Goldman Explains The Fizzle: "Folks Remembered Europe Isn’t Closed Tomorrow?"

Tyler Durden's picture


Goldman's sales desk brings us the FTW "analysis" of why today's rally fizzled:

"What happened to the equity rally? SPX slips 65bps from the day’s high, NDX an even more substantial 1.15%. Post-ISM glow just fading? Prudent profit-taking as folks remember Europe isn’t closed tomorrow? Using the pop to sell in May (and now ready go away)? Balancing out tech weakness, the oil & gas and financial sectors both add more than 1%. Our cash flow skewed better to buy, both form hedge funds and long-only accounts, health-care and financials in particular. ETF desk was better for sale however. SPX adds 8 to close at 1406 (+.57%). The DOW adds 66 to close 13279 (+.50%). The NASDAQ adds 4 to close 3050 (+.13%)."

And that's why they get paid the big squidoos.

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Tue, 05/01/2012 - 18:12 | 2389510 Lost Wages
Lost Wages's picture


Wed, 05/02/2012 - 06:16 | 2390504 ZippyBananaPants
ZippyBananaPants's picture

A fart goes around the turd on its way out of the ass,

A FIZZLE goes through the turd on its way out, much more potent!

Tue, 05/01/2012 - 18:15 | 2389514 Godisanhftbot
Godisanhftbot's picture

 Gee, they may even  be worth the large coin, if only they could have told us this at noon.


 Alas, didn't.

Tue, 05/01/2012 - 18:18 | 2389516 I should be working
I should be working's picture

If only Europe could pull the same shit as Russia and just close all the exchanges.  The SnP would be at 1500 in no time...

Tue, 05/01/2012 - 18:19 | 2389522 YesWeKahn
YesWeKahn's picture

Equity stimulus, it's the orgasm time.

Wed, 05/02/2012 - 23:10 | 2392877 meimei
meimei's picture

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Tue, 05/01/2012 - 18:30 | 2389546 A_S
A_S's picture

excuse me for being retarded, but i don't get it

Tue, 05/01/2012 - 20:40 | 2389787 WonderDawg
WonderDawg's picture

It seems the risk-on/risk-off mentality is in response to what happens in Europe. European markets were closed today.

Tue, 05/01/2012 - 19:01 | 2389597 walküre
walküre's picture

AAPL bagholders beware.

Tue, 05/01/2012 - 19:02 | 2389598 HelluvaEngineer
HelluvaEngineer's picture

I heard it's going to 1000

Tue, 05/01/2012 - 19:04 | 2389602 walküre
walküre's picture

is that new or old USD?

Tue, 05/01/2012 - 19:08 | 2389608 HelluvaEngineer
HelluvaEngineer's picture

Right.  Ameros.

Tue, 05/01/2012 - 19:13 | 2389620 Problem Is
Problem Is's picture

+1... Freshly devalued Bernanke Bubble Bucks...

Tue, 05/01/2012 - 19:08 | 2389610 navy62802
navy62802's picture

Calling it now ... selloff across Europe on Friday.

Tue, 05/01/2012 - 19:13 | 2389622 trampstamp
trampstamp's picture

Make sure you position your longs. Uncle Ben is on watch.

Tue, 05/01/2012 - 20:05 | 2389726 navy62802
navy62802's picture

I'm long CHK. Haha just kidding :-P

Tue, 05/01/2012 - 20:08 | 2389693 bernanke's wors...
bernanke's worst nightmare's picture

@navy 62802 - precisely.  Between the France and Greece elections, the EU will be dealt one nasty hand.  With LTRO now off the table per Draghi.  I predict one wonderful, hot summer as I already have my shorts on.

Tue, 05/01/2012 - 19:57 | 2389708 Mark123
Mark123's picture

The value of the market is based on the last transaction (no matter how small or between which 2 parties).  So, if primary dealers have access to unlimited amounts of zero interest money perhaps they can control the market prices?   Say it's not so!!!


Of course, if the public even starts to think about cashing out on their winnings (aka baby boomer retirement) - then watch out!!  Suddenly all that wealth will vaporize and Hey Presto - the bankers relative wealth will increase at an even greater rate than when they were flogging all those great investments....


Deer in the headlights.

Tue, 05/01/2012 - 20:17 | 2389743 chump666
chump666's picture

Oil at 106

Very nasty.  Mad Ben does QE3.  America will burn pre elections. Then again mad Ben fancies himself as a totalitarian market manipulator, so lets see if he can engineer the 10% correction pre Obama's hopes.

ISM crack up boom.  Meaning?  Inflation forces inventory restocks at a faster rate.  Keynesians you lunatics, go and take a survey and find out if these businesses are actually making ANY money.  Which would be zero, since inflation is destroying profit margins.

Better still go study Argentina inflation wipe-out in the early 90's.


Tue, 05/01/2012 - 20:34 | 2389766 razorthin
razorthin's picture

I'll bite my lip because it means least for the past 3 years...

I gotta say it, cause it's so textbook perfect and beautiful...

No, no, be strong...this too shall pass




Oh shit...


Fukking Tourette's!

Tue, 05/01/2012 - 22:20 | 2389998 fuu
fuu's picture

Well played.

Tue, 05/01/2012 - 20:43 | 2389793 EclecticParrot
EclecticParrot's picture

One suspects their equity trading desk knows the real reason:   the post ISM pop was the purest of short squeezes, with few long after the Dallas Fed debacle.  Once the painful buybacks were through (with the more foolish of shorts waiting until the noon peak, then off to drink their lunches), no more “invisible hand” to implement the normal afternoon melt-up, which had accidentally come early. (Perhaps junior traders were sent home for hitting their daily loss limits ?)

In fact, simply invert many of today’s charts, moving the low (today’s high) back slightly to 10:45 and steepening the slope a bit, and you have the typical 2012 daily equity chart.  For once, they fucked each other, instead of retail-ers.

Tue, 05/01/2012 - 20:51 | 2389806 junkyardjack
junkyardjack's picture

"April retail trading proxies likely finished down 5% to 10% from March. This is unchanged from our midmonth update (through April 24).

We suspect April retail trading generally underperformed consolidated industry-share volumes, which were down 1.8% sequentially.

Our models incorporate the following sequential changes for April: TD Ameritrade Holding (ticker: AMTD) down 5.0%; E*Trade Financial (ETFC) down 7.0%, Charles Schwab (SCHW) down 5.0%, and Interactive Brokers Group (IBKR) cleared down 5.0%."



Tue, 05/01/2012 - 21:05 | 2389833 LongSoupLine
LongSoupLine's picture

Goldman's version of "What I did in school today".

Fucking assholes.

Tue, 05/01/2012 - 22:28 | 2390024 chump666
chump666's picture

Asia is falling apart:

0220 GMT [Dow Jones] Taiwan's HSBC April PMI falls to 51.2 in April from 54.1

Bernanke should do the rest with the oil price. 


Wed, 05/02/2012 - 01:31 | 2390341 Non Passaran
Non Passaran's picture

Main Asia indexes all up at 2pm Japan time

Wed, 05/02/2012 - 02:55 | 2390383 chump666
chump666's picture

I know beyond frightening.



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