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Steve Cohen To Host Investor Call Tomorrow

Tyler Durden's picture




 

Curious why stocks suddenly took on extra water in the past few minutes? This:

  • SAC CAPITAL SAID TO PLAN INVESTOR CONFERENCE CALL TOMORROW - BBG

As a reminder, SAC is and has been for the past 10 years arguably the largest buyside market maker, and the firm which now that it has no more Expert Networks to lead to "excess alpha" is forced to slam stops in the market, primarily to the upside, and crush all shorts during times of peak shorting. Should SAC be forced to scale its operations lower, one thing is certain: the farce formerly known as the market will look very different than it does now.

 

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Tue, 11/27/2012 - 11:25 | 3014249 mrktwtch2
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could the tide be turning..naahh

Tue, 11/27/2012 - 11:31 | 3014268 MillionDollarBogus_
MillionDollarBogus_'s picture

Baltic Dry Index keeps rising yet there is a glut of ships and economic activity is slowing.

What is raising the price of shipping...??? 

Tue, 11/27/2012 - 11:33 | 3014275 illyia
illyia's picture

Global Warming?

Tue, 11/27/2012 - 12:29 | 3014418 graftvshost
graftvshost's picture

Well, a rising ocean lifts all boats.

Or something...

Tue, 11/27/2012 - 14:40 | 3014809 MillionDollarBoner_
MillionDollarBoner_'s picture

http://stats.oecd.org/glossary/detail.asp?ID=3311

Ignore the bullshit about "this position is being increasingly changed in order to promote greater competition and choice for shippers (exporters)." Its just that - bullshit.

Conference = cartel ;o)

Tue, 11/27/2012 - 11:33 | 3014277 Acet
Acet's picture

Sovereigns are quietly demanding the return of their Gold from the vaults in NY and London, so all the ships are busy?

Tue, 11/27/2012 - 13:05 | 3014507 Ghordius
Ghordius's picture

you should know that gold and nautical vessels don't mix well

the times France sent battleships to collect gold from NY are over, today gold flies per plane

(blame the insurers, or better, blame all the zerohedgers having aquatic accidents and jacking the rates higher)

interestingly more and more pieces of the puzzle are coming out - this quiet run seems to have started around the time of the infamous "Brown's bottom"

I'm not a friend of the so-called "conspiracy theories" but the UK and Switzerland both selling unprecedented amounts of physical with vague explanations in that strange voice you get when your arm is being twisted in your back?

funnily to most it sounded like the Final Victory of the Mighty King Dollar and it's Fiat Vassals over the Barbaric Relic, then

@Acet: still laughing about your comment regarding infantilization

Tue, 11/27/2012 - 14:43 | 3014825 MillionDollarBoner_
MillionDollarBoner_'s picture

The "Brown Bottom" is now understood to have been helping out JP Morgan who were caught short of physical for delivery.

Funnily enough, Brown's bestest buddy Tony left office and immediately went to work for...JP Morgan.

Hoowudathunkit ?;O)

Tue, 11/27/2012 - 16:06 | 3015129 SAT 800
SAT 800's picture

Are you really that ignorant, or is that intended as some sort of humor?

Tue, 11/27/2012 - 11:55 | 3014316 tsx500
tsx500's picture

a YouTube video ?

Tue, 11/27/2012 - 13:53 | 3014658 CPL
CPL's picture

Oil and labour directly tied to shipping.

Tue, 11/27/2012 - 16:03 | 3015121 SAT 800
SAT 800's picture

inflation; financing charges below zero; interest less than inflation. the "price of shipping" is front running the global inflation from the printing presses. correct for buying power and you get-nothing.

Tue, 11/27/2012 - 12:26 | 3014412 slaughterer
slaughterer's picture

Steve Cohen: "We have some really bad news.  We bought AAPL at $700 and see no chance for recovery.  99% of our, I mean, YOUR portfolio, is AAPL.  We will be liquidating the fund and sending you your $$ back minus the 20% we just lost.  Sorry."  

Tue, 11/27/2012 - 11:26 | 3014251 vast-dom
vast-dom's picture

at least over at MW the housing market is in mid-recovery.

Tue, 11/27/2012 - 13:57 | 3014667 CPL
CPL's picture

Sure, sell fifty of anything in this market and the numbers appear to jump because last month the homes sold was 49.

 

 

Tue, 11/27/2012 - 11:28 | 3014254 JPM Hater001
JPM Hater001's picture

Distraction.

The real game will be going on at Goldman Sachs as they get muppets to buy the rumor.

Tue, 11/27/2012 - 11:29 | 3014260 SilverIsKing
SilverIsKing's picture

Goldman 'SAC'hs

Tue, 11/27/2012 - 11:28 | 3014256 buzzsaw99
buzzsaw99's picture

i need about three and fiddy bitchez

Tue, 11/27/2012 - 11:29 | 3014262 Doubleguns
Doubleguns's picture

Distract to the stocks while they make off with the gold. The real gold not the tungsten shit.

Tue, 11/27/2012 - 11:54 | 3014314 SheepDog-One
SheepDog-One's picture

The REAL gold today seems to be ammo....look at the prices on stuff I used to get for .30 cents a round from Yugoslavia to burn up at the range is now over $1...and selection is bare-shelves even on the internet. 

Tue, 11/27/2012 - 12:00 | 3014321 adr
adr's picture

My cousin let me shoot one mag of 5.56 and then told me I had to buy him dinner.

Tue, 11/27/2012 - 12:36 | 3014439 Boozer
Boozer's picture

My son begged for a full 30 round mag dump on Bushmaster....I still bought dinner. :)

Tue, 11/27/2012 - 11:31 | 3014267 curbyourrisk
curbyourrisk's picture

Bullshit.  The FED will be on the OTHER side of every sell order coming out of SAC. 

 

Hell, they might just hand over the entire trade book to them.....

Tue, 11/27/2012 - 13:05 | 3014504 1fortheroad
1fortheroad's picture

Looks like they already did.

 

ES highs of the day just like that

Tue, 11/27/2012 - 15:00 | 3014889 Lewshine
Lewshine's picture

Exactly Curb!

Just give Ben a reason to give the media a reason...The more ubsurd the better!!

Tue, 11/27/2012 - 11:34 | 3014272 NoDebt
NoDebt's picture

I'd like to share a revelation I just had in my wind-up brain.....

Something about Mary Shapiro and then this sitting in close proximity in my thinking.  Why is this sort of corruption only being dealt with in one-off ways (individuals who who often do little or no jail time)?  Why is there no real systemic efforts to bring credibility back to the markets, other than the Dodd-Frank giggler?

Answer:  they don't want credibility to return.  They want it to continue to be a cess-pool so they can take it all over someday.  Big daddy coming in to clean house and throw out all the "bad guys".  Of course, they'll also be taking all your money and investments over as part of that process (including gold), but you won't mind by then.  You'll accept anything over that pile of rot.

Is 10:30am too soon for a drink?

Tue, 11/27/2012 - 11:48 | 3014303 DeadFred
DeadFred's picture

The 'they' that want to take it over doesn't include the hedge funds, at least not the smaller ones. Likely all the hedge funds must go since big ones like SAC are getting SEC attention. Remember that the SEC's role is to police the markets for the benefit of Goldman and a few others. The hedge funds are competitors and must be punished.

Tue, 11/27/2012 - 12:10 | 3014352 NoDebt
NoDebt's picture

They're all getting painted with the same brush is the problem.  Try to tell anyone you know about the GOOD that hedge funds do.  You won't be invited to Christmas dinner.

Common wisdom has become that anyone involved in money or investments is a lying, cheating scum bag.  Even if they do provide value they charge more than that value is worth.  Hell, I believe it myself and I work in the industry (like many on this board).  You probably believe it.  Many people on this board express an opinion like that here every day.  In a very real way it's already sort of happened (and we're part of it!).

See the problem?  There is no distinction between the good and the bad.  Enough rotten apples and out goes the whole barrel.  In comes big daddy Government to take care of you and protect you from those scum bags since they'll obviously never clean up their own act.  For some reason the word "Argentina" keeps rattling around in my head when I think about this.

Tue, 11/27/2012 - 13:17 | 3014529 Ghordius
Ghordius's picture

you are talking about an industry that has strenuosly battled and spent a lot of money to drive in the point that it's capable of self-regulation

this problem is called since a while: "Quis custodiet ipsos custodes?"

and for criminy the bloody derivatives that chain the TooBigTooFail together to their status are still not banned (again)

Tue, 11/27/2012 - 21:11 | 3016077 NoDebt
NoDebt's picture

All of them?  Every single one?

Do you deal in synthetic derivatives?  I don't.  I doubt you do either even if you work in the industry.  I know exactly one person in the industry who has anything to do with them at all.  I certainly would not lobby for them.  Almost nobody I know in the industry would.  I'd also like to tell hedge fund MOTUs who use "carried interest" exactly what body cavity they can shove that little perk, too.

That shit is PLUTONIUM in the court of public opinion.  It's how the good get painted the same as the bad.

Self-regulation only goes so far.  Great if you want to keep a little fish like me from stealing little old ladies' money.  Not so great for dealing with a structural/systemic issue.  There IS a place for external (governmental) regulation and this is clearly it.  Yet they choose not to fix these glaring issues AT ALL.  That's not by mistake or simple oversight (especially after the 2008 crash).  In short, they WANT it that way, and there has to be a reason for that.

Tue, 11/27/2012 - 15:00 | 3014890 MillionDollarBoner_
MillionDollarBoner_'s picture

"Is 10:30am too soon for a drink?"

Weeeelll...its 17.30 pm somewheres in the world ;o)

Tue, 11/27/2012 - 20:37 | 3015996 klockwerks
klockwerks's picture

Nodebt, your wound up brain would be 100% correct. Alinsky quote: Overwhelm the system! People will be very relieved to have big bro take over everything " to insure their future" Get physical and as much as you can afford.

Tue, 11/27/2012 - 21:13 | 3016087 NoDebt
NoDebt's picture

Thanks for letting me have my "moment" on this.  Things make more sense now.  Still nuts, but more understandable.

Tue, 11/27/2012 - 11:33 | 3014273 Kaiser Sousa
Kaiser Sousa's picture

consumer confidence at 4 year high...

yeah, that's the ticket!!!!!!!!

Tue, 11/27/2012 - 11:52 | 3014309 SheepDog-One
SheepDog-One's picture

Consumers confident that their credit cards will still work today? ok.

Tue, 11/27/2012 - 13:07 | 3014510 1fortheroad
1fortheroad's picture

Consumer Con-fidence

 

Fixed it 

Tue, 11/27/2012 - 15:56 | 3015096 Oldballplayer
Oldballplayer's picture

Yeah, if those clowns at Walmart on Friday are not the best leading indicator of economic health, then I just don't know.....

Tue, 11/27/2012 - 11:34 | 3014278 fonzannoon
fonzannoon's picture

The cnbc resident hedge fund whore guy was outraged that SAC's good name has been dragged through the mud and he personally had wine and cheese with this Cohen guy so he can obviously speak for his intergrity.

Tue, 11/27/2012 - 11:34 | 3014282 vote_libertaria...
vote_libertarian_party's picture

Isn't SAC the biggest HFT house too?  Somewhere in the back of my brain I remember reading they account for 10% of the avg daily volume of stock trades.

Tue, 11/27/2012 - 11:51 | 3014308 SheepDog-One
SheepDog-One's picture

WOW! Shit ain't goin too good! Now with QE seen as nothing but a 'sell the news' I'm a bit on the edge of my seat wondering what the next move for these ass hats will be.

Tue, 11/27/2012 - 12:02 | 3014331 john39
john39's picture

PressTV reports King Abdullah is braindead in a coma...  tension continues to rise on the Syria/Turkey border with Patriot missles on the way...  Palestinians to seek UN recognition with a vote set for this thursday...  what could possibly go wrong?

Tue, 11/27/2012 - 13:21 | 3014544 earnyermoney
earnyermoney's picture

Barry campaigning for Zippy?

Tue, 11/27/2012 - 11:54 | 3014313 Rainman
Rainman's picture

Gubmint wants to put Stevie-boy in jail. He'll deny all charges. Investor conference call over....you can hang up now.

http://www.bloomberg.com/news/2012-11-22/sac-insider-case-rides-finra-referral-to-cohen-s-backyard.html

Tue, 11/27/2012 - 12:07 | 3014341 JustObserving
JustObserving's picture

10 years too late. 

Tue, 11/27/2012 - 11:56 | 3014319 adr
adr's picture

but Apple lost and regained $100 billion in market cap in two weeks and had UBS put a $780 target on the stock, so everything is normal, right?

Tue, 11/27/2012 - 12:02 | 3014326 muppet_master
muppet_master's picture

who is he??

yawn..oh that guy that trades on inside info on little ittie bittie biotechs and the SEC turns the other way..

i trade big boys stuff:  sp500 futures and eur/usd....shorted spx on black fri @ 1402, 1405...now @ 1403.....Shorted eur/usd same day @ 1.2965, 1.298 (pumped to 1.2996)...now @ 1.2922 !!! LOL !!!!!!! been riding...posted in real time my trades.

also shorted flopbook (FB) @ $25.7 minutes ago...HIGH = $26.3...have more orders for $28, $30...IF FB gets to $30, my avg SHORT price = $28....will cover @ sub $5.00 in several years for LONG TERM CAPITAL GAINS..will sell DEEP IN THE $$$ PUTS after massive sell-offs in FB and buy back those puts for massive gains AFTER the dead cat bounce....LOL !!

most importantly monitor casino,less than 10-15 minutes/day maximum = enjoy life.

Tue, 11/27/2012 - 13:57 | 3014665 1fortheroad
1fortheroad's picture

Crazy Rabbit

Tue, 11/27/2012 - 17:26 | 3015366 Quantum Nucleonics
Quantum Nucleonics's picture

And when the Fed announces QE Infinity + 1 you'll get blowtorched as FB gaps up to 50 and the S&P hits 2000.  Aren't you better off just hitting Bellagio?  The drinks are free and the waitresses are hotter than whatever troll(s) sloth around your crib.

Tue, 11/27/2012 - 12:06 | 3014333 Glass Seagull
Glass Seagull's picture

"Yeah Steve, it's Mary from the SEC, and I've got a few questions for you:

1) What is your favorite color?

2) What is the name of your favorite childhood pet?

3) Boxers or briefs?

Thanks for your time, Steve.  Obviously there's no wrong doing here.  I'll see you at the SAC new-hire function."

 

 

Tue, 11/27/2012 - 12:45 | 3014456 Rathmullan
Rathmullan's picture

Looks like stevie was a little light on the campaign contributions in '08 and '12. Plus the primary stealers have a way of putting those buy siders in their place when they get a litle too cocky.

He was one of a handful of the cartel who drove stock prices higher and on the rare occassion, lower, when things got absurdly ridiculous (a rotting aapl at $700 for instance).

Tue, 11/27/2012 - 12:52 | 3014469 bullmkt
bullmkt's picture

Durden:

Curious why stocks suddenly took on extra water in the past few minutes? This:

 

Hopium? up from there.Yesterday,it was crying about low volume(but the volume was just enough to stop you out of the 1 or 2 lots short that you put on.)

Durden again

Should SAC be forced to scale its operations lower, one thing is certain: the farce formerly known as the market will look very different than it does now.

you wish.The trend is up.The market is about 5 percent from the highs and something like 110 from the lows.Go figure.


Tue, 11/27/2012 - 16:20 | 3015168 SAT 800
SAT 800's picture

You're lecturing a "jounalist"; ie. a sensationalist with a client list, or cult following. you forget he was leading the charge for selling BAC short at $5.00. He's not a trader. if he was a trader he couldn't pay for his internet connection. The value in this blog is in the real news items that are posted; he's never going figure out how markets move; that isn't going to happen.

Tue, 11/27/2012 - 14:37 | 3014799 bugs_
bugs_'s picture

ban4life

Tue, 11/27/2012 - 15:04 | 3014912 venturen
venturen's picture

Time for a 100 year storm in the stock market!

Tue, 11/27/2012 - 15:26 | 3015006 Lewshine
Lewshine's picture

This market IS gonna blow higher. When Ben gets bored with the flatness his boyz are creating for theatrical purposes alone...Expect a 10% move higher - completed in 4 trading sessions. Just look around the indexes - Everything is beggining to move higher. Slow and easy till that well placed news-bite fuels the algos to release the hounds!! The less sense it makes the more likely to happen!

Tue, 11/27/2012 - 17:36 | 3015420 Quantum Nucleonics
Quantum Nucleonics's picture

Stevie has the FBI on him like glue for making a couple buck on some insider trading, yet Jon Corzine can steal hundres of millions in clients money and he gets a pat on the back from Big O and his fellow democrats?

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