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Citi: "The Bear Market Rally Is Behind Us; We Anticipate A Move To 1,000-1,015"

Tyler Durden's picture





 

While we are the last to put much weight in the predictive power of technical analysis, lately it has become all too clear that the only thing more worthless than technicals is fundamentals. Which unfortunately means that with the lowest common denominator (and marginal price setter) in the market being robots, in turn programmed by 20 year old math Ph.Ds who only know charts, it may be time to revise our skepticism. Enter Citigroup's Tom Fitzpatrick, who together with Goldman's John Noyce, are the two best sellsiders in this particular field. In short, neither has much good to sayl in fact when it comes to near-term bearish sentiment, it will be hard to find someone as pessimistic as Fitzpatrick, even among the Janjuahs and Rosenbergs of the world. Citi's conclusion from a just released note should be enough to scare anyone who believes that the bear market rally started just about a month ago will persist: "While we respect the October monthly close on the S&P 500, we did not close above the 12 month moving average...we believe the bear market rally is behind us and anticipate a move towards the 1,000-1,015 target over the weeks and months ahead." And while charts will never be a good guide as to what words may come out of G-Pip's mouth next, with so much market action these days being purely backward looking, we would urge caution.

From Citi:

What to make of the monthly close on the S&P 500

  • October 2011 saw the largest monthly gain on the S&P 500 in almost 20 years (since December 1991)
  • We also saw a bullish outside month posted in October
  • Does that mean everything is fine and we are set to go higher? No
  • While the monthly close may seem constructive it alone is not enough. The charts below instead suggest that the downtrend has resumed and a move towards our 1,000-1,015 target area lies ahead

To all who say the market looks like either 2007 or 2008, relax: you are both right!

  • The price action over the past few months closely resembles that seen after the Oct 2007 high.
  • More recently the bounce in Oct reminds us of the bear market rally in the second Quarter of 2008.
  • That 2008 rally could not sustain above the 200 day moving average.
  • The same has been seen this time with the 200 day now coming in at 1,273.

...Throw in some 76.4 Fibonnaci, rinse and repeat

  • Held the 76.4% Fibonacci retracement of the May-Oct 2011 fall on the log scale chart which comes in at 1,294 (it is at 1,300 on the linear scale).
  • Triple negative divergence is now in place reflecting weakness in the bounce and warning of a turn down.
  • We also saw triple negative divergence at the high of the bear market rally in 2008…

  • Triple negative divergence was also in place when we failed to push through the 200 day moving average at the peak of the bear market rally in 2008

In other markets we see:

  • Key pivots holding on U.S. curves suggesting a trend of curve flattening ahead
  • The double top in U.S. 2’s-10’s in particular stands out as it targets 100 bps from a current level of 180 bps. We struggle to see how that target will be tested on the curve with rising yields and instead foresee a bull flattening suggesting a move towards the 1.25% area on U.S. 10 year yields (long term multi year channel base)
  • A worsening situation in the periphery of Europe (as per our daily charts yesterday)

In conclusion:

A worsening situation in the periphery of Europe (as per our daily charts yesterday) While we respect the October monthly close on the S&P 500, we did not close above the 12 month moving average. The charts above, our long term overlays (1910, 1940 and 1977) and the recent setups/developments across other asset classes makes it very difficult for us to abandon our medium term bearish stance on equities here.

 

Instead we believe the bear market rally is behind us and anticipate a move towards the 1,000-1,015 target over the weeks and months ahead.

 


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Wed, 11/02/2011 - 17:35 | Link to Comment Flakmeister
Flakmeister's picture

Am I being told to dump my SDS??

Wed, 11/02/2011 - 17:39 | Link to Comment NewThor
NewThor's picture

As Euro markets bleed out, USA markets will rise. Maybe 10% to 15% more.

 

Wed, 11/02/2011 - 17:46 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

Euro markets were up today.  The DAX is now 20% off its October lows.  That doesn't seem like bleeding out to me. 

Wed, 11/02/2011 - 17:53 | Link to Comment Perma Bull
Perma Bull's picture

That's because the DAX is denominated in PAPER. PAPER is NOT BACKED by ANYTHING. Better get your phyiscal SILVER soon cos that price is gonna EXPLODE! QE to INFINITY!!!

Wed, 11/02/2011 - 18:44 | Link to Comment Comay Mierda
Comay Mierda's picture

look for a Dow/Gold ratio of 1 in the coming collapse that will mark the turnaround

Wed, 11/02/2011 - 19:20 | Link to Comment ratso
ratso's picture

So, are we to believe that this is like 2008?? No, I don't think so.

Are we getting another announcement that THE SKY IS FALLING?  If all the announcements of impending doom were close to being true, the damn sky would have crashed and burned years ago - 2008 to be exact.

Do Citi and Goldman Sachs all of a sudden become the beacons of truth after having been such utter thieves and liars? No, i hardly think so.  Their assertions  are open to serious question based on nothing more than their all to often impeached source.

 

Wed, 11/02/2011 - 19:57 | Link to Comment Libertarians fo...
Libertarians for Prosperity's picture

 

 

While we are the last to put much weight in the predictive power of technical analysis, lately it has become all too clear that the only thing more worthless than technicals is fundamentals.

Hold it right there, partner!

What about Turd Ferguson?  His ability to make 24 hour predictions is, quite frankly, a true blessing in our endless fight against Blythe and the "Cartel."  While I don't actually "play with paper" (I'm a stacker!), I have many friends who have used Turd's technical analysis and have become extremely wealthy. 

I think we all can agree that Tyler needs to be a little more careful in his generalizations. 

Ron Paul 2012  END THE FED!

Wed, 11/02/2011 - 20:14 | Link to Comment Clueless Economist
Clueless Economist's picture

smarter than the average bear

Wed, 11/02/2011 - 17:57 | Link to Comment Shocker
Shocker's picture

The stock market is going to do whatever it wants, regardless of what is going on in the economy.

 

http://www.dailyjobcuts.com

,

Wed, 11/02/2011 - 18:49 | Link to Comment peekcrackers
peekcrackers's picture

I see dead people

Wed, 11/02/2011 - 19:12 | Link to Comment Withdrawn Sanction
Withdrawn Sanction's picture

Yeah, me too. The corpses are wearing Manolo Blahnik shoes and Saville Row suits, the pockets of which are stuffed w/uncashed bonus checks drawn on bankrupt banks....

Wed, 11/02/2011 - 17:48 | Link to Comment Perma Bull
Perma Bull's picture

These prices are CHEAP. Wait till Bernanke turns on the printing presses - ALL real assets are going to EXPLODE. I predict S&P at 10,000, gold at 100,000 when Bernanke anounces QE3,QE4,.........,QE infinity!!!!!!!! HYPERINFLATION BITCHES!!!

Wed, 11/02/2011 - 18:19 | Link to Comment FutureShock
FutureShock's picture

No the market will rocket up on QE and Gold money will move to equities. Great time to buy PM's but expect a dip short term if QE.  Logic would make sense that gold goes up but no, nothing is logical anymore.

Wed, 11/02/2011 - 18:49 | Link to Comment Pitchman
Pitchman's picture

Check out: Fibonacci Numbers - The Fingerprint of God & God Within

 

See how money, created out of thin air has exploded the worlds financial sector and, it can disappear as if it never existed:

Evaporation of Wealth on a Vast Scale: How $Millions - Trillions Can Disappear

 

Check out the fascinating interview on the evolution of corruption with Ms. Fitts.  And, If you're interested in the depth of the Rabbit Hole and the psychopaths within, see the "Dillon Reed and Company: And the Aristocracy of Stock Profits" link at the bottom of: The Looting of America: Happy Labor Day

 

Inflection Point

Wed, 11/02/2011 - 19:00 | Link to Comment crazyjsmith
crazyjsmith's picture

Thanks for those links P-Man.  C. Fitts should be our next Secretary of the Treasury, she is amazing.  

Wed, 11/02/2011 - 19:14 | Link to Comment Sorynn
Sorynn's picture

Great links.  Thanks.

Wed, 11/02/2011 - 21:40 | Link to Comment Manthong
Manthong's picture

I can identify with that.

Good stuff.. cover graphic a little risque, though.

Wed, 11/02/2011 - 17:49 | Link to Comment CPL
CPL's picture

You should apply to the Federal Reserve.  They are looking for smart kids like you.

Wed, 11/02/2011 - 18:04 | Link to Comment SheepDog-One
SheepDog-One's picture

Well how do you figure that, NewThor?

Wed, 11/02/2011 - 18:11 | Link to Comment CPL
CPL's picture

Shhhh, don't ask that question...Thor has spoken.

Thu, 11/03/2011 - 02:35 | Link to Comment NewThor
NewThor's picture

I ain't the Expert at micro, macro and granular economic happenings in all places.

That's why I come to ZeroHedge. To learn from the best of the best.

O just figured that the Euro Zone looks set to tank first,

and Nostradamus says the same shit. Europe gets smashed, then America.

So with all this liquidity sloshing around, I thought that when Greece tanks,

shit loads of money will be yanked out of there and most of it will end up around the USA.

And that'll last for 3-5 days, then CRASH BITCHEZ! Right?

and seriously, CPL

Me go work for The Serpent?

You should brush up on your Norse Religion.

I die destroying the Beast, not working for it.

 

Wed, 11/02/2011 - 18:35 | Link to Comment junkyardjack
junkyardjack's picture

Yes that makes sense, stocks should rally as the dollar gets stronger...

Wed, 11/02/2011 - 19:21 | Link to Comment Withdrawn Sanction
Withdrawn Sanction's picture

As Euro markets bleed out, USA markets will rise. Maybe 10% to 15% more.

Right, because every dollar (euro) taken out of one market frictionlessly shows up in its competitor.  You might want to check your logic there, friend.  Start w/the concept of discontinuity.   Then try studying up on "herding" and "panic."  And maybe if that doesnt upset your priors, consider "illiquidity." 

What happened to Old Thor?  He was more exciting, or at least not trite.

Wed, 11/02/2011 - 17:43 | Link to Comment Balmyone
Balmyone's picture

Sometimes this market seems like such a scam. 

Will Greece default already.

Anyone have any clue which direction the market is going to go tomorrow?

Will Friday's employment report make any difference.

 

 

Wed, 11/02/2011 - 17:48 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

Perhaps we need to develop a new word for this thing.  "Market" doesn't seem appropriate.  Calling this a market is like saying wrestling isn't fixed or calling a bowler an athlete.  I know people like to use the word "casino" but this doesn't seem right either.  if a casino operator ever tried this shit they would be getting the type of treatment DeNiro gave to the guys that were counting cards in Casino. 

Wed, 11/02/2011 - 18:07 | Link to Comment pauhana
pauhana's picture

I keep thinking of the way dolphins herd anchovies.  The little fish swim left, then dart right, but eventually get rolled into a nice, neat ball - the more efficiently to be eaten by the big fish.  Most trading days I feel like the anchovy.

Wed, 11/02/2011 - 18:37 | Link to Comment Dumpster Fire
Dumpster Fire's picture

I prefer the Orca's method of smacking the fish ball senseless with it's massive tail and scooping up the stunned sushi.

Wed, 11/02/2011 - 19:00 | Link to Comment TeamDepends
TeamDepends's picture

How 'bout "fixed barbaric crapshoot"?

Wed, 11/02/2011 - 18:05 | Link to Comment J 457
J 457's picture

"Anyone have any clue which direction the market is going to go tomorrow?"

Yes, tomorrow will start down, with a recovery into close with slight loss.

Friday, start up with better tha expected BLS report, with sell off late in the day as people realize 9.1% for the last year is not really much progress after spending a few trillion in QE.

Monday, down triple digits after a few EU bank downgrades and more EFSF squabble.

Note, I'm correct at least 50% of the time.

Wed, 11/02/2011 - 18:48 | Link to Comment Aguadulce
Aguadulce's picture

60% of the time, it works every time......

Wed, 11/02/2011 - 18:04 | Link to Comment Mugatu
Mugatu's picture

Agree with you Flakmeister!  I don't like it when the big boys are on the same side of the trade.

Wed, 11/02/2011 - 18:23 | Link to Comment Flakmeister
Flakmeister's picture

I'll hold my SDS for now, but I do have an itchy trigger finger...

 It is somewhat hedged by selling OTM calls against it... (The calls take care of the NAV decay)

Wed, 11/02/2011 - 17:35 | Link to Comment Triple A
Triple A's picture

this market is a fuggin rollercoaster

 

Wed, 11/02/2011 - 17:40 | Link to Comment Long-John-Silver
Long-John-Silver's picture

99.99% of all roller coaster rides come to a pleasurable end. This one will not.

Wed, 11/02/2011 - 17:42 | Link to Comment NewThor
NewThor's picture

Roller coaster with a Happy Ending!

Wed, 11/02/2011 - 17:49 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

Me ruv you rong time.  Weeeeeeeee.

Wed, 11/02/2011 - 18:07 | Link to Comment theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

yes rollercosters are especially good if you have a thai prostitute jerking you off while you're riding

Wed, 11/02/2011 - 17:49 | Link to Comment Let them eat iPads
Let them eat iPads's picture

100% of roller coaster rides end at the bottom.

Wed, 11/02/2011 - 17:58 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

Just like so many wonderful nights that end in the gutter or with your face in a toilet.  The Piper doesn't do volunteer work. 

Wed, 11/02/2011 - 18:05 | Link to Comment SheepDog-One
SheepDog-One's picture

Hopium hangover is a real bitch! 

Wed, 11/02/2011 - 17:55 | Link to Comment Sudden Debt
Sudden Debt's picture

Final destination wise :)

Wed, 11/02/2011 - 18:38 | Link to Comment junkyardjack
junkyardjack's picture

This roller coaster has been stuck upside down, emergency crews are on their way

Wed, 11/02/2011 - 19:06 | Link to Comment Carlyle Groupie
Carlyle Groupie's picture

"this market is a fuggin rollercoaster"

It's suppose to be. When they get done with you you'll be begging them to allow you to move what money you have left into their "distressed" real estate. (Which is actually overpriced and always will be).

Get it? The banks always win.

Wed, 11/02/2011 - 17:35 | Link to Comment Zola
Zola's picture

This market has failed to anticipate major events and major economic development. Its prediction power is seriously weak. I give it a C-    . Probably due to the large population of lemmings out there.

Wed, 11/02/2011 - 17:38 | Link to Comment Tense INDIAN
Tense INDIAN's picture

or may be there is just toooo much money in the system

Wed, 11/02/2011 - 17:50 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

Or maybe this thing is as unnatural as a woman's feet that have been bound for fifteen years.  This thing has been stunted to the point where it is no longer recognizable.  A free market is when you give a girl 2 silver eagles for a blow job.  That is capitalism.  This is something out of a Vincent Price movie. 

Wed, 11/02/2011 - 18:13 | Link to Comment billhilly
billhilly's picture

2 Silver Eagles !  Holy cripes !  Up here in the hills that'd get you two weeks of sleep overs and some cabin cleaning during the day.  You must be from the big city.

Wed, 11/02/2011 - 18:19 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

Say "hey" to everybody in West Virginia.  I've never been with a woman that had 13 toes. 

Wed, 11/02/2011 - 18:24 | Link to Comment billhilly
billhilly's picture

Me either, you don't think I'd sleep with my cousin do ya?

hmmm....

Wed, 11/02/2011 - 19:50 | Link to Comment ihedgemyhedges
ihedgemyhedges's picture

Let me amend and correct your statement oh village idiot: "I've never been with a woman."  Now the board understands you better.

Wed, 11/02/2011 - 19:59 | Link to Comment Blano
Blano's picture

A woman with 13 toes probably still has a vagina.

Just sayin'.

Wed, 11/02/2011 - 20:10 | Link to Comment billhilly
billhilly's picture

...or two.

Wed, 11/02/2011 - 20:20 | Link to Comment nmewn
nmewn's picture

ROTFL!!!

Thu, 11/03/2011 - 07:48 | Link to Comment peekcrackers
peekcrackers's picture

hahahha .. to funny

Wed, 11/02/2011 - 17:55 | Link to Comment Manthong
Manthong's picture

Too much digital fiat being conjured up and pumped in from the PTB to keep the phantasm looking real.

Wed, 11/02/2011 - 18:06 | Link to Comment mendigo
mendigo's picture

Yes I would not be surprised to see this market continue to ramp as that is as has been ordained. Trick is: What,s it worth in real money?

Wed, 11/02/2011 - 18:07 | Link to Comment SheepDog-One
SheepDog-One's picture

Too much imaginary money in the system, and way too much Hopium and equities floating along on unicorn fart gas.

Wed, 11/02/2011 - 17:35 | Link to Comment RealitiveMind
RealitiveMind's picture

Translation = QE3

Wed, 11/02/2011 - 17:41 | Link to Comment NewThor
NewThor's picture

What better way to reign in 2012 than QE3?

This is very, very bullish for MBS. 

...buy crap now, sell crap for top dollar

during QE3. GENIUS!

Wed, 11/02/2011 - 17:55 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

Can we really consider QE3 without considering the eletction year of 2012?  Won't any printing, public or private, be great political fodder for the Republicans?  I know that Bachmann, Cain, Perry, Romney, etc. are not exactly political giants.  But I would expect Ron Paul to be challenged by other candidates that toss their hat into the ring. 

This is not like 2008 when The Fed was still understood by such a miniscule segment of the population.  More and more light has been shined on The Fed in the past 3 years than almost anybody (including me) thought possible.  I had a former co-worker send me an article on the true nature of banking the other day.  This is a guy that in 2008 would have listed Bill Pay as his biggest banking concern.  Too many sheep have awoken to what the shepherds are really doing.

I would love to hear thoughts on how QE3 ties into the election of 2012.  I do think it will be an issue and it will make Bernanke's shenanigans with his shiny new Heidelberg more difficult than ever. 

Wed, 11/02/2011 - 18:07 | Link to Comment SheepDog-One
SheepDog-One's picture

QE3 is pure BS, not gonna happen.

Wed, 11/02/2011 - 18:44 | Link to Comment caerus
caerus's picture

notice how bernank wouldn't say QE anything today...called them rounds of asset repurchase if I remember correctly

Wed, 11/02/2011 - 18:45 | Link to Comment caerus
caerus's picture

dupe

Wed, 11/02/2011 - 18:09 | Link to Comment SheepDog-One
SheepDog-One's picture

WestVillage 'How will QE3 tie into the 2012 election'? 

Hmm lets see, do another MOST unpopular with the people action of bailing out the super wealthy which most all people identify QE actions to be, and rightfully so...nah not gonna happen.

Wed, 11/02/2011 - 18:15 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

I hear Obama supports the Occupy Wall Street movement.  Bwahaha.  He also supports the Bernanke Printing Press Association. 

I was walking through the Financial District Sunday.  I walked by Zuccotti Park.  A little while later I saw a sign that read, "Amalgamated Bank supports AFT and the occupy Wall Street movement".  I just started laughing.  I don't knwo what AFT is but the only thing I could think was "WTF?". 

Wed, 11/02/2011 - 18:21 | Link to Comment nmewn
nmewn's picture

I laughed when I learned OWS funds (donations) are stored in...a bank.

I suppose thats better than having a vagrant steal it all...I think...maybe...lol.

Wed, 11/02/2011 - 19:26 | Link to Comment Withdrawn Sanction
Withdrawn Sanction's picture

...a bank...better than having a vagrant steal it

A distinction without a difference

Wed, 11/02/2011 - 19:32 | Link to Comment nmewn
nmewn's picture

Exactly ;-)

Wed, 11/02/2011 - 21:36 | Link to Comment kingwallop
kingwallop's picture

The last bank was shut down in a 100 block radius on the lower east side so the residents started a community bank/ credit union. GS in order to recieve thier share of the bailout could not be considered a investment bank. They had to become a commercial bank (even though they have zero commercial banks). Upon recieving the bailout money, by law GS had to re-invest a portion of the money into small banks, which they have been doing with an eye dropper. The lower eastside bank was actually a recipient of $5,000 of GS bailout money. Once GS learned that the bank was keeping the OWS money they took back the $5,000 and threatened the little back with legal. 

Wed, 11/02/2011 - 18:51 | Link to Comment Don Birnam
Don Birnam's picture

AFT is the American Federation of Teachers, the second-largest such teachers union in the nation. The largest teachers union, the NEA, also supports OWS and has sent platoons of "educators" to some OWS rallies.

Wed, 11/02/2011 - 20:00 | Link to Comment peekcrackers
peekcrackers's picture

They dont teach that in school

Wed, 11/02/2011 - 17:35 | Link to Comment wombats
wombats's picture

Bullish for graph paper?

Wed, 11/02/2011 - 18:25 | Link to Comment deebee
deebee's picture

bullish for toilet paper

Wed, 11/02/2011 - 17:37 | Link to Comment Tense INDIAN
Tense INDIAN's picture

didnt citi come out with that VIX triangle officially worried piece just before this rally

Wed, 11/02/2011 - 18:00 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

Sure that wasn't Phil Jackson working the triangle? 

I can't believe I just alluded to the NBA.  I love that they are locked out.  I have grown to hate that league.  But I do feel bad for the regular people that count on their income from NBA games that are caught between the whiny brat thug players and the shithead windbag narcissist owners. 

Wed, 11/02/2011 - 17:38 | Link to Comment navy62802
navy62802's picture

A worsening situation in the periphery of Europe

Just the periphery? When Greece goes belly up, this problem will immediately spread to the very heart of Europe, even its "strongest" economic nations.

Wed, 11/02/2011 - 19:32 | Link to Comment Withdrawn Sanction
Withdrawn Sanction's picture

It always cracks me up when technical analysts feel compelled to include some fundamentals....kind of like how my cat always feels compelled to cover her business in the litter box. (BTW, I've got no beef w/TA. Used it successfully myself; just if your a TA, stay true to your craft. Like TD said in the opening, fundamentals sure as hell aren't working.)

Wed, 11/02/2011 - 17:38 | Link to Comment lolmao500
lolmao500's picture

http://www.bbc.co.uk/news/business-15550422

A Greek government spokesman confirmed on Wednesday that the referendum would only ask the public to vote for or against the bailout package, and would not ask about Greece's membership of the euro.

However, it is widely feared that a 'No' vote could nonetheless force Greece into a chaotic exit from the euro, and spread financial contagion.

Greece's next 8bn tranche of bailout money was approved last week by eurozone leaders, but only for payment in mid-November.

However, Reuters news agency reported a source on the board of the International Monetary Fund (IMF) as saying that the payment will be postponed until after the referendum - something that is not expected until January.

The Greek government has previously stated that it would run out of cash before then to fund its spending - which would include payments on its debts.

Funny stuff.

Even funnier :

EU's Barroso says EU stands ready to provide IMF with more funds

Wed, 11/02/2011 - 17:44 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Referendum being blackmailed, big surprise, eh?

Democracy is alive and well.

Wed, 11/02/2011 - 18:24 | Link to Comment Mark123
Mark123's picture

The banks fail immediately and there will be the mother of all bank/liquidity runs if they hold back on Greek bail out funds. Can't see that happening. 

My guess is they have a compromise already cooked up to G'Pap can save face AND the banks get bailed out even more!  Just can't figure it out yet, but no doubt we will be shocked.

Wed, 11/02/2011 - 19:38 | Link to Comment Withdrawn Sanction
Withdrawn Sanction's picture

there will be the mother of all bank/liquidity runs if they hold back on Greek bail out funds

Zactly.  That "bailout" money was going to be immediately funneled back into the eurotrash banks.

GPap's on the inside. The idea that he sprang this on them is laughable. Euro leaders had to know this was being orchestrated and so my guess is this whole dustup is being used to deflect attention from something else.  What could that something else be?  Hmmmm....Italian and French banks Im looking in your direction...

Wed, 11/02/2011 - 17:40 | Link to Comment The4thStooge
The4thStooge's picture

Time to go all-in short, but only if Robo is still bullish.

Wed, 11/02/2011 - 17:48 | Link to Comment sabra1
sabra1's picture

won't see him for awhile, he was last seen banging at MF Global's storefront window. they had his last $20.00 in which he intended to buy Lulu stocks with!

Wed, 11/02/2011 - 18:04 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

I think you are a little confused there, Sabra.  He was actually seen heading to his local Wells Fargo branch to turn in the spare change he has been collecting.  He was going to use it to buy a Lulu outfit that might help him earn some cash in West Hollywood.  Robo understands capitalism and the free market. 

Wed, 11/02/2011 - 18:10 | Link to Comment SheepDog-One
SheepDog-One's picture

You question whether Robo is still bullish? When hasnt he been?

Wed, 11/02/2011 - 18:11 | Link to Comment greased up deaf guy
greased up deaf guy's picture

i intend to remain short until joe terranova is whimpering like a little b*tch on live television. that's the capitulation i'm looking for. hehe...

Wed, 11/02/2011 - 17:42 | Link to Comment MobBarley
MobBarley's picture

That's like saying someone having a heart attack is having a blood flow

problem on the periphery of the heart.

 

 

Wed, 11/02/2011 - 17:43 | Link to Comment Lady Heather...UNCLE
Lady Heather...UNCLE's picture

...what the bots say is all that matters. If there was a meteorite that decimated US cities and the bots said its bullish...then it's BULLISH. Rational, fundamental and even technical overlay is now totally irrelevant. Skynet wins, game over

Wed, 11/02/2011 - 19:48 | Link to Comment Withdrawn Sanction
Withdrawn Sanction's picture

One comma out of place in 12 million lines of code creates a negative feedback loop that shuts down 40% of telephone network in the US. (Martin Luther King Day, 1989 as I recall)

The faith people have in computers (not to mention the Federal Reserve and its money pump) is charmingly naive. A computer is only as good as it programmer, and programmers make mistakes coding not to mention in deciding what's to be coded. A monetary authority based on the opinions of 12 people? Really? 12?

If we make it to the future, humanity will look back on these past few years with wonderment at how mankind could have been so friggin naive.

Wed, 11/02/2011 - 20:53 | Link to Comment WonderDawg
WonderDawg's picture

If what you say is true, then why, after such a furious rally in October, are we still down more than 100 S&P points from the high? With the trend pointing down? For that matter, why did we drop 250 points from the high in the first place? Hmmm, if Skynet (or whatever you want to call the market manipulators) were in control, would this have been allowed to happen? Would the market have tanked in 2008-2009? Interesting.

Wed, 11/02/2011 - 22:54 | Link to Comment Cluelesscitizen
Cluelesscitizen's picture

it's not an analogous situation. there are more way more players now with EU banking risk of imploding, downgrades, it's a SOVEREIGN crisis everywhere. GLOBAL, interconnected, And "leaders" are pulling strings to help other countries in order to save their own. You have these momentous calls scurrying to do something that would marginally help or delay something else.

Wed, 11/02/2011 - 22:59 | Link to Comment Cluelesscitizen
Cluelesscitizen's picture

wonderdawg, kind of non sequitur, but it's not an analogous situation to 2008 really. there are more way more players now with EU banking risk of imploding, downgrades, it's a SOVEREIGN crisis everywhere. GLOBAL, interconnected, And "leaders" are pulling strings to help other countries in order to save their own. You have these momentous calls scurrying to do something that would marginally help or delay something else.

Wed, 11/02/2011 - 17:45 | Link to Comment semperfi
semperfi's picture

These people can no better predict the market than I can predict when my wife will be in the mood. I call BS.

Wed, 11/02/2011 - 18:34 | Link to Comment New_Meat
New_Meat's picture

So, that b like nevah?

- Ned

Wed, 11/02/2011 - 18:55 | Link to Comment secretargentman
secretargentman's picture

Just a tip... try about two weeks after she's been really cranky. 

Wed, 11/02/2011 - 17:50 | Link to Comment mynhair
mynhair's picture

Yep, short the CIT outta this pig.  Glad they finally figured it out.

Same with PMs.  Short it all!

 

Well, all except TVIX!

Wed, 11/02/2011 - 18:06 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

What the hell happened to metals in the past 30 minutes?  Gold and silver just jumped way up. 

Wed, 11/02/2011 - 18:40 | Link to Comment junkyardjack
junkyardjack's picture

Vapor volume happened, might not be pretty when traders wake up

Wed, 11/02/2011 - 17:51 | Link to Comment vast-dom
vast-dom's picture

here is how shady the wording is: "we believe the bear market rally is behind us and anticipate a move towards the 1,000-1,015 target over the weeks and months ahead"...

 

So is it "behind" as in support or "behind" as in over? Vagaries of vague language misconstrued and refried....oh and the charts, they were from 2008 and got mixed up with the present day; ergo, it's all bullish because bullish don't heed no funduhmantals.

Wed, 11/02/2011 - 17:52 | Link to Comment mynhair
mynhair's picture

behind as in over

finito

kaput

toast

dead as ODummer's re-election hopes

Wed, 11/02/2011 - 17:55 | Link to Comment vast-dom
vast-dom's picture

so then it's all peachy-f'in-keen-n'-rosy-BULLISH! ;p

SP 850 is my calcs...

 

future's so bright up ahead-- SPLAT!

Wed, 11/02/2011 - 18:07 | Link to Comment mynhair
mynhair's picture

windshields are a bitch......

Wed, 11/02/2011 - 17:50 | Link to Comment lolmao500
lolmao500's picture

I wish France would get downgraded already. There were rumors of that this morning... where are they now?

Wed, 11/02/2011 - 17:50 | Link to Comment CashCowEquity
CashCowEquity's picture

capital is fleeing Europe and heading here and into PM's...as long as BOND $$ doesnt flow into equities we should decline in earnest around New Yrs 2012 and flop for 5-6 months to a low around 800-900 spx.

Wed, 11/02/2011 - 17:58 | Link to Comment LMAO
LMAO's picture

Say what? A bit over the proverbial TOP I would think. 

Look at some old charts take an overlay to new ones and consequently coming to a conclusion:

This time it's not different! So central planning, market manipulation, FED machinations, etc. Don't matter?!

Surely the bearded monkey that goes by the name of Banana Ben PhD can't be that stoopid!

Wed, 11/02/2011 - 17:51 | Link to Comment oldmanagain
oldmanagain's picture

I, humbly, agree with the chart interpretations. I, even more humbly, believe these interpetations are backed up by the current disasterous economic situation, and  the absurd politics of the Kochs.

Wed, 11/02/2011 - 17:55 | Link to Comment mynhair
mynhair's picture

THE KOCH BROTHERS DID IT!

 

WHAT ABOUT BUSH?

Wed, 11/02/2011 - 18:02 | Link to Comment nmewn
nmewn's picture

CAIN DID IT!!!

We just can't prove it.

Wed, 11/02/2011 - 18:08 | Link to Comment mynhair
mynhair's picture

GET HIM TO ADMIT IT!

 

Drag out his dog, if you have to.

Wed, 11/02/2011 - 18:11 | Link to Comment nmewn
nmewn's picture

#Occupy his doghouse!!!

Wed, 11/02/2011 - 19:13 | Link to Comment wisefool
wisefool's picture

Send the Arkansas State Troppers to Escort the Cain accusers directly to the MSM outlet of their choice.

Wed, 11/02/2011 - 19:27 | Link to Comment nmewn
nmewn's picture

I'd love to see it...lol.

For a host of reasons ;-)

Wed, 11/02/2011 - 17:55 | Link to Comment caerus
caerus's picture

i must admit i was somewhat piqued by that first sentence...nevertheless i still feel that the charts suggest a imminent selloff, absent extraordinary measures...

Wed, 11/02/2011 - 17:56 | Link to Comment mynhair
mynhair's picture

Yes, I hear some unicorns do still shit Skittles....

Wed, 11/02/2011 - 18:09 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

Why can't we ever find a unicorn that shits Mike 'n Ikes?  I love Mike 'n Ikes.  That would be so cool to find that unicorn. 

Wed, 11/02/2011 - 19:16 | Link to Comment ihedgemyhedges
ihedgemyhedges's picture

You must really be a village idiot if you want to eat Mike 'n Ikes from a unicorn's ass.......................

Wed, 11/02/2011 - 17:55 | Link to Comment dpanah
dpanah's picture

Please.

Wed, 11/02/2011 - 17:56 | Link to Comment drbill
drbill's picture

"the only thing more worthless than technicals is fundamentals." Priceless!!

Wed, 11/02/2011 - 17:59 | Link to Comment pleseus
pleseus's picture

Technicals mean nothing.  This is a headline driven market.  Up one day down the next. 

Wed, 11/02/2011 - 18:00 | Link to Comment the grateful un...
the grateful unemployed's picture

have you got a picture of Bernanke's keyboard in the Federal Reserve trading room? i understand there is no minus sign key. he hangs a picture of a chart of the S&P over his desk, which has something your chart doesn't have, a RIGHT SIDE. at the top it says GDP target.

he enters a number, a really big one, into the buy S&P futures input selector, and he just keeps hitting the repeat button until his chart on the monitor looks like his picture.

Wed, 11/02/2011 - 18:01 | Link to Comment mynhair
mynhair's picture

George Soros is THE John Galt.

Imagine having that much power to meld mush-minds to your view.

Wed, 11/02/2011 - 18:10 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

And yet he will still die like all the rest of us.  With any luck that day won't be far off. 

Wed, 11/02/2011 - 18:01 | Link to Comment Fix It Again Timmy
Fix It Again Timmy's picture

The bear market may be behind you, but what can you do with your new found wealth?

https://www.google.com/search?q=zimbabwe+100+trillion+note&hl=en&client=...

 

 

Wed, 11/02/2011 - 18:09 | Link to Comment mynhair
mynhair's picture

Hookers & blow.

Wed, 11/02/2011 - 18:13 | Link to Comment CPL
CPL's picture

Hookers and blow.

Wed, 11/02/2011 - 18:16 | Link to Comment mynhair
mynhair's picture

Blow your own hookers.  I don't swing that way.

Wed, 11/02/2011 - 18:02 | Link to Comment kengland
kengland's picture

I'm sure these arsholes NAILED the 1080 bottom and went all in are are just now fading. Another group of shorts to launch from the canon when the fuse gets lit.

Wed, 11/02/2011 - 18:03 | Link to Comment caerus
caerus's picture

i offer this absurd technical suggestion...the ES is tracing out the right shoulder of an impressive h&s (or triple top if you prefer) pattern that goes back to 1996...it seems that in the markets, as in life, it's all about timing...

Wed, 11/02/2011 - 19:35 | Link to Comment razorthin
razorthin's picture

Yes.  As it also is currently on the monthly chart since the March 2009 ramp.

Wed, 11/02/2011 - 18:07 | Link to Comment rumblefish
rumblefish's picture

Clearly CITI is unware the groupon IPO is coming.....to the moon Alice!

Wed, 11/02/2011 - 18:31 | Link to Comment Flakmeister
Flakmeister's picture

Is this the same Groupon that recently sent me "deep" discounts for High Colonics in the Mt. Kisco area??

Wed, 11/02/2011 - 18:07 | Link to Comment Racer
Racer's picture

oh bum, just when I was looking forward to much shorting it....

will  have to go long now Citi have said to go short

Wed, 11/02/2011 - 18:09 | Link to Comment devo
devo's picture

The (low) volume says it all. Computers trading with one another to keep prices up. (Human) momentum traders are likely getting slaughtered by the 1&0s. War of the Worlds?

Wed, 11/02/2011 - 18:24 | Link to Comment SheepDog-One
SheepDog-One's picture

Fundamentals and technicals will not be what unhinges this 'market', an event will.

 

Wed, 11/02/2011 - 20:48 | Link to Comment razorthin
razorthin's picture

Funny thing is that with fundamentals, you never see it coming.  With technicals, you usually have a hint.  Things generally just don't crash overnight.

Wed, 11/02/2011 - 18:11 | Link to Comment Rainman
Rainman's picture

Wherever we goin, we'll be there a while. 10y yeeeeeled at .90 ?

Wed, 11/02/2011 - 18:22 | Link to Comment Yen Cross
Yen Cross's picture

It lives/

Wed, 11/02/2011 - 18:11 | Link to Comment simon says
simon says's picture

it all depends on G-pap and Europe

Wed, 11/02/2011 - 18:11 | Link to Comment Hedge Fund of One
Hedge Fund of One's picture

Are we sure that he was talking about $SPX to 1000 or was he really talking about $DJI? :-)

Wed, 11/02/2011 - 18:11 | Link to Comment chump666
chump666's picture

Yes, the market is getting ready to short.  That means 'everyone' is getting ready to short. Or simply, all Aug/Sept/Oct supports will be blown to hell.

Last session sell from highs was bearish, despite the Fed and as for the G20?  Forget it.  The Mer-Kozy combo shock and awe flopped. 

 

Wed, 11/02/2011 - 18:14 | Link to Comment mynhair
mynhair's picture

I resent these Shitty morons calling a hopium high a 'bear market rally'.

Just insults my sensibilities.

A 'beer market rally' I could live with.

Wed, 11/02/2011 - 18:18 | Link to Comment SheepDog-One
SheepDog-One's picture

The unicorns eat Hopium, and are even shitting pyramid piles of gold dubloons...and you CAN eat em too! Pour liquidity on them and they turn into filet mignons, perfectly grilled.

Wed, 11/02/2011 - 18:16 | Link to Comment SheepDog-One
SheepDog-One's picture

I ran this a couple days ago, thought Id put it up again for anyone who is interested in the FEMA/FCC big internet power grab black box Chinese style in a few days. Something to ponder.

Huge Internet Power Grab November 9th 2011 By Fema/FCC - YouTube

Wed, 11/02/2011 - 18:23 | Link to Comment mynhair
mynhair's picture

Is this less bad or more bad than Janet Incompetanto scanning FacePlant and MyButt for dissatisfied 'Mericans?

Heck, when Yellowstone cuts loose, we will need that national takeover of the airwaves.

 

 

/sarc

Wed, 11/02/2011 - 18:28 | Link to Comment nmewn
nmewn's picture

"The border is very secure."

Same day as the local cops take down a billion dollar smuggling operation...lol...led by the same cartel that got guns from...oh, well, you get the idea.

Wed, 11/02/2011 - 23:35 | Link to Comment the grateful un...
the grateful unemployed's picture

odd bit a friend called we were talking about a football game, and he was watching the game on TV and i was watching the ticker on Yahoo. it was nearly half time, and he was telling me, theres still time left, my team can score, and i said, no the half is over already. there may have been one or two minutes difference. he thought how can that be, that live TV is slower than the internet.

in the digital age EVERYTHING is spooled. TV is manipulated to allow the advertisors more time, and for other reasons i suppose, and if someone says something they aren't supposed to say, like maybe the President could be edited live online.

the problem isn't necessarily the on off switch its this spooling editing process that goes on, while the public THINKS they have LIVE interaction, they do not. in the case of the football game there was no reason to spool the ticker.

 

and we all know that football games are edited on the fly, which is what made Roone Arledge and MNF such a hit, but now with spooling capability the job is a lot easier. spooling capability relies on storage and memory speed. but of course we have known about video tape for years. yet people continue to believe they are getting (real time) the truth, and its anything but.

 

 

Wed, 11/02/2011 - 18:21 | Link to Comment Yen Cross
Yen Cross's picture

 Has anyone actually looked at those charts.    I would have better luck, SURFING seal island off of the coast of South Africa.

 

     Buy this guy : http://www.neptunic.com/sharksuits_csuit.htm

Wed, 11/02/2011 - 18:26 | Link to Comment mynhair
mynhair's picture

Shark Week!

Get that Yen dude.

 

http://www.youtube.com/watch?v=RGOP0KqS_iw

Wed, 11/02/2011 - 18:29 | Link to Comment Yen Cross
Yen Cross's picture

Well done. +1

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