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Meanwhile, The NY Fed's Trading Desk Skeleton Crew Is Getting A Work Out
Wondering why stocks aren't soaring - despite the efforts of every asset-getherer and TV talking head to explain how the Fed is as dovish (if not more dovish) than ever? Perhaps the answer lies in the following table... when the fed admits to being "over-optimistic" and focuses the market on a 6-month period after taper before rates will rise, maybe there just aren't enough people at 33 Liberty to push the green buttons...
Not many "green" Bloomberg terminals at the NYFed
and their colleagues in Washington are all "at play" while the lead cat is "away"
What is perhaps most worrying is the dramatic increase in algo activity as the "liquidity" providers start to run for the hills and exacerbate the one-way order flow... (via Nanex)
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Well, when I lose a month's worth of profits in 3 days on my mining stocks, I like to see everyone suffer. Free fall S/P, and NASDAQ. Free fall...
relax........they're only flushing the momos that are trying to jump on.......the boyz are in this trade and the're shorting the overall market too......sit back and watch how the jackals work.........
the bull is dead.
Right now Mr Yellin is jamming a stick up the dead bulls ass and stapling sunglasses on its face for Weekend at Bernankes Part 12! Corpse starting to smell real ripe tho.
Tax refunds are a bitch! If you feel a little slow and sluggish, it's not the weather, it's a full-blown liquidity crisis!
the Fed was wrongly over-optimistic???
according to the bloomberg bulbs, looks like the Fed is over-staffed!! with slackers who aint even at work!
" I lose a month's worth of profits in 3 days on my mining stocks"
So what's changed...,
NOTHING.., they are still growing the balance sheet and inflation is still cruising along at 8+ percent.
You'll be fine.
But stocks can only go up!
With the Fed, any number of employees over 0 is over-staffing.
Yup
Love that 1-verb 'ZOMG' panic crash. More fun than anything hollywood (small "h") could cook up with 4 years of big special effects.
Expect that shallow glide path to bite her in the ass when liquidity crunch comes due (either by China or offshore wealth effect boomerangs).
Oil $100+ and climbing.
That is all.
Some interesting battles going into opex this week.
http://www.newyorkfed.org/markets/tot_operation_schedule.html
Might possibly stay relatively flattish through end of month due to strong QE dollars left on the table, but next month is going to be a lot less pretty, particularly with earnings season starting April 8th.
Great! Let's all have a big barbeque with it! I'll bring a couple kegs!! What flavor??
What flavor? Why, the free and cold flavor, of course.
Just keep in mind that bulls are going to be tougher than steers and cows. This'll need to be a true bbq, rather than grilling, to make it tender. I've got a ginormous smoker, as it turns out.
Duuude!!! Agree! How bout a keg of Yuengling Black & Tan and a good Texas brew??
I'm low maintaince. All cold free beer is good beer.
Let's make steers out of them bulls and have rocky mountain oysters!
Better get a good freezer and stock up, meat prices going up:
http://www.finviz.com/futures_charts.ashx?t=LH&p=d1
http://www.finviz.com/futures_charts.ashx?t=LC
Dude, I have a freezer full of elk.
There is definitely a different tone to this tape. Maybe Old Yeller told folks to NOT step on the gas too hard if the marke fell.
Maybe...the short end of the curve...broke the algo or they and all at the PussyCat Lounge
shove this up your cunt Yellen!!!!!!!!!!!!!!
Dammit, man! Don't sugar coat it- tell me how you really feel!!
Can you imagine another 10-20bil taper from here?
I can only dimly imagine that would not be a pretty sight.
Speaking of not-pretty sights, did you see the Fox reporter who accidentally flashed a picture of a dong on live television yesterday?
http://www.youtube.com/watch?v=dy29VbtgoLk
It's like Tyler Durden splicing porn into family films.
"Nobody knows they saw it. But they did."
That's like 3 years old at least.
http://www.ibtimes.com/denver-news-station-kdvr-flashes-penis-pic-during...
I thought it was a different incident....I don't think any of these are accidents.
It's karmic retribution for using Twatter as a news source.
Shit NSA spying on me again. Sorry everybody...
LMAO
Did you know that Canada refused FOX a broadcasting license.
Here comes Yellen's test.
no pomo today as well ... i think today the fed basically handed off to ppt ... or perhaps to getco ...
Oh good, we're saved now!
FFS!!
ZIRP4EVER is priced in. They could EXPRESSLY PROMISE ZIRP UNTIL 2020 (though they couldn't deliver it due to inflation's ultimate checkmate) and it won't matter.
Tapering will continue no matter what + China's real time, ongoing crisis will hammer risk on asset classes.
China would love to see un-taper, if only to ease their crash, but it's never going to happen. Ask Jeremy Stein (the only truly bright FOMC member - or even some of the Dovish Dullards as to why - 4.2 trillion and still climbing balance sheet).
Can't hit the underhand softballs eh...
Anyone care to ask why Belgium is now the third largest holder of our Treasuries?
Freemoney loans to buy Treasuries equals backdoor taper.
China was cleaning the middle drawer - where they keep all the old envelopes stuffed with financial papers, and stuff - and they said to Belgium: here, hold these a minute.
Busy on their FX terminals,Tyler.
Indeed. Looking at that data, how can anyone not conclude that The Fed is the "market"?
She should have used "under-pessimistic"
Fuck em.
Leave it to LoP to state our feelings precisely and succinctly.
Full "faith and credit" bitchez...
(in other words, no faith=NO CREDIT)
FYI, don't worry these asshats are overcompensated to begin with.
Get to work, Mr Yellin! :P
Don't worry, they got you covered. The 3:30 ramp is alive and well.
This is great news and if I had to guess I'd say it's going to get worse..
I think we'll have a 2% down day pretty soon.
ZH posts = the low.
How long will it take for the "investors" to realize that taper = risky assets down, bonds up. These fucktards still think that taper only is allowed to happen because the economy is awesome...
QE is supporting BOTH stock AND bond prices. QE slowing/stopping = BOTH stocks AND bonds go down.
... a high pressure area over Belgium bring increased t-bills by morning. Our long range outlook is for increasing debt with chances of tapering early next year.
Happy smiling anchor woman: Thank Janet for the weather report. Now, over to Larry on how this will affect the financial markets. Larry?
We're off the lows now. Loks like it's time to BUY
Sure enough: Iris Finkel is off-line. I wonder what Iris' nick name is? Iris "Speed Metal" Finkel? Iris "Bareknuckles" Finkel? Iris "Ovaltine is my safe word in Bondage class" Finkel?
I'm gettin the FRNs ready for the bottom (wherever that may be) in PMs.
Looks Like Mrs Debtfire's proved herself clueless as to how the system works, right out the gate. You'll make a great scapegoat for the crash hon, thanks for signing up. Tells you a lot about the powers behind the curtain that they're going to hang this hole bag of shit on grandma.
And if things ever get too bad, they'll "stroke" her like they did Hitlery.
"All right boys. Dump every piece of scrap on calPERS @ market bid and shut it down."
Well they have managed to recapture over 100 Dow points so far
That's only because a drop in stock prices is bullish these days.
Watch the unemployment rate drop fast now...since its no longer a requirement,,,the Pols need it for the next election
Since it is currently being manipulated downward, the opposite might happen. If it doesn't matter, why go the trouble?
It's falling downward on its own due to people exhausting unemployment benefits. The instant the checks stop, they are no longer considered unemployed.
See Tyler's many articles on "Labor force participation rate" for details.
Unemployment will cont to drop as structural unemployment cont to climb. Dump the detrtus on the GOV and reduce taxes at the same time. Works for me
/sarc
Not a problem.
It will take 15 minutes before finance managers discover that button-slapping Rhesus monkeys are exempt from the new federal mininum wage mandate, and run on less power than an Ipad.
Also don't BS around the water cooler so much.
I'd have to say, "No, you smirking fuck."
Let's see how long they can hold the USDX over 80--hanging by a fingernail.
Nah, they were just waiting for you to bottom-tick it with this post first, as usual.
Tylers, your coverage is amazing.
Nice bounce off the lows within minutes of this thread being posted.
Tomorrow, we resume our upward march.
Carry(trade) on!
"This not a drill. All uber-connected personnel return to your battlestation. All savings mechnanisms must be destroyed! Repeat, this is not a drill."