Harry Reid Speaks; Stock Market Leaks

Tyler Durden's picture

It was all going so well. In general the cone of silence was working. Stops had been run, hope was among us once again and while no-one had a clue why stocks were rallying (apart from Johnny 5), the interpretation was that - well the market must believe a deal is being done... until Harry Reid opened his mouth....

  • *REID: REPUBLICANS HOLDING MIDDLE CLASS TAX CUTS 'HOSTAGE'
  • *REID SAYS REPUBLICANS HAVE OFFERED NO SPECIFICS ON WANTS

and S&P 500 futures dropped 5 points - halving the day's gains.

 

SURPRISE!!! Stock's gains were not sustainable over risk..

 

Charts: Bloomberg and Capital Context

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SmittyinLA's picture

trade your fiat for stuff ASAP, no deals, only printing  

redpill's picture

Harry Reid, a king among douchebags.

SilverIsKing's picture

He's really just a plain douchebag.

redpill's picture

You racist, misogynist asshole WB, no female african american transgender lesbian hillbilly incest-biproduct mongoloids in the background?  Why do you want us to take us back to the years of slavery and erase all the "progress" we've made?

azzhatter's picture

What a pathetic douchebag Reid is. He has the appearance of a low grade Herman Von Rumpboy

betterlockaway's picture

Funny.  The Democrats had no problem getting Obamacare done before Christmas. Weird......

surf0766's picture

He wants the cliff to happen.

kaiserhoff's picture

I vote we store the nuclear waste up Harry Reid's arse.

TruthInSunshine's picture

Pure, unadulterated, political theater...and of the worst kind.

The Banking-WallStreet-DefenseContractor complex will not be denied their many pounds of flesh, bitchez.

redpill's picture

All the politicians talking about getting pushed over a cliff might want to reconsider their nomenclature before the mob gets any ideas.

Sophist Economicus's picture

And contaminate perfectly good waste?   What kind of person are you?

Lin S's picture

And all he has to do to get it is...

...nothing.

slaughterer's picture

When you see the old arrogant idiot = SELL

When you see the bald guy with the beard = BUY

Easy.

Signed, E-TRade baby

FreeMktFisherMN's picture

Right now I'm trying to figure out when to buy USLV. I'm a huge advocate of phyzz ownership, but these kinds of days tend to be arbitrage when you have your trigger finger on 'place order' at second they announce QE3 or whatever.

It seems like they're trying to deter the commodity buyers who might have tried to front run the FOMC by buynig them today and having them maybe think that only the equities will go up on the announcement tomorrow.

 

I don't know if I should buy USLV before close or AH, or wait until tomorrow the moment of truth. QE3 had a quick selloff before the announcement I remember.

FreeMktFisherMN's picture

I am 21 and already have a pretty good stack of PMs (mostly Ag). I put some fiat in a brokerage account though and look to leverage up when it is warranted with these 2x or 3x ETFs or ETNs. 

Within the next week I'll probably be adding to my stack. I just think you know why not if they're going to keep doing this lever up and make 3x the profit and then trade those for 3x the real metal? 

Mr Lennon Hendrix's picture

Maybe if it is a 401k or a Trad IRA then I would understand but as for your cash going into a brokerage account, I don't understand.  I would rather own the bullion even if I am getting leverage on my price.

FreeMktFisherMN's picture

I hear you, man. But like the day QE3 was announced, USLV was up like 14%. I am willing to be a big more aggressive when warranted, while remaining conservative as far as adamance on stacking the real thing.Depends on one's preference for risk and general financial goals.

Lost Wages's picture

It halved the day's gains, but at this point it's still gaining. Only an hour left for the market to tank or be levitated.

Jonas Parker's picture

Harry Reid - The "shorts'" best friend...

bobthehorse's picture

Harry's great.

And Pelosi is quite the woman.

Let's not forget the crying psychotic John Boehner.

We made these assholes our leaders.

Surely some of the responsibility falls on our shoulders.

Fidel Sarcastro's picture

Possible deal a few weeks ago = +100pt ES rally.

 

NO DEAL = Yawn...uhhh, what were we talking about??? 

Quinvarius's picture

I think Harry is not getting the payola he wants.

docj's picture

Thus spaketh a man so incompetent he can't even manage something as simple as a budget out of his chamber in 3-plus years.

In any business he would have be relieved of his duties years ago. The American Sheeple just gave his caucus 2-more members.

The American Sheeple know what they want, apparently. And they deserve to get it, good and hard.

Translator's picture

What HASN'T Harry Reid (and Obama) lied about?

AcidRastaHead's picture

Remember about 20 days ago when every meme relaying talking head on CNBC had reached the obvious conclusion that politicians would certainly reach some deal and that there would be no way they'd go 'over the cliff'.  Good times.

mayhem_korner's picture

 

 

The Dems have never intended to avoid the cliff.  Their strategy amounts to demonizing the GOP, nothing more.

What's more interesting is that the sheeple think it actually matters whether or not there is a "resolution."  Cliff or no cliff, the country is going over, and the pace is quickening based on the post-election returns of "data".

Papasmurf's picture

If/when they "go over the cliff" they lose their bargaining position because nothing different will happen a day, week or month after.  It's like a child threatening to hold his breath forever.   It's not the sheeple who think it matters if there's a timely resolution, it's the bubble heads on cnbs who are stressed out in panic.  Their fear is well-founded, because when it implodes, their careers become pretty irrelevant. 

blunderdog's picture

I don't understand how you can look at the events unfolding and claim it's "the Dems" doing it, but regardless of the partisanshit, going "over the cliff" means the Dubya tax cuts expire.

That matters to a lot of folks.  Pretty much anyone who has any money.  It appears pretty likely that capital gains and dividend tax rates are going WAY the fuck up come January.

Thank goodness I'm poor and will be unaffected by such trivialities.

mayhem_korner's picture

 

 

I didn't blame the Dems.  I was just pointing out that their strategy is to blame the GOP.  Maybe try reading before you post next time.

TrustWho's picture

Both sides are still trying to nail the other guy...bunch of cowards. No worries, Daddy Bernanke will ride to the rescue on his Trojan Horse and print the problem away for a day.

Who will place the straw that breaks the camels back or will yell FIRE in the financial theater? The exit is going to be very very small when all want to leave with their money.

sbenard's picture

Harry (the Mormon Tare) Reid!
Every Mormon I know, including myself, thinks of Harry Reid that way!

CvlDobd's picture

When you drift off to sleep do you think, "I believe in complete and utter bullshit. I also have no problem with that."

There are a lot of people here that have been duped by religion here at the hedge, but a Mormon? How can your eyes be so shut to believe the bullshit from Monson and co., yet seemingly open enough to read the hedge?

Also, for the Obama is a Muslim terrorist crowd. Studying up on the history of animosity between the LDS church and the US gov would make one question the true motive of any LDSer to be involved in our gov. That includes Reid and Romney.

10044's picture

Coming soon to dvd and bluray next week: Clowns in DC
Artwork by banzai7

sbenard's picture

Harry "Lump of Coal" Reid!

Mr Lennon Hendrix's picture

Once again, Reid just wanted a dip to buy.

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

"Harry got up, dressed all in black.  Went down to the station and never came back."

--In a New York Minute (The Eagles)

We can only dream!

 

Tuco

mdtrader's picture

And after all this BS.  When they finally reach a deal the algos will blow their load for 200 milliseconds, and then everybody will put their shorts back on! Thankful that the politicians are off on holiday and out the way. 

Cone of Uncertainty's picture

"It was all going so well. In general the cone of silence was working."

Ahhh, my long lost partner in crime.

disabledvet's picture

So much for "quiet negotiations with just staff." again for the bull thesis to be correct the fiscal cliff should not be an issue. I find it interesting that it is...more than likely due to people shorting GOVERNMENT and not the market of course. Don't worry Senator...the banks don't care either!

michiganmaven's picture

wait.. here comes the 20 minute pump into the close !! woot woot ! GREEN CHOO CHOO COMING THROUGH !

Lost Wages's picture

So... what is going to happen tomorrow?

gatorontheloose's picture

Any comment on the SPY Dec options volume today ??  looks like enormous amounts of volume ATM and at 140 puts.  also looks like 144 calls heavily sold and OI went way down.  

SmoothCoolSmoke's picture

Back to 1431 at 4:15.  Move along....nothing to see here.

SheepDog-One's picture

FUCK YOU HARRY REID! Also Boner, Bernank, ObaMao, Pelosi....etc etc.