What Was THAT?

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Wed, 09/22/2010 - 09:03 | 596861 johngaltfla
johngaltfla's picture

He's right to be concerned. Apathy and allowing the computers to run the markets usually leads to far worse events than the "flash crash". Then again the majority of traders and players involved now do not remember 1987 either. All it takes are just enough stupid policy decisions, Congressional ineptitude, and one of those "unexpected" reports and it will be Game Over.

Not to mention the one big question Washington and the Fed won't answer:

If we're in a recovery why is any Q.E. needed?

Wed, 09/22/2010 - 09:48 | 596978 DosZap
DosZap's picture

If we're in a recovery why is any Q.E. needed?

 

Because they want us paying thru the the rear for everything due to rising inflation, and owing less to all our creditors w/ a inflated dollar.

China has had enough, look for them to be be investing in American companies, or keeping their money at home, and investing it in their infrastructure and their people.

If their smart they would do today.

More QE will also pump up the $ supply bringing on more inflation here at home(currently they say around 1.5%), more like 10%+.

So, their killing several birds by doing so......problem is creating inflation is easy, controlling it once unleashed is another.

Thus,Hyperinflation is coming if they dump another Trillion into T bills, Bonds........look out.

All this is my opinion, and the way I see it.

Wed, 09/22/2010 - 10:47 | 597178 tictawk
tictawk's picture

Once the DEBT BASED economy is SATURATED in DEBT, all roads lead to DEFLATION. 

If the Fed had control, we already would have had inflation given the massive stimulus and QE programs.  The FED is NOT the entire market and in the end the DEBT monster wins.  After the debt collapses, the Fed can destroy is currency if it so chooses but it is already too late because the damage has been done with asset price deflation. 

Wed, 09/22/2010 - 09:05 | 596865 MiningJunkie
MiningJunkie's picture

How about Larry Lindsay this morning that says that Larry Summer's role in the Obama Administration was "adult leadership" ?? - I almost fell over. If "adult leadership" means across-the-board manipulation of every market on the globe, then free market capitalism must be the domain of infants.

Wed, 09/22/2010 - 12:45 | 597602 ATTILA THE WIMP
ATTILA THE WIMP's picture

Larry Summers is a Bilderberger, a Trilatralist and a member of the CFR.

http://www.nndb.com/people/191/000029104/

PS: 911 Inside job

 

Wed, 09/22/2010 - 09:06 | 596867 bronzie
bronzie's picture

"Bottom line is that nobody seemed to understand or care what stocks were doing"

the sheeple don't understand and those that do understand don't care

(on second thought, perhaps some of those that do understand do care as demonstrated by the recent insider selling - hmm ...)

stocks are for suckers!!!

Wed, 09/22/2010 - 09:09 | 596874 Boilermaker
Boilermaker's picture

Stocks are not for suckers; Stocks are for the 1/2% or less that are involved in pushing the market in a direction known in advance.  How else do you think banks make money by the tens of millions...daily...even with the volatility?  It's induced intentionally.

Wed, 09/22/2010 - 09:18 | 596883 Cognitive Dissonance
Cognitive Dissonance's picture

Stocks are for the 1/2% or less that are involved in pushing the market in a direction known in advance. 

Exactly. Markets don't move, markets are moved.

I'm not talking minute to minute but I am talking about general direction. I always find it interesting when it appears Wall Street suddenly is talking as one, where everyone is upbeat and positive. Then, over a day or two, it changes and the herd runs in the other direction. The sentiment has changed before the market does.

Clearly something is filtering down to the traders and mouth pieces, who know when to jump on the gravy train, thus making it real.

Wed, 09/22/2010 - 10:00 | 597025 VWbug
VWbug's picture

you guys are so clueless.

i worked on a trading floor for 25 years.

Every bank/broker/trader's DREAM would be to have an INKLING of which way the market was going.

The competition between trader's at different banks is intense, often turning into physical altercations at the bar at end of the day.

Trader's are regularly fired for losing money.

if all markets are manipulated, who is that decides how the pie is cut up?

Who decides what to buy and when?

How is the information channelled?

How come not one trader in hundreds of thousands has exposed the manipulation?

Hey, I know it eases the pain of your lives to believe your failures are the result of manipulation by 'TPTB', butyou should try to come up with a more believeable excuse, lol.

Wed, 09/22/2010 - 10:10 | 597066 Cognitive Dissonance
Cognitive Dissonance's picture

VWbug,

If you worked the floor, then you were the low man on the totem pole. The news was told to you and you reacted. You were in the middle of the herd as it stampeded back and forth.

You were a tool. Maybe a screwdriver or a channel lock pliers. But a tool none the less. However, I bet you were a smart tool, right?

Wed, 09/22/2010 - 10:24 | 597101 Boilermaker
Boilermaker's picture

He's a self made, self proclaimed, trading superstar that "never has to work again".

You know...a fucking moron.

Wed, 09/22/2010 - 12:20 | 597516 VWbug
VWbug's picture

self made yes, super star no, otherwise i wouldn't have had to work 25 years to get to this point.

i was never once given any direction on what position to have, i was just given limits, and lists of credit allowances for institutions worldwide that we dealt with.

hey, go on with your delusions boys, everyone who is wrong just provides trading opportunities for those who are right : )

Wed, 09/22/2010 - 14:45 | 597945 TraderTimm
TraderTimm's picture

I've worked on the floor, S&P 500 futures, currencies, you call it. I've charted and watched price patterns and developed trading systems. And I can tell you the price patterns I see lately for the indexes after tracking them intraday for over 10 years is a complete change of character.

You can guess who the 'shadow-actors' are, but I can tell you that something has changed fundamentally with how the market behaves.

If you don't believe that, then I suppose you haven't been paying attention.

Wed, 09/22/2010 - 10:25 | 597107 Boilermaker
Boilermaker's picture

He's a self made, self proclaimed, trading superstar that "never has to work again".

You know...a fucking moron.

Wed, 09/22/2010 - 10:11 | 597068 SDRII
SDRII's picture

ewww ah a fight in a bar - if this were dealbreaker someone you might even be posterized for that sorry comment

 

in other news

http://www.wired.com/threatlevel/2009/07/aleynikov/

 

 

 

Wed, 09/22/2010 - 10:36 | 597135 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

VWBug,

The smart money are the ones in the know. Apparently, you were not part of the smart money or insiders. The majority of stock brokers are not part of the smart money. They are hired in the hope of actually figuring out a system to make money through trades. If not, unemployment awaits them. They also serve as a backdrop to cover the insider's manipulation.

Wed, 09/22/2010 - 09:24 | 596913 rocker
rocker's picture

Obama has no clue how the markerts are manipulated. NONE. There fault is who they trust.

Godman Shafts, JPissMorgan, BlackassRock, Stanley's Organ and Shitty Bank are the ones.

Wed, 09/22/2010 - 09:49 | 596990 snowball777
snowball777's picture

You forgot the Bank of Lynching America.

Wed, 09/22/2010 - 10:10 | 597063 Hephasteus
Hephasteus's picture

That's Skank of Amerika.

Wed, 09/22/2010 - 09:08 | 596869 Boilermaker
Boilermaker's picture

Why do people continue to try to 'analyze' or 'chart' shit that is completely manipulated?

It's like trying to get an advantage in sports betting when every team is involved in point shaving schemes.  Why bother?

Wed, 09/22/2010 - 10:01 | 597034 VWbug
VWbug's picture

jeez i dunno...maybe it's because your main assumption is totally false?

 

Wed, 09/22/2010 - 10:22 | 597094 Boilermaker
Boilermaker's picture

Ahhh...it's my favorite crackpot self-enriched mega billionaire superstar trader with an 18" dong.

 

How have you been jackhole?

Wed, 09/22/2010 - 12:25 | 597529 VWbug
VWbug's picture

that should be 'ex' trader. I retired from that and now just take small positions for something to do.

i've been good, BTW, and somehow feel so much better for not having to live in detroit : )

Wed, 09/22/2010 - 09:09 | 596872 mark mchugh
mark mchugh's picture

 I even said I would literally shoot myself if stocks finished up on the day...

Nic....dude....

Wed, 09/22/2010 - 09:22 | 596905 Saxxon
Saxxon's picture

Yes, relax and see if you can make some money!  What else are you doing this for?

Wed, 09/22/2010 - 09:11 | 596878 newstreet
newstreet's picture

So tempting to sell Euros here above 4 even.

Wed, 09/22/2010 - 09:14 | 596886 Orly
Orly's picture

If I may offer a suggestion as to the strange behaviour of the USD, especially as it relates to the JPY:

The USD has been seen as a "risk" asset, as opposed to previously having been considered a "safe-haven" asset.  Once seen in that light, it all seems to make sense.

Don't get used to it, though, because there is going to be a reversion to normalcy in that attitude over the coming days, where the US Dollar takes its "rightful" place as a world reserve currency.  (And, please, if you don't understand the relative game of currencies, then go talk to someone else.  Any "gold, bitches" bullshit and you'll be showing your complete ignorance...)

The upside target is for EURJPY is 113.88.  After that, the USD becomes a safe-haven darling again, the SPX moves towards its ultimate target at 444.36- and the short AUDUSD trade makes a lot of people very wealthy.

Put your scalping robot on EURJPY, Only Short @ 113.88.  AUDUSD, too!

Or not.

:D

P.S.  Thanks, Nic.  I always love your analysis.

Wed, 09/22/2010 - 09:37 | 596947 Hephasteus
Hephasteus's picture

Price of gold in euro's = 964.82

Price of gold in yen = 109367

Ratio = 113.35

EURJPY=113.88

What you know about relative currency? What you know about Gold, Bitches!! Bitch.

Wed, 09/22/2010 - 09:40 | 596956 Orly
Orly's picture

I know you're going to lose your ass, that's all.

Wed, 09/22/2010 - 09:47 | 596981 Hephasteus
Hephasteus's picture

Why is there alot more gold than there is receipts on it? Are they going to all run to the medium of exchange and find all these spare bricks laying around and make me sad that I didn't stay in dollars?

You stay in paper receipts peaches. I'll buy your computer for 4 ounces of silver.

Wed, 09/22/2010 - 09:52 | 596995 Orly
Orly's picture

And with no electricity to run it, I would say that I got a steal.

Maybe you can use it as fuel to roast your vienna sausages...if you can find a match to light it.

A couple a dry sticks and some kindling?  I have some and will sell it to you for an ounce of gold.

Ha!

Wed, 09/22/2010 - 09:59 | 597027 Cognitive Dissonance
Cognitive Dissonance's picture

LOL

A computer without electricity (and increasingly without the Internet) is just an ugly doorstop.

Wed, 09/22/2010 - 13:34 | 597731 Howard_Beale
Howard_Beale's picture

The older ones strung together make great boat anchors too.

Wed, 09/22/2010 - 10:15 | 597073 Hephasteus
Hephasteus's picture

Ha! DC computers bitches!!!

http://www.mini-box.com/M4-ATX?sc=8&category=981

Now quickly go churn your lettuce so my garden can grow.

http://www.youtube.com/watch?v=JztHcRv1OLg

Wed, 09/22/2010 - 12:17 | 597507 ertyqway
ertyqway's picture

This comment is so full of win it brought tears to my eyes.

 

Oh...wait...no, that was just the whiff of brimstone making my eyes water. Well done and carry on.

Wed, 09/22/2010 - 11:13 | 597269 doggings
doggings's picture

Government Sachs took the 0.53.

Wed, 09/22/2010 - 15:27 | 598101 WAYBACK .....WA...
WAYBACK .....WAAAYYBAAAACKKK..O..MY..ITS OUTAHERE's picture

The part I don't get is why the SPX would lose 2/3 of its present value.

Wed, 09/22/2010 - 09:14 | 596887 Chemba
Chemba's picture

Jeffries didn't make very much money in stocks this quarter

 

Wed, 09/22/2010 - 09:19 | 596899 Boilermaker
Boilermaker's picture

Two words:  Art Hogan

Two additional words:  Douche Bag

Wed, 09/22/2010 - 09:30 | 596927 Turd Ferguson
Turd Ferguson's picture

+++++

Wed, 09/22/2010 - 09:16 | 596889 espirit
espirit's picture

At the onset of the Fomc meeting I was watching the dollah index shoot up as a signal to purchase an inverse ETF, or to short as the case may be, before it fell off the cliff.

Da Boyz give some interesting signals with the dollah prior to market moves.

Wed, 09/22/2010 - 09:17 | 596890 JiangxiDad
JiangxiDad's picture

Good for you Nic for revisiting that weird speech and its aftermath. After an hour or so of trying to figure out what he meant and watching the various mkts. react, I decided he had announced a sober, slow, carefully orchestrated death without fireworks, and I think most of the mkts. reacted accordingly. This pre-obituary resulted in taking a little of the shine off of our already moribund currency, as its death is a certainty, but perhaps not imminent.

Wed, 09/22/2010 - 09:19 | 596900 knukles
knukles's picture

T'is the bright dawn of another perfect day.

The housing market has been decimated, ZIRP is forever on the horizon, the HFT/algols have taken control on the stock market rendering the viability as an investment vehicle all but worthless, the same are migrating to FX and commodities, precious metals are rigged and interest rates are too damned low to fund  anybody's retirement egg.

Indeed, the institutions vested with protecting and nurturing the viability of capital markets have destroyed their charge instead, having abolished any sense of the rule of law and intent of common sense regulation.

If I were not worried about being labelled a nut case, delusional, tin foil hatter, conspiracy theorist, pessimist, illogical, clinically depressed or just plain bat shit crazy, I'd suggest that if anybody had tried, they couldn't havescrewed up financial markets more effectively, probably with the hidden objective of the government ultimately nationalizing private savings for the "good of the populace" not to mention a new shadow tax base, considering how badly things have turned out for Poor Ma and Pa Kettle. 

But I won't even go there.  I'll just grit my teeth, hold my sphincter as tight as possible, not bend over to pick up the soap and pretend it's another day in paradise.

Wed, 09/22/2010 - 09:23 | 596907 Orly
Orly's picture

When the truth is seen, no matter how shameful it appears on the surface, one must accept it and live according to the realisations.

Wed, 09/22/2010 - 15:30 | 598115 WAYBACK .....WA...
WAYBACK .....WAAAYYBAAAACKKK..O..MY..ITS OUTAHERE's picture

Yes, but Orly what is the kink from AUD/USD etc to the thoughts the SPX would fall to 444?

Wed, 09/22/2010 - 09:40 | 596954 Cognitive Dissonance
Cognitive Dissonance's picture

If I were not worried about being labelled a nut case, delusional, tin foil hatter, conspiracy theorist, pessimist, illogical, clinically depressed or just plain bat shit crazy....

Sounds like a non denial denial to me. :>)

And you exemplify the perfect case of how the control system controls through subtle and not so subtle peer pressure. And before someone tells me that it's the peers that decide what and how to pressure, I'll assert up front that it's the other way around.

It's the idiot control box, aka TV (but also radio, Internet, newspapers etc) that tells us what's proper and what's not, what's acceptable to discuss and what's off the wall and thus a social third rail. Since we then repeat what we're told, we become the control system. But it all starts somewhere.

I started an experiment a few weeks ago. For one week I watched Glen Beck and then watched what was written in the comment section of various blogs, including Zero Hedge. Then I watched Countdown/Keith Olbermann for a week. While I will not use a broad brush, I'm not surprised to see very little original thought and much parroting.

Wed, 09/22/2010 - 09:45 | 596969 Orly
Orly's picture

I am also not at all surprised that Hasslehoff was the first to get eliminated.  The man cannot dance!

And did you know that Paris Hilton got banned from Japan!  Wow.  What is this world coming to?

/:

Wed, 09/22/2010 - 09:55 | 597011 Cognitive Dissonance
Cognitive Dissonance's picture

LOL

I can understand being banned from Starbucks or Macy's. But an entire country? What will those poor citizens do now that they can't get their Paris Hilton fix live and in person? Surly this is the beginning of the end for Japan.

/:

Wed, 09/22/2010 - 10:20 | 597087 old_turk
old_turk's picture

I have done the same experiment.  Now, I can only watch any of the talking heads for about 2 minutes before I develop a rash and have to turn it off.

Apparently, my capacity for critical thinking overpowers my curiousity thereby making increasing my hypersensitivity to 'talking points'.

My conclusion:

We're doomed.

It's not about 'getting ahead' or even, survival anymore, it about a legacy of paranoia and the marketing said paranoia.

Wed, 09/22/2010 - 12:52 | 597617 knukles
knukles's picture

teh heh heeeh

Oh pshaw, you caught me, dab gummit.  Non-denial denial of the non-denial sort pleading innocence and fealty to the crown, kissing the ring, humor as Back in the USSR.... 

Now to the preventative media, Jerry Springer re-runs.  Kinda ranks right up there with imagining who'll replace Larry Summers.  I been rooting for Elmer Fudd, as I thought we could write off the next series of Economic Fixes more seriously.

"Bud dip bud dip bud dip...that's all folks!"

Cog....  Do you realize that media propaganda really is reality television?  Sorta like my newest game, "First Life".  Don't need an Internet connection to worry about making shit up to live in your own world of imaginary denial. Great for relapses, too! 

 

 

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