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Market Reaction To Bernanke Speech: Disappointment
Alas, the market still refuses to acknowledge that the S&P will need to drop below 1000 (and whatever the appropriate level for the RUT is) for Bernanke to greenlight QE 3 which will in turn send everything to the moon (better have those collocated algos ready and steady). Judging by the post-speech reaction, markets may finally be getting it, just as Bernanke is also getting that he is dealing with a heroin addict who will not settle with methadone (aka "extraordinary" and "extended").
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long SDS, bitchez! :)
Panacea. Goddess of healing. He alludes to the fact hes not healing anything.
www.silvergoldsilver.blogspot.com
Sounds to me like no formal QE3
I may be in my pajamas, but I studying for my PHd
Bill Schaefer made a financial gain with his invention.
Attention parents and grandparents with Gerber's life insurance
Get MAGIC JET!!!!
and the genius of Steve Liesman all brought to you by CNBS!
Bernank is killing it as a comedian! Killing it!
That's his real calling in life! Shit, who knew the bearded Keynesian mutant could be so damn hilarious?
A+
HEY all we need is the nations #1 employer McDonalds to hire 250,000 new part time min wage workers monthly, and we're all set!
yeah but steven wright has already copped the deadpan, depressed, rambling delivery.
Maximum employment and price stability sounds pretty good. Why only the medium term? Why not short and long term also?
I didn't think I'd laugh but that is HILARIOUS.
But those results are not typical...
until they deem the bear ETFs as a threat to the 'stability' of of the financial system...
I'm still waiting for them to vaporize my holdings!!!
the only true equity is inverse equity derivatives
That was a nice swoon!
Looks like the S&P found support...aka the closing bell :)
Heh heh heh...
lol
haha fantastic comment. laughing my ass off here :D
found support, aka closing bell :-)
BIG LOL
What is the definition of temporary? Transitionary? IN time frames?
3-6 month? 6m-1 year? 2-4 years? Any ideas?
Until the Chairman is no longer Chairman and doesn't have to address these issues anymore.
"Transitory" is a relative term...as is the term "solvent"...neither of which apply to the US/World economy.
T.E.I.N. everyone!
T.E.I.N.??? New to zero hedge. Thanks.
The End Is Near (I'm the resident ZH doomsday prophet....me and a few thousand others!)
It's an homage to Tigger's famous departing phrase: T.T.F.N.
it is somewhere between a nanosecond and a light year... (and i chose a small unit of time and large measure of distance on purpose answering that one... straight from Der Benanks handbook - smoke and mirrors... and printing presses)
;-)
A light year is distance, moron.
(Sorry, couldn't resist. Just in a bad mood, and you were handy.)
Shoulda been parsec...
For your information... Nixon was saying in his infamous speech that they were going to take the USD off the gold backing temporary. That was 1971.
What is the definition of Transitory?
Doing the same thing over and over, expecting different results.
Beautiful.
Its ok... its only transitory... lol
Murder, rape & pillaging are transitory events.
Your transitory events have lasted since pre-history. 50,000 years since there has been anything to pillage but stealing goes back much further.
Sunshine is as true as the breeze. Both are needed for plants and plants are needed for every other living thing.
Life is transitory. Is the FED?
those pesky 'speculators'....
we'll get heroin on the moon too, not much oxygen though
1st comes debt ceiling lift
next comes a main street stimulus "jobs" program
then comes the Fed
Then comes elections 2012
So everything thats already failed, just do-over again! Wow should work great and fool lots of people into believing their Ramen noodles are lobster and filet.
Ramen noodles have less saturated fat and are lower in calories than lobster and filet mignon dinners, so The Bernank, Jeethner & NerObama know what's best for us.
We're richer and healthier!
Timmay wants to make us richer all right. Looks like he is furiously searching for the greater fool to better his dumping price on GM.
http://www.bloomberg.com/news/2011-06-07/treasury-said-to-be-reluctant-to-sell-part-of-gm-holding-at-current-price.html
Thats all...everything now is just trying to find a greater fool to dump the bubble to.
I have advised Chairman Bernancke that QE3 is only a start. We also need a $5 trillion stimulus to create or save millions of shovel-ready jobs.
Shovel this.
In your defense, I can see the logic of spending $5T asap. May as well get some dirt moved while you still can buy a shovel with $USD! Preempt the FED and bankers! If we are going to drop money from helicopters, at least hover over mainstreet rather than wallstreet. burn.
Excellent advice Mr. Krugman. May I be so bold to suggest that your bastardized Keynesian brilliance be utilized to gain political support for the FED simply hiring every unemployed/underemployed person in America, paying them $30,000/yr each for a two year period. The FED would only have to extend its balance sheet by another 2T (which is less than the amount handed to the Elites) - and the 30,000,000 newly employed Americans can be put to work providing massages and hand-jobs to the Kleptocrats....talk about your economic stimulation!!!
T.E.I.N. everyone!
the bernanks speech was a
" boner killer "..
http://www.youtube.com/watch?v=Gy2LCAtwrZo&feature=feedu
ES at the lows right now.
12 points down in a flash crash.
IYR remains a safe haven, it was actually up today.
Resource stocks were totally destroyed in the last 10 minutes.
Damn, you flip flop more than Cramer
IYR will come down
Even PDs don't flip as much as the RoboMondayMorningQB
I think Robo gets paid by the number of junks he receives.
Ben is clearly in uncharted territory! Spasms in his voice are a CLEAR INDICATOR!
+1
ah, Ben is the addict and the dealer....smoking his profits away
Yeh...but it seems that as Unca Ben speaks about what we already know....seems like the Plunge Protection team has a sturdy ES bid in @ 1283.00.
Now where's that deer in the headlights pic.....
Good post.
BAC at two year lows. Financial sector in good shape? Thanks Ben.
might be too soon to cluck, big drop (4 days) before this, I'll say bounce to 1315 by fri.
Would luv TZA at 37, or 36.50
The trillion dollar question: does QE3 ensure further stock market juicing, or does the debasing of the dollar ensure stock market Armageddon?
Could it be both? How about this?
The fiat juicing will cause an inital rise in the S&P. The smart passengers flying in the Bernankhawk will be standing near the door with the ripcord in hand. Soon after they bail out and land in Galt's Gulch, Cap'n Benny's fuel pump will start sucking air and the wreckage will be laid at Washington's feet on Wall Street.
Yep!
Guaranteed!
the bernank is full of crap.
market didn't go down, it passed out from boredom.
the blow ups have been in the sovreign space. has government changed? "it's just an interest rate" still seems the "modus operandi" to me. i can live on 25% Greek interest rates--but obviously "i prefer 25% closer to home." not IN my home nor running it of course! in the meantime "the forever upward sloping demand curve for oil still remains intact." who am i to argue with a bond market inversion should it occur? i mean "i won't be the one saying the social security check is in the mail" when the time comes. God help me if it's "all about the Weiner" when that hits.
Did Bubble Ben just say that there was "no cost to the taxpayer" ? I think I need to go clean my ears....
Ronald Reagan famously said "all the nuclear waste that we need to deal with can fit under the chair i'm sitting in right now." Just accept it and move on...
Reagan also said "I have only one thing to say to the tax increasers. Go ahead--make my day." And then he raised the payroll tax.
What an excellent idea.
Term limits enforced by nuclear waste.
How much scope for intervention does the Fed have left? As of June 1, according to the Fed's consolidated balance sheet, the Fed is now leveraged 53-to-1 ($2.79 trillion in assets / $52.6 billion in total capital). This is more extended than Bear Stearns and Lehman were just prior to their failure. The principal difference being that the U.S. Treasury, and by extension, the U.S. public, is on the hook for any losses incurred by the Fed. -- John Hussman, Phd., CEO of Hussman Funds
No cost to taxpayers, indeed!
"no cost to the taxpayer" in Ben's world means that with a few keystrokes he can create money that is infinitely floated, shuffled, and flipped.
On the actuarial table everything balances, but that is the lie of accounting.
Sophistry with numbers is a drug.
Equivocation with databases is porn.
Ben will debauch the currency and induce stagflation (if not more) and on his binary abacus there will be "no cost to the taxpayer".
The "Dear Jim" letters must be burning up General Jim's fax machine....
"But Jim, you promised QE to infinity!!"
Poor David Duvall has to get the fire extinguishers out again.
lulz. You are still the perfect fade, Momo. Gold held up while your bank stocks tanked. You must be puking up blood. But Momo, you promised.....
Momo and his mom are in the ultralong (25x) 'We Own Every Diseased & Herpes Pustule Encrusted Whore of a Bank & Financial' ETF.
So did Turd ( must be a QE3 )
Goof, should pay for Santa's dry cleaning after riding coattails last few years ( rustle, pirate, embezzle, pluck, plunder ect ... )
Lmao!
I thought YOU said 'QE to infinity'...now youre trying to put it on some guy named Jim? How are your bank stocks doing?
The banks lead us down in 2008....same deal ...here.....rolling over.....I see
Gotta love it - according to the chairsatan himself - while commodities are way up, price inflation is low because people cost less now. Prices going up, income going down, what could possibly go wrong?
Perfect two day double bottom.
Bottom? You aint seen shit yet...wait until this crackhead market goes into real seizures!
How do I get back into Mom's Womb?
Isn't that what every male (myself included) tries to do from the moment Mom starts pushing?
"Wait a minute, I didn't sign up for this."
the bernanks mother pushed, but he came out the other end instead!
+1
I'll be out in an hour.
disappoint is not panic... the market just wants a glimpse of what's round the corner...it doesn't want a moon shot...
Crackheads do not deal in subtleties, its either crack feast or crack famine.
Awww..playing coy with us Ben?
We know you have to be so very, very serious and salute the stock market, Wall Street and King Dollar. So you have to be like a parent and say:
"No desert until you eat your vegetables!!"
But we want desert now! The whole thing will swoon: the market, the dollar and maybe even bonds too unless you give us desert!
And like an indulgent parent who just gives up on the bratty kids you'll give it to us...if we bug you :-)
The solution to the problem is to spread the blame...
I nominate you.for best post of the day.
There have been so many good ones it has been hard to choose.
QE3 is just a transitory treatment for a transitory condition!
kind of like valtrex is a transitory treatment for herpes...
http://news.yahoo.com/s/ap/20110606/ap_en_re/us_book_review_the_ripple_e...
The above link is for a book review on the new book: The Ripple Effect, The Fate of Fresh Water in the Twenty-First Century.
If we don't stop immigration, all immigration, and scour those who've been let in under the guise of "family reunification" (so many false records?...) then it just doesn't matter. This is the circus to have you miss the point. The point being that nothing anyone does matters if this country is not saved from the reverse colonization as the third worlders are forced upon us to save us from our "white succes." Look at any other country and no one else (well maybe the French) have agreed to genocide themselves and give their country away. Everywhere else people fiercely protect their borders and their country. And for those of you who think we are "helping" the Mexicans? Are you kidding? Mexico is one of the richest countries in the world, brilliant in having us pay for the births of their citizens, feeding and clothing and educating their children, and providing dual citizenship (based on the lie that you can steal citizenship by stealing the Constitution that is th right only of the people of the United States. You see at any time, mexicans can run for the border and be taken in by a country whose natural resources include non-genetically modified crops, mining (coal, silver, gold), a fierce and undying loyalty to their own country seared by the heat of the Mexican sun and the heat of those wonderful pablo peppers.
Meanwhile, the United States plays carnie with this glorious country, giving it away to the world's floatsam under the guise of "compassion", which is just another world for self-genocide/self country-genocide.
Good luck.
Sure Mr Market the crackhead is disappointed, no giant bag of crack was handed over to them by Bernank!
Cold turkey, withdrawal symptoms.
Mr. Market's body is jittering.
Reality is so cold and biting when the party is over.
People seem to think now the crack junkie can now just go about his day with no more crack, and lead a pretty stable and productive life....
WRONG! Crack addicts need ever increasing amounts of crack every day or they fly into fits and cause mayhem and murder. Cant have it both ways people!
Fed playing hardball with the Treasury. You won't do anything fix it so we won't.
So now the arm in arm Siamese twins are supposed to be squabbling combatants? Sorry not buyin it.
He did point out that inflation is a concern if commodities continue up..
Bernanke should do us all a favor and make HIMSELF transitory!
+3T
The patience of the ChairSatan is bubbling over. He wants QE more than anyone, because his Nobel Prize depends upon it, but he knows that with just a little more time the squirmy rats will be begging him for it. He just wants to know that his Precious loves him.
I am not sure what to make of the speech/answers. I think the metals are acting as if he is very close to extending QE although not ready to admit it.
Stocks are going down, but for how long. I think I hear a guy who wants to QE but needs shelter from that dreaded commodity inflation.
Consistent with trying not to move markets, but I think the right bet is commodity long, stocks short term short, but ultimatley long on inflation trade.
Impossible to ead hawk into these comments, so game on for commodities. OPEC meeting will drop prices tomorrow.
Just in time : slumping in to the long hot summer
Slouching ever closer to Gamorah...with no crack.
the bernank is a one trick pony. funnel profits to the banks while spouting psychobabble.
If we all yell for QE3 at the same time, we'll wear him down.
Join the Wall Street crowd as they descend on Washington in the march of the overprivileged underachievers .
As I stated this morning; "Easy money, short indices ahead of the bernanke's speech."
This is such a setup to QE3...
On an unrelated matter... Why does Bernanke always sound like a high schooler doing his first speech? Is he that nervous? He's been chairman for how long now?
Grow some balls and print the sh*t already.
Its hard to say whats going on without saying what is going on and not mentioning all of the real problems, wouldn't you get nervous lying to hundreds of millions of people on TV?
Great I hope he does do QE then we can finally bury the Fiatsco dollar and gold will be $1,700 overnite...bring it on.
Dang i was nostalgic.for the real harry wanger. Been so long since ive seen the real one i mistook you for him, harry wanqer.
Sure glad you aren't pining for harryweiner ...
You gotta love Ben.
The man with the Midas mouth, turning equities into Gold.
One thing Ben has done is to turn a lot of Fiatscos into gold!
In 2008, those golden equities lost more than half their value, on average, in a few short months.
Midas Touch & Bernanke Put, indeed!
Where is the clown with the seltzer bottle when we need him?
seriously jamie? what is the point of this stupid question? Hi, I'm Jamie Dimon, I'm on TV, yeah!
that had to be the longest strangest question ever
JD: Hi, my name is jamie and i´m a moneyholic
Crowd: Hi, Jamie.
as if they don't talk at the orgies.
Just let Max Keiser ask a question or two!
I'm confused...... what was THAT supposed to be good for? It changed nothing at all regarding the market, except perhaps letting it for one day open and close at the same price.
Jami "Demon" Dimon just talked himself breathless with a stream of bullshit about the great recovery and a list of lies while fawning before the FED Chairman and pretending to ask a question which was really a statement that said:
"You WILL let the TBTF banks create another bubble and rape the responsible households of the world all over again in 10-20 years if not sooner."
He is also afraid someone will write a book in 10 years criticizing him. LOL.
Theyll be writing about Ben in pictographs on cave walls in 10 years.
Waugh is sucking Bernanke's weiner.
Bernanke looks like he has lost more hair...
I heard QE3 announced in the form or reinvesting principal payments on the Fed's existing portfolio. That whole "stock is the flow" thing.
Beautifully put T. D.!
Tuco Benedicto Pacifico Juan Maria Ramirez
BTFD is going to become JLTB.
Hotel Bernanke
Welcome to the hotel Bernanke
Such a lovely space
Such a lovely pace
They easin’ it up at the hotel Bernanke
What a nice disguise, bring your goldman alibis
Mirrors on the debt ceiling,
The green cocaine on price
And she said ’we are all just prisoners here, of our own entice’
And in the chairman’s chambers,
They gathered for the feast
Then stab it with their fiat knives,
But they just can’t kill the beast
Last thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
’Q E’ said the Fed man,
We are programmed to deceive.
You can checkout any time you like,
But you can never leave!
I Pledge Allegiance to the Chicago School
of the United States of America
and to the Primary Bankers
for which it stands,
one Nation under Ben,
indivisible,
with dollars and treasuries for all.
QE 3 (As sung by Barack Obama)
When I find myself in times of trouble, Ben Bernanke comes to me
Speaking words of wisdom...QE 3
And in my hour of darkness, he is standing right in front of me
Speaking words of wisdom...QE 3
QE 3..QE 3.........QE 3....QE 3
Whisper words of wisdom...QE 3
And when the broken hearted sheeple, living in the world agree
There wil be an answer...QE 3
For though they may be blinded, there is still a chance that they will see
There will be an answer...QE 3
QE 3..QE 3.........QE 3....QE 3
Yeah..there will be an answer...QE 3!!!!!!!!!!!!!!!
T.E.I.N. everyone!
POMO Rain
The fresh new hit by Ben 'Bubbles & Bananas from B52s' Bernanklecide & The Insane Clown Keynesians
I only wanted to see you laughing in the easy fiat rain.
Nothing but "Pure Pain" for:
- John Hathaway
- Rick Rule
- Eric Sprott
- Eric King
Another horrid day of underperformance from the PM stocks, and another "nightmare" day of overperformance of REITs and retail stocks today.
I'm sure these guys are at their wits end.
They will probably will dump the PM stocks for good and buy bullion and Treasuries tomorrow, and we'll soon hear of many gold funds closing down.
Good eye Robot. Thanks.
Silver is up 1 %
Robo fading the subject again...how about your great bank stocks?
Can you post the video of the doomers™ getting tossed out of the pickup ( Gonzo Lira, J. Williams, R. Prechter, P. Farrell ect ... )
No, but by the by we'll be able to post one of you cleaning the streets...with a toothbrush.
projecting his own "pure pain" onto others robottrader thinks that those of us who own gold and silver can't look at our own accounts and see green.
btw: tzoo when you were boasting about it at $103 is now at $60.
robottrader: projecting daily his own failures in life onto other successful men.
Silver was at 17.36 a year ago. Where is it today, again?
So in other words the gamblers broke even.
QE III, QE III, QE III, QE III, QE III....Skynet out....zzzzzzzzzz
Handbags at dawn.
Was I the only one listening to Jamie Dimon, both squaring up and ultimately crying, because he's not getting his own way.
Suck it up Dimon, my heart fuckin' bleeds for you. It's such a hard life at the top.
Posturing from Dimon, fake question, making certain he publicly pressures Bernanke to not hurt his profit margins from 0.25% money at the back window and creating another credit bubble to feed the bonus, swap, fee, bankster gang-bang rape party of responsible households still rockin' and rollin' in the Babylon of U.S.A. on the Hudson.