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Stocks Refusing To Chase Dollar Weakness
In an odd intraday development, stocks are now largely ignoring any attempts to gun the market higher via the recent mechanism of choice for market push: the EUR-JPY carry trade. With the Yen repeatedly hitting intraday lows, courtesy of its brand new yet old and familiar carry role redux, the stock market seems poised to take out day's lows.
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Head fake. S & P will close above 1030.
Meanwhile, JP Morgan continues to try to boost the market. GE pump didn't do the trick? Say the recession is ending. That doesn't work? Boost BAC's price target by three bucks(a whole 17%!!!). The BS is flying faster than it did in 1930.
Well, fuck who is supposed to continue and buy, buy, buy?
It is September. News are the same over and over. Dollar getting a bit weaker but that doesn't translate into more sales or revenue for anybody at this stage.
Market says, show me the money or fuck right off.
Maybe fundamentals, cycles, waves and so on don't matter anymore but traders and investors that got fucked last year are not simply going to ignore them, roll over and play dead and buy, buy, buy this insanely overpriced market.
Long since March, April maybe May.. ok whatever. Long from this point forward?
Are you shitting me, Ben?
Yeah well, I'm not playing.
I fucking respectfully RSVPd - UNfreakin' UNable to attend.
"Well, **** who is supposed to continue and buy, buy, buy?"
I'm supposed to, but I ain't. ;)
http://www.nytimes.com/2009/09/09/business/global/09yuan.html?_r=1&hpw
China to Issue Yuan-Denominated Bonds in Hong Kong
Is volume ever coming back to this market?
Yes on DOWN days when shit hits the fan and everybody is running for the exits.
Check volume charts from last year.
yeah, what happened to that mantra of "everybody back after labor day" and look out for "volumes"? spx at 2:18 p.m. edt volumes of 2.3 billion...fairly light
EDIT...2.8 billion, not 2.3....sorry for my error.
On individual stocks, only every 4-6 days when the 30-Day volume needs to be pumped up to a decent level. Other than that, a lot of stocks trade at what, 20%-70% of their normal volume every day.
"...stocks are now largely ignoring any attempts to gun the market higher..."
cnbc just announced the coming "Wall Street II" movie coming out. maybe that will gun the market higher. do u think obama will watch it?
USD-Yen has a strong correlation with the SPY.
Maybe this is what is dampening buying enthuisasm
since the opening. If the cross falls below 92 on
more USD weakness, we could see a strong move
towards 90. If the USD starts to rebound, the carry
traders will start to panic. So all in all, I do not see
a high probability for a new break out, to the upside,
in equities from here. But maybe we need more of
these complacent analyst reports to really move that
market to the downside.
it's not odd, it's normal.
long term I still stick to my forecast: Sell UST, Sell USD, and of course Sell stocks(heavy).
Buy Gold.
short the stock market, heavy.
while keeping an eye on the gold dynamics
uhm, no that could prove fatal.
shorts are getting killed since July.
laughing yes......
and let's start with a nice little rebel stock -- UXG....crucified last year when its CEO had the NERVE to speak in public about the situation at the Comex, and.......the staggering naked shorting in the metals sector that everyone could see except for the CTFC.....
naughty boy.....they spanked him .... and all the shareholders who had the NERVE not to sell out when the mighty cartel declared gold dead.
Since the whole HF- & Banking Industry is loaded
with USD debt, to finance every risky asset class
they can find, I would not dare to sell USD at
these levels right now. Dollar bearishness is at
historical highs, Gold bullishness is at ridiculous levels.
What do you see as the catalyst that strengthens the dollar?
Sorry but I see none and once momentum builds, there'll be people falling on top of one another to reach the exits.
I'm truly lost as to a scenario that could make people want to buy dollars.
I hate to state this so baldly obvious, but it has to be said:
If you sell a stock, what do you get? Dollars, of course—not gold, or other stock, or bonds or anything else.
So if suddenly a big chunk of the equities markets—for whatever reason—decide they want to get out of equities, what will they get in exchange for their equities?
Dollars, of course.
It's not that people want to get INTO dollars, it's that they will want to get OUT OF equities.
Now, if GE goes up 5% during a morning, all because some twit said that "things look good at GE", and the dollar is on the floor, then you know we're about to get hit with a massive tidal wave of equity selling.
THEN, everyone will be dying for dollars.
A drop in the money supply.
Maybe it's because the expectation is that the bond market will eventually set USD weakness straight.
The markets are pure farce. The SPX will close at whatever price it was programmed to close. Seriously, who believes this market is not totally controlled by the banksters/Fed??? It's all such a fucking joke. "Market". yeah....right. Investors have nothing to do with price discovery because there is no "price discovery" allowed. It's price fixing. Clearly. And this will persist forever or until pitchforks win.
Obviously. Are you still fighting it? I have a front row seat. Much better to be a spectator than a Christian at this point. Once the lions are full, I'm back. Looks to me like they're still chewing though. Beertender, another Corona, por favor! What a game.
what will tell you the lions are full?
I don't think this beast will be full until it has taken ownership of everything and everyone.
Beyond charts, graphs, soothsayers, and doomsdayers now.
Corrupt the moneychangers, the Senate, the judges
Subordinate the earning power of the people, and the storage capacity of the currency to their will.
And work all in cover of darkeness, while parroting sweetness and light for cover.
Nearly full in ripeness, an iniquitous nation.
Falls do not come from strength and high morality.
The final symptoms before the fall of a great house are the foundation cracks. Economic retrogression, state prevarication, dimunition of the coin, contravention of the will of the people, universal indebtedness, gambling, hoarding, pleasure seeking, encouraged decadence.
Rockets don't pull back.
Yes this is for real and it looks like shit in real life. It is like 13 feet tall and looks like a cheap carnival decoration.
http://www.commodityonline.com/news/The-new-Wall-Street-Bull-symbol-is-a-rocket-20158-3-1.html
Google the article and you will find several other articles. This was the only one that showed the dumb thing. The last article I read stated that "people had forgotten the meaning of the old bear and bull symbols and something new was needed." LOL
Charles Ortel - Newport Value Partners (just now on FoxBusiness)
"GE Capital dangerously close to illiquid"
(I'll post the video when available)
Hmmm, tomorrow's date is 999 - turn that upside-down. And Friday is 9/11
Yikes
art cashin said the same thing this morning. Guess what i learned about the market. the thing that everyone expect to happen..............doesnt happen
and june 6 2006 was 666, dates go in order and dont matter!
Not being superstitious, I found two such dates in one week to be interesting. Do you ever have anything positive to contribute?
Hold dollars until the equities clean-out—THEN buy gold.
Equities are in lala land, and when everyone wakes up, it'll be a rush to dollars and Treasuries FIRST—then when Bennie and the Obamaniacs panic and let loose the dollar spigot, THEN go for broke on gold.
Stop Trading! With Jim Cramer.
Best advice I've ever heard on CNBC.
Would you look at UNG...been doing well as of late.
nothing matters - nothing but the pre-determined price fixing. No doubt government sachs gets a good long looksie well in advance.
The more you read about head-&-shoulders forming, September/Oct effect, low volume technical resistance, 90% down day and other bear signals, the more you bears are giving fodder to the vampire squids and apprentices to target these patterns and kill your hopes.
The latest head fake (and the second one in 2 months) is just the latest. It is getting tiring - every single resistance had been systematically destroyed.
Now options are systematically being targeted by mysterious devaluation by exchanges because they know bears have moved away from borrowing of stocks for shorting (too expensive or nothing to borrow at all) to using put options.
TD got is behind the curve, the EUR-Yen is now being replaced by the use of S&P futures during Asian trading hours - just look 8 Sep around 12pm to 2pm Tokyo time, all the equity market sin Asia were sleeping, Shanghai and Singapore down, even the EUR-Yen hardly moved but then came low-volume drives on the S&P futures sent every commodities and gold and then Eur/USD through the roof. And the markets just followed after that on miniscule volumes, especially HK.
The vampire squids have far more resources to kill the shorts and no lack of leverage, and not very imaginative.