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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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Tue, 12/11/2012 - 15:57 | 3052821 SmittyinLA
SmittyinLA's picture

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

Tue, 12/11/2012 - 16:05 | 3052846 redpill
redpill's picture

Harry Reid, a king among douchebags.

Tue, 12/11/2012 - 16:17 | 3052876 SmallerGovNow2
SmallerGovNow2's picture

you beat me to it red...

Tue, 12/11/2012 - 16:27 | 3052903 SilverIsKing
SilverIsKing's picture

He's really just a plain douchebag.

Tue, 12/11/2012 - 16:29 | 3052910 williambanzai7
williambanzai7's picture

REID PRESS CONFERENCE

Tue, 12/11/2012 - 16:37 | 3052934 redpill
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?

Tue, 12/11/2012 - 16:56 | 3053044 azzhatter
azzhatter's picture

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

Tue, 12/11/2012 - 16:35 | 3052932 betterlockaway
betterlockaway's picture

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

Tue, 12/11/2012 - 15:59 | 3052822 surf0766
surf0766's picture

He wants the cliff to happen.

Tue, 12/11/2012 - 16:00 | 3052831 Getting Old Sucks
Getting Old Sucks's picture

Me too.

Tue, 12/11/2012 - 16:02 | 3052839 kaiserhoff
kaiserhoff's picture

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

Tue, 12/11/2012 - 16:05 | 3052844 TruthInSunshine
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.

Tue, 12/11/2012 - 16:11 | 3052860 redpill
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.

Tue, 12/11/2012 - 16:13 | 3052864 Ima anal sphincter
Ima anal sphincter's picture

+1000 Nice!!!

Tue, 12/11/2012 - 16:11 | 3052859 Sophist Economicus
Sophist Economicus's picture

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

Tue, 12/11/2012 - 16:53 | 3053024 Lin S
Lin S's picture

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

...nothing.

Tue, 12/11/2012 - 15:59 | 3052824 slaughterer
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

Tue, 12/11/2012 - 16:18 | 3052880 FreeMktFisherMN
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.

Tue, 12/11/2012 - 16:34 | 3052929 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Why aren't you buying bullion?

Tue, 12/11/2012 - 16:39 | 3052950 FreeMktFisherMN
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? 

Tue, 12/11/2012 - 16:53 | 3053022 Mr Lennon Hendrix
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.

Tue, 12/11/2012 - 16:56 | 3053043 FreeMktFisherMN
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.

Tue, 12/11/2012 - 16:00 | 3052830 Lost Wages
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.

Tue, 12/11/2012 - 16:00 | 3052832 Jonas Parker
Jonas Parker's picture

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

Tue, 12/11/2012 - 16:30 | 3052914 bobthehorse
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.

Tue, 12/11/2012 - 16:01 | 3052838 Fidel Sarcastro
Fidel Sarcastro's picture

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

 

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

Tue, 12/11/2012 - 16:22 | 3052887 rubearish10
rubearish10's picture

Inexplicable!

Tue, 12/11/2012 - 16:09 | 3052854 Quinvarius
Quinvarius's picture

I think Harry is not getting the payola he wants.

Tue, 12/11/2012 - 16:12 | 3052862 docj
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.

Tue, 12/11/2012 - 16:14 | 3052868 Translator
Translator's picture

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

Tue, 12/11/2012 - 16:15 | 3052872 AcidRastaHead
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.

Tue, 12/11/2012 - 16:23 | 3052888 mayhem_korner
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".

Tue, 12/11/2012 - 16:54 | 3053034 Papasmurf
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. 

Tue, 12/11/2012 - 18:35 | 3053435 blunderdog
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.

Tue, 12/11/2012 - 22:23 | 3054365 mayhem_korner
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.

Tue, 12/11/2012 - 16:20 | 3052883 TrustWho
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.

Tue, 12/11/2012 - 16:23 | 3052889 sbenard
sbenard's picture

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

Tue, 12/11/2012 - 16:39 | 3052953 CvlDobd
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.

Tue, 12/11/2012 - 16:24 | 3052891 10044
10044's picture

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

Tue, 12/11/2012 - 16:25 | 3052898 sbenard
sbenard's picture

Harry "Lump of Coal" Reid!

Tue, 12/11/2012 - 16:31 | 3052920 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Once again, Reid just wanted a dip to buy.

Tue, 12/11/2012 - 16:34 | 3052931 Tuco Benedicto ...
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

Tue, 12/11/2012 - 16:35 | 3052928 mdtrader
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. 

Tue, 12/11/2012 - 16:40 | 3052933 Cone of Uncertainty
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.

Tue, 12/11/2012 - 16:39 | 3052954 disabledvet
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!

Tue, 12/11/2012 - 16:43 | 3052975 michiganmaven
michiganmaven's picture

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

Tue, 12/11/2012 - 16:52 | 3053025 Lost Wages
Lost Wages's picture

So... what is going to happen tomorrow?

Tue, 12/11/2012 - 17:11 | 3053107 gatorontheloose
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.  

Tue, 12/11/2012 - 17:16 | 3053130 SmoothCoolSmoke
SmoothCoolSmoke's picture

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

Tue, 12/11/2012 - 17:27 | 3053185 SheepDog-One
SheepDog-One's picture

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

Tue, 12/11/2012 - 17:28 | 3053188 steelhead23
steelhead23's picture

Geez, wasn't anyone here short ES?  Where are the bears?  Look, I am sitting on my cash and really don't care where the market goes - but this site used to be full of bears - bears with the mentality that anything that made the market go down was good and anything that made it go up was bad.  What happened?  Did y'all decide to cash it all in and play the slots?  If ZH is as bearish as I think it is, at least half of you are quietly cheering Mr. Reid.  Y'all's attitude makes me want to eat a blue pill.

Tue, 12/11/2012 - 17:33 | 3053214 SheepDog-One
SheepDog-One's picture

Seems to me you're just tilting at windmills, and maybe trolling a bit.

What do you want to see....people stomping their feet about losing money 'short'? Makes me want to tell ya to go fuck yourself.

Wed, 12/12/2012 - 17:09 | 3057282 steelhead23
steelhead23's picture

Hey Sheep, were I in the market, I too would be short and would be among the losers.  I was just weirded out by everyone piling on Sen. Reid for making statements that caused the market to go down.  It just seems incongruous.

Tue, 12/11/2012 - 18:35 | 3053437 MFLTucson
MFLTucson's picture

No one should believe this liar!

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