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As Equity Window Dressing Ends, Treasury Reality Begins
No matter what you were told by the media (or your friendly 'stay fully invested' local wealth-manager), the equity market's exuberant surge of the last few days is evidently one of the clearest month-end window-dressing efforts (to desperately avoid redemptions) that we have seen recently (when put in context of the rest of the world's markets). Who is wrong? Who is right? We suspect we will see the truth (3 F's of US Fiscal Policy) shortly.
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My advice - stick with Helvetica for the charts
"Treasury rally" - Bwahh ha ha ha ha !!!! Paying Uncle Sam to lose your savings. "winning"
P.T. Barnum was absolutely correct:
"There is a sucker born every minute".
BTFD.
Queue stupid rumor.
Hilsenrape on deck
The NY Fed has a trading desk......the market may NEVER go down....especially with this kind of volume....
Credit vs equity is a boring game. Let's take a look at the dollar's chart to know where the shoes are dropping.
Don't you mean the gold chart? All the dollar index tells you is whether it's beating the Euro to the bottom or not.
Light as a feather!
Now, if only Kevin Henry doesn't hyperventilate from all of the blowing...
worst of both worlds. everything flat, no real returns, and all the paper promises and promissory notes evaporate.
Got physical? You better, because there is a very real cost for capital creation, despite what the bernank pontificates, even more so when captial and resources are mis-allocated or mal-invested.
DXY still red. What a day!
Since the ten year has a break in the chart, and we are about to print 40B a month and then another 45B, I am going with stocks. My thesis is bullish. Kaminsky is still wrong. And BTW, to the subject of my dislike for Kaminsky, he has been pulling that stunt since at least 2010. He is full of crap. Markets move on easy money and easy credit only. It is the most basic principal out there.
Principal?
There no principal in the market -- debt don't need no principal when it's somebody else's money anyway
And ... there ain't no principles either
I could see why there might be selling pressure....to take you capital gains now....but why its going up..has me confundlued...or something like that
not close enough to Christmas and the other holidays yet. Bonus pool fuckheads still need a little more.
One more play is the one time big dividend pre fiscal cliff buys...but that is 10 stocks right now....more or less
Now taking guesses to see who thinks we can cross DOW 13,000 by the close. A mere 13 points and counting.
Poor is the new Standard.
Late day ramp. Here we go again?
Bullard is indicating he would see the Fed buying an unsterilized 25 bil a month of treasuries rather than 40 bil a month of sterilized treasuries beginning next month. It will be interesting to see this play out. If only 25 bil a month then will that be seen as Fed tightening? It's a crazy world Bernanke has created when purchasing/monetizing 25 bil a month could be seen as tightening.
Nothing but the Federal Reserve sucking incorporated dick.
I have a trader friend who just quit the market this week. He said if he trades anything over 15 contracts, the machines bend him over and screw him. Everyone's quitting.
Nasty.
Equities are going to eat shit. Everyone thinks that the FED is going to magically buoy all these totally overblown and overpriced technology stocks. Yeah fucking right. They're going to be blown bits, just how all powerful do you guys think the FED really is?
OVERLAY TWO CHARTS. IMPLY CAUSATION. NEXT POST.