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Fed's Beige Book Is Out
Everyone will be scouring for apocalyptic suggestions (need.moar.NEW Kew - EEE) in the following...
- FED SAYS `HIRING WAS STEADY OR SHOWED A MODEST INCREASE'
- FED SAYS ECONOMY EXPANDED AT `MODERATE PACE' LAST MONTH
- FED SAYS `AUTOMOBILE SALES GENERALLY REMAINED STRONG'
- FED: `CONTACTS WERE SLIGHTLY MORE GUARDED IN THEIR OPTIMISM'
- FED SAYS `INFLATION REMAINED MODEST ACROSS DISTRICTS'
- FED SAYS MANUFACTURING EXPANDED, CONSUMER SPENDING WAS STEADY
- FED ECONOMIC SURVEY COVERS PERIOD FROM LATE APRIL UNTIL MAY 25
- FED SAYS DEMAND WAS STRONGEST IN AUTO AND STEEL MANUFACTURING
...And won't find them. So: just what basis will the Fed have to do more QE again? Paging Jon Hilsenrath: Jon? Jon?
Looks a little brighter than most expected...
quite a few 'anti'-QE words - Strong, Sustained, Increased, Improved
not many end of world words...
Source: Fed-MMM JV
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Fed Beige Book says, "Mr. Paper Gold, meet Mr. Monkeyhammer."
So... is this a double-headfake, a triple-headfake, or a double-double-headfake?
Honestly, it's hard to keep up these days.
Hey Bernanke! FUCK YOU!
This whole "market" is fuckin' mental.
Hey Bernanke! FUCK YOU!
Whats wrong with you, maan???!!!
The guy is destroying the economy, ruining lives and you are promising him sexual fantasies?!
How does this sound:
Hey Bernanke! GO FUCK YOURSELF!
The big print is coming, eventually. Not sure there will be much left when it comes, though. Check to the Fed, check to the ECB, check to the Bank of England. They keep checking and cards keep falling but nobody is hitting anything. And funny to watch all the pathetic zombie media (Atlantic Monthly, BusinessWeek, etc etc) coming out with OMFG THERE IS DEFLATION articles.
......MEH......
Monetary Event Horizon.....hedge accordingly.
Beige? Shouldn't this book be brown? Like a big brown hole...
BLACK HOLE
Corn hole
How does this sound:
Hey Bernanke! GO FUCK YOURSELF!
He'll probably say, what do you think Im doing now and once Im finished it will be everybody else's turn.
triple double. dribble. drivel.
Ben Bernanke in a dress: Warmup triple Axel:
http://www.youtube.com/watch?v=8JM5Ed3ardM
dodecatuple headfake
Bernank exploded into his spidrman towel
Those weren't Spider Towel "sales." The towels were given to all Americans by President Obama to spur the economy.
If by 'his spiderman towel,' you mean my parents' fixed income portfolo P&L statement, then yes.
Cut out and keep.
Spiderman has a boner.
Spiderman towels can be printed. Do you get the idea?
Doesn't anybody know whats up for economic new tomorrow? Well here it is:
Weekly jobless claims
Flow of funds household debt
Consumer credit
You can just forget about discussing the beige book. Any bets on what the market will do tomorrow? Like morgue says, 'QE3 rally lasting for hours, not weeks'. My bet is that also includes beige book rallies.
Gonna have to use Europe as the excuse for QE, but that also opens door for them to buy European sov. debt since there aren't enough Treasuries for them to buy for Op Twist continuation.
So be it. First QEpisode went to inflate China, second QEpisode went to 'Europe' and now finally we might get a targeted third QEpisode for just Spain.
Beautiful.
MEH !
Not true meh. No CAPS, no exclamation!
Lies,all lies.
Armageddon will resume after this scheduled break.
Please wait until I get back from vacation, I'd hate to miss Farcebook stock hitting the pavement.
GS is wrong yet again on QE3. Perhaps they were using the hopium to cut the last of their equity exposure?
Bernanke seems likely to hint at further LSAP but to indicate that the Fed will still take the wait and see approach.
Bonds once again show that they know more than stocks do.
Now the question is how long this hopium induced meltup lasts.
You know, arguing that GS is "wrong" is like arguing what Bugs Bunny's favorite color is.
In other words, some entities only exist logically in a ficitional world. To engage in arguing with them is to lose one's bearing, following them into whatever fantasy they might spin.
Spot on. But you understood my point.
When GS is wrong, they're right. They're wrong for their clients but right for themselves.
F'ED
Need....Free.....Moneez...
CTRL-P
CTRL-P
CTRL-P
CTRL-P
Finally, Recovery!
ramp the ES more!!!
oh, wait..no QE? (sell, sell, sell!)
How is Obama going to give me money now?
QE$3KMEBITCHEZ!
That torpedoed Gold
Somewhere, Steve Liesman is pissed right now. Looks like he'll have to wait on that IMF/FED bailout of Europe.
WAT? Puppets don't care about the script! That's not how they work.
SELL! SELL! SELL!
Moderate Growth = NO QE
@AccreditedEYE
That's it in a nutshell. They COULD do QE3; stragner things have happened, but it looks highly unlikely right here.
Spy is all the way up to downtrendline resistance. A good old market crash will provide the perfect excuse for the Fed to protect all our 401k accounts by buying more bad mortgage debt from banks and giving it to taxpayers.
Right. It doesn't make any sense at all but that's the way I see it!
just a daily excuse to bomb gold and silver, which just happened on gold.
Are you complaining?
If you are then you havent figured out that game yet.
* FED SAYS CHEAP GOLD AND SILVER FOR EVERYONE AGAIN. TAKE THAT MOMO MONKEYS.
Can't even skew a few numbers when they need it. :)
more lying fraud and bullshit from the chairsatan and his miserable minions. Generic platitude speak, fraud and lies. 'Our outlook remains optimistic', LMAO wow. 'Credit quality improved'. Do they ever have to back any of this bullshit with fact?
True enough, are they really ever going to say " Holy shit, things are really fucked up and behind the curtain they are actually getting worse by the day!"
Remeber folks. No one in authority has made ANY announcements since the BLS data report of last Friday. Everything has been rumor. Today's rally has been based on smoke and mirrors and HFT's goosing the overnight futures. This is psychological manipulation. They want you to get hot and horny for stocks. Pavlov would be proud of these jokers. Don't fall for it. Watch the credit market for clues.
I dont have the visibility to credit markets, even if I had, I would still struggle to make any kind of sense out of it.
I just look for the signs in in stars and constellations, public sentiment and trying to put myself in a "fraudsters" shoes.
Sheeple must not, AT ANY COST, get this idea that the money is ust being printed out of thin air. Its just "conspiracy theorists" and lunatic fringe who believes that.
Credit markets gave us clues two days ago during the US session. Spreads for the CUSIPS that I follow in the corporate bond market narrowed into the close. Europe has been narrowing since. Should be a decent little relief rally.
Credit markets cannot be manipulated, say, to send wrong signals?
Sure, I guess. But we are talking about the secondary corporate bond market. Watching a number of liquid and illiquid CUSIPS on the secondary market can be telling. This isn't a place where most people typically go searching for information.
Thank you.
I think, now, Im ready to start trading in bonds and credit and replace the London Whale :)
Excuse me. When can I get off this merry-go-round?
when it's greased ...
We must have more QE - need to help Steve Liesman and his strategy to bailout Europe
And gold now negative for the day....this is a $25.00 drop because of a FUCKING RUMOR....or lack of one.
The so-called "market" of today is a complete joke....are you proud of your creation Mr. Bernanke?
Look on the bright side. If QE isn't forthcoming, you know what to short.
I got news for you, twinkle toes...gold gets "hit" almost everyday at 12 CDT.
Nice to see it retrace some of it's move and fall back into support. Lil bear flag action.
so it worked, we're all saved! Long live the Bernank
* FED SAYS LULZBank, THE SOD IS LAUGHING HIS HEAD OFF WATCHIING THE GOLD FALLING LIKE A ROCK.
Is Bernakster smarter than a 12 year old.
Definitely not smarter this one.
http://youtu.be/Bx5Sc3vWefE
QE Rumors = Rally
QE not actually happening = Rally anyway?
That also coincides with the theory of no news is good news(rally on), good news is also good news(rally on), and bad news is the best news(rally really on).
Pretty much spot on.
The stock market is reliant on earnings momentum & rate of change. Commodities depend on supply / demand. Prices for both can be distorted by overspeculation and central banks altering risk perception, but ultimately enough slack will cause prices to correct.
The entire rally we've had in the markets has been on rising profits. The Fed eased while the cycle was expansive, magnifying the rally. In this way, the Fed really followed the economic cycle and stretched it as far as it would go.
Now the cycle is pointing down. Down for forward earnings expectations (rate of change) and demand. Slack is already building between real buying support versus market price. If the Fed pursues sloppy monetary policy while we are in a downtrend, they send markets the wrong message and open a bigger distance between the ceiling and the floor.
Proponents of easing know that it works best when coupled with fiscal policy. If the Fed has studied Japan, markets may be surprised to see tighter policy than anticipated until congress acts with some sort of fiscal stimulus (or the bottom comes out of the markets).
Ahh... the late day fade.....opening the day to a big drop heading into the weekend. Here we go!
I wouldn't position here. I think this could go on for a while, with some peaks and valleys. I think we're range bound with a bit of upward bias for a while.
At the risk of sounding pedantic........I don't think commodities prices reflect soley supply and demand. You forgot a bunch of stuff but mainly the caprice of megalomaniacs (ARABS/OPEC+OIL CEOS/EXECS). Moreover, I think this point needs to hammered home: no one really knows what the fuck the markets reflect any more but all price movements seem to be predicated by manipulation, nepotism, misinformation, and deceit. That is clear.
True, there is the fear trade, but that really is a response to longer term supply and demand expectations.
"no one really knows what the fuck the markets reflect any more" - you are referring to the speculative layer the central banks have encouraged. This is where the opportunity resides. Don't think for a second that the market won't turn when the cards are clearly stacked against it. Physics always wins in the end.
STEEL MANUFACTURING Guns and Bullets for the Revolution.
So I can 'buy' Facebook?
Wait till they start selling guns and ammo.
Wait till they start selling guns and ammo.
They already are....................to the Mehican Drug Gangs.
Aaaand when you break the word cloud down into it's raw form adjuctives, it reads...
"sheep"
"sheared"
"banks win"
"again"
Oh, puhleese! Last week we're down, this week we're up cause the Fed Chairman is gonna speak. What the hell kind of 'economy' is that? More like the excitement of an addict knowing his dealer is about to stop by.
Next week, we'll be down again.
RIP Ray Bradbury.
Anything can happen short-term. That's why I like swing trades on the edges in this environment. Plus, they are fun & reasonably low risk (at least on the short side).
This is a rocking market for speculators, maybe one of the best ever. Think how dull it would have been to be a real trader between 1982 - 2000. Today, you get all the drama. Sudden deep corrections, grizzley bear markets, manic rallies that seem to have no end. You have to be on top of almost everything to get an edge.
True. All that just during each trading day.
Can't wait to trade this shit when the vix gets back over 30 again.
Oh but then again that maybe Bens line in the sand. Don't tell anyone!
Yea...and God Bless Bob Chapman, God rest his soul.
It never ceases to amaze me how stupid some are. The inmates continue to speak as always, mentally impaired. How a few words of 0 consequence can scare the weak ones out of the only currency with worth. I never get over the idiocy of some investors, politicians, fed imbeciles or TV "personalities" with their dribble. Spare me.
Back to the garden.
When your buy and hold timeframe is measured in milliseconds due to the destruction of the underlying fundamentals, how could you expect anything but?
Algobots gotta eat too!
beige: insipid
Part of speech: adjective
Definition: dull, uninteresting
Synonyms: anemic, arid, banal, beige , blah, bland, characterless, colorless, commonplace, dead, drab, driveling, dry, feeble, flat, ho-hum, inane, innocuous, jejune, lifeless, limp, mild, mundane, nebbish, nothing, ordinary, plain, pointless, prosaic, prosy, slight, soft*, spiritless, stale, stupid, subdued, tame, tedious, tenuous, thin, tired, trite, unimaginative, vapid, watery, weak, weariful, wearisome, wishy-washy
Nice excuse to bomb gold after-hours. As if "TheBeigeBook" has taken on new significance. Funny how stocks haven't moved.
I sure hope some are taking advantage of this "gift" from the head inmate.
FED Crows Nest: "Can't see any icebergs from here, all's well, full steam ahaed".
Their Mickey Mouse viewfinder is still working...
well, this certainly puts Ben in a bind doesn't it? if he does go through with LSAP then it removes all pretense that's it about anything other than monetizing our debt. can't be to lower interest rates, can't be to "stimulate the economy" after this report and SPX 1300. so its bailing out europe via US taxpayers or its explicitly destroying the dollar so we can keep churning funny money into a bottomless pit? i can't imagine either of those reasons will go over well.
Brent crude is still at $100. any QE that had any impact, given its diminishing returns, would have to be gigantic - you ready for $6 gas? i think everyone is in for nasty surprise on june 20.
The Morgue is banging hard today, just watched both Gold and Silver dive, dive, dive. Won't be to long before they blame Blythe for the commodity manipulations - once things really start to fall apart and rally's can't be manufactured on rumors anymore. Definitely the sooner the better.
oh you naive qe junkies, still holding on for something that will not happen until well after elections...and to all those gold holders waiting for $2,000...keep waiting, the winds of deflation are picking up....only until there is another lsap by ben will gold know 2,000....that is a fact...paste it on your foreheads............
Fair enough. But you should really try to remove that big "L" from yours. Most people don't find it effective in helping get their points across. It didn't stop you though.
Bob, this guy struts and parades around as if he knows the future.
I see him as the perfect fade for gold...
there is no future once you step out of the time/space continuum....i get to strut because ive been right for over a year and i get repeatedly bashed by people who cant see past their nose......people are so wrapped up in their gold dreamcoats and the idea of hyperinflation that they cant accept the influence deflation is having on the world.....when the world resets, no amount of printing will save the collapse of everything nailed/not nailed to the floor, including the nails....except cold hard physical cash....................stock up now, its in limited supply...just ask your bank..............
Well, Ive been right on gold for 12 years now kito. And again, as Ive told you before, I have never said hyperinflation once on this board.
What the hell is wrong with you anyway? No memory, or are you just plain slow?
Is that any reason to stop a RIP-YO-FACE-OFF rally?
REITs at high of the session and climbing like hell. You know, just for shits and giggles and all.
Can I please just throw the Beige Book at Bernank's head?
The worst thing to see... again ... is the statement by the talking heads that the markets are reacting on hope.
There is no hope in the market. The market is where hope goes go die. The markets aren't reacting on hope, they are creating the temporary illusion of hope because they are manipulated.
When this temporary illusion vanishes the people will be without hope. Well 99% of us.
If there is no hope, why is everything green today? After observing for a long time, there seems to be no rhyme nor reason in the markets anymore. I can't point to even one thing that would cause the rally today. Then again, I'm certainly not always the brightest bulb in the box, so perhaps the logic of it just escapes me.
It's all TRUE...except the part about it being the beige book for the United States.
Maybe it's Estonia.
Fed statements, like Federal Government statements are utterly laughable. They lie as a matter of course...because they must.
Now that Euroland is fixed, maybe Ben can put away the helicopter for a bit :)
All those lies buy more time to fill the canoe with <$30 silver!
thanks Benny, you FUCKHOLE.
Why can't we just have a fucking revolution.
"Moderate" and "steady" as compared to what.
Don't be holding PMs thinking you're going to get rich anytime soon like in the dot.com days. They will continue to get smacked down by the Central Banks and those doing their bidding.
Hold some level of PMs for the distinct possibility of something going terribly wrong in this whole manipulated mess. A faulty miscalculatioin, an exogenous event.
As long as Geithner and Bernake are in the seat, I doubt things will fall apart. But I doubt also they will continue after more than a year from now. Replacements may not be as dedicated or skilled. And, as important, our two party political system remains stonewalled in a major way.
Well played Bernanke, sneaky, but well played. Man those rallies are hard to catch....
a continued upmove in the spx without qe talk will probably scare the shorts
And speaking of f*cked up... Here's the latest update from High command. Clif that is.
http://www.halfpasthuman.com/hottimes.html
Hey Beige Book, how does the math work with all this positive news and we're still at 1.9% projected GDP?
This feels like telling someone who is terminally ill that on the brightside, they aren't dead yet.
Thank god the Fed came out with this great news based on "fact". For a minute there I thought we were on the edge of economic doom </sarcasm>
Right on Bud! I loved your phone ring tone in the Wall Street Movie sequel. I also enjoyed being one of the banker thieves in the film, a similar role to what I played in The Good, The Bad & The Ugly sans sombrero.
Tuco Benedicto Pacifico Juan Maria Ramirez
In response, here is the ZeroHedge word cloud:
collapse, decrease, downgrade, decline, gold, silver, precious metals, bitchez, inflation, hyperinflation, fail, actual free market, actual capitalism, shadowstats, decentralize, sheeple, savings, ponzi scheme, corporate and social welfare, gunpoint, real money, real competition, scambook, hopium, hockey stick chart, usury (original definition), monopoly on violence, chairsatan, corruption, serfdom, misallocation, malinvestment, Solyndra, MFGlobal, Bernank, TurboTax Timmy, Nobamney...
Oh and let's not overlook Revisionist (e.g., Corrected) History
This is a complete fuckin lie and the world knows we are being run by liars!!
Perhaps I should paste this snippet then?
The 'good news' in all of this is that the same data sets are pointing to the [rapid rise] in [precious metals prices], especially [silver] as being temporally ahead of, and to a certain extent, [putting pressures on officialdom]
Did that do it?
http://www.halfpasthuman.com/hottimes.html
I want to know what Bill Clinton has to say about this?! I need a patriotic, non-globalist, salt of the earth opinion regarding what is going on and what should be done regarding the U. S. economy. "Shame on you" for not contacting Hillary's husband regarding this matter!
I am Tuco and slick Willie should have been hung years ago!
Moderate growth? Are you kidding me?
And Obama keeps intervening in the housing market, this time with a "Refi for Dummies" film out of The White House!!!!!!
Let's see if The Fed sticks with their "moderate" growth opinion.
And with Obama hucking loan mods at taxpayer expense, maybe they will QE3 or Twist after all!
http://confoundedinterest.wordpress.com/2012/06/06/fed-says-moderate-economic-growth-and-housing-market-improvement-white-houses-mortgage-refi-for-dummies/
Are you trying to say our Government would lie to the sheeple? they never would do that they are all honorable men. They have a place for you in the FEMA Camps if you protest as at that time you become a TERRORIST! so quiet down and enjoy your shearing.
ouy ouy ouy, wes gonna printz til we cant printz no more!
they must be on to the whole wordle thing. they might as well as wrote everythingsfuckingawesome
No point in spinning the truth anymore. Might as well just outright lie. Maybe this is the "new" Fed tool to be used. Just say everything is OK and it will be.
IMHO the financial QE will not come.
We are looking at a different QE , where the E stands for Extermination