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Draghi Dashes Buffett Bounce As Crude Carnage Continues
For all the talking heads who piled into oil, oil stocks, oil credit, oil tea-cosies, and oil-producer FX...
Well that really escalated quickly...
WTI Crude's biggest drop since Nov 28th 2014... after Jim Cramer said it "smelled like a bottom."
Bit of Deja Vu all over again...
As Energy stocks gave back a lot oftheir gains (but remain up over 4% on the week)
But stocks did their best to ignore the "oil's up so everything's fine" narrative until Draghi...
As it appears all that mattered was getting into the green YTD to prove how everything is awesome... they managed it until Draghi killed the dream...
The Dow outperformed (adding 6 points on the day) as Visa and Disney added around 80 points to the index but we note the late day ramp after Buffet spoke...
- *BUFFETT SAYS TOUGH FOR FED TO RAISE RATES GIVEN WORLD EVENTS
which was then crushed by Draghi...
- *ECB SAYS IT LIFTS WAIVER ON GREEK GOVERNMENT DEBT AS COLLATERAL
And Greek stocks were monkey-hammered
Treasury yields traded in quite a wide range on the day looked like closing unch but Draghi sent them reeling lower (still up 10-13bps on the week)
The EUR started to dump after Draghi's decision...
Lifting the USD into the close...
Crude roundtripped but USD strength was ignored as gold and silver limped higher on the day
Summing up the day...
Charts: Bloomberg
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Draghi start printing or let the Greeks do it lol
WHAT IS THE DIFF ANYWAYS , ALL AN ILLUSION FOR SURE
this new normal shit is weird....
Has the USA's foreign policy changed in the last 2 days? No?
Then volatility-driven "neck-snappers" all the down to $20.
Call a bottom, get your neck snapped.
'Oil tea cosies'....LOL spectacular!
Yeah, and I have a bone to pick with this shit about tea-cosies. They make fine, just fine stocking caps. Tyler? Tyler!
ya go away to take a crap and you come back rich.....rich I say.....
Greek gov. says German ultimatum not accepted
caddyshack even better... "you'll get NOTHING... AND LIKE IT!"
https://www.youtube.com/watch?v=qLdBrx-ijwQ
"The world needs ditch diggers too Danny."
Caddyshack..."that's all I need..."
https://www.youtube.com/watch?v=4j7a_sGha-Y
Caddyshack - Doody in the Pool!
http://www.youtube.com/watch?v=MYrY8aFCUCQ (2:02)
so, I got THAT going for me...
> Carl
"Hey that kangaroo stole my ball!"
'Smelled like a bottom'. He should know.
I've never said that. I've said things smell like ass, but never said anything smelled like a bottom.
Jim?
Why do HFTs suddenly appear
Every time my stop-loss nears?
Just like you, they long to be
Close to me
Why do stocks crash down from the sky
Every time I’m long SPY?
Just like you, they long to be
Close to me
On the day that I was born
The algos got together
And decided that I was a dream come true
Now they slam the index every time
My brown stochastic gets crossed by the blue
That is why all the quants in town
Follow my orders all around
Just like skin, they long to be
Close to me
Fucking +1-to-infinity for that one!
Glad you share my deadpan humor. Bland 70s Top 40 seems to offer great material, such as (gasp) Tony Orlando and Dawn
Whoa, tie a dovish ribbon round the old oak tree
It’s been three whole months
Do we need QE?
During our last financial crisis all those seven years ago, I wrote a complete parody to The Beatles' "Yellow Submarine", which included:
We all live in a corporate-fascist state
A corporate-fascist state
A corporate-fascist state
I'd have to look to find it, but I think I still have it. I hope I do. It was great, if I do say so myself.
We've got some real talent here. Keep it up and try to publish a youtube video!
The Carpenters? Why not? Up arrow.
Didn't Karen choke to death on algol cereal?
Bookends nicely with Momma Cass and her sandwich.
Keltner-May I re-post this? It's too good to leave here.
Mark
Flattered. Go right ahead. Used to have a blog, but with 3.5 page hits per month, I thought ZH-ers might appreciate ...
poor poor chelsea clinton
MUWAHAHAHAHAHAHAHA BITCH!!!!!
Who is she?
A woman from a treasonous family who is about to go live with daddy and daddy again.
"dad, would you mind if the baby and I moved into the basement?"
She has 2 dads. Wonder who is going to be the dick?
Poor kid, who cares about the rest of the corrupt family. Call CPS
lol ron burgundy
gee it was really quite interesting how Gold and Silver despite all the chaos erupting and horrible economic data couldnt hold on to modest gains?????
yeah, uh, huh...
and the Dow????
nigga please.
Plane Crazy Mickey Mouse Classic Walt Disney 1928 Sound Cartoon
http://www.youtube.com/watch?v=kCZPzHg0h80 (6:01)
Wow, oil is back to where it was two days ago. I'm sure that was enough time for actual consumers of the commodity to adjust.
Nobody can set prices in this environment. That is why the Baltic Dry Index is collapsing. Nobody is willing to place orders when you don't know if you'll be put out of business based on input costs once production starts.
In my area the price of a gallon of gas jumped 30 cents over the past few days. Wonder how long it'll take now to go down 30 cents?
Not to mention collapsing demand as the scam comes unglued.
As always, "Mises was right!"
I love the smell of napalm in the morning........smells like roasted, toasted muppets.
https://www.youtube.com/watch?v=nx5N-4JvVyk
The smell of a 2 party dictatorship burning to the ground is the best.
Cue that "Irishman" street interview posted on Zerohedge a few years ago.....
"Fuckin' Wankin' Bankers that's what is"...................."total fuckin' chaos I tell ya".
That guy was great!
Anybody that says they can trade this crap successfully day after day is just full of shit. Impossible markets.
+100, monopoly - nothing works anymore. I traded successfully net/net for years and it's not happening now. It's just nuts. Prices all over the place, manipulation gone wild, mini-black swans (baby swans?) every few days. It's just gambling now. I've been taking smaller positions than ever. "Impossible" - you're exactly right.
As batshit crazy as things are getting I wouldn't be suprised if the TBTF's are getting Muppet'd by now. I really would like to think they are.
They can afford to get muppetted all day long (and overnight too). They have the Cronibus as backup.
OT:
Belgium Reportedly Plans to Retrieve 200 Tons of Gold From UK StoragesFundanmentals??? This is insane.
when we open down 25 handles tomorrow, Cramer will be telling you why you should have taken profits on the 75 pt. bounce... lead pipe to his head, do I have to do it myself?
Squid Visous. You'd hurt your hand as the lead pipe bent and Kraemer wouldn't even know you hit him.
You'll have that when your Skynet exoskeleton is made from titanium.
"*BUFFETT SAYS TOUGH FOR FED TO RAISE RATES GIVEN WORLD EVENTS"
There are a lot of people who are more than ready to never hear another peep out of this old coot...
Federal Reserve obey, the crony capitalist told you so!
When the equity collapse arrives and the ebbing tide takes BRKA sub-100,000, one of the former 'experts' found to have been swimming all these years without a suit will be the Oligarch of Omaha:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=brka&insttype=&freq=2&show=&time=12
$419B in TOMO this week so far.
One of these days soon equities will resume their Dragh race to the bottom.
Cramer just smells his own farts. This how he makes his calls.
Holy crap!
The Gallup CEO just said that he was afraid that he wouldn't make it home tonight if he said that government employment numbers weren't accurate.
CNBC.
Cliff dive.
Troika: This is MADNESS !
Greece: This is SPARTA !
Ground .... meet troika.
Don't blame it on Brent, or Texas, it's all Banker.
Ground truth.
Plan to make some quick fiat on shorts, then go PMs all the way.
I thought the rainbow skittles were supposed to be shit out the other end of the omnicorn...?
This was actually quite good:
http://www.theguardian.com/commentisfree/video/2015/feb/04/another-econo...
Buffet is such a filcher, it's the world situation that should keep the Fed from raising rates cause everything here in 'Merika is hunky dory; asshole.
This must be serious - the rainbow vomiting unicorn is back!
These Jokers are going to jerk investors around for as long as they can sucker their last dollar out of them.
An arsehole like Cramer is best positioned to identify the smell of a bottom.
gas is $2.35 a gallon here in Michigan UP from $2.08.........
$1.95 to $2.13 overnight here. Oil goes up gas goes up with in 24 hrs. Oil goes down and gas goes down a few weeks later.
Take a massive position in oil and you will move - you'll either be on the streets or a new MTV crib,
BUY THE FUCKING DIP.
POPCORN TIME!
Cramer's Bottom Sniffing made me remember this joke:
A blind carpenter walks into a lumber mill and shouts out, "I am a blind carpenter and I need a job."
The foreman walks over to the blind carpenter and says, "If you're blind, how can you work in a lumber yard?"
The blind carpenter says, "I can tell any piece of lumber by it's smell."
The foreman says "O.K. I'll give you a test and if you pass the test, you've got a job."
The foreman takes the carpenter over to a table and says, "I will put some lumber on a table in front of you and you tell me what it is."
The foreman then puts a piece of lumber on the table and says, "Ready!"
The carpenter bends over and takes a deep sniff moving his head from one side to the other. He says "That's a number two pine, two by four, eight foot long."
The foreman says, "Duh! That's right, but pine is easy to tell by the smell and I think you guessed the rest. Here's another piece of lumber for you to identify."
The foreman puts a piece of lumber on the table and says, "Ready!"
The blind carpenter bends over and takes a deep sniff moving his head from one side to the other and says, "This is a tough one, please turn it over so I can smell the other side."
The foreman does this and says "Ready!"
The carpenter takes another deep sniff moving his head from side to side. He then says, "That's a clear heart red wood, four by four, six foot long."
The foreman is amazed and says "That's right, but I still think you're just lucky and still guessing. Let me try one more time and if you get it right you got a job."
The foreman then goes into the office and asks his secretary to help him stump the blind carpenter by taking off all of her clothes and laying down on the table. She takes off her clothes walks out of the office and lays face down on the table. The foreman says, "Ready!"
The blind carpenter takes a deep sniff moving his head from side to side. He looks puzzled and takes another sniff and says, "This also is a tough one, please turn it over so I can smell the other side."
The foreman gestures with his hand to the secretary, she rolls over, and the foreman says, "Ready!"
The blind carpenter moves his head from side to side again looking puzzled. He sniffs one more time, looks surprised, and says, "I got it. That's a shithouse door off a tuna boat."
He got the job.
Charts could have gone the other way too. Just that these rounds suggest that markets call Draghi's bluffs. Growing disconnects with Predators' calls are welcome. Seek Alphas in real assets that you control.