• Sprott Money
    04/29/2016 - 05:58
    There is unfortunately no basis for renewed optimism that this current litigation will have any meaningful impact on precious metals manipulation – with respect to either silver or gold.

Art Cashin: "Sitting On The Edge"

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Mon, 11/28/2011 - 09:59 | 1920608 The Axe
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all true...

Mon, 11/28/2011 - 10:04 | 1920631 Carlyle Groupie
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Art got pinched in this short squeeze.

Mon, 11/28/2011 - 10:10 | 1920649 CPL
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Greg, either stay Robotrader or don't.  Hard keeping track of the bullshit you fling around here with all the sock puppet accounts you have on here.

Mon, 11/28/2011 - 10:29 | 1920667 hedgeless_horseman
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We...along with Secretary Geithner, are concerned that European leaders have no mechanism in place to handle any sudden acceleration of the crisis. Basically, there is no financial fire department and no sign of one being hired.

Art and everyone else pimpin' Eurobonds.  Just a matter of time, now.

Mon, 11/28/2011 - 10:36 | 1920747 High Plains Drifter
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pimpin ain't easy....




imf readies financial relief columns to go into italy and spain to help out with opm (other people's money) created out of thin air with interest rates attached and lent by you know who (for the good of tha world doncha know)   

why is it when i read things like this i get this itchy feeling in my shorts............


when are we going to stop this insanity?  when?

Mon, 11/28/2011 - 10:46 | 1920755 hedgeless_horseman
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Flippin' Eurobonds back to the ECB on a guaranteed bid, a la QE, would be easy, profitable, and bullish for stocks (in nominal terms).  Although my crystal ball is only a novelty item, I can still easily forsee this coming.

It's just not fair that the ECB can't monetize like the US, UK, and Japan.  How are we supposed to have synchronized diving when one of the central banks is wearing a life preserver?  Get that thing off of Europe!

Mon, 11/28/2011 - 11:02 | 1920838 High Plains Drifter
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when you look at the top ten members of the imf , what i see, (silly me) is that most of them are also broke themselves......how in the hell are any of these members going to kick up their required monetary quotas on these bailouts when they are broke themselves...?   what am i missing here?




when the tarp came up, the american people by a ratio of 90 percent were dead set against it and emailed , faxed , wrote letters and flooded the washington area phone banks with calls telling their congress persons not to do this, yet they do it anyway. the system is broken and cannot be fixed.  the people can no longer petition their elected officials for redress of grievances because they are not listening to us anymore. so ..who is in control of them and why?



Mon, 11/28/2011 - 11:08 | 1920853 hedgeless_horseman
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how in the hell are any of these members going to kick up their required monetary quotas on these bailouts when they are broke themselves...?

Ctrl-P.  It is what they have always done.

Mon, 11/28/2011 - 11:26 | 1920911 Seer
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Note sure that they can be sure that printing can heal pitchfork wounds...

Mon, 11/28/2011 - 10:40 | 1920759 Carlyle Groupie
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Lots of bullish news. Looking good for the PM-equity crowd. Get levered on the paper physical delivery is taking too damn long!

Mon, 11/28/2011 - 10:29 | 1920725 Carlyle Groupie
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Relax Paul just because I changed my avatar from default to (real) i-diggity does not mean there is some crackpot conspiracy going on behind the scenes. Chill.

Mon, 11/28/2011 - 10:09 | 1920645 CPL
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Funny thing about sitting on the edge of a wall.


You're screwed if you fall backwards or forwards.  All the kings horses and all the kings men could not put something something something....

Mon, 11/28/2011 - 10:18 | 1920670 PD Quig
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Hey. I can't make it out: does your Che avatar have his finger up his nose?

Mon, 11/28/2011 - 10:24 | 1920703 hannah
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che just had his finger up stalins ass...wiff.wiff...wiff

Mon, 11/28/2011 - 10:25 | 1920709 CORNGUY
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LOL......yup, looks like that guy is two nuckles deep.   YUCK

Mon, 11/28/2011 - 10:26 | 1920711 slaughterer
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This rally realy caught technicians off guard as the market was FAR FROM oversold last Friday.

Mon, 11/28/2011 - 10:42 | 1920771 Smiddywesson
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This rally realy caught technicians off guard as the market was FAR FROM oversold last Friday.

No it didn't.  Yes, they called for a crash, but this was a zig-zag extension of a subminuette third leg decline.  So they weren't wrong, just everybody who listened to them lost their money.  It's that simple.

Mon, 11/28/2011 - 12:45 | 1921233 DCFusor
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FWIW, this tech closed all the broad market shorts Fri, but kept the euro short...and a little FAZ, but both are still green - long term (for me) holdings.  My longs are nice, and I'm trimming them today, as I think this IS pure hopium/short squeeze...

But I think there's significant risk that someone (fed) will come in and try to bail the EZ - it won't work, but it'll make things spike if they do it, for a little while.  Then back to reality.  Intenstinal fortitude seems to be the thing you need most these days.

Mon, 11/28/2011 - 13:50 | 1921495 PD Quig
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Actually, TF 667ish was the target extension of wave 3 down from 768.4. Closed my TF short at 670 on Wed. Still long DX though. Looking to re-short at TF 717-719 for the next move down to 640.

Mon, 11/28/2011 - 12:35 | 1921185 ActionFive
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You have to define oversold in terms of not/real markets.

If they let the low go below the last 1100 lows, it would ruin sentiment for Christmas rally into election show.

Plus, there had to be short money to steal..

Mon, 11/28/2011 - 10:32 | 1920737 curbyourrisk
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true or not....


American leadership are so steadfast on saving the EURO to kill the  USD they will do anything at this point.  Expect a bailout of ALL OF EURO-LAND!


Mon, 11/28/2011 - 11:24 | 1920904 baby_BLYTHE
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Yes, they will inflate or die. Printing money has never worked in the history of the world, but they don't care as they continue to show episode after episode in this 'global kick the can charade'. Since the US happens to be the reserve currency and is tied to global crude outlays, Hyper-Inflation will be the only outcome from any of this. ZIRP till 2013 and beyond guarentees a global currency crisis within the next year or two.

Mon, 11/28/2011 - 11:28 | 1920919 Seer
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Yup, airbag time.  Inflate during impact...

Mon, 11/28/2011 - 09:59 | 1920609 monopoly
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A man of reason and intelligence. Wish him the best, always.

Mon, 11/28/2011 - 10:07 | 1920641 Randall Cabot
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That's why he's usually wrong.

Mon, 11/28/2011 - 10:01 | 1920613 AngryGerman
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"The real reason for the bounce is simple: oversold market coupled with yet another short squeeze [...]".

No sir, the crisis is over!

Mon, 11/28/2011 - 10:06 | 1920636 jcaz
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Sure it is..... Hey, better answer the door-  Merkel has the brownshirts rounding up gold from the people.....

Mon, 11/28/2011 - 10:01 | 1920616 GeneMarchbanks
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Oversold? That's silly.

Mon, 11/28/2011 - 10:12 | 1920657 CPL
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I'll dust off Buy, sell and hold for later.  There is the fourth traders position I've become very fond of.


Ignore and don't buy into it.



Mon, 11/28/2011 - 10:24 | 1920687 Popo
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Exactly.  "Oversold" is most-often a silly trader's word with zero bearing in reality.   The people who believe in "oversold" just because we've had a few down days are the same people who flip a coin 5 times, and get heads -- and then believe that they are more likely to get a tails on the next toss because they're "owed" one.   (I remember seeing a documentary on Vegas gamblers, and the vast majority believed that was actually true.  Which explains a lot about markets).

Oversold, my ass.  We had a very small little downdraft on the news that the European Union is imploding,  its banking system is insolvent and the currency is most likely doomed.   That should be good for a couple points max -- and then it's rally time, right?  </sarc>

This market is deeply, DEEPLY, overvalued.  Equities are in no way pricing in the financial devastation that lays all around us.  (Not 'before' us, but 'around' us.  As the devastation has already occured).


Mon, 11/28/2011 - 10:31 | 1920733 Sunset chaser
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Agreed. During this recent leg down, presumably to complete the ominous broadening formation that has been building over the last couple of months, a spike in the VIX has been conspicuously absent, meaning there's still room to the downside.

Mon, 11/28/2011 - 10:53 | 1920816 Smiddywesson
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Exactly.  "Oversold" is most-often a silly trader's word with zero bearing in reality....This market is deeply, DEEPLY, overvalued.  Equities are in no way pricing in the financial devastation that lays all around us.  

I'd take that a step further and say that the markets themselves have no basis in reality other than that which their masters allow to provide an illusion that there is a market to the suckers, er, I mean investors.

Mon, 11/28/2011 - 10:22 | 1920694 LMAO
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Yeah, he almost makes it sound like technicals matter in this broken market. It's just another of many non-explanation-explanations as to why the market moves.

Mon, 11/28/2011 - 10:56 | 1920825 Smiddywesson
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He could counter that technicals matter when TPTB are holding the market in a range, which is reflected in his technicals.  However, I agree with you, this market is fixed and technical and fundamental analysis can lead you right off a cliff under these conditions.

Mon, 11/28/2011 - 10:02 | 1920618 fonzanoon
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QE3! Dammit. Someone send these guys a memo.

Mon, 11/28/2011 - 10:02 | 1920623 Paul Thomason
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If the ECB became a new country then US would have a new country to liberate and new leaders assasinate.  This may be a feasible solution - seems to have worked well elsewhere.

Mon, 11/28/2011 - 10:04 | 1920630 lairdwd
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Art is the man.

Mon, 11/28/2011 - 10:11 | 1920656 lolmao500
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Kyle Bass about Japan and Europe...


Mon, 11/28/2011 - 11:44 | 1920983 Seer
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One could get the impression that the US is sitting pretty good in comparison, that is, until you realize that with all these other countries imploding that means there's no one out there (except the Fed*) to by US bonds.

* Buying your own debt is like the snake eating its own tail.

I like his noting of the xenophobia in Japan.  Trav should take note of this.  That said, xenophobia or no it still won't overcome the driving issue of there not being enough resources to sustain growth.

Mon, 11/28/2011 - 10:12 | 1920659 midgetrannyporn
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This market is not even close to being oversold...



Mon, 11/28/2011 - 10:41 | 1920765 No Mas
No Mas's picture

Hey good lookin', markets have just started going up my man.  You can put away the pepper spray and make money the old fashioned way - GO WITH THE FED!!

This was you up in Chi-Town wasn't it?


Mon, 11/28/2011 - 10:14 | 1920662 Everybodys All ...
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Who in thei right mind is buying into todays pre-market move? It makes no sense to take that kind of risk.

Mon, 11/28/2011 - 11:01 | 1920835 Smiddywesson
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It makes less sense to sell, because once the shorts begin covering they begin to create a cascade through multiple resistence levels, and it matters not that the original reasons were baloney, it becomes self fulfilling.

Mon, 11/28/2011 - 10:14 | 1920663 The Ram
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While QE3 looks probable, it already being administered in various forms.  Look for money going 'missing' for one.  Sound familiar? Also, things are various tenuous as many Asian economies just do not want  additional massively devalued currency buying up their assets. 

 I am not an insider, but I believe that shit is happening behind the scenes that can rapidly bring things to a stand still.  The key players here are the productive economies of Asia.  How they way-in on additional leverage and devaluation of the Western currencies (Dollar and Euro) is key.  The question they must now ask: do they exchange additional hard goods and natural resources for Western digital toilet paper?

We are definitely in the Red zone.   

Mon, 11/28/2011 - 10:14 | 1920664 slaughterer
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Watch Art's shorts burn as much as his nose after marinading his ice cubes.  

Mon, 11/28/2011 - 10:15 | 1920668 Quinvarius
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It does have that bear market rally feel to it.

Mon, 11/28/2011 - 10:16 | 1920671 EL INDIO
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This looks like when the euro surged for 1 day to burn the weak shorts than resumed its downward trajectory.

Give this shit 2/3 days to be reversed.

Mon, 11/28/2011 - 10:18 | 1920674 rambler6421
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Short squeeze bitchez!



Mon, 11/28/2011 - 10:19 | 1920676 Nemo01
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Assuming this market is oversold, how much upside is there left (next resistance level)? Any chartists out there?

Mon, 11/28/2011 - 10:28 | 1920721 slaughterer
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Bear chartists will be capitulating if 1280 breaks.  We are stll a long way away from that.  

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