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Market Recap: Wholesale Selling
Today's market action has been essentially one-way wholesale selling of every dollar-denominated asset class (except allegedly Kindles, which are now accepted as Fed discount window collateral (until HR 1207 passes we won't really know), and are rumored to soon have a direct brokerage feed allowing readers to buy (but not sell) Amazon stock). Stocks and bonds (entire curve affected, not just the far end) are both getting pounded, with the VIX climbing almost 10%, as the dollar has been rising all day. Either this is another headfake, this time without a Dick Bove scapegoat, or a dollar renaissance could finally be in the making, with a subsequent drubbing of all dollar-denominated assets. Once again the question is does the world, in its ongoing duel against the US federal reserve, finally feel lucky?
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Looks like the anti-Bernanke trade to me...
This whole thing smells fishy? I can't make out the smell, any guesses?
Scrod.
Denninger seems to think that the credit markets are going to lock up again.
http://market-ticker.denninger.net/archives/1539-Possible-Credit-Disloca...
A hand full of stocks clogged the toilet and prevented a proper flushing.
I hate low flow.
+20 - Call it the Kindle trade.
CAPTCHA's on Fridays are no fun.
Must like those Monday crosswords as well...
Entertaining day.... :-)
Started off well when Ms Quick's agent must of noted her recent lack of key demo
outreach & suggested the higher hemline outfit for the low angle camera shots for the location shoot.
http://www.cnbc.com/id/15840232?video=1305034181&play=1
Not to be out done,
MCC(s) agent had the tight white top primed.
http://www.cnbc.com/id/15840232?video=1305424239&play=1
Its getting catty on the US side of the network now their "onsale"..
Meanwhile on the other side of the world
Ms Drury was the class of the field
http://www.cnbc.com/id/15840232?video=1304532212&play=1
How bout a trade. Tits Cabrera & Beaker, for Ms Drury and Simon Hobbs.
Hell, we'll even through in Kudlow.
Ms Drury & Mr Hobbs should be lined on US prime....
Hopefully comcast will have primed the focus polls....
:-)
That's "throw" you dumbass!
;-)
Larry will be thrown a life "line" at FBN
I was correcting my poor spelling above. Not intended at you. Sorry if it came off that way.
Larry worked for Fox at one time. I wonder how they parted ways in the context of future employment.
It didn't , It made me smile... :-)
Larry seems to still be on good terms with Roger & Neil over there.
Did someone call me?
That Cabrera clip is hilarious when they zoom in on her tits.
Indeed. :-)
The smooth left pan zoom on MCC(s) was well orchestrated.
Both Ms Quick's low angle thigh shots & the usual MCC(s) zoom should make their agents happy!
Interesting-
I have been concerned about a bank holiday for some time, I don't like this screen notice:
On Saturday, October 24, 2009, from 3:00 p.m. ET until 7:00 a.m. ET Sunday, October 25, 2009, Wells Fargo Investments, LLC will participate in an industry-wide disaster recovery exercise which may result in the brokerage website being unavailable for all or part of the event. Please contact us to place transactions if you are unable to access your account online during this exercise. We apologize for any inconvenience and we thank you for your patience.
Not sure if anyone has any information on this considering it is industry wide? If certain individuals ever get wind of a proposed bank holiday, I am sure there would be a significant amount of panic selling.
link?
Brokerage account.
I would love to know where Warren Buffet, Ben Bernanke, Marc Faber, Jim Rogers, Bill Gross, and Paulson have their personal bank accounts and brokerage accounts.
I don't like fine print, bad counter-party credit risks, zero interest on deposits, and notices like the one I referenced without any details. Short term treasuries, foreign resource rich country bonds (AUS, CAN, NZ) and gold are probably the safest places right now.
I maintain accounts at a few national Singapore firms. I recently trimmed my Swiss Franc holdings at Baring Bros which is NOT a repudiation of the firm. I also maintain a dollar position in the form of a few Certificate of Deposits at a particular American mega bank. You know my thoughts on gold and the Australian paper. Best, JBR
Thanks for sharing- interesting indeed. SHTF is only a matter of time...
Seems like a non-event.
http://www.clearingcorp.com/bulletins/2009/bulletins/b29-072.html
It's fairly common in the industry, but anything might be a possibility.
I work for one of these exchanges and we're doing disaster recovery testing tomorrow too. I don't believe a notice was sent out to customers because no one will be affected. This is a test for next month when we (along with the other exchanges, AFAIK), will be running the exchange out of our DR site on the day after Thanksgiving. So when you get a similar notice about November 27th, remain calm and step away from the sell button. Not that there's not another ten thousand reasons that you should press the sell button, but this isn't one of them.
AN,
A decade ago I ran IT for a large investment bank. We did DR (Disaster Recovery) drills all the time after the first Trade bombing. We shut one facility down and made sure the second (in NJ) would come up and function. We took everything offline. As much as I agree that the world will likely feel it's coming to an end fairly soon I doubt this has much to do with it. If we didn't do DR drills we caught all kind of hell from the risk officer and the CIO.
Funny, biggest online broker in the Netherlands has the same sort of message. Offline due to maintainance from this moment until Sunday 07:00 AM
Goldman closing on two new offerings for long dollar against G20 currencies?
or
"Take profits around the edges" (Flat Earth Society)
or
Play with my compensation and see what happens... http://www.jimmurrayart.com/Assets/Pics/Wallpapers/Chimp_1280.jpg
Savvy investors just had to raise a little cash to buy into the new opportunity of a lifetime - GBE preferreds.
http://finance.yahoo.com/news/Grubb-Ellis-Company-Announces-prnews-3435655000.html?x=0
Right after they got that 401k loan to buy the stock on margin in their Fidelity HeatMap Concentration account.
That graph has me on the edge of my seat. Won't be long now folks...hold on, this could be a wild ride.
10000 DOW, 1100 SPX, $85 OIL all courtesy of GS. Just about there. Easy to predict when you're fiddling with the levers. Anyone know Goldman's oulook on Gold and USD?
i don't know their gold outlook but they've been calling for a dollar rally and iirc the €/$ got right about to their threshold yesterday.
i don't know their gold outlook but they've been calling for a dollar rally and iirc the €/$ got right about to their threshold yesterday.
I work for WFC. The DR test is legitimate. It affects the brokerage only, not the bank. Has been planned since at least August & sponsored by SIFMA & FIA.
Amazon a steal at 60x earnings. ahem.
I'm buying with both hands...IT'S A NO BRAINER...bells...horns..whistles...sarcasm off
I am waiting for 120x (after those amazing christmas kindle sales).
[Now doing my best Jim Cramer impersonation]
"Look, here's the bottom line:
BUY-BUY-BUY! ... BUY-BUY-BUY! ... All Abooooaaard! ..."
Seven months of a one way trade is due for a serious correction. I don't know if this is actually the start but this rally certainly is long in the tooth by historical perspectives.
The AMZN move is almost comical. (10x normal volume)
Anybody know which group of hedge funds was caught short?
The entire planet just formed a circle and opened fire on them.
time to play chicken?
http://www.reuters.com/article/governmentFilingsNews/idUSN239264420091023
Timmy needs move 116 billion of product next week. Can't have all the dealers playing in the market.
So the question remains, if ~50% of that tab is to be picked up by his banker buddies, what impact will that $58B have on the market?
careful of a the most unruly bear shakeout ever at 1060.
a watched pot never mean reverts.
Tyler,
I don't agree at all with you when you finished with that f... stuff: "Once again the question is does the world, in its ongoing duel against the US federal reserve, finally feel lucky?"
I strongly believe that I can't fight against the fed or any central bank. (For example, last week end, I was playing monopoly with my 8 year old daughter. She was lucky because I explained her a real time lesson of the current financial crisis. Everytime she was losing, I was printing money, giving her and me (for equity reasons) as much money as she wanted in order for her to stay in the game..... I was a very good father, a "coooool guy", whereas the game was over as soon as I saw that she was unable to recognize that I was just printing money....).
But I strongly believe that a lot of guys in (or out) of the financial community are aware of the monetary illusion we are all facing!!!!!! It is not a matter of luck, it is a matter of conviction, of right judgment, of education for less-or-more-educated professional people (we all spent a lot of time studying economic history while sitting........). We don't have to feel lucky eveytime we factually proved that we were right (or more modestly not false...) against a majority of people! (scuse me, I'm a conservative french with over 200 years of french revolution history....).
Chance can deserve only people that worked a lot in order to be prepared for it!!!!!!
i/you/we can't fight the fed...the fed can't fight the business cycle
we all lose
well, except for the 1%
can't touch them
Two distribution days in one week. Not a good sign. Someone is in deep kim-chee and needs cash FAST. Start looking at the regional banks boys and girls and reading their reports. Things "ain't" what they seem in the Bubblemedia....
I miss the old-school zerohedge.blogspot.com days where Tyler regularly responded to commentary that was directed his way...
I guess in Project Mayhem, the 6th rule is that Tyler chills in the executive suite. It is good to see Marla pop in every now and then, though.
Delevering is a bitch and a half. Your carrytrade positions just got squozen.
Things to consider:
-TED spread turned up last week or earlier. JNK and High Yield ETFS are down. Dollar up, all asset classes down today. What we need is a nice chart of the flattening yield curve-the race to "safety."
Maybe everyone sold all their dollar assets to buy a bucket full of Kindles, or Amazon/Apple/Goog/MSFT stocks. Oh forget MSFT, that must be grandpas and grandmas thinking its 1999 all over again.
Oh, talking about currency, the GBP move today was interesting - harbinger of what could happen when vampire squids have all the stars aligned and the 10 year crosses the magical 3.8%.
Overheard during lunch in a hedgies corner in the City : "f%#@1 lazy Brits could at least have taken some tuition from Uncle Sam on how to smooth GDP data...really pathetic bunch"
Looks like some hedge funds weren't lucky on there on their jolly come lately carry bet on the GBP :)