This page has been archived and commenting is disabled.

Jim Rogers Explains To Bob "Not a Cheerleader" Pisani Why He Is Short Stocks, Long Commodities, And Wants Europe To Fail

Tyler Durden's picture




 

Jim Rogers was on CNBC earlier, discussing the recent intervention by the SNB and the overnight plunge in Europe, in the process generating yet another amusing episode of market "non-cheerleader" Bob Pisani attempting spin the global economic collapse in a favorable light on not one, not two but on three separate occasions, and being soundly rejected by the far more, informed shall we say, Rogers. Specifically, to Pisani's repeated attempt to get Rogers to admit the uber-secret of which stocks he is long (CNBC Ponzi playbook 101), the former Quantumanite responds that not only is he not long anything, he is mostly short stocks and very much long commodities for two simpler reasons: "if the world economy gets better i'm going to make money in commodities because of shortages that are developing. Especially in agriculture and precious metals. If the world economy doesn't get better, Bob, you're not going to make any money in Toyota or IBM but you might make money in commodities because they're going to print more money. It's the wrong thing to do but they will print money. Bernanke is already printing money again. You have to protect yourself. I'm short stocks but i don't expect the world economy to get better. Not much better anyway, if it does and I am long commodities as a protection." And on some other topic like the Chairsatan, "Bernanke has been lying to us again", on the SNB intervention attempt: "This is a terrible mistake" and on what should happen to Europe: " It would be good for the world, though, if they let people go bankrupt."

Full clip:

Transcript:

Rogers: "I own some euros, I'll lose money if it happens. It would be good for the world, though, if they let people go bankrupt. My portfolio, I own commodities, especially precious metals and agriculture. I own some currencies. I'm short stocks in Europe and America and the emerging markets."

Pisani: You're long commodities but short stocks. explain how this fits in with the global growth story. Is there a global growth story and why are you long commodities -- wouldn't you still be long some commodities stocks, for example?

Rogers: No. well, I have some left over from 15 years ago. No, if the world economy gets better i'm going to make money in commodities because of shortages that are developing. Especially in agriculture and precious metals. If the world economy doesn't get better, Bob, you're not going to make any money in Toyota or IBM but you might make money in commodities because they're going to print more money. It's the wrong thing to do but they will print money. Bernanke is already printing money again. You have to protect yourself. I'm short stocks but i don't expect the world economy to get better. Not much better anyway, if it does and I am long commodities as a protection.

he's already -- you said bernanke is already printing money. has a new program been announces? that brings us to the u.s. dollar, of course, jim, which today is stronger against the euro. i would assume, though, that your long-term forecast for the dollar is not a particularly positive one.

On what currencies Rogers likes and why:

Rogers: Long-term forecast on the u.s. dollar is disaster, catastrophe. Having said that, as i said on cnbc several times in the past few months i'm long the u.s. dollar. The only reason i'm long is because everybody in the world has been terribly pessimistic. Whenever that happens you should take the other side of the trade. I'm long US. dollar. I have no confidence in it. It's going to be a disaster. But as you speak i probably owned more US dollars than many years.

Bob, (with attempt #2 to get Rogers to appear "bullish"): So you're bullish?

Rogers: Bob, to your point, Bernanke has been lying to us again. He announced in early august that he was going to keep interest rates at a very low rate for two years. Now, Bob, how is he going to do that? You can't just say the words. You have to go into the market and force interest rates down. Come on. What is this, you believe in the tooth fairy? He's in there. That's the only way he can do it. If you don't believe the theory of monetary policy works, get out the unadjusted numbers since the beginning of august and you will see they shot up starting at the beginning of august as soon as he said we're going keep interest rates down. So he's in the market. He may be lying to us, they usually do, But he's in there. Be prepared.

On whether the SNB intevention will work.

Rogers: No, of course it's not. No central bank in the world has ever been able to control its currency in the long run. Many countries have tried, but the market always has more. The british tried it 15 or 20 years ago. Everybody has tried it. In the end the market has more money. The swiss will have two things happen. One, they will drive their currency down so much that they will no longer be a financial center, or it will go up again and they will lose money on all the currencies they're buying. This is a terrible mistake. The way you sort things out is you let the market take its course, the cure for high prices is high prices. That's how you sort things out.

And attempt number 3 by Pisani to present global economic reality as "better than expected" results in yet another epic failure:

Pisani: Jim, give us a couple of thoughts. China came out with their inflation numbers this morning. Appeared to be a little bit under control. chinese will probably not be hiking interest rates any time soon. gdp not as strong as it was maybe a year ago. but still looking pretty good. what's your thoughts here?

Rogers: China is trying to slow its economy down. They've raised interest rates six times. I wish america raised its rates six times. They raised reserve requirements 12 times. They're trying to slow things down. India the same way. Many countries acknowledge inflation and trying to slow things down. That's why i'm not so optimistic about the economy going forward.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 09/09/2011 - 15:51 | 1652229 sqz
sqz's picture

"It would be good for the world, though, if they let people go bankrupt."

- classic :)

Fri, 09/09/2011 - 16:02 | 1652281 Pladizow
Pladizow's picture

There is nothing any government can do to prevent the ultimate paper ponzi collapse.

Everything they do simply delays it and makes it worse.

So - buy gold & Silver.

Fri, 09/09/2011 - 16:12 | 1652316 redpill
redpill's picture

Pissanti is just trying (and failing) to make sense of the world when viewed through his permanently affixed momo-rose colored glasses. Not surprisingly, he thus finds it difficult to understand the actions of an awakened realist like Rogers.

Fri, 09/09/2011 - 16:21 | 1652363 spiral_eyes
spiral_eyes's picture

Undoubtedly, policy makers will be looking to stabilise the market. This is absolutely the most anti-capitalist thing imaginable: for capitalism to work, good ideas must be rewarded, and bad ideas, risky and fragile systems must break. For far too long bad decisions, bad management and dangerous corporate behaviour has been rewarded with taxpayer bailouts, crony capitalism, and subsidies. And quite simply, until those practices are rewarded with utter abject failure we are totally fucked.


http://azizonomics.com/2011/09/09/is-greece-about-to-default/

Fri, 09/09/2011 - 16:52 | 1652466 Herd Redirectio...
Herd Redirection Committee's picture

Intervention just makes the mess bigger when it does happen.  Its nature's basic response to persistent denial.

Check out the latest from the CRI "BiMetallic Standard, FAQ":

http://www.capitalresearchinstitute.org

Sat, 09/10/2011 - 00:17 | 1653648 FEDbuster
FEDbuster's picture

Loved the look on Pisani and Faber's faces when Rogers said "Bernanke is lying, he is in the market.  He has lied before".  Steve Liesman may have crapped his pants, if he was watching that exchange.  The Bernak lies, blasphemy.

Sat, 09/10/2011 - 11:32 | 1654387 Marco
Marco's picture

Those behaviours have been rewarded with utter abject success already. If it collapses now they will still have won. TPTB own a lot of paper which will lose value in the collapse, but they also converted vast amounts of that paper into commodities, real estate, non luxury producing companies, gold etc. etc. etc.

 

Just because they created debt to facilitate theft doesn't mean they are completely dependent on it to retain wealth ... they are only dependent on it to keep stealing.

Fri, 09/09/2011 - 16:30 | 1652397 TheGameIsRigged
TheGameIsRigged's picture

Ahhhhh, good ol "Pom Pom" Pisani....the biggest clown out there.  Has he ever said ANYTHING bad about the market?  Ever?  He should be fired.

Fri, 09/09/2011 - 17:38 | 1652591 Fish Gone Bad
Fish Gone Bad's picture

Pisani is not the biggest clown, that title would belong to Cramer.  And not just a Bozo type clown, but a Shakes-the-clown.  Throw in some Maria B as well.  Did she get a new makeup gun?

Sat, 09/10/2011 - 11:00 | 1654316 FEDbuster
FEDbuster's picture

Shakes the Clown, an all time classic movie.  Time to re-watch that one.  Cramer is more like Binky though.

http://www.youtube.com/watch?v=amF5cRjruwk

Sat, 09/10/2011 - 11:15 | 1654355 Bam_Man
Bam_Man's picture

She borrowed Lilly Munster's.

Sat, 09/10/2011 - 08:47 | 1654135 RSloane
RSloane's picture

He's getting paid to be a moron. For him, its big bucks for what comes naturally.

Fri, 09/09/2011 - 16:53 | 1652472 Dingleberry
Dingleberry's picture

Piss-Ant is a homo.

Fri, 09/09/2011 - 22:58 | 1653406 Landrew
Landrew's picture

He isn't man enough to be a homo!

Sun, 09/11/2011 - 11:22 | 1656082 kumquatsunite
kumquatsunite's picture

I'm not much for the Jim Rogers "it's all going to hell" view of the world. We still have the greatest nation in the world, amazing land that yields a bounty of fruits and vegetables and beef and such, ad infinitum. Further, especially on this day of 9/11, the single best way to defeat any terrorism is to build America back up and instill, once again, the values that made this country great. Hard work and perserverance. Rogers is just manipulating the markets via appearance on CNBC; really, doesn't CNBC try to find "new faces" rather than constantly going to Jim Rogers and the mad "doomer and gloomer" (what IS that guys name with the thick accent who lives overseas?). Alternatively, Mohammed El-Erian seems to be trying to work this through...any way the point here is stop acting like a bunch of pansies and get to the job of making work again. Time to stop acting like the world has ended; I have a grandchild on the way so that talk really pisses me off. 

Fri, 09/09/2011 - 16:27 | 1652385 DoChenRollingBearing
DoChenRollingBearing's picture

+ $1860 and green

Buying gold and silver is the best way to protect our assets.

There is no way out of the box.  .gov cannot do it, we as individuals can do little.  We can buy gold though.

Fri, 09/09/2011 - 16:56 | 1652484 JW n FL
JW n FL's picture

 

 

non-toxic ammo can save your life as well you are supporting your purchase of commodities! (in some cases)

Sat, 09/10/2011 - 10:53 | 1654320 FEDbuster
FEDbuster's picture

Most ammo prices are up 150% over the past 10 years, it stores well and is recognized around the world.  "Brass and lead, the other precious metals".

Fri, 09/09/2011 - 18:46 | 1652775 Snidley Whipsnae
Snidley Whipsnae's picture

Gotta love this... Rogers: "Long-term forecast on the u.s. dollar is disaster, catastrophe. Having said that, as i said on cnbc several times in the past few months i'm long the u.s. dollar. The only reason i'm long is because everybody in the world has been terribly pessimistic. Whenever that happens you should take the other side of the trade. I'm long US. dollar. I have no confidence in it. It's going to be a disaster."

Rogers is sharp. He is saying 'dollars in the short run'... and, with the Euro currency on the verge of a big fall, if not collapse, Rogers will make money on dollars...

But, Rogers knows that dollars are 'a disaster' for the long haul. Rogers points out that M2 has taken off after Bens last speech...as Rogers says... Ben is 'lying to us and he's printing now'... got gold? 

Fri, 09/09/2011 - 20:07 | 1652996 WonderDawg
WonderDawg's picture

So you did watch the video clip.

Fri, 09/09/2011 - 23:14 | 1653445 Crisismode
Crisismode's picture

Excellent recap, Snidley!

Sat, 09/10/2011 - 21:46 | 1655512 frobn
frobn's picture

"Long-term forecast on the u.s. dollar is disaster, catastrophe."

Long term forecast for all fiat currencies is disaster. Better hope the dollar goes last, without it its the end of world trade and our consumer life style as we know it. I have some PMs but I an not so sure about gold being as safe bet as most here seem to believe. If all you have is ounce of gold what are you going to do when you need to buy a loaf of bread?" Don't forget whatever government is in place when the dollar crashes will be able to tax gold or levy a high transaction fee when you try to redeem it for whatever it's worth in the new currency.

Sun, 09/11/2011 - 11:27 | 1656097 kumquatsunite
kumquatsunite's picture

Bernanke is just building the bridge from "yesterday's mess" to tomorrow's success. Rogers is such a jerk...can't stand the guy. Bernanke will be seen in the future as the guy who saved the world. As to downgrading the dollar, Voila! This is simply a result of all the irresponsibility of (especially) the last decade, so don't blame Bernanke for doing what has to be done to keep the wheels spinning until the new new can be implemented. The dollars is just a contract of agreement regarding what things are worth anyway; just as gold or silver is a contract of agreement as to what things are worth. And if you knew what I think of gold (and its future) you wouldn't be so interested in it...just saying.

Sun, 09/11/2011 - 13:29 | 1656589 prains
prains's picture

Cheney must be hero of yours as well

Fri, 09/09/2011 - 16:07 | 1652304 centerline
centerline's picture

actually, they are...

Just that it is everybody, all at once!

Fri, 09/09/2011 - 16:17 | 1652330 ebworthen
ebworthen's picture

Agreed.

However, the only people allowed to go bankrupt in the new ponzi kleptoligarchies are families; they are being pushed to bankruptcy for the sake of banks, insurers, and the governments that supposedly represent their interests.

Fri, 09/09/2011 - 18:27 | 1652712 Oracle of Kypseli
Oracle of Kypseli's picture

Bunkruptcy is a good thing in an strange way. It's a catharsis for making mistakes and starting over and thank god it is available. Long time ago, you would be a debt slave for the rest of your life. In Spain, a house mortgage can not be dismissed by bankruptcy. The people who have defaulted immigrate in other countries and start over.

Student loans are now recourse loans and are exempt from bakruptcy. Thanks to Obama

Fri, 09/09/2011 - 18:52 | 1652792 Snidley Whipsnae
Snidley Whipsnae's picture

Oracle... Lest we not forget debtors prisons? England had no qualms about throwing the 'gentry' into prison when they borrowed more than they could repay.

It is only the modern 'gentry' of banksters commiting outright fraud and theft that avoid all sanctions...So far.

The US needs to hire a real smart, bull dog attorney general and turn him/her loose... Someone like Pecora.

Fri, 09/09/2011 - 20:43 | 1653067 blunderdog
blunderdog's picture

Student loans have been exempt from bankruptcy for a long time--way before Obama.  I thought it was Clinton did that.

 

Sat, 09/10/2011 - 02:08 | 1653815 eureka
eureka's picture

By "people" Rogers meant ANYONE who has made a bad investment - I.E. NOT "Europe" in particular as Tyler's STUPID headline not just implies but claims, but rather ALL banks, bond holders etc - ANYONE who bought crap or lent fiat to entities who clearly can't pay back.

THAT's what Rogers said.

Sat, 09/10/2011 - 02:14 | 1653824 eureka
eureka's picture

Rogers does not want Europe to fail. KNUCKLEHEAD, whoever you are who wrote that headline.

Rogers further said: "THE MOMENT GREECE DEFAULTS AND LEAVES THE EURO - I'M BUYING EUROS. WHEN GREECE OR ANY OF THE OTHER WEAK COUNTIRES LEAVE THE EUR THE EUR WILL BE STRONG AND I WILL BE LONG THE EURO."

Don't put stupid words in Roger's mouth - don't slam EUR - that's just pathetc US hegemon garbage talk.

AND - extremely BAD JOURNALISM.

NOW, ADMIT IT. Thank You.

Sat, 09/10/2011 - 08:52 | 1654143 RSloane
RSloane's picture

He envisions another EU rising out of the ashes and at that time he will buy the EURO. In that respect he does not want the EU to fail and just lay there in the ruins. He wants it to get up, reform, and walk the talk. I agree with you to the extent that Rogers does not want the EU to die and go away, he wants a reformed, new, improved, better cleaning action EU.

Sat, 09/10/2011 - 09:33 | 1654202 Léonard
Léonard's picture

Thank you Eureka for pointing that out.

I'm a bit disappointed by Zero Hedge. I love you guys, you're doing a fantastic job but you really mislead ZH's readers here.

Greece's default doesn't mean the end of Europe and the end of the Euro will not mean the end of the European unity and the end of the European economy.

I know you Anglo-americans don't want it and are doing everything to hide the end of your empire, but in fact, China and Russia strongly believe in the Euro, in Europe, and are dumping the dollar and the USA.

You gotta be used to it. You can't f*** indefinitely the world and expect to stay at the top. You had your time. You made a lot of money during the last 60 years but now the wheel is turning. Europe and the world don't want to be your vassals anymore.

Sun, 09/11/2011 - 11:33 | 1656120 kumquatsunite
kumquatsunite's picture

So disagree with you: Russia desperately wants/needs the US to be strong: we are their foil to China. Russia knows that without the US, they would be taken over by China and it would just be one giant Chinese world...China is in the deep dodo know; when you take millions upon millions of people off the land and put them in factories, and then those factories begin shutting down as their is less exporting, where do those people now go? China has one of the greatest messes in history developing right now. As a "shopper", I can tell you that their are many items in the stores that used to be there, that are no longer there. Limited selection is the new new. Time to get those factories built in America and I am betting that this country becomes bigger, stronger, better and a leader to the world as never seen before. My middle name is Jingoistic.

Sun, 09/11/2011 - 13:34 | 1656599 prains
prains's picture

You mean your middle name is actually sheeple

Fri, 09/09/2011 - 15:52 | 1652230 Cult_of_Reason
Cult_of_Reason's picture

Fed's Bullard: More Bond Buying Best Stimulus Path

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=20110909...

Fri, 09/09/2011 - 16:08 | 1652303 max2205
max2205's picture

Another false statement from Denninger: Germany's DAX market relative to the United States just hit a five year low today.

 

Ah ummmm I think it might be 2 or 3

 

edit: missed the relative thingy...have to check...buy spy short dax-winner winner chicken dinner

Fri, 09/09/2011 - 16:49 | 1652454 MarketTruth
MarketTruth's picture

Easy solution, avoid him/his site. Waste of time reading that market cheerleader who still believes in the system. Plus he needs to call his paid membership GOLDman Sachs.

www.youtube.com/watch?v=WCwWfSYBwOQ&feature=player_detailpage

Long ago he was ok, now he is a laughing stock of many online professionals.

Fri, 09/09/2011 - 20:12 | 1653005 WonderDawg
WonderDawg's picture

Still believes in the system? He's been calling for prosecution of the financial criminals for years.

Don't get me wrong, I doubt I'd want to hang out with the guy, he can be a dick, but he's trying to shine some light on the fraud in the financial system and for that I respect him.

Fri, 09/09/2011 - 23:25 | 1653497 Crisismode
Crisismode's picture

He is a fool;

 

And you are a fool for believing in him.

Fri, 09/09/2011 - 23:36 | 1653536 WonderDawg
WonderDawg's picture

You're a bit of a cunt, eh?

Did I say I believed in him? No. I said I respect him for trying to shine a light on the fraud being perpetrated on our country. If you have a problem with that, you can go fuck yourself.

Fri, 09/09/2011 - 18:12 | 1652655 Stax Edwards
Stax Edwards's picture

We are working the same page of the playbook

Fri, 09/09/2011 - 15:52 | 1652239 CClarity
CClarity's picture

Good bigger picture view by  Rogers.  By the end of next week Greece may not be the word on everyone's lips.  It'll be the financial system again.  And slow growth or receding economies.  That is what people should be investing and/or trading toward.  Rogers decisions in this climate are sound.

Fri, 09/09/2011 - 15:52 | 1652241 fuu
fuu's picture

Aaand S&P pops over 1150 in the last 13 minutes of the day.

Fri, 09/09/2011 - 15:56 | 1652257 HelluvaEngineer
HelluvaEngineer's picture

damn end of day short covering

Fri, 09/09/2011 - 15:57 | 1652262 TwelfthVulture
TwelfthVulture's picture

Every thing is fixed now.

Fri, 09/09/2011 - 16:28 | 1652390 DoChenRollingBearing
DoChenRollingBearing's picture

Yet another reason to buy and hold physical gold.

Sat, 09/10/2011 - 11:18 | 1654365 Bam_Man
Bam_Man's picture

That statement can have two very different meanings, only one of which is actually true.

Fri, 09/09/2011 - 15:53 | 1652242 hooligan2009
hooligan2009's picture

off topic..slightly ...but i wish pissantani would have asked jim to comment on how successful america can be when governement worker are paid more than private sector workers..

Private industry employers spent an average of $28.13 per hour worked for employee compensation in June 2011, the U.S. Bureau of Labor Statistics reported today. Wages and salaries averaged $19.81 per hour worked and accounted for 70.4 percent of these costs, while benefits averaged $8.32 and accounted for the remaining 29.6 percent. Total compensation costs for state and local government workers averaged $40.40 per hour worked in June 2011

from here: http://www.bls.gov/news.release/ecec.nr0.htm

Fri, 09/09/2011 - 16:06 | 1652301 NotApplicable
NotApplicable's picture

As long as there is fresh fuel for the Ponzi...

Fri, 09/09/2011 - 16:33 | 1652405 unerman
unerman's picture

Are we in a race to the bottom? Another question would be why private companies, while recording record profits, have not increased real wages in the past, what, 30 years?

We need to stop competing and trading with slave-wage countries, and stop this fuckng disgusting race to the bottom.

Fri, 09/09/2011 - 17:49 | 1652621 Bananamerican
Bananamerican's picture

hey! We're americans! We can pick lice and whore out our daughters with the best this planet has to offer...

globalization is a win-win-win, uh, WIN!....BRING  IT  ON!

Fri, 09/09/2011 - 23:49 | 1653434 Landrew
Landrew's picture

I think you as a moron have finally stumbled on why we are in a depression, FALLING WAGES! So you think all wages should fall more? You sir are a moron, you Cock Brothers paid troll! A BIG Fuck you from all workers! Work for less you MORON! You can work for less, MOVE to CHINA douche bag!

Sun, 09/11/2011 - 11:37 | 1656136 kumquatsunite
kumquatsunite's picture

Exactly, the trade off for the dull and the plodding who inhabit government jobs was security But low pay. What the heck happened, and why doesn't anyone in govt jobs speak English...oh right, because they are hiding all the immigrants in our govt jobs in order to disguise how many immigrants are being let into this country. Time to end immigration. We are not the world's boarding house to the floatsam. Without water, fresh air, and open land for our children and grandchildren; we are Bangladesh...which is exactly what Oboma wants, of course. BSofAB that he is.

Fri, 09/09/2011 - 15:53 | 1652244 spartan117
spartan117's picture

Is Rogers still short Treasurys? 

Fri, 09/09/2011 - 16:20 | 1652355 Spitzer
Spitzer's picture

Probably, why are you long ?

The 10 year just hit an all time 40 year high today. Does that not look like a logical market to short ?

CPI udjusted yield on the 10 year NEGATIVE 1.69%

SGS alternate yield on the 10 year NEGATIVE 9.09%

Fri, 09/09/2011 - 16:30 | 1652400 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

I am amazeed the Treasury bull run continued has continued so long and strong.  Negative real rates as you point out.

What would FOFOA do?  Buy gold!

Fri, 09/09/2011 - 17:08 | 1652512 FlyPaper
FlyPaper's picture

Money flow: people panic about the Euro; gold is a hassle in physical (can't do it from your den or iphone) and gold can go down; but Treasuries: the ideal place to park your money short-term.  

Fri, 09/09/2011 - 17:26 | 1652565 Spitzer
Spitzer's picture

What opportunity are you waiting for , in the short term ? Why are you parking money short term ?

Do you think gold will have a 500 fall and rise in a week ?

Fri, 09/09/2011 - 18:59 | 1652817 Snidley Whipsnae
Snidley Whipsnae's picture

I call bs on this one flypaper... All paper goes to zero value, without exception.

Gold has never gone to zero value.

Fri, 09/09/2011 - 18:57 | 1652810 Snidley Whipsnae
Snidley Whipsnae's picture

"I am amazeed the Treasury bull run continued has continued so long and strong."

In a word... monetization.

If the Fed stopped buying Ts what do you think interest on the 10 yr would be?

Fri, 09/09/2011 - 18:33 | 1652738 ozziindaus
ozziindaus's picture

That's got to be the dumbest reason to short. Even the largest bond holders/traders got that one wrong but obviously you know better.

Let's see you use that logic when gold hits another all time high.  

Fri, 09/09/2011 - 15:54 | 1652247 Iam Rich
Iam Rich's picture

Jim is wrong...look at  folks buying stocks into the close today; nice big green bar all around.  Europe is solved, buy the dip.

Fri, 09/09/2011 - 16:05 | 1652294 11b40
11b40's picture

Now why didn't I think of that!  BTFD & STFR.  Is that kind of like buy low, sell high?  Stand back and let me go to work on this.  There is a fortune to be made here!

Fri, 09/09/2011 - 16:12 | 1652331 Iam Rich
Iam Rich's picture

Wow...everyone is wound pretty tight today.  I guess I forgot the /sarc on.../sarc off.

Fri, 09/09/2011 - 16:37 | 1652424 Shell Game
Shell Game's picture

It lacked that harsh bite as of chewing on aluminum foil.  Work on it, no need for html..

Fri, 09/09/2011 - 17:12 | 1652526 Iam Rich
Iam Rich's picture

LOL...it was suppose to be giddy with excitement!

Fri, 09/09/2011 - 17:14 | 1652534 fuu
fuu's picture

Needed more !'s.

Fri, 09/09/2011 - 16:03 | 1652258 GeneMarchbanks
GeneMarchbanks's picture

Barclays is down, so American ES is down. Great analysis, Bob.

Jim is like a broken record yet their questions just continue to baffle.

Fri, 09/09/2011 - 15:57 | 1652261 rsnoble
rsnoble's picture

I heard canada just got hit with an earthquake no news yet

Fri, 09/09/2011 - 16:03 | 1652284 Whoa Dammit
Whoa Dammit's picture

6.7 Vancouver Island.

Fri, 09/09/2011 - 16:04 | 1652289 NotApplicable
NotApplicable's picture

Wow, a 6.7 in Vancouver.

http://quakes.globalincidentmap.com/

Fri, 09/09/2011 - 16:14 | 1652307 Let them eat iPads
Let them eat iPads's picture

No, Vancouver Island. Nowhere near Vancouver.

Fri, 09/09/2011 - 17:21 | 1652554 Shell Game
Shell Game's picture

Yeah, nowhere even CLOSE to Vancouver...  lol!

Fri, 09/09/2011 - 21:08 | 1653128 blunderdog
blunderdog's picture

He was thinking Vancouver, WA.

Fri, 09/09/2011 - 15:57 | 1652263 lieutenantjohnchard
lieutenantjohnchard's picture

love the guy. he's a straight talker.

Fri, 09/09/2011 - 16:44 | 1652449 scatterbrains
scatterbrains's picture

the look on pissboy's face was classic! Someone screen capture that so I can use it for my avatar

Fri, 09/09/2011 - 15:58 | 1652264 Lazane
Lazane's picture

no bs with jimbo

Fri, 09/09/2011 - 15:58 | 1652265 DeweyLeon
DeweyLeon's picture

Mr. Pisani could not make it more plain today that the fall in the market was do to Yurp and not Obama jobs speech, that we should pass right now.

Fri, 09/09/2011 - 15:59 | 1652270 11b40
11b40's picture

They just hate it when someone comes on and tries to tell the truth. Plus,  they never really follow up on anything said that is negative, but will tout the least bit of positive sentiment from any yahoo all day long.

Fri, 09/09/2011 - 15:59 | 1652272 Surly Bear
Surly Bear's picture

I love Jim Rogers.

Sun, 09/11/2011 - 11:39 | 1656149 kumquatsunite
kumquatsunite's picture

Jim Rogers loves Jim Rogers. Too much for my tastes.

Fri, 09/09/2011 - 16:07 | 1652283 NotApplicable
NotApplicable's picture

Now, why did he have to go and diss the Tooth Fairy. That's not right!

Fri, 09/09/2011 - 16:03 | 1652285 Let them eat iPads
Let them eat iPads's picture

DOWN JONES closes below 11,000.

Fri, 09/09/2011 - 16:04 | 1652286 Prescient_Point
Prescient_Point's picture

Looong Dollar. Boy o Boy. Need to have some Guts to play that game.

Fri, 09/09/2011 - 16:11 | 1652322 SheepDog-One
SheepDog-One's picture

Yep, particularly when that goes directly against FED mandate #1- Crush the dollar.

Fri, 09/09/2011 - 16:16 | 1652344 Jasper M
Jasper M's picture

No, just have to understand money supply. 

Fri, 09/09/2011 - 16:29 | 1652394 SheepDog-One
SheepDog-One's picture

I understand money supply totaly. Ben shifts the decimal point further to the right whenever he feels like it.

Fri, 09/09/2011 - 16:33 | 1652407 WonderDawg
WonderDawg's picture

Exactly. It's in line with the fact that, despite popular myth, the Fed doesn't actually have control of the markets any longer, if they ever did actually have control. Influence, yes. Control, no. The Fed won't be able to print fast enough to offset the collapse in credit/debt.

Fri, 09/09/2011 - 19:03 | 1652826 Snidley Whipsnae
Snidley Whipsnae's picture

PP... Read what Rogers said... Long dollar is a short play... 'In the long run the dollar is a catastrophe'...

Rogers will be out of the dollar before it crashes.

Fri, 09/09/2011 - 23:14 | 1653450 Milestones
Milestones's picture

Way I got it also. If the Greek thingy isn't resolved by Monday I look to see the $$ over 80 next week. Agree--short term only.    Milestones

Fri, 09/09/2011 - 16:04 | 1652287 PulauHantu29
PulauHantu29's picture

How Barbaric!

Fri, 09/09/2011 - 16:04 | 1652292 Belarus
Belarus's picture

I love this on Ben: "he's lying. Look at the market. he's in there." Of course he is. Using dervitives no less on the "other" portion of the Fed's balance sheet where no one has any idea what Ben is up to. 

Fri, 09/09/2011 - 16:05 | 1652298 LongSoupLine
LongSoupLine's picture

Pisani's one of the few I want to punch in the face whenever I see him.  "The important thing here, is we closed off the lows."

What a total asshat!

Fri, 09/09/2011 - 16:11 | 1652321 Belarus
Belarus's picture

You're very lucky then. I can't count the number of people I want to flog everytime i think of them or see them. 

Fri, 09/09/2011 - 23:22 | 1653487 Founders Keeper
Founders Keeper's picture

You can't polish a turd.

Don't shake hands with those who try. 

 

Fri, 09/09/2011 - 16:08 | 1652308 Comay Mierda
Comay Mierda's picture

cnbc's hopium supply is running low

Fri, 09/09/2011 - 16:09 | 1652310 RobotTrader
RobotTrader's picture

 

 

Somebody big bought 6.2 million shares of UUP at the bell, sending the day's volume over 15 million.

Looks like some big players are betting on a crash in commodities and related currencies.

Fri, 09/09/2011 - 16:15 | 1652340 kito
kito's picture

right robo, the dollar strength has everything to do with the pending crash of commodities but nothing to do with the fact there are few perceived "safe" haven currencies

Fri, 09/09/2011 - 16:31 | 1652402 Falcon15
Falcon15's picture

Its all a game to pick the best looking horse in the glue factory. Just saying. Got Preps?

Fri, 09/09/2011 - 16:15 | 1652343 Pladizow
Pladizow's picture

Go away!

Fri, 09/09/2011 - 16:20 | 1652357 SheepDog-One
SheepDog-One's picture

MomoFader is just like a swarm of mosquitos while youre trying to have a beer on the back porch....only way more annoying.

Fri, 09/09/2011 - 18:03 | 1652639 Blano
Blano's picture

Lol he shoots, he scores!!

Fri, 09/09/2011 - 16:48 | 1652361 Justaman
Justaman's picture

Timmay to the the rescue!  Or, was it Uncle Warren? 

Whoever it was, double down, biatch. 

Fri, 09/09/2011 - 16:09 | 1652311 carbonmutant
carbonmutant's picture

The global economy will not move forward without Deflation.

Fri, 09/09/2011 - 16:09 | 1652312 rhinotrader
rhinotrader's picture

The bots ran wild today. HFT sucks so bad, trying to trade 3000 shares of JPM and I move the stock 5 cents......I HATE HFT!!!!!

Fri, 09/09/2011 - 16:12 | 1652329 fuu
fuu's picture

But JPM:Silver widened to .770228091 this week from .80004 last week. Going in the right direction at least.

Fri, 09/09/2011 - 16:36 | 1652422 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 / 0.77023 = 1.298!

That is a nice ratio you have come up with fuu.  Please continue to advise us as conditions warrant.

Fri, 09/09/2011 - 16:47 | 1652451 fuu
fuu's picture

I think I may switch to Silver:JPM so the wider/narrower descriptors make more sense.

Fri, 09/09/2011 - 16:09 | 1652313 gaoptimize
gaoptimize's picture

How bad does the market need to get before people like Jim Rogers can not collect on their shorts?

Fri, 09/09/2011 - 16:38 | 1652434 TwelfthVulture
TwelfthVulture's picture

When things actually go to ZERO and you can not therefore close your short position.

Fri, 09/09/2011 - 18:48 | 1652748 bid the soldier...
bid the soldiers shoot's picture

BINGO

of course, this could always happen.

"Military juntas have justified their rule as a way of bringing political stability for the nation or rescuing it from the threat of "dangerous ideologies". (And dangerous 'economic solutions'.) Military regimes tend to portray themselves as non-partisan, as a "neutral" party that can provide interim leadership in times of turmoil, and also tend to portray civilian politicians as corrupt and ineffective. One of the almost universal characteristics of a military government is the institution of martial law or a permanent state of emergency.

Fri, 09/09/2011 - 23:07 | 1653416 Jasper M
Jasper M's picture

That's the nice thing about shorting: You already have the money! You've a;ready "collected". You just owe the underlying instrument, which, in the event of system failure, they will be just about giving away. 

 

LOVE shorting . . . 

Fri, 09/09/2011 - 16:10 | 1652314 SwingForce
SwingForce's picture

Greece is ~2% of US GDP but OOOoohhhh, everbody is scary fraidy today, ohhhhhh. 2nd Friday in a row we gift the kamekaze put traders...

Fri, 09/09/2011 - 16:18 | 1652350 Pladizow
Pladizow's picture

What's scares the market is not Greece in of its self, but the fact that it could represent the first dominoe.

See: http://www.youtube.com/watch?v=LyePCRkq620

Fri, 09/09/2011 - 16:40 | 1652439 WonderDawg
WonderDawg's picture

Wow. The lack of understanding implied by your post is profound.

Fri, 09/09/2011 - 19:08 | 1652845 Snidley Whipsnae
Snidley Whipsnae's picture

So WD... You loaded up on Greek 1 yr Ts at 97%? What could go wrong?

Nothing profound about your post either...

Fri, 09/09/2011 - 20:03 | 1652988 WonderDawg
WonderDawg's picture

SW, what gave you that idea? Your reading comprehension leaves a lot to be desired. I didn't say my post was profound, I said the other guy's was profound in what it implied.

Try to pay attention before you go popping off.

Fri, 09/09/2011 - 23:13 | 1653444 Jasper M
Jasper M's picture

2% of US GDP would be our entire margin of growth, and then some. 

And it So kmuch more than Greece.

Greek default drices up ambient LIBOR. Dexia can't roll it's credit as it is. Unicredit, Soc Gen, and maybe Douche Bank go bakrupt; equity holders wiped out. 

BoA is into that, quite enough, on top of domestic litigation (robosigning & MBS origination) to kill it dead. Kindly Uncle Warren (or rather, his shareholders) left with nothing to show for their $5 bil. 

So .    yeah. Many more gifts for the put traders coming. 

Fri, 09/09/2011 - 16:10 | 1652315 GenX Investor
GenX Investor's picture

So Jimmy, you are bullish on this market then?

Fri, 09/09/2011 - 16:13 | 1652336 SheepDog-One
SheepDog-One's picture

'So nevermind all that, Jim....what stocks are you looooooooong? Come on, we know youre bullish, you have to be....we're CNBC we say you are'.

 

Fri, 09/09/2011 - 16:56 | 1652479 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Hey SheepDog.  Think the diminati has a false flag planned for this weekend?!  They haven't done anything big here in states in a while.  Lots of "chatter" they say, meaning black ops may have false flag in the works?!  I would not want to attend an NFL game this weekend.  Lota strip searchin will be going on I'm guessin on the anniversary of the U. S. Government blowing up three buildings in NYC!

Sat, 09/10/2011 - 02:18 | 1653399 baby_BLYTHE
baby_BLYTHE's picture

The amount of money Jimbo made betting correctly on QE2 (look at the commodity charts especially cotton a few months into easing) and his recent short of BAC, constituting only the last 1-2 years of his entire investing career, is more than enough to justify his title as a legendary investor .

Fri, 09/09/2011 - 16:10 | 1652317 RobotTrader
RobotTrader's picture

 

 

Intraday TRIN of 6.88 today as commodities stocks were sold simultaneously with the utmost urgency.  Gold stocks were spared.

http://stockcharts.com/h-sc/ui?s=$TRIN&p=D&yr=0&mn=6&dy=0&id=p57770263082

 

Fri, 09/09/2011 - 16:38 | 1652433 SheepDog-One
SheepDog-One's picture

I always read Robo's posts in the voice-over of Howard Cosell in my mind....its fun, fits perfectly.

Fri, 09/09/2011 - 16:51 | 1652463 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Yeah, "look at that monkey run".:)

Fri, 09/09/2011 - 17:00 | 1652500 kengland
kengland's picture

Christ...not KDX.TO. They couldn't get enough

Fri, 09/09/2011 - 16:11 | 1652319 kragsquest
kragsquest's picture

Too bad Jim Rogers isn't in government.  Paul O'Neill was on MSNBC this morning too.  And they re-ran the Enron fraud special last night. 

Fri, 09/09/2011 - 16:12 | 1652332 RobotTrader
RobotTrader's picture

 

 

Put/call was redlined between 1.38 and 1.50 most of the day.

http://www.cboe.com/data/IntraDayVol.aspx

And with VXX spiking up to new highs, the premiums paid for those puts must have been huge.

Fri, 09/09/2011 - 16:15 | 1652341 SheepDog-One
SheepDog-One's picture

Hey how's your 'Im all in ultra long here at DOW 12,700 for this huge debt ceiling resolution equity rally for the history books'....hows that workin out?

Fri, 09/09/2011 - 17:06 | 1652508 Hedgetard55
Hedgetard55's picture

Sheep,

 

     That's cold, dude.

Fri, 09/09/2011 - 16:13 | 1652333 jimmyjames
jimmyjames's picture

Rogers: China is trying to slow its economy down. They've raised interest rates six times. I wish america raised its rates six times.

 

****************

Didn't we find out that doesn't work during a credit mania?

"Greenspans conundrum"

He raised the fed fund rates 17 consecutive times to try and push mortgage rates higher to cool the housing bubble and the long end stayed inverted-

 

Fri, 09/09/2011 - 19:10 | 1652853 Snidley Whipsnae
Snidley Whipsnae's picture

JimmyJ... Gotta link for that one?

Fri, 09/09/2011 - 16:13 | 1652335 Segestan
Segestan's picture

Europe failing would see a gigantic transfer of wealth to Asia, and Fall of the West.. I suppose --Jimmy-- only has altruistic motives?. Better to collapse the Chinese miracle before it's to late..........  http://www.theepochtimes.com/news/5-7-5/30077.html

Fri, 09/09/2011 - 16:13 | 1652337 inkarri9
inkarri9's picture

The dumb, deer in the headlights look on Pisani's face when Rogers asked him if he believed in the tooth fairy was classic. 

Fri, 09/09/2011 - 16:15 | 1652339 Zeilschip
Zeilschip's picture

If he's short stocks and there's money printing, he's going to get burned. Maybe more than he's making on his long commodities. Why short stocks?

Fri, 09/09/2011 - 16:18 | 1652348 SheepDog-One
SheepDog-One's picture

Stocks arent doing that great even with massive money printing for 3 years, who says further money printing guarantees stocks go up? 

Fri, 09/09/2011 - 18:23 | 1652700 Stax Edwards
Stax Edwards's picture

100% + - is not good?

I know this is perma bear land but you had to be deaf, dumb, blind, and stupid not to make any money on stocks in the last 3 years.

Fri, 09/09/2011 - 16:53 | 1652473 TJ00
TJ00's picture

I would guess he's shorting stocks that aren't in an index, so less likely to get bid up on more money printing, the downside is that the smaller stocks are less likely to have gigantic debts hidden by accounting fraud like the big boys which would make them take over targets for the large debt / accounting fraud based companies. One of the end game scenarios I've thought of is if all the financially solid companies get swallowed by insolvent ones then when they eventually fail everything fails all at once sort of like nuking the entire country at once, but maybe I've just read one too many Clancy novels.

Fri, 09/09/2011 - 16:17 | 1652347 RobotTrader
RobotTrader's picture

 

 

Sheesh, I guess all the mo-mo monkeys sold all their commodity and banking stocks and piled into a beauty supply chain ULTA.

Up 14% to new highs on record volume.

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ulta&ins...

I'm amazed how everyone's eyeballs glued to the screen, everyone piles into one single stock for "safety".

"Hey, this one is going up, let's pile in!!"

LOL.....

Fri, 09/09/2011 - 16:23 | 1652371 Pladizow
Pladizow's picture

NO, not LOL....

Go away!

Fri, 09/09/2011 - 16:18 | 1652351 medicalstudent
medicalstudent's picture

schiff says dow will bottom at 10k at the lowest.

 

if he was ever wrong, somebody post a clip cause i cant find one.

Fri, 09/09/2011 - 16:21 | 1652364 SheepDog-One
SheepDog-One's picture

Schiff says the DOW will never go under 10K ever again where?

Fri, 09/09/2011 - 16:24 | 1652378 knukles
knukles's picture

We gave away my Pinto when it wouldn't shiff.

Fri, 09/09/2011 - 16:42 | 1652441 Justaman
Justaman's picture

Did you mean Pento, as in Mike Pento?  Oh, I crack myself up. 

Fri, 09/09/2011 - 16:44 | 1652448 fuu
fuu's picture

You owe me a new cup of coffee.

Fri, 09/09/2011 - 16:29 | 1652395 Steve Evets
Steve Evets's picture

He didn't say never again, he just said that he thinks this short term move will target 10K or so and maybe bottom out. But at the very least we'll test that. I tend to agree.

Fri, 09/09/2011 - 16:30 | 1652401 SheepDog-One
SheepDog-One's picture

Oh ok.

Fri, 09/09/2011 - 16:56 | 1652481 Dingleberry
Dingleberry's picture

Schiff has always maintianed that the DOW can go wherever it wants, its just that it won't be worth anything in dollar terms. And yes, he is correct.  The only thing he is wrong about is decoupling.  There is nowhere on PLANET EARTH to hide.  Except PMs.

Do NOT follow this link or you will be banned from the site!