Meanwhile, The NY Fed's Trading Desk Skeleton Crew Is Getting A Work Out

Tyler Durden's picture

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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Hindenburg...Oh Man's picture

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...

kliguy38's picture

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.........

SheepDog-One's picture

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.

ParkAveFlasher's picture

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!

Divided States of America's picture

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!

gmrpeabody's picture

" 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.

Soul Glow's picture

But stocks can only go up!

B.J. Worthy's picture

With the Fed, any number of employees over 0 is over-staffing.

aVileRat's picture


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).


CrashisOptimistic's picture

Oil $100+ and climbing.

That is all.

Panafrican Funktron Robot's picture

Some interesting battles going into opex this week.

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.  

Headbanger's picture

Great!   Let's all have a big barbeque with it!   I'll bring a couple kegs!!    What flavor??

El Vaquero's picture

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. 

Headbanger's picture

Duuude!!!   Agree!     How bout a keg of Yuengling Black & Tan and a good Texas brew?? 

El Vaquero's picture

I'm low maintaince.  All cold free beer is good beer.

sodbuster's picture

Let's make steers out of them bulls and have rocky mountain oysters!

El Vaquero's picture

Dude, I have a freezer full of elk. 

asteroids's picture

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.

The Axe's picture

Maybe...the short end of the curve...broke the algo   or they and all at the PussyCat Lounge

Rising Sun's picture

shove this up your cunt Yellen!!!!!!!!!!!!!!

asscannon101's picture

Dammit, man! Don't sugar coat it- tell me how you really feel!!

Theta_Burn's picture

Can you imagine another 10-20bil taper from here?

DoChenRollingBearing's picture

I can only dimly imagine that would not be a pretty sight.

McMolotov's picture

Speaking of not-pretty sights, did you see the Fox reporter who accidentally flashed a picture of a dong on live television yesterday?

It's like Tyler Durden splicing porn into family films.

"Nobody knows they saw it. But they did."

SheepDog-One's picture

That's like 3 years old at least.

SheepDog-One's picture

I thought it was a different incident....I don't think any of these are accidents.

McMolotov's picture

It's karmic retribution for using Twatter as a news source.

Dimons jock's picture

Shit NSA spying on me again. Sorry everybody...

roadhazard's picture


Did you know that Canada refused FOX a broadcasting license.

TumblingDice's picture

Here comes Yellen's test.

pragmatic hobo's picture

no pomo today as well ... i think today the fed basically handed off to ppt ... or perhaps to getco ...

firstdivision's picture

Oh good, we're saved now!

TruthInSunshine's picture


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).

ptoemmes's picture

Can't hit the underhand softballs eh...

Everybodys All American's picture

Anyone care to ask why Belgium is now the third largest holder of our Treasuries?

Bastiat's picture

Freemoney loans to buy Treasuries equals backdoor taper.

NOTaREALmerican's picture

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. 

Winston Churchill's picture

Busy on their FX terminals,Tyler.

LawsofPhysics's picture

Indeed.  Looking at that data, how can anyone not conclude that The Fed is the "market"?

shanearthur's picture

She should have used "under-pessimistic"

El Vaquero's picture

Leave it to LoP to state our feelings precisely and succinctly. 

LawsofPhysics's picture

Full "faith and credit" bitchez...

(in other words, no faith=NO CREDIT)


LawsofPhysics's picture

FYI, don't worry these asshats are overcompensated to begin with.

SheepDog-One's picture

Get to work, Mr Yellin! :P

viator's picture

Don't worry, they got you covered. The 3:30 ramp is alive and well.

Non Passaran's picture

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.