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Dow Dumps Almost 1000 Points From Highs To 6-Month Lows, Crude Carnage Continues
Seemed appropriate...
With 121 S&P 500 members now trading more than 20% off their highs...
No real catalysts today - aside from Hilsenrath talking back Powell's dovishness, a terrible Challenger Jobs data point, moar crude carnage, and all the story stocks and media firms getting Baumgartner'd... Nasdaq was worst, Dow best but still a loser...
The plunge was initially protected by a mysterious bid which failed and then anchored off JPY and WTI Crude...
Desperate to get back to VWAP...
Which left cash ugly on the day...Dow tested to 6mo lows - just short of 1000 points off the highs... Nasdaq worst on the day...
And on the week... Small Caps are the biggest loser...
Russell 2000 briefly went red for 2015
Energy stock dip-buyers were out en masse....
But credit was being dumped...
Even as Energy credit risk is soaring - back near 2015 highs...almost 1000bps!
VIX Soared on the day back above 14... (after an 11 handle just 2 days ago)
Treasury yields tumbled today...leaving 30Y yields lower on the day...
The US Dollar drifted very modestly lower... Cable saw a quick dump on BoE comments this morning....
Commodities were mixed with gold and silver drifting higher and copper lower...
Crude was clubbed again...
Charts: Bloomberg
Bonus Chart: Explain this 'signalling'!!
h/t Jim A
Bonus Bonus Chart: You Are Here...
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Nothing 'desperate' about pinning to VWAP. Liquidity providers push it back there to unwind their positions so trade accordingly.
BTFD of physical, ASEs still around $18... forget the iPad mini
<--- Janet's got Bernanke-sized balls. She'll fix this.
<--- I seriously doubt that bitch has Bernanke-sized balls. I think she'll raise rates and stare, paralyzed in shock as it all falls apart.
So many chart, so little time.
Thank god my gold is doing much better than the DOW or S&P!
Oh wait....
those damn crude speculators! ;-)
Gold is enroute to my desk. I'm in fair shape.
Shoulda waited it will be onsale tomorrow..... 1050 by this time next week (yes I own it too). I will start backing the truck up at 900.... and add more every 100 down from there.
I know, but got a bonus and had to do something with it. I expect it to bump down somewhere at $800 - $900. That's when I make the big purchase.
I'm waiting for -50.00 dollars, I want for them to pay me to take it off their hands.
BTW...Will you pass the hookah to me next?
I'm not really stackin' much now...I'm using these low fiat paper prices to "pretty" up my stacks. Got rid of a Au Maple Leaf with that scumbag hag queen on it for a BU 50 Peso Centanario plus 250 fiat. Centanarios are 1.2047 grams of gold, so there's an extra cost to trade up with a 1oz coin.
But it's a hot coin with very cool intricate detailing on both sides if you've never seen or held one. Nice and heavy...plus you get the added bonus of a winged lady with boobies! hahaha
Probably going to trade in some Ag bars for some new ASE's.
Spend minimum fiat and sweeten up the shiny precious. The fishes at the bottom of my lake like the best precious to swim with. ;-)
If PM's keep going down I'll still cost average in. But here's the thing...if they take it much lower good luck with supply. And good luck not having to pay a much larger premium along with a waiting period while your supplier tries to get it shipped with a long delay.
You can pay what you pay now and get it...or pay the same or even more later as the prices continue to go down and higher premiums have to be charged...and then still wait for it.
I'd rather have it now. Minimal downside risk at this point...especially in silver with a 75:1 silver to gold ratio. I could not care less if it goes to 10 bucks. Yeah, I would try to get some, of course. But I already know that if it drops back to 10 like it did in 2008/9, the premiums are going to be 100% or higher. I think this time much higher. Plus a long wait to get it.
Just keep stackin' regularly when you can. Don't buy a lot since yes it could still be monkey hammered and then we can all play the game to see what we can get and at whatever premiums will be charged.
But if I was someone right now who needed to add to their stacks big time or hasn't started yet and who has the fiat ready to go. I'd make a good size purchase right now and not worry about further price drops. Get a good chunk now w/ low premium and then save half your dry powder for further dips and go in little by little until the shit finally hits the fan and there's nothing left to be had.
I agree. I may do another swap like I did in December when the ratio was at 76:1
Well done. As good a plan as any -- and better than most.
Don't forget to fill out your obligatory IRS form little Mr. Gator.
The USSA Office of Freedoms wants to keep track of you. To make sure you're not a terrrrrist waging Jihad terror on gold bullion.
WTI Going down to 20s
RIPS
sure it is, and diesel will still be $4.00 per gallon.
morons.
I didnt say pump prices were going down. Wash out....
RIPS
No shit, that''s why I agreed with you...
WTF?
Sorry....sleep deprovations a bitch. Newborns are cute though...
I have put option positions from 58 strike 45...in april 2016. Money on the table.
Cheers.
RIPS
No shit. Thanks FTC and DOJ for allwoing all those majors to merge. I fill my tank approximately 1 time per month. Last time I filled up WTI was ~ 16 $ higher than today. My gas yesterday was 6 cents higher than last fill up. Eff em all.
Don't ya just love how diesel vehicles get 30% better gas mileage than gasoline cars, and Diesel just happens to cost 30% more than Gas ?
just happens?
same here in MNsnota 2.59/gallon
Here's your answer you tree huggers
Refineries in the United States produced an average of about 12 gallons of diesel fuel and 19 gallons of gasoline from one barrel (42 gallons) of crude oil in 2013.
That and diesel has a higher federal tax than gasoline.
Keep it diesel offroad and you can claim taxes back. We're averaging about $28k federal and $12k State of Commiefornia fuel tax refunds per quarter.
Diesel in Europe is cheaper than gas. and we have real gas (no ethanol crap that ruiins engines)
Most petrol (gas) in Europe is already 5% ethanol.
Midwest here gas $2.59 - diesel $2.47.
Just floating down the shit river, admiring all the burning villages. Time to let Bullard out of the basement again.....
PBR Street Gang meets The Gimp.
“I’m Into Something Good” by Herman’s Hermits
Woke up this morning feelin' fine, with bearish thoughts on my mind
Last night I went full short with all the margin I could, whoa yeah
Something tells me I'm into something good
I met a girl at Schwab who shorted SPY, and I can tell I'm her kind of guy
She held on right through the close like I hoped she would
(She stayed net short like I hoped she would)
Something tells me I'm into something good
Stocks only advanced for a minute or two
Then dropped like a rock the whole day through
Could we be mauling those doves?
This is everything I've been dreamin' of
(She’s everything I've been dreamin' of)
I followed her home and yelled “Hey, Anne!”
She briefly drew a gun with her right hand
So I asked whether to short RUT and she told me I should
(I want to short RUT and she told me I should)
Something tells me I'm into something good
Something tells me I'm into something, ahhhhhh
... Something good, oh yeah! Something good ...
I don't know how Surf has any time to trade these markets when he already has a full time job as a financial singer/songwriter.
Ha, two things: a) this one was easy, but most take many, many hours, so tackling them on slow days often keeps me from over-trading; b) I 'cheat' and build a big inventory of parodies, then at the end of the day post the most appropriate one. I may wind down soon, but still have a few left on the shelf ...
got a lot trapped like rats now, most of this years volume went off above these prices in most issues.
However we are still pretty much at all time highs, you sell here and you look like a genius (they may take to jail) if this is the top. What if this time is no different and we just shoot higher again like we have for the past many years?
Looks to me like we have etched out tops in all things mostly in the past three months.
you were laughing at shorts 50 SPY pts. ago, now looks like we "etched out a top"? lol... you should see if Cramer needs a replacement on the joob tube at 6pm, or maybe just live feed of a weather vane
50 SPY points ago? (scratches head
Dunno about that, but one firm/person bought 45,000 August SPY 207 puts today.
And my pathetic little gold miner MUX is up a little today after bumping rock bottom. Just bought it by the way. The only place it could go down to from here is zero and they're actually still mining gold (not paper).
Yes, importatn to remember that "rock bottom" is zero.
Perspective is important.
Just like the former Soviet Union, "official" prices on many things will be very low...
Yup. If you don't pay much you can't lose much. Some of the best stocks during the depression were gold miners. That is the ones that survived.
Barrrrffff!
Cord cutting millenials really pooped all over the S&P media index today . Guess they're too broke paying off skool bills.
Rising rent is destroying spending for that segment. It's going to pack a whallop. Either the fed raises rates and crashes the RE market or the consumer economy is toast. Take your pick Janet.
Why pay money to watch idiots and trash entertainment on TV when you can do so for free on youboob, fuckfacebook and twatter...
Big media is toast and they're not evolving anywhere near as fast as needed. We're not millenials but we'll never pay for that horseshit again. Pay for a constant stream of propaganda and IQ lowering distractions? No thanks.
I cut the cord recently and there is NOTRHING big media can do, content-wise, to get my business back. The content is not the issue, it's the paying for 80 USD for a base-package, getting NO premium channels for that money, and having 20% of the content on those channels I do get being commercials. The price has to be vaastly cut for old media to come back from this.
Now, I am not a cable market analysit but My understanding is that it's government regulatiuon making the cable bills so high, as those "packages" are mandated by some kind of law, and cable companies are prevented from offering channels on a piecemeal basis. If this law is changed the media companies have a chance to cut the dead weight from their line-ups and make us only pay for what we really wantthey may be able to stop the slide.
I don't believe there is any law preventing them from selling piecemeal channels. The cable companies are effectively a monopoly, and othersise collude where there is choice in order to keep prices high. Think about it, how long have you paid for everything and watched little? All of that is gravy for them. And the taxes are shown on your bill, so you can check that. They are high, but it's not the driver of cost. They have dug their own hole on this.
Cutting the cord is easy, but avoiding television altogether is a bit different. For us young folks, who attempt to stream our content (on demand) rather than have it force fed, the cable companies are imposing draconian internet usage limits. They'll get their due one way or another. Granted, even paying the additional fees is still cheaper than most of the cable packages...
They're also completely desperate to keep your business... before cutting cable, I would just go take advantage of whatever new promotion they had... they were permanent and it would shave tens of dollars off the monthly bills... hundreds of dollars a year, just to go ask for it... given without hassle, even to existing customers. "I don't know, satellite is cheaper and they're bundling internet now." Took 5 minutes, while already out running errands.
Same thing is happening to the cell phone companies... After the contract rolled off, I just keep stair stepping into lower and lower monthly charges for the same or better plans... they're desperate to compete with the pay as you go phones. Sometimes you have to actually start walking out of the store before they'll cave, but they always do.
That FAZ I bought a year or two ago is still looking awesome.
I suck at this game.
LOL!!!!
You do realize that FAZ, VIX etc. actually require market volume...
remember with such things the "limit down" is zero.
The 5-year chart looks like a graph of voltage decay. No "shock" it's... headed for Zeroville.
FAZ... oh boy. That takes me back to the days of laughing at the FASFAZ loss-o-meter. What a friggin train wreck. But, man was it fun to ride from time to time. Cocaine had nothing on these puppies a handful of years ago.
Bullish for QE4.
well this looks like fun
Annoyed with myself, didn't short IWM early enough, waiting for a retrace that never came, finally dumped the account into TZA from 10:30 - 11, shooting for a half-pivot past the 200DMA, then saw the 'PPT' Nanex Buy imbalance story and got out with a percent, leaving another 2-3 percent on the table as we ultimately crashed down to the Daily Keltner. I can stand losses when I stick to my method, but always feel worse when I ignore technicals I spent 4 years studying.
Ah well, hope other traders did better, and it's sure nice to see some tradable intraday action after a tough period.
I stopped pushing paper the last time the DOW hit 18,000.
The "market" has more entertainment value for me now, but I do love hearing that there are actually flesh and blood traders left. In the meantime I just might kill a few more birds on my 1,700 acre slice of heaven.
Kudos and hold tight on to those brass balls of yours.
I feel your pain, after being laid off at age 45, being pre-screened out for 4 yrs from being 'overqualified' I decided to try trading, read 20 books, realized they were all crap, thought I'd trade options, but instead got infatuated with what I now know was perhaps the hardest task: TNA/TZA intraday. It's now been nearly 4 years of 10 hour days, most spent on method, and just this past quarter I believe I've figured it out, with a final tweak 2 wks ago that I hope put me over the top, but still fail on psychology from time to time. If I can progress for the rest of 2015, I just might say I've conquered those hexadecimal demons ... we'll see ...
I find it all fucking disgusting. I know some big players in the world of finance. these fuckers love to proclaim how they are "the best and brightest" and how they are the only ones who "know how to properly deploy captial."
I always know when it is time to get the fuck out when all these same assholes, who have fucking billions, start running around trying to figure out how they will hide it all from Uncle Sam, instead of doing what they claim to know how to do and actually deploy that capital....
again, fuck em, fuck em all right to hell.
Hey, no problem dude. You can always sell those gold fillings of yours and your wedding ring, you obviously won't be needing that any more.
"So it goes...."
Fukll selection of Dow 5k thru 15k are still on sale.
Get yours now whilst supplies last.
Anyone know why energy stocks did so well today despite the crude drop?
Yes. HAND
When do we win?
When they die.
Bullish, obviously.
Easy come, easy go.
LOL, I love it........PAYBACK!
It seems we are in the "it doesn't matter until it does" zone
There is no such thing as a free lunch.
The house always wins in a casino. Yeah you might win a little once in a while but in the long run the house always wins.
The lazy paper shufflers who don't know what real work is laugh at you fuckers .
Fuck the dow jones Tyler mate, what you are about to witness is the very lowest of the very lowest, common denominator.
Same as bank parasites, government parasites, and all assorted hangers on. Lets find owt exactly what your productive worth, is worth. Anyone, including me can type shit here on this website, but it provides what? Does it make folk a laugh? Maybe, does it do any other? Does it make the world tick and make a productive future for us all?
Do banks? Does the government? The hangers on?
On a long enough timeline you fuckers, you will find owt not just your worth, but you will find owt that graft was just as easy as living. And it never had to be like this did it?
;-)
Bingo. The laws of Nature and physics will re-assert themselves one way or another and the meaning of "value" and "compensation" will most definitely change. Get your tribe in order.
No risk, no reward, wouldn't have it any other way, personally.
Lighten up Francis.
Hey Mix how have you been Sir? Good to see you. I executed phase one my honey buying plan today. I am not talking about the shit you buy at the supermarkets in the U.S. but real raw honey. I know that you live elsewhere but Mericans are fucking dumb when it comes to honey. Follow with me on this one and I always value your thoughts as well as others.
Identify your market: Yep, OK, it is Russians and other immigrants. Identify your supply chain: A few old American men who still raise honeybees. Identify your product: Non-USDA/ FDA/ IRS/ UPC barcoded locally produced raw honey. Honey is liquid gold and not that garbage you see at the supermarkets. That shit they are selling is not honey. That shit is honey flavored GMO corn syrup and splenda if you ask me.
No one really thinks too much about honey these days but then again not many people really have had actual honey and I can't solve that problem. The honey bee decline problem is very real and I know that is related to several factors so I won't lecture about those factors here. No young people raise honeybees is one factor. That is all you need to know for this post. The supply of real local honey is quite low and this is not a good thing. I know about CCD and fipronil quite well.
What I did was go to the Benton County Fair after work today also known the Central Minnesota White Trash Fair. I left the wife and kids home because I went there to do business. I went there for only one reason and I knew exactly where they would be; I went to visit the few remaining beekeepers who still keep a stand in the small Heritage building at the fair. Every year there are less of them but they are still carrying on and I was glad to see it. I walked up to them and said "Hi! You are the guys I was hoping to see." The old man's response was "Why? Are we in trouble?". To the contrary but why would he ask that? I suppose that selling raw honey could be considered a major crime these days because there is no rubber .gov inspection stamp. I explained that I was at the fair for one reason only and that I was there to buy honey and I would like to buy bulk if possible. No, it is not possible it turns out. Why? They don't have that much honey to sell.
Hell, it is just what I figured would be the case and there were no other people buying honey or even in that building for the most part. It is confirmed that there is a very limited supply of quality real honey. I proceeded to buy one of everything they had in large sized containers and they were shocked that I would buy so much honey which was really not that much.(I could still carry the box) The whole thing came to $71. They are not used to someone doing something like that. Most people buy the little shit and walk on if they buy anything at all.
Once I got home with the goods it didn't take long for the Russian neighbor woman to come over and ask how much it costs. "It cost a lot", I said. Well, she fawned over the buckwheat honey because that honey is rare to find and Mrs. M became protective of her new honey and did not want to share. I found that interesting. Well, I didn't buy Mrs. M anything for her birthday last Monday. Plenty of women brought her flowers and I don't think she was too happy with me for that but now she is. I told her that all of her flowers will be dead and worthless soon but the honey will not go bad and she knows this. She knows that I am correct.
Peace.
I have had honey bees for years. It is very important to my business. We have not had any problems. Of course I don't spray nicitinamide compounds on any of our crops.
The corporate model for beekeeping is the fucking problem.
The problem is fipronil. Anyone can buy it now and it is in RTU form from the shelves of Wal-mart. Bad idea. Great chemistry but not in the hands of fools.
AU$1.60/L here in Aus, sooo happy oil has tanked, same price as when it was over a dollar a barrel.
And if there's still heaps of the stuff in the ground, why the fuck are oil companies going to expensive offshore/arctic/fracking & deeper wells?