The S In S&P Stands For...

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Tue, 05/04/2010 - 16:19 | 331387 BlackBeard
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Shit & Poo 500.  Like Nascar with skid marks everywhere.

Tue, 05/04/2010 - 16:20 | 331390 bruce wayne
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Tue, 05/04/2010 - 16:23 | 331407 sheeple
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Tue, 05/04/2010 - 16:40 | 331450 ZerOhead
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Nope... Siesmograph! The Brits have already nailed this one down... no need to worry... they assure us it's distant! (Probably across the pond... whatever that means...)

Tue, 05/04/2010 - 16:24 | 331408 Mitchman
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Well, at least there was no run up in the REITs and the retailers during the last hour of trading...

Where's Harry?

Tue, 05/04/2010 - 16:26 | 331415 ZackAttack
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Buying ahead of the 10AM and Noon news, apparently.

Tue, 05/04/2010 - 16:58 | 331511 Mitchman
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+1000 LMAO at all the above

Tue, 05/04/2010 - 16:32 | 331445 Recovery3000
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His margin got called and he had to report for his new shift at the 7-11

Tue, 05/04/2010 - 16:44 | 331478 Cognitive Dissonance
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From King of the Hill to King of the Slushies in one day. That's gonna leave a mark.

Tue, 05/04/2010 - 17:07 | 331530 Cheeky Bastard
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Yeah, his minimum e-brokerage requirement got wiped the fucked out what with all the margin calls and him not hedging his madness[100% long, 100% of the time]. The dude loaded up on GS after GS lost 2000 bips in one day and went long, just to lose another 1000+ bips after the hearings. And he loaded up on AAPL after AAPL issued its 10Q report and bought a chunk of AAPL shares bidding 270 p/s. That calculates to a 38% loss on just two trades, and im not counting his positions in ETFs and Indexes or any other derivatives. The dude got his ass handed to him. 

Tue, 05/04/2010 - 21:36 | 331866 Hulk
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Hopefully he will get pistol whipped in a robbery attempt!

Wed, 05/05/2010 - 06:14 | 332148 Cognitive Dissonance
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Hulk, you've been in rare form the past week or so. New vitamin? I know the still isn't up and running.....yet.

Wed, 05/05/2010 - 10:41 | 332546 Hephasteus
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Ya ya. All those big green grimacing guys always claim they aren't juicing. But why are they green and why are they grimacing. Huh why? It's a hangover. LOL

Tue, 05/04/2010 - 16:48 | 331486 Ned Zeppelin
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In fairness to Harry, he called out support at 1170-1175, and it closed at 1173.

Tue, 05/04/2010 - 16:53 | 331499 ElvisDog
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Yeah, but he was adjusting is "can't go lower than this" number in real-time. It started at 1200, went down to 1180 or something, and eventually landed at 1170. I can make great predictions too if you let me change my guess every five minutes.

Tue, 05/04/2010 - 17:11 | 331539 Cheeky Bastard
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He also said S&P "shall not pass" 1181 aka. "maximum pain level".

What a fucking douche that guy is, even if he is a troll. 

ZH is 100% macro-economic, geopolitical, big narratives site not some stock peddling, pumo-and-dump scheming bulletin board.

Tue, 05/04/2010 - 16:26 | 331417 John Law
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Lol. So much for "rock solid" support of 1175. It became rock soild resistence 10 mins from the close.

Tue, 05/04/2010 - 16:26 | 331420 cougar_w
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[carry traders to be carted off trading desks in body bags]

Deathbed humor at the end of the empire. Only at ZH.

Tue, 05/04/2010 - 16:27 | 331422 Comrade de Chaos
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What I find interesting is that there are number of issues that posted double digit gain and all of those have high short float. Someone was losing $ in both directions.

Love the smell of blood late afternoon. : (

Tue, 05/04/2010 - 16:29 | 331428 SDRII
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Seems if you are going to hint at an invisible hand on the upside hard to ignore it on down days

Tue, 05/04/2010 - 16:33 | 331448 Captain Obviousness
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There is no "invisible" hand on the down days, it's perfectly visible.  See the green volume spikes every down day?  It's only invisible on the no volume up days.

Tue, 05/04/2010 - 16:29 | 331432 lsbumblebee
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Tue, 05/04/2010 - 16:33 | 331440 plocequ1
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Now this is what I call a post I can believe in. I have awoken. I'm listening.

Tue, 05/04/2010 - 16:32 | 331442 Cognitive Dissonance
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Does this mean the heads and shoulders formation has now been confirmed? Looks like it to me, regardless of what happens tomorrow. Of course, the rabbit still has a few more tricks up his sleeve.

Silly rabbit, Trix are for kids.



Tue, 05/04/2010 - 16:44 | 331477 Sniper
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Yes, but the lowest I would see it going is to the 200 dma which convenientely works out to a 10% correction.

Tue, 05/04/2010 - 17:01 | 331510 ZerOhead
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Copy that CD... head and shoulders confirmed!

So what's the next direction... up or down? (Sideways apparently is not an option...)

Tue, 05/04/2010 - 18:18 | 331641 Cognitive Dissonance
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You had me laughing out loud all afternoon. Every time I thought about your prototype Fedco ZIRP (TM) blowout protector (BOP) you were fabricating for BP and "for the kids" I would bust out laughing. One of the funniest things you have ever come up with. And that's saying a lot. Put me on your "suckers to purchase 10 or more" list. :>)

Tue, 05/04/2010 - 16:33 | 331447 Double down
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No mind telling you all, I am shit scared.

Tue, 05/04/2010 - 16:46 | 331467 Mako
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You see the thing is... the future is not going to be much different then the stock market.  You see you jump from stock to stock now to find safety, in the future you have to use those skills to jump from foxhole to foxhole, hoping you picked the right one.

The only thing you can do is explain to your children the end result of using the equation.   There is nothing that can be done, and there was nothing that could be done since probably before you were ever born.

If nukes are not used, you we will probably avoid the path of the dinosaur for now.

Tue, 05/04/2010 - 16:44 | 331475 sysin3
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Please, please say that you have not been buying lately.  And most hopefully not on margin.

Tue, 05/04/2010 - 17:30 | 331569 Cheeky Bastard
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Dont worry, there wont be any global wars, mass global genocides or anything like that. This was all planned, and the plan is going accordingly. The ultimate goal is the New World Order aka Anglo-American Empire aka Grand Global Unification. Much of European sovereignty was taken away when EU formed EMU and set multi-national laws with no respect to the countries in which the laws will be applied. The next step will be mass inflation in the USA. And then the IMF will introduce a one world currency (SDR). The West will be united by the same scheme Europe was united with and exchange of goods and services will flow between the USA and Europe until China is finally broken and forced to enter the aforementioned joint currency. The small countries will follow. Then the cycle will be repeated, but there wont be any defaults or sovereign bankruptcies a la Argentina and [99% probability] Greece. The presiding country will be the USA and it will rule the province just like Rome once did. It may look like at the present like Dionysus is winning and that Apollo is mortally wounded, but the underlying law of the Universe is that it tends toward ultimate equilibrium. Some call it cause and effect, karma etc, but it is the only undeniable truth separated from both space, time and event. So worry not, if they want Utopia, they shall have it. For how long i dont know, but they shall have it; that much i can guarantee you. Certainly it will be a system in which [if i survive long enough] humanity will disgust me more than it does now, a system in which mindless, stupid 99.99% of the population will not exist but react like lower forms of bacteria react when exposed to suns illumination, in which self control within the individual will be a taboo since it means putting an end to many many of your desires. The world will not end, it will just sink lower into the lowest pits of disgust and savagery some call consumer society/West. Some will call it heaven, some will call it hell. Me, I have read Dante, i know what will be and if this illness passes me i will not witness it; i have been in control of my life, i shall be in control of my death.

Tue, 05/04/2010 - 18:29 | 331660 Mr Lennon Hendrix
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"We win!"  Screamed the eugenicists.  Then peak oil handed them their sorry asses....

Tue, 05/04/2010 - 19:51 | 331771 ThreeTrees
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 i know what will be and if this illness passes me i will not witness it; i have been in control of my life, i shall be in control of my death


Tue, 05/04/2010 - 18:30 | 331662 Mr Lennon Hendrix
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Harry Warbanger will talk you down, look for him.  He is EVERYWHERE.

Tue, 05/04/2010 - 16:39 | 331461 john_connor
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I will say the Friday sell off had a different feel to it.  It sort of rolled thru the day and chewed up dip buyers slowly but surely.  To me that was a tell of a harder move to come, which is easy to say in hindsight I guess.  All part of a historic topping process.

Tue, 05/04/2010 - 16:45 | 331481 Cyan Lite
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I continue to short VIX through October puts and short SPY put spreads as well (bullish position).

If the 50ma breaks, we can trade down to the 1120 level (50% retracement).  If that breaks, then we have the 200sma at 1093.

I continue to be slightly bullish because there is a huge (350k+) amount of puts at these levels on the SPY.  I still believe we can ramp back towards the 1220 level before May OpEx.  We've essentially had a 5% pull back from the 1220 highs.  The dip can now be bought and put premium will be burnt.

Tue, 05/04/2010 - 16:51 | 331496 Ned Zeppelin
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Wow. Go for it.

Tue, 05/04/2010 - 17:05 | 331522 Al Huxley
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You have to stay pretty nimble (as Art Cashin would say!)  I agree, we're not going straight down from here.  I would think another 20 or so points down over a couple of days, then a rebound back up around the 20dma.  Then we'll get a better read of where the summer's going.  I lean towards down because of reality, but wouldn't put it past TPTB to get one more run-up in, just to screw over all the too-early bears and trap a bunch more bulls.

Tue, 05/04/2010 - 18:18 | 331643 Bonesetter Brown
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Could be.

The technology sector is going to have a great Q2.  July earnings season will be the earliest that semiconductors wake up to the fact that as a sector they add up to 200% market share.  Could last up to 1 quarter more.

It is very, very tight supply chain right now. Beware double orders and inventory builds.  That will add fuel to the (downturn) fire as stimulus wears off and other macro events cause uncertainty in the economy.

Tue, 05/04/2010 - 16:48 | 331489 doolittlegeorge
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Uncle Ben has already been shown to be "a big fat liar," too.  He's larding up on the MBS's in anticipation of a Greek default.  In other words, "be fearful when other's are greedy, be greedy when others are fearful" is still being backstopped by the Feds.

Tue, 05/04/2010 - 16:59 | 331514 I need more asshats
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I give up.....

Tue, 05/04/2010 - 17:25 | 331564 Strider
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If all would sell in May and go away it would make sense. Seriously who is holding into this market? Think youre going to get rich off it? Dont you have something better to do? Take your profits take a vacation, come back for the Santa Clause rally if you dont know how to short. This market is bad cinema.

Tue, 05/04/2010 - 17:44 | 331600 doggings
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Silly Politicians

silly silly politicians.

Tue, 05/04/2010 - 18:26 | 331652 Mr Lennon Hendrix
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Either way.

Tue, 05/04/2010 - 22:28 | 331919 Orly
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Deep post.

Amazing how you can say pages and pages with just two words...


Tue, 05/04/2010 - 22:46 | 331932 Mr Lennon Hendrix
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Thank you.  A great comment coming from you.  I always enjoy your posts.

Tue, 05/04/2010 - 20:17 | 331794 Tart
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Scandal & Phoney.........or Seriously Psychotic

Tue, 05/04/2010 - 21:33 | 331863 islander
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Take us to war please . Useless eaters step up and take your medicine.

Tue, 05/04/2010 - 22:47 | 331934 Mr Lennon Hendrix
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Soup Please......

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