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Victory For The Fed As 10K Holds; Volume Surges On Unchanged Market
In a day in which volume surged to one of the highest total days in all of August, if not the summer, the FRBNY's Brian Sack can claim victory: Dow closed above the ridiculous 10K level, which for some ungodly reason everyone in the administration sees as the Maginot line of the depression. And despite the spike in volume, the market closed virtually unchanged on the day, even as futures go nuts after hours where it has once again become a felony to sell or put on shorts. Confirming that the market is totally, irrevocably broken, the HY index closed at the day's wides, as futures closed at the highs. Calling this robotic farce a shitshow is an insult to shit and to show. And will the last guy out at Liberty 33 please turn off the "buy everything" program currently
raging in the AUDJPY. We got the memo: the FRBNY is in charge.
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Victory, bitchez!
Bonjour! Ici c'est la ligne Maginot. Il est imprenable!
Attendez! Qu'est-ce que c'est? Pourquoi les Allemands dans les bois? O putain!
Gold...Bitchez...
Im going to try my hand at this..
Silver-junior-miner-medium-term-warrants-to-be-unwound-into-the-underlying-shares-and-then-sold-for-the metal...Bitchez...(did I spell 'Bitchez' correctly?)
They're back...
nice
SPY is up 0.5% in a few minutes after the close ? WTF ?
There doesn't seem to be any news. Maybe tomorrow's ISM number has leaked out to someone.
The price used for valuations is the official close, which is a few minutes after 4pm. The last minute shove meant the S&P was "only" down 4.8% for the month...
They've been gunning the futures all day. The only thing that kept this market from going asymptotic has been the cash market. Most of the stocks I follow don't have a bid. I think smart managers are selling rallies.
the Maginot line... my grandfather served there during WOII. He was caught as a prisoner of war from the beginning and never fought.
I visited it a few years back, very impressive but you can see the holes to cross it already after 10 minutes you're there.
If that is indeed the support, it's going to go quick and silent.
Well, yeah, the Maginot line wasn't actually all that great and, oh yeah, it stopped at Luxembourg. They never built it all the way to the north sea like they intended. The germans went around it and then, just for the hell of it punched through it in the equivalent of garbage time in the campaign.
Anyone know if we got another hindy today?
S C O R E fore the FED.
I wonder if somebody keeps the book/cost for these "operations"... probably not. More likely they'll pull a Lehman on all of us.
there's no bitchez like shit show bitchez
CNBC says..... wait for it..... BUY BUY BUY!
http://finance.yahoo.com/news/Ready-for-September-Stocks-cnbc-3264666515.html
Its MOPE.
MR. GREGORY: Dr. Greenspan, the Dow, an important barometer, as you’ve said before on this program, because there’s real money there, there’s real wealth. Are we out of the woods in the sense that Dow 10,000-plus you think is here to stay?
Dr. GREENSPAN: I wish I could answer that one. It’s a critical issue because, as you point out and as I’ve always believed, we underestimate the impact of stock prices on economic activity. Asset prices are having a profoundly important effect. What created the extent of the contraction globally was the loss of $37 trillion in market value. It collapsed the value of collateral in the system and it disabled finance. We’ve come all the way back–maybe a little more than halfway, and it’s had a very positive effect. I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
http://www.msnbc.msn.com/id/38487969/ns/meet_the_press-transcripts/
Sad but true. Pretty good evidence that for every 10% decline in broad stock prices corporate managers will cut spending by 5%. I think it was Greenspan's thesis back in the 50's... the correlation is probably more pronounced now though. Doubt he ever studied what a dual stock & credit collapse will do to ones confidence.
What's all that green on the bottom of the chart?
puke from the once ridding the roller coaster.
A marekt is made up of a buyer and a seller.
Since no one is in the market but bullshit robots. There's accumulated volume differences which are just computers that like to play kick the baby and punt the illusion.
This market is really becoming a farse. I mean, come on, what was up with that close. Yeah, this does appear to be a mandate from the Obama admin- "don't let the fucker go below 10."
As I said earlier, it does appear increasingly harder for the magical unicorns to keep this fucker levitating.
jbc77,
Lest you forget, the great one speaks tonight. We can't have a market below 10K, on a state of the nation night.
moved
what makes you think obama is in charge? he's just the president.
I agree BarkingBill.
I tend to think of the modern American Presidency as:
Salesman-in-Chief.
After several years of lying, eventually, his credibility gets blown, and his approval ratings drop.
Then, the US have an election, so the Permanent Lobbying Interests get a new salesman, chosen by the audience.
To us outsiders, it's all Marketing & PR. Why bother tuning in?
Cheers,
Beef
In a thousand years, archeologists from planet vulcan will dig through the rubble of our civilization and be amazed to find that the Dow is still holding 10k.
Helluva job, PPT.
genius genius genius
double plus good
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The Fed should never speak at the final day of any month. Wonder if Bernanke was given an advanced copy of Friday's NFP report.
What do you propose? Option expiration day?
check out ES 1-minute volume chart
mine shows about 200k contracts in the 3:59 - 4:00 two minute period
AND I BELIEVE THAT IS A RECORD
what the ? FRBNY and team timmah need to be thrown into a dungeon at guantanamo bay. UFB
the flagrancy meter just blew apart
damn, now the feds are banging the close..
It's the last day of the month, and as expected, it is all crudely obvious manipulation.
Dumb money stays with U.S. stocks, shaves fees.
The grass is always greener where .............. you water it!
3:30 ramp moved to 3:52...New Normal??
I'm actually surprised they couldn't get a real ramp going. C'mon, with only three days left until the Long Weekend, you know they're trying desperately to build a 10K buffer. The huge volume is telling, lotta folks selling into the FRBNY's bid, it must've like a three-legged, potatoe-sack race across quicksand today. After hours, then, it's time to get some futures action-- FUTURES, BITCHEZ-- as the daily market footing is simply too sketchy to manipulate like in the good ole days.
Meanwhile, over on the Big Picture, Barry 'Oh, please come back and Play!' Ritholz is into his third day in a row of posting all the reasons why we should all jump back into equities. The one unstated reason is, of course, that if we don't get it going soon, his fat, loathesome ass my have to get a real job someday, which would result in quite a haircut on AMZ's share price. I imagine he'll be linking to today's CNBC, September's Gonna Be Great for Equities call, with nary a mention of his usual 'contrarian indicator' crap, which is solely reserved for the downside.
nyse buy imbalance over >1bn ... already taken care of ... now monkeys buying expired lottery tickets
I heard Banks were buying them to, and counting them as assets.
Hey Brian Sack, where were you back in November of 1998 when we were fighting the very same battle? LOL BAWAHAHAHAHAHAH! And you think think you're a tough guy aye? More like a sack to me!
The FRBNY rowing the markets so the banks and make trading profits, everyone knows there not doing anything else. Loans are not being made. Debts are not being collected, bad assests are being hidden.
Oh dear how are the CEOs going to justify there enormus bounses. How about trading profits. Seems the banks never loose in the trading department, what was the latest figure from a big bank 150 trading days without a loss.
Any freaking moron could make money trading if they got there buy signals from the NYFRB. And thats how it works Mr & Mrs tax payer. Now get back to work and pay your taxes, we need to give it to the banks chop chop.
All we need now is a new STIMULUS, muah.
"Chip, chip, pass the bubbley." "Muah." "Cheers!" "Muah."
Oh, and a word to Trish....'Helicopters', baby. 'Helicopters'.
Economy Needs Another Big Stimulus Push: Krugman:http://www.cnbc.com/id/38922732
Accumulation bitches!
AUD/JPY frenzy is all over the freaking place since close of NY markets.
Brian Sack? Nominal manager of the Fed's portfolio? You think he's hurriedly shuffling his holdings somehow driving the Dow back above 10k? You think he hurriedly does anything? You think he has that kind of flexibility?
All I can say is, hope that's some good acid you're on.
Pretty sure he prefers to work in real terms, not nominal.
it's not a question of what he prefers, it's a question of how much decision-making authority he has, which is nothing whatsoever like that of a real portfolio manager.
'Dow closed above the ridiculous 10K level, which for some ungodly reason everyone in the administration sees as the Maginot line of the depression.'
Lines like thats why I keep coming back
Meanwhile gold/silver prepare for blitzkreig
"Prepared, copy."
truly, Mr. TD not only has a penchant for penetrating market analysis, but there is something of the poet there also to refresh and enliven the "dismal science" with a welcome creative leaven.
Eric von Manstein: "Gold, hundinnen!"
Market always seems to go up before Obama speaks. It then retraces. Must be his big speach tonight.
Seems like every time the Market goes down we have Bernankie at the Summet. Then Obama Speaking the next day. Now Obama to address the Nation.
Maybe they should do something other than talking to get the economy going.
Shit is probably more offended then the FRBNY.
The quality of commentary and the intellectual value of posts on this blog are plummeting fast.. I have noticed the trend: if the market goes down there is a round of applause because thats the only thing that the markets are supposed to do, but if the market goes up then it has got to be robots, unicorns or the Fed buying..
The permabearishness on any day and at any level is merely a sign of ignorance.. No attempt to understand what's going on on the microstructure level and what flows dominate the market at any given point in time but a constant attribution of any uptick for any reason to magical beings..
I suggest - ease up on weed and caffeine
controlled demolition markets
this way shorts and putters are short money and putting nothing in the bank.
Everyone except the American public knows that our DOW is fake. It's being artificially propped up to stop any momentum to the downside which started last week. Sooner rather than later some variable that they haven't or hoped wouldn't happen will and it will topple the whole house of cards. It's extremely hard to control that many variables, because what the person or group or even country doesn't understand is that by trying to control it causes new ones to form from their actions.
"It's extremely hard to control that many variables, because what the person or group or even country doesn't understand is that by trying to control it causes new ones to form from their actions."
Hahaha, you've got that one right. More moving parts in a given system is just begging for something to break, in and of itself. After that, having some self-absorbed lunatics try to manipulate those moving parts accelerates the chances of ruination to damn near 100%, asymptotically.
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