BTFD

Tyler Durden's picture




 

Whether it was stocks, credit, gold, silver, oil, EURUSD, or conk shells, the message we were to believe was clear - BTFD today. As if by clockwork, Europe closed and US equity markets surged - seemingly forgetting that Europe will re-open again tonight but should you need any reassurance of what your pre-assigned Pavlovian role in this tragi-comedic dance-with-the-devil is - we suggest the following clip as a reminder.

 

 

or perhaps the following tweet we pushed earlier will clarify:

 

 

but of course - as a reminder - the only reason this market is ramped - is to enable size sellers to unwind a little more with a little less pain...and sure enough heavy volume and large average trade size stepped in and dipped us off the highs into the close of S&P 500 e-mini futures...

 

 

And while everyone will be chatting about Oil's drop and how great that is for consumers - well they BTFD there too so not so much sorry...

 

 

But for a little clarity of equity's exuberance - the late-day surge took S&P 500 futures well beyond risk-asset's view (CONTEXT) of the world as EUR and Treasuries were not buying it (after being highly correlated all day)...

As a side note on the hilarity, AAPL was one of the bigger dips bought today as it tested down to pre-earnings-week lows and closed the day-session today almost perfectly at yesterday's closing VWAP (must be sheer coincidence we guess) haveing found resistance above at Monday's closing VWAP (again pure coindince we are sure)...

 

And finally - our late-day tweet offering as much valuable advice as the most expensive newsletter...

 

Charts: Bloomberg and Capital Context

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Tue, 05/08/2012 - 16:17 | 2408017 Aziz
Aziz's picture

I love that video. I think I must have watched it ten or fifteen times in the last year.

It's a buy the dip scheme!

Tue, 05/08/2012 - 16:20 | 2408043 Pladizow
Pladizow's picture

Once again only the PM's are telling the truth, as everything but them came back by the close.

Tue, 05/08/2012 - 16:52 | 2408121 Max Fischer
Max Fischer's picture

 

 

*LOL*

Holy Cow!  That is some INCREDIBLY STRONG Kool-Aid you're drinking, sir.  It doesn't matter how poorly silver and gold perform, you guys never miss an opportunity to spin your losses into something positive.  I swear, if silver/gold lost 75% of their value, you idiots would be saying, "This is fantastic!  Even though my life's savings is in PMs and I've lost 75% of my wealth, this collapse only enables me to buy more! I hope it goes lower!"

mf 

 

Tue, 05/08/2012 - 16:53 | 2408132 Levadiakos
Levadiakos's picture

Gold is a serial loser. If you own gold it is a serial killer

Tue, 05/08/2012 - 16:54 | 2408141 DosZap
DosZap's picture

Gold is a serial loser. If you own gold it is a serial killer

Bernie, is that you?

Tue, 05/08/2012 - 17:09 | 2408161 Paul Atreides
Paul Atreides's picture

The flouride is strong with Max.

Consider the events in Europe of the last 3 days. TPTB are throwing everything they can to keep the price of silver and gold down in an attempt to reduce it's attractiveness and to shake out the weak long hands. You know the end to the ponzi is near when the MSM trots out guys like Gates, Munger, and Buffett, who say astoundingly stupid things, for what are otherwise intelligent human beings.

Garments and caves? come on....

Stay strong ZHers last call for silver and gold!

 

 

Tue, 05/08/2012 - 17:12 | 2408181 Max Fischer
Max Fischer's picture

 

 

last chance to pickup cheap metals....

Blah, blah, blah.... heard that all the way up to $50.  Where's TMosley?  Where's Turd?  Just yesterday, he told everyone that gold wouldn't go under $1625:

.......Regardless, the area between 1625 and 1635 has been solid support for some time now and I do not expect that area to give way......

http://www.tfmetalsreport.com/blog/3768/driving-mama-ferg

MF

Edit in:  You edited your post and took out the quote I was referencing.  I wonder why?  

Tue, 05/08/2012 - 17:18 | 2408199 The Big Ching-aso
The Big Ching-aso's picture

 

 

I think you like to buy sheep dip.

Tue, 05/08/2012 - 17:20 | 2408201 Paul Atreides
Paul Atreides's picture

You can't edit a post after someone replies to it...douchebag.

Tue, 05/08/2012 - 17:23 | 2408215 Max Fischer
Max Fischer's picture

 

 

He edited it a minute before I posted mine.  Then I went in and posted the "edit in" part which changed my time stamp.

Was it really that difficult to figure out? 

MF

Tue, 05/08/2012 - 17:29 | 2408232 Paul Atreides
Paul Atreides's picture

LOL you quoted me last chance to pickup cheap metals.... then you bitch about me taking it out like I knew what you were going to post a comment quoting it.

Your arguments are weak just like your mind.

Tue, 05/08/2012 - 18:06 | 2408357 Leopold B. Scotch
Leopold B. Scotch's picture

I've been hearing the "gold buyers are idiots" argument for 10 years now...  I started buying at $318 for the same reasons I'm buying right now.

I'm sure this Max dude has picked every bubble top for gold in the last decade (I heard 'em all), and was probably defending the credit system in 2007 and 2008.  "If only the idiots didn't get all filled with animal spirits, it'd all have been ok" type.  You know 'em.  Yet they think they can call a top in PMs.

 

 

Tue, 05/08/2012 - 20:01 | 2408581 UP Forester
UP Forester's picture

I guess the Chinese are serial idiots, loading up on these useless lumps of metal to fondle for a hundred years.

Either that, or they're going to buy Iranian oil with it....

Wed, 05/09/2012 - 00:34 | 2409093 rocker
rocker's picture

Nah, they are not using their gold to buy oil. They use our US dollars. Surely, they have more of them than we do. 

Wed, 05/09/2012 - 01:01 | 2409122 Cosimo de Medici
Cosimo de Medici's picture

Actually, the Chinese probably are serial idiots, at least judging from much of their recent history, and of course judging by their appointed shill, AnAnonymous.  Mao and his policies were responsible for upwards of 50 million deaths, yet his ugly mug adorns all their fiat.  Then there was that "turn your plowshares into steel ingots" thing.  You can't eat steel ingots (nor till your fields with them).  I believe it was during that dark period of their history they developed a taste for dead babies.

I like gold, but using the Chinese as an argument for holding it is like having John Wayne Gacy vouch for you at an adoption hearing.

Tue, 05/08/2012 - 17:53 | 2408316 clymer
clymer's picture

Max, you spend an awful good amount of time chasing PM threads for someone that has better things to spend your money on. Why spend so much time tracking Turds comments? Me thinks you're either a troll or a shill (and friend, those are both bad titles)

I rarely see gold bugs trolling paper-chasers on equty threads, but get a gold or silver topic started and the equity trolls forget all about their own scottrade accounts to spend the last wakeful moments of the day slamming honest money investors.

by the by, Jason Schwartzman was much better as cool ethan in grandmas boy. Love that flick..

 

Tue, 05/08/2012 - 17:22 | 2408211 i_call_you_my_base
i_call_you_my_base's picture

So it's your position that there will be no more easing?

Tue, 05/08/2012 - 17:16 | 2408196 Stoploss
Stoploss's picture

Some have not put two and two together, and are a little red assed.

Remember what happened the last time the gold bashing bunch appeared on TV?

Tue, 05/08/2012 - 19:37 | 2408542 GS-DickinDaMuppets
GS-DickinDaMuppets's picture

If it is not Bernie, then it has to be Buffet or his side-kick Charlie....where's all those cute TV girl interviewers when I need them...someone turn on the damn light so I can see what's happenin'..

 

 

...doing GOD's work...GS-DickinDaMuppets

Tue, 05/08/2012 - 17:55 | 2408321 fonestar
fonestar's picture

Gold, Silver, Guns and Ammo are the only things that make it out of this shitscheme-supreme we are in.  Period.

Tue, 05/08/2012 - 16:53 | 2408137 DosZap
DosZap's picture

Max,

Dudeski....................your drinking the Koolaid.

Hopefully your old enough to realize that there is NO loss, unless you SELL.

Paper losses, that are at best temporary, are not in the long term mindset of most here...........just yours and MDB.

Ya'll Brothers?

Tue, 05/08/2012 - 17:00 | 2408158 CvlDobd
CvlDobd's picture

That's good to know. I was starting to get scared that my TWA, WorldCom, Enron, Old GM, and Lehman shares were worthless. Glad to know that's not true as long as I never sell.

Tue, 05/08/2012 - 17:03 | 2408167 DosZap
DosZap's picture

CvlDobd

We aint taking paper dude.........................BIG diff.

Tue, 05/08/2012 - 17:30 | 2408231 CvlDobd
CvlDobd's picture

I agree with you to an extent. I hold physical metals because I believe that, barring alchemy, they will never be worthless and if held at home/safe/yard/lakebed are difficult to confiscate.

So I'm not super concerned about the price.

Still, I don't see the difference between buying gold coins at $1900 and gold goes to $400, versus buying Enron at $50 and holding until the pink sheets. Still quite a large drop in paper value. Say what you want about paper but I have yet to have a merchant turn it down.

Tue, 05/08/2012 - 17:54 | 2408319 Beam Me Up Scotty
Beam Me Up Scotty's picture

"Say what you want about paper but I have yet to have a merchant turn it down."

Past performance is no guarantee of future results.

Tue, 05/08/2012 - 18:00 | 2408342 disabledvet
disabledvet's picture

Let your ex girlfriend play with 'em for a while...then ask the fence what he paid/got for it...

Tue, 05/08/2012 - 18:04 | 2408350 Beam Me Up Scotty
Beam Me Up Scotty's picture

Also, theres a big difference in 1900 going to 400 (which won't happen) and 50 going to ZERO.  Enron = ZERO.  If by some chance gold DOES go to 400, the DOW will tank and so will food and energy costs.  I will probably still be able to buy the same number of gallons of gasoline and the same amount of food with my $400 worth of gold as I could have at $1900.  You can still buy a gallon of gas for 20 cents if you have 2 1964 dimes.

Tue, 05/08/2012 - 18:20 | 2408394 DosZap
DosZap's picture

Say what you want about paper but I have yet to have a merchant turn it down.

Not yet, anyway,and your talking fiat, not stock, or other paper contractual investments..............................hopefully never. Because at my age, I am too old to go to war.

The main difference, your Enron went to ZERO,PM's will never go to zero.They WILL osicllate in value, and fiat pricing, but unlike anything paper,they can never be 100% worthless............and that is the main point.

Paper anything, is subject to one thing TRUST,if that is lost party's over.

I will go with the big dogs, and their advice, and some limp wrist here(not you Cvl), has ZERO standing to their hundreds of years of combined experience.

Would you rather get advice/recomendations from Billionaires,or an unamed poser poster?.

I know who I will throw in with.

Tue, 05/08/2012 - 18:42 | 2408445 CvlDobd
CvlDobd's picture

I'm agreeing with you guys, see my point on alchemy.

A drop from 1900 to 400 is a paper measurement is it not? That's what I am talking about, paper losses matter because there may come a point at any time that you need assets now and can't afford to wait for a trade to come back in your favor. That is my scenario anyway. If you are wealthy/diversified/etc. enough to avoid that then my hat is off to you.

I too am concerned for the future of paper, hence the metals ownership.

At this point though, my paper bills have some value as do yours. I'm sure you pay your bills with some from of fiat, paper or electronic.

I think of it this way. If paper losses didn't matter, all us Zero Hedgers would be levered up long bank stocks because they don't have to mark to market and we know paper losses don't matter. I for one disagree with that. I don't touch financials, even for a trade, because I believe that unrealized losses on balance sheets can affect interbank confidence.And shit can go to zero real fast i.e. Lehman.

So in summary, I agree with you on the physical side and am not concerned with fiat value of my physical holdings. Also, I don't believe gold and silver will ever be worthless. I was attempting to discuss my views on the importance of unrealized paper losses. I hope that clarifies things.

Cheers.

Tue, 05/08/2012 - 21:21 | 2408719 Beam Me Up Scotty
Beam Me Up Scotty's picture

Thats why you don't go 100% metal.  You keep enough of your paycheck/savings to pay the bills every month, and if you have some savings left over you stack.  If you have a job, save some dollars and save some metal.  Don't leave it all in the bank at .0001% interest.  I've got cash if there is a crash, and i've got metal if there is more QE.

Tue, 05/08/2012 - 21:46 | 2408753 CvlDobd
CvlDobd's picture

You never go full metal!

I have very little in the bank. Enough to pay a few months bills. Most of my cash is in the safe. I eliminate the risk of being corzined by the bank. At least a true robbber would have to have some skills to break the safe versus transferring some 1s and 0s that, as you pointed out, don't earn shit anyway. I agree with you 100%.

Wed, 05/09/2012 - 02:01 | 2409176 Deo vindice
Deo vindice's picture

Keep PMs and cash.

And keep neither in the bank except to keep accounts open.

Tue, 05/08/2012 - 18:42 | 2408446 in4mayshun
in4mayshun's picture

Comparing PM's to ONE stock is not a fair comparison. As an asset class, commodities and Monetary metals in particular have crushed equities in the past 10 years. And when you factor in the massive supression scheme going on with gold and silver, it becomes a no-brainer.

Tue, 05/08/2012 - 17:35 | 2408248 kk1532003
kk1532003's picture

Thanks for proving the point.  To that list you can soon add LinkedIn, AAPL, Pandora, GM, etc....

Tue, 05/08/2012 - 17:02 | 2408162 Max Fischer
Max Fischer's picture

 

 

Hopefully your old enough to realize that there is NO loss, unless you SELL.......

This is BULLSHIT.  The entire Wall Street complex nearly went insolvent due to MBS's and CDO's that they couldn't sell.

Furthermore, I'm sure this is very little comfort for all the bagholders of silver who were duped into buying all the way up to $50 last year by the incessant pumping of silver by those who truly don't know what the fuck they're talking about.....  "price doesn't matter!.... silver to parity with gold!..... buy silver, crash JPM!....  the Comex is imploding!......... the silver industrial panic is coming!.......

*LOL*

MF 

Tue, 05/08/2012 - 17:09 | 2408174 Paul Atreides
Paul Atreides's picture

Going to be seeing a lot more of this douchebag in the coming days, rhetoric and propaganda volume will be set to 11.

Tue, 05/08/2012 - 17:25 | 2408213 Bay of Pigs
Bay of Pigs's picture

Most of these idiots have changed their handles so many times I can't remember who is who.

Is this Max douchebag Red Neck Repugnant or Spalding Smailes?

Tue, 05/08/2012 - 17:29 | 2408235 fuu
fuu's picture

He was RNR. Doesn't mean he wasn't also SS.

Tue, 05/08/2012 - 17:30 | 2408234 TheFourthStooge-ing
TheFourthStooge-ing's picture

Maxine is just feeling a little overemotional. You know, the monthly visitor.

 

Tue, 05/08/2012 - 17:51 | 2408302 Poetic injustice
Poetic injustice's picture

Max Fischer received a 5 year plan of bullshit spewing, but he swore to fullfill it in 3 years. So he is here, working hard on this board.

He does believe that his bullshit make him one of 1%ers.

Tue, 05/08/2012 - 17:06 | 2408177 Aziz
Aziz's picture

If you're buying metals from savings then there is no such problem. You're talking about leverage, and if you're leveraging up to buy precious metals then I don't think you really understand the case for owning physical precious metals, as their benefits really come from shielding you from systemic risk, and taking on debt opens you up to a whole load of fragilities, rate spikes, margin calls, etc.

Tue, 05/08/2012 - 17:12 | 2408187 DosZap
DosZap's picture

Bennie Boy,

You  are going to hate yourself in a few months, or years.

Go ahead, and be the ranting arse.And, yet once again you are comparing PAPER with a metal tangible asset of VALUE,that is real.

Realize the difference to know where I am coming from.

QUESTION and fact................................did anyone lose money on Physical if they still are holding it?.On paper yes, if you SOLD it would they lose,yes.

If you have no intentions of selling............you have lost nothing.On a long enough timeline,the way things are, we will WIN.

We have a system here called DCA, you know what that is..........................do the math.

Tue, 05/08/2012 - 17:22 | 2408207 Max Fischer
Max Fischer's picture

 

 

fucking stupid.

Only a fanatic would convince themselves that they're right whether silver/gold goes up or down.  Your attachment to metals is too emotional, and you've convinced yourself that no matter what happens to the price, you win. 

That's the quickest way to go broke I can possible fathom. 

MF

Tue, 05/08/2012 - 17:36 | 2408219 Paul Atreides
Paul Atreides's picture

"That's the quickest way to go broke I can possible fathom." - Silver and Gold have outperformed any other asset on the market over the last 10 years and most of us have been buying for years. Couple that with HUGE sovereign risk across the board and the logic is undeniable: We have and will continue to prosper from our metal purchases in this paradigm or the next.

Tue, 05/08/2012 - 17:36 | 2408253 Stoploss
Stoploss's picture

My ignernt ass loaded up back in '06 for under 500 (fucking all time high, i know), now look at me.

Some days don't pay to get out of bed i guess.

Tue, 05/08/2012 - 18:08 | 2408363 disabledvet
disabledvet's picture

We did own excite@home back in the 90's. Only stock that ever went to zero on us. I did have to point a gun "in the incorrect direction" to get that sell at Citi. Right at the high I might add. That piece of crap went to a buck! I'm still not sure if I should have bought Ford at a buck a share now. Does any of this make sense? I do agree "gold will not go to zero...or even a Citigroup dollar." why is everyone so defensive when it comes to breaking banks around here?

Tue, 05/08/2012 - 20:49 | 2408659 machineh
machineh's picture

'Silver and Gold have outperformed any other asset on the market over the last 10 years and most of us have been buying for years.'

Precisely. Long run, gold is a zero real return asset. An ounce of gold would buy a fine toga in Augustan Rome, and it will buy a fine suit today. Gold maintains purchasing power over time -- no more, no less.

So when gold greatly outperforms inflation for an extended period, it might just be overbought. Absent a reliable valuable metric for bullion, no one knows. 

But true-believer chest-pounding proclaiming "Bring on de price dips so's ah kin buy mo'" usually means it's quite late in the day.

Gold is a unique, wonderful and valuable asset -- but not at any price, and not as a dominant holding in your portfolio.

You have been warned.

Tue, 05/08/2012 - 21:15 | 2408697 Paul Atreides
Paul Atreides's picture

I think you should warn China they bought 19,729 kilograms in Q1 2011 and increased their purchases 6 fold to 135,529 kilograms (135.53 metric tons) in Q1 2012.

Wed, 05/09/2012 - 04:36 | 2409324 margaris
margaris's picture

Enough with this comparison of 1 toga = 1 suit = 1 ounce of gold.

Is the clothing of rich people really the appropriate way to measure the Purchasing Power of Gold?

Why not make another example that is more important for our lives (and also has been in ancient rome):

With 10 ounces of gold you could probably buy a nice piece of arable land WITH a small roman villa on it.

But you cant buy that today. You would at least need todays gold price to be 10 times higher.

So lets remind ourselves what REALLY is important in life: Some land, a house, growing your food.

I dont care about rich peoples expensive suits... I am more into functional clothing anyway, lol

Tue, 05/08/2012 - 17:37 | 2408254 kk1532003
kk1532003's picture

actually, the quickest way to go broke is to follow the herd sheep...

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