This page has been archived and commenting is disabled.
Black(er) Monday Looms: Dow Futures Down 220 After J-Hole Speeches & China Fold
It appears a combination of Stan Fischer's 'September is still on the table' hawkishness (among others at Jackson Hole) and the "promise" once again that China will not intervene in the stock market anymore has taken all the exuberance out of last week's epic short squeeze in US stocks. Dow futures have given all of Friday's manipulation back and are trading back near Thursday's JPM panic lows - down 220 from Friday's close.
An ugly start to the week:
With some key Fib support being tested:
China’s government has decided to abandon attempts to boost the stock market through large-scale share purchases, and will instead intensify efforts to find and punish those suspected of “destabilising the market”, according to senior officials.
For two months, a “national team” of state-owned investment funds and institutions has collectively spent about $200bn trying to prop up a market that is still down 37 per cent since its mid-June peak.
...
Traders and officials said the latest intervention was aimed at providing a “positive market environment” in preparation for a big military parade this week to celebrate the 70th anniversary of the “victory of the Chinese people’s war of resistance against Japanese aggression”.
Senior financial regulatory officials insist that this was an anomaly, and that the government will refrain from further large-scale buying of equities.
Finally, for a glimpse at where we might mean-revert to after the biggest 3-day short-squeeze since the bank bailout in Nov 2008...
We are gonna need another AAPL email, stat.
Charts: Bloomberg
»
- 69407 reads
- Printer-friendly version
- Send to friend
- advertisements -
Nuttin to be "hopium" about.
Plus, the Squid, Blow Morgan and various bankster assholes are now nicely positioned short, so just a matter of time before the flush....
Trump will create millions of high paying jobs buidling and supporting the operation of the Great Wall of America.
Those weekly puts.... just missed it by That much
Fuck the fed
This 'market'... Can't buy and hold, can't trade in it. WHat kind of market is that really?
Man, just matches the USD/JPY like a watch. Amazing stuff.
BTW, nobody lately has mentioned us being in the Japanese model. Don't forget.
Bigger fiscal expenditures, QEtothemoonAlice, deflation and rock bottom low interest rates.
But what if the Chinee sell all their Treasuries, you ask? So what! The FED can buy 'em all to implement QEwhatever right after they raise the funds rate by 25bps (LOL)
How's that Abenomics workin' out for ya' Obie? You don't care as long as the country goes to hell? I gotcha. Sorry I asked.
Greetings Professor Falken.
A strange game.
The only winning move is not to play.
Knuk- I have mentioned it several times in just the last few days. It's been my core thesis since I got to ZH but I can't talk about it every day or it wears people out.
Most notably, the only thing missing from my Japan scenario to date has been a persistent decline in equities. I believe we have started that process recently.
Yepster depster. The whole ball-o'-wax.
Nothing different.
Well, except the Japs don't have a mongoloid hoard of poor folks invading their country, being welcomed with every single last possible largesse to be paid for from the pocket of the non-existent disappearing working class. Aside form that, we're cool. That and the quality of leadership impresses me.
As Will Rogers said; "True terror is waking up one morning and realize that your high school class is running the country"
Our increase in population won't save us. Those coming in (by the zillions) are, by and large, non-productive or marginally productive. They just get here and suck benefits off the bloated welfare system Or, at best, take a minimum wage job which only displaces others who used to hold that job.
Just another shortcoming of Keynesianism. Everyone worships at the altar of "aggregate numbers". Never a care as to the quality of the numbers.
When the quality declines faster than the aggregate number goes up, you're fucked. You are here.
WaPo article about a family from New Orleans relocated to NE after Katrina. After escaping NO with their lives, they, though desperately poor, decide to have 2 more kids on top of the 4 they already had. This is the welfare state as LBJ wanted it. Reproduction until the food supply or land runs out.
http://www.washingtonpost.com/sf/national/2015/08/29/youre-one-of-us-now/
People who cannot support themselves and who cannot pay their fair share of taxes should not be allowed to have children. Period. You on welfare because you will not work? Fine. No government money for you if you have a kid. Ooops? Welfare woman gets pregnant? Up for adoption or abortion. Or have and keep the kid and lose your welfare benefits. Down thumb me, call me what you will. I have heard more than one woman say she had another kid because of the additional money she will get each month. Not fair to the child born into this situation and sure as hell not fair to single males and females like myself who choose not to add to overpopulation but who pay 30% of our hard earned income so lazy people can keep spitting out babies and living on our money. Enough. Having kids is a privelege. Not a right.
Nah. You don't have to get all creepy and shit. And you definitely don't want the IRS in charge of deciding who can have a baby and who must abort. That's so gross. It wouldn't take a year before we'd be hearing, "Sorry, you make less than 50k and you went to a Tea Party web site last year. Your wife must report to the clinic for fetus recycling in one week."
All you have to do is cap the cash. Keep the cash value of handouts well below an unskilled working class job. Pay extra to a parent. Make no differentiation between a parent of one or of 5. Make the fathers pay child support from any benefits they receive.
And it won't take a week before all women on welfare will be whispering, "No glove, no love."
It's totally possible to provide a lean, scaled down support system without making it profitable and preferable to never leave it.
On a side note, I'm a fan of soup kitchens and ration books. I think EBT cards are a huge part of the problem. Electronic ration books with separate credits that could be exchanged for bread/grains, meat, dairy, fruits and veg would be perfect. We should be saying, "We won't let you starve, but we aren't paying for your RedBull and Skittles."
Of course none of this matters if the economy tanks and there isn't any taxpayer money left to hand out.
Having kids is a privelege. Not a right.
Well the Chicoms had that figured out. I guess what we need is a Communist Government.
Or maybe we already have one and it just needs some adjustments.
"Just another shortcoming of Keynesianism. Everyone worships at the altar of "aggregate numbers". Never a care as to the quality of the numbers."
Pretty sure Kuznets warned about this along simliar lines, admonishing statists & bankers not to use his GDP calculation as an informative device for central planning.
But of course, politicians and Keynesians being what they are...lol.
"...the welfare of a nation can scarcely be inferred from a measure of national income. If the GDP is up, why is America down? Distinctions must be kept in mind between quantity and quality of growth, between costs and returns, and between the short and long run. Goals for more growth should specify more growth of what and for what."
Simon Kuznets
Yes.
And it bears repeating over and over again until everyone knows exactly where the coffin is and a wooden stake is then driven through the heart of the vampire.
The Japanese didn't surrender to the Chinese, they surrendered to the Americans. If Joe Stalin had kept maybe one promise from the Yalta conference, Truman wouldn't have been forced to use atomic power on Japan.
Honestly, we need a guy like David Duke in charge. Guy is far, far, far from a racist....if we want to save the foundation of America we need to save our European White values, while supporting multi-culturalism of others. Have you listened to this guy? I fell for the he's a "white supremist" bullshit from the MSM but then I actually listened to what HE had to say. Guy makes a ton of sense.
and he's so ecologically aware he drives a hybrid Panzer.
I just listened to Duke. The guy's reputation with the media doesn't appear to square with his rhetoric and good sense. The guy is pretty sharp and reasonable about many issues.
its a market designed to do what everyone does not expect. Its how the market makers make their money for years.
and the market will crash again this week, I think.
Have a look at the VIX, major panic is about to set in to the market, with VIX showing a BULLISH FLAG, that is what bulls do not want to see. OUCH! Time to push the panic button???
See chart here ==> http://www.bit.ly/1fMcakI
Funnier -- Actually he just said in a recent interview as president he would monkey hammer the Mexican government nd make them build the wall for us since they have so much money flowing back across the border into Mexico he'd just make them an offer they can't refuse.
I bet the greens and the reds all think the same thing. I think you're being an asshole, so I vote down, but I bet your 20 greens are from folks who agree that Trump will bring jobs.
Clubbing the e trade baby , selling the parts
We're being baited. I'll pass.
Too bad far too many others are being drawn in, though there are a lot of people starting to worry that the FED etal aren't actually omnipotent and the herd is getting restless.....
Go away, baitin'
Anyone know clive?
I was just introduced.
http://www.clivemaund.com/article.php?art_id=3552&PHPSESSID=8ac15b47a254...
I have trouble thinking any sense can be made out of kabuki they call markets.
RIPS
the chinese gubbermibt already owns half that bogus stock market how come they don't want to buy it all?
mark it zero.
It was to be announced at the Party Congress on Monday. As you know, the Premier loves surprises.
Nice Dr Strangelove reference.
Damnit! I figered the DJ would go up on mondy..
FUCK!
Now how're I gunna get this shit straight fer I need to pay some moar?
fuck!
/es down 24, just because
Is it just me, or does the USD/JPY always seem to tell you how equities go? For example, USD/JPY also went into free fall once S&P futures opened. BOJ or simply highly leveraged carry trading robots?
Don't forget it's the end of the month. When many a jack up occurs.
Fischer's pals are still short?
Every tip is trimmed.
Midget in the J-Hole.
We're leaving together,
But still it's farewell.
And maybe we'll come back
To earth, who can tell?
I guess there is no one to blame
We're leaving ground (leaving ground)
Will things ever be the same again?
It's the final countdown.
The final countdown ...
Brief market thoughts:
http://thetradingcrucible.blogspot.com/
Being a stock market investor is harder than they say when they talk about it.
Markets are crazy and hostile.
Hopefully whoever the Democratic person who becomes our next 'president' will be like president obama.
He has taught us that 'markets' need to be controlled.
'government' must insure that extremist are punished and that those who do not cooperate will be marginalized and eventually eliminated.
El Presidente el bozo is a truly great man..
Gunna go take a dump now..
Bye-bye
When the world's stock jockeys see their peers heading for the crowded exits with their year's performance fees locked in, we'll see reruns of last Monday's 1000 pt. collapse, without the manipulation bounce:
http://www.investing.com/indices/indices-futures
They're going to have to shut this massive confidence game down sooner or later.
I vote for sooner.
Happy Shemitah!
Look what happens when big players miss out on a flash crash. Just engineer some hopium and take the other side of the dumb money. The short duration of this window speaks volumes about the overall market health.
So it was all fake? not real?
Should i buy the dip?
Buy the dip? Depends on what kind of dip. I like french onion.
We will be green tomorrow...end of the month and long weekend coming up. Do you think they will allow a big drop before Labor Day? If so, you haven't been watching the last 6 years
I think you meant to say. The ramp last week was to give a buffer before Labor day so the S&P would stay above 1900 before that weekend and not take a 15% dump on the picnickers.
When and not if Gold is what everything value is measured with.
The price of everything will go down and the value of Gold will go up.
The Khazarian Bankster Warlords do not like this, that is why they created the paper money, First suposidely backed by Gold and then when we got used to using it backed by Shit.
That is why the Money changers force the Roman governor to crosify Jesus, cause he saw that they issued Fake receipts of Gold lent out to people with interest attached to it. They knew not everyone would ask for their Gold at the same time. Think about it 2000 Palestinian Guards and 600 Roman guards guarding the Temple of Suleiman, who was to pay them for protecting people Gold.
The only weapon that will destroy the Khazarian Bankster Warlords is granted to us by the Prime Creator and that is ( GOLD ) .
And if you want to preserve your earned wealth, Gold is the one thing that you should hold ( PHYSICALY ).
Fiat was created to make financing wars easier. The bankers are just along for that ride. Because wars are politics by other means.
It is difficult to make war without popular support.
So who votes for theses mooks? There is your ultimate culprit. People who want to live beyond their means. Faith in government. Faith in the political power that comes from a muzzle of a gun. An ugly faith to be sure.
Be the dip, buy the dip.
buy the ranch dip, and the ruffles
It's been stated over and over again by zero hedgers; if your not in physical gold bullion by now you are in serious trouble!
www.teamramgold.com/about-us
/ES off 25 ... so far ...
https://www.youtube.com/watch?v=ScRmLMTYzUo
Breaking below 1970 in the futures kinda fucked any chance of a green close in the upcoming week.
Can't wait to see everything turn around and finish up a percentage point tomorrow afternoon.
Kevin is busy getting drunk right now. He'll be all sobered up by close of the EU markets tomorrow and ready to pump - you up!
Well, Kevin won't be "sober" by tomorrow, but he'll be in the bathroom on breaks Bangin17gram rocks off the back of the toilet in the men's room.... Why do you think the 3:30 pm ramp-up is always so powerful ???
Quick, call Tim Cook. Tell him to get that dick out of his ass. He has lots of phone calls to make.
Of course, Cramer might want some of that action.
Do you mean Kramer wants another "secret" email from Timmy or a stiff one in his _____. Too ?
Yes.
I am out of the equities market entirely, so at this point just find it interesting to watch. I told my son to think of a diving board, flat and stable, until a diver gets on - up and down it goes. i expect alot of that to come in the following weeks, market down one day, bears I told you so, then back up, bulls rejoice, something for everyone. Until it stops and finds where it belongs, which is maybe 50-60% of where it is. Won't matter to me or the real economy sputtering along. But fun to to watch the predictable noise from CNBC types and the eternal bulls.
Holy Shit! Please save me! I am so freakin tired of my wiff who runs A gift shop talking about the best wooden moose or printed coffee cup to buy. Please help me, My God!
I am living in the twilight zone.
https://youtu.be/If3SXJeZzMQ
Mrs K and I used to love camping, canoeing and fishing in Wisconsin, Minnesota and the UP before all the little rugkunkles came along. And saw the cutest babies (moose) up in Maine one year. Makes me long for the good olde days of nostalgic bumper stickers, red Coke bottle dispenser machines and side vents open during warm refreshing spring showers
http://www.chainsawcarving.net/moose%20carvings.htm
Tyler I hope you do some chart porn for how much $$$ is landing in Uncle Scam's tax penalty coffers for the 401k muppets who are spooked by this rigged casino. I bet a ton are taking the "two in the hand is better than one in the bush" approach getting the fuck out of this.
I too am tired of the chart porn. Faithful follower of ZH. All I want is to be postioned just 1/1000th of the trade size of a Kyle Bass Man Crush Trade to exit the rigged casino for a trade of a lifetime. A shiny nickle for any and all suugestions.
This past Monday I took the day off to run some errands. I made it a specific point to mention to everyone I encountered (bank tellers, store clerks, shoppers, etc.) that the stock markets were having a pretty bad time. I think I may have mentioned this to maybe 20-25 people all day, and every last one of them said something like: "THANKS FOR TELLING ME!!! THATS GREAT NEWS!!!"
I'm seriously starting to think there is not one last person in this country left... who would not just absolutely love to string people like Lloyd Blankfein and Jamie Dimon up.
Be very careful!
You may be perceived as one who CAN SEE!
https://www.youtube.com/watch?v=qM6r8KapWIk
Actually that sense of SIGHT can actually be helpful, unlike the scene where it is detrimental as in "They Live".
It can actually provide you with a clarity of VISION...so that you might be able to AVOID HAZARDS.
Actually your ability to see will also allow you to ESCAPE and EVADE those who are out to harm you.
Allowing others to know about your vision may also encourage others to develop their very own vision. That action, alone, may help to awaken them from their Television Induced Hypnotic State..
Act boldly so that you might not be harmed.
Without ANY ACTION there is a guarantee that YOU WILL BE HARMED. Do not allow your FEARS to stymie you from ACTION. Cast your fear aside and do that which is right.
The only way that they have any power over you is when you CONSENT to handing it over. So STOP CONSENTING.
I see your "They Live" reference and raise you 5 shekels:
http://imgur.com/SgThTUN
The new world order in which central banks intervene directly in stock markets to maintain artificially high stock prices has thrown away the wisdom of the market place and replaced it with communism. Does anyone expect anything but long term disaster?
Yes – near term disaster.
An overpopulation die-off is the most likely resolution.
It is nature's way of resolving imbalance.
Economic information has been utterly corrupted by manipulative banksters.
How can the productivity needed to support world populations be maintained when the language of commerce has become unintelligible?
The global economy has become a Tower of Babel.
Seriously, bro, does it ALL have to be Wikipedia?
Just about anyone can edit that shit to suit their agenda.
So go sign up... and add your own shit to the pile.
Sorta like any random message board, eh?
I avoid Wikipedia at all costs.
Color me prejudiced.
Television is too fast for me. Wikipedia allows me to read reeeeeeeeeeeeeeeeeeeel slow.
Nature's way?
Mother nature is getting a goose in the caboose from some folks that should be at the front of that line.
What we really really need is another LLD open ... that gets bought like usual ... and then keeps going. A 100 handle or better selloff that sticks.
Its not going to happen. As long as they can keep printing its never going to happen. I agree it SHOULD happen, but it is not going to.
The only way this system is going to come apart is when they finally steal too much and people start waking up, but then they will probably just blame the disciples of the school of Austrian Terrornomics.
When the shit hits the fan, hopefully we still have a few cars that are not driverless, there's only one flotilla of solar powered 'infini-fly' drone carriers deployed, and they haven't released the 'minds-eye' nano-bot swarm clouds for terror monitoring(when they can see inside you from the nano-bots you ingest/breathe that is the only way to know you are not a terrorist).
This shit doesn't seem like sci-fi anymore =\
J-holes, LOL.
Shemitah or get off the pot!
Shut yer dam J-HOLE!
Monday - 09/21/2015
Monday, Monday, can't trust that day
Monday, Monday, sometimes it just turns out that way
Oh Monday mornin' you gave me no warnin' of what was to be
Oh Monday, Monday, how could you leave and not take me
Every other day, every other day
Every other day of the week is fine, yeah
But whenever Monday comes, but whenever Monday comes
A you can find me cryin' all of the time
Monday, Monday, so good to me
Monday mornin', it was all I hoped it would be
But Monday mornin', Monday mornin' couldn't guarantee
That Monday evenin' you would still be here with me
Every other day, every other day
Every other day of the week is fine, yeah
But whenever Monday comes, but whenever Monday comes
A you can find me cryin' all of the time
Monday, Monday, can't trust that day
Monday, Monday, it just turns out that way
Oh Monday, Monday, won't go away
Monday, Monday, it's here to stay
Oh Monday, Monday
Oh Monday, Monday
Overnight levitation starts at 8PM NYT when BoJ gets going. London and the ECB take over at 3AM NYT. Have you not been paying attention. lol.
We need this shit to crash and fly apart NOW. We all know it's going to, last thing we need are for these fucking clowns to hold this shit together another 5-10 years . Just imagine how much shit they could get away with in that amount of time. Of course, that's not to say that said clowns aren't aware of shtf and already have fucked up plans. Outlaw cash, bail-ins, war etc. Or 'more', bigger and improved wars that is.
I am going LONG on hookers and blow.
And Bud Lite. I like Beer.
ditto. And i'm thinking the quality of hookers will increase, along with price decreases.
Budweiser hardly qualifies as beer. Bud lite? LOL! Might as well drink Avian. Its got as much kick.
One 12 Ounce Can of Coors Light inebriated me last August.
I guess that I am a "lightweight".
How much do you drink? Are you an alcoholic?
And less taste. Any lite beer is goat piss.
Glitch on standby....let 'er rip!
Those dead cats on trampolines, are gonna get pancaked next week.
Ha.
When SHTF quantity of hookers will improve. A hooker is still a hooker. Brew your own beer . Cheaper and a good hobby to keep you away from the hookers. Learn how now so u have something of value to barter.
Between the 5/19 ATH and 1831 low last week on the ES, the 38.2% Fib is at 1946.75 (toast) and 23.6% at 1902.51, lower channel support right around 1800. That was fast.
The machine is finally shaking itself apart and the scapegoat environment is target rich. If you're a central banker with your back against the wall what's not to like?
According to Peter Tchir of Brean Capital LLC:
Why a 1,000 Point Drop in Stocks Means the Fed Should Hike
While everyone is rushing to push back their estimates of when the Fed will hike, I will go out on a limb, and basically beg them to hike in September (and not just because my current view of short equities, short treasuries might benefit). I also toss out a few suggestions for additional Fed governor roles, because of their expertise.
The main reasons for the Fed to delay are:
• Stock market volatility
• China and concerns about the global economy
• The deflationary pressures of China and the global economy
Of all the reasons given, stock market volatility should actually be a reason to HIKE not to delay.
The Fed, by talking up the market when it is down and talking down the market when it is up has created a volatility selling, dip buying mentality. We finally saw what that behavior can do in a short period of time. There were seriously discussions of 1987 over the weekend and part of yesterday. Stocks couldn't open. S&P Futures crashed to 1,830 on nothing. There was no liquidity. This all started last Wednesday after the Fed minutes.
They have potentially created a monster by causing mis-allocation of capital and rewarding certain investment behaviors which many not be the most prudent.
Hiking rates is always going to be a concern for equity markets. So here, you can say you won't hike, let stocks rally and in all likelihood create an even bigger problem down the road.
Or you can look out the window, see that the sun did indeed rise today, that stocks were trying to bounce long before China announced anything officially, and decide, that hiking rates when the S&P 500 is at 1,885 is better than hiking when it is at 2,100. There is more value at 1,800.
Quite frankly, I don't care if someone wants to panic and sell stocks because the Fed hiked a measly 25 bps. I am quite convinced that this Fed will remain data dependent. If the economy deteriorates after the hike, they will cut. Or they will do QE4. I still bet that we see QE4 before 1.00% of Fed Funds, but I think the right move is to hike in September.
Not hiking sends too many wrong signals to markets. Hiking clears the path for the real take off.
How much more comfortable would I be buying a rallying S&P 500 knowing that the first hike is off the table and been absorbed? The answer is a lot more comfortable. Once we can get past the zero bound we can lose this erroneous fixation on when the first hike is and think properly about the path.
So the Fed can sit in a room and wring their hands worrying about the next move in the S&P 500 clinging to models that have failed to deliver the results they expected, or they can raise rates.
My argument is that they need to attempt to deflate the possibility of a truly bad bubble developing.
On inflation - low rates and cheap capital certainly helped drive energy prices lower over time. Maybe a rate cut initially spurs inflation, but there is some evidence that over time it can actually be deflationary (by real economists and not just me).
On China - who knows what the actual situation is there. They overtly try and pump up the market. They will do what is right for China.
Nothing is permanent - hike and if it doesn't work, then do something else. But give it time. There is one school of thought that the first hike will actually create some impetus to starting projects and pull demand forward.
My three choices to add to the Fed would be:
• Madonna - she knows about "the first time"
• Tom Brady - he is good at slowly deflating things and winning
• Popeye Doyle - he knows that the only way to end an addiction is to lock yourself in a jail cell and go cold turkey
Sadly, the Fed is unlikely to listen to me, and they will use the current issues to delay again, but I think that is a mistake.
"...My argument is that they need to attempt to deflate the possibility of a truly bad bubble developing..."
The "Possibility" ? LOL!!!!
How about discussing what a rate hike would do to the Fed's bottom line?
I'll give you a hint: the Fed can't afford a rate hike.
Well, fair value on Dow futures is -170, so -220 futures only means down 50 at open, so why is this even a story? In fact, as I type it now only shows -194 putting us down all of 24 pts. Oh, the sky is falling!!!! LOL, Yet still things can change dramatically between now and Monday morning.
"200bn"...China, you knew better then and know now, that money could of been used for another new city!
heads should roll on this one
Come on people - our fearless leader just renamed (because he can) Mount McKinley - Denali. Any significance here? LOL
Rename?? Seriously??
Geezus dude, what rock have you been hiding under?
Hey if the banksters have an option of printing or being mobbed by 7 billion people I think they'll print. BTFD.
I know
that my world is coming down
well i know
i know...
that my world coming down
coming down
bring on down
- Type O Negative
Rest in peace and God bless your soul Peter Steele
People will be pulling their faces out of the Hurt Locker next week.
Fischer, the A-hole at J-hole.
J-Hole = ZH Meme of the month! When Misch mentioned this article in his sidebar, he spelled out the Jackson, so you know Tyler is on to something.
J-Hole
J-Hole
J-Hole,
Where you go to see all the A-Holes...
According to Bruce Beach:
1. Commodities Collapse
2. Stock Market Collapse He thinks we are here.
3. Bond Market Collapse
4. Job Market Collapse
5. Real Estate Market Collapse
6. Derivatives Market Collapse
7. Fiat Currencies Collapse
8. Financial Banking System Collapse
9. National and Social Collapse
10. Thermonuclear War
The order may be incorrect. Some will cause others or occur at the same time.
http://www.rt.com/usa/313859-canada-us-great-wall-walker/#hcm=1441004078...
ilya 2 hours ago 6 ^the wall is intended to keep Americans in! Slavery Genocide of White Christians Prison Industrial Age Secret's out. One world communist government run by homicidal maniacs, spawned through incest and power structure maintained and strengthened through extortion, assassination, bribes and long-term minute-by-minute detailed plots to place loyal agents into positions of decision making. 15 min summation of the Land of the Free and Home of the Brave behind prison walls https://www.youtube.com/watch?v=nK5iXb8N7ds
The 3 things the KGB feared in the 80s. Reagan, AIDs, and Jews.
How's tricks bunny?