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And Now We Begin

Tim Knight from Slope of Hope's picture




 

I realized that our mentally-challenged, differently-abled bullish friends will refuse to accept it for a long, long time, but their welfare-sponsored bull-run ended last December. The breakdown has been subtle since then, and the Silicon Valley stocks that are keeping my house valued at preposterous levels just keep shooting higher (GOOGL, etc.)

But the cold fact of the matter is that there's rot beneath the surface, and the failure of JNK today - - a chart I've been watching with great zeal and interest - - seals the deal. A major bear market truly has started, and we're going to see the fraud from the past six years unwind in a glorious, albeit inconsistent, fashion.

0722-jnk

 

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Thu, 07/23/2015 - 18:33 | 6347037 TheAnswerIs42
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You may ask yourself.

My God What Have I Done?

https://www.youtube.com/watch?v=98AJUj-qxHI

Thu, 07/23/2015 - 12:48 | 6345741 Meremortal
Meremortal's picture

Everyone who misses the bull ride spends their time calling for the bear.

Everyone who gets caught by the bear calls for the bull.

It has always been so.

Eventually they are accidentally right, if they never change their take.

 

 

Thu, 07/23/2015 - 10:20 | 6345130 Kprime
Kprime's picture

Baby, although I chose this lonely life
It seems it's strangling me now
All the wild men, big cigars, gigantic car
They're all laughing at the lie

Oh, I've been used ohh
I've been a fool oh, what a fool
I broke all the rules oh, yeah
But I must let the show go on

Read more: Three Dog Night - The Show Must Go On Lyrics | MetroLyrics
Thu, 07/23/2015 - 06:16 | 6344551 Fred123
Fred123's picture

Imagine that....another Bear call. How many of these have we seen since 2009?

Thu, 07/23/2015 - 08:08 | 6344728 dontgoforit
dontgoforit's picture

I suppose one day we will say, 'one too few.'

Thu, 07/23/2015 - 02:18 | 6344347 frankly scarlet
frankly scarlet's picture

did we forget we now live in the age of the PPT.  what is the total value of the markets? what is the total that bankers can conjure up?

Wed, 07/22/2015 - 21:50 | 6343785 ThrowAwayYourTV
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The Show Must Go On!

https://youtu.be/xtAlzo_pqys

Thu, 07/23/2015 - 08:30 | 6344795 TrumpXVI
TrumpXVI's picture

Have it on my mp3 player.

Fond memories; like the time back around '73 when I was in a local bar near my university.  A friend of mine was working as a waitress there and asked me if I wanted her to play something on the juke box.  I suggested the box number for "TSMGO", she went over to the box, saw it was 3 dog night and came back to tell me she wouldn't play THAT.  Ha, Ha!  But we're still friends to this day.

Thu, 07/23/2015 - 11:50 | 6345483 shovelhead
shovelhead's picture

Anyone who would desecrate Hoyt Axton's songs like they did deserves the 7th level of Hell.

https://www.youtube.com/watch?v=NggqEOaLEU8

Thu, 07/23/2015 - 08:07 | 6344725 dontgoforit
dontgoforit's picture

Loved them; loved the song, too.  About 8-9 years after this we saw them at the Mrs. Winners Superstars at Sunset Concert Series at Lake Lanier, Georgia.  They were still great then.

Wed, 07/22/2015 - 21:37 | 6343749 armageddon addahere
armageddon addahere's picture

Don't laugh at Tim Knight. He has predicted every bear market for the last 20 years, and 100 more that never  happened.

Tim I believe you are right, but then I have been skeptical of this bull market since 2009 and have been wrong every step of the way.

In case you don't know, I am laughing with you not at you. I watch you on Tastytrade and get a big kick out of  your classical style of technical analysis. It would be interesting to know your percentage of hits and misses. I suppose you must be making money or you wouldn't have stuck with it all these years.

Wed, 07/22/2015 - 21:30 | 6343725 JoWazzoo
JoWazzoo's picture

Do tell - just WTF the graph is supposed to show?  What is the time scale?  What is the mening of the lines?  Good lord....

Wed, 07/22/2015 - 21:40 | 6343759 armageddon addahere
armageddon addahere's picture

It shows a classic head and shoulders top, which Mr Knight considers one of the most infallible signals in technical analysis.

It is not just JNK. Lots of other products have turned down, including most of the S&P. The averages are being held up by a few flagships companies that refuse to say die, but even they are showing signs of strain.

JNK may be the straw that breaks the camel's back.

Wed, 07/22/2015 - 21:07 | 6343649 flysofree
flysofree's picture

When did JNK become market leading indicator?

Wed, 07/22/2015 - 20:35 | 6343525 The Darwin Mode
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This post is a great, big nothing. Not surprising, given it's SoH.

Wed, 07/22/2015 - 20:32 | 6343517 Antman913
Antman913's picture

So JNK broke below the arbitrary line you drew...

I hope your right though

Wed, 07/22/2015 - 20:07 | 6343449 Psquared
Psquared's picture

A bear market we can handle. But if underneath this is another credit crisis we are toast. There is absolutely nothing we can do except confiscate retirement and impose austerity. We have no more bullets. What I find funny is that it is likely that Republicans will be in charge right about the time it happens. I can't wait to see what Bush-Walker will do to try and fix it.

a) invade someone

b) deny

c) blame

d) go on vacation

Thu, 07/23/2015 - 12:30 | 6345678 AE911Truth
AE911Truth's picture

Ref: "... nothing we can do..."

Nothing we can do but return the stolen wealth.

Cathrine Austin Fitts has documented that $Trillions are dissapearing into a "black hole", or more accurately, into the pockets of the 0.0001%.

Make no mistake; it was (and is being, and will continue to be) stolen.

 

Thu, 07/23/2015 - 07:10 | 6344598 Paveway IV
Paveway IV's picture

"...There is absolutely nothing we can do except confiscate retirement and impose austerity..."

At this point Psquared, you're suppose to have figured out exactly what all those deadbeats and freeloaders in Greece have figured out: confiscating retirement (or 401Ks in the U.S.) and imposing all kinds of other austerity and selling off state assets fixes NOTHING. At best, it gets you by a couple more late payments on your bills - that's all. In the mean time: 

- Not one single corrupt politician in Greece that ran it into the ground is going to jail. Hell, they haven't even lost their jobs! Same in America.

- When your entire fake economy is based on government employment and social payments, you can't cut back because that destroys the economy - there is nothing else to sustain it. Greece and American to a 'T'. You go into third-world black-market all cash mode, and then the government spends their time cracking down on THAT

- The U.S. only adds massive military spending to the fake economy. Wars use to (past tense) be able to stimulate the U.S. economy, but not any more. Or did I miss something during Afghanistan/Iraq? 

I'll just suggest your choice a) invade someone is invalid as any kind of true choice. Besides, we ARE invading Syria right now and we're re-invading Iraq - you're just not suppose to notice. 

I think your list would be fine if you made this replacement (and American and Greek favorite): a) hold elections. That produces the useless choices that fix nothing that the public has grown to love and expect. Mix it up with enough Kardashian's butts for the U.S. crowd and they'll be in blissful ignorance right up until the food riots and martial law. 

Wed, 07/22/2015 - 20:48 | 6343575 Vendetta
Vendetta's picture

e) Go golfing ("watch this swing")

Wed, 07/22/2015 - 19:18 | 6343273 Jstanley011
Jstanley011's picture

A bear market has begun indeed. But with the indices being near all-time highs, only if you redefine what constitutes a bear market. After all, might as well. When according to former President Bill Clinton, a blow job isn't sex anyways.

They're just words after all, "sex" and "blow" and "job," and "bear" and "market." What do they mean? Whatever you want them to mean, of course! Welcome to the New Millenium. Yay!

Wed, 07/22/2015 - 20:47 | 6343570 sunnyside
sunnyside's picture

I like blow jobs...... bear markets, not so much.

Wed, 07/22/2015 - 16:35 | 6342659 Carpenter1
Carpenter1's picture

Technicals are nice, but they don't mean a damn thing in a market controlled by central banks. I agree the market topped long ago, but it's going down not because of technicals or any other rational reason. It's going down because the vampires have decided it's almost time to crash the system.

 

They're just kind enough to let the market shows signs of weakness in advance. They could easily make it happen right in the middle of a technical rally.

Thu, 07/23/2015 - 10:51 | 6345242 Elliott Eldrich
Elliott Eldrich's picture

"Technicals are nice, but they don't mean a damn thing in a market controlled by central banks."

MARKET controlled by banks? Did you see what just happened in Greece? The fucking central banksters don't just control the markets, they control the governments too! If any population anywhere votes to do something the central banksters don't like, they will just move right on in, shut down the economy, and force through what they want whether the people want it or not.

But now the vampires have been forced to move out of the shadows into the light, where everyone can see who and what they are. As long as a single central bankster breathes, no living thing anywhere is safe. The central banksters are vileness and evil incarnate, they are anathema, they are detestible, they are despicable and they are odious. 

Thu, 07/23/2015 - 13:43 | 6345915 slobbermut
slobbermut's picture

You must work on not beating around the bush...not being so timid, show some coviction!

Thu, 07/23/2015 - 14:56 | 6346127 Elliott Eldrich
Elliott Eldrich's picture

I could show more conviction, but first I would need to brush up on my H.P. Lovecraft to re-acquaint myself with the proper vocabulary for describing the eldritch horror that is the central banksters. However, this does bring to mind a little project I've had in the back of my head for a while now, a musical parody based on a complete rewrite of the lyrics of the "Rocky Horror Picture Show," called the "Central Banker Horror Show." Featured moments would be the rendition of "Dammit, Janet" with lyrics like

"We've got the biggest debt on the whole planet, Janet!

The bond market is telling us to ram it, Janet!

Dammit, Janet, we're so screwed!"

Anyone else want to play? We could create the "Zero Hedge Players" and have contributors here take on different songs. I call dibs on "Dammit, Janet" but there's lots of other great tunes for the taking, for those with a satirical bent and a sharp pen.

 

Thu, 07/23/2015 - 11:39 | 6345448 shovelhead
shovelhead's picture

In Greece they're broke.

The banks are filled with dirty diapers called Greek bonds.

lolololol.

Thu, 07/23/2015 - 06:55 | 6344589 mvsjcl
mvsjcl's picture

The "Flash Crash" was their flexing muscle moment.

Wed, 07/22/2015 - 16:01 | 6342522 CHC
CHC's picture

CNBC will just hold the graph upside down and say everything is awesome!

Wed, 07/22/2015 - 16:28 | 6342634 PTR
PTR's picture

It's on sale.

Thu, 07/23/2015 - 08:00 | 6344704 dontgoforit
dontgoforit's picture

Well, it's 'for sale' at least.  Bids anyone?

Wed, 07/22/2015 - 15:33 | 6342423 Comte d'herblay
Comte d'herblay's picture

" "If you don't eat yer meat, you can't have any pudding. How can you have any pudding if you don't eat yer meat?".

Where is the horizontal time line along the  x axis??

Wed, 07/22/2015 - 15:08 | 6342314 gmak
gmak's picture

*cough* bullard moment *cough*

Wed, 07/22/2015 - 14:56 | 6342255 ebworthen
ebworthen's picture

I thought JUNK was worthless stuff to begin with?

Sanford and Son sold to the FED, who buys anything Wall Street sells.

Too bad our kids have to walk through their junk yard to get to their future.

Wed, 07/22/2015 - 14:38 | 6342181 KnuckleDragger-X
KnuckleDragger-X's picture

CNBC will of course say the opposite since their virtue is going to the highest bidder......

Wed, 07/22/2015 - 18:53 | 6343189 zerocash
zerocash's picture

BUY STOCKS! BUY STOCKS! BUY! BUY! BUY!

Wed, 07/22/2015 - 20:03 | 6343437 max2205
max2205's picture

Tim, one day you will start using charts With dates

Over and out.

Wed, 07/22/2015 - 20:51 | 6343587 Cognitive Dissonance
Cognitive Dissonance's picture

Charts with dates is so 1929.

Thu, 07/23/2015 - 12:02 | 6345552 MrSteve
MrSteve's picture

I like 1931, the year Japan seized Manchuria and pointed to the coming real cost of global depression. We haven't learned a thing since, except to be more technically adept at electronics, life sciences, flying and making WMD. What really counts has been totally discounted.

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