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Market Gets Indigestion Into Close As Stocks Close At Lows Of The Day
While it is unclear if something said in the Paul-Hoenig hearing is what spooked the market, one thing is clear: something spooked the market. As of a few minutes ago, with an increasing average block size, the ES has just slid to fresh lows after levitating almost in the green earlier. Oddly enough the sell off in stocks is not being replicated anywhere else, as both the DXY, the 10 Year and Crude are all at levels last seen at the start of the sell off. Are stocks, with just 2 days to go until Thursday, finally starting to get tired of pretending that all is well with America? And while the dump accelerates we are awaiting the inevitable headline from Boehner in which he will make it all too clear that he refuses to compromise with a president who has threatened a preemptive veto on his "debt ceiling" plan. The soap opera is once again up front and center.
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Multiply that by DX and value is eroding fast for equities.
Not so much interest rate inflation, but there sure is price inflation with the dollar devaluing! Look at oil, CRB, and gold (though gold up for a myriad of reasons). Developing world should be getting furious with USA again for exporting inflation to their must have items.
People say gold is up because of the debt crisis, but actually no deal means no more printing (unless Federal Reserve "returns" it's Treasuries, and I bet that option is on the backup list, shhh!).
any deal would be simply a 'tweak' to the growth rate of the debt... Even if they got the full cut as 1st discussed of $4T, that's over 10 years. $400B is not much more than a dent to an annual deficit of $1,500B. When they cut the other $1,100B per year, then we'll have stopped the bleeding. Deal or no deal, they're going to be printing..
Not yet. It's gotta hell of a resistance at 16.16 these last 4 days with at least a 50 dollar spread to break.
Silver on the other hand is fighting to break 41.00 when it does, it's going to the moon. Or at least half way there.
There is only a limited amount of "Whales" selling tens of thousands while dictating the market. One earlier today had 1000 for 44.50 sitting all morning, he got impatient and pulled it. Then the selling moved forward.
This is going to be the week of weeks!
I say this to the paper folks, if you aint got it in your hot hands, then it's good just to wipe your ass with it. Bullion will roar and when it does, all paper will BURN.
Maybe gold is up because this entire process is unveiling to the world just how hopeless our Bungler-in-Chief is at affecting an outcome, and bringing two sides together. That coupled with the realization that no matter which version eventually gets signed, it will not change the big picture in the slightest. The US is fucked in the longer term and the problem is not going to be solved by one or two trillion less in spending over TEN fucking years!!! The ability to service interest in the immediate future isn't the only thing driving up the price of gold. It's the fact that under such intense pressure we can cut any meaningful spending in the country after two tries (first being FY11 budget). Europe at least takes their medicine...
Maybe gold is up because the Chinese buy it?
Propoganda on the BlowHorn [CNBC] and Bloomberg today is soooo weak that a selloff must be in the offing. Some of today's gems:
1. "At the end of the day, what is going to save housing is that people need a place to live."
2. "Netflix should not be at $252. Reed Hastings is great."
3. "I don't think a downgrade of US debt will have much impact on markets." This married with the comment that "The House and Senate will make a deal." [aka up either way...distinctly opposite outcomes are both priced in]
4. "The debt extension will be good for oil either way..."
5. "The NASDAQ is going positive and leading markets higher." No mention of the fact that it is all Apple and Chinese internet companies.
6. "The economy is not getting enough credit for how good it is." R U F'N Kidding me?
In the meantime, no mention of a rising VIX or the fact that the steel group is literally swirling down the toilet. Neither is anyone talking about the fact that IBM has topped out. No mention of the price of gasoline which just continues to stay high or the effects on consumers. No one seems to care that Euro bonds indicate that Greece is NOT fixed...again.
And the conversation most avoided by the BlowHorn, of course, is that volume continues to indicate no one is interested in this Pachinko market save for criminal syndicate Wall Street bankers and their HFT machines. Credibility is zero.
Regime change, please. Any day now...tens of thousands of banker pink slips. Holding my breath...
1. Housing: In the good old USSR, 1 house housed 50 people.
2. Netflix will soon need to do upgrades to their system. That will cost them dearly.
3. won't happen.
4. Yep
5. Tech bubble V2.0
6. The economy get more than enough credit. Soon the banks will get another + 2 TRILLION injection. How that for credit?
Total agreement
Well CNBC, people all over the world live in mud huts, not neccessarily $450,000 McMansions. Hey CNBC, Netflix sucks. I almost destroyed a TV after the 3rd 'loading' pause during a movie...and Reed Hastings sucks too. The economy is great to dunderhead CNBC assclowns because it MUST feel great to get paid 7 figures for being nothing but a whore! Well great to hear CNBC deems markets will not be bothered here by this debt debaucle, certainly guarantees the wheels fall completely off.
You know Dog, it is really hard to believe folk over at the BlowHorn are willing to say such incredibly stupid shit. And nothing makes me worry more about things as when I see people destroy their own credibility...for very short term reasons. Credibility is not easily replaced. It is during the end game that people are usually willing to say or do anything to preserve themselves.
Today was a bellweather day for moronic propoganda.
AMZN up 5% after Yearnings....
As I said, there are enough "beat by a penny" on sandbagged earnings for Wall St. to whip out the "V-Shaped Second Half Recovery" playbook.
http://www.marketwatch.com/investing/stock/AMZN
Robo,
Why would you link to Market Watch? Seriously, if you really read their content you would know that there is none. The site exists to ping headlines off of HFT machines.
Yeah.. keep buying a stock with a PE of nearly 100
AMZN will soon crash. It is way ahead of itself.
BTW, the cool logo pic you have there, is that you? something looks fake.
For every AMZN and NFLX there are twenty Borders.
Thats exactly it, for all the darling stocks fanboys such as Robo crow about, theres plenty that are collapsing. Of course we never mention those, paid shill Robo only crows about 'V shaped recoveries' and other nonsense.
AMZN up on news I bought 2 gas tanks for my truck from them 2 weeks ago.
Robo doesnt own any AMZN, just like he didnt own any of his suddenly sickly NFLX hes been crowing about for months.
Stock close on low, PMs close on Highs . . .on CME OPEX day, no less!
BTFD
BTFD
BTFD
The complex and delicate façade masking our ponzi economy has begun to crumble.
Dont touch the third rail
Deal will be struck and Friday there will be a blowoff rally.
That's kind of what I'm thinking. Either that or they settle on something over the weekend and Monday we're up 4%. After which, we'll get back to the prospect of sub 1% GDP "growth" and the reality of the shitty US economy.
It must be the peas.
Yep. The veto came as expected but I hardly believe that was the spook. In other news Soros is ending his hedge fund career which probably means he is as clueless at this point as everybody else. The real clear-minded people these days seem to be those with gold and farmland.
He didn't end anything, he said he was returning the money of any non family members to avoid sec oversight.
So... my point remains. He's managing money only with his sons and family money. I heard a rumour that he was like 80% in the Swissy earlier in the year.
OT - anyone know why Panera bread off so much today? Haven't paid attention, but quick google found nothing.
Could it be that it is part of the restaurant complex, which is at all time highs, as the nation slides back into recession and people struggle to pay for $4 per gallon gasoline?
Too many carbs!!
Thanks Cdad, easonable theory. Still, people seem to really want their donuts and coffee. Ironic that Dunkin Donuts is supposedly so well subscribed.
Dont'have Donuts is the suck. Every time we go to our local one, they are out of donuts other than a few lousy types. Even they are cutting back on production apparently. They might as well only stay open from 0500 to 1000 hours.
The HFT brigade was plugged in after lunch at 1:51pm - programmed to buy ES b/c of the Eur/USD rally. When the Euro futures couldn't get much > 1.4500 as well as the early HOD, the HFT "sell-the-$#*!-out-of-the-bid" button was pressed.
Why Panera down and Domino Pizza is up? Guess it must be the recession, people switching to cheap pizzas.
depression
DUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUH... Obummer says that in private while in his speeches to the sheeple, he lies like a boner on viagra.
http://www.foxbusiness.com/markets/2011/07/25/obama-to-banks-were-not-de...
Obama to Banks: We're Not Defaulting
While officials from the Obama Administration raised their rhetoric over the weekend about the possibility of a debt default if the debt ceiling isn't raised, they privately have been telling top executives at major U.S. banks that such an event won’t happen, FOX Business has learned.
In a series of phone calls, administration officials have told bankers that the administration will not allow a default to happen even if the debt cap isn't raised by the August 2 date Treasury Secretary Tim Geithner says the government will run out of money to pay all its bills, including obligations to bond holders. Geithner made the rounds on the Sunday talk shows saying a default is imminent if the debt ceiling isn't raised, and President Obama issued a similar warning during a Friday press conference after budget negotiations with House Republicans broke down.
The real "clear minded" people are those who loaded up huge at the March 2009 lows and have held their positions and not try to trade every wiggle.
Hats off to all those who grabbed handfuls worth of AAPL, PCLN, NFLX, AMZN and all the rest and held on.
Who would have thought that a third Nasdaq bubble would have emerged after the biggest credit bust in 50 years?
And who would have thought that cult retail names like FOSL, LULU, NKE, etc. would have also gone into Outer Space?
And don't even get me started on the REITs
Yea fanboy, hats off to them, because YOU certainly own 1 stock of any of that crap you keep crowing about.
LULU,FOSL,TZOO, REITS
Own it or not, product crap or not, the price action is anything but crap.
Money not in cash is going somewhere besides gold.
Disclosure: I've had a variety of REITS trading like old fashioned growth stocks with big dividends.
Will Rogers said, in my parents day:
Stocks are easy..If they go up, buy em..If they don't, don't buy em..'
(I paraphrase..)
So, with a nice up-slope, and volume, why not buy @ lower trend line..
Doesn't seem like rocket science...
Up thread some one squawkin about NFLX..
It's now just down to lower trend line..
Surf the channel folks..
More Open-Mindedness and less character assassination and desire for instant
gratification could sure improve one's bottom line..
And yes, the mkt is somewhat rigged..So I say, study it, learn the patterns, work with it
and make $$..
Happy Capitalism..
Be safe all.
Tyler, look at the SPY options action between 9:30 and 10:00 today and you will see why they must take the ES down now. Hint: August Puts OI. Sorry Robo, momo dream time about to come to an end.
Put the Rothschilds in the slammer.
Put the Rothschilds in the clink.
They have stolen enough money,
to push mankind to the brink.
This is proof a Global economy is a dumbass idea. When one country has a problem, it goes viral. Sovereign economies can contain and limit this short of madness.
A leading House conservative said Tuesday that enough Republicans oppose the debt-ceiling plan drafted by House Speaker John Boehner (R-Ohio) to make Democratic support crucial to passing it.
“I am confident as of this morning that there were not 218 Republicans in support of this plan,” said Rep. Jim Jordan (R-Ohio), the chairman of the Republican Study Committee. The group comprises more than 170 House conservatives.
So, Will the Democrats support Boehner, or the Democratic plan in the Senate?
My friends in the restaurant business have seen input prices rise by 25% this year; they are afraid to raise prices to match. margin compression is such a bitch. Q3 will show the real numbers.
My friends in the restaurant business have seen input prices rise by 25% this year; they are afraid to raise prices to match. margin compression is such a bitch. Q3 will show the real numbers.
Hey Tyler,
Can you do a word cloud on how many times Robo mentioned: AAPL, PCLN, NFLX, AMZN on this site? Thanks!
I imagine this is what it feels like to be in the eye of the huricane.
DO not forget CMG, LULU, UA, TZOO, FOSL, NKE, CROX, et. al.
Put the Rothschilds in the slammer.
Put the Rothschilds in the clink.
They have stolen enough money,
to push mankind to the brink.
They created our system
of fake paper backed by nil.
Benny's bucks be held in disdain,
since a printer needs no skill.
Guess the market hadn't dropped low enough for the insider traders (Congress) yet. More nasty rhetoric to drive things down so they can reap the benefits from selling earlier and buying back low…..reach a deal…markets pop way up then sell again before the house of cards collapses for the final time.
Therefore gold is the solution.
It's the antidote to theft.
We're on the eve of revolution.
Buy it now till nothing's left.
perhaps the market just needs some peptobismol?
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