• Knave Dave
    05/23/2016 - 18:16
    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

Market Commentary: What An Ugly, Ugly Day

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Mon, 08/08/2011 - 16:51 | 1539305 No One
No One's picture

good news folks.. the senate will be investiagting the S&P downgrade.. All is good.

 

"FLASH: Senate Banking committee probing S&P downgrade of U.S. credit rating -aide"

 

 

Mon, 08/08/2011 - 16:55 | 1539331 Long-John-Silver
Long-John-Silver's picture

I hope they use a prophylactic while their probing. They have spread too much to too many already.

Mon, 08/08/2011 - 17:02 | 1539383 max2205
max2205's picture

Somebody needs to probe congress for 4 - 20 years of financial mismanagement

Mon, 08/08/2011 - 17:02 | 1539389 cocoablini
cocoablini's picture

The Senate? They are going to threaten the SP for telling the truth...for a change??? CANNOT tell the truth-just like them

Mon, 08/08/2011 - 17:05 | 1539397 oogs66
oogs66's picture

congress should be investigated

Mon, 08/08/2011 - 16:52 | 1539308 Long-John-Silver
Long-John-Silver's picture

Silver will follow Gold soon. You can't have one without the other.

Mon, 08/08/2011 - 16:54 | 1539324 Spitzer
Spitzer's picture

Im all in support of the silver bugs but if you don't own any gold then you are asking for a kick in the nuts.

Mon, 08/08/2011 - 16:57 | 1539345 Long-John-Silver
Long-John-Silver's picture

I am diversified, I own both.

Mon, 08/08/2011 - 17:06 | 1539407 Sudden Debt
Sudden Debt's picture

9 to 1 silver vs. gold in value.

So I would like my silver to rally a bit harder. But I've got time on my side :)

People will start to panick. Panick hard. The market isn't going to react like after QE2. And everybody will first try the QE2 bets, fail and run for the hills when they hit rock bottom. And they'll try to recover losses in gold in silver which will be 50% before they'll try it.

And then BOOM!

Funds will need to cover their losses and go for security : Gold/Silver

...

Little memo to Bernanke: YOU FAILED! YOU FAILED YOU FUCK! HAHAHAHAHA!!!

 

Mon, 08/08/2011 - 18:07 | 1539655 Re-Discovery
Re-Discovery's picture

The fight in silver --- industrial vs currency -- is about to be resolved in fovor of currency.  All who missed the Gold move will go looking for something else.

Gold will drag silver higher.

As for volatility, silver behaved very well today after an early day sell-off.  Held its 38.7 support very well.

Mon, 08/08/2011 - 18:35 | 1539746 Jendrzejczyk
Jendrzejczyk's picture

After an initial reaction of "WTF, why isn't silver going to the moon", I realized that just holding in place while the financial world crashed around it was proof that silver is a solid store of wealth.

Mon, 08/08/2011 - 18:42 | 1539765 Jendrzejczyk
Jendrzejczyk's picture

Let's not forget the heckling that gold and silver are just commodities that will sell off with the stock market just like they did in '08.

Mon, 08/08/2011 - 18:58 | 1539828 Re-Discovery
Re-Discovery's picture

remember, silver still went up about .6 from friday close.  which equates to a $25 gold move.

one of the few days silver hasnt outperfomed

Mon, 08/08/2011 - 23:21 | 1540942 Fancy Bear
Fancy Bear's picture

In my car today I heard someone interviewed on NPR who stated that gold is a currency since it isn't consumed like food or oil. The concept is only finally hitting mainstream America. To me, $1750/oz is still a bargain.

Tue, 08/09/2011 - 00:14 | 1541169 Ponzi Unit
Ponzi Unit's picture

good point.

Mon, 08/08/2011 - 21:35 | 1540389 zorba THE GREEK
zorba THE GREEK's picture

One year ago August, silver was $18 and gold was over $1100.

Big spread. I bought several 100 oz bars because I knew it would catch up.

Re Dis is right, gold will always drag silver higher, just wait for big

spread to maximize profits, especially if you are cashing out gold to buy.

Mon, 08/08/2011 - 20:58 | 1540222 Stares straight...
Stares straight ahead's picture

both nuts?

Mon, 08/08/2011 - 17:34 | 1539502 tyler
tyler's picture

If you don't own any silver you won't be able to do things one day you only dreamed of.  I swapped my gold for silver a few years ago due to the fact I want to retire and didn't have enough money in gold to do so.  I hope all metals go to the stratoshphere so we can stick it to society.  I don't really mind a kick in the nuts, this is fight club.

Mon, 08/08/2011 - 17:55 | 1539616 Spitzer
Spitzer's picture

Swapping gold for silver sounds like a speculative bet to me. I wish you well, our interests are aligned, we want the easy money, douche bags to get kicked in the nuts.

Mon, 08/08/2011 - 20:20 | 1540094 Thomas
Thomas's picture

I wanna be an easy money douche bag.

Mon, 08/08/2011 - 18:06 | 1539647 lawrence1
lawrence1's picture

Agree, both. As Sprott said in a recent interview, he believes that the manipulation is directed now toward silver as a means of discouraging gold purchases. Might be a good time to trade some gold for silver as the ratio is now 44-1.  I believe it will resume its downward trend soon. 

 

Tue, 08/09/2011 - 00:16 | 1541179 Ponzi Unit
Ponzi Unit's picture

bought a little more today.

Mon, 08/08/2011 - 18:07 | 1539652 lawrence1
lawrence1's picture

Agree, both. As Sprott said in a recent interview, he believes that the manipulation is directed now toward silver as a means of discouraging gold purchases. Might be a good time to trade some gold for silver as the ratio is now 44-1.  I believe it will resume its downward trend soon. 

 

Mon, 08/08/2011 - 16:52 | 1539310 Spitzer
Spitzer's picture

XAU was green all morning, down on the close.

Mon, 08/08/2011 - 16:54 | 1539322 Turd Ferguson
Turd Ferguson's picture

Gold.

Silver, too.

Mon, 08/08/2011 - 17:00 | 1539366 Chief KnocAHoma
Chief KnocAHoma's picture

Luv the Turd!

But don't forget land - with water - house - game - in the right area.

http://sotcksdairyroadfarm.blogspot.com/

I am The Chief

Mon, 08/08/2011 - 17:06 | 1539410 InconvenientCou...
InconvenientCounterParty's picture

platinum is screaming something, but I can't quite make it out.

Mon, 08/08/2011 - 17:18 | 1539462 wombats
wombats's picture

Who cares about Platinum.  What about Plutonium at Fukoshima?

Mon, 08/08/2011 - 20:12 | 1540061 trav7777
trav7777's picture

it's saying the same thing oil is

Mon, 08/08/2011 - 17:21 | 1539468 Boston
Boston's picture

Platinum?

Mon, 08/08/2011 - 16:54 | 1539327 redpill
redpill's picture

I loved the little failed stick save attempt by PPT in late trading that got buried.

Mon, 08/08/2011 - 17:49 | 1539584 LMAO
LMAO's picture

My sentiments exactly.

That surely was a notable effort on the SPX, a 25 pts. pop after a 75 downmove followed by a 40 pts. smackdown.

BTFD!

Mon, 08/08/2011 - 18:17 | 1539686 Iam_Silverman
Iam_Silverman's picture

"I loved the little failed stick save attempt by PPT"

<sarc> Well, I heard that it was a resurgence by the retail investors once they finally digested the Presidents speech and realized that he was reiterating the need to "tax the rich".  This was their way of showing approval.  </sarc off>

Mon, 08/08/2011 - 16:54 | 1539329 Mr. Poon
Mr. Poon's picture

"I have no idea on the next move."

Obviously, you don't think like the President, or you would know that what we need next is another inspiring speech.

Mon, 08/08/2011 - 16:58 | 1539355 brew
brew's picture

no idea just like every other "expert" ou there...soft patch?

Mon, 08/08/2011 - 17:17 | 1539458 ElvisDog
ElvisDog's picture

The market sold off after Obama's speech, because it made it even more clear that he has no answers. A new deficit reduction plan in a few weeks. Great. Calls for an extension of the withholding decrease. Fabulous. It's Kevin Bacon from "Animal House" telling the crowd "All is well".

Mon, 08/08/2011 - 17:38 | 1539551 andybev01
andybev01's picture

Speaking of 'a few weeks', are the good men & women still on (their 5-week) 'vacation'?

Mon, 08/08/2011 - 19:00 | 1539842 citta vritti
citta vritti's picture

Let ‘em serve half time (that is, half of the half time they already serve), or restrict the scope of their legislative duties as the Constitution intended. As has been oft and truly said, “No man’s life, liberty or property are safe while the legislature is in session.” Judge Gideon Tucker, Final Accounting in the Estate of A.B.

Referenced here: 

http://www.barrypopik.com/index.php/new_york_city/entry/no_mans_life_lib...

Mon, 08/08/2011 - 16:56 | 1539335 arizona11912
arizona11912's picture

I wonder if its possible to have the margin requirements increase for Silver without creating a rush for delivery? Can anyone comment about that? Thanks

Mon, 08/08/2011 - 16:56 | 1539336 arizona11912
arizona11912's picture

I wonder if its possible to have the margin requirements increase for Silver without creating a rush for delivery? Can anyone comment about that? Thanks

Mon, 08/08/2011 - 16:56 | 1539337 arizona11912
arizona11912's picture

I wonder if its possible to have the margin requirements increase for Silver without creating a rush for delivery? Can anyone comment about that? Thanks

Mon, 08/08/2011 - 18:24 | 1539706 Iam_Silverman
Iam_Silverman's picture

"I wonder if its possible to have the margin requirements increase for Silver without creating a rush for delivery? Can anyone comment about that? "

Yes.

Mon, 08/08/2011 - 16:56 | 1539341 Ghoaster
Ghoaster's picture

Obama did seem sad in his little tele-speech today, bummer. NOT!

Mon, 08/08/2011 - 17:02 | 1539381 Long-John-Silver
Long-John-Silver's picture

It took two days to get over the ass kicking the S & P gave him.

When he did get his act together and present a "straight face" on TV the market took it's turn kicking him in the ass as he was speaking by dropping below 11,000.

Mon, 08/08/2011 - 17:18 | 1539459 NeroAmerika
NeroAmerika's picture

And if people were smart, they could have made a quick buck or two.  Everytime Obambi gets on TV the markets take a dump, easy money.

Mon, 08/08/2011 - 17:09 | 1539423 mynhair
mynhair's picture

Oweblahma:  cue that 'deer int the headlights' pic.

Tue, 08/09/2011 - 00:19 | 1541195 Ponzi Unit
Ponzi Unit's picture

downside of being a GS employee

Mon, 08/08/2011 - 17:00 | 1539364 mynhair
mynhair's picture

Any info on that wierd volume drop in SPY?  Was watching the 5-min chart, and the vol died around 3:35p.  Related to the MS outage?  And is MS the only trader of SPY?

Mon, 08/08/2011 - 17:00 | 1539365 max2205
max2205's picture

What a great article. Thanks

Many have their convictions on hold. Praying for a quick deep selloff so they can get well on a short skullfuck rally

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