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Must. Close. Green. On. POMO

Tyler Durden's picture




 

S&P closes up 0.02; ES closes up 0.25. Both were the most blatant token green close merely to force demonstrate that POMO days will always and forever close green. The market has moved from tragicomedy and is now doing stand up alongside Coco. Ignore the fact that VIX is now up two days in a row despite positive stock closes. Shortly, we will update our POMO analysis shortly to see how many sequential green POMO closes today brings us to.

h/t Credit Trader

 

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Tue, 10/26/2010 - 16:17 | 678566 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

HI tyler did you get my email?

Tue, 10/26/2010 - 16:23 | 678581 Cdad
Cdad's picture

OT,

 

FFIV...classic.  Miss earnings...flash crash to 96ish...then ramp to 107.  That is doing it Hong Kong style.  Woot!

WFD!

Tue, 10/26/2010 - 16:24 | 678583 Bill Lumbergh
Bill Lumbergh's picture

Green is good...if the Republicans win the House and Senate then the order can be made to remove liquidity and crash the sucker and blame all the ills on the changing of the guard.

Tue, 10/26/2010 - 16:26 | 678589 HarryWanger
HarryWanger's picture

Green? Come on - it closed flat. Let's not get dramatic. And it should have closed flat.

-earnings are coming in nicely, especially this morning = flat market.

-economic data is flat, not showing much improvement but not falling = flat market.

-tons of economic, corporate and political news within days = flat market.

Get used to it.

Tue, 10/26/2010 - 16:28 | 678597 Rasna
Rasna's picture

Up day vs down day... It was an up day regardless of the margin.

Tue, 10/26/2010 - 21:57 | 679395 mtomato2
mtomato2's picture

Not gonna junk HW on this.  Technically, he's right.  But I think the biggest take-home message here is the sudden and trippy green shoot that popped up after organic trading called the day.  Which should have been about -84.

Harry, you can't act like things are normal.  You seem like a potentially smart guy.  Are you just goading them?

 

And, by the way, the captchas are definately getting way easier.  May account for all the trolling these days.

Tue, 10/26/2010 - 16:34 | 678611 SheepDog-One
SheepDog-One's picture

No matter what happens, theres Harry claiming he called it. 'Flat market, get used to it'? What kind of BS is this? Supposed 'good earnings', well take away the downward target lowering and you have crap, theyre polevaulting poles buried a foot underground now.

'Economic data is flat'....WELL yea, as long as youre willing to ignore economic data is mostly worse than the Great Depression.

But whats this 'markets flat, get used to it' line? Werent you 2 hours ago calling for big rallies for weeks to come?

Tue, 10/26/2010 - 16:36 | 678626 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

I think the real point is that we had a 70+ point rise from the days lows on the DOW. After hours getting a boost as usual also.

Tue, 10/26/2010 - 19:06 | 679033 DavidC
DavidC's picture

Quite!

DavidC

Tue, 10/26/2010 - 16:53 | 678693 AR15AU
AR15AU's picture

If you actually believe this market is trading based on economic data and not the push button control of computer operators, you should apply for intern work at CNBC.

Tue, 10/26/2010 - 17:42 | 678821 NotApplicable
NotApplicable's picture

They're hiring fluffers now?

Tue, 10/26/2010 - 17:00 | 678720 equity_momo
equity_momo's picture

Harry , sometimes you show a flicker of intellect as to what moves markets and then you go and spoil it by talking about eco data and earnings. Back to the classroom for you son.

Tue, 10/26/2010 - 17:37 | 678807 homersimpson
homersimpson's picture

But remember- Harry isn't a bull. Don't call him that. He's a trader. *snickers*

Tue, 10/26/2010 - 17:42 | 678820 Deflationburger...
Deflationburger with Fleas's picture

Harry, you flip-flop faster than a whore on a bed of hot coals.

Tue, 10/26/2010 - 19:08 | 679037 Miles Kendig
Miles Kendig's picture

Earnings are simply a reflection of a DNI waiver of SEC requirements memo and have nothing to do with performance, actual or desired.

Keep at the Gerber my dear Gerbevore.  They need sales too.

Tue, 10/26/2010 - 16:28 | 678593 Cheesy Bastard
Cheesy Bastard's picture

Wow, think of all the money the GS clients made today on thier secret frontrunning the fed on a pomo day advice! /sarc off

Tue, 10/26/2010 - 16:42 | 678637 Dr. No
Dr. No's picture

I like the new avatar!  If you really are cheesy bastard, use one of your Greenbay packer cheese hat pictures you guys are so fond of as your avatar.  I knew you were a packer fan.

Tue, 10/26/2010 - 16:46 | 678663 Cheesy Bastard
Cheesy Bastard's picture

Thanks, but I am NY Football Giants fan.  I just use that picture because I am thinking about quitting my job and not paying my mortgage.  Then I will be Spongy Bastard, and I wont have to change the picture if no one looks too close.

Tue, 10/26/2010 - 16:50 | 678680 Dr. No
Dr. No's picture

My apologies.  It has been a tough road as a vikings fan and I find myself trying to attack packer fans where ever they may be (or not be).  Good luck to you sir and my your life be filled with fortune.

Tue, 10/26/2010 - 16:52 | 678690 Cheesy Bastard
Cheesy Bastard's picture

God bless you and Mr. Favre's naked bootleg!

Tue, 10/26/2010 - 16:28 | 678594 SheepDog-One
SheepDog-One's picture

What a piece of shit market. Oh and heres Harry again going on about how well the fake earnings are going again as usual.

'Flat market'...oh nevermind the 12% market pump over the last 40 days....'flat market'....yea

Tue, 10/26/2010 - 16:29 | 678598 RobotTrader
RobotTrader's picture

As usual, the PigMen are luxuriating at casinos, on cruises, mistresses in tow.

Meanwhile, Coach handbags and Tiffany diamonds are handed out to muffle the lonely spouse.

The "V-Shaped Recovery" is alive and well on Wall St.  PigMen are getting richer than ever, even those who were nearly buried alive in the 2008 credit avalanche.

Of course, the inevitable boom that follows a bust in the ongoing  "Wash, Rinse, Repeat" cycle has brought vast fortunes to the moneychangers, paper flippers, and dealmakers.

Meanwhile, the paint on Nouriel Roubini's 1994 Subaru station wagon gets more faded every day while sitting in the NYU parking lot.

And somebody please pop those bubbles in the tinted back window of Bob Prechter's 1992 Volvo 240DL, sitting in the EWI parking lot in Gainesville across the street from the Church's Fried Chicken..

LOL....

Tue, 10/26/2010 - 16:36 | 678625 the not so migh...
the not so mighty maximiza's picture

Bail out girly men must be able to find better looking women then this.

 

 

Tue, 10/26/2010 - 16:55 | 678684 Miles Kendig
Miles Kendig's picture

Great.  One less maxin' for that Oaktown look

http://www.youtube.com/watch?v=N2J263ow5A4

Tue, 10/26/2010 - 16:37 | 678627 SheepDog-One
SheepDog-One's picture

I dont know what happened to you. Used to have decent posts, now its just in your face snobbish daily support of all this BS. I hope something causes a massive sudden unwind and youre stuck long all of it, I hope the same happens to all the rest of you buttlplugs too like Harry, etc. Bunch of self righteous smug knowitall dickheads in my opinion.

Tue, 10/26/2010 - 17:07 | 678738 No Mas
No Mas's picture

SheepDog-One this is No Mas-One: Over

I don't think the posts are snobbish, rather they are a rebuttal to the constant drone of doomsaying here on ZH.  Where you are able to factually refute their postions, I don't see any evidence they will do anything except discuss why they believe what they believe.

And being right doesn't make one snobbish!

Best of luck to you.  

Tue, 10/26/2010 - 17:38 | 678764 Miles Kendig
Miles Kendig's picture

Where you are able to factually refute their postions, I don't see any evidence they will do anything except discuss why they believe what they believe.

Try actually contributing rather than looking for the Charmin.  Got the stones to write & submit it?  Heck, if Tyler will post my work along with just about every other possible opinion out there I'm sure you could join the chorus .. and get sniveled at like the rest of us (just ask Leo for some guidance). Unless the drive to be generally accepted as "right" is your only concern. If so then Fight Club isn't the place for you

Tue, 10/26/2010 - 18:18 | 678908 Minion
Minion's picture

Fight club, lol.  I notice there are a few personalities in here that like to provoke, many more who get provoked, and still more who try to glean some usable knowledge from it all.  They would be the brawler, the rioter, and the grasshoper.  :D

Wed, 10/27/2010 - 01:50 | 679043 Miles Kendig
Miles Kendig's picture

Don't forget Tyler, the foil, n crew

 

Tue, 10/26/2010 - 17:40 | 678815 homersimpson
homersimpson's picture

Remember - No Mas has a history of telling ZH readers he is smarter than you. Take his advice with a grain of salt. Unfortunately, he's not around ZH when the Fed can't control the stock market (read: bearish times).

Tue, 10/26/2010 - 18:16 | 678900 SheepDog-One
SheepDog-One's picture

'Being right'? Oh, well I can easily do what he does, wait till market close then pick some stock chart that spiked during the day and post it. Wow real relevant. 

Tue, 10/26/2010 - 17:40 | 678818 homersimpson
homersimpson's picture

I have to second SheepDog. I guess some bulltard switch turned on for Robo in the past few months. Hard to tell nowadays whether he's sarcastic or arrogant. 6-9 months ago, you can tell he was sarcastic.

Tue, 10/26/2010 - 17:54 | 678852 Miles Kendig
Miles Kendig's picture

Standing by to stand by for extended periods will do that.  Still, by my translation Robo has been getting downright orbital on occasion while displaying a marvelously nasty streak for the 2D centricism prevalent.

Tue, 10/26/2010 - 16:47 | 678639 Miles Kendig
Miles Kendig's picture

Remember that it's LVMUY (since a topic is OTC anyway) rather than COH since blowing that other whistle just ain't in the 2D world's deck of cards .. Until it becomes an AFL issue that is.  Meanwhile, a little lesson from S. Main.  When trading the NFLX space it is best not to look at the monitor since there is always time to do that later at leisure

Tue, 10/26/2010 - 17:01 | 678724 downrodeo
downrodeo's picture

There just aren't enough pirates out there these days...

Tue, 10/26/2010 - 17:02 | 678727 equity_momo
equity_momo's picture

RobotTrader youre a waste of bandwith. Kindly cease posting your pointless charts and pictures from here on in.

A thankyou.

Tue, 10/26/2010 - 19:23 | 679071 kengland
kengland's picture

Damn straight...I'm reacch biatch....

 

Western Potash

Tue, 10/26/2010 - 16:30 | 678599 traderjoe
traderjoe's picture

Look at the decline in long bonds. TLT down from 108.50 to 100 in a month or so. Pretty substantial loss for those last buyers...

But, yes, pretty apparent attempt to get the market to close green...

Tue, 10/26/2010 - 16:32 | 678607 Turd Ferguson
Turd Ferguson's picture

I can hear Brian Williams now:

"On Wall Street today, there was blatant manipulation by Primary Dealers flush with newly minted cash direct from the Federal Reserve. Their efforts allowed the markets to stave off a hundred point downdraft and helped the market to finish mixed."

Tue, 10/26/2010 - 16:32 | 678608 LongSoupLine
LongSoupLine's picture

Finally!!  Inside spy film of HFT computers in action!

http://www.youtube.com/watch?v=RG0ochx16Dg

Tue, 10/26/2010 - 16:35 | 678616 Miles Kendig
Miles Kendig's picture

Too bad Janet & Ben just can't pull the look off.  Swine

http://www.youtube.com/watch?v=yuzfnAQcPck

Tue, 10/26/2010 - 16:36 | 678618 Waterfallsparkles
Waterfallsparkles's picture

How many already voted.  I voted today on early voting.  Anti climatic.

Tue, 10/26/2010 - 16:49 | 678671 SheepDog-One
SheepDog-One's picture

Yep, early voting gives em plenty of time to scam the elections. So exciting.

Tue, 10/26/2010 - 21:20 | 679314 Revolution_star...
Revolution_starts_now's picture

I'm with Carlin, I think I'll just masturbate instead, that way I got a little something to show for it.

Tue, 10/26/2010 - 16:36 | 678620 hambone
hambone's picture

Folks, that's it!  I'm done w/ trying to play with dollars that are part of an illusory game.  Justice, law, and democracy are dead in America.  What good is money when it can be devalued, legally stolen, or given ad infinitum to whomever the Gov please (and it won't be me)? 

I've come to the realization I (we?) are the greatest fools at the table...we are aware what is taking place (more than 90% can say) but believe by purchasing PM's or whatever that TPTB will take us along with them as the great majority collapse into ever deeper poverty and debt servitude.

We are not they...when the rules can change on the fly, "we" can lose the thread quickly and can / will be thrown down with the "unknowing" masses. 

Enough is enough.  The election will solve nothing.  The Fed announcement will only exacerbate everything.  As "mortgage gate" shows, the law nor government stands for the common man any longer. 

Folks, it's time for America's real leaders, ZH'ers, to stop pretending "an appropriate asset allocation strategy" will get us through this.  Our nation needs to be retaken (hopefully peacefully), law re-estabished, government put back to it's proper size and place (not deciding winners, losers, money lending rates, blah blah).

Not sure if I'm totally jumping the shark but I've had it.

Tue, 10/26/2010 - 16:42 | 678644 SheepDog-One
SheepDog-One's picture

Yep I agree, and Im sick of these snarky bastards like Robo and Harry and all the rest who suggest you should join them in their 'oh well if ya cant beat em join em' game. Sellout enabling traitors is all they are. Hell with it, I only take evasive action now to front run against anything they can do. All money out, buying things that will help you when these lunatics finally go full retard and crash the system because theres no more blood to suck. We're already there NOW, just depends on what the date is....next week, next month, tomorrow? Who knows but this whole thing stinks and I refuse to participate in any way.

Tue, 10/26/2010 - 17:04 | 678725 hambone
hambone's picture

No one has adequately (even inadequately) explained how lowering the current all time low interest rates to even lower rates helps the economy?  "Incents companies to borrow, build more capacity, hire more, raise wages", and we all live happily ever after in Ponzi-ville. 

How can something so stupid on the face of it be the stated policy of the Fed and our Government at large??? 

Look at todays action - POMO executed, massively overbought stocks up directly in front of an election (clear, crystal clear electoral manipulation) but even more interesting, interest rates jumping???  Almost looks like the only effect of the Fed's policy is now asset inflation in the stock market and through massive seepage, in nearly all markets the world over. 

Let's not even pretend or give lip service this is about helping the US econonomy or US employment situation.  It's not.  It's about perpetrators of crimes getting the innocent to due the time for the guilty via perpetual interest to be paid on our national debt.  Top .01% win, the rest lose in varying degrees.

Tue, 10/26/2010 - 17:11 | 678753 No Mas
No Mas's picture

It is not a game; it is reality.  I cannot beat them, I am violating no laws - only buying low and selling high ( not always in that order).  And I hate to bring down another piece of reality on you but you sir, will not beat them either.

Your refusal to participate exposes a great freedom. Do not impinge on my freedoms to do the opposite.

Tue, 10/26/2010 - 17:41 | 678793 hambone
hambone's picture

No Mas,

this isn't about buying, selling, "beating 'em"...this isn't about equities or investing. 

I'm talking about a game being played where all assets are being parabollically gathered up by a smaller, smaller group.  TBTF, TPTB...they control the assets, the monetary base, the executive, legislative, judicial, MSM, and all extensions. 

My and most Americans refusal to participate exposes average folk to the govs plan to tax directly and indirectly (inflation) and plan to change the game on your PM's (give it time...they'll get you), deductibility of mortgage interest, tax rates on XXX. 

This isn't sour grapes as I've "done well"...this is realization that we are going down the wrong path and I fear for my kids future.  The innocent are being made to pay for the sinners.

The farther we go down this road, the greater the national debt, the Fed's balance sheet...the less possible it is to unwind, exit, and ever normalize.  I'm advocating we hit the breaks, put in a new driver, and try to undo what we are doing before it is too late (maybe we are already pass the fail safe point...but not sure the math confirms that quite yet).

 

Tue, 10/26/2010 - 17:48 | 678829 homersimpson
homersimpson's picture

" Do not impinge on my freedoms to do the opposite." Oh shut up about your freedoms. No one is going to stop you from going long but I will gladly try to "impinge" on any economic action that is detrimental to the US taxpayers in the long run (read: money printing, penalizing savers, and moral hazards). People who are against this run up aren't against a stock market that goes up based on economic fundamentals and real growth. People are sick and tired of the constant stock market manipulation at the US taxpayers' expense to benefit a select few. If you're one of that select few, more power to you but fortunately you will never impinge on our freedoms to do the opposite of what you do - or the Fed.

Tue, 10/26/2010 - 18:10 | 678886 gerd
gerd's picture

Testify SheepDogOne!

All I can add is my favorite Wall Street quote compliments of Bud's father, Carl Fox-

"I don't go to bed with no whore, and I don't wake up with no whore. That's how I live with myself. I don't know how you do it."

Tue, 10/26/2010 - 17:00 | 678718 Neo
Neo's picture

I've come to the realization I (we?) are the greatest fools at the table...

We were never at the table, we've always been on it.

My, what a tasty treat we have all been.

Tue, 10/26/2010 - 18:18 | 678907 SheepDog-One
SheepDog-One's picture

Well they can all eat me Neo, I'm not playing I dont care how hard they pump the markets, this is all ridiculous.

Tue, 10/26/2010 - 16:38 | 678628 RobotTrader
RobotTrader's picture

FFIV getting slingshotted green after "in-line" earnings.

Was down $5, then up $11 in the after-life.

Must be those 17-year old 5-minute chart junkies trading this stuff after drinking 10 cans of Red Bull all day.

 

Tue, 10/26/2010 - 17:04 | 678731 equity_momo
equity_momo's picture

See previous post. We are all capable of googling for skanks without having to read your inane babbling.

Tue, 10/26/2010 - 17:21 | 678777 Cdad
Cdad's picture

Slingshotted?  Do you mean marked up while JP Morgan moves in to short and cap any misinformed investors that might try to chase that quarter and then later puke out their mistake?

Is that what you mean...slingshotted?

Tue, 10/26/2010 - 17:49 | 678835 Miles Kendig
Miles Kendig's picture

Red Bull wallpaper now appearing on page 3 .. more 2D fo sho

Tue, 10/26/2010 - 18:07 | 678880 Fearless Rick
Fearless Rick's picture

The slutty-looking one on the right, please. Thank you.

On second thought, could that one next to her wear her pants just a little lower. :-)

 

The economy sucks, the government is corrupt, there's no future, but a young ho always seems to make life seem a little better.

Tue, 10/26/2010 - 16:39 | 678632 Gimp
Gimp's picture

They are doing it because they can and know 95% of the population has no clue what POMO stands for or what it is all about.

I mentioned POMO to a group of ten non-investing adults (ages late 20's to early 60's) and not one of them had ever heard of POMO and knew very little about the Federal Reserve.

The rulers know the majority are uninformed.

 

Tue, 10/26/2010 - 16:49 | 678674 Boilermaker
Boilermaker's picture

Partial credit.  They are aware that 95% of the population has no clue and *if* they did, a vast majority of them would ignorantly cheer it on. 

"Hey, my 401(k) is up, what the fuck do I care how they do it!".

Tue, 10/26/2010 - 17:42 | 678822 Miles Kendig
Miles Kendig's picture

The rulers know the majority are uninformed.

Without question.  And that is a dynamic two edged sword there mighty Gimp.  Best -

Tue, 10/26/2010 - 16:47 | 678667 SheepDog-One
SheepDog-One's picture

I just pray these markets unhinge and flash crash big so we wont have to see these bulltards Robo, Harry, etc anymore.

Tue, 10/26/2010 - 16:51 | 678683 the not so migh...
the not so mighty maximiza's picture

They just got to keep the women decent, no posting of hogs.

Tue, 10/26/2010 - 17:19 | 678775 NumberNone
NumberNone's picture

Dog - You are sitting and watching the water...just waiting for it to start boiling.  This pot may take years before it starts boiling over.  You've got all the world's governments and financial systems endorsing Big Ben and hoping he pulls off a miracle.  They are all in on the game.  

As long as the rest of the world gives Big Ben the green light to print endless sums of money, the game will continue.  It may all come crashing down tomorrow but the smart money says they give him more time.  

Tue, 10/26/2010 - 18:22 | 678917 SheepDog-One
SheepDog-One's picture

I dont know about full green lights flashing for money printing, heres a fresh article today about China calling Bernanke insane for his madcap money printing.

Tue, 10/26/2010 - 19:08 | 679040 unum mountaineer
unum mountaineer's picture

and what's going to come from that..alot of animosity. Will it get physical..probably so. has it got physical already? hhhmmm...Af-pak? oil and the mad rush for the last remaining is a helluva drug..like cocaine. Another consideration..again, history doesn't necessarily repeat..kinda rhymes imo. 'memba Germany? didn't they go on a spree hunting down who they had in their sights as the cause of their problems..just sayin'. see some would have you believe its the muslims, the blacks, the sponges on welfare taking advantage of the system...IMO? keep your sights on you know who...and their FOAF's, their mouth pieces, their glorified tax collectors with "guns", their "organizer" heads, the gavelists with  the black robes....don't have to tell you guys though..you know the players

Tue, 10/26/2010 - 19:14 | 679047 unum mountaineer
unum mountaineer's picture

it can all happen as more good people start behaving badly. And why are they behaving badly? (Why look at the macro fraud around them)..will the perps stop their bastard ways? nope, they're no better than crack addicts at this point and can't stop..won't stop.people are trapped like rats..desperate and drowning..self preservation trumps all at the end of the day. give it time. it will unveil itself. never thought I'd see this shit go down..but any average joe sees in the shits day in and out sees it..keep the powder dry

Tue, 10/26/2010 - 17:56 | 678855 Sophist Economicus
Sophist Economicus's picture

'What goes up, must come down' and 'time is on your side'

 

When it blows, it will be a doozy...

Tue, 10/26/2010 - 16:49 | 678672 drswhaley
drswhaley's picture

Rerun the POMO analysis looking at open-close delta - today, down big at open, but by the close it was flat - huge positive return on day.

Tue, 10/26/2010 - 16:52 | 678689 Rasna
Rasna's picture

The market (ES - SP500 emini Dec contract) showed weakness most of the day:

  • Range from the open (8:30 central) to 9:30 - 1174 to 1182.75
  • Range for the rest of the day was around 3 points
  • Sell off started around 3:30 From 83 half to 80 quarter and was shut off
  • Ramp started at 3:48 to close - 80 quarter to 83 half

I could go into the total down vs up points and where hte bias was, but suffice it to say, given that it was a POMO day, the market displayed weakness.

Tue, 10/26/2010 - 16:58 | 678715 crzyhun
crzyhun's picture

Interestingly the TB curve is steepening. Wonder if it will hold up or roll down? And, Fed's sysiphian drive may be wearing out in the law of diminishing returns....

"We will know in the fullness of time." John Hart. RIP.

Tue, 10/26/2010 - 17:17 | 678770 treemagnet
treemagnet's picture

Like the man said, about five major financials all hedging against each other.  Not much of a hedge - "I'll lean on you and you can lean on me".  Its not gonna take much to make these greedy fuckers think about getting out ahead of the others...cause they'll only be room for one in the lifeboat.  The big financials are weaker, more vulnerable, and never more dependant on a system that is continuing to not require them. Hope ain't much of a strategy.  Throw in HFT's, insider selling, outflows, and that loud, smelly drunken MERS fellow (whose lawyer buddies always make a big deal out of illegal shit), allow for some year end selling for window dressing AND the future unknown tax rate, and down is very possible.  My opinion is it'll be a combination of whatever and mood in which in occurs that'll really matter - but I think it'll matter.  Then, then, Ben will get out the big bat.

Tue, 10/26/2010 - 17:21 | 678779 Spirit Of Truth
Spirit Of Truth's picture

Maybe the Adam Smith's "Invisible Hand" of free markets should be changed to the market manipulating "Visible Hand" of the Fed since that's what now governs pricing.

Tue, 10/26/2010 - 17:23 | 678785 Cdad
Cdad's picture

Well, Ben did say that he was working on improving transparency.  Mighty nice of him, I think, to manipulate the market in plain sight.

 

Tue, 10/26/2010 - 17:21 | 678782 Mentaliusanything
Mentaliusanything's picture

The market seems heavy and ponderous, Full of speculation at the Buffet of Pig Men .......... Do Stockmarket bubbles have Weight.

You bet your Sweet Ass they do! 

Tue, 10/26/2010 - 17:52 | 678846 bullwhip29
bullwhip29's picture

I figured it was high time the VXX got rolled back. The QID can't be far behind. Hey, we get to ride this from $50 back down to single digits again. As some have said numerous times... Wash. Rinse. Repeat.

Tue, 10/26/2010 - 17:54 | 678851 treemagnet
treemagnet's picture

What are thoughts on VXX then....

Tue, 10/26/2010 - 18:00 | 678864 gigeze787
gigeze787's picture

Perfect manipulation: LVS close @ $41.00

Near-perfect manipulation: HIG close at $24.99

Crush. The. Shorts. No. Matter. What.

Tue, 10/26/2010 - 18:04 | 678872 Arkadaba
Arkadaba's picture

Love the headline Tyler - are you channeling Eric Cartman? LOL

Tue, 10/26/2010 - 18:12 | 678892 Fearless Rick
Fearless Rick's picture

Wo gives a fuck about stocks? Though I had a good laugh today when I figured out BofA's P/E was 51.36 on trailing earnings.

By God, Cavendish, it must be a growth stock!

My daily tribute to the Gods of Wall Street:

http://moneydaily.blogspot.com/2010/10/shocking-fed-does-25b-pomo-stocks...

Tue, 10/26/2010 - 19:17 | 679054 Brokenarrow
Brokenarrow's picture

Got your 401K all in the spy?

 

You're a sucker. get used to it.

Tue, 10/26/2010 - 19:46 | 679104 Spirit Of Truth
Spirit Of Truth's picture

It's all about lifting confidence amongst those gambling with America's savings, and what better way to do that than to make it clear the Wall Street casino is rigged to pay them off.  One would think the Fed's "Visible Hand" is going to lose its grip at some point, and then all bets will be simultaneously off in an HFT algorithmic contagion of complete insanity.

Tue, 10/26/2010 - 20:52 | 679257 HarryWanger
HarryWanger's picture

Ok, I'll bit, everyone. Since I see economic data ever so slightly improving, just barely as I keep saying. And that leads me to believe that it's not getting worse. Maybe I need to spell that out. Any minuscule improvement logically dictates the it isn't deteriorating.

So please, any of you economic geniuses, please tell me which economic data are deteriorating to support a "fall off a cliff". Because I got a shit load of data that says it ain't. 

Tue, 10/26/2010 - 21:35 | 679349 Sophist Economicus
Sophist Economicus's picture

Harry.   All I have is ancetodal data from the folks that live around me.   We live in Eastern Pa and are an extended 'bedroom community' of New York city.    There was some business activity this summer, but it has all but dried up. We live in a semi-rural area, lots of the folks around here are contractors, welders,  etc  -- farming doesn't pay anymore and everybody tries to work a 'real job' to make ends meet.   Lots of hard working men don't have any work anymore.    We have several factories in the area -- a juice packaging plant, paper mill, etc.   All are running single shifts now.    The lumber yards, real estate folks, community banks, etc have laid off workers.     Merck, Sanofi-Adventis, Pfiser, J&J all have offices across the Delaware in NJ  -- they have all laid off white collar folks during the past 18 months -- lots of homes for sale with no buyers.    The car dealers have been laying off folks, the municipalities announced layoffs to cut costs.    I can go on and on.   I think out here we have levelled off for now -- but if I had to bet on whether we move up or down from here, my gut is DOWN.

Tue, 10/26/2010 - 22:04 | 679410 Miles Kendig
Miles Kendig's picture

The data sets are as reliable as a AAA rating from NYC.  Worthless.  As are any decisions premised upon them.

Tue, 10/26/2010 - 22:09 | 679427 Iam Rich
Iam Rich's picture

HW, I always appreciate your tells.  Seem generally on target and your PM and dips into Apple plays have held up smartly.  Not sure why you get so much crap.  Still, you know deep down that the strategy is to simply not fight the fed or better yet to front run the fed.  The economy, well it feels like the other shoe has yet to drop.  Maybe that's the wall of worry.  However, earnings reports are yesterday (look back) with a guess about tomorrow and gov't data is mostly yesterday and flawed (GDP, BLS).  I like:

http://www.consumerindexes.com/

70% of the economy depends on this and those revenue/earnings depend on this also.  Ususally pretty good feel for where things are headed.  Tradeable tomorrow?  Hmm, not really.  Maybe a bottom in fact and hence tradeable?

I like Hussman:

http://www.hussmanfunds.com/wmc/wmc101025.htm

Seems he has it on straight, also.  Again, tradeable tomorrow?  Not likely, but a few months or more from now, probably.

 

Banking "problem" not going to hurt?  I can't even tell how big this problem is but it apparently starts with a $T.  Chris Whalen and Reggie think it will hurt, just not tomorrow.  Heh, they probably front run the fed also and are smarter about it than I am.

I have no specifics for you.  Can't point to that chart that says down tomorrow.  However, there appear to be serious problems that are simply being papered over.

Wed, 10/27/2010 - 01:11 | 679787 FischerBlack
FischerBlack's picture

The VIX daily close (green or red) matches the S&P500 daily close (green or red) 44% of the time. We hear a lot about the inverse relationship between the two, and it holds true for large moves. But most daily market moves are not large, and the inverse relationship isn't anywhere near as reliable in periods characterized by small S&P500 true ranges.

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