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Good Is Bad - That Is All
It's been quite a morning. Beats across the board at the macro headline level. Housing (prices and sales), check; Durable Goods, check; Confidence, check; Richmond Fed, check. So why are stocks not surging?
The problem is that bad is also not good anymore (as we noted yesterday).
Though, of course, it's early yet - and it is a Tuesday...
Please bear in mind the implicit message from the Fed:
When the Fed says "don't overreact" it means don't sell all at once. Sell sequentially and in order, please. Primary Dealers first.
— zerohedge (@zerohedge) June 24, 2013
Charts: Bloomberg
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But war is still peace and ubiquitous spying is still freedom, so that's good.
when indicators are positive, fed more likely to taper
But Tuesdays are when we go up, up, and away.
Now where did I put that greater fool....
Someone earlier put it well: Wonder how many suckers will be born today?
The fed will not taper. Before this is over they will be printing moar.
Well sheesh, for years now Bad is Good, so this makes perfect sense.
Ignorance is strength. It's funny how that only applies to the masses.
Are you trying to rationalize your weaknesses?
Are you trying to contribute something worthwile, or are you just trolling?
I identify my weaknesses , strive to improve myself in those areas, and turn them into strengths. You on the other hand strike me as the type of person who will always be weak and feeble.
C'mon, boys. Play nice.
Fight club bitch! ;->
"strength in numbers"
Look at POMO schedule for this week: bull climax on Thursday ("Thursday is the new Tuesday" meme) for the H2 window dressing.
Sell off on Friday. Then vol. moves all summer.
didnt i say that yesterday? stop stealing my thoughts.
http://www.zerohedge.com/news/2013-06-24/markets-hall-pass-gone-bad-news...
~1590 is troublesome resistance.
When it breaks it goes to 1540.
1590...1540....2.6%....2.5%....
This will be the summer where stock and bond bulls and bears get their ass kicked while the PM corpses lay in the backdrop.
Ahhh, you're one of those people.
Yeah you always had me pegged right. Stick with it.
The idea that it may get a bit worse before it gets better was always a tough sell around here. It is what it is.
We all know where it ends up going.
"The idea that it may get a bit worse before it gets better was always a tough sell around here."
I can't believe you actually typed that, it must be one of your very subtley sarcastic comments.
My sarcasm is anything but subtle.
That however was not sarcasm. I am watching a whole bunch of people who all seem to agree that this market a bunch of rigged bullshit continue to throw their quarters into the machine. I am surprised to see it. Other than a very small handful it seems like most people just continue to feed the machine. My guess, as was meant by that comment, is that they will contrinue to.
They have to keep earning so they can dine with banksters.
That's probably right.
Fonzanoon, the ass-kicking does not start until H2 window dressing has been completed.
Slaughterer I was wondering about that. Would window dressing here mean showing a lot of cash at the nd of this quarter? Why, at the end of a shitty quarter would one be in a rush to show they are loaded up? Especially when they are going to want to be light the next few months?
As for the PM comment which goty my ass handed to me. The reason I said corpse is because the PM crowd (me included) already got their ass whooped for the time being anyway. You have warned that for about the last $300 in gold and $10 in Silver.
<ruffles fonzannoon's hair>
When it breaks it goes to 1540.
Flac is that A.D or B.C??
This should help y'all
http://imgur.com/P8KBiNL
Good is bad, bad is bad. It's as if the markets suddenly woke up and realized that everything in the entire world is mispriced, but no-one wants to make the first move because it will trigger a catastrophe.
Tell us again how your $50 silver is good bagholder
Depends on what you bought and sold it for
Levadiakos = Vodka Aisle
And right on cue the stinky Greek soccer buffoon comes in to hijack the thread.
Haha...
Come on, Bay. You call that a threadjack? You aren't serious, are you? ;-)
Look Ma! Another eunuch
I'll give you a 0/10. It's the best I can do.
But, but....if you don't buy stocks now, when they're cheap, you're going to miss out on the bargains! Don't you people know anything?
</sarc>
Wahoo.
Get your mentality right and Buy That Fucking Dip!
So, I got a flyer saying POLR was going to go ballistic. I took a look and saw it was at $5.25 a couple weeks ago. Checked again for a number of days and it sat at $5.25. Then suddenly it takes a nosedive like a wingless B-17 and bam, it closes at $0.90 yesterday. Being an oil stock, I had given it a moment's thought - but something just didn't seem right. 83% loss in a week. Just goes to show. This is a dip alright: a dip-shit. And I ain't buying.
The pig gelded by silver
That's awesome, Chief!
quarter end noise maybe? gotta look good on all fronts!
The Commodity Futures Trading Commission is set to sue Jon Corzine over the collapse of MF Global, but while the CFTC is unlikely to offer a settlement, it probably won't bring criminal charges. The agency won't directly link Corzine with the disappearance of over $1B in customer money and will instead try to blame him for breaches that took place lower down in the firm. Corzine could face millions of dollars in fines if he loses the case
Gensler and Chilton are getting booted soon, so I doubt the new regime will be any better than what we've seen. In other words, Corzine will be FREE soon.
And how is that 4 or 5 year old silver investigation coming along?
What are confidence & case going to look like with 5% mortgage rates and June 401K devastation. Thought credit markets were adult swim?
All that is noise. There is no substantial earnings growth. Even earnings from continuous operations are flat, at 1.8% year over year increase. Continuous earnings eliminates all the costs of bad business decisions so that then can give us a "what if" P?E ratio.
No earnings growth means no job growth.
Today will be the start of layoff Tuesdays.
Bloodletting.
Good is worse, bad is better, worst is best....I'm extremely confused.
So why are stocks not surging?
feral hogs mostly [/sarc.]
Starter motor broke on Bernanks hot rod.
And take a look at interest rates. "Puzzling".
Because its all lagging and bullshit, and the ink cartridge is about empty - also bullshit. Algos have recognized the former but not yet the latter.
Benny and the Jets got DIY cartridge refill kits to last another couple of years.
Bernanke is enjoying an extended prostate exam, DRY! Just imagining the smile on his face warms the heart. :-)
LOL I was up last nite its been a 12 hour total clownshow with China plunging on confirmed financial collapse....only to have that immediately reversed on a China statement 'Nah....we're OK!' which also led to the miraculous futures reversal of course.
Thanks Maniacal Monetizers, we now live in a Salvador Dali painting.
Well stocks are still up a half percent or so, oil is under control, everyone loves the dollar, and gold as usual is in the tank. Except for bonds, everything is going according to the Mariner Eccles plan so far ...
Simple. The market looks ahead. Last months activity often points ahead. And sometimes it's just a head fake. The market knows this is just a head fake.
Don't tell me after all these years you still believe in the market. The market has been eviscerated by the Bernank.
It looks like a lot of people still believe in it doc. We are busy figuring out where the next 15 points in the S&P are on this thread, haven't you seen?
The stench is becoming too unbearable. It's just not worth hanging around to find out what's making it.
GOLD BITCHEZ! Oops. Nevermind. Bernanke has it taken care of.
As long as you are not short the US dollar, "All is well". At least today.
If you can figure out Salvador Dali's 'Stairs', then this daily market activity should be peaches and cake to you.
Seems more like Escher, to me.
Jackson Pollock
I'm going fishing later today. (Literally fishing, not a metaphor.) I need to clear my head.
I guaratee I will be happier this afternoon than the market could ever make me, even if today's 3:30 ramp takes the Dow up 1000 points.
I think we could all stand to go fishing every now and then. This shit will turn your brain to Jello if you live in it every minute of the day.
As a fellow fisherman, wish you good luck. I'll take a day of fishing over pretty much anything else.
I go fishing off the jetty almost every evening.
Which jetty? I live on the south texas coast and fish jetties often...
I'm going up the Clingman's Dome trail today. Gonna breathe in some cool mountain air and ignore the algos for a while. I agree with you this will turn a brain to mush. Spent the day yesterday strolling Gatlinburg with my girls even as my stops were picking up cheap materials stocks. Just waiting to outlast the current placeholder in the WH. Did the same with drug stocks back in the Clinton days and that worked pretty well...
Some facts absent from the President's global warming speech..
- greenhouses pump CO2 into their hot houses to increase plant production!
- CO2 is less that 0.0005% of the atmosphere!
- Outside air contains less than 400 parts of CO2 per million (PPM) while the inside of your house can contain as much as 3,000 PPM!
- man made climate change is a HOAX for globalist taxation and control!!! Wake up Amerika!!!
- when you exhale your breath has approximately 40,000 PPM CO2!!! Yes, you read that right FOURTY THOUSAND!
Also.. clean coal technology is the cleanest it has ever been.
Emmitting co2 and h2o steam only. Particulates and polutants have been thoroughly scrubbed or dampened. The carbon monoxide has been chemically altered to h20 and 02 by inducing a plasma discharge ionization step in the many stages of catalyzing this clean coal exhaust.
This post is written by me off the top of my head because I worked on 2 related projects in the mid 90's for major power companies and believe it or not.. I rolled this technology into NASCAR to scrub in car carbon monoxide treatment down to safe-er levels. www.BSRracing.com
That was my baby in 1998, along with developing the worlds smallest freon compressor for stand alone in car air conditioners for race cars subsequently combining the two.
That "smoke" they always show on TV as their polution argument displays "BILLOWING SMOKE" and try to make it scary looking, but they never explain what's being emmitted is the final stage of the process. Scarry looking STEAM. Is their Fear card.
Off topic, but do you remember the wildly successfully trash to steam project taken on by local municipalities? Basically the same process, just a different furnace. All shuttered now.
It was so successful, that State nuclear power companies.. cough cough.. GE were losing profit and lobbied to have them shut down. They couldn't compete with free trash / natural gas byproduct being used for energy production into electricity.
Water rings are mounted atop the stacks spraying the exhsust for dust control. Looks like polutants but is actually steam .
The process for clean coal is a real winner IMHO. they grind the coal into a fine dust, treat it, then inject it at high pressure into the blast furnace boiling water into steam in turn, spinning a turbine generator in a very efficient electric production process.
Trees breath in C02 and in return release oxygen, C02 is not a green house gas, but is now listed as such, kinda like ketchup is now listed as a vegetable. Just re writing the rules, Yea... really.
Last but not least.. The EPA has a hand in crippling these clean coal plants, bankrupting them then selling them off to Chinese energy companies akin to the Solandra scandal.
US stronger after good data and gold slaughtered
Who is upvoting this douchebag? GTFO.
that the fact, dont get blindfolded, look at the data and market
I know when someone can't form a sentence correctly, and speak coherently, they are full of shit.
yea and you can enjoy your loss from the market, eat that shit
What loss? I'm not in the market. Maybe clear that cloudy brain of yours. Nobody give s a fuck if you believe the "good data".
Not in market cause you lost all yer munney on gold. Pigs get slaughtered. HAHAHAhaahaa
who said i believe the data, I only follow the data, i dont care if the data being manipulated or not, i just follow it and analyze the data and its impact to the market. if market going up i will buy and if market going down i will sell. its simple
@ Bay of Pigs:
It's irrelevant if the PoG goes down.....it's all smoke and mirrors. "Follow the Yellow Brick Road", and "Pay No Attention to That Man Behind the Curtain".
When the smoke clears, it's all going to come down to has it, and who doesn't. Since the trolls know better, let them continue to buy their overpriced shares that they probably don't even actually own.
http://jutiagroup.com/20130624-ben-bernankes-real-message-for-gold-inves...
Gold CRUSHED HAHAHahahhaahhahaa
"Gold CRUSHED" .......
Translation:
BIG SALE HAPPENING! BUY NOW!!
At least that's the thinking of 2,570,386,197 people, not counting those in Europe, Canada, America, South America, Russia, Japan, Vietnam....etc.
P.S.- I even upvoted you, because us goldbugs are a little screwy. We're the only investors out there, who buy something, and actually hope its price falls......
If the real truth comes out about how bad the U.S. economy is and how much of Bernake's parachute drops of taxpayers' money has gone directly into the bank accounts of billionaires, then the remaining good will the U.S. economy has will evaporate faster than Paula Deen's reputation after everyone found out she likes using the "n" word to describe certain non-white persons.
Maybe a slight stock market beat down can convince the Fed to alter their language a bit.
It's cause and effect - a virtuous cycle, if you will. Rising bond yields are puzzling, but must be an indicator of a strengthening economy (or so I've heard). Then here's the news supporting the case, which just causes those bond yields to rise even higher, which just keeps adding fuel to the 'strengthening fire' that's been started. Hints that there may soon be a virtual inferno of strengthening in the economy as leveraged players unload their USTs and the price continues to fall off a cliff.
here comes the anti zh market rally in stocks and bonds.
like clockwork Fonz ... within 20 minutes of a ZH post on weak markets it turns around, seems like every time. I think the algos trade on it.
For gold the reverse is true (market falls shortly after posts on rising gold futures if memory serves since those moments have not been that frequent of late)
I sure got the call wrong yesterday... thought they stop the bond bleed, but nope.... stopped out of my longs today (actually whipsawed), but ok..... take ten and re-group...
You have the overshoot crowd fighting the good data crowd. Good luck it's rough to find direction right here. I think China dictates things in the short term, but who knows.
That 600 point ramp in the Hang Seng last night pretty much set the stage for the "good data" BTFD mentality here in the US this morning. Absurdity reigns fonz.
Kito said it best yesterday. The fed hit the lights and yelled fire and everyone started rinning around bangin into each other. Then they yelled "just kidding". Now everyone will just keep banging into each other until someone gets hit by a falling piano.
Not sure about that Fonz. Looks more like
the FED said 'we might be stepping out pf the theater now, mainly because we don't like the show, not because of any FIRE'.
Then equities AND bonds both said 'WTF, FIRE?' and ran like hell.
Which then caused the FED to come back and say 'no, no, there's no fire, enjoy the show'.
At which point, the equities all went back to their seats with a sigh of relief and said 'great! we can continue to enjoy the show',
while the bonds said 'wait a second, if there's no fire, then where's all that smoke coming from?' and continued to head to the exits. 10 year and 30 year looking a long way from happy right now...
You know what got me Al. Yesterday I spoke to someone I know who trades fixed income. A real sharp egg. When the 10yr hit 2.66% I spoke to them and said "wow this is getting out of control!" He/she said "Yup, I just went long". They were making a killing shorting up till then. A while later at 2.52% this person hit me back and said "I just covered and went short again".
This just shows me that what looks like a spiral is just a group of people playing around. Granted they may end up getting decapitated. But I doubt it.
The banks are stuffed to the gills with treasuries. So are insurance companies. So is the fed. So is Bill Gross. They ain't selling. So who...other than China? Is going to cause a disaster?
Yeah, the way the whole system works, it's going to continue to shuffle along and shuffle along until the ONE time when it really breaks and can't be put back together, but as we've been seeing since 2007, that final ONE time can be put off for a long time, and there's lots of these cases where it looks like 'this is it' but everything holds together and things bounce back. I'm really not sure how many people who trade within the system see the mathematical inevitability of the eventual breakdown, how many see it but either know or believe that its still years away, and how many either just buy the financial news propaganda, or pick up pennies in front of steam rollers (long at 2.66, short at 2.52) not because they're not smart, but because they've been successful at it for a long time and are conditioned to think the fundamental circumstances that make those strategies successful won't break.
Anyway, odds favor this being just another correction with the corresponding snap-back, but the steepness of the selloff in the treasuries leaves open the possibility that this time might ACTUALLY be different. I won't play the intraday bounces on this one, even though I'd say the odds of a solid rally at this point are pretty good, I just see a lot more conviction in the selling right now than in the recovery bounces.
correction is over, buy buy buy =D
Retired dads are going to be redeeming shares of bond funds and going to cash next month. Yields are going to go much, much higher.
A farting corpse stuffed with potpourri is not in recovery....
Just means you can tolerate it a little bit longer.
Can someone explain why higher home prices are a good thing?
I guess if you still think a house is an “investment” then it is a good thing.
But if a house is a place to live and raise a family, than I suppose it’s not.
Keep in mind, tax collectors love higher home prices.
Man, how easy. Bad is good! That's why.
Of course, just look at these S&P performance when correlated to high unemployment:
http://t.co/VL4qx7CzG7
Bad = Good for the bankers, corporations. Just not the government; but their paid to deal with "the problem".