Market Snapshot: What A Day!

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Thu, 09/29/2011 - 16:44 | 1723687 AladdinSaneGirl
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All i can say is, i tend to prefer risky shares, and it's a total bloodbath. Worse today than ever :(

Thu, 09/29/2011 - 17:01 | 1723759 DormRoom
DormRoom's picture

kind of shows that retail & daytraders are out.. And only robots are moving markets.  Algos are bidding/selling against each other.  Skynet is in full control.

And next week will be more deleveraging from hedgefunds  liquidating to meet redemptions, or close shop.

 gold & silver bugs better hope busted hedgefunds don't sell off SLV & GLD all at once.

Thu, 09/29/2011 - 17:10 | 1723794 trampstamp
trampstamp's picture

slingshot trade on ES  240 minute chart. I took it using TNA and road it out. This trade gets it's name when you have a leg down, X to A, then retraces between 50% - 6.18% (A to B), then drops to the 6.18% (B to C) and then buyers load up. At this point the slingshot has been streched back and released. Usually see an explosion up. Of course this trade works the other way around, which btw was in play to the down side on the 60 minute chart earlier in the day. 

 Of course on the leg down (X to A) you have to be below 20 on the RSI to make it a valid trade. Hope to take profit around 1210-1213.

Who the fuck knows, i many never see that target tomorrow lol!

Thu, 09/29/2011 - 17:29 | 1723875 Soul Train
Soul Train's picture

all that slingshot strategy and execution, it's OK when you're young, ---  but watch out, sounds like a set up pattern for future suffering from rapid cycling manic depression later in life.

Like jerking off too much, it can drive you insane.

Not kidding., Anyway, glad to hear you made money and good luck.

Thu, 09/29/2011 - 17:33 | 1723918 trampstamp
trampstamp's picture

I think i jerked off too much already. I'm a crazy old bastard that can't shoot straight.

Thu, 09/29/2011 - 18:22 | 1724044 NoClueSneaker
NoClueSneaker's picture

Never mind- here another old bastard, thick as a brick, enjoying yer insights ....

Thu, 09/29/2011 - 17:34 | 1723919 Mike2756
Mike2756's picture

agreed, looks like it's setting up another waterfall decline to 1k spx.

Thu, 09/29/2011 - 17:43 | 1723947 augie
augie's picture

wait, wait, serious question... what constitutes "too much"?

Thu, 09/29/2011 - 17:48 | 1723960 trampstamp
trampstamp's picture

Enough to the point where i'm jerking off my dog. Wait.... uhmmm.. that's a joke

Thu, 09/29/2011 - 18:44 | 1724086 AdahPrice
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deleted

 

Thu, 09/29/2011 - 21:43 | 1724540 Manthong
Manthong's picture

Who wants to bet that the reports on the radio when you get up tomorrow will say “overnight futures trading has the market opening sharply lower this morning”?”

Thu, 09/29/2011 - 17:32 | 1723915 YesWeKahn
YesWeKahn's picture

chinese stocks got a fair treatment: BIDU, SINA: -10%.

They will soon drop down to the earth.

Buy some protection these days. People are getting insane.

Thu, 09/29/2011 - 16:45 | 1723690 RobotTrader
RobotTrader's picture

Banks are acting the best.

GNW, MS, KEY, HIG, etc. all up 6% - 7%, well off their lows from last week.

Bears need to slam this group ASAP, otherwise, the bottom might be in.

Thu, 09/29/2011 - 17:49 | 1723964 rocker
rocker's picture

Did you look at a ten day chart on your famous CMA, ZION, AXP, COF and RF.   Hmmmm

Not with my money and no mark to market.

Thu, 09/29/2011 - 19:56 | 1724271 newstreet
newstreet's picture

Robo, I still think you are the new Alan Abelson.  Guess the Trade on Fire crowd thinks differently.

Thu, 09/29/2011 - 19:05 | 1724129 SwingForce
SwingForce's picture

You said it last week about XLF, nice call. Don't overlook PNC- no mortgage probs, no Euro crap, biggest 2nd tier.

Thu, 09/29/2011 - 20:40 | 1724400 DropOutEconomist
DropOutEconomist's picture

No Mortgage Problems?! They bought National City which was funding all sorts of crap...Neg Am, 10% stated income construction loans and 100% stated income HELOCS..but I am sure its all marked correctly on the books...I would not worry about it too much. 

Thu, 09/29/2011 - 16:45 | 1723691 Fips_OnTheSpot
Fips_OnTheSpot's picture

Can we see VIX > 45 tomorrow?

Thu, 09/29/2011 - 16:53 | 1723741 Id fight Gandhi
Id fight Gandhi's picture

They're sayin this is all due to the Jew holiday. And quarter ending whatever, just bots going full retard.

Thu, 09/29/2011 - 16:59 | 1723768 TheLooza
TheLooza's picture

its not the holiday.  any jew who is serious about trading found  a way.  This Jew did.

Thu, 09/29/2011 - 18:26 | 1724051 NoClueSneaker
NoClueSneaker's picture

Hehehe, mazeltov - no clue who junked you ....

Thu, 09/29/2011 - 18:54 | 1724107 Conax
Conax's picture

Jews that didn't get to trade?

Thu, 09/29/2011 - 16:45 | 1723695 stocksugg
stocksugg's picture

Just in Hedge fund Blow up

With the massive downdraft in momentum stocks today there has been speculation of a hedge fund blow-up. Those rumors now appear to be centered on John Thaler's JAT Capital. While we cannot verity if these rumors are true, the fund owns many of today's worst performers.

Some of his biggest positions includes:

Sina Corp (Nasdaq: SINA) down 10%
Priceline.com (Nasdaq: PCLN) down 6%
Baidu (Nasdaq: BIDU) down 10%
Wynn Resorts (Nasdaq: WYNN) down 10%
Green Mountain Coffee Roasters Inc. (Nasdaq: GMCR) down 9%
NetFlix (Nasdaq: NFLX) down 12%
Molycorp, Inc. (NYSE: MCP) down 5%.

You can see the entire portfolio here.

News Provided by Acquire Media Corporation

Thu, 09/29/2011 - 16:49 | 1723714 junkyardjack
junkyardjack's picture

There'll be much more of this

Thu, 09/29/2011 - 16:49 | 1723715 caerus
caerus's picture

the momos were taken out back and shot...when the old leaders die it's the beginning of the end

Thu, 09/29/2011 - 16:54 | 1723726 anynonmous
Thu, 09/29/2011 - 17:09 | 1723806 TheLooza
TheLooza's picture

OH MY FREAKING LORD.  Dude, whoever put together that ridiculous MOMO portfolio needs to get hired by UBS STAT -- they have an open position, i heard.

Thu, 09/29/2011 - 17:29 | 1723894 ghostfaceinvestah
ghostfaceinvestah's picture

These guys must be bummed Groupon hasn't gone public yet.

Thu, 09/29/2011 - 17:31 | 1723905 TheLooza
TheLooza's picture

litt le disappointed that they didn;t have the good sense to round this out with some  salesforce.com (CRM) and LinkedIn (LNKD).

 

Nice to see that they caught some RIG though. They paid a dividend, you know.

Thu, 09/29/2011 - 16:55 | 1723752 bogey4
bogey4's picture

Well, he must have been done selling @ 12.30 (pacitic time) because all those stocks ripped higher starting a half hour before the close.

Thu, 09/29/2011 - 17:04 | 1723753 Reform1776
Reform1776's picture

Saw that too, have been shorting one of these POS's mentioned so had wondered what was pushing it further green today.

http://www.streetinsider.com/Hedge+Funds/Hedge+Fund+Blow-Up+Rumors+Focus...

Also interesting, from Aug 10:

http://www.businessinsider.com/john-thalers-jat-capital-and-chase-colema...

And:

http://www.businessinsider.com/jat-capital-receives-subpoena-2011-2

 

Thu, 09/29/2011 - 20:16 | 1724321 Freddie
Freddie's picture

Those all look like "safe" names. 

This guy must read IBD each day and loads up.  If he had any leverage (all hedgies do) then he is toast. 

"I love the smell of naplam in the morning....it smells like...victory."

Winning!

Thu, 09/29/2011 - 22:54 | 1724676 ThirdCoastSurfer
ThirdCoastSurfer's picture

If you haven't registered at mffais.com, which allows you to look at the recent activity of firms like JAT, then you're missing a great opportunity to see just what went wrong. 

For example, holding 2 million shares of SINA, they added 700k while selling all of their position in Schlumberger. 

Thu, 09/29/2011 - 16:45 | 1723696 nyse
nyse's picture

Love Capital Context.

Thu, 09/29/2011 - 16:46 | 1723700 dcb
dcb's picture

ok, just chart the deescendig channell we are in. three days  lower lows and lower highs. very bearish. but until the channel breaks just trade it as a computer, I refer to the s and p

Thu, 09/29/2011 - 16:54 | 1723745 dcb
dcb's picture

so your top tomm should be about 1665, I'd expect a drop and then late afternoon rebound so we close in the green, but hey you never know, go long when breaking the pior days high. I find I make my best trades doing this if I have in fact programmed the computer before it happens.

Thu, 09/29/2011 - 17:03 | 1723787 dcb
dcb's picture

I also like to set the stop for the day before. meaning my stop loss tomm would be about 1150

when you hig the stop (if it was todays low, it will usually drop below and close above. make it very hard to get a good trade. It's the freaking algo's, and they could do this for months.

in contrast the ddaily macd is going up from the downside, (so we are a bit oversold on the daily side. I expect another run at 1200, or a bit above before another real short

Thu, 09/29/2011 - 16:48 | 1723705 anynonmous
anynonmous's picture

the good ol' days of the 3pm (sometimes 3:30) ramp job

Thu, 09/29/2011 - 16:49 | 1723712 TheLooza
TheLooza's picture

made some horrible trades to start today, beautiful trades in the middle, ass raped at the close.

 

up 200 dollars (with over 3 million going through the cages). 

 

I only wish I had caught the fancy to spank to some first class ukrainian porn in that last hour rather than blow my freaking load all over my (what had been substantial) trading gains for the day.

Thu, 09/29/2011 - 16:52 | 1723729 nyse
nyse's picture

You are hilarious.

Thu, 09/29/2011 - 17:18 | 1723843 walküre
walküre's picture

Schmuck! LOL.

Thu, 09/29/2011 - 18:31 | 1724063 NoClueSneaker
NoClueSneaker's picture

+ 1000

Describing the way the things r.

Me no clue - GLOBEX rape ?

Thu, 09/29/2011 - 18:40 | 1724080 YesWeKahn
YesWeKahn's picture

SPY chart looks terrible. I just closed a few long positions after hour. I will match the emerging markets for direction.

Thu, 09/29/2011 - 16:51 | 1723721 Josh Randall
Josh Randall's picture

When will CNBC hire Miss Teen South Carolina to answer to the Gold is not backed by anything gal ?

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

Thu, 09/29/2011 - 17:00 | 1723774 Never_Put_Down
Never_Put_Down's picture

The "...Gold is not backed by anything gal" is from a Canadian TV news station (CTV Calgary)

 

Thu, 09/29/2011 - 16:51 | 1723724 Snakeeyes
Snakeeyes's picture

But, but, Freddie Mac announced historic low mortgage rates? How can that NOT stimulate homeownership?

"Freddie Mac announces 4% mortgage rates, doesn’t announce that spreads between 30 yr mtg and 10 yr Treasuries rising to recession levels. Look at the VIX!"

http://confoundedinterest.wordpress.com

Thu, 09/29/2011 - 19:44 | 1724232 SwingForce
SwingForce's picture

Announce it, but they are not the ones who ORIGINATE the loans, the Cartel does, and as I heard, they do not want to part with their income stream of higher rate mortgages. And no refi's either. What makes matters worse is , people got suckered in once before by low interest rate mortgages- gotta make the points 1) FIXED RATE 2) NO TEASERS 3) PAYMENT FIXED for life of loan. Otherwise, nobody interested. http://www.youtube.com/watch?v=UI2FolId6CA

Thu, 09/29/2011 - 16:52 | 1723731 LongSoupLine
LongSoupLine's picture

rational and balanced price discovery.

horseshit.

Thu, 09/29/2011 - 16:54 | 1723742 buzzsaw99
Thu, 09/29/2011 - 16:55 | 1723751 caerus
caerus's picture

ha!

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