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Volume Plummets As Mutual Fund Monday "Never Lose" Sentiment Is Back
When you have a self-fufilling prophecy such as that the market never, ever goes down on Mondays, who will be brave enough to take the other side of that trade? Nobody, that's who. As a result cumulative volume plummets, and the market goes green even as things around the world are getting worse by the minute. Once again, nobody but a few computers is participating in this run up.
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good thing the computers are TBTF
Do you mean 10 up Mondays in a row, amid a 10% correction, is statistically improbable?
+10%
A good analogy would be like in the movie Jaws when Captain Queeg(?) is gunning the engine on his old boat at the end of the movie to trick the shark into shallow water.
He (quants, WS) blows the engine and gets eaten by the shark (market crash).
I think you jumped the Shark on that analogy.
You mean 10 papered over black mondays have been averted.
No positions here until 200 dma. If we take that out we'll go back to 1132 where the year started. Might get back to 1150 but that will be it in my scenario. If we get that high again, it's a full blown, throw everything in short.
Hey, it's Mr. never-predicted-anything-correctly-and-if-you-followed-his-advice-you'd-have-lost-your-life-savings guy.
What's up, troll?
Why would you be shorting? You just said a few weeks ago all of us didn't understand, that long was the only play.
We all went long on your advice. :)
He must have been talking with Goldman Sucks people lately. They are advising him to advise us to advise them to advise everyone.
Simply put, Harry is obviously an idiot pumper.
You've reached Henry Blodgett status, minus the money he made as a paid analyst. Let it go, man. Let it go - this ain't your calling in life. Heck, I'd rather listen to Harry Knowles give advice on how to pick up chicks.
Now, to be fair, Harry is tempering his ridiculous-ness a bit lately in that he is at least considering the possibility of market downturns.
Congratulations. I believe you have broken the record in junk posts.
Shit, that's a big move in the Euro!
Not to be chartdaddy.com, but if 1.23-122.50 doesn't hold...Not sure that 121.50 will hold, either. 1.18 next?
From what I can see Euro is red across the board today, in all the pairs I can see. I've never seen that before.
Dollar up a lot, gold up, Euro down a lot, equities crazy. Must be a fun day at the Fed.
Turd,
At this point in the curve, it should be lower. We are publically discussing the reality that Euroland is BK both at the Soveriegn level but also its Banking sector. Europe as we know, has no Treasury department or no central bond authority. They are in a fatally flawed structure.
I expect they will fix the membership rules so they can start releasing the Club Med nations while trying to salvaging the rest of the Euro investment. Simple put, how it continues to hover at these levels is quit shocking.
Disclosure: I am short Euro's, long physical metals.
So what breaks the computers hold on this (other than John Connor, remember him...)?
Nothing, the whole shithouse explodes eventually.
I've never seen a shithouse explode, but once when I was young, a "honey wagon" tipped over on the 93 and spilled about 5,000 gallons of raw sewage on all over the freeway. I think that was metaphorically close to the hiccup we had in 2008, the wise are already wearing their raincoats waiting for the explosion you speak of.
OK, here we go...The Dwarf in Members Only (DIMO) said last week that any cuts in trade would cause "all-out war".
The ball's in your court, DIMO.
By JEAN H. LEE, Associated Press Writer – 14 mins ago
SEOUL, South Korea – South Korea's president slashed trade to impoverished North Korea and pledged to haul Pyongyang before theU.N. Security Council, vowing Monday to make Pyongyang "pay a price" for a torpedo attack that killed 46 sailors.
I used the dip last week to buy some more gold and silver stocks, some food stocks, biotech/drug, and the spy.
And, Pray tell, what shall those stocks be worth after nationalization?
Nationalization? That's commie talk, but a windfall profits tax of 90%? That's american!
What will those companies be worth with no credit system and production comes to a stand still.
These people that think these companies run on money are in for a one rude ass awakening when the credit system collapses.
If a person, or a company or a nation can supply their own credit, the credit would never had been produced to start with.
There is no Wizard of Oz, Ben is there to convince everyone the lie, unfortunately the lie runs it's course and than the Truth is all that remains.
People will be starving even though there will be plenty of farmland, farm equipment, and labor.
Nothing falls in a strait line. As a market liquidates from the top down, capital escapes. The first one out gets the best price. All of this money will probably land in gold and gold stocks. From that point a banking system can emerge and if its as bad as you think, the most profitable industry will be food. The food and energy industry will get the capital first.
I don't think it will be as bad as you think.
the capital will flow into prostitution also, yes?
No, prostitution will become very localized - people who think they have no assets to sell realize they still have one. Same thing happened in the former Soviet Union. Keep an eye on that MILF you've always kind of liked in your neighborhood if she gets downsized from her job.
Most of what I bought are companies with assets and their business in several countries outside the US.
Technical indicators over the weekend have convinced people who don't bother with macroanalysis that it's a good time to buy. A broker buddy, a quant buddy and I were drinking during the celtics game on saturday and they were telling me that the stochastic indicators are still in an oversold condition. I warned them that the markets are not behaving in accordance with simple technical analysis anymore, as the previous sell off had nothing to do with technical indicators,(or technical anything) but they pointed out that a large number of major private and insitutional traders would be coming out swinging today on the long side.
As long as the music keeps playing, they will continue to play musical chairs.
I think you are right to worry.
I am deeply unsure there are "corrections" left in the realm of possibilities. There are only swans left; big, black, foul mouthed, and some one contributing to ZH said "they are all carnivorous".
Has anybody heard anything about this:
http://seminal.firedoglake.com/diary/50368/
Trying to confirm this.
Here is another source:
http://monkeyfister.blogspot.com/2010/05/major-change-down-below.html
These are both blogs. I would like to have it confirmed with a main stream news source. This could be detrimental to everything financially and environmentally.
The author says the relief well won't help, imo, that's bull, because the relief well is approached from way below, at an angle, it's like threading a needle, but it's been done many times. In fact they are drilling 2 r. wells, an implosion at the BOP is way above this intersection I think. I feel they are stalling the top kill , wanting more time on the r. well, which they are rushing, so they still have a well with est 44mil brl reserves. They had $1Bil into it at explosion time, they want to keep the well.
The algos are waiting for buyers but there are none. The flash crash gave the financial world a glimpse into every stocks pps. They are all false prices. I honestly believe we are at a point where Ben buys high and sells low just to transfer money directly into the banks trading accounts and that is why banks cannot lose and that is precisely why the markets crashed when they believed an audit of the Fed trading desk was inevitable.
Ben is purposely being the worst trader in the history of financial markets and his intention is to have the Fed hold these stocks for decades however if the market collapses on itself because Bernanke realizes even the Fed is not large enough to do anything but temporarily distort the markets what happens to all the Fed supposed assets? You guessed it...The American taxpayer loses once again.
And in case anyone wants a link to the BP Oil volcano have a ganders. It is like watching a reverse priting press. For anyone to think that this market can climb as this thing spews its plague well then keep one thing in mind, Eventually that image you are watching is the final result of all greed and contempt of the many to benefit the few.
OIL LEAK STREAM:
http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/ho...
Heh heh. Yeah. In fact if you zoom out a little - remember that SPX 666 number in March 09? That is where the SPX was in 1968 ( in inflation adjusted terms).
So we got a brief glimpse at the "real prices" - ie. No progress in 40 years. Seems about right to me. Strip out all the fraud, liquidity , Fed manipulations, PPT, Wall Street games, IPO scams etc etc - the hard reality is - 666 : 1968 = 2009. hahahahahahahah.
yeah, but that 666 number was the last stop above 200 on the fears that short term credit availability was about to disappear. That would've put every fortune 500 out of business within a week. I think that you are a little overzealous in how you price the market.
I dont disagree that 666 was a panic low and Iam happy to buy stocks at those levels - and did. Now - maybe 800-900 is a reasonably cheap level. So that would put it about 40% higher than it was in 1968!
I think the chances that we see 800-900 again are not negligible.
Does anyone have a feed for the main leak?
BP representative: "Since all of our other strategies have failed miserably, our next one is to jam a giant wine cork into the broken pipe. We are currently in negotiations with France to procure said cork and plan to have this leak plugged by mid July (France won't give us the cork until the wine bottle is empty... Dammit!)."
Never waste a good wine.
Why didnt /dont we use military subs to stop disasters like this oil leak. Does BP have the subs with tools as good as the Navy? Could the Navy have gone in there pronto like and helped and we bill it to BP? Maybe next time?
all good questions.
What would the military do to help? Nuke the site? That worked for Russia's gas leak but only because the point was above ground and on stable ground.
WHoa , its mr talk twice think once. The Navy is the world leader in submarine technologies. They have subs that can rescue other subs off the bottom of the ocean with exotic tool arm attachments that no one else has.
Nuke? thats the best you can do? Try decaf....
Strider:
Let me take a shot at splainin this to you. As a people, we rush technology into production and cross our fingers hoping that it doesn't get away from us. When it does, we have no plan to deal with it. This disaster is exactly why not one single nuclear power plant should ever be built. This is a major mess. If and when a nuke gets away from us, life on the planet may very well end. Don't for a minute believe the pure, unadulterated bullshit that we can control these processes. We can, but only about 97% of the time. The other 3% of the time this is what we get. BP is doing everything they can to fix it. Ken Salazar, Interior and the Obama administration looks as incompetent as the Bush administration did during Katrina not because they're stupid, but because the decision was made years ago to live with this risk and they know damn well that it'll get stopped when it gets stopped. Everybody involved in the process already understands this. You (and many others) obviously don't.
Want cheap energy? Want a nuke? You're going to have to live with risks a lot bigger than one offshore well in the Gulf.
uh, as an engineer I can tell you that it will take more than one nuclear plant failure to "end life on earth". What a bunch of alarmist crap. Although allow me to agree with you on our lack of foresight and poor focus on risk and containment.
Yeah, if we wanted to live life without any risks, uhm, nature never would've gone the route of evolution.
A life without risks, is no life at all.
Hiding in caves even has its risks.
Propaganda about nuclear powerplants being so dangerous isn't stopping the Chinese from passing us by. While we're still focussed on burning chemicals for energy, they're going nuclear.
I didn't know it was so safe. Send me 1000 lbs of yellow cake. I like generating electricity.
remember europe is closed.
holiday?
Volcano.
whit monday / pentecost monday.
I need to change my icon.
The "elites" should be really embarrassed by how the U.S. market trades... trades more like a banana republic than a developed market;...pathetic
The "elites" are never embarrased - not by anything. They never admit fault - other than freely admitting that they were misunderstood because they should learn to "communicate better". This is standard procedure. As an elite - if you ever admit any fault or apologize - the sheeple will just lynch you. because the sheeple dont really understand very much - other than things are badly wrong - so they have no power to discriminate good and bad decisions - unless ofcourse someone admits fault - then lookout. So its rational.
yep - so long as its unclear whether its 'incompetance' rather than 'deliberate deceit', the revolution yet sleeps
I got tired of seeing Skynet absorb a huge chunk of change every Monday. I've now decided to buy on Monday PM/Tues AM, then sell on Friday PM.
Hum...these machines are making me money. Buy in the overnight session. Sell in the after-market, converting USD into EUR ( yeah, I know not the other way around :=)). That's fun !
This market is looking like a directionless rab dog again. May go down hard today.
well, the peasants didn't come to the party AGAIN TODAY. guess the "buy the dip" propaganda isn't working....
so they will have to think up something else if they are going to hand off all the overpriced stock before a big fall....
and watch the DOW melt up 200 points in the last 10 minutes of the trading day.
That is EXACTLY the reason why I'm sick of holding any shorts on Mondays. Call me HarryWanger if in the last 15 mins a huge melt-up does NOT occur.
DJI at -65.. 35 mins to go! Melt-up, baby!
DJI - 53 with 23 minutes to go! MELT-UP OR HARRYWANG ME,BABY.
Mo' money mo' problems? DJI now at -75! HarryWang Hall of Shame, here I come!
PPT.. where are you! Stop surfing for pr0n! Oh wait.. that's the SEC.. or is it? (the mind wonders)
How can this be! Well HarryWanger my arse! DJI -139 with 4 mins left!
Looks like the PPT had a drink earlier in the day then expected.
@Whizbang
Your obviously a grammatically correct gov't shill. All your observations are so very whitty and well written. Call me crazy but I think your a gov't (ppt) paid propoganda troll.
Harry Wagner= plunge protection team troll
lol nice 1