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New Dow Highs But Builders Battered, Trannies Trounced, And Russell Ravaged
It all looked great as we held the overnight rampathon (driven by EURJPY fiddling) into the US open and yay verily, the media was celebrating (and kept their exuberance going til the close with the Dow at another all-time closing high). The S&P was amusingly (and oh so humanly) bid 7 points vertically into the close to ensure a VWAP close in the futures (and another new closing high for the S&P) as the Nasdaq bounced perfectly off unchanged from Cyprus levels. But away from that idiocy, things were not so great. Builders were battered out of the gate (-2.4% on the week); The Dow Transports never saw green all day dropping 1.3% (and now down 3% post-Cyprus) and while the broad Russell 2000 opened gap up (like the rest) it was slammed slower all day and ends -2% from pre-Cyprus (while the Dow, S&P, and Nasdaq hold 0.5-1% gains). Silver was monkey-hammered (on no news whatsoever - and record US Mint demand) down 4% on the week and gold slipped ending -1.3% (even with the USD retracing yesterday's weakness to close unchanged on the week). Treasuries drifted higher in yield with 7Y underperforming (but only unch on the week). VIX compressed but remains considerably dislocated from stocks' exuberance.
Silver was whacked lower today (and the rest of the commodites complex also suffered early in as the USD strengthened) but Oil's strength got us thinking...
and sure enough.. this surge pushed the price of a barrel of Oil in silver ounces to its channel high since Nov 2010... It seems 3.5 ounces of silver per barrel is a limiting factor somehow (paging OPEC?)
But stocks were just all over the place as headline-makers were assured of gains as the rest dumped unceremoniously...
and across the S&P sectors since Cyprus, it is very clear whre the buying is (and where it is not)...
VIX remains bid... (so protection is sought and safe-haven stocks are bid)...
But the S&P 500 futures market is becoming an algo's heaven - just look at the volume in the overnight ramp, the heavy volume in the dump in the afternoon, and then the volume-less liftathon perfectly closing at VWAP!!!!
And of course, where the synthetic indices go, so the rest of the entire US equity market (and with it all of our wealth) goes...
Apple was heralded as 'back' when it rallied 2% out of the gate - but gave it all back in the afternoon...
Charts: Bloomberg
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Where is Draghi and his Whatever it takes. Did anyone see Youth unemployment in EU today. Its so high it makes you laugh seeing the numbers. http://tradingvix.blogspot.com/2013/04/is-europe-fixed-yet.html
Trannies trounced? Sounds like a pride parade gone wrong.
Depends on what you mean by "trounced."
Trousered?
@ DJ Happy Ending
Sorry in advance, but coming from someone with your username, that's funny as hell..... :)
Drahgi, Trannies, Happy Endings, - I come here looking for political and market commentary and find myself in the fucking red-light district!
F***ing red-light district is redundant.
AND THE PROPOSALS TO SOLVE ARE JUST MINDBOGLING!!!
SHARE THE WORK FROM THE OLDER EMPLOYEES!!
SHARE = COMMUNIST STYLE EMPLOYMENT!!
YOU LET A SKILLED PERSON WORK HALF TIME, HIRE A YOUNG KID WHO IS TOTALLY NOT INTERESTED TO FUCK UP THE OTHER PART OF THE JOB AND PAY BOTH A MINIMUM WAGE!!!
that will solve the productivity issue....
AND SO EVERYBODY GETS A FAIR SHARE AND EVERYBODY BECOMES POOR!!
STALIN WOULD FUCKING LOVE IT!!
MORONS!!!
"Share the load, Frodo."
The European solution was stolen from homosexual hobbits.
i think it's more "toto" than "Frodo" actually: http://www.youtube.com/watch?v=jUpxmlZ2hyM
So that $100,000 buffer is going to $10,000. Then EVERYBODY's fine!
Just remember DONT BUY GOLD.......ITS DANGEROUS.......hehehehehe... gotta hand it to the crooks......they beat the sheep with the lie until they believe it........
Silver Sale!
I'm starting to hear calls for the high teens on silver, just like in December 2011 and June 2012.
From whom? Goldman Suchs?
This guy, whoever he is. Pretty sure I learned of him when a zerohedge person retweeted him during the Cyprus event. ;)
https://twitter.com/russian_market/status/318779434154995713
We could only hope... I mean how many times does a person get a second chance riding the elevator and getting filthy rich in PM's?
"Remember, There are Lies, There are Damn Lies, and then there is the Stock Market..."
there's always two sides to the coin. "is gold so high because silver is about to soar"? or "is silver so low because gold is about to crash"? beware the "bi polar metal"--he's got issues. http://www.youtube.com/watch?v=Qt2iwORfo3k man, critics are a bitch.
Gold was at 700 during the last crash, than it jumped to 1900 and is still arround 1600.
Guess where it will be when they inject the next quadrillion into the market to "restore the economy"...
I give up! Where??
In my basement, and 5 other places that only I know about.
what if you die suddenly of heart attack, brain aneurysm or an accident? will your special one be able to find the treasure? people hiding stuff around usually forget about this aspect.
Are you asking me @ 8:30 am? :)
All I know for sure is that there's this guy who seems to show up for work at 8:00 every morning and the first thing he does every day is sell all his gold, for whatever the market will give him. I don't know how he does it day after fucking day, but he sure can't wait to get rid of his gold every morning at 8:00.
How does he sell it all and then have some the next day. Is it Groundhog Day?
Of course if they are planning to call force majeur, they prefer the settlement price be lower than higher ... good thing it's only paper.
They say that the stock market screws about as many people as possible as it goes up and down. I would have to agree, I have been a seller for a LONG time. I have few stocks to sell, some, but not a lot.
I hope many of you enjoy the new highs every day, and can get out in time. Meanwhile, I will not buy stocks. Some gold as money comes in.
Pop Quiz Time:
Which one is most likely telling the truth?
A) "Yes, it's coming back, and Happy Times are here to stay.....I sell them, so I know!". - Realtors and Stockbrokers
B) "It's FUBAR, and getting worse, so buy MOAR Phyzz".- Gold Market Commentators
C) "It's going to go to $100,000, and we'll all be rich. There's only going to be 21M of them" - The Bitcoiners
B!
Must have got downvoted by a Bitcoiner......
Bitcoiners:
DotGov has been trying to get CASH out of consumer hands for years, to close the tax-loophole. Bitcoin represents a trackable way of doing that, similar to credit and debit settlement systems. In this respect, all Bitcoin is, is another "fight the system" fad that plays right into the hands of the system it claims to be fighting against.
You are not "being subversive". You are not "fighting the system". You are getting set up to be bagholders.
Bitcoin is intangible. It is electronic fiat paper and nothing more. It's not even worth as much as paper, which can be written on, drawn on, used as kindling, or folded into airplanes & origami animals to keep the kiddies amused. Hell, you can even wipe your ass with paper.
It's not even worth as much as shit. You can at least use shit to fertilize a garden. I can trade shit to the farmer down the road from me for fresh eggs.
Bitcoin is not Gold, and won't ever be. There may be a "Max Keiser acolyte" willing to pay you for your 'Satoshis', but that'll change.
A little science experiment for you Bitcoin boys and girls: Put on a Gold ring, and go into your local Kwikee-Mart and ask the Indian or Pakistani working behind the counter if you can pay for your energy drink, or pack of smokes in Bitcoin. Chances are pretty good that he or she will give you a WTF? look when you try to explain what a Bitcoin is. Then ask if you can trade him the ring your wearing instead. That same person will probably smile when you offer the ring.
Personally, I'm putting my money in low lateral creep caged roller bearings.
CW
Chinese wheel bearings and Hub & Bearing Assemblies (for wheels) have lately been kicking a$$ for us in Peru.
"low lateral creep caged roller bearings." <--- Not enough manufacturers, not enough demand in Peru for us!
DCRB-
http://www.accessnorton.com/trouble-mill-t11690-285.html
Scroll down to the bottom, "Brian Crighton", "rotor bearings", 3rd paragraph.
When the Norton rotary was being developed, David Garside wrote an SAE paper ~ 1986. Must use "low lateral creep caged roller bearings" for the rotor bearings. At this time the Norton was producing 80+ HP. Crighton produced the magnificent Norton Rotary racers and the recent iteration produced 165+ HP.
Ummm, some work needed to be done on Heat Management.
"A man can go far with a smile and a shoe shine". Stuart Garner didn't author that one but he practiced it.
"When all is said and done, there's a lot more said than done." Norton is, as of today, still producing 961 Commandos. No Rotarys however. The British Gummint will only support so much.
"It's easier to smell the incense than it is to have the religious experience."
- A N Whitehead
CW
PS: I wish you the best in selling something that gets produced.
With the R2K lower so much for the theory that the US is the cleanest shirt.
Question of the day on Bloomberg: Should you go all in with stocks? Answer: But, of course!
Some hat-wearing dude who looked a lot like you wanted to buy my children the other day, so I sold them and used the proceeds to load up on Facefuck stock. I can't believe how wealthy I feel.
+100 for Facefuck. he he heeee. I love you man! As soon as i see the golden arches, I cringe in anticipation of the brazen and I'm never disappointed!
the s&p vwap algo rocks the casbah http://www.youtube.com/watch?v=bJ9r8LMU9bQ
The gold pumpers at King World News must be beside themselves. They are running out of excuses like pumpers on message boards.
Not really. They realize that the price that "went down" is for paper gold, which doesn't actually exist.
Lets be honest here. You cannot sell your physical gold for a better price than one does selling gold in the paper market. The paper price determines the physical price. Actually with comissions, storage, etc. You can't even come very close to the paper price. The paper works until it doesn't. The contracts aren't entered into to take possesion.
You are PAYING someone to store it for you? Oh my!
Store? Don't you have to own it to store it?
Okay Brother, you said let's be honest so we will and we will cut the sarcasm: If you can't put your hands on it you don't own it. Just ask Cypriot depositors if they can put their hands on all of their deposits.
record silver eagles sales, record central banks gold sales.
paper is burning untill there's no more paper left.
less paper, lower prices in phys. which create lower paper prices... feedback loop.
Synthetic paper bubble's galore............
It's really simple. It's trading as a currency against the USD. Like the Euro or the pound. The dollar is strengthening due to the other currencies being crap.
Yes, and as I saw on a semi-famous youtube newsclip, people like to have dollars because they're backed by the US govt, whereas gold, people just aren't sure what it's backed by (paraphrasing). So there you have it - your $$$s are safe because they're 'backed' by the US Govt, whereas that gold in your basement, safe, bottom of the lake, whatever, well, who knows who's got its back.
Jim Rogers used to say: "Buy what the Chinamen are buying." I say: "Buy what the Boyz are buying." That would be the SnP.
By the way, is it possible that the Boyz are getting their hands on any of that cash that is leaving European banks? HarHar!
Most of it seems to be rushing to the safety of German govt bonds.
To me, it kind of feels like we are approaching a blow-off top. I think lots of people are selling gold and silver in order to rotate into stocks. Similar to the late 90's when no one wanted to touch PMs. Not me! I plan to just keep on making regular PM purchases.
Even though gold is "languishing" (after 12 consecutive years of increases), I can see people dumping PMs to get into the stock market for the quicker buck.
I'm not selling any of my Ag or Au. In fact, I just bought some Canadian Maple Leaf coins myself.
Trannies Ravaged??????
Sounds like another Obama Boys Only "Golf" weekend with Reggie Love..........
The FTSE jumped 100 points.
Looks like a perfect natural logarithm function.
Silver movement is obviously not in response to fundamentals or news. Someone has a target for silver, and has a huge bet placed on whether silver reaches that price target. Fortunately, that means that once the target is reached, we will see a bounce back higher. Not sure what the target is, but I've got another Monster box winging its way onto my stack. I'll grab another if it hits under $27.
I picked up some more today. Unfortunately I've shot my load until I sell one of my two houses, and buy mountain property.
Maria Bartiromo doing her observation on the dangers of "Hubris" or pride, and picking on some Brazilian Billionaire.
She then goes on to talk about the all time highs in the DOW and S&P.
How ironic. Hey Maria, how about your hubris, and Ben's?
OT
question: when north meets south korea... how much immigration will china tolerate before china backs the north?
coming to a pacific theatre nearest you...
Enough rice?
By the way, Cyprus....big yawn. Did I get that right, yes? Why don't we force everybody to deposit their cash in the garbage bin and pay for it?
If the Fed can create $85B a month to buy bonds, what's a few $B to short metals?
Sort of on topic since we can tie it to trannies and we know about the SEC and porn. I think this is Holder's way to keep them busy instead of doing their actual job.
http://www.washingtontimes.com/news/2013/apr/2/attorney-general-eric-hol...
A group against pornography has put Attorney General Eric H. Holder Jr. in its cross hairs, placing him at the top of a list of national offenders at fault for furthering the X-rated industry.
Morality in Media’s “Dirty Dozen List” posting on its website calls Mr. Holder the worst of its “top 12 facilitators of porn” in the entire nation. Why Mr. Holder?
He closed the Justice Department's Obscenity Prosecution Task Force, Morality in Media said.
“Holder’s actions keep the porn industry thriving,” said Patrick A. Trueman, president of Morality in Media, in a Raw Story report. “He not only refuses to enforce obscenity laws currently on the books that prohibit the distribution of hardcore pornography, but he even disbanded the office charged with enforcement.”
This isn’t the first time the group has derided Mr. Holder for his “lack of enforcement of adult pornography laws,” Raw Story reports. Its members would like to see the Justice Department put the prosecution of pornographers at the top of its priority list.
Also making the “Dirty Dozen List,” as Raw Story reports: the American Library Association and Wikipedia.
And for added laughs the actual dirty dozen list, click on individuals for more information.
http://pornharms.com/dirtydozen/
In no particular order.
01. Eric Holder
02. Comcast
03. Facebook
04. Google Play
05. LodgeNet
06. Hilton
07. Twitter
08. American Library Association
09. Wikipedia
10. Cosmopolitan
11. Barnes & Noble
12. Department of Defense
Now get off my lawn sinners.