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Stocks Slammed As Apple Tumbles: Yesterday's Rally In Tatters

Tyler Durden's picture





 

What a roundtrip!

After starting off November with a bang, and after nearly retracing all October losses in the aftermath of the NFP headfake in less than 2 trading sessions, the S&P futures literally imploded, and dropped 23 points from the intraday high, the same distance traveled as, only to the downside and on very strong volume for the second day in a row.

While the 1400 support in ES is once again in play (ES closed literally on the lows of the session at 1405.5), as we suggested earlier, the far more ominous news is that the AAPL bubble appears to have popped (but, but, it is so cheap on forward multiple basis: guess what - forward multiples are based on forward earnings, which may very well never materialize! and thanks to the dividend, not even AAPL's cash hoard is the bastion it one was) and is now close to entering bear market territory, down just shy of 20% from its all time highs of $705.07 hit on September 12. Now with the 200 DMA taken out, the next support is the 20% retracement from the high which is at $564. After that it is freefall for a long time as a very deep gap needs filling. It is unclear just how much of the selling was there to cause max pain for Dick Bove and Rochdale, for whom every tick lower in the stock means a bigger margin call.Finally, news hitting literally seconds ago that MSFT may be launching its own phone if its partner strategy falters, means there go even more margins.

ES

And multi-asset:

But it was not only AAPL: nothing was spared as gold, the EUR, Crude, and virtually every other asset class collapsed as a result of what started as a broad-based selloff, reinforced by dollar strength, and them accelerated as various hedge funds were hit by margin calls.

And what is likely worst for risk is that various Fed presidents spoke and promised more, more, more QE and.... nothing. The market no longer cares about promises of future QE, which is exactly as we said would happen: the Fed has now shot itself in the foot, or more accurately, priced itself out of the market as there is no further element of surprise left! When it was in its promises phases, it was easy. Now that it has shifted to real action, it has little actual market driving capacity.

As for the final leg of the central bank stool to be kicked out, will be when Spain finally throws in the towel and forces the ECB to also shift from talk to action on endless monetization. At that point it will be time to get out of all paper assets as the exponential monetization phase will be unleashed.

So enjoy the weekend: all the pre-election good news has now come and gone. Monday and Tuesday are limbo days, and then on Wednesday we all wake up to the reality of America's busted political system, and a broken and insolvent Europe. Then things really get fun.

 


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Fri, 11/02/2012 - 16:19 | Link to Comment blunderdog
blunderdog's picture

All I want for Xmas is a discount sale on gold...

Fri, 11/02/2012 - 16:21 | Link to Comment THX 1178
THX 1178's picture

I don't think we'll make it that long.

Fri, 11/02/2012 - 16:28 | Link to Comment economics9698
economics9698's picture

The mask comes off November 8th.  Lock and load, conceal carry. 

Fri, 11/02/2012 - 16:35 | Link to Comment Shizzmoney
Shizzmoney's picture

We all WISH it would...but it won't.  Black Friday/XMas sales of crap made in China will carry the DOW through the end of the year, along with the beats the NFP numbers bring along with it.

Q2 and Q3 of 2013 is when shit REALLY shit the fan.  Q1 maybe spared as companies who product sold above the mean will hold the DOW up like a drunk walking out of a bar...but eventually, the drunk will fall over, hit his head, and spew chunks all over the American economy (fiscal cliff, withstanding). 

 

Fri, 11/02/2012 - 16:38 | Link to Comment redpill
redpill's picture

I'm tired of all these people in New York whining just because they don't have luxuries like food, water, or heat.  Don't these crybabies realize there is a REAL emergency going on?  AAPL is down 3% for god sakes!

 

/MDB

 

Fri, 11/02/2012 - 17:19 | Link to Comment Winston Churchill
Winston Churchill's picture

Not in the CPI, so they are obviously non essential.

Thought thos swaggering Yankees were tough.

A legend in their own minds ,no less.

Excuse this adopted Southerner for pointing it out,

Had no power for three weeks after Wilma.

Five days , Suck it up.

Whatever doesn't kill you,makes you stronger.

Fri, 11/02/2012 - 17:53 | Link to Comment Precious
Precious's picture

What the fuck do people expect from Apple.  The supply chain genius Tim Cook is suing his key supplier, Samsung.

Probably Samsung is so pissed with the fraudulent San Jose jury verdict for +1 Billion (while the UK meanwhile tells Apple to apologize), that Samsung will be perfectly happy providing touch screens to Google instead of Apple.  Dumb Apple fucks.  Lets also fire one of our key employee innovation leaders, Forstall.  Hey.  All you Wall Street pussies at Goldman Sucks etc, born with dad's money, never set foot in a factory, and wouldn't know a function call or a circuit trace if it was stenciled on your forehead: you're welcome.  Hope you shorted Apple when I pointed this out last week.  By the way, Apple still has a long way to go.  And the market isn't going to like it when an appeals court reverses the idiotic design patent infringement verdict next year.

Bye Apple.  You had a nice run.  But you don't sue suppliers and expect to be loved.  Fools.

Fri, 11/02/2012 - 18:05 | Link to Comment poink
poink's picture

Boss.

Sat, 11/03/2012 - 04:10 | Link to Comment StychoKiller
StychoKiller's picture

Hmm, kinda like SCO threatening to take all their customers to court for using Linux.  Where's that Polish target pistol? :>D

Sat, 11/03/2012 - 06:58 | Link to Comment TWSceptic
TWSceptic's picture

Apple does not need Samsung, and he got fired for doing a terrible job at maps and not wanting to take responsibility for it and apologize. This is just a healthy predictable correction for Apple. I do agree there is much more competition out there, and without Jobs the company may not be as strong as it used to be.

Sat, 11/03/2012 - 07:43 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Practically everything I own is made by made by Samsung....it's pretty good stuff.

Sat, 11/03/2012 - 10:05 | Link to Comment Precious
Precious's picture

TW.  You don't know that for a fact.  STFU.  Scurrilous press lemming POSJ.

Sat, 11/03/2012 - 10:22 | Link to Comment TWSceptic
TWSceptic's picture

Sorry I forgot you do know all the facts.

Sat, 11/03/2012 - 15:17 | Link to Comment Precious
Precious's picture

STFU you stupid press parrot.  

Isn't there a chapter somewhere in your Torah that prohibits spreading lies about people?

Fri, 11/02/2012 - 20:57 | Link to Comment Monedas
Monedas's picture

Don't let the left define our culture:  Think twice before using many leftist twisted words and phrases:  i.e.    Black Friday, Xmas, Scalping, Price Gouging !  Really, how do you "gouge" with a price ?

Fri, 11/02/2012 - 16:57 | Link to Comment Winston Churchill
Winston Churchill's picture

November 5th is Guy Fawkes night .

May the explosions begin.

Fri, 11/02/2012 - 17:28 | Link to Comment blunderdog
blunderdog's picture

Let's hope the folks in NY/NJ stocked up on gas for the Molotov cocktails.

I wonder if the cops would give me a hard time if I stood on line at a gas-station with a bunch of glass bottles with rags in 'em.

Fri, 11/02/2012 - 16:24 | Link to Comment Mark Carney
Mark Carney's picture

TD that was very poetic like, well read and though out.  Have a great weekend all, time for some beer, strong beer.

Fri, 11/02/2012 - 16:29 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Wouldn't be shocked if margin calls from turday's crash create a penultimate $40 discount on "the yellow metal" on Monday.

Fri, 11/02/2012 - 16:36 | Link to Comment malikai
malikai's picture

I'm hoping for a $40 discount on "the silvery metal"..

I'll be hoping for a while..

Fri, 11/02/2012 - 16:42 | Link to Comment spastic_colon
spastic_colon's picture

markets are pre-pricing an obummer victory

Fri, 11/02/2012 - 16:49 | Link to Comment jdelano
jdelano's picture

After a long hiatus I return to posting just to tell you all, thank you.  For the past several years I have struggled and despaired on a daily basis as I interact with literally not one person in my daily life who understands that the two-party system is a sham or recognizes that the financial system is at some point in our forseeable lifetimes going to hemmorrhage to an extent that permenantly devasates our quality of life.  I have ranted and raved, accomplishing absolutely nothing, and watched ostensibly smarter, more accomplished and knowledgeable men like Mike Bloomberg carry on with a blase disregard for the actions of the White House and the Fed as though everything is hunky dory.  This has caused me to constantly question my sanity, at times drawing very near to the conclusion that I am, in fact, mentally deranged and should probably kill myself.  But every time that I have gotten out the bath salts and the luger, I have on last minute impulse come here for one final departing dose of Durden, and each and every time, I have found my salvation in this observation:  the comments here, even when filled with rage and vitrol for each other, are on average roughly 1000 standard deviations more clever, erudite, and articulate than on any other site I've chanced upon in my post-porn session wanderings of the internet.  This I take to mean that the smartest people in the country (and abroad) are all united at least by the common understanding that beneath the MSM veneer, this economy really is well and truly fucked.       

Fri, 11/02/2012 - 17:06 | Link to Comment taraxias
taraxias's picture

LOL.....rant of the day. Well done !!!!

Sat, 11/03/2012 - 08:18 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Screw the world amigo.....just buy some gold and relax.

Fri, 11/02/2012 - 17:43 | Link to Comment MachoMan
MachoMan's picture

But every time that I have gotten out the bath salts and the luger

Are you trying to become a zombie?

Fri, 11/02/2012 - 21:04 | Link to Comment Monedas
Monedas's picture

You can be my first suicide .... if you want .... just spell Monedas right !

Sat, 11/03/2012 - 04:13 | Link to Comment StychoKiller
StychoKiller's picture

Have you read:  "The Creature From Jekyll Island, a Second Look at the Federal System",
5th Ed., G. Edward Griffin, ISBN:  978-0-912986-45-6

Perhaps you should have some of yer aquaintances read just the first 30 pages...

Fri, 11/02/2012 - 17:03 | Link to Comment Ruffcut
Ruffcut's picture

I have cnbs muted and they are all laughing, smiling like it is all good.

Laugh and smile on , bitchezz.

Sat, 11/03/2012 - 10:04 | Link to Comment Mesquite
Mesquite's picture

....and they are all laughing, smiling like it is all good...

Sounds like the last days of Rome....

Fri, 11/02/2012 - 16:20 | Link to Comment Boilermaker
Boilermaker's picture

Didn't crash more violently than silver.

How about mentioning it?

Fri, 11/02/2012 - 16:24 | Link to Comment The Gooch
The Gooch's picture

SIlver CRASHED!

btfd.

There. it's mentioned.

Fri, 11/02/2012 - 16:36 | Link to Comment Boilermaker
Boilermaker's picture

Well, since the site goes to painful effort to explain WHY stocks move everyday and is a propoent of precious metals....I GUESS that it would be reasonable to address a 4.5% ass pounding in silver in 6 1/2 hours of trading.

Fri, 11/02/2012 - 17:00 | Link to Comment redpill
redpill's picture

4.5% is not that unusual of a swing in terms of silver prices, which historically are very volatile.  Additionally, silver hasn't played the role of a massive momo hedge fund hotel over the last year.  Silver has been range bound between about $27 to $37 for the last 12 months, so the move today is not particularly remarkable especially given that other commodities had a down day.

However, the hotel crAAPLfornia is a very different story.  It nearly doubled over the last year, finally breaking an incredible $700 per share in September.  ALL the hedgies were piling in, it was their darling, groupthink to the max.  But if any of them had paid attention to this site, they would have taken notice that plenty of folks were correctly calling it as being way overbought, and that eventually the reality would sink in that Apple has stopped revolutionizing is only incrementally evolving their products, and that there was no way in hell they could maintain their current market share given increased competition out of China, and that the stories of underage Chinese "workers" killing themselves due to poor conditions would eventually permeate the hipster psyche and register as "not cool."

 

Fri, 11/02/2012 - 17:35 | Link to Comment Boilermaker
Boilermaker's picture

4.5% in a trading session is large.

Fri, 11/02/2012 - 17:55 | Link to Comment redpill
redpill's picture

I didn't say it wasn't large, I said it wasn't that unusual.  If volatility scares you, you can always go buy some treasury bonds.

Fri, 11/02/2012 - 20:42 | Link to Comment Boilermaker
Boilermaker's picture

When is the last time silver moved 4.5% in a day?

I also didn't say I was scared of volatility. I said ZH didn't address the crash.

Fri, 11/02/2012 - 23:25 | Link to Comment moonstears
moonstears's picture

Recently, June 8th 2012, was 4%+ $29.35-28.25, again 21-22 June was down over 4.5 % according to KITCO, I knew it'd not been too long. Few days July too, methinks.

Can you say "man-nip-o-la-shun", bitchez??

Sat, 11/03/2012 - 10:08 | Link to Comment Mesquite
Mesquite's picture

Just a little muscle tremor in the foot on the throttle of the big printing press(s)...

Sat, 11/03/2012 - 00:02 | Link to Comment Diet Coke and F...
Diet Coke and Floozies's picture

8% down Feb 29, 2012...

Sat, 11/03/2012 - 08:16 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

.....and he still didn't buy any, Was holding out for the 9% that never came.

Fri, 11/02/2012 - 16:27 | Link to Comment John Law Lives
John Law Lives's picture

How many hedge fund managers just crAAPLed in their pants...

iFUBAR.

Sat, 11/03/2012 - 00:39 | Link to Comment The Monkey
The Monkey's picture

I'm thinking to myself, what would I really pay to "own" Apple (i.e, not as a short-term trade for a bounce, or as a swing trade because it gets to the point where it is so oversold and beat down that profits will move it). I'm certain it's a sub $400 dollar number, the question is whether it is sub $300. I mean, once the shine is gone (the momentum), the margins aren't far behind. We've seen this story too many times. My guess is that it tanks until Tim Cook is fired & even when that happens, sooner than later but not soon enough, there is no way they will ever be the same company they were under Steve Jobs. Thanks Steve - you were one hell of a visionary, and the world will miss you.

Sat, 11/03/2012 - 07:54 | Link to Comment samcontrol
samcontrol's picture

$436 is the mumber you are looking for, great buy at that level.

Sat, 11/03/2012 - 07:54 | Link to Comment samcontrol
samcontrol's picture

$436 is the mumber you are looking for, great buy at that level.

Fri, 11/02/2012 - 16:22 | Link to Comment The Gooch
The Gooch's picture

scattered all over Manhattan.

Fri, 11/02/2012 - 16:28 | Link to Comment Bam_Man
Bam_Man's picture

Pride and joy and greed and sex

That's what makes that town the best.

Fri, 11/02/2012 - 16:28 | Link to Comment TeamDepends
TeamDepends's picture

Don't you know the crime rate's goin

up up UP UPPP UPPPPPPPPPPPP!!!!!!!!

Fri, 11/02/2012 - 16:33 | Link to Comment Ineverslice
Ineverslice's picture

 

...this town's in tatters.

Fri, 11/02/2012 - 16:34 | Link to Comment Manthong
Manthong's picture

At least we still have our dirty dreams.

Fri, 11/02/2012 - 18:01 | Link to Comment TeamDepends
TeamDepends's picture

Down the memory hole.....

Fri, 11/02/2012 - 19:54 | Link to Comment robertocarlos
robertocarlos's picture

My brain's been shattered.

Fri, 11/02/2012 - 16:23 | Link to Comment TeamDepends
TeamDepends's picture

Blue Monday

Fri, 11/02/2012 - 16:30 | Link to Comment Spastica Rex
Fri, 11/02/2012 - 16:50 | Link to Comment helping_friendl...
helping_friendly_book's picture

Those were the days! No Tattoos.

I never got to see New Order but, I did seen Echo and the Bunnymen and The Smiths with a lot of Grateful Dead shows in between.

Pass me that ballon. wah-wah-wah-wah-wah-wah.

Dropping micro dots and going to shows. Good times!

Fri, 11/02/2012 - 16:54 | Link to Comment TeamDepends
TeamDepends's picture

We won't vote conservative

Because we never have

Everyone lies

Nobody minds

-Morrissey

Fri, 11/02/2012 - 18:25 | Link to Comment TeamDepends
TeamDepends's picture

Where is the man you respect?

And where is the woman you love?

"Glamorous Glue"

Fri, 11/02/2012 - 17:20 | Link to Comment Spastica Rex
Spastica Rex's picture

I drank beer with Echo and the Bunnymen at a bar near the University of Washington in 1984. True story. What a bunch of dicks. Let me tell you.

Fri, 11/02/2012 - 17:39 | Link to Comment TeamDepends
TeamDepends's picture

Never drink with your heroes.

Fri, 11/02/2012 - 16:31 | Link to Comment Ineverslice
Ineverslice's picture

 

totally up in the air now...

manipulation at risk of failing if the Marathon goes awry.

Fri, 11/02/2012 - 16:24 | Link to Comment SilverMoneyBags
SilverMoneyBags's picture

"The market no longer cares about promises of future QE, which is exactly as we said would happen:"

Actually Robert Prechter said this.

Fri, 11/02/2012 - 16:26 | Link to Comment warchopper
warchopper's picture

Maybe the crash will finally come on Monday. 

Fri, 11/02/2012 - 21:38 | Link to Comment stocktivity
stocktivity's picture

not a day before the election...a black Wednesday perhaps

Fri, 11/02/2012 - 16:26 | Link to Comment helping_friendl...
helping_friendly_book's picture

This could get uglier real quick. They were sneaky bastards closing the market for two days. You and I know the market could have been runiing fine. They shut it down because they knew this was coming. Redemptions and a sell-off. 

Fri, 11/02/2012 - 16:27 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

What are these "earnings" you speak of, Tyler..?

Fri, 11/02/2012 - 16:28 | Link to Comment JR
JR's picture

…on Lew Rockwell today - price-rigging by governments is failing:

The Free Market’s Slow Death by Alisdair Macleod GoldMoney.com

Much has been made in the press of the manipulation of LIBOR, without much explanation of the consequences for prices of all things that depend on supply and demand for bank credit. Outrage focuses on the activities of avaricious bankers, which is why the connection never gets made between relatively minor manipulations of credit pricing by banks and far larger manipulations by central banks.

It is the latter that should really concern us. Central banks persistently intervene in markets to keep interest rates below where they would otherwise be. This leads to artificially high prices for all assets, since they are bolstered by cheapened credit. The idea that we have a capitalist economy, where assets are priced on the basis of their productive value is untrue.

We are far removed from free markets, or prices that are fairly agreed between parties without state intervention. It is now impossible for any business to rely on market pricing, which is why there has been explosive growth in derivatives. Every derivative exists to hedge the risk in a transaction, and while that transaction is often another derivative, ultimately they all exist to hedge risk in real business activities. Some of this is sensible in free markets, such as a farmer selling his crop ahead of the harvest to maximize prices, or a mine selling its product forward in the knowledge it will have it to deliver; but the bulk of these derivatives only exist to hedge market uncertainties that are the consequence of government interventions.

According to the Bank for International Settlements, derivatives for non-financial customers world-wide totaled $46 trillion at the end of last year, 65% of world GDP, or about 100% ex-government. This is evidence that genuine entrepreneurial activity is being suffocated by interventions and manipulations, because an entrepreneur, by definition, is someone who exploits price differences, not one who seeks to hedge them.

We should extend our condemnation of government intervention from interest rates to government-issued money itself. There can be no certainty in its future value, making it impossible for a businessman to calculate margins. An obvious example is the uncertainties facing any business involving the euro. No one knows who will be in the eurozone and who will be out of it next year, nor do they know if it will still exist, let alone whether the euro will be up or down. Uncertainties resulting from government interventions are economically damaging.

So all prices are no longer simply set by buyers and sellers but are manipulated by governments and central banks. The system that is failing is not capitalism, but price-rigging by governments. Governments will always try to persuade us that it is markets, and not them at fault. They have been doing this to varying degrees for a hundred years, ever since the abandonment of the gold standard. We are now on the last lap of this delusion.

We face the economic calculation problem identified by von Mises. It was the eventual undoing of the Soviet Union, and we have fallen into the same trap.

http://lewrockwell.com/orig13/macleod1.1.1.html

Fri, 11/02/2012 - 21:37 | Link to Comment SamuelMaverick
SamuelMaverick's picture

JR, comments like yours make coming to ZH even better than it already is.    Thank you.

Fri, 11/02/2012 - 16:29 | Link to Comment DeFeralCat
DeFeralCat's picture

Looks like Hurricane Sandy dumped her shares on NY as well.

Fri, 11/02/2012 - 16:28 | Link to Comment sitenine
sitenine's picture

This makes sense.  TPTB need room to ramp on Mon/Tues for election day.  Why would anyone expect different?  Seriously, is there actually anyone out there that still belives in market fundamentals or price discovery?  ... *chirp*

Fri, 11/02/2012 - 16:31 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

I believe in market fundamentals and price discovery.  Can be witnessed every Saturday at tag sales and farmers markets everywhere.  Otherwise, not so much.

Fri, 11/02/2012 - 17:35 | Link to Comment mammoth mo
mammoth mo's picture

When I am asked about the market by young people wanting to get in it to start making money I tell them.

I have no clue.  This isn't a normal market.  There are no safe sectors or safe stocks.  I tell them I think the market is overvalued.  Maybe by as much as 90%.

Finally I tell them, I have felt this way for well over 2 years and have lost a lot of money betting on it to go down.

Why the market goes up I do not know.

When it falls it will be plenty of reasons.

It may not fall for 10 years or more or it could fall tomorrow.  Things are so bad, you can't even predict evil to be totally evil.

When it does fall the new market that will remain may have fundamentals.  Until then, invest in people first.  Make sure you have friends with skills and get some yourself.  Learn how to work together to accomplish things.  Live without to both save money and realize what is truly valuable.

Sat, 11/03/2012 - 08:07 | Link to Comment samcontrol
samcontrol's picture

I , ve invested in people working at the fed for three years now..

Fri, 11/02/2012 - 16:29 | Link to Comment youngman
youngman's picture

Are the bars open on election day.....that is all that matters...bought more gold today...can you say GREECE...

Fri, 11/02/2012 - 16:30 | Link to Comment css1971
css1971's picture

Nokia just released their 920. pre-orders are outselling iPhones and Samsungs all over Europe. In fact, multiple colours are outselling iPhones and Samsungs. Mid recession too.

Fri, 11/02/2012 - 16:38 | Link to Comment Bam_Man
Bam_Man's picture

Low-end Nokia phones are all they can afford in Europe these days.

"No i-Phone for YOU!"

Fri, 11/02/2012 - 17:10 | Link to Comment css1971
css1971's picture

Phonehouse in France (the french division of carphone warehouse)

http://www.phonehouse.fr/top_50_ventes.php

The yellow, the black and the red are all outselling iPhones, and the iPhone 4 is outselling the iPhone 5.

In the UK another big Internet phone shop is Expansys, the yellow and the black are numbers 1 and 2 (what's wrong with the red? Too showy for the UK?):

http://www.expansys.com/mobile-phones/

 

Simple truth is the iPhone is last year's phone.

Sat, 11/03/2012 - 08:09 | Link to Comment samcontrol
samcontrol's picture

the january 2014 strike @ 5 option is what you need.....

Fri, 11/02/2012 - 19:33 | Link to Comment GernB
GernB's picture

I'm all for austerity, but not having a choice of colours for your smart phone is just taking austerity way too far. I'm sure those who lived through the depression never had to put up with such cruelty.

Fri, 11/02/2012 - 16:31 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Monday and Tuesday could be real bloodbaths.

And, if the election isn't decided come Wednesday morning, or if there is perceived chicanery involved in the outcome of said election - as I fear either very well may happen - then the bloodbath may not end on Tuesday.

Fri, 11/02/2012 - 16:39 | Link to Comment helping_friendl...
helping_friendly_book's picture

promise?

How exciting!

I have been holding SPXU for way to long. I would like to see the market crater. I was hoping for SnP at 888.

Seems like a nice number and should get me more than even on my stupid short of the S&P.

My skull is burning. Please make it stop!

Fri, 11/02/2012 - 19:35 | Link to Comment GernB
GernB's picture

I'm curious as to what you think would drive a potential Monday sell off. I tend to think we might see a bounce starting monday or tuesday based on having a bit more certainty about what may come.

Fri, 11/02/2012 - 16:32 | Link to Comment Schmuck Raker
Schmuck Raker's picture

"...on Wednesday we all wake up to the reality of America's busted political system"

Well, at least everyone here at ZH, in no small part thanks to you Tylers.

All I want for X-mas is for another 300 million people to wake up to reality also(or a pony).

Fri, 11/02/2012 - 19:36 | Link to Comment GernB
GernB's picture

I woke up to that when the Supreme Court decided the US government can discard any of it's citizens rights, or bypass limit placed on it by the consitution, by just calling it a tax.

Fri, 11/02/2012 - 16:37 | Link to Comment ebworthen
ebworthen's picture

Rolling Stones, "Shattered":

http://www.youtube.com/watch?v=6nULwgHsVqw

"...

All this chitter-chatter, chitter-chatter, chitter-chatter bout
Shmatta, shmatta, shmatta -- I can't give it away on 7th avenue
This towns been wearing tatters (shattered, shattered)
Work and work for love and sex
Aint you hungry for success, success, success, success
Does it matter? (shattered) does it matter?
Im shattered.
Shattered.

...

Uh-huh, this towns full of money grabbers
Go ahead, bite the big apple, don't mind the maggots, huh
Shadoobie, my brains been battered
My friends they come around they
Flatter, flatter, flatter, flatter, flatter, flatter, flatter
Pile it up, pile it high on the platter."

Fri, 11/02/2012 - 16:38 | Link to Comment malikai
malikai's picture

Here's what today looked like over here. Lots of juicy stuff. No suprises considering the "election". I'm guessing this all means it's Rombot's turn to be the face.

http://blog.quantsig.net/2012/11/02/friday-close-2/

Fri, 11/02/2012 - 16:36 | Link to Comment disabledvet
disabledvet's picture

"Bulls and Bears make money...pigs get Sandy." I still say short this market at your own risk. Sure...Mayor Bloomberg just bankrupted New York City...what else did you expect? This rebuilding effort will be EPIC and I would not short the ability of the Three State Solution to come up something materially significant in conjunction with the Insurance providers to "get out ahead of this thing." Proof in the pudding is in the eating of course. We shall see...

Fri, 11/02/2012 - 16:36 | Link to Comment JustObserving
JustObserving's picture

Apple down 3.31%, silver down 4.07%, Gold down 2.09%.  Silver and gold always fall much faster than they rise. Don't worry, Garry Gensler has your back.

Apple lost about $19 billion in market cap - enough to buy 60% of the silver bullion in the world

Fri, 11/02/2012 - 17:23 | Link to Comment ZeroAvatar
ZeroAvatar's picture

I thought 'Wynter Bretton' or whatever was gonna make the silver market soar?

Fri, 11/02/2012 - 18:01 | Link to Comment Mentaliusanything
Mentaliusanything's picture

Thats nothing compared to what they are spending in Prime Time advertising. They are hitting it hard showcasing Ipad, Ipod and the 5........ Mutiple ads one after the other.

Somethings not right when you have to Flog the living shit out of what was once a product that needed only word of mouth.

Fri, 11/02/2012 - 19:49 | Link to Comment GernB
GernB's picture

I think it's a pretty dire sign. It looks to me like a change in mindset from focusing on making the product better and having faith that if the product is the best people will buy it, to focusing on marketing to gain market share back.

Fri, 11/02/2012 - 19:37 | Link to Comment sablya
sablya's picture

The correction in SLV looks like an expanded flat, with a highly-extended Wave C.  Wave C is actually 2.618 Wave A, which can happen in rare cases. 

SLV is not only extremely oversold, the bottom today is right at the 2.618 extension point. The Fibonacci retracement lines from the top to today's low show that A is at 38.2% and the 100% line at today's low of 29.84 is 1/0.382 = 2.618 of Wave A - what Prechter calls a "rare case".

My conclusion: In spite of the scariness of the chart, this is a good time to BUY silver.


Fri, 11/02/2012 - 16:45 | Link to Comment slaughterer
slaughterer's picture

Stupid, ugly, bad day. 

Fri, 11/02/2012 - 16:50 | Link to Comment BubbleBobble
BubbleBobble's picture
Canadian analyst puts sell on Apple

By putting a sell rating on the U.S. consumer electronics giant, Edward A. Zabitsky has made himself a lone voice in a community of 62 analysts who follow the stock.

 Putting a sell recommendation on the world’s most valuable company is hardly a way to win friends and influence people on Wall Street and Bay Street.

But Edward A. Zabitsky, Chief Executive Officer of Toronto-based ACI Research is betting that shares of Apple Inc. (NASDAQ: AAPL, Stock Forum) will go considerably lower in the coming year.

“I don’t care about being popular anymore,’’ explained Zabitsky, who provides independent research to tech-centric hedge funds and mutual funds.

http://www.stockhouse.com/natural-resources-news/2012/nov/1/stockhouse-s...

 

he's lookin like a genius now!

 

 

Fri, 11/02/2012 - 16:54 | Link to Comment helping_friendl...
helping_friendly_book's picture

Genius????

Apple has been dropping since mid September. He is a little late isn't he?

If he would have said it two months ago.....maybe.

 

Fri, 11/02/2012 - 16:58 | Link to Comment BubbleBobble
BubbleBobble's picture

Fair enough, he didn't call the top, so he's not a genius.     he's definitely got balls though :)

 

Fri, 11/02/2012 - 16:51 | Link to Comment mdtrader
mdtrader's picture

The next stage of QE is when they print money to buy stocks!

Fri, 11/02/2012 - 16:56 | Link to Comment helping_friendl...
helping_friendly_book's picture

Where have you been? the FRBNY has been buying the SPY since October 2011.

Fri, 11/02/2012 - 16:51 | Link to Comment Frastric
Frastric's picture

Made a bomb today on Investopedia! Been shorting crAAPLe since $632 about a month ago, YELP imploded and soon FB will as well, plus I'm shorting bigtime Morgan Stanley 'cos there's rumours that bank is going under in a few month's time. So hopefully I'll be back at around the 100k I had initially.

Got burnt with Knight Capital Group three months ago, I was a greedy bastard and bought the stock as it bounced 60% off $2.50 pretty darn close to the top hoping it would rise some more. It didn't, the next day 11k went up in flames.

At least my shorts and my virtual gold vectors fund are all nicely positioned for the bad economic data dump coming post-election, the Europocalypse and the possible Japanese bond tsunami...

Fri, 11/02/2012 - 16:59 | Link to Comment helping_friendl...
helping_friendly_book's picture

I would run from any PM ETFs. To convienient for the Gov't to sieze and give you $42.22/oz.

Status Report of U.S. Treasury-Owned Gold Overview

The Status Report of U.S. Treasury-Owned Gold (Gold Report):

    http://www.fms.treas.gov/_images/bullet.gif);">
  • Reflects gold bullion and gold coins owned by the federal government
  • Summarizes the fine troy ounces and the book value of gold held by various facilities
  • Identifies the value of gold coins and bullion on display at Federal Reserve banks; coins and bullion in reserve at the Federal Reserve Bank of New York; and gold held by U.S. Mint facilities

The book value of gold is currently $42.2222 per troy ounce. The information used to compile this reporting is received from the U.S. Mint, Federal Reserve banks, and FMS.

Current Report: September 30, 2012

Contacts:

If you have questions about this report, please call (202) 874-9866.

http://www.fms.treas.gov/gold/index.html
Fri, 11/02/2012 - 17:38 | Link to Comment trx
trx's picture

And this is if course totally irrelevant;

 

Bloomberg's Businessweek website infected with Malware:

http://thehackernews.com/#sthash.n7pktA4h.dpuf


Fri, 11/02/2012 - 18:38 | Link to Comment Saul Sage
Saul Sage's picture

I have owned MSFT since '06 when it was at $30. I finally "got my money back" (less the near zero interest I would have made of course) when it came back up to $30 about 6 months ago and I've been trying to decide what to do with this useless POS ever since. Is this cell phone rumor the news I've been waiting for? Certainly hasnt been any version of windows or any M&A conducted in the last 6 years. Vote up if I should keep or down if I should sell and buy something that is fit to gain, like gun stocks. OT I'm so happy to be in Beijing during the farce we call the US elections. And fuck an absentee ballot. Feels good to break the law and not vote for either the crips or the bloods. 

Fri, 11/02/2012 - 18:47 | Link to Comment falak pema
falak pema's picture

RBS takes a 1.4 billion £ hammering. Huge 3Q loss. RBS accuse une perte massive au 3ème trimestre sous le poids de provisions

Fri, 11/02/2012 - 19:51 | Link to Comment q99x2
q99x2's picture

Oh man this probably means Dick Bove is going to take even fewer showers and stink all the worse. Maybe he'll get thrown into jail and he'll be forced to shower then.

Fri, 11/02/2012 - 21:07 | Link to Comment Monedas
Monedas's picture

First the splash .... now the crash !

Fri, 11/02/2012 - 22:13 | Link to Comment Breaker
Breaker's picture

" The market no longer cares about promises of future QE, which is exactly as we said would happen: the Fed has now shot itself in the foot, or more accurately, priced itself out of the market as there is no further element of surprise left!"

Yes, but it prevented the crash until after the election.

Sat, 11/03/2012 - 00:00 | Link to Comment Bernankenstein
Bernankenstein's picture

SCRAPPLE, it's what's for breakfast dumpster diving.

Sat, 11/03/2012 - 00:06 | Link to Comment ak_khanna
ak_khanna's picture

The pricing mechanism of stock, commodity and currency has been terminally effected because the exchanges have been reduced to gambling dens whereby the more powerful traders with deep pockets move the markets to maximize their own profits at the expense of the remaining not so powerful players. The big boys have enormous money power to move the markets in the direction which results in maximum profits for themselves. They effectively use the media to lure the other players in the market to a position where they would incur maximum loss.


The markets fall only when the banksters have eliminated all the short positions and only they themselves have positioned themselves to profit when the market falls


OR

When an unexpected world event catches the banksters with their pants down and the softwares they use to rig the markets go berserk beyond their control.

http://www.marketoracle.co.uk/Article35345.html
www.letstalkmoney2012.in 

Sat, 11/03/2012 - 12:31 | Link to Comment FreeNewEnergy
FreeNewEnergy's picture

Just a hunch, but Thursday's gain off the ADP number was bloated, and, when the NFP number came out, the news was already "priced-in" (a favorite among analysts for explaining bogus price movements), so it sold off. Works for me, but, underneath it all is the sinking feeling the elites are getting fromthe polls, showing their "boy", the Mittster, is going to lose and maybe lose big.

Got to figure on more selling Monday, Tuesday, and, if Obummer wins, a race for the exits on Wednesday. Of course, there's still the chance that the Republithugs will steal the election, just like they did in '04.

Vote at your own peril.

Why Obama Should Win Easily (and why he may not)

Do NOT follow this link or you will be banned from the site!