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Another Late Day Dumpfest Ends Worst Thanksgiving Week Ever For Stocks

Tyler Durden's picture


Stocks plunged at the close for the third day in a row to cap the worst Thanksgiving week ever. US equities seemed in a world of their own for much of the day - especially financials - as all the hope and rumors faded and clearly a large number wanted to be flat or short into the weekend. Across a broad basket of risk assets (CONTEXT), today's equity rally and selloff was pure emotional overshoot and correction as we closed back at reality. HYG once again led the derisking way and credit underperformed equity until the late-day equity sell-off converged them once again. What has been most notable this week - particularly the last day or so, has been the sell-off in Treasuries. The concerns that European entities are repatriating anything and everything should be very worrisome and the volume into the ES close suggests that fear is growing.

CONTEXT was less ebullient though was bid today as broad risk assets moved up on hope and then rolled over on reality once again. The factors were much less correlated than normal - especially treasuries - but the incredible correction back to sanity into the close was quite surprising nevertheless in its relative exactness. We think the lower correlation is also a factor of technical flows and worry that we are heading towards some break that could lead to significant outflows from seemingly low risk trades - something to watch.

Treasury performance today was entirely odd given the sell-off of the afternoon and the relative strength until the last day downgrade of Belgium in EURUSD also suggests that there was heavy repatriation of foreign assets.

Equity and Credit were generally in sync today but HYG led the way once again. The 4th day in a row where HYG was the clear beta leader (red ovals) which fits with the thesis of ETF-stuffing that we have been effusively discussing for a few weeks. Given high-yield credit's further deterioration, we have adjusted our S&P 500 cash index fair-value to 1135 and while we are as close to fair between equity and credit (as equity has snapped back to reality) as we have been in over a month, we suspect if sustained pressure from HYG pushes into secondary HY bonds, credit and equity will repeat the pattern on 2008 and tumble together as if riding an illiquid slip'n'slide.

Its admittedly thin trading after-hours but the major US financials have given up all of their gains with MS, WFC, AMEX, and GE all practically unch and GS and BofA dropping off.

FX markets were a one way street this week as EUR-based flows drove USD strength in almost a straight line - admittedly with some vol - with DXY up over 2.1% on the week and AUD down over 3% against the USD. Finally, into the close, commodities generally sold off quite hard - fully retracing the SNB/Greece 'good-news-silliness' chatter - with Oil and Silver the craziest. What was very notable was the last minute rally in Oil into the close - war premia? Gold modestly underperformed the USD on the week while liquidation appeared more the moves for Silver and Copper.

The week in Europe was clearly the main driver (and rightly so) and is evident in the disconnects this week in European credit and equity. Financials closed just of their wides of the week while the rally into the EU close (well before today's ugliness in US) was led by Main (not XOver) suggesting it was much less risk-on than it might appear. Equities outperformed today - once again seemingly in a world of their own - and given the weak close in the US, we would expect this gap to fill on Sunday's open (as we have seen again and again).

Pete Tchir, of TF Market Advisors, sums the day's headlines in Europe up nicely:

The only logical conclusion is that we are further away from a solution or agreement in Europe than we have been in a long time.  The "Grand Plan" has failed and this time, it is not a matter of creating "bigger and better" versions of prior plans, they need to do something new.  Germany in particular will not relent on "printing" until a real, credible, and implementable plan is on the table.  I think they are weeks away from that.  In the meantime expect support for European sovereign debt to erode.  Italian and Spanish debt are dangerous, but as shorts take some profit there at these yields, they will step up positions in Belgium, France, and probably Germany.


The best thing Europe could do is impose some old school "children" rules on the politicians, finance ministers, and various government employees.  They should be told 1) Children are meant to be seen, not heard, and 2) If you have nothing good to say, then don't say anything.  There is enough bad news out there without people like Mersch taking the time to speak.  Would it be that hard to say Draghi is only one allowed to comment on ECB at this stage?  I'm bearish and thankful to Mersch, but really, what was the point of that?


Have a great weekend and enjoy the holiday, and get some rest, because this is likely to be a December to remember.

Charts: Bloomberg


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Fri, 11/25/2011 - 14:22 | 1913448 transaccountin
transaccountin's picture

i need mah hopioum fix

Fri, 11/25/2011 - 14:48 | 1913529 CPL
CPL's picture

Retail black friday stuff will probably be massaged for Monday morning.

Fri, 11/25/2011 - 14:53 | 1913544 4realmoney
4realmoney's picture

Some insightful comment from Al Jazeera on the deepending Eurozone Crisis, for which Black Friday is just a distraction.

Dow Jones TV  -

Fri, 11/25/2011 - 15:19 | 1913604 redpill
redpill's picture

 Black Fryday is raciss anywayz

Fri, 11/25/2011 - 15:24 | 1913617 GOSPLAN HERO
GOSPLAN HERO's picture

Believe dat!

Fri, 11/25/2011 - 15:51 | 1913687 Let them eat iPads
Let them eat iPads's picture

I ain't painting my face for nobody.

Fri, 11/25/2011 - 16:07 | 1913727 Freewheelin Franklin
Freewheelin Franklin's picture

That's Kwanzaa Friday, or somethng. Or maybe Holiday Friday. Not to be confused with Holiday Hotel 

Fri, 11/25/2011 - 15:45 | 1913671 Seer
Seer's picture

Excellent piece.

Fri, 11/25/2011 - 16:01 | 1913709 Freddie
Freddie's picture

Sadly the dumb Europeans, as well as other western countries, have been bankrupted by Al Jeezherah's emigrating/invading muslims.  One of them has bankrupted America.  

Fri, 11/25/2011 - 16:56 | 1913873 lotsoffun
lotsoffun's picture

but - but - nobody wanted to clean the toilets at the airports.  so we brought one, and he brought the wife, and mamma and papa, and the 5 kids.......

it was fair exchange.




Fri, 11/25/2011 - 19:37 | 1914104 HungrySeagull
HungrySeagull's picture

And feed and house, to clothe them all on shit wages to boot.


Something must be truly fucked up when two of us cannot make it working minimum wage and debt free....

Sat, 11/26/2011 - 04:33 | 1914817 FlyPaper
FlyPaper's picture

Freddie:   Oh for Pete's sake.  The problems started in 1913; got wind in their sails in the early 1960s and we were propelled into stupidity by the repeal of Glass-Stegall.    No Muslims involved.  Just socialist-thinking politicians and cronyism.

Frankly, we will soon see that our own banks will have done vastly more harm than 9/11, and far more people will die as a result.  We'll spend a trillion to fiddle with Iraq while our regulators stand by and analyze how the cows got out of the barn door.  

What a mixed-up set of priorities.

Sat, 11/26/2011 - 10:33 | 1915011 Eally Ucked
Eally Ucked's picture

I agree with your point but also, probably, you noticed that all big and fameous economist alarming about western societies getting older and imidiate need to change demographics to cope with so called "entitlements". All those gov's adopted policy of allowing much bigger immigration. Where all those people are coming from? Do they import people who are ready to be assimilated into western societies at once or they need some time like generation or 2 to get absorbed? What are the cost of such policies, monetary and social? Maybe they should focus on their own populations and somehow encourage citizens to have more kids, oh yes, it needs some more "entitlements" as most contributors of this site call them.   

Fri, 11/25/2011 - 14:50 | 1913537 fonestar
fonestar's picture

I continue to price in disaster, one silver coin at a time!

Fri, 11/25/2011 - 15:00 | 1913567 end da fed
end da fed's picture

i love it when silver goes on sale!

Fri, 11/25/2011 - 15:12 | 1913590 The Monkey
The Monkey's picture

Me too. I'm planning on loading up when it hits $3 / oz.

Fri, 11/25/2011 - 15:20 | 1913605 redpill
redpill's picture

You misspelled $30 and you'll be lucky if it makes it that far

Fri, 11/25/2011 - 15:26 | 1913620 The Monkey
The Monkey's picture

That would be $3.00, as in 3 dollars.

Fri, 11/25/2011 - 15:31 | 1913635 end da fed
end da fed's picture

oops, you put a decimal (.) in there

Fri, 11/25/2011 - 15:32 | 1913640 The Monkey
The Monkey's picture

Good luck with that.

Fri, 11/25/2011 - 15:49 | 1913682 fonestar
fonestar's picture

I am a ZH'er and I care not for luck, I have fear, mathematics and millions of momos loose on the range!

Fri, 11/25/2011 - 15:58 | 1913704 The Monkey
The Monkey's picture

And most likely, I've kicked your ass for the last 8 years running.

Fri, 11/25/2011 - 16:03 | 1913713 fonestar
fonestar's picture

warning: deflationist 'tard alert

Fri, 11/25/2011 - 16:10 | 1913736 The Monkey
The Monkey's picture

This tard is sitting pretty.

Fri, 11/25/2011 - 16:48 | 1913853 Hulk
Hulk's picture

in Mommy's basement, as all tards do...

Fri, 11/25/2011 - 16:06 | 1913722 end da fed
end da fed's picture

silver 11-24-03 = $5.24

silver 11-24-11 = $31.87


Fri, 11/25/2011 - 16:09 | 1913734 fonestar
fonestar's picture

I've been buying since $14/oz myself.  But if I would have continued that coin collection I started when I was seven years old I would be a thirty-three year old retiree now!

Fri, 11/25/2011 - 17:58 | 1913993 end da fed
end da fed's picture

yes, i wish i'd bought that low too. i only brought up the 11-24-03 silver price because monkey was using the 8 year timeline.. but i'll buy silver and gold no matter the US$ pricetag, as long as i can get my hands on it. i just worry about attempted confiscation someday

Fri, 11/25/2011 - 18:27 | 1914031 fonestar
fonestar's picture

By the time they are worrying about taking a couple coins and bars off of private citizen's hands (and I don't doubt it will come to that) they will be done anyways.

Game over for Benny and the boys.

Fri, 11/25/2011 - 19:04 | 1914066 end da fed
end da fed's picture

their "game over" can't happen soon enough for me... i'm so tired

Fri, 11/25/2011 - 16:03 | 1913716 Freddie
Freddie's picture

Momo's and hedge fund managers "on the range?"  You mean the rifle range and they are the targets?  Nice thought.

Fri, 11/25/2011 - 16:10 | 1913739 fonestar
fonestar's picture

More along the lines of a combustion engine requires an accelerant to burn.

Fri, 11/25/2011 - 15:35 | 1913648's picture

The Bernank has promised ZIRP through at least 2013.

Fri, 11/25/2011 - 15:53 | 1913690 fonestar
fonestar's picture

And the market has promised doom before 2013 as a result of the Bernank

Fri, 11/25/2011 - 17:02 | 1913891 Bansters-in-my-...
Bansters-in-my- feces's picture


The Monkey learned to press the green arrow 3 times.

Fri, 11/25/2011 - 17:14 | 1913911 whstlblwr
whstlblwr's picture

I agree with Monkey if Bernanke fails with inflation. Also if Ron Paul wins we will get strong dollar, weak commodities.

Fri, 11/25/2011 - 17:25 | 1913925 fonestar
fonestar's picture

If Ron Paul wins that will be a good thing but nothing will save the US Dollar at this point or restore the faith that has been broken over the past three decades.

Fri, 11/25/2011 - 17:33 | 1913946 whstlblwr
whstlblwr's picture

I disagree about dollar, but also forgot of war. War changes equation.

Fri, 11/25/2011 - 18:50 | 1914058 ffart
ffart's picture

Ron Paul has pretty much said he wants to kill the dollar as one of his central talking points. Of course he was more political about it, but that's what abolishing legal tender laws would do.

Fri, 11/25/2011 - 19:38 | 1914106 HungrySeagull
HungrySeagull's picture

It will never see 30 again.


If it does....

Fri, 11/25/2011 - 15:31 | 1913633 slewie the pi-rat
slewie the pi-rat's picture

if that happens early next week, maybe you will be able to trade straight across for yer BAC stock, you little monkey!

Fri, 11/25/2011 - 15:34 | 1913647 The Monkey
The Monkey's picture

You would mean my BAC shorts.

Fri, 11/25/2011 - 19:07 | 1914075 doggings
doggings's picture

Eat my BAC shorts money brains. 

Fri, 11/25/2011 - 17:12 | 1913908 Goldilocks
Goldilocks's picture

out of nowhere.
hey, at times the second quote gives me great insight. y;o


Fight Club-

Tyler: Like a monkey ready to be shot into space. [Tyler slaps new recruit in the back of his freshly shaven head] Space monkey. Ready to sacrifice himself for the greater good.

Tyler2 (Narrator): Trapped inside this clockwork of space monkeys.

Fri, 11/25/2011 - 15:54 | 1913692 whoisjohngalt11
whoisjohngalt11's picture

So does the Obamarama... did you see his Thanksgiving video wow..???

Fri, 11/25/2011 - 15:59 | 1913705 Freddie
Freddie's picture

Hope and Change from our beloved muslim.

Fri, 11/25/2011 - 17:10 | 1913905 whstlblwr
whstlblwr's picture

Muslim, Jew, nigga. You guys who like the label to pull down, only pull down yourself. I'm guessing also over 50... at least over 50, probably 70. These are words those from the old, small minded generation holds to for sense of worth.

Most muslim seem pretty nice people.

Fri, 11/25/2011 - 17:33 | 1913944 lotsoffun
lotsoffun's picture

they are really nice.  bang your forehead on the carpet until you have a big bump - and they will like you more.  if you are female and fancy scarves and clitoral removal - please move to north africa.  besides - the little bump doesn't do you much good?  in fact - please move there.  north africa preferred.  i'm sure you will be well received.  and if you are non- muslim - i'm very sure they will allow you to start opening up a storefront with your preferred religion and practice that.  infact - they might even be dumb enough to subsidize it.


Fri, 11/25/2011 - 17:35 | 1913950 whstlblwr
whstlblwr's picture

Not the fundamentalist. Fundamentalist of any religion are crazy. Look at Pentacostal here, just as crazy.

Fri, 11/25/2011 - 20:30 | 1914164 mophead
mophead's picture

"if you are female and fancy scarves and clitoral removal"

And many people in the US are no different. Circumcision does the same thing, only to males. It reduces sexual pleasure. Something that is supposed to appease (the) God(s). Talk about hypocrisy. If you live in a glass house ...

Sat, 11/26/2011 - 00:11 | 1914578 ceilidh_trail
ceilidh_trail's picture

Sooooooooooooooo, over 50= small minded and prejudiced? Yeah, people who use labels to argue a point are sooooooooo stupid. Right?

Sun, 11/27/2011 - 12:31 | 1917583 whstlblwr
whstlblwr's picture

My writing is not that great. This is what I mean, it seems that many I meet from old generation speak prejudice against Jew, Muslim, black in everyday language. Of course not all older generation, but many.

Sat, 11/26/2011 - 00:25 | 1914599 baby_BLYTHE
baby_BLYTHE's picture

I am 21. Since the U.S. is a secular nation by Constitutional inception, I care not what the religion or personal set of beliefs our Prez might subscribe. It is that fact he is a damned liar about such truths (including not limited to religious beliefs, school records, grades, birth certificate, parents alligence and so forth). We have had fakers in the Oval Office for the majority of the previous century. And today we are the better for it today how exactly?

Sun, 11/27/2011 - 12:32 | 1917588 whstlblwr
whstlblwr's picture

I agree, but calling him muslim, gives muslim bad name. LOL.

Sat, 11/26/2011 - 02:42 | 1914764 zebrasquid
zebrasquid's picture

All muslims, extremists or not, by the doctrines they embrace, are anti-semites(not to mention anti-Christian).  And have been long before there was an Israel to blame for that.

Not sure Muslim give a pass to the nice Jews or the nice Christians, either.

How does that cause you to then say that most seem "nice", you, who judge on the basis of tolerance for all?




Sat, 11/26/2011 - 09:25 | 1914936 Think for yourself
Think for yourself's picture

Yeah, right. Except for the little grain of sand in the gear of your theory, that is that muslims come from the original semites while most jews nowadays are khazars. What's your point again?

Sun, 11/27/2011 - 12:34 | 1917594 whstlblwr
whstlblwr's picture

There are gangs of extremists, and that is danger. Would you want the evangelicals to rule your city?

Fri, 11/25/2011 - 17:54 | 1913985 vast-dom
vast-dom's picture

lucky for the markets reality hasn't been priced in, past historal performance, or lack thereof, notwithstanding.


only a matter of time.....

Fri, 11/25/2011 - 14:23 | 1913451 Boilermaker
Boilermaker's picture

And Banks and REITs manage to keep in the green.  Of course.

Fri, 11/25/2011 - 14:33 | 1913490 SwingForce
SwingForce's picture

They forgot about the early close.....

Fri, 11/25/2011 - 14:23 | 1913453 HedgeAccordingly
HedgeAccordingly's picture

Happy black Friday---.. and RED friday - must be windy on the set - 

Fri, 11/25/2011 - 14:24 | 1913458 LoneStarHog
LoneStarHog's picture

Does anyone still believe in Santa Claus and a rally for 2011?  Pahleeze don't tell me there is no Santa. What will I do with all this milk and cookies for him and his Elves?

Fri, 11/25/2011 - 14:30 | 1913480 Carlyle Groupie
Carlyle Groupie's picture

"What will I do with all this milk and cookies for him and his Elves?"

Steven Cohen is in the market for a 5th chin. Flip your milk&cookies for some insider info and make a fortune.

Fri, 11/25/2011 - 15:17 | 1913602 Seer
Seer's picture

Looks like you forgot to get the memo.  No more Santa, only unicorns and Skittles.  Unicorns don't do milk and cookies.  Nice knowing you...

Fri, 11/25/2011 - 14:25 | 1913460 Great Depressio...
Great Depression Trader's picture

Fucking ES took a plunge to 1149 from 1171 intraday high. 22 handle plunge intraday what a fun market

Fri, 11/25/2011 - 14:52 | 1913498 Manthong
Manthong's picture

I held through the BS at 12:40 pm.. pulled the trigger on 4 positions at 12:58 pm...

Machines took it down 8 points from 12:59 to AH 1:05.

I made a few bucks, but it's an ugly way to do it.

I plan to be out of this stupidity at about S&P 750 and just tend to the stash. 


Fri, 11/25/2011 - 14:53 | 1913545 Great Depressio...
Great Depression Trader's picture

Nice move. For longer ( weeks) swing trades i use SDS or SSO, fucking ES is too much for me LOL

Fri, 11/25/2011 - 14:56 | 1913554 oogs66
oogs66's picture

Don't forget the rally from the lows overnight to get us to the highs

Fri, 11/25/2011 - 14:27 | 1913467 bugs_
bugs_'s picture

worst ever

Fri, 11/25/2011 - 14:33 | 1913486 Bam_Man
Bam_Man's picture

The worstest.

Fri, 11/25/2011 - 15:33 | 1913642 peekcrackers
peekcrackers's picture

 even More'r worster

Fri, 11/25/2011 - 14:27 | 1913468 xcehn
xcehn's picture

Gloom and doom for Fraud Street.

Fri, 11/25/2011 - 14:28 | 1913473 non_anon
Fri, 11/25/2011 - 14:42 | 1913483 Bam_Man
Bam_Man's picture

"It's beginning to look a lot like Christmas....2008."

Fri, 11/25/2011 - 14:53 | 1913546 SilverDOG
SilverDOG's picture

BWAhh haah haaaa haaa!

That is the New Christmas Song for all!

Still laughing.

Fri, 11/25/2011 - 14:36 | 1913494 FranSix
FranSix's picture

Opposite the TLT is the TBT.

Treasuries were bound to sell off, the long bond was at its high weeks ago.

Fri, 11/25/2011 - 14:39 | 1913502 Bam_Man
Bam_Man's picture

Global bond sell-off is just getting started.

This will get very interesting very quickly...

Fri, 11/25/2011 - 14:55 | 1913552 Zaydac
Zaydac's picture

Bam_Man from Mish's blog, 3 years ago?

If bonds are your thing take a look at this: 

"On December 15, 2010, in the GEAB N°50, LEAP/E2020 anticipated the explosion of Western government debt (1) in the second half of 2011. We were then describing a process that would start with the European government debt crisis and then set fire to the heart of the global financial system, namely US federal debt"


Fri, 11/25/2011 - 15:22 | 1913606 cosmictrainwreck
cosmictrainwreck's picture

actually TBT is 2x (don't know 1x); been waiting for the fookin' BOTTOM, but asleep at the wheel today. Shit. TBT parallels Dow last 10 days (down)... DIVERGENCE mid-day Wed. My question is: just a blip, or do I jump in? 

Fri, 11/25/2011 - 15:39 | 1913658 The Monkey
The Monkey's picture

TBT was great coming out of the recession scare last year. This time it's the real thing. If your apocolyptic in general, short financials and small caps.

Fri, 11/25/2011 - 15:50 | 1913685 cosmictrainwreck
cosmictrainwreck's picture

got those....looking to "diversify" (ha)

Fri, 11/25/2011 - 16:02 | 1913712 The Monkey
The Monkey's picture

Then look for a mini selloff and go long until things close in on capitulation in 2012 - then you can short to your heart's desire.

Fri, 11/25/2011 - 16:15 | 1913755 FranSix
FranSix's picture

In terms of the weekly chart, TLT would have topped out and will see a lengthy correction lasting 23 - 25 weeks's time.  The high was in September. The last 2 corrections took that long, and saw the 89-week EMA.  The TBT should be at its ralling point.  Options activity in both should be bearing that out.

No justification for saying TBT is illiquid, it trades ~4m. units a day.

Fri, 11/25/2011 - 16:39 | 1913826 The Monkey
The Monkey's picture

Let's check back and compare notes a few weeks from now.  It's generally not a good time to short treasuries when the economy is about to fall off a cliff.

Fri, 11/25/2011 - 18:54 | 1914063 ffart
ffart's picture

"About to fall off a cliff" were you asleep the last 3 years or something? The shit sandwich never got taken off our plates they've just been adding more slices to it the whole time.

Fri, 11/25/2011 - 19:39 | 1914107 The Monkey
The Monkey's picture

In the words of ECRI, "if you think this is a bad economy, you haven't seen anything yet".

Fri, 11/25/2011 - 18:59 | 1914065 FranSix
FranSix's picture

True, you can never tell before hand.  Especially since there's no guarantee TBT will trade according to its 2X title.

Fri, 11/25/2011 - 19:36 | 1914102 The Monkey
The Monkey's picture

At best, TBT might be a decent swing trade (like today). We probably get a few more weeks of decent data. Problem is, if you're holding short when the lights go out in Europe, you're gonna take a mighty beating.

Fri, 11/25/2011 - 21:16 | 1914236 FranSix
FranSix's picture

I'm thinking that since the inverse correlation apparently does not apply between European equities and treasuries, that the same must be true for the U.S.

Fri, 11/25/2011 - 21:21 | 1914246 The Monkey
The Monkey's picture

Right now - there is really only one hiding place, and that is the US dollar. Why would I buy a bund knowing the currency may bite the dust in a few more nanoseconds?

Fri, 11/25/2011 - 22:12 | 1914387 FranSix
FranSix's picture

You would avoid U.S. Dollar - denominated assets because the discount rate can go negative, or due to negative nominal interest rates.

Fri, 11/25/2011 - 15:48 | 1913678 CPL
CPL's picture

TZA is the direxions X3 small cap bear if you are looking for it.


TBT, why would you bother?  Unless trading in small 1000 block or less trades, the volume isn't useful to trade in. Shorting treasuries though is like shooting ducks in a barrel.

Keep the stops in kids, x2 and x3 can spin on a dime.  Use trailing stop loss if chasing for the day.  Make sure all positions are closed by friday.

Fri, 11/25/2011 - 15:47 | 1913675 The Monkey
The Monkey's picture

Not so sure about that. I think it has at least 50 more bps before this cycle is finished.

Fri, 11/25/2011 - 14:37 | 1913496 AgShaman
AgShaman's picture

Haha....Go long Pepper Spray.

OWS protesters are still takin' time off to shop for trinkets and video games. Maybe the retail numbers will get brought to you like all the other economic statistics Benny the B and his minions bring you.

Put on the 'Meat Ponchos'....

Fri, 11/25/2011 - 15:54 | 1913693 CPL
CPL's picture

I'll raise your pepper spray for $2 waffle irons and a riot.

Fri, 11/25/2011 - 14:38 | 1913501 RobotTrader
RobotTrader's picture

Commodities getting destroyed, everybody and their brother is dumping stocks and hard assets and piling into U.S. Paper.

DBA closed at the low of the day, GLD and SLV sitting on a cliff edge.

Fri, 11/25/2011 - 14:41 | 1913506 Bam_Man
Bam_Man's picture

The US long bond is down more than a point-and-a-half today, you imbecile.

Are you here strictly to provide comic relief?

Fri, 11/25/2011 - 14:45 | 1913515 The Monkey
The Monkey's picture

Down today, but well up for the week. 7 year auction was A+.

Fri, 11/25/2011 - 14:49 | 1913534 The Monkey
The Monkey's picture

Rodgers: "Commodities sell off is fake"

Are we living in a "new era" again of fake liquidatons?

Silvers chart looks awful, and the gold miners are down in one of the biggest non-confirmations ever.

Deflationists are about to chalk up a big unexpected win.

Fri, 11/25/2011 - 15:44 | 1913670 Bam_Man
Bam_Man's picture

Yes, when the market moves decisively against your well-publicized positions -- claim that "the prices are fake".


Fri, 11/25/2011 - 21:15 | 1914235 WonderDawg
WonderDawg's picture

Unexpected? Not by the deflationists.

Fri, 11/25/2011 - 15:14 | 1913584 LouisDega
LouisDega's picture

That beautiful paper. It makes me feel so good. Abe Lincoln that magnificent bastard is a good looking man

Fri, 11/25/2011 - 15:14 | 1913598 The Monkey
The Monkey's picture

It's looking better every day bro.

Fri, 11/25/2011 - 15:56 | 1913697 AllThatGlitters
AllThatGlitters's picture

Well, one commodity still holding up relatively well:

Gee, I wonder why?

Fri, 11/25/2011 - 16:04 | 1913718 luna_man
luna_man's picture



Call me foolish or whatever...Got food, water and anything I thought I

would need, if and when the "S should HTF...I refuse to be scared out!


Patience, is a virtue.

Fri, 11/25/2011 - 14:44 | 1913512 Caviar Emptor
Caviar Emptor's picture

We broke the old 1972 record!!

And back then there was serious sh*t going down

Fri, 11/25/2011 - 21:17 | 1914239 WonderDawg
WonderDawg's picture

Serious shit going down right now. The most serious shit anyone on this forum has seen in their lifetime. Or even read about, for that matter.

Fri, 11/25/2011 - 14:45 | 1913516 Caviar Emptor
Caviar Emptor's picture

Tea Party retaliates against OWS with "BUYcott Black Friday"

Propaganda wars

Fri, 11/25/2011 - 14:45 | 1913517 eric89074
eric89074's picture

NFLX down almost 7% today. At this rate they'll be lucky to be trading at $10 this time next year.

Fri, 11/25/2011 - 20:28 | 1914161 SamuelMaverick
SamuelMaverick's picture

No joke, they are probably going down to BAC type single digits.  I have been shorting this crap stock / company since it was $120, and the best part is all the positive MSM articles that came out week after week trying to counteract the stocks implosion, trying to keep the sheep in while the big boys got out as fast as they could while slowly liquidating their enormous holdings. 

Fri, 11/25/2011 - 14:47 | 1913522 lolmao500
lolmao500's picture

Congress is going on ``full dictatorship``...

Senators Demand the Military Lock Up American Citizens in a “Battlefield” They Define as Being Right Outside Your Window

The Senate is going to vote on whether Congress will give this president—and every future president — the power to order the military to pick up and imprison without charge or trial civilians anywhere in the world.

The power is so broad that even U.S. citizens could be swept up by the military and the military could be used far from any battlefield, even within the United States itself.

In support of this harmful bill, Sen. Lindsey Graham (R-S.C.) explained that the bill will “basically say in law for the first time that the homeland is part of the battlefield” and people can be imprisoned without charge or trial “American citizen or not.” Another supporter, Sen. Kelly Ayotte (R-N.H.) also declared that the bill is needed because “America is part of the battlefield.”

Fri, 11/25/2011 - 15:16 | 1913593 earleflorida
earleflorida's picture

so now the unwritten law is finally getting a writs [habias corpus] on carbon-paper - what's news?

Fri, 11/25/2011 - 15:40 | 1913662's picture

"Don't fire unless fired upon, but if they mean to have a war, let it begin here." -- Captain John Parker, 1775

Fri, 11/25/2011 - 16:14 | 1913752 Seer
Seer's picture

In the future I wonder how much a picture of Graham's head on a pike will go for.

Fri, 11/25/2011 - 16:25 | 1913779 Chuck Walla
Chuck Walla's picture

About time they formalized the dictatorship.  Who needs to win elections when a coup will do?

Fri, 11/25/2011 - 16:34 | 1913805 djsmps
djsmps's picture

Did someone burn down the Reichstag?

Fri, 11/25/2011 - 17:09 | 1913903 El Oregonian
El Oregonian's picture

I just fired off emails to both these idiots. I would encourage everyone to do the same. This cannot be emphasized enough just how dangerous this would be. If anyone knows of any of the other worthless Senators who support this traitorous philosophy please post their names so I can call and email them.

Fri, 11/25/2011 - 17:26 | 1913929 chubbar
chubbar's picture

I did the same. I really wonder when the general population will wake up to the fraud they are calling "the war on terror" and realize it is being used to thwart the Bill of Rights/Constitution?

Fri, 11/25/2011 - 14:49 | 1913535 hollowbody
hollowbody's picture

Wait for the Gold plunge, wait for it, wait for it.......don't pull the trigger 'til you see the whites of their eyes....

Fri, 11/25/2011 - 14:50 | 1913538 RobotTrader
RobotTrader's picture

Hands down, U.S. Treasuries has been the No. 1 investment the last 35 years.

Bernanke should be fired for not printing faster.

Imagine the safety and comfort of dollar cost averaging month in, month out, always getting an income stream 100% guaranteed by Uncle Gorilla, with minimal drawdowns.

Pretty crazy.

Fri, 11/25/2011 - 15:21 | 1913610 redpill
redpill's picture


Tell that to starving seniors

Fri, 11/25/2011 - 16:17 | 1913761 sabra1
sabra1's picture

people! you're all answereing back to a machine! notice how RobotTrader never loses its cool? stop wasting your time! only Rosie from the Jetsons would get any emotion out of the above!

Fri, 11/25/2011 - 15:29 | 1913630 cosmictrainwreck
cosmictrainwreck's picture

another stellar raer-view mirror pronouncement by the Robohead; you've hit a new low, dude: 35 years! why weren't you pumping TMF here since last August instead of yer fukin' Netflx, you so smart?

Fri, 11/25/2011 - 15:50 | 1913684 The Monkey
The Monkey's picture

Why would one pump treasuries last August? You should have been short treasuries at that time.

Fri, 11/25/2011 - 16:12 | 1913745 SheepleLOVEched...
SheepleLOVEcheddarbaybiscuits's picture

when you look around the room, and you can't spot the patsy, then you are the patsy.......

Fri, 11/25/2011 - 18:30 | 1914035 hardcleareye
hardcleareye's picture

So your Mom gave you your computer "priviliges" back, when she reads this comment she is going to be so very dissapointed in you. 

Fri, 11/25/2011 - 14:56 | 1913555 publicduende
publicduende's picture

A worthy anthem for the current state of things? Follow the lyrics here: replacing "countdown" with "bailout" and "we're heading for Venus" with "we're heading for default". No Swede with a poodle on his head could have been more prophetic. :)

Fri, 11/25/2011 - 14:58 | 1913558 Dr. Engali
Dr. Engali's picture

Whole world is falling apart and people are fighting over cheap Chinese crap on black Friday. I have very little hope for the future of our country when I see imbeciles like that.

Fri, 11/25/2011 - 15:08 | 1913577 dwdollar
dwdollar's picture

We are past the point of no return, which means every year will be worse than the last. Eventually, people will be fighting over food in just the same way.

Fri, 11/25/2011 - 15:09 | 1913583 Dr. Engali
Dr. Engali's picture

I'm beginning to think that way. There was a brief moment when I thought people were waking up. But I see that moment has past.

Fri, 11/25/2011 - 15:27 | 1913623 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

I had the same experience.  There was this moment in 2008 when people started saying, "holey shit whats happening?" and I'd say, "glad you arrived, here is a list of books you need to read to understand how the monetary system works.  Once you have a grasp of that, we can see recent history in a whole new light..."

Then, as they contemplated the amount of work required, in not so many words, you could hear them say, "f*ck it, this is too hard"...

Much as I hated public school, we did have a few teachers who imparted on us the view that I and my classmates would all play a part in the defense or collapse of our culture.  I remember wondering who among us would turn out to be respnsible for what. 

My romanticized views about good and evil are long gone (no Paulsons or Geithners were in my class).  I mostly see the people around me as fodder.

Whats coming is coming no matter what we do.  When the windfall taxes are announced on your gold stash do you *really* think your neighbors will remember the guy who was right all along?

We all need to prepare ourselves mentally for the incredible betrayals to come.



Fri, 11/25/2011 - 15:41 | 1913663 Dr. Engali
Dr. Engali's picture

We share the same view and experience. I do try to prevent myself from viewing people as fodder but I have to admit it gets harder and harder every day. Especially when we prepare to bomb another country and our citizens just shrug their shoulders. As long as it doesn't Interupt their shopping they are okay with it.

Fri, 11/25/2011 - 16:24 | 1913746 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

I hear you about the "fodder" thing. I try not to think of people as "deserving" whats coming, mostly because of what I remember during the housing crash.

It was literally impossible to get people to see what was happening as anything other than normal in 2006 and if you tried hard enough to convince them you eventually found yourself the recipient of a pretty good tirade.

Here was my favorite quote from an AZ realtor right around the top:

"...To lurk among the BubbleBloggers and their seething commentariat is to acquire an education in a slice of America invisible from this side of the sewer gratings. Notwithstanding the idiotic economic analysis, which is really no worse than the static-market fallacies paraded as profundities in the pages of the Arizona Republic, these sites — and not just HousingPanic — are infested with a cult-like fever to inflict suffering — at second hand, to be sure — on people who are in fact guilty of nothing except failing to have drunk the BubbleBlogger KoolAde..


The BubbleBloggers will someday bawl balefully in private, but they will never, ever admit that they have been very publicly very foolish. You will know and I will know and in the secret chambers of their hearts they will know they were wrong all along. But as long as you don’t hold your breath waiting for that contrite admission of error, you should be fine.  ..."

I get similar wild agression directed at me on the globe and mail site when I simply point out that gold was money for 5000 years and just *might* be money again soon.


When the housing bubble came crashing down, I wanted to get in people's faces (and I did in the case of that realtor above).  But mostly I felt the way I feel when I see a homeless guy hauling bottles towards some depot.  I want to think he is a failure deserving of my scorn.  More likely, he is someone who for various reasons never had much of a chance, and he might even be a guy like me who just cracked when faced with the collective insanity of the world around him. 

I probably listen to Aqualung too much. 

I guess my point is that I suspect people may not have as much free will as we like to think they do.  Many people seem genuinely incapable of grasping whats happening.  Even if I did decide to hate them, it would be hard to hurt them as much as the elites will soon enough.



Fri, 11/25/2011 - 15:49 | 1913679 dwdollar
dwdollar's picture

"Whats coming is coming no matter what we do. When the windfall taxes are announced on your gold stash do you *really* think your neighbors will remember the guy who was right all along?"

Exactly. They'll blame you (because that's what the TV says) and turn you in for a few notes of worthless paper. I don't warn anyone except for close family. Everyone else can find out the hard way.

Fri, 11/25/2011 - 16:10 | 1913738 Freddie
Freddie's picture

Hope & Change from our dear muslim.

Fri, 11/25/2011 - 16:33 | 1913802 Chuck Walla
Chuck Walla's picture

I'm beginning to think that way. There was a brief moment when I thought people were waking up. But I see that moment has past.


Sorry, Dude, that moment never ever even arrived. That would require thinking, planning, responsibility.  Those are hard. Fighting for cheap crap is easy. And yet I still love America.

Fri, 11/25/2011 - 15:25 | 1913608 earleflorida
earleflorida's picture

,... american produce - chinese made - export tax levied,... with zero import tax


ps. gosh, the chinese lanuage is such a complicated laguage to learn,... i'd much rather had preferred learning german - jmo

Fri, 11/25/2011 - 14:59 | 1913562 UTICA CLUB XX PURE

When your lead by a bunch of Turkeys...

Fri, 11/25/2011 - 15:05 | 1913575 Tsar Pointless
Tsar Pointless's picture

BNYMellon (ticker: BK) is well on its way to zero.

Down to $17.57 from year's high of $32.50.

BNYM is in deep trouble. I know from being on the inside. Another round of "displacements" coming up in 10 days, with all of the announced 1,500 job cuts to be completed by year end.

Short with impunity, my fellow ZHers.

Fri, 11/25/2011 - 16:12 | 1913747 Bam_Man
Bam_Man's picture

Agree. They are done.

Whatever is left after the defaults and derivatives payouts, the lawsuits will finish off.

Fri, 11/25/2011 - 15:43 | 1913665 peekcrackers
peekcrackers's picture

should just call it for what its worth China stimulus Friday

Fri, 11/25/2011 - 16:35 | 1913813 Seer
Seer's picture

Blame it on everyone but ourselves, how American!

The correct response would be:

US Govt/Big Business* stimulus Friday.

Fri, 11/25/2011 - 15:45 | 1913672 I am Jobe
I am Jobe's picture

Wal-Mart shoppers ‘riot’ over two-dollar waffle irons

Fri, 11/25/2011 - 15:56 | 1913698 peekcrackers
peekcrackers's picture

sheep love fighting for the china products

Fri, 11/25/2011 - 16:20 | 1913767 walküre
walküre's picture

Calling them "sheep" is doing unjustice to sheep. These people have shyte for brains. Sheep are pretty smart compared to those beasts. Why feed them?

Fri, 11/25/2011 - 16:17 | 1913754 walküre
walküre's picture

There's your 99% fighting over a $2 toaster.

Revolution in this country? Not until every bank shuts down, every credit card (including food cards) gets cancelled and every McDonald's closes. Even then the crowd would sooner devour each other before ever recognizing that they're just dumb stupid carbon units that are in this world to consume shit and entertainment, so that the 1% can have a nice life.

I have more respect for my cattle.

Will some other nation please come in and clean up this mess?


Fri, 11/25/2011 - 16:41 | 1913835 Seer
Seer's picture

Easy now, things happen at the margins, not at the center/bulk.

The System will collapse from a small percentage change, not a big one.

Being predicated on growth, when growth, just a FEW percentage points worth, dries up, Then the System fails.

Fri, 11/25/2011 - 16:50 | 1913857 walküre
walküre's picture

their system fails, the system of banks and mindless consumers.


Fri, 11/25/2011 - 17:15 | 1913915 lotsoffun
lotsoffun's picture

i've seen first hand the rugger-buggers, the brit, german skinheads, the french poor whites especially around st. denis, it isn't pretty.  but - it has nothing to do with the extent here.  amazing.

as bad as europe may have gotten via goldman sachs financially engineered collapse, on a stupidity level, the big difference between western europe and the united states ( and my european friends that haven't been here, still don't believe it).  in europe, beginning with the james bond hyperbole, moving to rambo and chuck norris, right up to jerry springer (who held elected office).  in europe, this is still viewed as humor and entertainment (i forgot terminator - thanks, germany) - whereas in the us - it is viewed as what is desirable to be like.  



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