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S&P Resumes Downward Channel
The S&P is back to resuming its downward channel. Blow outs in quant land, where deleveraging is at 2010 highs, are are not helping. In other news, a very lucky Elon Musk just guaranteed he will never get invited on CNBC ever again, after slamming Jim Cramer for his Buy Bear call, and calling him a contraindicator. Alas, when it comes to the Tesla business model, which assumes investors will not pay just a little more for a Ferrari, we are on the sidelines.
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Video of the Cramer call out would be mighty tasty.
Ole "B"-cups just said the CCI was a "disappointment".
CNBC is a disappointment.
Her cup size is a disappointment.
I wish FOAD Haynes would just buy her an upgrade to about 34C
CNBC Headline:
Consumer confidence plummets in June
NOT THE CONSUMER CONFIDENCE!!! WE ARE DOOMED!
The only thing that might safe us, would be a good earning report of the Apple Appstore...
Whoa, just saw the number on Bloomberg.
Impossible! Not when there's so much good news out there!
/sarc
TIMMMMMBERRRRR!!!!!!!
Who cares about "confidence?" That's right up there with the Birth/Death "adjustments" to employment stats - easily modified (either by the MSM or statistically) to suit the desired message.
Clearly, this is less about consumer confidence and more about the massaged numbers out of china, the weekly leading indictors sucking, and the slow-mo implosion of Euro finance?
What happens if S&P 500 breaks the 1,000 points resistance level?
All leave for the PPT gets cancelled, World Cup be damned.
I mean, support level. It's the emotion of seeing this freefall. Maybe it will be resistance next week...
We are about to test that support at about 1041.
Last July's head and shoulders fake out has me and my "puts" a little nervous.
I hear ya Pedro. But we are ok this time. The giveaway was yesterday when they tried the ol computerized no-volume melt-up, but Hal said "I cant do that Ben".
Plus the 10 year yield on a 2 year chart seems to have rolled over already... its definitely leading. For equities, IYR appears to have just begun rolling over as well. Shorts should be good to go, barring some magic infusion of a few trillion dollars.
This is gonna be a shitty day for the robots.
I love the smell of napalm in the morning.
Leo,
I'm confused, which dip do I buy? There is so many.
bwa-ha-ha-ha! Thanks for that laugh today.
Leo cant comment at this time. I heard he was carted away in a straight jacket, screaming something about Chinese solar panels.
The visual is too funny. and yelling buy the dips, buy the dips.
Don't worry Leo - if your pension funds implode, CNBC can alway use new anchors.
WTF?!?!?! wait where do YOU buy YOUR Ferrari there TD?
slightly more my a*&!
I love Tesla's car and think that this is the future. Only one problem, People who rent apartments or live in high rises have nowhere to plug them in. I also keep remembering what happened to Delorean also a cool car. Not to mention after our gov't slamming Toyota for a year will US automakers, unions and politicians allow an upstart car maker?
Telsa just needs to add some yeyo into the tires and everything will be teeth grindgly good.
Gasoline stores something like 15 or 20 times more energy per pound than existing batteries do, and that's after a tremendous load of battery research. Ferrari wins.
Rent apartments and drive a +100k car? WTF? Worrying than mom's basement only has single phase 15A outlets? Actually... I apologize, there are enough morons in this country that see no problem with this picture.
Lusting after electric cars and idealising living stacked like a sardine on top of other people in ridiculously compact cities are correlated sentiments out there.
When enough "uncultured" people in fly-over land buy hybrids the coasters will need a new vehicle (pun!) for conspicuous altruism. All electric cars will be the new thing.
As of now, the big pick-ups and SUVs still outnumber those pesky hybrids. There are a lot of Prius around the last few years, but the big vehicles still rule the roost.
Me, I'll never trade in my 2004 Ford Lightning (love the sound of a blown engine) for one of them gnats. It gets bad mileage (10 to 12 mpg), but I only live six miles from work, and also still have my old Ranger V6 and three motorcycles to choose from if I am concerned about mileage.
I love the smell of exhaust in the morning! ;-)
The only people who can get by with the short range of the typical electric car are those who live in apartments and hi rises. If you live in the country or suburbs sooner or later you will be hitch hiking home.
The "three legged stool" just went lame!
Crap, time to tighten those stops since we didn't get to 1041 :( Look for a QE^2 announcement at about 2pm to cover this dying carcass we call a market. Keep polishing Washington, at some point it might not look like a turd.
Hey! I resemble that remark!
Anyone know what the half-life is for optimism?
+1; great question.
Depends on the type of optismism
Here comes the PPT! S&P 7 pts off lows!
Red, all I see is red. The only thing in the black today is yellow...oh, and FAZ.
And my TAZ is enveloped in the black.
New movie coming out called "Market Crash" starring Haily Joel Osment of Sixth Sense. Quote from Haily Osment " I see red, I see it all the time". Spooky.
Mythology is the new Confidence, but I will not be fooled.
As first suggested on June 23, looks like the equity counter trend rally has ended.
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
As many have suggested to you for months, get lost.