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What Goes Up, Sometimes Comes Down
For no good reason, equity markets woke up this morning with a "Tuesday" hangover. Perhaps it is the realization that there is no great rotation and bond weakness is a sign of global capital market queasiness (not growth expectations). Perhaps it is a drying up of collateral to cover the over-levered, over-crowded, reach-for-yield trades. Perhaps the whisper of a well-known large hedge fund manager forced to liquidate his $18.7bn portfolio, into a stock market with no capacity to cope with 'negative' liquidity at the margin, are actually true. Or just perhaps it is time for a snap back to reality (the reality of VIX, credit, macro, micro, lumber, and copper perhaps?)
may be worth keeping an eye on these stocks... SAC's Top 30 Holdings...
Charts: Bloomberg
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Expect wild swings to be phase 1 of the "Correction".
I took $275 away from JPM today from my puts. Fuck you Jamie Dimon!
Blackstone only has $500mil in SAC.
Unless blackstone isn't the only one, should it really be significant?
Only losers trade on non-tuesdays. See you next tuesday. #winning
All stocks on my screen are green how are indexes that red?
How do they manage all this crap?
Financials barely down with BAC, C up.
Huge relative strength in financials - so it does not seem like start of trend change at all. Just coverup to make sheeply think market is fair
Death by 1,000 cuts.
or maybe it's just all those discriminating hedge funds raising funds to spend a mill on those quaint little summer rentals in the Hamptons
If you're renting in the Hamptons, you're doing it wrong.
see Japan....
A (0.0000000000002%) correction in the s&p is to be expected. btfd.
Wouldn't a 2% pullback be a healthy correction before breaking out to new all-time highs?
things are so unstable a 2-5 pullback , the whole sucka comes down
What's a healthy correction when the fed is busy miracling $85bil a month?
A healthy correction would be S&P 600 where this market belongs.
Sorry, the server wouldn't allow me to add my /Bartiwhoremo end tag.
Reality is so ... so dinosaur-ish .... antique ... out of fashion I'd say. Yu might as well be talking about horses and buggies.
Dow back to flat by end of day.
WHEEEEEE!! This is more fun than a lifetime free pass at Six Flags!
Yeah, but you have to spend the entire day there with that creepy old bald guy in the suit that you know is going to want to go into the bathroom with you every chance he gets.
You mean Bernanke, right?
Sweet volatility.
Well, it certainly isn't a "profit" you can spend until you actually sell. Selling to be outlawed in 3...2...1...
They can't get the 10yr below 2.15%
BWAHAHAHAHAHA
print MOAR!!!
They will Fonz even if they have to sacrifice the market to do so. Watch for moar fear based stories in the news.
Or moar shiny glossy news: "Banks Net Income Hits All Time High in Q1." http://www.foxbusiness.com/industries/2013/05/29/fdic-reports-banking-industry-earns-403b-in-1q/
They will "earn" even moar as those yields climb - apparently the middle class can be squeezed a bit moar...
The EU finishes their day in 8 minutes. Can you feel the ramp up yet?
The middle class, such as it is, has been well taught to be grateful for whatever crap job, or jobs, they now have to feed their families and provide shelter. They will get to place soon, though, where they have nothing left to lose and nothing left to be squeezed out of them. You know the old saying about people with nothing left to lose....
yes, this is what is different this time around
JGB's and UST's not playing along
Will the Fed be buying with the 5 billion dollar POMO on Friday? Front-runners need to know...
pffft $5billion...if bonds cut loose further $5 B will not come close to absorbing marginal supply
"that's not a knife....this is a knive" ~ C. Dundee
True, that market is rather large...
aapl always up when market is down :D
lol ezpz
Banksters coming to git your money homey.
The Swiss government says banks can sidestep secrecy laws to disclose clients' names in a move intended to help resolve a long-running tax dispute with the U.S.
When we take out the 20 day this afternoon the fun will really begin.
Safety stocks getting smashed. Check out VZ, MCD, WMT et. al. Just like Japan, the current QE is no longer enough. The markets now want moar.
Interesting day going on http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=logarithmic&chdeh=1&chfdeh=0&chdet=1369857600000&chddm=774&chls=IntervalBasedLine&cmpto=NYSEARCA:USO;NYSEARCA:XIV;NYSEARCA:UDN&cmptdms=0;0;0&q=NYSEARCA:SPY&&fct=big&ei=pxqmUbC3Eobl0gGTBg
People are actually buying Vol. I guess the FRBNY might be having a slow connection day.
Snap back to reality? Wouldn't that equate to multiple 1000pt daily losses? LOL.
I was staring at my forlorn NEM with a p/e under 9 and a yield of +4.0 and an idiotic yahoo! headline, to whit,
'Are Gold Stocks Worth The Risk?'
Idiots, they are the only value plays left in the index.
Amen, even ABX is a fine buy at this level.
10,000 point loss or i am not taking this seriously
Looks like FNMA intraday chart. Getting monkey-hammered.
You mean up 35% to down 35% intraday isn't normal?
From KWN:
KingWorld News interviewed one of the savviest individuals in the business, 43-year market veteran Jeffrey Saut, who is Chief Investment Strategist for $360 billion Raymond James. Saut told KWN he hasn’t seen anything like what we are currently witnessing in the 50 years of market history his notes cover.
“We are currently involved in the longest buying stampede chronicled in my notes, and my notes run a little over 50 years. I first discovered ‘buying stampedes’ and coined that phrase back in the 1970s. They typically run 17 to 25 sessions, with only 1 to 3 session pauses or pullbacks before they keep going.
This one has lasted 102 sessions as of today....
There have been some that have lasted 25 to 30 sessions, but it is rare, I repeat rare, to have one go for more than 30 sessions.
There was a 38 session buying stampede into the 1987 peak in August, which proceeded the Dow Theory sell signal of October 15th of 1987. We all know what happened on October 19th, we got the stock market crash. Then, in 2010 you had a 53 session buying stampede.
But the one we are in right now is the longest one I’ve ever seen in my career. As I said, today marks the 102nd trading session of this buying stampede. That’s 102 sessions of a buying stampede, and remarkably we still haven’t had 3 consecutive days down in the Dow since this buying stampede started.
I think this rally is going to continue into the end of the quarter because portfolio managers are still underinvested and underperforming. They not only have performance risk, but they also now have bonus risk, and ultimately job risk. So I think we are to remain strong into the end of the quarter and then my timing work shows that sometime in July or August we are vulnerable to the first potential for a serious (double-digit percentage) pullback.”
This Is Stunning, I Haven’t Seen Anything Like This In 50 Years
"This Is Stunning, I Haven’t Seen Anything Like This In 50 Years"
Really? Tell us , when was the last time CBs around the world where directly monetizing debt at this pace? What's that? Never? The closest we came was in the period leading up to the world wars? The outcome will be no different this time around either. Idiots...
Jeffrey Saut is an inveterate market pumper.
He doesn't like to discuss why or morality or ethics, just money.
All that observation about "haven't seen this in 50 years" and nothing about why, what it means, or a note of caution?
ABC news radio and the nightly news pabalum all mentioning the Tuesday market ramps, 20 out of 20 Tuesdays, not a single one saying or even asking "WHY?". Not one seeming to know or want to mention to the sheeple POMO.
I think this rally is going to continue into the end of the quarter because portfolio managers are still underinvested and underperforming. They not only have performance risk, but they also now have bonus risk, and ultimately job risk. So I think we are to remain strong into the end of the quarter and then my timing work shows that sometime in July or August we are vulnerable to the first potential for a serious (double-digit percentage) pullback
love how the bearish conclusion is pushed out further....
OR
we crash right here/right now 'cause no one thinks it will
Saut the permabull hasn't seen anything like this in 50 years BECAUSE WE HAVEN'T HAD A WORLD LIKE THIS IN 50 YEARS, SAUT. God forbid Saut should ever tell his salesmen to tell their clients to SELL.
Shuanghui of China is buying Smithfield Foods of Virginia.
I'm sorry? What? Our Virginia ham producer sold to China?
Why do I pay taxes again? Why should I work?
SOLD OUT!!!
Big POMO on Friday.
fannie and freddie have both gone from up about 25 pct intra day to down 35 plus pct. talk about a sharp turn around.
i fucking hate those companies anyway, they should no longer exsist if not for govt bailout.
should be an interesting day .
i can not take this seriously unless we finish -250 on dow minimum today and -30 s&p.
it is fun seeing all red across my level 2 though
stocks will end flat today, too much liquidity to keep a good market down
OMG! Must. Close. Green.
fannie and freddie have basically wiped away half losses in a matter of minutes. still down big, but not as much,
this market is laughable
We'll sell off to 1600 or so on the spy then all the CNBC guests and hosts will declare that this is the correction we have been waiting for and to buy the dip. I think it will be similar to AAPL when it first started to go lower and everyone declared that $650 was great support and should be bought. There was a little bounce but we all know how that ended. I think (just my opinion) that 1600 on the S&P will be similar to the Apple move. But we all know how that $650 support ended up. Everyone eventually has to pay to toll. And if Sentimentrader is correct, then the people that are borrowing against their stock holdings will be paying a big one.
https://www.youtube.com/watch?v=SbWg-mozGsU
I'm turning Japanese I think I'm turning Japanese I really think so....
Nothing brings happiness like a perfect pair of $15,730 melons. Mind out of the gutter. We’re talking about two prized cantaloupes.
Two Yubari melons sold at auction in Japan on Friday for $15,730 (1.6 million yen). It marked one of the highest prices ever paid for the fruit, more than doubling the $6,000 a Japanese man paid for a 17-pound Densuke watermelon back in 2008. Although, the price was lower than the record $23,500 bid for a pair of Yubari cantaloupes also in 2008.
The 8.1 pound melons were auctioned at a high-end fruit sale in the Sapporo Central Wholesale Market in northern Hokkaido. The auction took place on the first day of the season for the coveted cantaloupe.
In a fruit-scarce country where a pack of 20 cherries retails for $100, the hybrid breed of Yubari melon is considered a status symbol, much like a fine wine or scotch. The buyers often purchase the fruits to present to colleagues as gifts.
Read more: http://www.foxnews.com/leisure/2013/05/29/pair-japanese-melons-fetch-15730-at-auction/?test=latestnews#ixzz2UhdrjcZt
The problem is that you got your news from Fox. Now, as Paul Harvey used to say, here is the rest of the story: The auction of the melons was a polite way of selling the gaijin babe who was holding them.
http://2.bp.blogspot.com/_ahuvxRitU74/TFzgfyrAD-I/AAAAAAAARMs/_gG0Qgrvl_...
Trin compression bitchezzzzz! get long.
http://stockcharts.com/c-sc/sc?s=$TRIN&p=D&b=5&g=0&i=t74881906399&r=1369845247653