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Dallas Fed Implodes: Biggest Drop And Miss On Record Send Market To Intraday Highs

Tyler Durden's picture




 

If this doesn't send the S&P to new all time highs nothing will. Moments ago the Dallas Fed reported its April General Business Activity report and in short it was the biggest miss to expectations on record, plummeting from 7.4 to -15.6, on expectations of a 5.0 print and the lowest since July 2012. It was also the biggest one month drop on record. Since all of this will be attributed to balmy spring weather in New Zealand, extra rainfall in the Russian Steppes, the US sequester, evil European fauxterity, Cyprus deposit confiscation, and of course, Bush, there is no point in commenting on this disaster at all. And why comment: judging by the market's response which is now at the day's highs, it is not as if anyone even pretends any data matters. The only hope now for those expecting a 20,000 on the DJIA is that the ISM due out soon, will print at 0 and everything will be permanently fixed. In other news the daily prayer to praise St. Bernanke begins at 11 am when POMO ends. Please orient yourself to face the Marriner Eccles building when bowing down.

Biggest miss on record:

The breakdown of the components:

From the report:

Texas factory activity was flat in April, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell from 9.9 to -0.5. The near-zero reading indicates output was little changed from March levels.

Ebbing growth in manufacturing activity was reflected in other survey measures as well. The capacity utilization index came in at 2.7, down from 5.5, and the shipments index fell to zero after rising to 10.6 in March. The new orders index fell nearly 14 points to -4.9, posting its first negative reading this year.

Perceptions of broader business conditions worsened in April. The general business activity index plummeted from 7.4 to -15.6, reaching its lowest level since July 2012. The company outlook index turned negative as well, declining from 9.6 to -2.2. Labor market indicators remained mixed. The employment index has been in positive territory so far in 2013 and moved up to 6.3 in April. Twenty percent of firms reported hiring new workers compared with 14 percent reporting layoffs. The hours worked index pushed further negative, from -2.4 to -6.5.

Price pressures abated in April. The raw materials price index dropped from 19.1 to 2.5, posting its lowest reading since last July. The finished goods price index dipped to -3 after posting positive readings throughout the first quarter. The wages and benefits index edged down from 18.5 to 17.7, although the great majority of manufacturers continued to note no change in compensation costs. Looking ahead, 34 percent of respondents anticipate further increases in raw materials prices over the next six months, while 21 percent expect higher finished goods prices.

Expectations regarding future business conditions fell markedly in April. The index of future general business activity fell 22 points to -6.7, its first negative reading in five months. The index of future company outlook also plunged, dropping from 21.6 to 6. Indexes for future manufacturing activity fell slightly this month.

The Dallas Fed conducts the Texas Manufacturing Outlook Survey monthly to obtain a timely assessment of the state’s factory activity. Data were collected April 16–24, and 94 Texas manufacturers responded to the survey. Firms are asked whether output, employment, orders, prices and other indicators increased, decreased or remained unchanged over the previous month.

 

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Mon, 04/29/2013 - 10:45 | 3509925 camaro68ss
camaro68ss's picture

aaa who let this report out? dont worry, bernake will pull a stick save later today and the market will go green.

Mon, 04/29/2013 - 10:48 | 3509931 tsx500
tsx500's picture

BULLISH !!!

Mon, 04/29/2013 - 10:47 | 3509939 flacon
flacon's picture

Fuck my puts!

Mon, 04/29/2013 - 10:47 | 3509944 camaro68ss
camaro68ss's picture

Bad news = more QE= good news right?

Mon, 04/29/2013 - 10:49 | 3509951 Bearwagon
Bearwagon's picture

Exactly.

Mon, 04/29/2013 - 11:03 | 3510026 Zer0head
Zer0head's picture

it's all bout keepn' the 8 ball rolling

http://www.youtube.com/watch?v=mUTEbH4R7zw

Mon, 04/29/2013 - 11:09 | 3510069 camaro68ss
camaro68ss's picture

If I was the bernake, I would be shitting my pants not seeing the market fall after this. So now he knows that the market expects him to pump more QE to fix this pesky manufacturing print. If he doesn’t, market collapses. If he does, market collapses later via hyper inflation end game.

Mon, 04/29/2013 - 13:34 | 3510551 Anusocracy
Anusocracy's picture

Bernanke is losing to a Pavlovian market.

Mon, 04/29/2013 - 11:11 | 3510075 disabledvet
disabledvet's picture

"right into your mouth"

Mon, 04/29/2013 - 10:52 | 3509956 spaceduck
spaceduck's picture

The new rule is

Bad news = bullish 

Good news = bullish

More QE = bullish

No more QE = bullish

No news = bullish

 

Mon, 04/29/2013 - 10:53 | 3509980 Rubicon
Rubicon's picture

Bearish = Bullish

Mon, 04/29/2013 - 11:03 | 3510027 Bananamerican
Bananamerican's picture

"Since all of this will be attributed to balmy spring weather in New Zealand, extra rainfall in the Russian Steppes, the US sequester, evil European fauxterity, Cyprus deposit confiscation, and of course, --Bush--"
Did you have to go there?
Are you one of these RW writers trying to slowly rehab that demonic fuckstick's "legacy" to amerika?

Mon, 04/29/2013 - 11:11 | 3510063 I am more equal...
I am more equal than others's picture

Benny Pavlov Bernake is ringing the bell training the sheeple to buy - buy - buy.  He's almost finished with the training and then it will be bye - bye Ms. American die.

Mon, 04/29/2013 - 11:20 | 3510107 Too Big 2
Too Big 2's picture

"Are you one of these RW writers trying to slowly rehab that demonic fuckstick's "legacy" to amerika?"

If you have been paying attention the demonic fuckstick version 2.0 has been and is still blaming version 1.0 whenever he needs an excuse. 

This isn't a polictical site so perhaps you would be better suited to Rachel Maddow and the MSNBC line up of liberal fucks.  

 

Mon, 04/29/2013 - 12:21 | 3510346 Creepy Lurker
Creepy Lurker's picture

While you are of course, correct, I have to admit the use of "demonic fuckstick" made me LOL.

Mon, 04/29/2013 - 13:08 | 3510486 insanelysane
insanelysane's picture

I stopped by my parents recently and do you know who they are blaming the Boston bombings on....

yep, Bush

Mon, 04/29/2013 - 10:55 | 3510002 McMolotov
McMolotov's picture

I've got to admit it's getting better! A little better all the time!

It can't get any worse!

http://www.youtube.com/watch?v=Jk0dBZ1meio

Mon, 04/29/2013 - 11:21 | 3510076 xtop23
xtop23's picture

Don't kid yourself Mc. It can get MUCH worse. 

This is going to end in something akin to John Bobbit's penis removal kind of bad.

Mon, 04/29/2013 - 15:41 | 3510984 gdogus erectus
gdogus erectus's picture

Bobbit. And there are still some that don't believe it's all connected somehow. Or used to be anyway, in this case...

Mon, 04/29/2013 - 11:22 | 3510115 venturen
venturen's picture

 No kidding. If someone was printing $85 Nillion a month and giving it to you for the trash in your basement....wouldn't you ba happy?

Mon, 04/29/2013 - 12:06 | 3510271 Sach Mahoney
Sach Mahoney's picture

substitue "ish" for "shit" and we're on to something

Tue, 04/30/2013 - 18:20 | 3515661 screw face
screw face's picture

bullish....bitchez

+1

Mon, 04/29/2013 - 10:54 | 3509972 bigdumbnugly
bigdumbnugly's picture

please just don't tell me this means layoffs for the dallas cowboy cheerleaders...

Mon, 04/29/2013 - 11:00 | 3509990 ihedgemyhedges
ihedgemyhedges's picture

Production, new orders, etc are crashing yet employment is up????  What the hades man???????

And a +1 for saying "Dallas Cowboys Cheerleaders" and using the letters "lay" in the same post..........A long time fantasy for many of us red blooded married men......

Mon, 04/29/2013 - 12:12 | 3510305 Poetic injustice
Poetic injustice's picture

Data was around. You lose 100,000 job and then 3 people each get 30,000 jobs.

Mon, 04/29/2013 - 13:47 | 3510592 Panafrican Funk...
Panafrican Funktron Robot's picture

Notice that, while employment is up, hours are way down.  The great full time to part time conversion continues.  

Mon, 04/29/2013 - 11:04 | 3510044 Parisnights
Parisnights's picture

No worries, HOOTERS is hiring.  You'll have better seats to watch them than the current one up in the nosebleeds.

Mon, 04/29/2013 - 10:57 | 3509998 Sudden Debt
Sudden Debt's picture

unless you believe Obama and trust the fucker for fixing it all...

OBAMA HAS 99 PROBLEMS AND THIS IS ONE!

Mon, 04/29/2013 - 11:05 | 3510037 Parisnights
Parisnights's picture

Probably has 99 luft ballons too.. Putin is eyeing him hard right now.

Mon, 04/29/2013 - 12:27 | 3510374 Creepy Lurker
Creepy Lurker's picture

Which is all it takes to make him piss down his leg.

Mon, 04/29/2013 - 11:05 | 3510028 Winston Smith 2009
Winston Smith 2009's picture

"Bad news = more QE= good news right?"

Exactly!  You beat me to it.  Completely artificial BS market levels entirely dependent upon QE, precisely as David Stockman has said.  If QE would end, the entire debt-based, over-leveraged Ponzi scheme would come tumbling down.

Mon, 04/29/2013 - 10:49 | 3509950 Bearwagon
Bearwagon's picture

And your calls, too!  ;-)

Mon, 04/29/2013 - 10:57 | 3510013 Sudden Debt
Sudden Debt's picture

:)

Bearwagon... DESTOYER OF DREAMS!

:)

Mon, 04/29/2013 - 10:58 | 3510006 firstdivision
firstdivision's picture

Why we haven't punched through 1600 on this report is a mystery.

Mon, 04/29/2013 - 10:47 | 3509941 ziggy59
ziggy59's picture

Market is and has been green...

Mon, 04/29/2013 - 11:28 | 3510140 Everybodys All ...
Everybodys All American's picture

Let me guess. There is an FOMC meeting this week.

Mon, 04/29/2013 - 10:45 | 3509927 LawsofPhysics
LawsofPhysics's picture

Just "manufacture" some more financial "products" of mass destruction, it's all good.  Fuck the paper pushers and fuck you Bernanke!

Mon, 04/29/2013 - 10:53 | 3509961 eclectic syncretist
eclectic syncretist's picture

Does this mean that JP morgan will have to cough up another 5 tons of physical gold in addition to the 2 tons that they recieved delivery notices for last Friday?

http://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsReport.pdf

Mon, 04/29/2013 - 10:58 | 3510014 LawsofPhysics
LawsofPhysics's picture

I wouldn't hold my breath waiting for those deliveries.

Mon, 04/29/2013 - 11:30 | 3510155 kito
kito's picture

hey laws, off topic, just wanted you to see this:

the post on bitcoin and a large online store that accepts them:

http://globaleconomicanalysis.blogspot.com/

Mon, 04/29/2013 - 12:21 | 3510331 I am more equal...
I am more equal than others's picture

If the Fed would have let deflation occur in 2008 we'd be through it now and well into recovery.  Deflation is the orange sorbet that cleanses the pallet. Now with bubbles galore the 'great reset' will destroy and hurt more than it should have. 

Mon, 04/29/2013 - 10:45 | 3509928 TahoeBilly2012
TahoeBilly2012's picture

Fuck you "libtards" and "faux-publicans"!

Mon, 04/29/2013 - 10:57 | 3510011 The Carbonator
The Carbonator's picture

I prefer to call them Re-pubic-ans.  Emphasis on PUBIC.

 

+1 Mark Levin

Mon, 04/29/2013 - 11:06 | 3510056 Bananamerican
Bananamerican's picture

What are you? 12?

Mon, 04/29/2013 - 11:54 | 3510239 pods
pods's picture

According to my wife, I sometimes am not even that old.  Like yesterday when I told her:

"Never make eye contact while eating a banana."

That was after I stared at her until she looked up; while she was eating a banana.

pods

Mon, 04/29/2013 - 10:46 | 3509933 Bearhug Bernanke
Bearhug Bernanke's picture

Damn you, Calvin Coolidge!

Mon, 04/29/2013 - 10:47 | 3509937 Cdad
Cdad's picture

Nice.  BTFCollapse!  After all, central planners are the very bestest capital allocators this world has ever seen.

Thank you, Ben Bernanke, for your efforts to paper over the many and varied economic collapses we now enjoy on a daily basis.  

Mon, 04/29/2013 - 10:50 | 3509938 espirit
espirit's picture

So the Fed missed, they'll just reload...

until they can't.

Mon, 04/29/2013 - 10:49 | 3509940 Dre4dwolf
Dre4dwolf's picture

The market has nothing to do with real world economics, its a casino.

Bet on RED you always win.

 

De-Regulation of the financial sector has produced

CEOS earning 3000% the national average pay of the workers they employ.

If you were "earning" billions of worthless bernanke bucks, wtf would you do with them?

Fuck with no risk because soemone will bail me out... I would GAMBLE ON THE STUPIDEST SHIT , and the rest would go to drugs/cars/ and prostitutes 100s of them.

Mon, 04/29/2013 - 10:50 | 3509942 fonzannoon
fonzannoon's picture

Yes yes about that tapering off of QE.....

Mon, 04/29/2013 - 11:15 | 3510080 kito
kito's picture

hey fonz youre back! i was worried about that italian shooting yesterday..was hoping it wasnt you......

Mon, 04/29/2013 - 11:22 | 3509943 FieldingMellish
FieldingMellish's picture

All this amid the Fed "hinting" that QE should be curtailed? Not a chance.

Mon, 04/29/2013 - 11:28 | 3510151 kridkrid
kridkrid's picture

It can never end.  Period.  It only "ends" when the whole things comes apart.  We won't think of it in terms of "QE ending"... it will be survival.

Mon, 04/29/2013 - 10:48 | 3509945 francis_sawyer
francis_sawyer's picture

Print like you've never printed before [be sure to add in a little extra for yourself & pals while your at it ~ you know, for all your hard work]...

Mon, 04/29/2013 - 10:55 | 3509970 CheapBastard
CheapBastard's picture

"There's never been a better time then now to buy a.....printing press  !"

Mon, 04/29/2013 - 12:49 | 3510435 Sabibaby
Sabibaby's picture

Is what the Bernank is saying but for everyone else it would mean serious jail time. I'm sure he would appreciate our efforts though!

Mon, 04/29/2013 - 10:50 | 3509946 polo007
polo007's picture

According to Citi Research:

http://fs1.hidemyass.com/download/pzqe9/kvb8fu04dl9l7dttmvl2j0ab30

Too much money, not enough assets to buy

Inside the global supply-demand imbalance

- "It's the liquidity, stupid!" – The importance of unconventional policies for markets may be widely accepted by now, but we reckon the mechanisms remain poorly understood. Examining the supply-demand imbalance, largely created by central banks, provides important insights on prospects for market performance in 2013 in our view.

- "I have to buy" – The conventional argument for the link between QE and asset prices goes through the demand side: lower yields force investors to take ever increasing amounts of risk.

- "But what can I buy?" – However, we think the supply-side effect of QE is widely underestimated. Over the last three years, central banks globally have suppressed the natural growth in outstanding volume of securities available for investors to buy to the tune of several trillion dollars per year.

- A monumental squeeze – The result has been an extremely well correlated squeeze across risk assets as the liquidity has disseminated globally. For instance, the mere anticipation of the Bank of Japan's expansion of QE has coincided with, if not triggered, a strong rally in high-beta credit instruments in Europe.

- Will 2013 be any different? – Our forecasts for supply and central bank interventions suggests the supply-demand imbalance will remain as acute as ever over the coming quarters. That said, market resilience will face what may well be the biggest test of the year, if and when the Fed starts to taper off QE in the fourth quarter.

Mon, 04/29/2013 - 10:58 | 3510012 ParkAveFlasher
ParkAveFlasher's picture

Too much money + Too few assets = Inflation*

*Never took one single finance, business, or economics class in my entire education.

Mon, 04/29/2013 - 10:59 | 3510023 camaro68ss
camaro68ss's picture

= more cow bell

Mon, 04/29/2013 - 11:06 | 3510039 ParkAveFlasher
ParkAveFlasher's picture

ZH is my graduate course, bitchez.

Mon, 04/29/2013 - 11:52 | 3510228 somecallmetimmah
somecallmetimmah's picture

Throw in some shaved cats, & you've got yourself a deal, brother.

Mon, 04/29/2013 - 11:39 | 3510194 Kirk2NCC1701
Kirk2NCC1701's picture

I got a great pubic education at public schools, but none taught me more on the Art & Science of screwing people, the way the The Fiat School of Business has at ZHU.

Mon, 04/29/2013 - 11:47 | 3510212 JimS
JimS's picture

The FED can never taper off. This is a never-ending upward spiral, until it ain't. At that point, all Hell is going to break loose.

Mon, 04/29/2013 - 10:48 | 3509947 Lost Wages
Lost Wages's picture

Stocks are the new bonds and bonds are the new toilet paper.

Mon, 04/29/2013 - 10:49 | 3509952 francis_sawyer
francis_sawyer's picture

& toilet paper is the new currency...

Mon, 04/29/2013 - 10:55 | 3509999 forwardho
forwardho's picture

Ouch!

Mon, 04/29/2013 - 11:03 | 3510030 Monedas
Monedas's picture

& Bitcoin is the new currency wipe !

Mon, 04/29/2013 - 10:51 | 3509948 Archetype
Archetype's picture

Frontrunning of tomorrows extra large month end POMO-fest.

Mon, 04/29/2013 - 10:49 | 3509954 observer007
observer007's picture

ABN Commodity Outlook: Gold 1000, Silver 20

 

Dutch Bank ABN Amro predicts metalls crash.

"Our view is that the global economic recovery will continue and that fears over the slowdown in China are overdone. Although we expect most commodities will fall for the remainder of the year, base metal prices will rise in the near term as demand increases - led by China and the US,"

http://homment.com/abn-commodity-outlook

Mon, 04/29/2013 - 10:58 | 3509975 espirit
espirit's picture

Firesale? I'm in.

Edit: At that price, I can make boolits from pm's.  The surgical recovery with a rusty bayonet will be something to watch.

Mon, 04/29/2013 - 12:30 | 3510376 Poetic injustice
Poetic injustice's picture

That also means closing of huge amount of gold mines.

Mon, 04/29/2013 - 10:54 | 3509984 CheapBastard
CheapBastard's picture

Bullish!

Mon, 04/29/2013 - 10:57 | 3509996 LouisHill
LouisHill's picture

Because ABN does not have any gold it serves them to predict lower. :)

Mon, 04/29/2013 - 11:12 | 3510040 ziggy59
ziggy59's picture

The same ABN AMRO that has no phyzz?...

ABN Amro Ceases Precious-Metals Delivery Service for Dutch Clients
http://www.foxbusiness.com/news/2013/04/04/abn-amro-ceases-precious-meta...

Seems they released the wrong order of PR and analyst report, no?

Mon, 04/29/2013 - 11:13 | 3510085 disabledvet
disabledvet's picture

Word on the Street is someone else is very particular about his Phyzz servicing as well...

Mon, 04/29/2013 - 11:51 | 3510236 Kirk2NCC1701
Kirk2NCC1701's picture

If this had been a GS forecast, I'd have done the opposite of what they advise. Am I learning, or just getting jaded?

While they short (shrift) paper gold, I long for phyz.

Mon, 04/29/2013 - 10:52 | 3509957 ebworthen
ebworthen's picture

This is bad for main street but great for Wall Street as it is bullish for more QE which is bad for debt and main street but good for equities that don't have any relationship to the economy which is bad but it's good for the 1%.

Mon, 04/29/2013 - 10:53 | 3509978 camaro68ss
camaro68ss's picture

logical

Mon, 04/29/2013 - 10:56 | 3509987 Bearwagon
Bearwagon's picture

Yeah, that'll show you questioning "trickle down" economics ....  ;-)

Mon, 04/29/2013 - 11:09 | 3510054 prains
prains's picture

just make sure not to drink the "trickle", it could be yellow-ish

Mon, 04/29/2013 - 11:20 | 3510118 disabledvet
disabledvet's picture

"long small...short big." liquidity comes in small doses (just ask a girl...well, most girls) so in the search for RETURN "you can only go with the company you have." in other words "is the business providing a sufficient reward to hold the enterprise or do you the investor require further incentives." that is the the very being of return ON capital. In other words what are you going to pay ME. Neither gold nor silver does this. Very few things/thongs actually do.

Mon, 04/29/2013 - 11:27 | 3510137 resurger
resurger's picture

You already know that they have declared war on anyone who opposes the status quo, this is a do or die situation, no prisoners will be taken.

We are at the frontlines for quite sometime now

Mon, 04/29/2013 - 10:53 | 3509960 lotusblue
lotusblue's picture

Not even a hickup.This number and market response is quite scary.

Mon, 04/29/2013 - 10:53 | 3509963 bernorange
bernorange's picture

We apologize for the fault in the report. Those responsible have been sacked. Mynd you, m00se bites Kan be pretty nasti ...

Mon, 04/29/2013 - 10:50 | 3509964 IridiumRebel
IridiumRebel's picture

They're literally is no need for data anymore. No need for analysts or predictions....just wake up turn on CNBC and see where they have it today.If I woke up and the folks on CNBC were in clown suits honking horns and dancing as they told us the "numbers" I would not be surprised. It is all worthless.  

Mon, 04/29/2013 - 10:57 | 3510000 ParkAveFlasher
ParkAveFlasher's picture

They do that already.

Mon, 04/29/2013 - 11:02 | 3510022 Parisnights
Parisnights's picture

Great imagery!  Becky can be Bimbo, Joe can be Bozo, and the other guy can be Homey

Mon, 04/29/2013 - 11:10 | 3510059 ebworthen
ebworthen's picture

I want Bob Pastrami in the miniature car with the giant ladder he has to climb in huge shoes to put out the "fire".

Mon, 04/29/2013 - 10:51 | 3509965 maskone909
maskone909's picture

So who the fuck is going to buy up all of these housing inventories?

Mon, 04/29/2013 - 10:54 | 3509986 Headbanger
Headbanger's picture

That's exactly why they're pushing "immigration reform"

Mon, 04/29/2013 - 11:14 | 3510079 ebworthen
ebworthen's picture

Precisely! 

Backed by FHA/Fannie-Freddie and your tax dollars.

Bonuses and front loaded fees and payments to Jamie Dimon and his J.P. Morgue crew, with the stagecoach robbers at Wells Fargone riding shotgun.

Mon, 04/29/2013 - 11:26 | 3510134 ParkAveFlasher
ParkAveFlasher's picture

While we're at it, send them to college too.

Degreez.  It's what immigrants CRAVE.

Mon, 04/29/2013 - 11:38 | 3510178 ebworthen
ebworthen's picture

Colleges and Universities in my state will let illegal immigrants pay in-state tuition, but any legal U.S. Citizen from another state gets charged out-of-state tuition (3X more expensive).

This is the case in most U.S states.

Mon, 04/29/2013 - 10:57 | 3509994 camaro68ss
camaro68ss's picture

JPM, BAC, and Bernake & Co. dua....

Mon, 04/29/2013 - 11:20 | 3510120 Bobbyrib
Bobbyrib's picture

TPTB will buy them and rent them out. As the dollar is further and further destroyed, real estate will be one of the valuable assets after the crash.

Mon, 04/29/2013 - 11:38 | 3510182 screw face
screw face's picture

Bundle up,........ with a big bow on top.

Mon, 04/29/2013 - 10:54 | 3509967 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Manna from heaven, per Mr. Hilsenrath!

We have transcended our earthly bounds. We shall be saved!

Buy anything, it will be all transmuted into wonderous returns!

Mon, 04/29/2013 - 10:54 | 3509969 ParkAveFlasher
ParkAveFlasher's picture

Oh you nasty little CTRL-P command, you've been bad, you need some pressing, some hot sweaty pressing, spank those keys, oh yeah.

Mon, 04/29/2013 - 10:57 | 3509971 JustObserving
JustObserving's picture

"Good news is bullish.  Bad news is even more bullish.  Always short gold and silver."

If you have not made a million or two using the above rules, it's you own goddamn fault. Ponzi markets are so predictable.

Mon, 04/29/2013 - 10:51 | 3509973 vote_libertaria...
vote_libertarian_party's picture

Aren't the lieing spin errrr, I mean talking points that the housing and oil industry are booming now?

 

This looks like 1/2...not so.

Mon, 04/29/2013 - 10:54 | 3509974 ilovemilken
ilovemilken's picture

If the economy is improving "according to every so called expert"  why do we need more QE?  When will QE ever end?

Mon, 04/29/2013 - 10:56 | 3510007 Headbanger
Headbanger's picture

That's not the purpose of QE. It's only for keeping moar Wall St leaches off the streets

Mon, 04/29/2013 - 10:53 | 3509979 Bastiat
Bastiat's picture

It's like predicting the outcome of surgery by how many liters of blood are rushed into the operating room.

Mon, 04/29/2013 - 10:58 | 3510001 Bearwagon
Bearwagon's picture

That's not hard to predict, at all: Even one measly liter will suffice ...

Mon, 04/29/2013 - 10:56 | 3509985 Kirk2NCC1701
Kirk2NCC1701's picture

Warning: Proceed with Caution, as bowing down exposes ass(ets) to market dangers.

Mon, 04/29/2013 - 10:57 | 3509991 stormsailor
stormsailor's picture

i can't believe, that in new york city, with all the high-rises, that nobody with a .300 win-mag, a ruined future, and decent shooting skills hasn't brain-rainbowed a banker or fedreserver.

 

at least yesterday somebody took a shot at the italian politicians. 

 

needs to become a new game, whack-a-sociopath.

Mon, 04/29/2013 - 11:10 | 3510072 ParkAveFlasher
ParkAveFlasher's picture

The only people on those high floors got to those high floors because of bankers and fedreservers and politicians.

Mon, 04/29/2013 - 11:39 | 3510179 forwardho
forwardho's picture

Storm, you are not speaking into a vacume.

Electronic thoughts are forever.

Mon, 04/29/2013 - 11:50 | 3510220 stormsailor
stormsailor's picture

yeah, yeah.  the thought police.  does that mean i get a new darpa file?

Mon, 04/29/2013 - 10:54 | 3509992 ekm
ekm's picture

Obama should be ready right now to sign the executive order to crap the market, same as Bush in 2008.

 

I called for a PRE-PLANNED market collapse within weeks in Mid March.

I still stand by that call.

Mon, 04/29/2013 - 10:55 | 3510004 fonzannoon
fonzannoon's picture

ekm you are the one shorting this market aren't you? Take your damn short off so you can get your result!

Mon, 04/29/2013 - 11:05 | 3510038 ekm
ekm's picture

No I'm not shorting the market.

I have this, but am not leveraged:

https://www.google.ca/finance?q=TSE%3AHOD&ei=gYt-UfifEofIqQGQ6QE

 

Mon, 04/29/2013 - 11:19 | 3510103 Its Only Rock N Roll
Its Only Rock N Roll's picture

Hori Beta??!!  Sounds like what you get when you buy BIDU on margin.

Mon, 04/29/2013 - 11:21 | 3510112 ekm
ekm's picture

I am solvent

Mon, 04/29/2013 - 11:24 | 3510135 Its Only Rock N Roll
Its Only Rock N Roll's picture

JK

IMO, good positioning for your thesis

Mon, 04/29/2013 - 11:34 | 3510166 forwardho
forwardho's picture

Hori Beta, Is the pushtu term for the second.. eh.. um.. prostitute.

Mon, 04/29/2013 - 11:42 | 3510196 ekm
ekm's picture

LOL

Mon, 04/29/2013 - 11:12 | 3510064 AssFire
AssFire's picture

ekm, I remember you called the collapse of oil about 4 weeks ago and I was in agreement because I see the slow down here in Texas. There is a major collapse on new drilling equipment here- I sell to this market and I see it. The phones just stopped ringing in Feb. and I have seen it before. The majors here know the price of oil has been manipulated upwards for years through collusion and overbuying perhaps filling the SPR. The majors know they have milked it for long enough and they are pulling back.

Mon, 04/29/2013 - 11:13 | 3510071 ekm
ekm's picture

A million thanks for the the feedback from the war front.

Mon, 04/29/2013 - 11:31 | 3510148 AssFire
AssFire's picture

I've lost confidence. After being exuberant about the continued boom here- I am now thinking about taking time off and who will need to be let go. It's 2009 all over again and it sucks. Many of the smarter business owners sold out at the end of last year (due to the change in capital gains taxes) I find myself wishing I had sold too. Varco has gobbled up everything, soon they will consolidate and start cutting jobs. Many signs like not as much drill pipe on the road or steel going to the coiled tubing makers.

The US drilling rig count fell by 4 units during the week ended Apr. 26 to a total of 1,754 rotary rigs working, Baker Hughes Inc. reported. That compared with 1,945 rigs working in the comparable week last year.

Mon, 04/29/2013 - 11:50 | 3510222 ekm
ekm's picture

Hmmm, no.

Extremely high prices are .....BAD....for oil producers, because it makes the market extremely volatile and producers cannot plan in advance.

 

When price drops to the normal $60, the economy moves again and will need oil, hence oil producers can plan and produce.

 

If you can source financing, you may want to buy out other similar businesses or machineries that could be selling at a steep discount.

Mon, 04/29/2013 - 13:43 | 3510578 AssFire
AssFire's picture

Well there is the rub... before 2009 $75/ barrel was the point at which new equipment ceased to be manufactured- but now that baseline is more like $95.

 

Mon, 04/29/2013 - 16:13 | 3511112 ekm
ekm's picture

Incorrect.

MSM trumpets everyday and night about baseline being 95. It's wrong.

 

Baseline is $60. 

I am talking about buying used equipment in good condition as pennies on the dollar, if available.

Mon, 04/29/2013 - 10:59 | 3510009 camaro68ss
camaro68ss's picture

Obama meeting with all the top bankers would say your right.

Mon, 04/29/2013 - 12:03 | 3510259 Kirk2NCC1701
Kirk2NCC1701's picture

"Mid-March", and you "still stand by it".

Interesting. What's that say about you and your fans? Tsk, tsk.

Looks like we got QE on up-arrows also, but only for Insiders. ;-)

Mon, 04/29/2013 - 10:54 | 3509993 resurger
resurger's picture

after you finish bowing down buy stawks and keep circling the building till the market closes

Mon, 04/29/2013 - 11:00 | 3510016 q99x2
q99x2's picture

FEDs a den of treasonous traitors. Nobody believes them any longer. Not even the robots.

Mon, 04/29/2013 - 11:03 | 3510036 semperfi
semperfi's picture

The Fed Govt is a den of traitors, with the exception of a very few that you can count on 2 hands perhaps.   Its almost time to use the idea in the Declaration of Independence of deleting the current govt and forming a new one. 

Mon, 04/29/2013 - 12:27 | 3510347 Trampy
Trampy's picture

"If not know, when?"

Our elected government is so totally corrupted that the only possible way to stop its evil would be armed struggle.  And it's already started, but:

"the revolution will not be televised ...

the revolution will not be televised ...

the revolution will not be televised."

G.S. Heron

Mon, 04/29/2013 - 10:59 | 3510024 semperfi
semperfi's picture

Tyler,  I sense a bit more digust than usual.  Don't worry - be happy.  Afterall, we have big daddy O-man to take care of us all if things go bad.

Mon, 04/29/2013 - 11:04 | 3510046 slaughterer
slaughterer's picture

This sardonic, cynical, bitter Tyler is my favorite Tyler.  He would be frothing at the mouth but his PM portfolio is rising, so he is reigning it in just a little today.

Mon, 04/29/2013 - 11:47 | 3510216 mendigo
mendigo's picture

Yes but he slipped on that last point - one would face away from the M.E. building when bowing to offer thanks.

Mon, 04/29/2013 - 11:03 | 3510029 fonzannoon
fonzannoon's picture

Interesring. Sorry for OT

Canada to tax bitcoin transactions April 29, 2013, 10:57 AM

Canada’s Revenue Agency says users of bitcoins are obligated to pay taxes on transactions using the alternative currency, the CBC reported.

The agency told the CBC that two tax rules apply to the digital currency, depending on how it’s used. Barter transaction rules apply to bitcoins used for goods or services, according to the report. Bitcoins bought and sold for speculative purposes are subject to captial gains or income taxes, depending on the specifics of the case, the agency says.

The real-world implications are beginning to be felt, as one realtor in Saskatoon quoted in the story has listed houses priced in bitcoins.

Highly volatile bitcoins have attracted increasing amounts of attention in recent weeks, sparked in part by the Cyprus crisis. Speculative action drove the price of bitcoins well past $200 earlier this month before an abrupt collapse back to around $60. They were recently quoted on Mt. Gox at around $140.

Mon, 04/29/2013 - 12:07 | 3510281 Kirk2NCC1701
Kirk2NCC1701's picture

Rehash of last week's news. When a number of us flagged the technical joys CRA will have to actually enforce it.

It's a PR stunt, designed to deter a Flight To Bitcoin. And you DO know that CBC is government owned, right?

Mon, 04/29/2013 - 11:01 | 3510032 optimator
optimator's picture

What would the market have done if it was the highest rise ever?  Only the Bernak knows.

Mon, 04/29/2013 - 11:05 | 3510047 monopoly
monopoly's picture

I still do not understant why anyone still trys to short this market. You short FREE markets, not manipulated ones. Makes no sense. You use metrics that have not worked for 4 years, and you keep shorting. Oh well.

Mon, 04/29/2013 - 11:12 | 3510067 semperfi
semperfi's picture

What market?   All we have are casinos, rigged by the house. 

Mon, 04/29/2013 - 11:10 | 3510050 Monedas
Monedas's picture

The Stawx Market .... is like an 8 story parking lot for your fiat .... with only one exit ?

Mon, 04/29/2013 - 11:08 | 3510051 css1971
css1971's picture

Goldbugs fault. Carrying gold coins is slowing people down and requiring them to expend more energy. Needs to be banned for environmental and economic reasons.

Mon, 04/29/2013 - 11:18 | 3510093 Bobbyrib
Bobbyrib's picture

They will outlaw possession of gold for us serfs in due time. Then the new currency will be issued and we will be even more broke.

Mon, 04/29/2013 - 14:22 | 3510709 DosZap
DosZap's picture

They will outlaw possession of gold for us serfs in due time. Then the new currency will be issued and we will be even more broke.

New 100's already printed and sitting ready for the collapse(have been since 2009), and then distribution.Appears it may be partially gold backed(where they get it is another story).

Mon, 04/29/2013 - 11:08 | 3510052 q99x2
q99x2's picture

Gold +$20

I wonder if I could get this with a student loan.

KTM 500 EXC 2013: STREET-LEGAL BIG BORE

Mon, 04/29/2013 - 11:07 | 3510057 Meat Hammer
Meat Hammer's picture

We need some prosperity in order to crash this market.  Yep, it's that bizarro.

Mon, 04/29/2013 - 11:10 | 3510068 Kreditanstalt
Kreditanstalt's picture

Take a look - POMO has just finished and - guess what?

My gold miners turn upward and the S&P downward...right on the tick.

Mon, 04/29/2013 - 11:16 | 3510083 Bobbyrib
Bobbyrib's picture

Texas needs more finance jobs. Stop producing oil, and stop building products people need. Texas needs to become a service state where they are the middle men for financial transactions. This way they can skim off of financial transactions. /sarcasm.

Seriously, if this does not show that the real economy is dead I do not know what does.

Mon, 04/29/2013 - 11:14 | 3510091 B2u
B2u's picture

Do we all miss Jimmy Carter in the White House...

Mon, 04/29/2013 - 11:20 | 3510106 Bobbyrib
Bobbyrib's picture

We have Obama, who needs Carter?

Mon, 04/29/2013 - 11:32 | 3510165 Everybodys All ...
Everybodys All American's picture

Carter better thank Obama for having taken the title of the worst American president of all time.

Mon, 04/29/2013 - 11:22 | 3510117 MFLTucson
MFLTucson's picture

Barack Obama is too busy with gays, guns and fund raising to waste his time with the jobs bill her ran his campaign on in 2012.  When does the public wake up?

Mon, 04/29/2013 - 11:24 | 3510136 Bobbyrib
Bobbyrib's picture

When the crash finally accelerates the sheeple will awaken. He is pretty much like every President that we have had. He does not care about the little people, he cares about the multi-national corporations. When the time comes and it is too late to turn back the government employees will have "lived out" their usefulness and most likely they will be cut loose. 

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