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Better Than Expected Jobs Number Sends Market To Day's... Lows?
When summarizing yesterday's first of the month ramp, we said: "Should the NFP disappoint for whatever reason, today's rally will be promptly unwound. On the other hand, as the final major economic datapoint before the election, there is a snowball's chance in hell the NFP beats at anything less than 1 standard deviation [ZH: this was proven this morning when the NFP printed above the highest Wall Street estimate, a 3std dev beat]. The good news, for those who are sick and tired of the constantly fudged metrics, is that after next week, we revert back to normal, and the mysterious economic push higher (a lot of it reflexive: Why are you confident? because stock are higher. Why are stocks higher? because I am confident) in the past 2 months will finally dissipate." Which is why anyone looking for a reason why the futures have proceeded to slide to their day's lows, this may be it: all the good news is now fully priced in. Things to look forward to now: Fiscal Cliff, Debt ceiling debate, further collapse of Greek and potential resumption of Grexit speculation (just look at the EURUSD), Spain bailout (Spanish bonds today are very unhappy), and the prompt unwind of all "better than expected" jobs number following the election, regardless of who wins the Oscar for best presidential performance. Because now there is an alibi for not only weak future numbers, but for historical revisions. It's name is "Sandy" - get used to it: it will be the excuse for every upcoming economic data miss until January.
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Anyone want to lend me their allocation of RH so I can short it?
Who buys this crap?
WTF am I looking at?
It may look like the same junk you can buy for pennies at any flea market, but that there is a pile of 27 times net income. You don't recognize it?
When the lock-up ends, after this pre-election consumer CONfidence boom, this thing is going to float like a Led Zeppelin.
Wait a minute. You mean Sanford and Son went public.. For >$880 million?!
EDIT: Looks like you've struck a nerve with some shareholders. Perhaps instead of downvoting you they could consider loaning their shares to you. It won't stop the hemmorhaging, but I guess they should have thought twice before buying..
"It's name is "Sandy" - get used to it: it will be the excuse for every upcoming economic data miss until January."
You mean January 2014, right?
Someday, when high school is done.
Dude, I'm packing the house to move to the next one and I have sooo much stuff that looks just like that. Anyone need a wood stove in good condition from 1900? Shipping by UPS might be a bit steep. Any of you NYC guys?
I was watching Bloomberg's maneater wonder aloud to her co-host why the markets weren't celebrating the fantastic jobs numbers.
I can only imagine how the BBG hosts and hostesses are falling over themselves to hop on to Mikey's obama bandwagon.
Even bloomberg's special friend cum private moneymanager Rattner of Willett penned an editorial in the FT
http://www.ft.com/cms/s/0/7933d8ae-2284-11e2-b606-00144feabdc0.html#axzz...
A really awful carpet!
A wheelbarrow.
I believe that was the inspiration for Disney's Wall-E...which is sure to make an appearance in the next Star Wars movie.
Actually, the inspiration for both of them was Johnny 5:
http://www.michaelerb.net/wp-content/uploads/2008/07/comparison.jpg
And what a fine piece of cinematography that was...I think Steve Guttenberg won the Academy Award for Best Actor that year.
"Who controls the British crown?
Who keeps the metric system down?
We do! We do!
Who leaves Atlantis off the maps?
Who keeps the Martians under wraps?
We do! We do!
Who holds back the electric car?
Who made Steve Gutenberg a star?
We do! We do!
Who robs cave fish of their sight?
Who rigs every Oscar night?
We do! We do!" -- The Stonecutters, The Simpsons
I saw that on "American Pickers"!
Think I will buy a van and head east. Eazy money.
Remember, ALL the 'good news' is already out there.
http://www.marketwatch.com/investing/index/DXY/charts?symb=DXY&time=12&s...
Correct me if I'm wrong here, fellas
But, is it not all about the above??
Help me out here
Love the avatar, RP!
Yes, it is.
Timmy and Ben will someday be considered early American heros of the Great Resource Wars.
An early prototype of WALL-E.
You are looking at an old pallet and pallet jack combo. Long before the invention of the pallet jack you would have found these in most manufacturing plants.
Looks like a luggage cart from a train station to me...
I like the thing a ma jig on the wall or door or whatever the fuck it's hanging on.
Yeah, well, you cannot get that cool shit except at a junkyard (free) or rent it by the hour at a prop house in The Village.
You can buy the lamp!
How do you feel about that floor lamp? Do you like it $379 Bernanke Bucks?
I have one of those in my basement
Who buys this crap?
RH targets consumers with household incomes of $200,000 or higher, according to regulatory filings.
IOW, people with more money than sense!
They must have bad data on me, because they send me a 6 pound, 3" thick, high gloss furniture porn catalog every six months or so, and I make considerably less than that. I also have never bought anything from them...though I did once sit in a leather chair in one of their stores that was so comfortable I started to get an erection...then I looked at the price tag and the mood was instantly broken.
Sure, and if you don't don't have time for RH, there's always hedgie favorite PCLN. It's 10+% beta chase ramp-o-rama this morning puts the forward P/E somewhere in the 13,000 X range. Sounds like a great "value" to me.
There IS some potential good news in the future, namely, the next FOMC meeting.
Prospect of a second term?
So the race is close. What happens if we get to watch "Hanging Chad II"? One might posit that no president is the best outcome possible but I doubt the markets or the credit agencies would like it.
Silver routing today
Today is a good day to buy.
It used to be bad was good because it meant Ben would print. The new reality is that good is bad because Ben will stop printing. The euro gapped down on the NFP for that reason and hasn't stopped. I'm getting dizzy trying to see things in reverse-logic market-think. Just sell everything else and keep buying silver (they're going to come after your gold).
"[...]we revert back to normal". Don't be so sure, especially since normal is so fucking abnormal [e.g. SP 2x real value at 1400ish!].
News doesn't matter. The market blows and down we go.
Stocks are not doing too bad compared to silver and gold which has come down $100/oz in two weeks or so.
I know the big picture is somewhat different. And, and, nothing makes much sense anyway.
Silver and Gold are getting absolutely hammered this morning...
Getting closer and closer to the election time. Watch the markets rally next week big time. Would not matter who is sitting in the office.
SmallerGov I think they will do their best to hammer commodities and PM's until the election is over.
If a government would lie about terrorism, lie about Benghazi, lie about the causes of the recession, lie about the strength of recovery, lie about fast and furious, lie about the debt, lie about Obamacare, (feel free to continue) then why would we be shocked that they lie about NFP?
How do some rationally conclude that the government is truthful on some topics, and willing to do whatever it takes on others?
You cannot believe anything they say.
We don't leave a man behind except in Benghazi....good thing Chris Matthews doesn't know where that is......that's all we'd be hearing about.
Benghazi this.....Benghazi that.
Chris Matthews is the biggest tool on the planet...
A very dull tool I might add...
why can't CM join Tim Russert in hell-like I ever wanted to read a book about Russert's fucking garbageman dad.
Dude. Seriously?
wow....Happy Friday , Otto !
Because the Federal Government still has to pay for the trillion dollar hole in the MTA's budget...and when you outright LIE about that and SCREAM "Obama or your life!" you only make it worse. In short "IT HAD BETTER BE A REALISTIC TIMETABLE." ("It" being "recovery.")
there is only one constant....
Silver and Gold must be suppressed at all cost on every occassion......
FUCK YOU BERNANKE AND ALL YOU DEBT COUPON DOLLAR BITCH ASS BANKERS.......
and im stacking some mo' as soon as my dealer opens up YOU BITCHEZ.......
Pretty amazing this price action in the govt bond market...
http://govttrader.blogspot.com/2012/11/trading-with-weekly-profile.html
Don't think the banksters are too unhappy right now. They're holding on to yesterday's rally, gold and silver are getting hammered, oil is near lows for the year, stocks still near their highs, and they are having a ramp fest with ridiculous valuation momo darlings like AMZN and WFM. Yes, it's bankster paradise today ... again.
desperate acts of impudent sociopaths tryin to preserve their debt based paradigm...
like a child turning over his cereal bowl to garner attention...
it changes nothing.....the debt coupon dollar days r done.....
And every single one of those conditions is temporary and an affront to natural order -- it's going to be one hell of an unwind.
It's all meaningless until the last ten minutes before close - where parabolic is the new normal.
They used to call that painting the tape.....now they just call it hosing it down.
The SEC used to investigate such matters... those days are gone.
Way.
eurusd is not helping, give the ppt a kick in the.......to dump the $, then mkts turn +, reflation trade must be in...
I think the "sheeple" are just getting better at math.
171,000 new jobs created in the month of October.
363,000 initial unemployment claims (jobs LOST) in just the last week of October. (1,400,000 for the entire month)
This has been the ratio of jobs created to jobs lost for 4 years, now.
What part of this is "good".
How can the unemployment RATE (7.9%) keep getting lower while unemployment keeps rising???
Possibly "accounting errors"?
I will have to admit. this reversal is very "unusual" for a jobs beat day. In the past this puppy would go stright up and close at highs of the day. Dont think we have had a reversal on day like this for a few years
Not really. Of course, it is counter-intuitive and I may not be correct but the thinking is with a great jobs beat, the punchbowl is sooner to be taken away. Markets will actually have to perform under their own guise instead of being jacked-up by Captain Ramptastic and the Salted Earth Cowboys.
:D
"Captain Ramptastic and the Salted Earth Cowboys"
They need a theme song.
Goodbye Yellow-Brick Road will do fine...in the opposite sense of what they would hope for us:
When are you gonna come downWhen are you going to land
I should have stayed on the farm
I should have listened to my old man
You know you can't hold me forever
I didn't sign up with you
I'm not a present for your friends to open
This boy's too young to be singing the blues
So goodbye yellow brick road
Where the dogs of society howl
You can't plant me in your penthouse
I'm going back to my plough
Back to the howling old owl in the woods
Hunting the horny back toad
Oh I've finally decided my future lies
Beyond the yellow brick road
What do you think you'll do then
I bet that'll shoot down your plane
It'll take you a couple of vodka and tonics
To set you on your feet again
Maybe you'll get a replacement
There's plenty like me to be found
Mongrels, who ain't got a penny
Sniffing for tidbits like you on the ground
I say that'll work... :D
Why is Silver getting slaughtered?
Step 1) The Fed creates $40B dollars out of thin air
Step 2) The Fed buys $40B of MBS from the Private Dealers
Step 3) The PDs buy $40B worth of USTs from the Fed
Step 4) The Fed fractionally reserves the dollars 10:1
Step 5) The Fed now has $400B worth to do as they please, likely shorting oil and precious metals so that while they are destroying the purchasing power of the dollar it does not appear so, at least in the short run.
Of course, on a long enough timeline the survival rate for everyone drops to zero....even for the Fed and its immense ponzi scheme of fiat valued instruments.
Because they can. Small market, easy to topple the apple cart. Gold took one on the chin, too.
why does a dog lick its balls ?
Mittney will fix it!
He's not going to fix it.....he's going to corner it.
I think this video has crash the market:
http://youtu.be/RyWSEwKPo8s
LOL
Remember that the dreidel wobbles most erratically and violently before it falls over.
Meanwhile back here in reality camp the clock just keeps on ticking... Tick,tock,tick,tock
http://www.usdebtclock.org/
The looming debt ceiling breach ought to be very interesting this time around. Looks like we will have plenty of venison for the upcoming Holiday season.
You guys will soon understand that news are irrelevant at this point.
Unless Hedge Funds and Mutual Funds miraculously manage to stop redemptions, Primary Dealers have only one choice: Use Fed's money to buy stocks until no more stocks left or receive a margin call.
I said it before and I will say again: MFG was the preview of what's about to occur.
Donate to a worthy hedgefund...buy their PCLN at this level.
*junked
You mean the "Honourable" Jon Corzine went out on a limb to be the sacrificial crash-test dummy to see the mechanics of how the public reaction to a blatant, publicly traded rip-off would play out?
Ha! Are you crazy?
:/
Exactly.
Not crazy at all.
Just observing crude reality.
It certainly helps when the bankruptcy court allows the theft to get covered up via rulez and regulationz...
Question: I am seeing an Algo here? I put in an option order to buy 10 contracts and notice others are also bidding my price (bid size 50, todays vol 5). My order doesn't fill and I cancel & resubmit it but -mistakenly- at a lower bid (not higher). To my surprise, the other bidders are disappear... a quote shows only my lower bid present (bid size 10, todays vol 5). Moments later, my bid fills. I quote again and the original bid pool of 50 and higher bid are back (bid size 50, todays vol 15).
It is like the "50 bid size" is a false Algo-bidder. Maybe thats called a market maker... I dunno. Odd.
Yes, you are. There is a "fair price" for the option based on the underlying/time/rate/vol as determined by the algo's model. If nobody is bidding that "fair price", then the algo doesn't need to go that high, but rather just be best bid. If you try to place a bid above theirs, but still at or below "fair price", then the algo reads your order going to the floor, but because their computers are co-located with the exchange, and their program executes faster than the exchange, their order can beat yours to the floor and be first best bid.
If the underlying changes, the "fair price" changes (the arb disappears at last price), so they pull. You get filled, because your bid exceeds their "fair price". The underlying changes again, the algo becomes best bid, which---depending on the change in the underlying---may be above where you were filled.
If you sit right at best bid, then pull your order, the algo pulls theirs (faster than you). If you re-enter, they re-enter, again faster than you. All day long.
Their speed demands that you must pay above the fair value price (according to their models); otherwise they beat you even if you entered your order first. They pay for the privilege of co-locating, and they can afford to hire better algo writers.
Thank you Cosimo. Your third paragraph is exactly what happened, I pulled my bid and they pulled theirs faster. Bastards
You'd think they were having multiple Auctions today, all graded A plus by Rick Santelli.
Bleep Gold, Bleep the Market.
Bleep Brent, Bleep the Market.
Bleep the Euro, Bleep the Market.
Support the Market and the Country and the World.
Or support the Alpha Bank and its sleazy Nexus against the Market, the Country, and the World.
Oh, well. Time to roll our eyes again.
On the (very) bright side, media outlets all over the World have started to state the obvious: That an Obama victory, particularly if convincing - which means at least 4 points - is the veritable Rocket Launch for Gold and Silver, because we are going to get Worldwide Coordinated Stimulus out the kazoo for years to come.
It will turn the focus very strongly towards the German Election and make Peer Steinbrueck the Up-and-Comer.
Redemptions bitchez. A bunch of muppets are about to find out just how illiquid this market has become. The gates will be closing.
And Gold gets monkey hammered ,,???? Thats what happens when Gold lease rates go to -0.555 It happens eveytime. The other day silver and gold lease rates went negative for all months,
Fuck you bernanke and timmy,you fucking Terrorist.
Are you trying to sell any right now? Because if you aren't then you should be thanking them for the sale.
No I am not wanting to sell now,but CORRUPTION is CORRUPTION.
I would sooner see a free market.
Win, lose,or draw I would like to see the market set the value NOT the USA Central Banks/Govt.
It's coming, probably much sooner than people think.
If you want to know when is a good time to buy PM's,watch the Gold and silver lease rates.
Two days ago lease rates went to 0.000 for all months for silver lease rates and the rates went to negative-0.555 for the gold lease rate for the one year and like Negatve -0.475 for the remaing 1,2,3,and 6 month rates.
These rates give the bullion banks a chance to load up for the knock down and GET PAID for it......
Fuck you's bankers.
Kitco will show the lease rate drop for a day or so and then make them "disappear" and a new improved rate shows up on thier charts.
Or they show the data correctly for the lease rate but intentionally manipulate the graph to not show the big drop in rates.
I catch them at it all the time and call them on it.
I even have the charts for the same day,and each one is way different,one shows a negative rate and by noon it' showed a positve rate.,but the negative text data stayed the same....
Fuck yoy Jon Nurdler.
You decietful fuckTard.
Please sell more gold and silver.
Don't you worry about that ... it looks like you are the only buyer today.
Silly person, if no one was buying the price would be $0.
The only thing falling faster than the price of gold is the sense of humor here.
Backatcha.
Nonsense!
When the Ninnies overreact, it means THEY'RE getting scared again - pretty much witless, by the look of things.
I'm predicting a 7-point victory for the Obama-ites.
I'm predicting the loss of 15-18 GOP House seats, including some prominent Tea Partiers.
And I'm predicting beats next week for SLW, PAAS, and CDE - all three.
Now Da Boyz can play these things any way they want to.
But they are about to get embarrassed all over the place, IMO.
Soon, they are going to have to compromise with US, instead of the other way around.
And, by the by, if all three of my above predictions come true, I think it's about time ZH started treating me and those who agree with me with a little more respect.
It's not just the overwhelming majority of the World's human population which wants to avoid another 2008 at all costs.
It's also the vast majority of active Market participants and everyone who really cares about preserving a functioning financial services sector, both in the US and worldwide.
"Rogue"- ishness per se needs to go out of style.
"And, by the by, if all three of my above predictions come true, I think it's about time ZH started treating me and those who agree with me with a little more respect."
So, if you turn out to be completely wrong- and you are, by the way, 180 degress- do we laugh at you even more?
I'm right on all three predictions.
If I am - which I am - will you allow me and those who agree with me to take over ZH from the Little Boy Market Nihilists who now run it?
Good numbers = less chance of the next QE, on which the market is levitating pretty much exclusively.
FTFFOMC
MARKET FORECAST.
As mentioned - SPX / CL / HG / GC / EURUSD daily charts continue to break down.
http://trader618.com
http://www.zerohedge.com/news/2012-12-24/market-analysis
Limerick King:
Fired, laid-off, or just quit?
Are finances taking a hit?
Job loss is scary
Call Crazy Barry
He'll get you a job cleaning shit
Where has the Limerick King been lately? Between him and Banzai they make the news bearable.
Obama:
"well, uh, if it wasn't for Bush and, uh, now Hurricane Sandy, uh, we'd be on the road to recovery... I just hate Sandy Bush, don't you Michelle? But seriously, uh, folks..."
I hope this man is out on Tuesday because this is sickeing to watch.