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Goldman Sachs Unloads: "Ugly Day Everywhere"
Even the squid has a bad day once in a while.
From Goldman Sachs
• Ugly day for stocks. As it was an ugly day everywhere. Europe getting worse at an accelerating rate, and it’s not clear if there are any quick fixes available this time. Technicals might start getting worse too. Below 1220 in SPX and 1130 becomes the target (head and shoulders pattern). Though hedge funds were much better sellers on the day, long-only buying the dip rather aggressively, health care and energy names in particular. SPX drops 47 to close 1229 (-3.67%). The DOW drops 389 to close 11781 (-3.20%). The NASDAQ drops 106 to close 2622 (-3.88%).
• The VIX adds 8.68 to close 36.16.
• EURUSD sheds 2% today – that’s as serious as downdrafts in the pair get. Post 2008, there have only been two days that have seen bigger losses. Flow was far from overwhelming. Of course EURO downside was in vogue (EURUSD and EURGBP particularly) but considering the magnitude of the goings-on in Europe, the mood is surprisingly sanguine. Elsewhere, CE3 under significant pressure as well. Basically turbo-charged EURO trades at this point. USDJPY finally below 78, but only modestly so. Still the least interesting cross in FX.
• Even an uncharacteristically poor 10y refunding auction couldn’t keep Treasuries down today: the market bull flattened with 5s30s finishing the day 3.7bps lower. The overnight news of LCH increasing IM on Italian collateral by 5% set the tone, lending a bid to rates and pushing spreads wider across the curve by as much as 5bps. The price action provided little set up for the 10y auction, and the 24b in supply came 2bps cheap to the 1pm level. The reaction was muted however, and we saw real money and fast money buying the dip while we rallied into the close.
• In credit, the market opened significantly wider in spread and continued throughout the day. IG initially outperformed, but as we moved towards the afternoon session spreads moved wider on light volumes. HY was weak throughout the session, although coming into the close we started to see opportunistic buyers of risk.
• Oil tried to buck the trend of commodity weakness. Following some very bullish stats, WTI rallied a quick $3. But with stocks getting hammered, the decoupling didn’t last long. Elsewhere, gold drops 1%, silver 2.5%.
• Tomorrow brings Germany, France, Norway and Sweden CPI; Italy IP; and the US Trade Balance. Fed Chairman Bernanke will speak in Texas and the BoE will announce Rates. The ECB will publish their November Monthly Report and the EC will release Economic Growth Forecasts.
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Funny - FAZ held up just fine against you Gold Sacks..
Uh oh, there goes the 100% profitable quarter! Now it is only going to be 99% of the days that are profitable.
Prob still profitable, but just only made 25 mill instead of the normal 50-100 mill on the daily. They are such victims.
With the amount of leverage they build into everything it wouldn't take much for both the decay and even a small loss to flatten their assets
They are still trying to reduce borrowing costs for governments through CDS. Once that sham is fully fucking exposed they are jesus kind of fucked.
http://www.youtube.com/watch?v=inIuYren8jg&feature=related
Goldman selling shares of Banking Stocks. When they give up on the banking sector I want to know where the bunkers are.
To hide from everything. Better to have a deep trench.
Been thinking about you and your FAZ trade... Glad it turned out well although i was worried there a while!
Thank you - but the payoff just started. :)
Picked up 2000 shares FAZ at 38 Yesterday. Glad I did. Rode them out to close. Thonking tomorrow will be ugly but If not will dump them fast.
Do these guys get paid to make such obvious "observations"??
No, they get paid to front-run clients' trades and sell shitty deals like Timberwolf Securities to their clients and then short those same securities. These "observations" are just window dressing to help pretend they are a real investment bank.
A member of OWS has a message for America. The MSM has ignored people like him. He is a NYC First Responder who got illnessess as a result of his brave efforts on 9/11. Here is his message:
http://www.youtube.com/watch?v=-3GMmLxx_bo#t=5m59s
Squids rot from the rectal orifice up.
European debt bukkake
I am so there. I'll call all my friends.
What's the all time high for the VIX? We must be getting there.
96 high, 48 recently 36 now
I found it to be:
80.86 on Nov 20, 2008
so lots more to go...
Nope..not even close. Oct 08 intraday at 90. Today 36.16.
ABX was doing great until about 3 PM. Dayum.
In real news... Heavy D returned to the dust from which he came.
rip heavy d
LMAO at BAC. Just when they thought they figured out the winning Sun-centered trading strategy (Sell morning, buy afterEurope) because
"That to us symbolizes the tug o’ war between negative developments in the European sovereign crisis and positive developments in the US economy. Today our European economists downgraded their outlook on European growth to now call for a small contraction in Euro Area GDP next year. However, this is not a major concern to us in terms of the outlook for US corporate credit, as the direct economic linkage between the two economies is fairly weak."
late-session opportunistic buyers of risk...
hey! wasn't me!
Those guys at G Sucks are sharp....makes me want to give them all of my money so they can charge me 3% as it goes down further!
Thank God the spotlight has been turned away from Jon Mother Fucker Corzine!
"Europe is getting worse at an accelerating rate" and if it continues when we're down 50% from here, we'll have to issue a caautious sell recommendation but until then, the recovery in the US, green shoots in MENA, the Queen's birthday party in the UK and the Christmas Ladyboy Parade in Bangcock will do wonders along with a lot of unseless hope and changie thinking, Plugs "Don't fuck with me!") on the Winter of Recovery Tour, additional campaign contributions and illegalities, stealing more segregated client monies and maybe even a fucking war in Iran will keep the market at more than reasonable forward valutaion levels, assuming robust earnings growth, of course and favorable curency translation.
Jesus.
I mean fucking Really.
Maybe the squid needs to start reading evilspeculator.com.
downdrafts ..more like whirlpools
News at 11: CERN scientists have "accidently" created a black hole, threatening to suck all of Europe into it's ever-growing maw by 9:30 Eastern Time.
In other news, Dow futures are up 666 points on promising news on the European financial situation....
This is a good time to go all in because everyone else is bailing out. GS is positioned well to come out the other side and finance the NWO.
FUCK YOU GOLDMAN SACHS, FUCK YOU IN THE ASS YOU CUNT SQUID!!!!!
SHRED THE SQUID BREAD THE SQUID FRY THE SQUID EAT THE SQUID EXCRETE THE SQUID
Ex-Squidette: http://nomiprins.com. Various insightful books, posts, and she's EZ on the eyes.
The squid fears the death of the ponzi. Fucking punk ass squid. "Oh, no, the ponzi is in trouble" LOL
My puts are already "all in":)))
it’s not clear if there are any quick fixes available this time
You've run out of all fixes you dumb-ass.
Too many dykes - not enuf fingers to fill 'em....
Reminds me of my college days.
;)
So what happened when you went for your Master's?
at Hebrew U.
Gonzaga, actually
Well,. if it ain't Dutch it ain't much!
Sure seems like there's a lot of time spent butt-sniffing GS around here.
You say Jews are the 1%? Your avatar should be more like mine!
the world will party the day the squid dies.
squid you are next. you are one massive tax payer funded liability...prepare for the end. this time for real.
On the way to Dow 3000. Margin Call anyone?
Sucks when you can't manipulate the markets.
We have seen this time and time again. If we get another ugly day, we load up on shorts because the charts are set up perfectly, then about 8 AM NY time there is an announcement from the Fed, oh, maybe 1/2 trillion or so for the good folks on Wall Street.
Spoos go from limit down to up 60. I have seen it and I do not see any reason why it cannot happen. To hell with inflation, he is not going down as a failure in his book.
Must admit those of you who had a little coffee short today did well.
.........."Even the squid has a bad day once in awhile"..............
Great intro TD. Priceless. The priceless squid in all its slimey glory.
How do you ever lose if you have HFT? I guess when the other slimebags you are trading with have HFT as well.
Also known as "the government."
http://www.reuters.com/article/2011/11/09/us-goldman-icbc-idUSTRE7A82US2...
This summarizes Bernanke: http://www.youtube.com/watch?v=BXtJw1NxWmg
Listen..the Squid should feel challenged in here. Somehow he just popped up in Berlin and currently has half a dozen countries "by the friggin' throat." when asked the squid spokesperson responded "we're goin' for the record!" the sweat was pouring off his beady humongous evil eye however and I was having doubts. Back to you at HQ!
Look the hell out in this market. Today's break across these asset classes was about raising liquidity/USD. We saw this happen a month ago. Don't get in front of this. Gold may indeed go to the moon, but it can hit some major airpockets first.
This is notable only if it remains unique. I see it as a foreshock of bigger things to come. I have always believed that no investment strategy fcan survive a complete currency collapse. The related systemic failures in delivery systems and general marketing practices make even physical holdings in gold and silver dysfunctional in the business cycle.
http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/
Posthumously of course<
DOW/SP500/NASDAQ charts reveals very overextended price action and another Wile E Coyote scenario...
http://stockmarket618.wordpress.com
FDIC loan loss sharing details are a total taxpayer ripoff to big money types and billionaires like Soros, Dell, GS execs. Look up OneWest Bank started by those guys. FDIC sold them a portfolio at up to 50% discount and the FDIC backs up to 90% of losses, not based on what OneWest paid, but the ORIGINAL amount of loans. OneWest makes more money not working out any loans and letting them foreclose and cashing in from the FDIC.
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