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POMO Begins, Stocks Surge
The 10:15 POMO start moment when the Fed begins to indirectly buy Amazon and Netflix is as stealthy as a fart in an elevator. Nobody even pretends to hide the manipulation. Enjoy the free for all.
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In case anyone else got sick of the NYFRB historical data interface:
Data: Spreadsheet of All Permanent Open Market Operations (POMO)
get your BAC now or be priced out forever.
Does the Fed post in advance the dates that they are doing POMO?
I thought it was Monday / Wednesday / Friday..
apparently not.
This week its Tuesday and Thursday.
Next week is Monday, Wednesday and Friday.
Nothing scheduled...yet...for the following weeks. QE2 takes over after that?
Working rotating shifts at Bernanke & Co.
New sched comes out Nov 10
Not that this matters much. Odd days, even days...as everyone is now trying to get in on the action the day before POMO anyway.
When this starts to fail, we get daily POMO or at least the "hint" that they could execute one at any given moment. I guess the good news is that this means they may be hiring.
Excellent. Thanks.
http://www.newyorkfed.org/markets/tot_operation_schedule.html
You forgot BIDU. Also known as the uglier, dumber Google.
God Bless Brian Sack !
How is the fed indirectly buying equities simply by buying treasuries from primary dealers? /ducking from insults hurled by asking such an obvious question.
HP -
PD's post toxic crap at the discount window and Fed turns on the HP DeskJet and prints some bucks, loaning it to the PD's.
PD's buy treasuries from Treasury with newly minted cash borrowed from the Fed.
Treasury spends new cash on buying votes,er, entitlements, er, essential government functions.
Fed turns on the HP DeskJet and prints some bucks. Fed buys treasuries from PD's with newly minted cash.
PD's need someplace to "invest" the now-freed cash, so they buy from the "Approved Churn" list, which apparently is AMZN, AAPL, NFLX, and whatever Robot Trader attaches booby pictures to.
Billions get added to the markets this way, driving up the price of stocks, commodities, and bonds, and driving down the value of the dollar. On non-POMO days, the dollar seems to rebound, recapturing some of the POMO gains. Like any other marginal utility curve, POMO is reaching point of diminishing returns.
POMO my ass,t'was IBM's $10B buyback that caused the spike higher....said Erin Burnett!
IBM nothing else to invest in...no future growth outlook.....guess we will buy back at the top.
Now sorry, but I'll disagree here. IBM has an some future potential that could shatter todays ideas of computing. That's bout all I can say.
I would like to take a moment and thank Uncle Bennie for improving on my ROI today with regards to the shiney stuff.
yup..just smile and wave boys..just smile and wave.
Thank you Lord Bernanke. You are truly the second coming. You have the power to make lame people walk and blind people see. You offer loaves and fishes and i accept thy mercyful gift. All those who trash thy holy name does not see the light and will walk in darkness. Im not worthy.. Amen
and don't forget the banker's prayer.." thank you for the advance in advance, amen"
That sounds like blaspheme. Give me 10 Hale Ben Marys
"Free Market" what a joke, America in decline but hanging on for dear life until the bubble bursts. Government no better than a crooked casino operator with weighted dice.
FED buying stocks indirectly?
More like the ADMINISTRATION gave the Fed a strong hint it should pass out the newly-counterfeited "money" to someone likely to buy the right stocks - something that will continue until the November 2 erection.
After that, all bets are off.
POMO must be small, the market high did not last too long. Was this another < $1B?
<edit> Holy crap, look at NFLX go today. Hopefully we can hit 100 P/E to make some people feel nostalgic..party like it's 1999 again.</edit>
Bring back CMGI and Star Media!!
11.00 a.m. and up up and away . Holy Hyperbole Batman !
Looks like $2.5 billion to me, markets back to red...wow wasnt that a fun ride, and money well spent!
OK now back to computers chasing around 80 P/E stocks like frat boys chasing a hooker at the kegger.
10/26/2010
Operation Type:Outright Coupon Purchase
Release Time:10:15 AM
Close Time:11:00 AM
Settlement Date:10/27/2010
Maturity/Call Date Range:
02/15/2021 - 08/15/2040 Total Par Amt Accepted (mlns) : $2,500
Total Par Amt Submitted (mlns) : $11,305I see Larry Summers' hand in this. Maybe just an elliptical reference to the "need to boost stock prices" before November 2. Maybe a direct remark in the hallway, away from cameras, recorders and lights. Bernanke got the message, Brian Sack his instructions and the old game of "lipstick on a pig" is off and running. Daily until November 2...
But none of these characters have the foggiest, faintest fucking clue what this money counterfeiting is doing to the real world. They never go into Dollar Stores or WalMart or Target...never see sloppily-dressed and prematurely-old-looking 40-somethings with their snotty-nosed kids...loading up on Twinkies, donuts and lite beer with food stamps, carting it all home in their 1986 Toyota to watch American Idle together...never see tens of thousands of 20-somethings and 30-somethings living in their parents' basement, jobless & smoking a couple packs a day, with their overweight and college-degree-holding wives keeping the budget together with part-time table waiting...
They never see America becoming a welfare-state Mexico. Or something out of Soylent Green. They just read the numbers. GDP. Money velocity. Loan uptake. "Official" unemployment.
In the REAL world...
Great description of Middle Class America unfolding. However you forgot the unpaid credit card bills crowding the kitchen table, while the cable TV has all the channels and they all stay up-to-date with Farmville.
I kinda like being 21 and living with my parents and smoking a couple packs a day. I resemble that remark.
How many billions was this POMO to prop markets barely green momentarily and back to red? Pathetic. They should all be arrested immediately if there was any sanity left in this country.
BTW for all those smokin the Hopium for Bens warehouse stacked to the rafters with Q/E2 trillions on Nov 3, not gonna happen.
What are you talking about, it spike the Dow 80 points off of its low. Mission accomplished there. Just buy right along and make some money. About as easy as it gets.
A central banker can stay insane much longer than you can stay solvent.
... much longer than the country can stay solvent.
++
DOW weekly chart shows the rising wedge contained within the megaphone pattern. This remains a very bearish picture and we should
get a breakout soon.
http://stockmarket618.wordpress.com
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