This page has been archived and commenting is disabled.

Good Is Bad - That Is All

Tyler Durden's picture




 

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:

 

Charts: Bloomberg

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 06/25/2013 - 10:19 | 3690989 LetThemEatRand
LetThemEatRand's picture

But war is still peace and ubiquitous spying is still freedom, so that's good.

Tue, 06/25/2013 - 10:26 | 3691028 SafelyGraze
SafelyGraze's picture

when indicators are positive, fed more likely to taper

Tue, 06/25/2013 - 10:28 | 3691036 Skateboarder
Skateboarder's picture

But Tuesdays are when we go up, up, and away.

Tue, 06/25/2013 - 11:14 | 3691226 Stackers
Stackers's picture

Now where did I put that greater fool....

Tue, 06/25/2013 - 12:08 | 3691438 Go Tribe
Go Tribe's picture

Someone earlier put it well: Wonder how many suckers will be born today?

Tue, 06/25/2013 - 10:29 | 3691041 Dr. Engali
Dr. Engali's picture

The fed will not taper. Before this is over they will be printing moar.

Tue, 06/25/2013 - 10:52 | 3691142 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

Well sheesh, for years now Bad is Good, so this makes perfect sense.

Tue, 06/25/2013 - 10:27 | 3691030 Dr. Engali
Dr. Engali's picture

Ignorance is strength. It's funny how that only applies to the masses.

Tue, 06/25/2013 - 10:44 | 3691103 Levadiakos
Levadiakos's picture

Are you trying to rationalize your weaknesses?

Tue, 06/25/2013 - 10:48 | 3691119 Bearwagon
Bearwagon's picture

Are you trying to contribute something worthwile, or are you just trolling?

Tue, 06/25/2013 - 10:52 | 3691136 Dr. Engali
Dr. Engali's picture

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.

Tue, 06/25/2013 - 11:03 | 3691181 dontgoforit
dontgoforit's picture

C'mon, boys.  Play nice.

Tue, 06/25/2013 - 11:09 | 3691207 Dr. Engali
Dr. Engali's picture

Fight club bitch! ;->

Tue, 06/25/2013 - 11:43 | 3691336 Shad_ow
Shad_ow's picture

"strength in numbers"

Tue, 06/25/2013 - 10:29 | 3691043 slaughterer
slaughterer's picture

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.  

Tue, 06/25/2013 - 10:22 | 3690990 101 years and c...
101 years and counting's picture

didnt i say that yesterday? stop stealing my thoughts.

http://www.zerohedge.com/news/2013-06-24/markets-hall-pass-gone-bad-news...

Tue, 06/25/2013 - 10:20 | 3690993 Cursive
Cursive's picture

~1590 is troublesome resistance.

Tue, 06/25/2013 - 10:29 | 3691046 flacon
flacon's picture

When it breaks it goes to 1540.

Tue, 06/25/2013 - 10:34 | 3691070 fonzannoon
fonzannoon's picture

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.

Tue, 06/25/2013 - 10:54 | 3691151 fuu
fuu's picture

Ahhh, you're one of those people.

Tue, 06/25/2013 - 11:06 | 3691196 fonzannoon
fonzannoon's picture

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.

 

Tue, 06/25/2013 - 11:13 | 3691220 fuu
fuu's picture

"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.

Tue, 06/25/2013 - 11:19 | 3691243 fonzannoon
fonzannoon's picture

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.

Tue, 06/25/2013 - 11:22 | 3691255 fuu
fuu's picture

They have to keep earning so they can dine with banksters.

Tue, 06/25/2013 - 11:23 | 3691260 fonzannoon
fonzannoon's picture

That's probably right.

Tue, 06/25/2013 - 11:36 | 3691314 slaughterer
slaughterer's picture

Fonzanoon, the ass-kicking does not start until H2 window dressing has been completed.  

Tue, 06/25/2013 - 11:44 | 3691330 fonzannoon
fonzannoon's picture

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.

Tue, 06/25/2013 - 12:22 | 3691485 fuu
fuu's picture

<ruffles fonzannoon's hair>

Tue, 06/25/2013 - 11:03 | 3691156 prains
prains's picture

When it breaks it goes to 1540.

 

Flac is that A.D or B.C??

 

This should help y'all

 

http://imgur.com/P8KBiNL

Tue, 06/25/2013 - 10:21 | 3690996 tmosley
tmosley's picture

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.

Tue, 06/25/2013 - 10:46 | 3691114 Levadiakos
Levadiakos's picture

Tell us again how your $50 silver is good bagholder

Tue, 06/25/2013 - 10:51 | 3691141 g'kar
g&#039;kar's picture

Depends on what you bought and sold it for

Tue, 06/25/2013 - 10:53 | 3691150 fuu
fuu's picture

Levadiakos = Vodka Aisle

Tue, 06/25/2013 - 10:55 | 3691154 Bay of Pigs
Bay of Pigs's picture

And right on cue the stinky Greek soccer buffoon comes in to hijack the thread.

Haha...

Tue, 06/25/2013 - 10:58 | 3691163 Bearwagon
Bearwagon's picture

Come on, Bay. You call that a threadjack? You aren't serious, are you?  ;-)

Tue, 06/25/2013 - 11:23 | 3691261 Levadiakos
Levadiakos's picture

Look Ma! Another eunuch

Tue, 06/25/2013 - 12:14 | 3691457 tmosley
tmosley's picture

I'll give you a 0/10.  It's the best I can do.

Tue, 06/25/2013 - 10:20 | 3690997 Croesus
Croesus's picture

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>

Tue, 06/25/2013 - 10:24 | 3691016 Seasmoke
Seasmoke's picture

Wahoo.

Tue, 06/25/2013 - 10:29 | 3691042 Bay of Pigs
Bay of Pigs's picture

Get your mentality right and Buy That Fucking Dip!

Tue, 06/25/2013 - 11:09 | 3691204 dontgoforit
dontgoforit's picture

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.

Tue, 06/25/2013 - 11:24 | 3691266 Levadiakos
Levadiakos's picture

The pig gelded by silver

Tue, 06/25/2013 - 10:41 | 3691096 Croesus
Croesus's picture

That's awesome, Chief!

 

Tue, 06/25/2013 - 10:26 | 3691025 spastic_colon
spastic_colon's picture

quarter end noise maybe?  gotta look good on all fronts!

Tue, 06/25/2013 - 10:30 | 3691056 max2205
max2205's picture

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

Tue, 06/25/2013 - 10:48 | 3691123 Bay of Pigs
Bay of Pigs's picture

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?

 

Tue, 06/25/2013 - 10:21 | 3690998 thedrickster
thedrickster's picture

What are confidence & case going to look like with 5% mortgage rates and June 401K devastation. Thought credit markets were adult swim?

Tue, 06/25/2013 - 10:23 | 3691010 ejmoosa
ejmoosa's picture

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.

Tue, 06/25/2013 - 10:23 | 3691012 bnbdnb
bnbdnb's picture

Bloodletting.

Tue, 06/25/2013 - 10:23 | 3691014 macambaman
macambaman's picture

Good is worse, bad is better, worst is best....I'm extremely confused.

Tue, 06/25/2013 - 10:24 | 3691017 buzzsaw99
buzzsaw99's picture

So why are stocks not surging?

feral hogs mostly [/sarc.]

Tue, 06/25/2013 - 10:25 | 3691024 SheepDog-One
SheepDog-One's picture

Starter motor broke on Bernanks hot rod.

Tue, 06/25/2013 - 10:26 | 3691026 monopoly
monopoly's picture

And take a look at interest rates. "Puzzling".

Tue, 06/25/2013 - 10:29 | 3691027 razorthin
razorthin's picture

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.

Tue, 06/25/2013 - 10:31 | 3691060 Skateboarder
Skateboarder's picture

Benny and the Jets got DIY cartridge refill kits to last another couple of years.

Tue, 06/25/2013 - 10:28 | 3691035 Petrus Romanus
Petrus Romanus's picture

Bernanke is enjoying an extended prostate exam, DRY! Just imagining the smile on his face warms the heart. :-)

Tue, 06/25/2013 - 10:28 | 3691038 SheepDog-One
SheepDog-One's picture

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.

Tue, 06/25/2013 - 10:28 | 3691039 gjp
gjp's picture

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 ...

Tue, 06/25/2013 - 10:28 | 3691040 Jake88
Jake88's picture

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.

Tue, 06/25/2013 - 10:32 | 3691068 Dr. Engali
Dr. Engali's picture

Don't tell me after all these years you still believe in the market. The market has been eviscerated by the Bernank.

Tue, 06/25/2013 - 11:08 | 3691205 fonzannoon
fonzannoon's picture

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?

Tue, 06/25/2013 - 10:29 | 3691049 Gene Parmesan
Gene Parmesan's picture

The stench is becoming too unbearable. It's just not worth hanging around to find out what's making it.

Tue, 06/25/2013 - 10:30 | 3691055 slaughterer
slaughterer's picture

GOLD BITCHEZ!  Oops.  Nevermind.  Bernanke has it taken care of.  

Tue, 06/25/2013 - 10:30 | 3691058 robertocarlos
robertocarlos's picture

As long as you are not short  the US dollar, "All is well". At least today. 

Tue, 06/25/2013 - 10:31 | 3691059 SheepDog-One
SheepDog-One's picture

If you can figure out Salvador Dali's 'Stairs', then this daily market activity should be peaches and cake to you.

Tue, 06/25/2013 - 10:36 | 3691087 Spastica Rex
Spastica Rex's picture

Seems more like Escher, to me.

Tue, 06/25/2013 - 12:39 | 3691535 Not My Real Name
Not My Real Name's picture

Jackson Pollock

Tue, 06/25/2013 - 10:32 | 3691064 NoDebt
NoDebt's picture

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.

 

Tue, 06/25/2013 - 10:35 | 3691080 Jayda1850
Jayda1850's picture

As a fellow fisherman, wish you good luck. I'll take a day of fishing over pretty much anything else.

Tue, 06/25/2013 - 10:43 | 3691101 SheepDog-One
SheepDog-One's picture

I go fishing off the jetty almost every evening.

Tue, 06/25/2013 - 10:50 | 3691137 SmallerGovNow2
SmallerGovNow2's picture

Which jetty?  I live on the south texas coast and fish jetties often...

Tue, 06/25/2013 - 10:48 | 3691122 ceilidh_trail
ceilidh_trail's picture

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...

Tue, 06/25/2013 - 10:34 | 3691065 SmallerGovNow2
SmallerGovNow2's picture

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! 

Tue, 06/25/2013 - 12:28 | 3691352 Money 4 Nothing
Money 4 Nothing's picture

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. 

Tue, 06/25/2013 - 10:33 | 3691071 cloudybrain
cloudybrain's picture

US stronger after good data and gold slaughtered

Tue, 06/25/2013 - 10:51 | 3691138 Bay of Pigs
Bay of Pigs's picture

Who is upvoting this douchebag? GTFO.

Tue, 06/25/2013 - 11:06 | 3691189 cloudybrain
cloudybrain's picture

that the fact, dont get blindfolded, look at the data and market

Tue, 06/25/2013 - 11:13 | 3691222 Bay of Pigs
Bay of Pigs's picture

I know when someone can't form a sentence correctly, and speak coherently, they are full of shit.

Tue, 06/25/2013 - 11:18 | 3691240 cloudybrain
cloudybrain's picture

yea and you can enjoy your loss from the market, eat that shit

Tue, 06/25/2013 - 11:26 | 3691268 Bay of Pigs
Bay of Pigs's picture

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".

Tue, 06/25/2013 - 11:27 | 3691275 Levadiakos
Levadiakos's picture

Not in market cause you lost all yer munney on gold. Pigs get slaughtered. HAHAHAhaahaa

Tue, 06/25/2013 - 11:38 | 3691287 cloudybrain
cloudybrain's picture

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

Tue, 06/25/2013 - 11:27 | 3691263 Croesus
Croesus's picture

@ 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...

 

Tue, 06/25/2013 - 11:26 | 3691271 Levadiakos
Levadiakos's picture

Gold CRUSHED HAHAHahahhaahhahaa

Tue, 06/25/2013 - 11:40 | 3691316 Croesus
Croesus's picture

"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......

 

 

 

Tue, 06/25/2013 - 10:37 | 3691079 Judge Crater
Judge Crater's picture

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.

Tue, 06/25/2013 - 10:35 | 3691082 Spastica Rex
Spastica Rex's picture

Maybe a slight stock market beat down can convince the Fed to alter their language a bit.

Tue, 06/25/2013 - 10:39 | 3691094 Al Huxley
Al Huxley's picture

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.

Tue, 06/25/2013 - 10:42 | 3691098 fonzannoon
fonzannoon's picture

here comes the anti zh market rally in stocks and bonds.

 

Tue, 06/25/2013 - 10:50 | 3691130 gjp
gjp's picture

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)

Tue, 06/25/2013 - 11:11 | 3691214 gatorengineer
gatorengineer's picture

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...

Tue, 06/25/2013 - 11:13 | 3691225 fonzannoon
fonzannoon's picture

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.

Tue, 06/25/2013 - 11:37 | 3691315 Bay of Pigs
Bay of Pigs's picture

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.

 

Tue, 06/25/2013 - 11:43 | 3691338 fonzannoon
fonzannoon's picture

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.

Tue, 06/25/2013 - 11:49 | 3691363 Al Huxley
Al Huxley's picture

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...

Tue, 06/25/2013 - 11:56 | 3691390 fonzannoon
fonzannoon's picture

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?

Tue, 06/25/2013 - 12:33 | 3691517 Al Huxley
Al Huxley's picture

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.

Tue, 06/25/2013 - 10:42 | 3691100 JJ McApe
JJ McApe's picture

correction is over, buy buy buy =D

Tue, 06/25/2013 - 10:54 | 3691152 Panafrican Funk...
Panafrican Funktron Robot's picture

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.

Tue, 06/25/2013 - 10:56 | 3691159 Smuckers
Smuckers's picture

A farting corpse stuffed with potpourri is not in recovery....
Just means you can tolerate it a little bit longer.

Tue, 06/25/2013 - 11:00 | 3691168 Dapper Dan
Dapper Dan's picture

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.

Tue, 06/25/2013 - 11:04 | 3691185 Bearwagon
Bearwagon's picture

Man, how easy. Bad is good! That's why.

Tue, 06/25/2013 - 13:04 | 3691621 Shizzmoney
Shizzmoney's picture

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".

Do NOT follow this link or you will be banned from the site!