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Thank You JPMorgan - MUST SEE: JPM's ETF Desk Ramps Market Higher Into Close

Tyler Durden's picture


As can be seen on the SPY IOIA screen below, JPM's ETF desk singlehandedly manages to push market higher. It is unknown if this is for prop positions (yes Senator Corker, we know it when we see it), or flow (JPM is RenTec's. and many other quant funds' Prime Dealer) is unknown. What is known is that JPM indicates every single SPY offer was lifted by its sage trader.


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Fri, 02/05/2010 - 16:46 | 219632 malusDiaz
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Where is the info on the 401k Decission?!?!


I've read the article:



Fri, 02/05/2010 - 16:48 | 219637 Anonymous
Anonymous's picture

they were buying in the pit as well

Fri, 02/05/2010 - 18:20 | 219797 Brett in Manhattan
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This shows the inherent contradiction of Floor Traders. They're supposed to add liquidity, but they always go with the trend, adding to the disequilibrium.

Fri, 02/05/2010 - 18:49 | 219858 Anonymous
Anonymous's picture

Brett, as a former stock-index futures floor trader you have absolutely NO IDEA what you are talking about. More often than not, floor traders get absolutely KILLED on trend days like today ( into the close ) because they got caught short when taking the "other" side of the strong order flow and were not able to cover (or hedge using other instruments) fast enough.

Fri, 02/05/2010 - 19:30 | 219928 Anonymous
Anonymous's picture

I doubt you were ever a floor trader because you cannot even recognize that today was not a trend day. We just had a ramp after 3:00pm into the close. Most floor traders would have covered somewhere into the ramp and jumped on to the buying orderflow.

Sat, 02/06/2010 - 12:46 | 220446 Anonymous
Anonymous's picture

You are both pompus jackasses.

Fri, 02/05/2010 - 19:37 | 219939 1TAAT
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I agree with 'Anon' 219858. It wasn't that complicated this afternoon. That last swoon down to 41 was the final stop run. Not much volume down there, and you could see the shorts begining to cover(although I did think the easy 1047 for -100 was going to hold, I guess the extra 5 pts was for good measure). Remember this is -105 pts down from the highs in just over a week. That is pretty impressive.

Once again, when you build a market on overnight, light volume/manipulation, is it any surprise, that the same market can crash much faster? Good luck out there, and I for one am just estactic that we have more than a 5 pt range day.

Fri, 02/05/2010 - 19:59 | 219956 Anonymous
Anonymous's picture a former NY MERC and NYBOT floor trader, the only trend days a floor trader catches are when the 4 to 8 guys who you never see in your market pop into the ring within minutes of each other, with their bag men there jumping the order, and start executing a large order. From past experience you know they buy until the bell sounds. Unless the floor sees the equation as always, they are not joining paper.

Sat, 02/06/2010 - 17:59 | 220724 Anonymous
Anonymous's picture

The exchanges exist to make the members money, be they members on the floor or members that deal in the product. That is why they have fought electronic trading for over 20 years. The floor traders are NOT there to add liquidity for the public. A good number of brokers kick back the floor brokerage fee to the account exec to have the orders to rip-off.

The corruption on the trading floors is still rampant and neither the SEC, CFTC, FBI, or congressmen of the districts care as they all sat silent to complaints. Unless you are nailing someone on the floor who is the equivalent to George Clooney as an actor, there's no press in it for them. I know because I spent over 20 yrs in the WTC's 8th floor trading and each time I tried on a committee to get compliance to do its job the proposal was voted down. I saw cases pulled from being looked at by the Business Conduct Committee because a VP on an exchange, who just happened to use someone's condo, yanked it. The statues have long passed on that and the culprit is too stupid to operate a computer and needs not trade anymore. There's good money in selling your soul.

For every guy who has made millions down there, the investor in Peoria ( a town often cited for America) likely contributed his fair share. There are very few good traders, so they default to ripping off orders because they aren't leaving the place as the private sector doesn't pay the 80%+ down there with only a HS diploma six and seven figures.

When you see a "Mr Top Step" talk about "stops above/below the mkt" it would be nice to see an FBI agent enter the picture ask how he is aware of those orders. Ripping off orders is EXACTLY what RICO laws were enacted for - a criminal enterprise. I can't cite the law against divulging orders, but it's there.

Do guys get nailed? Some do over the years, but very, very. VERY few. Preston Semel walked around with his ass missing rear-end like he was the king of the gold pit, until he was taken down. Charlie Federbush was more subdued, but they nailed him too. That was back in the mid-80s. Heard of any big cases since then?

The floors should be done away with completely. They have made multi-millionaires out of some guys who should be asking you if you parked the red Ford or the green Toyota. That's not to say the big houses off the floor are innocent. They deserve to have their phones calls required to be submitted as records to the SEC and the CFTC.

I don't know if the other gentleman was a floor trader. But I wouldn't mind a wager on whether I was. I'm just posting this anonymously as thieves get really indignant when they hear you are calling them what they are.

Mon, 03/08/2010 - 02:38 | 257494 Anonymous
Anonymous's picture

Funny thing is that Preston semel was the king of the gold pit and probably one of the best traders to walk the floor. I had the honor of working for him and let me tell you besides being the best broker he was the best when it came to trading for himself he was consistantly able to catch half of the daily range in any market. But I guess when you bust your ass and build up the biggest floor brokerage business from nothing, its guys like you who probably ratted everybody out because he realized his college degree got him bent over and bleeding because he should have been a teacher.

Fri, 02/05/2010 - 16:48 | 219638 Hephasteus
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Oh look. Theres the dicktators now.

Fri, 02/05/2010 - 16:49 | 219642 deadhead
deadhead's picture

gee, wonder if someone had the consumer credit number a little earlier?

Fri, 02/05/2010 - 16:49 | 219643 Bear
Bear's picture

What is the definition of MANIPULATION?

Fri, 02/05/2010 - 17:03 | 219694 Cistercian
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 Resistance is futile.

Fri, 02/05/2010 - 16:50 | 219649 Bear
Bear's picture

sell sell sell

Fri, 02/05/2010 - 16:50 | 219645 Chopshop
Chopshop's picture

in Clint whisper ~ bang.

Fri, 02/05/2010 - 16:50 | 219650 Anonymous
Anonymous's picture

UBS bought 8.1 million shares too?

Fri, 02/05/2010 - 16:52 | 219653 Cyan Lite
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The time says 12:33.  A little bit early, eh?

Fri, 02/05/2010 - 16:56 | 219663 Tyler Durden
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Pacific Time

Fri, 02/05/2010 - 22:16 | 220088 TheGoodDoctor
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Don't you mean Plunge Protection Time?

Fri, 02/05/2010 - 16:58 | 219669 assumptionblindness
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Yeah, but that image was only page 1 out of 57. 

Fri, 02/05/2010 - 16:56 | 219658 pak
pak's picture

Well, JPM is NY FEd's Prime Dealer, too..)

Or has somebody's software gone crazy?

Fri, 02/05/2010 - 21:01 | 219659 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So JPM likes my stocks and gold hmmmm?


Fri, 02/05/2010 - 16:56 | 219661 assumptionblindness
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SURGEONS GENERAL WARNING:  Shorting this market has been determined to cause Tourette's syndrome in ortherwise healthy traders.   

Fri, 02/05/2010 - 16:59 | 219671 Cistercian
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 Epic hilariousity!

Fri, 02/05/2010 - 16:56 | 219662 MsCreant
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My rage burns brightly. Let the whole population feel like I do right this minute and this motherfucker will burn and we won't care about shit: eating be damned, power be damned, shelter be damned. Nothing matters because all of it is built on treachery. I don't want to live this way.

If only my rage were enough to make it stop, we would be done with this, I assure you.

Fri, 02/05/2010 - 17:05 | 219700 AndItsGone
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The government of the United States is an illegitimate criminal enterprise.

Fri, 02/05/2010 - 17:19 | 219723 Yophat
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April 19, 2010 - Cast your vote!!!

Fri, 02/05/2010 - 17:26 | 219745 SWRichmond
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Fri, 02/05/2010 - 18:31 | 219815 MsCreant
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The Mafia are amateur hacks compared to the US Government and these financial houses.

Fri, 02/05/2010 - 17:19 | 219722 Hephasteus
Hephasteus's picture

Keep going. You're doing good.

Next we do neptune. Then work out way to uranus.

Fri, 02/05/2010 - 18:18 | 219793 faustian bargain
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All the same I'd prefer if you stay away from my anus.

Fri, 02/05/2010 - 18:29 | 219813 MsCreant
MsCreant's picture

I agree. Poor taxpayer faust, and all of us, so sore.

Fri, 02/05/2010 - 18:14 | 219785 Ripped Chunk
Ripped Chunk's picture

The energy is out there. It just needs to be organized and directed.

My hate for these criminal bastards used to have a color. I could see it, like a reddish orange hue. Now it is just a white hot blast of hate.

Fri, 02/05/2010 - 18:33 | 219822 MsCreant
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Your avatar is pretty spot on, I suspect. Art is not always pretty.

Sat, 02/06/2010 - 19:14 | 220776 Anonymous
Anonymous's picture

I totaly concur MsCreant.

Fri, 02/05/2010 - 16:58 | 219670 Eternal Student
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Thanks, ZH. I was wondering what the heck was going on. And no one else is reporting this stuff.

Sat, 02/06/2010 - 08:00 | 220307 Anonymous
Anonymous's picture

reporting what stuff?

that some large buyer came in?

is that manipulation? hardly...

is that investigative reporting? no, its just simple information available from BB...


Sat, 02/06/2010 - 20:39 | 220826 mynhair
mynhair's picture

is that manipulation? hardly...


And now to the 'secret' meeting in AussieLand.

Not manipulation, just insider trading.

Fri, 02/05/2010 - 21:03 | 220017 Mr Lennon Hendrix
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+1.5 quadrillion.

Fri, 02/05/2010 - 17:02 | 219689 lizzy36
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Fri, 02/05/2010 - 18:41 | 219834 ghostfaceinvestah
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lizzy, why would you find it unbelievable, surely you remember that day last spring when the s&p spiked 15 points in 2 minutes, 15 minutes before the close?

Today's action smells just like that day; blatant market support by the PPT.

Today was a sign for me, and that sign was "all clear to buy gold".  The money printing is going to really crank up now, and gold is going to go ballistic.

Fri, 02/05/2010 - 22:15 | 220086 Master Bates
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Once upon a time, there were stochastics.  The stochastics were oversold severely.
Then people bought the stochastics at the bottom and we made a lower high again.

I don't seem to think that this was necessarily a PPT action.  I mean, maybe JPM was just massively short SPY...

That UBS block of SPY looks more sinister to me than all the JPM blocks...

Sat, 02/06/2010 - 01:06 | 220190 Anonymous
Anonymous's picture

this explosion today is the beginning of the 5 in a 335 b-wave manipulation ...just nature ....look at the charts... head and shoulders all over the freaking place ,short the top for a mighty c wave down...any time you witness an explosive rise that makes little sence it is the finalle to a b wave .

Sat, 02/06/2010 - 03:04 | 220244 Anonymous
Anonymous's picture

All absolutes are false.

Fri, 02/05/2010 - 17:02 | 219690 Hondo
Hondo's picture

It's really criminal......the sad part is the government is the criminal.

Fri, 02/05/2010 - 17:03 | 219695 faustian bargain
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I would probably be really mad if I understood how to read this.

Fri, 02/05/2010 - 17:05 | 219699 lsbumblebee
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That's nice. Now the Ministry of Truth can blare the headline "Stocks up as unemployment rate falls".

Fri, 02/05/2010 - 17:05 | 219704 Moe Gamble
Moe Gamble's picture

This is quants. WTI caught a bid from the continuous-contract-watching civilians at $70 (low volume), and nobody who knows what they're doing is selling until the retest Monday. WTI moving up triggered a quant bid in SPY. The selling will resume Tuesday when WTI starts to sell off again.

Fri, 02/05/2010 - 17:10 | 219708 deadhead
deadhead's picture

one of the most BLATANT PPT driven ramps that i've seen in the past several months.  the extended late July takes the cake, but this one is ridiculous...20 handle on the spx in 2 hrs into a weekend fraught with risk all over the globe in a big downtrend....nobody using their own money AT RISK would buy that heavily.

what a fucking joke, once again, the US equity markets are, with the FED abusing the currency to manipulate a market that if anybody calls a "free market", they are a fucking idiot. 

Sat, 02/06/2010 - 12:50 | 220448 merehuman
merehuman's picture

since i am not financially educated i cant say much. I like to speak from knowledge.

But i do think it odd that silver and gold are going down even tho there are lots of us buying silver and gold.  Selling fake paper silver and gold should not affect the price of the actual metal.

I think to hold whats real. I will keep my silver even if it drops to -0

Alot of silver coin was bought in january.

Sat, 02/06/2010 - 18:43 | 220752 Anonymous
Anonymous's picture


Fri, 02/05/2010 - 17:10 | 219709 Moe Gamble
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This is quants. WTI caught a bid from the continuous-contract-watching civilians at $70 (low volume), and nobody who knows what they're doing is selling until the retest Monday. WTI moving up triggered a quant bid in SPY. The selling will resume Tuesday when WTI starts to sell off again.

Fri, 02/05/2010 - 17:13 | 219711 hound dog vigilante
hound dog vigilante's picture


Blatant, overt manipulation.  How can this be?  The banksters are also the "regulators".


The irony is that the bankster's defense of Dow 10K is really a defense against their own algorithms & automated trading systems.


It's a Frankenstein market.



Fri, 02/05/2010 - 17:17 | 219713 Internet Tough Guy
Internet Tough Guy's picture

And the PPT said 'Let it be 10,000' and it was done.


Thank you PPT.

Fri, 02/05/2010 - 18:47 | 219852 Rainman
Rainman's picture

........yes, amazing work by these desk jockeys.

Like Superman swooping down at the last second to rescue Lois Lane before she splats on the sidewalk.

Fri, 02/05/2010 - 17:18 | 219715 pak
pak's picture

That's how they will kill this bull market, btw. At some point, nobody will bother to short stocks. Then kaboom!

Fri, 02/05/2010 - 17:27 | 219751 Yophat
Yophat's picture

Aren't they trying to outlaw shorting again....

Fri, 02/05/2010 - 18:17 | 219792 pak
pak's picture

Just in time I guess, because with less shorts to squeeze, doing the pump job will get increasingly difficult.

But they've probably forgotten that history has no example of such kind of ban being successful.

Fri, 02/05/2010 - 17:20 | 219726 Anonymous
Anonymous's picture

Look at right side of this page folks. Fly on the wall 'SEC considering ways to curb short-selling, NY Times reports' timestamp 15.33

Here is the dealbook link

Fri, 02/05/2010 - 17:21 | 219730 johngaltfla
johngaltfla's picture

451 million shares, most since 2 pm ET? Nah, there's no PPT. I'm going to take a break from this and go take a ride on my unicorn and refill my Skittles bowl.

What blatant bullshit.

Fri, 02/05/2010 - 17:59 | 219764 deadhead
deadhead's picture


Fri, 02/05/2010 - 17:22 | 219732 Anonymous
Anonymous's picture

What the heck is going on? Is JPM the only trader who bought today? If the government is behind this then this is clearly illegal. Is it discretionary for the government to inflate the market under the guise that it is good for the economy; to give the public confidence that the markets are in good shape? I do not believe so regardless of any extraordinary powers available to the Fed. Who has knowledge about when the Fed is doing this? Who is front running these trades? Who has knowledge of when the pumping stops; the time the real profits are made.

Fri, 02/05/2010 - 17:57 | 219759 Translational Lift
Translational Lift's picture

Timmi & Jimmi oops...Jamie pulling levers behind the curtain....

Fri, 02/05/2010 - 18:05 | 219771 deadhead
deadhead's picture

I do not believe so regardless of any extraordinary powers available to the Fed.

To the best of my knowledge, the emergency powers granted to the Fed have never been litigated, ergo, it's pretty much a blank check for the Fed to do as it wishes until someone tests their actions in U.S. District Court (as a starter).

My view (and I am happy to stand corrected if someone can offer a better legal opinion) is that they can get away with an awful lot with such sweeping powers.  It would take years to litigate this (hell, look at the B'berg FOIA suit already) and even if they were found to be doing something wrong, there is no "or else" in the Fed Reserve Act, i.e. no punishment. 

I find it appalling as the Fed is the only org in the US gov't complex (with possible exception of security agencies) pretty much outside of our bedrock philosophy of "checks and balances".  The Fed CAN be "checked, balanced" by Congress but they simply will not do it.

Fri, 02/05/2010 - 18:28 | 219811 Anonymous
Anonymous's picture

A dictionary definition of investor is: "One who commits money or capital in order to gain profit or interest." In this environment can anyone truly be considered an investor. buying and selling in a rigged market is not even a gamble. "You can't fight the Fed" is so true today. TIn my opinion the recent correction was a sham to make things appear like there are ups and downs. What BS. To stay safe in this environment should one just cash out and hold federal reserve notes in a safe place so the baks cannot use the money for fractional reserve lending?

Fri, 02/05/2010 - 18:28 | 219812 pak
pak's picture

"If the government is behind this then this is clearly illegal."

Illegal? No:

Unfair? Yes.

All governments do it after all.

Fri, 02/05/2010 - 21:35 | 220052 Anonymous
Anonymous's picture

If you do it, it is illegal. If the Government does it, it may be illegal but the Goverment will not sue itself.

Fri, 02/05/2010 - 17:22 | 219733 Let them all fail
Let them all fail's picture

HAHAHAHAHA - This is why I don't have any money in equities right now......

Fri, 02/05/2010 - 17:24 | 219736 MarketTruth
MarketTruth's picture

JPM is a retail arm and a member/owner of the Federal Reserve. In other words, more now classic QUEASing and market manipulation.

If you truly are upset at what is transpiring, remove all funds other than what is necessary from your bank accounts, cash in all stocks and buy gold and/or silver. This is the only way to vote with your money and send a message to the banking and investment system.

Fri, 02/05/2010 - 18:25 | 219805 MsCreant
MsCreant's picture

My money is so gone. I went out today, after this post, and made it even more gone.


Fri, 02/05/2010 - 22:43 | 220099 velobabe
velobabe's picture

upgrade that '02 bike, throw a campagnolo gruppo set on. that will set you back some ¢/$ ciao bella.

Sat, 02/06/2010 - 11:24 | 220389 MsCreant
MsCreant's picture

Got Ultegra already. Dura Ace would be my upgrade. Don't know that there would be a lot of bang for that buck.

Fri, 02/05/2010 - 22:30 | 220100 moneymutt
moneymutt's picture

Think of Abe Lincoln's words of consolation: "It is said an Eastern monarch once charged his wise men to invent him a sentence to be ever in view, and which should be true and appropriate in all times and situations. They presented him the words: 'And this, too, shall pass away.' How much it expresses! How chastening in the hour of pride! How consoling in the depths of affliction!"

Fri, 02/05/2010 - 17:26 | 219741 Anonymous
Anonymous's picture

Looks to me like JPM made a margin call and screwed the heck outta their quant they got a pile of cash. Somebody just went out of business.

Fri, 02/05/2010 - 17:26 | 219742 Jim in MN
Jim in MN's picture


Fri, 02/05/2010 - 18:07 | 219773 CreditcalMass
CreditcalMass's picture

LOL, so true.

Fri, 02/05/2010 - 18:43 | 219841 Anonymous
Anonymous's picture

"Woud you like to play a game?"

Fri, 02/05/2010 - 20:57 | 220012 Mad Max
Mad Max's picture


Fri, 02/05/2010 - 17:26 | 219747 Anonymous
Anonymous's picture

Leo works for JPM?

Fri, 02/05/2010 - 17:27 | 219749 pooplagrande
pooplagrande's picture

The "Invisible Hand" strikes again. See everyone...everything is just fine...don't worry, just please start spending money again...please...Social Security isn't bankrupt, the housing market is going up, you can trust your politicians, Goldman Sachs is your friend, and everything is ooookay...okay? Got it? No go buy a fucking house and max out your credit card you slaves!

Fri, 02/05/2010 - 18:05 | 219772 Invisible Hand
Invisible Hand's picture

Sorry, pooplagrande, don't blame me.  I was short today (mostly to my detriment).  Monday is another day.

Fri, 02/05/2010 - 17:29 | 219755 Fish Gone Bad
Fish Gone Bad's picture

I am thinking JPM might just get caught holding the bag.

Fri, 02/05/2010 - 18:07 | 219775 deadhead
deadhead's picture

one can never be caught holding the bag when the Fed can make up the difference by buying your shit mbs securities, worth 10 cents-60 cents on the dollar (whatever) at par.


Fri, 02/05/2010 - 17:29 | 219756 buzzsaw99
buzzsaw99's picture

It was nice of them to buy so many shares. I hope they buy them all some day.

Fri, 02/05/2010 - 17:29 | 219758 Fish Gone Bad
Fish Gone Bad's picture

I am thinking JPM might just get caught holding the bag.

Fri, 02/05/2010 - 17:57 | 219761 schatzingrid
schatzingrid's picture

Seven years ago, Donald "aspartam" Rumsfeld made this comment :

Now, you're thinking of Europe as Germany and France. I don't. I think that's old Europe. If you look at the entire NATO Europe today, the center of gravity is shifting to the east. And there are a lot of new members. And if you just take the list of all the members of NATO and all of those who have been invited in recently -- what is it? Twenty-six, something like that? -- you're right. Germany has been a problem, and France has been a problem.

Mr.Rumsfeld was a visionary, the center of gravity is really shifting to the east, right to China.

And America is now also belonging to the "old countries club : less workers, more pensioners, huge social security debt, etc, etc.

So what's next?

Fri, 02/05/2010 - 22:21 | 220092 Master Bates
Master Bates's picture

Yeah, what a visionary, selling chemical weapons to Saddam Hussein in the 80's.

I'm sorry, but your link of Rumsfeld to anything relevant is a bit over the edge.

Fri, 02/05/2010 - 22:41 | 220113 moneymutt
moneymutt's picture

everybody is next, So/Central Amer, Middle East, Southeast Asia, China, India, shoot some day even Africa will get it's will be fits and starts as old western guard loses bet is India will do well, corruption problems, but less central planning and tyranny than China and kids will fix govt...

and beware of a technology revolution that could move all the global chess pieces...we have not even fully digested all the effects of the internet...what might be next? miracle materials, cheap power...something could change geopolitics, war and power more than any technology in last 100 years..

Sat, 02/06/2010 - 11:19 | 220387 KevinB
KevinB's picture

One such technology might be "3-D printers", which are available now. These don't print on paper; instead, they extrude plastic to make real, actual things, driven by CAD software. There was an article in WIRED recently that talked about "virtual" companies. Some one designs something at home, makes a cheap prototype on his 3D printer, and when he's satisfied he's got the bugs out, simultaneously contacts a manufacturer to make the thing, and markets it through virtual channels. Nothing gets made until an order comes in - no overhead, no inventory - until you reach a critical mass where dedicated production makes sense. Means you can start up a company with not much more than an idea and a laptop. No need for billions in VC (which seems to have dried up anyway), and it means many niche markets which could NOT have been served under traditional structures would now be profitable. That's gonna be interesting.

Fri, 02/05/2010 - 23:46 | 220147 Anonymous
Anonymous's picture

My Chinese lessons from Rosetta Stone arrived today.

Fri, 02/05/2010 - 17:59 | 219765 Anonymous
Anonymous's picture

VXX had a huge after hours order ...

Fri, 02/05/2010 - 18:05 | 219770 RobotTrader
RobotTrader's picture

Check out the volume


Fri, 02/05/2010 - 18:10 | 219781 Anonymous
Anonymous's picture

Can there be a push to investigate this?

Fri, 02/05/2010 - 18:13 | 219784 Anonymous
Anonymous's picture

... and you all are surprised by any of this at this time ...

It smacks of desperation to me!!

Fri, 02/05/2010 - 18:14 | 219786 leathaface
leathaface's picture

i have never been so pissed off at the market over the last couple years as i am today.  Hey TD is there any way you can get us a few more screen shots on who was pushing the ETF higher?  i have a feeling it was not just JPM leading the charge.  thanks for the info

Fri, 02/05/2010 - 18:15 | 219787 Anonymous
Anonymous's picture

judging from the money flows report after hours, it appears the JPM desk is selling that rip. Last time I saw the flows this heavy >-650 million, the next day the Dubai scare happened. Somebody betting on a big drop monday or tuesday

Fri, 02/05/2010 - 18:44 | 219845 pak
pak's picture

Thx. Looks like a big deal. Especially when combined with the degree of capitualtion seen around.)

Fri, 02/05/2010 - 21:00 | 220011 girl money
girl money's picture

WOW!  thanks for the link, Anonymous -- clicked on the Buying on Weakness to compare...  eeeesh....

Thoughts on the unususal puts at 2/5/10 close for SPY?

sym      2/5 put vol      avg put volume      daily vol ratio

SPY     1,890,450             809,092                  2.3

so puts on SPY are more than double the avg




Fri, 02/05/2010 - 22:16 | 220089 imsaul0968
imsaul0968's picture

Thanks for that link, I didnt kow about the unusual put/call flows as well.  Not sure what to make of huge selling in SPY but it usually means big selling is a coming.  I charted SPY for the last year and took a look at historical data and at the big peaks and troughs, with very few exceptions, when there was huge (+/- 300) on SPY flows, they were hints of turns in the market within 24-48 hours. Its not an exact science but it does tell you when theres big money being placed on directional movements. The only time it was VERY WRONG, not surprisingly is just before the market began its plunge in fall 2008. Even the big money was leaning the wrong way.  There were multiple days of +400 and even a +1060 milion in SPY volume....The big guys felt some pain before that wicked snapback so the bigger the flow + or -, the bigger the ultimate snapback. You can thank Newtons Law for that one!

Fri, 02/05/2010 - 18:15 | 219790 Hammer59
Hammer59's picture

These criminals are'nt about to just give up their wealth, power and prestige, and will do everything in their power to preserve the status quo...with the Government's blessing.

Alas, their corruption only insures our imminent collective failure. Overseas markets got clobbered, everything is going to hell--but hey--we closed over 10,000! 

Everything here simply mirrors what occured during the first Great Depression. Even the hardiest Bull must be unsettled today.  

Fri, 02/05/2010 - 18:19 | 219794 Anonymous
Anonymous's picture

why is everyone here always complaining?

if it's going down everyone is bitching if its going up everyone is always bitching.

just follow the big boys!

Fri, 02/05/2010 - 18:54 | 219868 pak
pak's picture

"if it's going down everyone is bitching if its going up everyone is always bitching."

What is wrong about bitching?

Sat, 02/06/2010 - 11:32 | 220393 MsCreant
MsCreant's picture

Not only that, but Anon is bitching about the bitching...

Fri, 02/05/2010 - 19:48 | 219947 Brett in Manhattan
Brett in Manhattan's picture

Easier said than done.

Because of their massive resources, the big boys have to buy on the way down, and you can't know for sure when they're doing so.

Moreover, even if you do know the big boys are buying, you can find yourself all-in at a point where the big boys are still averaging down.


Fri, 02/05/2010 - 18:28 | 219809 loup garou
loup garou's picture

Yeah. Uh-huh.

Fri, 02/05/2010 - 18:33 | 219825 Brett in Manhattan
Brett in Manhattan's picture

I suggest that those yelling and screaming about this not play the market, as this has been the way it has worked from day one.

The Stock Market is a merchandising operation designed to buy stocks at wholesale and sell (and sell short) at retail. If too many outsiders jump on board too soon, profit considerations demand that insiders have to shake them out. IMO, that's what happened today.

Bottom line: It's an insiders' game, for the most powerful exchange members, with a few sharp outsiders picking up the crumbs.

Fri, 02/05/2010 - 18:57 | 219880 El Capitan
El Capitan's picture

For the good stuff, there is always a waiting list to get on the mailing list.

Fri, 02/05/2010 - 18:42 | 219836 Anonymous
Anonymous's picture

You know I think that fear at this point is based on the view that perception is greater than reality, that everyone is thinking ahhh the market is not double downing . Every blog I read including the online newspapers the people get it. They know the bullshit market recovery cut and paste lines and aren't buying it.

This market needs an Exorcist to expurge Jamie Dimon and his turd polish because we know the difference between shit and Shinola.

Ms Creant, I hear you honey, Rage against the Machine..

Fri, 02/05/2010 - 18:45 | 219847 Anonymous
Anonymous's picture

Don't forget about the whopper trade with Schwab,,,

Fri, 02/05/2010 - 19:03 | 219869 ES_BoT
ES_BoT's picture

Can't help but question if there are actual traders participating here. If there were, this analysis would be more thoroughly questioned.

So let me get this straight: SP's fell ~4.75% in 1.5 sessions, retraces a mere ~1/3 of said down swing, and that defacto translates to conspiracy/surprise? Give me a break, everyone and their brother with decent market sense was waiting for an approach of 1040-1050 to unload shorts and/or repopulate long. It will be bought hard/accumulated all the way down to 1010/1015, with no joy signaled after several consecutive closes below 1000. When uptrending S&P's are sold to within 2-3% of it's 200-daily, hard EOD covering/buying is inevitable.     

And a cherry-picked T&S snapshot showing JPM, one of the largest prime brokers, buying SPY at a lackluster point in today's retrace, is the smoking gun? True short covering/buying started ~30mins later @ 2:01 and 2:05pm Chicago time. ES led the retrace per a quick PREM analysis, not the other way around. A true practioner would know intraday characteristics of today's retrace corresponded to strong short covering. If you think you're going to get more than an 8-10% correction (1150->1040) in this intermediate bullish trend, regardless who you think is responsible for it, I have some sprung CRE tranche I'd like to offer. 

One could easily present viewers T&S over the last 3 weeks showing "conspiracy" manipulation to the short side.

Please don't get me wrong, I'm very disgruntled with the situation these upper brass charlatans have have laid waste upon taxpayers, markets, and economy. But mixing sharp & verifiable insight with patently absurd evidence such as this, is a true disservice to your readers. Most here are too inexperienced to differentiate fact from fiction in this particular space.

- CME IOM local


Fri, 02/05/2010 - 19:15 | 219908 Rainman
Rainman's picture

........and through it all, the orders shoot through the hole going into close and the wheel spins and magically stops at 10,000 ( plus 2 ).  Either talent, coincidence or luck ??

Not being snarky, ES. Please choose one of the above.

Fri, 02/05/2010 - 19:55 | 219954 Translational Lift
Translational Lift's picture

Usually they start the ramp anywhere around they had a lot of ground to make up so the ramp started at exactly 2PM......

Fri, 02/05/2010 - 20:06 | 219963 ES_BoT
ES_BoT's picture

Rainman: Are you insinuating that repulsion/attraction to whole numbers like 1000 SP, 10000 DOW,etc is a new PPT derived ploy? If so, rather naive. Such a psychological windows dressing game has been around for decades.      

Fri, 02/05/2010 - 20:24 | 219988 Great Depressio...
Great Depression Trader's picture


Thank you for your voice of reason. Are we the only ones in this thread that saw this turn around coming intraday?

Im bearmarkettrader, talking about a turn around early next week. Check the time I wrote this post: 2:01

A few minutes later when market was down 165 pts im like LETS GO IN!!!

The good thing is that we are thinking on the same page as the heavy hitters. Most of the weak minded traders/gamblers go short at the bottom of today's market, only to get squeezed by the obvious jump at the end of the day.

I still believe that this intermediate term bull has run its course. We may see a double top at 1150 but highly unliely at this point with EURO, CHINA and US fears getting stronger by the week. Also, carry trade unwind, and massive treasury issuance will push markets lower.

Til next time

Fri, 02/05/2010 - 20:31 | 219995 Rainman
Rainman's picture

....not so much naive. Just in awe of the "talent" ( choice #1 ). I'm a boring bonds guy anyway.

I suppose the number 10 will be the magic number until it isn' matter the rationale.


Fri, 02/05/2010 - 22:26 | 220094 Master Bates
Master Bates's picture

It's called stochastics oversold, with markets hitting support levels.

I actually agree with you.  It's not some boogeyman action.  You can only deflate a balloon so far before you have to blow it up to deflate it again.

Fri, 02/05/2010 - 19:04 | 219893 Anonymous
Anonymous's picture

The idea is sound. The big boys tell the little fish what to do so next the little fish (hedge funds) will fight each other trying to make all those SPYders more valuable so JPM can sell right back to them. People think up is good when it is the opposite. Down is good. Down is a sale. Down is cheaper. Down is glorious. Down means the difference between Warren Muffet's net worth and YOUR net worth just got a little smaller.

Fri, 02/05/2010 - 19:05 | 219894 Rainman
Rainman's picture

Equities markets have always been amoral. That doesn't bother me.

But the newest feature is  the government subsidized illusion of properly valued capital wealth. It's impossible to determine unmanipulated fair market values for assets today. That bothers me.

Fri, 02/05/2010 - 19:24 | 219921 Anonymous
Anonymous's picture

It bothers me too! We know the government is trying to put a floor under real estate values. Why shouldn't we suspect it is trying to do the same with equity values? The manipulation of both markets interfere with price discovery.

Fri, 02/05/2010 - 19:46 | 219945 the grateful un...
the grateful unemployed's picture

notice the first of the month has been good for a pop, and the first of Feb, was no exception, if you take away that move in the INDU from 10050 to 10300 in two days

If you look at the second half of the month in every month since last August it also looks pretty bad. No rocket science needed.

Look at the 2008-2009 time frame when the market was falling, and you see some pretty good snap back rallies the second half of the month, around options expiration, which is probably PPT. I see July, Sept, October, November, after that they pulled out the big guns, Bailout Bertha.  There was one more options week rally the following year in August, but after that the current pattern of strong early in the month, and weak later, became the norm.


Summation: This doesn't fit the PPT pattern, and why would they keep kicking the can if the can was doing fine all by itself??

This was a long month for options players, and technically they put up a hanging man today, which candlestick chartists know as a bottom signal (but only if it comes near a bottom, near the top it is deadly indication of exhaustion) and so this signal is probably a continuation pattern, the shadow in a candlestick is the market testing the ground ahead, this is where the market WANTS to go, which is why this is such a great reversal signal, IF the market doesn't follow through.

To trade candlesticks you must wait for confirmation. The 200 ma is around 9500 and we could be there by options week, which would give everyone a chance to game the system. That support is a good place for the PPT to make their move, especially if today's effort was something to get the weak hands into buying. 

Put up the minute chart of the GDX, the S&P and the Industrials, and you get 3 different pictures of the same thing.



Fri, 02/05/2010 - 20:21 | 219984 Anonymous
Anonymous's picture

The big push higher came 30 minutes before this. How is this data relevant?

Fri, 02/05/2010 - 21:04 | 220019 Anonymous
Anonymous's picture

ANYONE long this market has to understand one simple truth - what you own isn't worth what you think it is worth.

Same as housing.

Be long, be strong. You'll need to be.

Sat, 02/06/2010 - 05:36 | 220286 Anonymous
Anonymous's picture

trend has been confirmed as down and you say be long now?

Fri, 02/05/2010 - 21:05 | 220021 Anonymous
Anonymous's picture

Looking at DOW curve for today on yahoo, the ramp up starts just after 3pm EST. Is there similar JPM activity around 12pm PST? Thanks...

Fri, 02/05/2010 - 23:12 | 220133 Anonymous
Anonymous's picture

So that's how J. Dimon advertises to be the next Sec. Treas...

Fri, 02/05/2010 - 23:24 | 220136 Anonymous
Anonymous's picture

SUCK IT BEARS!!!!!!!!!

Sat, 02/06/2010 - 07:25 | 220304 wackyquacker
wackyquacker's picture

oh my..... you must have gone long at 10700. Not to worry, you'll soon be 'back to even'

Sat, 02/06/2010 - 00:17 | 220164 John McCloy
John McCloy's picture

This is me owning FAZ today as 1:30 

:) :) :) :) :) :) :) :) 

This is me owning FAZ after taking a pee at 1:30

:( :( :( :( :( :( :( :(


I only have one question. Do these big "banks" have any other way to make cash aside from trying to manipulate short squeezes? Each attempt has done two things since Fall:

1) Been considerably less effective, more predictable, evident through SPX purchases and with decreasing volume

2) Made bears angrier and more convinced that this reaks of desperation.

In case they have not bothered to look at the paper or the data. We are in a depression and middle class leveraged to high heavens services based employed America has no conception of what to do about finding a job for the first time EVER. 

Wait until the D word begins to make its rounds in the MSM and let's see how many rallies the market has up it's sleeve.

Sat, 02/06/2010 - 00:38 | 220183 Anonymous
Anonymous's picture

Makes me want to take a blowtorch and a car battery to someone's personals.

JPM and GS are no longer "Capitalists", they are crooks.

The only game these idiots want to play is a rigged game in their favor.

Everyone of these people in "leadership" needs to be drug behind a truck for about a mile on a sandy road.

Such arrogance.

I M with MsCreant, OI AM ENRAGED, and OUTRAGED.

And I am not out any money, and am still well ahead.

Just think about those that are at their wits ends, and have lost their retirement, injury and illness reserve, or the child's education on this rigged game.

Where oh where does one put the blame???

GS , JPM and the banksters.

Sun, 02/07/2010 - 11:17 | 221092 Anonymous
Anonymous's picture

I find it interesting that JPM was chosen for the "fallguy" role this time instead of GS. GS has taken just a bit more abuse than would allow for more at this point, I suppose. Another vehicle was chosen to yield the same effect. --Boris

Sat, 02/06/2010 - 06:58 | 220299 chindit13
chindit13's picture

Reality is what you make it, and it seems we were reminded of this again, beginning at 0830 EST and continuing into the close.  We lost 20K off the payrolls (Greek-Canadian translation:  unchanged), and adjusted December much further into negative territory---all to end up three tenths better on the headline UE figure.  Seasonal adjustments are responsible, we are told, apparently having something to do with lots of bird flu/Black Plague/Legionnaire's Disease expirations or teenagers laid off from the A&F Christmas Season.

Then just when it looked as if $23 trillion of taxpayer bailouts and backstopping, plus one Phd in Depression Economics, might have gone to waste, "Bargain hunters" stepped in to save us from ourselves.  Granted it is possible that it really was bargain hunting, just as it is possible that Rosie Luiz really did win the Boston Marathon, but my pathogical cynicism runs too deep for me to buy in.  Maybe, just maybe, some portfolio manager saw a chance to beat his benchmark for the calendar year and couldn't resist, but the close a whisper above 10,000 leaves that possibility in the same camp as those who still think John Cena is the best wrestler in the world and Milli Vanilli the best duo pop has ever seen.

In the end, though, I will continue to remind myself to trade whatever reality the PTB are wont to create.


Sat, 02/06/2010 - 15:57 | 220613 JR
JR's picture

That's fantastic!!

Sat, 02/06/2010 - 08:45 | 220316 obamaphobe
obamaphobe's picture

I'm giddy.  You'd have to be delusional to be upset over this.  So they were buying for the FED or maybe they were entering a new long(i hope so) what ever the case, it does not matter.  I'll take the other side down at 666. 

Sat, 02/06/2010 - 11:13 | 220333 marginnayan
marginnayan's picture

SPX down 110+ points in almost 2 weeks. If I were a bear and I am actually (and so many here are), would be just simply not stupid not to cover your shorts around 1040-1045 index level on SPX. I think so.

At major support levels, some hedge funds or institutional investors or both would come and buy the hell out market and try to cause a major reversal.

And there is always the threat of PPT (aka SkyNet aka TPTB) to come and buy the the stock market to save both the 401K and earth, now that the whole world knows about PPT outright intervention in the stock market after several articles on ZeroHegde web site and so many other financial web sites including comments about PPT intervention by institutional money flow Guru Charles Biderman of TrimTabs on Bloomberg television. Anyone not seeing this coming on a day like last Friday , I think that is then asking for too much and should not be in the stock market and trading it at all.

Note: The above IMO only

Sat, 02/06/2010 - 10:39 | 220367 KidDynamite
KidDynamite's picture

why oh why are people ranting and raving about 20 lines off odd lot prints from JPM totalling a few hundred thousand shares when the top of the bberg screenshot shows an eight MILLION share print from UBS ?!!!?!?  HUH?!?!?! 


and a related question - how on earth is SCHB the counterparty on that trade?


anyone? anyone?

Sat, 02/06/2010 - 12:56 | 220456 Anonymous
Anonymous's picture

This UBS deal seems indeed way more relevant...

Sat, 02/06/2010 - 12:52 | 220453 Anonymous
Anonymous's picture

You can sign up for emails from the Fed when they buy agency coupons or mortgage backed securities. Like clockwork, those actions come the day before big news (like the jobs report) or at a point of market weakness.

This is correlation, not causation. But is should make you think.

Fed buys stuff.
JPM buys SPYs.
How Appropriate: Jamie Dimon Reelected As New York Fed Director

If someone wanted to turn the market around, wouldn't they do it when it is oversold and at key support levels? I would.

Sat, 02/06/2010 - 22:25 | 220884 Anonymous
Anonymous's picture

The market has been a joke since July's aborted correction. Fighting it has been futile. Go with the trend, watch for reversals at predictable points. Make some money. It is getting easier every month. Mondays. Options ex. Suport levels. Etc.. Though... The failure to rally on the usual shitty Alcoa earnings and the cnbs goog pump fucked me pretty good.

Fed to pump like mad. More gold and commodities for the next move up...

Sat, 02/06/2010 - 22:48 | 220898 JR
JR's picture

Speaking of the big guys, you gotta see on Weekend Funnies, Nate’s Economic Edge, these two videos:

The Colbert Report: Let Freedom Ka-Ching—the Corporations, "the minorities," who are being forced to the back of the bus…money is free speech...buying elections with paper ballots--dollars


The Colbert Report: Eliot Spitzer--malfeasance in our banking system...we wouldn’t want to regulate an industry that is destroying our economy

Priceless for Saturday night laughs...

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