeroPower
ZeroPower's picture

Cramer has even more followers than him. Sad.

Tue, 07/06/2010 - 14:12 | 454802 SheepDog-One
SheepDog-One's picture

Oh BOOYYSSS! I think he's back for his noontime feeding!!

Tue, 07/06/2010 - 14:31 | 454874 -1Delta
-1Delta's picture

ya sometimes he eats late but it always happens with about 3mm cars..

Tue, 07/06/2010 - 14:16 | 454817 godfader
godfader's picture

Barton Biggs >> Dough Kass!!!

Soon to come: Barton Biggs >> John Paulson!

Tue, 07/06/2010 - 14:19 | 454822 John McCloy
John McCloy's picture

Altucher & Kass in a Clash of the Titans.

Just another add them to the notch list of permabulls who will hold all the way down to new S&P bottoms. These folks have never seen what a modern day depression looks like but I can assure them it will be equally as bad as the 1st great depression yet more modern in appearance making it more difficult to recognize. After the coming wealth wipeout in the stock market im looking for 500k+ job loss as the norm.

Tue, 07/06/2010 - 14:25 | 454852 Caviar Emptor
Caviar Emptor's picture


We'll be celebrating "bottoms" for quite some time to come! My guess has been that the "bottom calls" will begin to proliferate at a frequency of every 3-5 weeks as we plumb lower. Bottoms up, Doug Kass!

Tue, 07/06/2010 - 15:16 | 455016 RichardP
RichardP's picture

Celebrating fat bottoms??

Tue, 07/06/2010 - 14:47 | 454922 Wyndtunnel
Wyndtunnel's picture

Instead of oranges for Christmas it will be five-year-old refurbished iphones..The horror! The horror!

Tue, 07/06/2010 - 14:18 | 454828 Young
Young's picture

Jeez, this guy should be put in an insane asylum:

"In other words, Mr. President, what is good for Wall Street (and our stock market) is good for Main Street."

Tue, 07/06/2010 - 14:26 | 454842 Cognitive Dissonance
Cognitive Dissonance's picture

Agreed about the insane asylum. This may have made sense decades ago when Wall Street could have been adding some "value" (however small) to the economic system, but not today. I fixed the quote.

"In other words, Mr. President, what is good for the abuser is good for the abused."

Tue, 07/06/2010 - 15:46 | 455146 Mr. Anonymous
Mr. Anonymous's picture

And this little nugget of idiot savant idiocy:

"Yesterday, in "Something Good Is About to Happen," Jim "El Capitan" Cramer made these prescient points on RealMoney, which I paid attention to but few others did. . ."

Because Cramer is a fucking idiot, you idiot.

Tue, 07/06/2010 - 14:26 | 454830 firstdivision
firstdivision's picture

I see that PPT just powered up for their afternoon pump. 

*EDIT* I see they made Friday's close the resistence for the rest of the afternoon.  "To the moon Alice".

Tue, 07/06/2010 - 14:23 | 454844 maff
maff's picture

I like

Market Probing Doug Kass' Bottom

much better than

Market Probing Doug Kass' Bottom Theory

Tue, 07/06/2010 - 14:26 | 454858 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

Thank God I wasn't the only person who read that headline too fast. And giggled like Beavis & Butthead afterwards. Heh heh, he said 'Probe'.

Tue, 07/06/2010 - 16:13 | 455242 Miss Expectations
Miss Expectations's picture

"I have had a dream, past the wit of man to say what dream it was: man is but an ass, if he go about to expound this dream."


A Midsummer Night's Dream

Tue, 07/06/2010 - 14:27 | 454853 techperson
techperson's picture

" These folks have never seen what a modern day depression looks like.."

And the guy with the printing press is going to make sure they see inflation - more inflation - and hyperinflation long before his successor will let anyone see what a modern day depression looks like.

The German stock market went from 70 to 26,000,000 during a similar period.  Best not to get caught on the wrong side of that trade for philosophical reasons.

Tue, 07/06/2010 - 14:29 | 454867 John McCloy
John McCloy's picture

  Yeah but I think Ben is starting to realize he cannot print enough to cause inflation. The deflationary pressures from so many bubbles on top of bubbles and globalization has made it near impossible to compensate for the deflation.

Tue, 07/06/2010 - 14:37 | 454887 Dr. No
Dr. No's picture

Ben can end this deflation in a weekend if he chooses.  Just charge a fee for bank reserves held by the FED rather than pay interest.  M1 will go through the roof.  Ben has holstered his gun but still has lots of bullets.

Tue, 07/06/2010 - 14:48 | 454923 TooBearish
TooBearish's picture

Yessiree- but Ben has to time it right, much closer to the elections, not waste his bullets during summer doldrums - throw just enuff at the bitch to keep the crash outta play, then after Labor Day - moon....

Tue, 07/06/2010 - 14:50 | 454934 John McCloy
John McCloy's picture

  Please explain to me in more detail Dr. I like to learn. Sounds like negative interest rate is what you are implying. That ever been done? I would not say possible since we all know the Federal Reserve and wall street have now become more powerful than all 3 branches and are immune from such bothersomes as constitutionality.

Tue, 07/06/2010 - 14:59 | 454954 Dr. No
Dr. No's picture

I can appreciate the the difficulty in comprehending negative interest rates, after all it defies common logic.  However, these are uncommon times and some have called this the new normal.  The FED has the ability to create cash out of thin air and due to the econ theory Ben subscribes to, he will do anything to fight deflation.  He is on record stating he would drop cash from helicopters if need be.  Dropping Benjamin's from a helicopter everyday will create inflation since most will spend this money (unless everyone grabed the cash and immediatly stuffed it in thier mattress and not deposited in a bank, but this is unlikely).  I agree, negative interest rates seem strange and most people think it can't exist, but why not?  Charging a fee on reserves could be Ben's helicopter.

Tue, 07/06/2010 - 15:24 | 455047 firstdivision
firstdivision's picture

There is one Benjamin I'd love to see go out of a helicopter and onto the pavement of Wall Street.

Tue, 07/06/2010 - 15:26 | 455055 Dr. No
Dr. No's picture

I threw that slow pitch out there to see if anyone would take a swing...;-)

Tue, 07/06/2010 - 15:18 | 455023 Bonesetter Brown
Bonesetter Brown's picture

The FED only started paying interest rates on reserves in 2008 or 2009.  It was one of the responses to the crisis.

The FED doesn't need to charge for holding reserves, it can simply stop paying interest in order to prompt a behavior change by the banks.

Tue, 07/06/2010 - 14:58 | 454950 Crummy
Crummy's picture

Yeah, I suppose if we shoot the children they won't starve to death.

Tue, 07/06/2010 - 14:48 | 454928 Chartist
Chartist's picture

can we please stop talking about money printing without including money velocity in the same paragraph?

Tue, 07/06/2010 - 14:55 | 454944 -1Delta
-1Delta's picture


Tue, 07/06/2010 - 15:05 | 454966 Dr. No
Dr. No's picture

I agree, although lots of dollar digits (DD's, or double D's) have been newly minted, they are kept in shiny uncirculated condition due to holding as reserves at the FED.  When I speak about charging a fee, I am talking about the FED kick starting the velocity by shoving all that money back into circulation.

Tue, 07/06/2010 - 15:35 | 455078 hound dog vigilante
hound dog vigilante's picture

"...but I think Ben is starting to realize he cannot print enough to cause inflation. The deflationary pressures from so many bubbles on top of bubbles and globalization has made it near impossible to compensate for the deflation."


I agree 100% with this perspective. The HUGE diff. b/t 20's Germany & the US today is globalization and the decline of national sovereignty. In a relatively closed system (like a national economy in the 20's) it is EASY to inflate/hyperinflate. In a relatively open system (today's global economy sans regulation) consumer sentiment is FAR more powerful than the printing press. BB is printing in a black hole.

If an indefinite, utterly ineffective ZIRP policy from the world's de facto CB (the Fed) is not absolute evidence of BB/Fed insignificance, then I don't know what is.

In a global fiat economy, real estate is the canary in the coal mine... if real estate continues to deflate, the other asset classes MUST follow. RE is the ultimate measure of consumer sentiment & solvency.

One caveat... certain "commodities" necessary for life/commerce will run contrary to the broader deflationary trend.

Long story short, equity/capital cannot meaningfully appreciate (beyond the occasional manipulation rally) if RE is still looking for a bottom. It's just that simple. So long as RE continues to fall, all equity/capital rallies should be shorted, IMO.




Tue, 07/06/2010 - 16:13 | 455193 andy55
andy55's picture

Well, you seem to presume that a CB will behave traditionally by only purchasing government securities as the means to stem deflationary expectations (as is the case with Japan and the Fed doing everything wrong the 30s). 

The key is to understand what Ben's helicopter argument actually means in practice (turns out it's not actually dropping bales of cash into city streets from a helicopter, but it's not far off either): the CB simply bids up whatever kinds of asset classes it sees fit to stem deflationary expectations (as they arise).

Read the following (skip the math) and see if you still feel as confident that a traditional debt deflation scenario will play out with the Fed 2.0 behind the wheel:

Note the various citations to Bernanke in the piece--these guys are all in VERY similar schools of thought.

Once you start to understand their mentality, you realize that they already have most of the tools they need.  What they really lack is the legal authority to place bids any asset class (or do they?), ultimately resulting in asset price floor.

Remember that deflation spirals because of expectations that prices will fall without limit, so if a CB employs practices discussed in the linked piece, then the spiral can be broken.

All the Hugh Hendrys out there are right about the scale of debt deflation in the hopper, but they underestimate the Fed 2.0, completely dismissing its long-term ability to inject trillions (yes, a 't') into the system without it ending up as bank reserves, given enough time.  So with this in mind, one can even argue that rising gold prices actually help the Fed out (in the short/medium term) because it helps stem deflationary expectations.

Faced with national crisis and debt scare, is it too far-fetched to consider a future where the Fed will directly or indirectly give lines of free credit to households?  Oh, and don't forget the part where BofA, JPM, Citi, etc partner with the Fed to distribute this new supply of 'emergency' credit.  Think the sheeple of the US are going to fight that one?  Their alternative is to see the establishment that they feed and skim upon, violently shatter and spark a nasty reboot.  Anyway, this is just an example/demo scenario, but I think it conveys what lengths the parasites will go to in order keep their hosts alive.


FD: long gold, long silver (for the above reasoning that the Fed 2.0 will use all means necessary to support asset prices to offset debt deflation in the coming quarters/years)

Tue, 07/06/2010 - 16:15 | 455249 hound dog vigilante
hound dog vigilante's picture

The IMFWPA piece dosn't change my perspective at all. Why?  Because Fed/CB direct bidding for assets is already happening, and it's not working. So they'll do more of it, on an unprecedented scale?  Big deal.  They are/will be ALONE in the marketplace, as NOT ONE private capital interest will participate in such markets - which is exactly what markets look like today... QE supporting prices via "indirect" bids, and computers trading the intraday micro-trends.  No sane person/wealth will buy and risk being caught "holding the bag".

IMO, this Fed 2.0 is already in action and is failing (of course).

QE/monetary policy of CBs has been meaningless for over two years now, and I can see ZERO evidence that this can/will change. When massive QE/printing does finally trickle down to the street (prob. years from now), the deflationary collapse will already have done it's damage, and the fiat FRNs will transition from marginal utility (as a currency) to worthless (hyperinflation) within days/weeks... such will be the short and sweet demise of the FRN as we know it...


Tue, 07/06/2010 - 16:33 | 455286 andy55
andy55's picture

I'm not suggesting that direct or indirect price support of assets will be successful at all in the long run. In the short run, the Fed's actions *have* been successful in that the prices of various asset classes amidst massive volatility and liquidity swings have been relatively stable (for now). We of course need to look no further of recapitalization of the big banks thanks to the Fed buying all their junk from them at mark-to-myth value and all that cash being used to support US debt prices.


You may want to watch out for your terminology...  QE *hasn't* been "meaningless" in that it's staved off massive collapse for a short time.  Am I saying this is a good thing?  No.  I'm just saying their actions have been with intention and a there's a plan--just a shadowy plan that makes the rich richer and will make the fall worse for the average American.  Obviously, because most Americans don't have even a basic understanding of economics or finance, only a handful of Americans (i.e. us folks here on zh) even have the capacity to see how things could play out.


As far as I can tell, we're in full agreement.  The artificial price support of various asset classes continues to this day via direct and indirect newly issued currency.  It's just tiresome to hear "deflationary collapse" when it's so clear the Fed has every means and channel ready and waiting to support asset prices.  Of course the Fed will become a larger and larger player as things deteriorate--just because there's fewer and fewer market participants doesn't mean prices are guaranteed to do down.  Frankly, my money is on the side who (a) can legally generate as much cash as needed, and (b) benefits from the status quo staying intact.

Tue, 07/06/2010 - 16:35 | 455309 hound dog vigilante
hound dog vigilante's picture

"It's just tiresome to hear "deflationary collapse" when it's so clear the Fed has every channel ready and waiting to support asset prices."


Except real estate.  That's the key.  As RE sinks, other asset classes are bound to follow, regardless of monetary policy. The term 'deflationary collapse' is entirely appropriate, esp. if one views RE as the baseline...


Tue, 07/06/2010 - 16:51 | 455344 andy55
andy55's picture

Well, if you consider that 30 year rates are so low (for now), that banks have serious play with who and what mortgage assets they foreclose on (triggering price realization), and that interest tax credits will persist then there's price buoyancy right there.

Plus, another federal housing subsidy is likely to be just around the corner so if/when that comes, that's equivalent to an across-the-board price level increase.

Let's not forget that the Fed already bought massive piles of real estate paper to (a) save its banks and (b) prevent forced selling of real estate assets (a price support measure).  In fact, all that junk paper the Fed bought from the big banks at par?  Yeah, those are real estate assets. 

So I'd say it's clear the Fed has and will remain committed to real estate price level support.

Tue, 07/06/2010 - 22:11 | 455945 hound dog vigilante
hound dog vigilante's picture

"So I'd say it's clear the Fed has and will remain committed to real estate price level support."


If, as you say, the Fed will remain committed to real estate price level support, then I/we can expect more of the same results... RE asset deflation.  The Fed's "commitment" is has failed and continues to fail. 

Again, all evidence points to an ineffective/powerless Fed.  None of the commitment or support demonstrated by CBs has worked thus far, and one might reasonably conclude that more of the same tools/playbook will yield more of the same results. I see no rationale for sudden reversal/change in the effectiveness of failed policy.

Wed, 07/07/2010 - 12:05 | 456673 andy55
andy55's picture

If, as you say, the Fed will remain committed to real estate price level support, then I/we can expect more of the same results... RE asset deflation.  The Fed's "commitment" is has failed and continues to fail. 

By your logic, the median home price would be unchanged if the Fed wouldn't have intervened by providing artificial demand for mortgage-backed paper.  Please stop being argumentative and nonsensical.


Tue, 07/06/2010 - 17:15 | 455430 ATG
ATG's picture

Inflation a very crowded trade...

Wed, 07/07/2010 - 12:06 | 456691 andy55
andy55's picture

Inflation a very crowded trade...

Who said anything about inflation?  Devaluation and inflation are very separate things, plus the word "inflation" is an entirely clunky, coarse word that refers to a broad list of phenomena.

A CB can simply conduct debt monitization to offset debt deflation pressures, leading to (relatively stable) price levels while the ratio of total paper assets to hard assets continues to increase (i.e. devaluation).  It's my working thesis that is what has been occurring over the past 18 months and what will continue to occur until a new spark occurs, igniting a global sovereign debt crisis as the world discovers there's not enough future productivity to repay global aggregate debt levels.

Tue, 07/06/2010 - 17:38 | 455504 techperson
techperson's picture

andy555  +infinity

someone gets it!

Tue, 07/06/2010 - 14:30 | 454854 LeBalance
LeBalance's picture

Obviously D(o)ug K(ass) is probing for a bottom.  How name appropriate.  Maybe he and Barney Frank should get a room.

Parental Alert: Have some care what you name your child, it is programming after all.  They hear it every day and act accordingly.

Richard Head has no chance.  Did you think (R[D]ich[k])ard [Nix][on] did?

Might as well call your child: BDSM Magnet.

Tue, 07/06/2010 - 14:46 | 454920 Paper CRUSHer
Paper CRUSHer's picture

Yeah, but be sure to wipe the probe when your through.I recommend using the following:

Regarding "Bumbling"Barney Frank getting together in a room with Doug'z Azz.......My,my i shudder to think but what a sight to BE-HOLED!.......HOLY S***

Tue, 07/06/2010 - 14:26 | 454856 chindit13
chindit13's picture

Since 10:15 this morning, the market has been clearly manipulated by.....sellers.  If the SEC wasn't so busy probing Doug Kass bottom, maybe they could do something about it, like get somebody to stick save this market toward the close for a nice 100 point up day.  After all, Wall Street leads Main Street and all that stuff straight from Doug's bottom.

Tue, 07/06/2010 - 14:30 | 454871 Young
Young's picture

I don't get it. We try to sell it to a truer value, they have the PPT come in and save them every day, and they still call us manipulators.

Tue, 07/06/2010 - 14:30 | 454868 OpenEyes
OpenEyes's picture

"...the classical bottom has now been penetrated."

---childish snickering

Tue, 07/06/2010 - 14:29 | 454870 Ben Graham Redux
Ben Graham Redux's picture

Why give Doug Kass shit?  He's making a call - something we all do every day.  Kass does his homework and generally does a good job.  I don't agree with him but that's what makes a market. 

That said, calling this market on a short-term basis is lunacy because the algos make idiots out of us all.

Tue, 07/06/2010 - 14:36 | 454883 arnoldsimage
arnoldsimage's picture

tyler... if you get a chance, please post this video. this is a must see film and if we, all of us, don't organize and do something about this... we have completely lost our backbone as a nation. thank you.

Tue, 07/06/2010 - 14:42 | 454907 arnoldsimage
arnoldsimage's picture

the powers that be are robbing us, poisoning us and killing us. enough is enough. it's time to make a stand. right here. right now. rise up!

Tue, 07/06/2010 - 16:28 | 455292 Rusty Shorts
Rusty Shorts's picture

 - wow !!

Tue, 07/06/2010 - 14:37 | 454888 lbrecken
lbrecken's picture

To me it shows you either how easily swayed one is when exosed to other idiots since he began writing for 

Tue, 07/06/2010 - 14:38 | 454890 tempo
tempo's picture

Buy the crashes; sell the rallies which seem to few and far between.   Thanks Doug for allowing me to get out of a few positions with a profit early this morning.

Tue, 07/06/2010 - 14:39 | 454891 Boilermaker
Boilermaker's picture

Good to see FAZ is sucking ass, again.  Why not?

Of course, the fucking banks won't go down even with a massive sell off and teetering on the edge of a 40,000 foot cliff with rabid and meth addicted crocodiles at the bottom.

Tue, 07/06/2010 - 14:39 | 454895 ptoemmes
ptoemmes's picture

I recall watching Kass on Kudlow's show quite some time ago calling the SP500 666 a GENERATIONAL LOW.

Which generation?

We may test that before our generation is up.





Tue, 07/06/2010 - 14:50 | 454932 Crummy
Crummy's picture

Actually, I think they're leveraged about 10 generations ahead by now, we're up to a generation per week at this point.



Tue, 07/06/2010 - 14:41 | 454903 Gold Member
Gold Member's picture

Only monkeys pick bottoms” ~ Hugh Hendry

Tue, 07/06/2010 - 14:44 | 454912 the grateful un...
the grateful unemployed's picture

my gut tells me he is probably right. a rally to 1300 is in the cards, but that isn't the end of the bear market by a long shot, you just need to look at the 2006-8 time frame to see the volatility. Additionally forces weighing on the market, EU debt, and GOM, are both past the crisis point for investors, it looks as though the worst may be out of the way. And furthermore this market is neither free nor efficient, which means someone is in charge, and it isn't the inmates. unemployment is bad but not getting worse, the housing market has another leg down, perhaps this is it. we have a new general in Afghanistan and we will negotiate our way out. 

finally this is an important election year, and the GOP plan is to give Obama enough rope to lynch himself, (sorry) but that's what they're thinking. hey it worked for the Dems and Bush. So here we go, Camptown races five miles long, all DOO DAH DAY..

Tue, 07/06/2010 - 14:52 | 454936 SheepDog-One
SheepDog-One's picture

Election? Never happen. Theyre not going to feed themselves up (incumbents) for the worst ass kicking in history. Before the month is out we'll have invaded both Iran AND Venezuella (military family member inside info) and no election will take place. By Nov, we'll be in some kind of suspended animation state of world war/martial law no one can quite label because its never happened before.

Tue, 07/06/2010 - 17:23 | 455454 ATG
ATG's picture

This PsyOp rumour going around since at least 1979:

Tue, 07/06/2010 - 17:21 | 455448 ATG
ATG's picture

Since you're the only bull on here, you may be right ST...

Tue, 07/06/2010 - 14:49 | 454929 SheepDog-One
SheepDog-One's picture

Put Dougie Kass in a round room and tell him to find a corner to sit in...that ought to keep him and the rest of these nuts busy for a while.

Tue, 07/06/2010 - 14:50 | 454933 Crummy
Crummy's picture

These HFT kids are all power bottoms.

Tue, 07/06/2010 - 14:58 | 454952 antidisestablis...
antidisestablishmentarianismishness's picture

Kass should have stopped talking after kinda sorta calling the bottom in March '09.  This appears to be a Hail Mary damage control prediction that will either restore his reputation or send it further over the cliff.

Tue, 07/06/2010 - 15:04 | 454965 firstdivision
firstdivision's picture

Wow, 33 Liberty is really fighting tooth and nail to keep the SPX in the green.  Does that mean my taxes go up next year to keep funding traders that lose money on every trade?

Tue, 07/06/2010 - 15:20 | 455030 Boilermaker
Boilermaker's picture

Yea, it's sad, really.  They continue to shove it upward whenever the selling gets ready to slide off into the ocean.

I have no idea how they continue to do it and at this scale.  It's simply amazing albeit crooked as my schnauzer's hind leg.

Tue, 07/06/2010 - 15:34 | 455087 firstdivision
firstdivision's picture

Watching the PPT fight is like watching an animal that got hit by a car and did not die on impact.  It just flails about on its last breath until it cannot breath anymore.  So I guess that means the PPT will fight until we reach 100% taxation rates to fund this farce. 

Tue, 07/06/2010 - 15:08 | 454974 techperson
techperson's picture

" Yeah but I think Ben is starting to realize he cannot print enough to cause inflation."

John, Ben can "print" an infinite amount of money and credit just on his coffee break.  He can "cause" all the inflation he wants to, and given how much he hates deflation/depression.....I think he will. 

It is the most important investment call of our lifetimes:

1. Will Bernanke stay the course and respond to every piece of deflationary news with more QE?  

2. Or will he fold his tent and have history judge him a failure?  

3. Or will he suddenly convert to Austrian economics and recommend the Fed be disbanded?

My money is positioned on the probabilities: 100%, 0%, 0%

Tue, 07/06/2010 - 17:25 | 455461 ATG
ATG's picture

And please tell us how BSB will keep Treasury interest rates down when the bond vigilantes wake up?

Tue, 07/06/2010 - 15:15 | 455010 Boilermaker
Boilermaker's picture

REITs are falling apart today...that's been the line-in-the-sand defense for the PPT.

Have they FINALLY given up on them?

Tue, 07/06/2010 - 15:18 | 455024 HarryWanger
HarryWanger's picture

I believe this is the 4th time in 5 weeks that Dougie has called the bottom. Silly man.

Tue, 07/06/2010 - 15:37 | 455099 juno9604
juno9604's picture

lot of homophobic b.s. on this site.


as for is seabreeze partners doing these days?

Tue, 07/06/2010 - 15:49 | 455155 firstdivision
firstdivision's picture

No one said butt probes are wrong...just funny. 

Tue, 07/06/2010 - 15:47 | 455150 Boilermaker
Boilermaker's picture

What a miracle rally into the close...what a fucking surprise.

Tue, 07/06/2010 - 15:48 | 455153 firstdivision
firstdivision's picture

Did someone just light a bottle rocket on my SPX chart?  Oh Ben, you're always the comedian; especially with your sidekick Timmah.

Tue, 07/06/2010 - 15:49 | 455157 firstdivision
firstdivision's picture


Tue, 07/06/2010 - 15:52 | 455172 lizzy36
lizzy36's picture

Tyler, i find your theory on the bottoming process very instructive. 

Perhaps, you could provide a visual aid. 

Tue, 07/06/2010 - 15:57 | 455189 andy55
andy55's picture


Tue, 07/06/2010 - 16:02 | 455214 firstdivision
firstdivision's picture

That stick save was one for the books. 

Tue, 07/06/2010 - 16:28 | 455293 Lord Welligton
Lord Welligton's picture

"the classical bottom has now been penetrated"

Sounds uncomfortable.

But hey, as long as it's between consenting adults.

Tue, 07/06/2010 - 16:50 | 455355 Remington IV
Remington IV's picture

You mean I have to cover my shorts now ????????

Tue, 07/06/2010 - 17:18 | 455437 TexDenim
TexDenim's picture

He put it much better and more intelligently on FastMoney tonight.

Tue, 07/06/2010 - 17:28 | 455471 ATG
ATG's picture

DK on Fast Money today...

Tue, 07/06/2010 - 17:51 | 455526 techperson
techperson's picture

"Inflation a very crowded trade..."

10 year bond 2.93%

30 year bond 3.89%

"And please tell us how BSB will keep Treasury interest rates down when the bond vigilantes wake up?"

Bond vigilantes been sleeping for three years?  (See above)  Or are they all in GitMo by now?

Tue, 07/06/2010 - 17:58 | 455550 Wheatman
Wheatman's picture

What a fucking moron? Disaster is near as we approach the waterfall meltdown in equities. Western society as we know it is about to go down the plug hole. Obama, Geitner, morons. Rebublicans = morons. Bernanke = idiot. Get your bags of wheat.

Wed, 07/07/2010 - 00:19 | 456061 DoctoRx
DoctoRx's picture

I have some friends who lost big in a DK-run fund back in the '90s.  Just sayin . . .

They were personally quite P.O.'ed w him . . .

Fri, 08/20/2010 - 10:18 | 532704 herry
herry's picture

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