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There's Your Capitulation: 10 Year Bond Yield Surges To 3.54%, Highest Since May 2010

Tyler Durden's picture


But see, it's all good, cause it's all based on the strong economy. And the suddenly dropping stocks completely confirm this.


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Wed, 12/15/2010 - 15:53 | 809046 Sancho Ponzi
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'But see, it's all good, cause it's all based on the strong economy' 

Of course, because everyone knows Krugman only speaks the truth.


Wed, 12/15/2010 - 15:58 | 809076 mikla
mikla's picture

'But see, it's all good, cause it's all based on the strongly smelling economy'

Fixed it for you.  ;-))

Wed, 12/15/2010 - 16:04 | 809110 etrader
etrader's picture

Its Boyd Fowler  :->

Wed, 12/15/2010 - 16:03 | 809112 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

You did us proud, Cleatus!  Hey look Ma, Cleatus got some roadkill!

Wed, 12/15/2010 - 17:52 | 809589 Hubbs
Hubbs's picture

Silly chef, don't you know you'll need a square edged shovel to scrape that off the griddle?

Wed, 12/15/2010 - 18:06 | 809637 Problem Is
Problem Is's picture

Hey Jethro, that there looks like a gen-u-WINE Mike Huckabee, seminary college, dorm room fryin' squirrel...

Cleatus, get out the pop corn popper and let's fry this baby up...

Wed, 12/15/2010 - 15:58 | 809047 mynhair
mynhair's picture

Just buy the f&%#@ dip!

(in AUY)

Wed, 12/15/2010 - 16:10 | 809148 dlmaniac
dlmaniac's picture

Where is Blythe Master when you need a raid in gold & silver the most?

Wed, 12/15/2010 - 15:53 | 809051 NoBull1994
NoBull1994's picture

If this is capitulation, what will you call it when the 10 yr is 7%?  Oh yeah, armageddon.....

Wed, 12/15/2010 - 16:07 | 809125 Thomas
Thomas's picture

I think 4% will be the line in the sand.

Wed, 12/15/2010 - 16:31 | 809249 Bonesetter Brown
Bonesetter Brown's picture

Indeed, that's where we've bounced the last couple of years.

Wed, 12/15/2010 - 15:56 | 809056 Flore
Flore's picture

Ben has told to let it run a bit to Brian... The good old boys need a good start in 2011.

Wed, 12/15/2010 - 15:57 | 809063 Ragnarok
Ragnarok's picture

More QE it is! Jan was right?

Wed, 12/15/2010 - 16:00 | 809084 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

TARP, STIMULOUS, QE Light, QE TWO, so what will the next one be called?

Wed, 12/15/2010 - 16:03 | 809105 RmcAZ
RmcAZ's picture

Tarpulous 3.

Wed, 12/15/2010 - 16:04 | 809117 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Starpulous Infinity.

Wed, 12/15/2010 - 16:36 | 809271 dlmaniac
dlmaniac's picture

Hail Mary!!

Wed, 12/15/2010 - 18:09 | 809649 Problem Is
Problem Is's picture


Thu, 12/16/2010 - 06:01 | 811012 Mentaliusanything
Mentaliusanything's picture

All in !

Wed, 12/15/2010 - 16:08 | 809133 jus_lite_reading
jus_lite_reading's picture


BTW- According to my calcs, they're down another $700M today. Damn that strong economy! LMAO

Wed, 12/15/2010 - 16:38 | 809283 velobabe
velobabe's picture


Wed, 12/15/2010 - 16:30 | 809237 I Am The Unknow...
I Am The Unknown Comic's picture

Qualitative Pleasing

Wed, 12/15/2010 - 18:10 | 809653 Problem Is
Problem Is's picture

Qualitative Fleecing...

Wed, 12/15/2010 - 15:56 | 809066 TheGreatPonzi
TheGreatPonzi's picture

End game for Bernie.

This is indeed the beginning of the end for Ponzinomics.

Wed, 12/15/2010 - 18:00 | 809622 Hubbs
Hubbs's picture

Time to start a war since all other solutions not possible. How to? Simple, default on foreign creditors (China this means you). China won't get mad, they'll get even, and then there will be no more shopping at Wal-Mart. Now that'll get everyone here in US pissed. And because the peasents in China will then have to go back to their farms, they'll be pissed. What a fine bubbly cauldron we will have.

Wed, 12/15/2010 - 15:59 | 809077 Id fight Gandhi
Id fight Gandhi's picture

With all the fed Pomo and bond buying it should be going down. Unless the world thinks our credit rating is fucked.

If the yield keeps goi g up, housing gets worse, credit cards, auto loans, plus our dollar is in the shitter.

It's like a pissing contest with Europe, whos more fucked in their economy.

Here comes the January market correction. Wheee....

Wed, 12/15/2010 - 16:04 | 809111 DavidRicardo
DavidRicardo's picture

Race-to-the-bottom is canonic Mellonesque liquidation.

Wed, 12/15/2010 - 16:34 | 809258 walküre
walküre's picture

you would think so.

consider the current USD paper sell off like a dump of stocks.

what doesn't make sense is the price of PMs over the last few weeks, especially gold.

we know it's manipulated to keep the people stupid and "glee"full .. but eventually the genie has to come out of that bottle.

Wed, 12/15/2010 - 16:05 | 809115 walküre
walküre's picture

"Unless the world thinks our credit rating is fucked"

Understatement of the decade.

Not only is US credit rating is fucked, US ability to raise capital is fucked beyond redemption.

Going broke in 1,2 max. 3 years.

Default is ON the table, folks.

Wed, 12/15/2010 - 16:10 | 809140 jus_lite_reading
jus_lite_reading's picture

1-3 years is quite liberal. I doubt the US lasts in current condition through next July. Death spiral- period.

Wed, 12/15/2010 - 16:23 | 809208 walküre
walküre's picture

The longer it drags on, the more pain and suffering on the people. Not only American people but all people in all Western economies.

Too much fucking debt. Everyone, up to their eyeballs in debt. Private or public don't matter.

Banks are sitting on billions of dollars as if it was their own fucking money. They're not putting money back into the economy. Money is not flowing, means economy is going to hit a concrete wall eventually.

Proper Jubilee needs to be initiated.

Wed, 12/15/2010 - 16:49 | 809335 RichardENixon
RichardENixon's picture

How can they put it back in the economy? Who is in a position to borrow it? Every time I hear Obama talking about the economy he drones on about getting credit flowing to business and individuals again. They can't take on anymore! The goose is stuffed and the grain is coming out of his beak. It's time to make the pate.

Wed, 12/15/2010 - 17:39 | 809537 walküre
walküre's picture

The banks aren't making business loans, that's the problem.

2011 will be a year to remember. The cash needs to go somewhere. Equities are trading sideways, bonds are boring because nobody can afford to pay higher yields w/o destroying the currency further.. so the cash will resume a downward spiral until it bloats up.

Banks will take any deal that promises some decent return, any good revenue generating company looking to expand or do m&a will get clobbered with offerings for more cash.

There is nothing else to do with the cash.

Oh, forgot. PMs will explode to the upside as well as a result.

The people? They get nothing, will pay more and receive less.

But small business could grow exponentially as a result and start hiring quickly.

I see growth for the US economy, job creation but at the expense of price inflation and wage deflation.

Thu, 12/16/2010 - 01:22 | 810810 Bartanist
Bartanist's picture

Can you explain where the the jobs will come from. How will people who earn less be able to afford to buy more expensive things and are you implying that jobs will come back from Asia? Or, will we have more parasites working in banking, law, giovernment and think tanks?

Wed, 12/15/2010 - 22:27 | 810446 kubrick007
kubrick007's picture

what would be nice is a graph showing when debt is due or needs to be rolled by date, amt, type...doesn't even have to be super specific (like debt due each quarter for next 5 years or so). it would probably we very helpful.

Wed, 12/15/2010 - 16:00 | 809087 Gloomy
Gloomy's picture

I notice the NAV of PSLV is now over 12%. Wondering how high it will go when the jig is up?

Wed, 12/15/2010 - 16:01 | 809101 Gloomy
Gloomy's picture

Sorry, I mean nearly 14%!

Wed, 12/15/2010 - 15:59 | 809088 Misean
Misean's picture

We're gonna need a bigger boat...

Wed, 12/15/2010 - 17:04 | 809400 Alex Kintner
Alex Kintner's picture

And, you know, the thing about a shark... he's got lifeless eyes. Black eyes. Like a doll's eyes. When he comes at ya, doesn't seem to be living... until he bites ya, and those black eyes roll over white and then... ah then you hear that terrible high-pitched screamin'. The ocean turns red, and despite all the poundin' and the hollerin', they all come in and they... rip you to pieces. -- QUINT

Wed, 12/15/2010 - 16:00 | 809090 TWORIVER
TWORIVER's picture

TLT (90.83) next support at 87.

Wed, 12/15/2010 - 16:00 | 809091 erik
erik's picture

bond selling = stock selling = no bueno

Wed, 12/15/2010 - 16:05 | 809122 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Go to FIAT!!!!!!!!!!!!!!!!

I repeat, GO TO FIAT!!!!!!!!!!!!!!!!!!!!!!

Wed, 12/15/2010 - 17:54 | 809604 jimijon
jimijon's picture

I hear they are coming to the US this January. Looks like a fun little car to compete with the mini... or is that the munis?

Damn all these interwoven terms.

Wed, 12/15/2010 - 16:00 | 809092 metastar
metastar's picture

Could it be dollar strength = US market weakness ??

Wed, 12/15/2010 - 16:10 | 809149 TWORIVER
TWORIVER's picture

US$ Index priming up for retest of resistance at 83.5 from current 80.25.

Wed, 12/15/2010 - 16:24 | 809213 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I still do not understand how US market weakness still means dollar strength.

Wed, 12/15/2010 - 16:31 | 809250 A Man without Q...
A Man without Qualities's picture

Unwinding of various carry trades.  The Dollar is still the global funding currency of choice, therefore as positions are unwound, there is a need to buy Dollars.  It's the last trick in the Fed's bag - they can always protect the currency by pulling lending lines causing a scramble like we had 2008/ 2009, but the trouble is this kills the banking system domestically as well.

Wed, 12/15/2010 - 19:14 | 809852 Amish Hacker
Amish Hacker's picture

Yes, I think this explains dollar strength. Bob Hoye makes a pretty good case that, historically speaking, the "senior currency" (in this case the US$) tends to rise as the SHTF. Still, it seems counterintuitive that the dollar can soar at the same time as bonds are tanking. At some point this trend will end, but we sure aren't there yet, judging by charts for TBT and UUP.

Wed, 12/15/2010 - 16:01 | 809099 shushup
shushup's picture

Stocks won't stay down for long as there are 2 large POMOs on Monday.

Let the stock front running continue.......

Wed, 12/15/2010 - 16:03 | 809108 Gloomy
Gloomy's picture


Wed, 12/15/2010 - 16:15 | 809173 Id fight Gandhi
Id fight Gandhi's picture

And theyre being sold into. I thing the jig is up. Cheese it man!

Wed, 12/15/2010 - 16:01 | 809103 toathis
toathis's picture

nothing is coming guys.

Time's Man of the Year 2009 just re-wrote Macro Economics and will be remembered as the greatest economist that ever lived.

Junk me now. Thank me later!

Wed, 12/15/2010 - 16:07 | 809124 What a mess_man
What a mess_man's picture

toathis you are too much.  I will hand it to you though - there's something to be said for going 100% against the grain.  you are THE ZeroHedge contrarian

Wed, 12/15/2010 - 16:24 | 809215 Terminus C
Terminus C's picture

He is the Ben Bernack.

Wed, 12/15/2010 - 16:32 | 809252 tmosley
tmosley's picture

His message and writing style also match that of gloomboomdoom exactly.  The message of both matches HarryWanger exactly.

Simply ignoring the facts does not make you a contrarian.

Wed, 12/15/2010 - 16:44 | 809303 SheepDog-One
SheepDog-One's picture

Hes gloomboomdoom for sure, and likely Harry as well. He and Robo always talk about 'consumer discretionary', I think we have about 4 or 5 who are the same lame poster.

Wed, 12/15/2010 - 16:54 | 809344 RichardENixon
RichardENixon's picture

And he was no doubt on some message board in 2007 when the Dow as at 14,000 yapping about how you can't fight the Fed and now is a great time to buy stocks.

Wed, 12/15/2010 - 16:02 | 809106 DavidRicardo
DavidRicardo's picture

Oh keep blubbering.  Ben is playing with you like a well-fed cat plays with a half-dead mouse.  Sheesh!!  Come up with something original for a change, willya?

Wed, 12/15/2010 - 16:04 | 809119 Gloomy
Gloomy's picture

Yeah, I remember when it was all supposed to be going south a few months ago when the 10 year hit 4%. Fool me once and shame on you, fool me twice and shame on me.

Wed, 12/15/2010 - 16:16 | 809182 Sancho Ponzi
Sancho Ponzi's picture

Why aren't you still posting over at, Ryskamp? Oh, and I love these Amazon comments on your book titled 'The Eminent Domain Revolt', Amazon Bestsellers Rank: #2,991,766 (lmao) in Books:

(emphasis mine)

'Even if Ryskamp is right in everything he says in this book it still puts a crack whore to sleep in 5 minutes. This book makes The Theory of Relativity read like Dr. Seusse's Green Eggs & Ham! Ultimately, if Ryskamp desires ANYBODY on earth to penetrate this exhaustive work (or else why write it?), why does he render it to such impenetrible levels. The book reads like the fine print of a car lease payment disclaimer 200 pages long?!!' 

...and then there's this priceless comment over at nakedcapitalism:

'In my entire life, I’ve posted at most 20 comments on the internet. Unfortunately, John H. Ryskamp is such an ass that at least a quarter of my comments are directed towards him. And I cannot let him have the last word here.


His thinking is muddled and his writing is gibberish, but, worst of all, his manners and attitude are so insulting and pompous that I must try to get the last word in.


John Ryskamp seems to feel he is particularly entitled to voice his opinion because he is a lawyer (“it is amusing to watch them play lawyer”). Ryskamp is a graduate of Golden Gate University and is an “immigration consultant” to a few Bay Area companies. I can hardly imagine a worse pedigree, a less meaningful career, or a bigger idiot.'


Wed, 12/15/2010 - 16:45 | 809310 SheepDog-One
SheepDog-One's picture

Really DavidRicardo? Just game playing? Why? Theres absolutely no point to it, no ones buying stocks or his BS 100% certainty about things. If hes playing, hes like the retarded kid playing hide and seek in plain view of all with his eyes covered.

Wed, 12/15/2010 - 16:07 | 809126 Tense INDIAN
Tense INDIAN's picture

so where is the money going .....bonds are selling off..stock sell off ..pms r down...plenty of POMO money with d PDs....wats happening

Wed, 12/15/2010 - 16:12 | 809153 karzai_luver
karzai_luver's picture

FREE Bernokio, Our socialist utopia is at hand.


Wed, 12/15/2010 - 16:15 | 809179 bob_dabolina
bob_dabolina's picture

Have you looked at dollars?

There appears to be an appetite for those today.

Wed, 12/15/2010 - 16:34 | 809263 Tense INDIAN
Tense INDIAN's picture

ok....completely forgot abt d dollar

Wed, 12/15/2010 - 16:16 | 809181 slaughterer
slaughterer's picture

Where is the money going?  Bonuses!

Wed, 12/15/2010 - 16:46 | 809316 SheepDog-One
SheepDog-One's picture

The money is going into gun and ammo purchases.

Wed, 12/15/2010 - 16:10 | 809145 bob_dabolina
bob_dabolina's picture

The eur/usd is looking incredibly healthy this afternoon.

Wed, 12/15/2010 - 16:13 | 809157 AR
AR's picture

In BONDS  /  Yesterday we suggested the following:

by AR  /  on Tue, 12/14/2010 - 17:03  / #806134 

We might be a little early, but, we suspect this recent down leg in treasuries is close to a short-term bottom. 30's tested our 119.07 support target area today. Thus, it would not be unusual to see 30's bounce and retest the 124.00/125.00 area testing the staying power of the shorts. We've had a quick 8-9 handle move down in the last 10 days. Therefore, the risk here is overstaying one's shorts. This market will give everyone another sell signal from higher levels. It's prudent to peel back some exposure down here if one hasn't already. Good luck everyone.  -------------------------------------

Today, again, we just retested these levels (actually 118.21).  There is a lot of "overhead pressure" on this complex right now (which will abate in the next 2-3 weeks). Much of it comes from the fact that few PM's are in the black in this sector after this recent 10 day meltdown of 8-10 handles. If long positions are initiated, do not be afraid to quickly take profits and trade them aggressively until you see some better stability in price levels. 16-32 ticks per day is not unreasonable trading them with this type vol and in this environment.  Short-term risk is down to 117.27 area if these levels are breached in 30's. We are hearing margin departments are being very aggressive this week as the direction (lower) wasn't a surprise, however, the size of the move in this short time period was. Some too may want to look at the calls for the 123 to 125 strike (February or March expiry). Good luck everyone.

Wed, 12/15/2010 - 16:13 | 809161 Sudden Debt
Sudden Debt's picture

It's pretty clear Benny B. should print more money AND BUY IT ALL!


Wed, 12/15/2010 - 16:28 | 809224 hambone
hambone's picture

BB's got to be ready to go deep cause it's going to take $10T annually to buy the T market (rollover and new issue).  Not sure America is ready for that kind of deep penetration?

Wed, 12/15/2010 - 16:15 | 809178 squexx
squexx's picture

Just buy the fucking dips!!!!!!!!!!

Wed, 12/15/2010 - 16:53 | 809354 Pez
Pez's picture

Went to the market and bought these dips:

srcrm & chvs

Bcn & Hrsrdsh

Frnch onn

Did not improve my position any.

So I bought Lays and utz


Wed, 12/15/2010 - 16:18 | 809190 Groty
Groty's picture

What's wrong with my math here:

TBT is 2x the inverse of treasurys with a 20+ year duration.  TBT has risen 33% since Sept.  That means long dated treasurys have declined about 16%.

I don't know how much of the treasury debt has a maturity that exceeds 20 years.  Let's assume 25% of the total treasury issuance matures in 20 years or later (I have no idea if that is even in the ball park, I'm just using it to make a point.  If anybody knows the real percentage, please share.)

So, using that assumption, with $14 trillion of treasury debt outstanding, that means $14T*25%=$3.5T of paper that matures in 20+ years.  And given the performance of TBT, that means somebody is sitting on paper losses of about $560 billion.


Where did I go wrong?  If my assumption that 25% of treasurys mature in 20+ years, why aren't $560 billion of losses stressing the system?

Wed, 12/15/2010 - 16:21 | 809201 bob_dabolina
bob_dabolina's picture

Because trillion is the new billion.

Billion was so 2008.

Wed, 12/15/2010 - 16:23 | 809207 toathis
toathis's picture

99% of the people do not know and frankly don't care about the Federal Reserve

Even if they knew as much dirt as ZH, they still won't care. As long as they don't have to live through another Great Depression! I am with them.

Who cares? IT's working!

Ben is the man! I know, I know... I will continue to get junked for the next few years, but nothing is going to change my opinion. Facts are the facts.

No "Double-Dip"... It didn't come folks!

Wed, 12/15/2010 - 16:38 | 809284 tmosley
tmosley's picture

There was no double dip because you would have to have a recovery first, which we certainly never had.

You don't want to live in a Depression?  You're in one!  Unemployment, as it was measured in GD1, is bordering on 23%, higher than at the peak of GD1.

But then, you're stupid, so you will plug your ears, cover your eyes, and sing a happy tune while the world burns.  When the flames reach you, it will be too late.  Those of us who have paid attention to what is going on, and positioned ourselves appropriately, will emerge as the new rich.  People like you will fall straight to the bottom of the dustbin of history, noting but another statistic.

Wed, 12/15/2010 - 17:14 | 809432 Red Neck Repugnicant
Red Neck Repugnicant's picture

Those of us who have paid attention to what is going on, and positioned ourselves appropriately, will emerge as the new rich.

Perfectly fitting with all your other garbage...

Cures for cancer.  Cures for HIV.  My work will save society.  IQ over 165.  I will become the new rich....

blah blah blah blah

There is a psychological condition that explains you:  illusions of grandiosity, which appears in about a third of all paranoid schizophrenics.  

Those that are not true schizophrenics are often just opiate pill poppers.  

Wed, 12/15/2010 - 17:36 | 809495 tmosley
tmosley's picture

Nope, my IQ is 161, not over 165.  Why do you keep bringing it up?  E-penis envy?

And yes, we actually just got grant funding from the Army for the prostate cancer project.  We will be starting animal trials in February.  No recent movement on the HIV project, though I do have an associate from an antibody targeting company stopping by today to talk about a renewed partnership.

You can call me a liar all you want.  It only tells the world about how small a man you are.

Wed, 12/15/2010 - 17:54 | 809575 Red Neck Repugnicant
Red Neck Repugnicant's picture


we actually just got grant funding from the Army for the cancer project

Do you even realize the total hypocrisy of this statement? For someone who - EVERY DAY - speaks out against the government, the futility of its programs, its spending, the you are collecting your check from the government payroll.  Hypocrite!   

Typical fucking Tea Party mentality - as long as the government is spending on something that directly benefits ME, government spending is ok.   


But, aside from that hypocrisy, two weeks ago you said you already had the cure, had already done the animal trials, but had problems with all the bureaucracy at the FDA.

IQ of 161 or 165....whatever.  Irrelevant distinction, and bullshit too. 

You, sir, are the President of the Douche Bags of America Club. 


Wed, 12/15/2010 - 18:11 | 809659 tmosley
tmosley's picture

I see, now you believe me, because it means you can call me a hypocrite.  Fascinating how that little brain of yours works.

Also, I don't receive ANY benefit from the funding.  My salary is paid for 100% by my company from investor money.  This grant was sent in by our chief scientist, who is a rabid liberal, but a very good man, unlike yourself.  The funding will go 100% to production of compound, purchase and care of the animals, and associated costs.  I guess you would rather the Army buy another cruise missile with the money.  

Understand, little boy, that there are many different kinds of cancer.  The one I showed you (remember, the mice we cured of cancer?  If you need a refresher course, it can be found here: had colorectal cancer, and was treated with armed antibodies.  We have not taken them to market because we don't have the money to run the FDA gauntlet.  This grant is for a much simpler compound that is only slightly modified from the natural form found in your body.

Obviously, my IQ is not irrelevant to you, because you continually bring it up.  I told you what it was because you kept calling me a moron, something that is patently not the case.

Face it, you're just a tiny man in a big world who can't understand how anyone smarter than he is could possibly think differently than he thinks they should.

Wed, 12/15/2010 - 20:50 | 810180 Red Neck Repugnicant
Red Neck Repugnicant's picture


I have no doubt that you work in cancer research.  I have no doubt that you get funding from all sorts of sources, as is common with any kind of research.  And I have no doubt that you spend most of your day pulling up the tails of rats and evaluating their rectums for signs of colorectal cancer.

Whether your paycheck is signed by Tim Geithner or by someone else, the money to fund the miscellaneous costs of your research comes from the government.  Just remove the government funds and watch how quickly your investors get cold feet.  Riding the coattails of government funds happens everywhere, and there is always some sort of supposed justification.  

The fact remains:  you are sucking off the government's nipple, and without that fresh supply of new government milk, your investors would find other projects - they always do.  If you didn't benefit from those government funds, either directly or indirectly, you wouldn't have mentioned it.  

Everyone who gets government funds justifies it in some way or another. Retired Tea Partiers will say the same about their Medicare, Social Security and free scooters.  Retired firefighters will say the same about their $8,000/month pensions. There is always a reason why the government needs to write a check, especially when that check funds you, and not someone else.  

And, yes, I'd rather the government pay you to stare up the rectum of a mouse than send those funds to the great American War Machine, but that does not discount your hypocrisy. 

Cancer research is a noble cause.  But this would not be a point of contention if you weren't waltzing through these pages blasting the government, its deficits, its spending habits and the Fed printing the paper that indirectly (and ironically) finds your own pocket.  It's just so ironic, hypocritical and fitting, as always with wing nuts on soapboxes.

Those of us who have paid attention to what is going on, and positioned ourselves appropriately, will emerge as the new rich

I have many friends that spend their days at universities doing research on noble causes.  Some research cancer, too.  And I can tell you one universal truth about all of them:  none of them care about personal wealth. None. They are typically humble, down-to-earth people trying to make the world a better place, and if they suddenly become rich from their endeavors, they'd probably be embarrassed by it. They do research for the love of science and for the improvement of human health and society.  

None of them would brag about their IQ scores, either. Most certainly though, none of them would be concerned with emerging as the new rich, as you mentioned - those shallow, hollow concerns speak volumes about you. When I read that, I put you in the same box as all the other greedy fucks in this world who are only concerned with chasing dollars into the sky or into the ditch - whatever makes you rich, right?

If the currency collapses, but you're hedged and emerge as the new rich, you'd like that wouldn't you?  Fuck everyone else who doesn't have the time nor inclination nor education to put our politicians and our bond market under a forensics microscope, right?  Fuck them.  Society deserves their fate, don't they? That attitude puts you in the same pea pod as the Wall Street casino operators who would crash the system for their own wallet.

Now, go give a mouse another colonoscopy, and when that government check arrives in a few months, don't pretend that you're any different than all the other government recipients out there. Everyone has a reason why their check is different than everyone else's.

And when the world ends, but you're rich...have fun.   






Wed, 12/15/2010 - 21:23 | 810211 tmosley
tmosley's picture

I see, so someone who owns, say, a Ford truck that is already paid for, is hypocritical for driving that truck if they don't like Ford's policies.

Give it up.  You can't baffle me with bullshit.  Just get out, you worthless eater.

Edit:  I should clarify:  I hold no illusions that I am not harming the nation by taking money from the government.  I know that quite well.  Indeed, if given the opportunity, I would take every penny of the Federal budget away from them.  You see, this country is sick, rotten with your ideology, that thinks it can steal from everyone who produces anything, and continue doing so forever without consequence.  This is not the case, and I take at as a badge of honor that I have helped to prove just how wrong you thieves are.  I live my life according to the non-aggression principle (wiki it).  Taking money from the government is NOT an act of aggression.  The government taking money from the populace is.  Extracting the maximum amount of money possible from the government is good, because it helps to destroy that government.  As a liberal, I'm sure that you are unable to see the gun in your own hand, but it is there, and it is pointed at all the citizens of the land.  You, who lobby for such aggression as an end in and of itself, are the aggressors.

I also think it is funny that now all of a sudden you believe me.  You were calling me a liar in every post before.  You called me a "toothpaste researcher", even.  You see, your entire worldview seems to be entirely centered on causing others pain.  You try your best to tear me down in any way you can, going so far as to (at least claim to) call one of my colleagues, and post that you did so, as some sort of threat.  To say "Hey, I have power over you".  What a coward.

Wed, 12/15/2010 - 21:30 | 810282 Red Neck Repugnicant
Red Neck Repugnicant's picture

Your analogy is worthless.

I must admit, I've never met a douche bag of your caliber.


I just read your Edit-in, and you're a fucking lunatic.  I've never seen such justification for hypocrisy in my entire life.  Unbelievable!  Truly stunning. 




Wed, 12/15/2010 - 22:12 | 810412 tmosley
tmosley's picture

Feel free to leave, then.  That's all you are going to see from me.

Wed, 12/15/2010 - 17:44 | 809556 Spitzer
Spitzer's picture

keep buyin those treasuries.

Not much else to be said.

Wed, 12/15/2010 - 16:46 | 809323 SheepDog-One
SheepDog-One's picture

Never left the first depression, tothis you dummy.

Wed, 12/15/2010 - 16:56 | 809366 toathis
toathis's picture

junk... Depression is a contraction of 10% or more of GDP.

We are in recovery. Depression was avoided.

FACTS are FACTS, folks

Wed, 12/15/2010 - 17:03 | 809398 tmosley
tmosley's picture

Wrong again.  There is no agreed upon definition of a depression.  10% contraction in GDP is one proposed definition.  Another is a recession lasting two or more years.

Looking at real numbers, both have been met:

Wed, 12/15/2010 - 17:47 | 809569 Spitzer
Spitzer's picture

that is the keynesian definition. If you are a keynesian then piss off

Wed, 12/15/2010 - 17:21 | 809454 bigking12345
bigking12345's picture

this idiot is garyoak from marketwatch. He has 30 profiles and is a fucking dickhead.

Wed, 12/15/2010 - 19:15 | 809859 Atomizer
Atomizer's picture

Ding, ding, ding. We have a winner.

Wed, 12/15/2010 - 17:26 | 809471 erik
erik's picture

answer these two questions please. 

if we could avoid recessions or depressions caused by excessive debt by creating more debt, then why wouldn't we have done that all along?

are you saying it is different this time?


Wed, 12/15/2010 - 17:34 | 809508 lizzy36
lizzy36's picture

do you have to remind yourself to breath?

Wed, 12/15/2010 - 17:42 | 809544 Spitzer
Spitzer's picture

don't have to live through another Great Depression

This is a depression smart guy. You will not get junked for a few years because just like Jonny Bravo, you will get burned and you will run away with your sorrows, never to be seen again.

Wed, 12/15/2010 - 16:25 | 809217 mynhair
mynhair's picture

TBT based on the Barclay's 20+ year index, and uses derivatives.  Think the long bond is more like 10% of outstanding, but don't quote me.

Wed, 12/15/2010 - 18:45 | 809761 chinaguy
chinaguy's picture

What's wrong with my math here:

TBT is 2x the inverse of treasurys with a 20+ year duration.  TBT has risen 33% since Sept.  That means long dated treasurys have declined about 16%

TBT only tracks accurately on a DAILY basis all of those 2X, 3X ETFs are nonsense over any longer duration.

Wed, 12/15/2010 - 16:21 | 809202 monkeyfaction
monkeyfaction's picture

If stocks close green today I am going to punch myself in the balls repeatedly until my brain finally understands that I should never short this market ever.

Wed, 12/15/2010 - 16:24 | 809211 slaughterer
slaughterer's picture

Monkey faction balls please get ready!

Wed, 12/15/2010 - 16:26 | 809220 mynhair
mynhair's picture

Hurting yet?

Grab some FCX before it recovers.

Wed, 12/15/2010 - 16:46 | 809308 erik
erik's picture

Recovers?!?  FCX just doubled in 5 months.  Not exactly sage advice to jump on the wagon here.  No offense.

Wed, 12/15/2010 - 18:24 | 809700 cosmictrainwreck
cosmictrainwreck's picture

yeah...perhaps look at HL: came from behind & beating FCX lately. But, to your point..either is dicey up here; am waiting (hoping) for more pull-back before adding to HL

Wed, 12/15/2010 - 16:30 | 809235 erik
erik's picture

They started this one a bit early.

Wed, 12/15/2010 - 16:31 | 809240 AR
AR's picture

MF  /  Try to be a little patient in here. There are a lot of seasonal influences at play. Manage your size (risk) well.  Markets are not trading rationally. Every PM out there is frustrated (and confused). Hang in there. Tops are often made (major junctures/turns) when traders find themselves getting this emotional. Good luck.  Pare back your size a bit if neccessary.  We've all been where you're at sometime or another (or many times) during our careers.  Markets often extend in order to liquidate.  Good luck...

Wed, 12/15/2010 - 16:55 | 809362 moldygoat
moldygoat's picture

have you ever noticed that the end of the day is like forcing a shit!

Wed, 12/15/2010 - 16:57 | 809370 cosmictrainwreck
cosmictrainwreck's picture

yes.... been bitching about it for months. looks like the got a little diarrhea there at the end GLORY!

Wed, 12/15/2010 - 17:08 | 809413 mule65
mule65's picture


Wed, 12/15/2010 - 16:31 | 809248 CheapKUNGFU
CheapKUNGFU's picture

errr, umm, what part about buy the fucking dip, dont you understand?

Wed, 12/15/2010 - 16:33 | 809256 RobotTrader
RobotTrader's picture

- Outright crash in bonds

- Chain-selling in gold stocks

- Hedge fund liquidations in risk currencies

- Meltdown in the silver market

And the SPY is still breaking out in foreign currencies.

With maniacal moves in consumer names like Sam Adams, up 12% after a huge run already.



Wed, 12/15/2010 - 16:41 | 809278 mynhair
mynhair's picture

Just normal EOY profit taking, Robo.

Wait until 12/27 for the major fireworks.

Wed, 12/15/2010 - 16:43 | 809300 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Chart Platinum.  From top to bottom todays action was pretty like the metal herself.

Platinum, bitchez!

Wed, 12/15/2010 - 16:40 | 809291 Caviar Emptor
Caviar Emptor's picture

Bernank is deliberately letting yields rise on long end. Why? To raise mortgage rates and prevent a surge in housing prices, which is 40% of CPI. He's got some cover up to do. Another reason? Capital would be flying out of here as fast as during the summer now that every good economy around the world is in raising mode. He needs to maintain some respectability. One more reason is I agree with the guys here who can see it coming: he needs to justify QE3.

Wed, 12/15/2010 - 16:49 | 809336 SheepDog-One
SheepDog-One's picture

I dont buy that theory of a sudden flipflop on Bernank's 'plan', last thing in the world he planned for or wanted was bonds sky.

Wed, 12/15/2010 - 17:31 | 809489 Rogerwilco
Rogerwilco's picture

To raise mortgage rates and prevent a surge in housing prices

Caviar, are you serial? Ben controls many things, but not that one.

Wed, 12/15/2010 - 19:20 | 809886 ElvisDog
ElvisDog's picture

Rising rates are happening in spite of Bernanke, not because of any plan he has. What is happening is his $600B purchase of treasuries, which would in isolation drive rates down, is being overwhelmed by the expectation and fear of future currency debasement, which is driving rates up.

Wed, 12/15/2010 - 16:42 | 809295 firstdivision
firstdivision's picture

I love the 3pm sump pumps.  Came on like clockwork.

Wed, 12/15/2010 - 16:46 | 809315 cosmictrainwreck
cosmictrainwreck's picture

uncanny, ain't it? but this one looks like it might fail - for a change

Wed, 12/15/2010 - 16:42 | 809299 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Platinum for the win today.

Platinum, bitchez!

Wed, 12/15/2010 - 16:53 | 809353 mynhair
mynhair's picture

Sell everything in sight!

Wed, 12/15/2010 - 16:54 | 809357 redarrow
redarrow's picture

IMHO. I think the 10 year is being allowed to go up by Bermoney to entice the fence sitters to buy homes before the interest rates climb higher "buy now or be priced out forever"..redux. If sufficient numbers of people can be pushed in in it will mask a terrible unemployment picture and inject a shot into the heart of the economy.


Wed, 12/15/2010 - 17:50 | 809584 Spitzer
Spitzer's picture

locking in a low interest rate locks in a high pruchase price

Wed, 12/15/2010 - 17:00 | 809360 erik
erik's picture

Ah, the old pump fake buy the dip move.  When there are too many sheep, they have to change it up for a day.

Weak volume again though.

I can't wait until we get to buying the dip of the buy the dip move.  More layers of fun, just like Inception.

Wed, 12/15/2010 - 17:04 | 809393 mynhair
mynhair's picture

What would you consider strong volume?  More than 4 billion on the S&P?  No one out side of cronies owns any stock anymore.

Wed, 12/15/2010 - 17:10 | 809417 erik
erik's picture

For better or worse, I use the SPY volume as a general gauge.

Today 149M

22 day MA 164M

100 day MA 189M


Wed, 12/15/2010 - 17:06 | 809406 mynhair
mynhair's picture

Very interesting......Norton AV is blocking Karl's site.

Wed, 12/15/2010 - 17:10 | 809420 monkeyfaction
monkeyfaction's picture

My balls got a reprieve.

Wed, 12/15/2010 - 17:17 | 809439 cosmictrainwreck
cosmictrainwreck's picture

yeah - I was rootin' for ya. but did you see the last little blip up at 3:57? the fuckers just never quit. however - biggest end-day volume in last 10 days, looks like 85-90 mil vs the usual 45

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