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The "New Normal" FX Rip
This is how a completely news-less FX move looks like under the new normal, at precisely the moment when market opens. Did we say no news? Yes. 80 pips move in minutes on absolutely nothing, but an avalanche of very specific stop limit triggers. And since the EURUSD is the highest levered fulcrum security, and since shorts have piled in aggressively in the last few days, ramping the pair to the stratosphere is why risk is soaring, once again on no positive news. And now that the market move has happened, the news to explain it will come fast and furious. One wonders if all of the now unwound CIO capital has moved into JPM's most recent prop trading addition: the CFXO.
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Jamie, Jamie, Jamie, why dont all these talking heads just blow him and lick his nut sack. jeeezzze!!!
Slavish devotion, makes a real man want to puke doesn't it?
We are fast closing in on short selling time. Can the S&P pierce 1376? I think it can. When it punces through 1360, we will bring more buyers in as the downward sloping channel will be pierced. Apple is up on the 24th, so I think even more buyers will be piling in on the momentum frenzy.
Look to begin dollar cost averaging at 1390.
Not everybody is so fortunate (talking about said talking heads).
Whoot There It Is!
Is that today's gold chart above?
There is a simple and legal explanation for all this movement prior to the news being broken.
HFT has become so fast that the trades can literally go back in time! Just like Michael J Fox's DeLorean.
The traders wait until important information happens, decide on a trade, hit "send" and the electrons go back in time to now!
The only problem with this, of course, is that it is one further step towards SkyNet. So hopefully Arnold Schwarzenegger doesn't also come back in time too!
Nothing new there. Hillary did it 20 years ago with cattle futures
a couple of days ago I commented that I'd be looking for a EUR/USD bounce off the 1.2150(ish) area...but god damn. what the fuck was that?
a giant EURUSD penis
My .02: That is a SkyNet controlled market....
If you go to a daily EURUSD chart and draw a straight line from the January low to the June low and extend it you'll see that the euro has hit that trendline support two time in the last couple days and bounced off. Short timers would have been fools not to book their profits on the second bounce. I don't think this trendline has the strength to hold (my opinion isn't worth a lot) and it's dropping about 10 pips per day but why not sell and rebuy at a somewhat sweeter price in a few days, it's Friday after all. After this support breaks (it will) I only see one more support, then just air. This is a terrible time to be long euros.
efficient market theory tells us that a price discovery just has taken place. Ask ben solyndra bernanke
volatile markets all around .. Volatile Markets Continue On Friday the 13th
I love this "market"! Every moment has exciting possibilities.
All of your black Fridays are belong to us.
Black Friday - Steely Dan.
When Black Friday comes
I'll stand down by the door
And catch the grey men when they
Dive from the fourteenth floor
When Black Friday comes
I'll collect everything I'm owed
And before my friends find out
I'll be on the road
http://www.youtube.com/watch?v=q1ZV4Mx7tw8
Since ZH has pretty much outed Mssrs. Sack and Potter, why even hide it anymore on their side?They probably hone their ideas on what and how to do it from ZH.
As Leonard Cohen says, "Everybody knows."
Everything at bottom of channel, everything bounces, just a little help from our "friends".
After all, it's Friday and real earnings reporting starts next week with heavy volume. And it will be hard to put lipstick on that pig, but everyone knows that is the oldest of Wall Street and thus Liberty Street tricks.
Free markets. Biggest joke going.
Waddell & Reed just playing some Friday the 13th hijinx...
Hi Tyler ,
there is a correlation between Euro/Dollar rate versus Gold price.
they are trying to keep the euro rate artificially so that Europeans don't buy into gold. So if there is a sudden buy in gold then BIS will buy Euro even though there is no news.
This is what happened right now.
Just watching Gold price is enough to understand where the Euro will go..and of course there are limits but they control most of the time..
Rumors are so 2011
took all my EUR short profits yesterday @ 1.219
was holding from 1.27-1.26...major GAIN$$$$ in just 2 weeks = 450+ pips times 3X leverage through forex (big boy territory) not stupid ETF = FEE$$$ for idiots...
now its @ 1.223.....waiting for 1.23-1.24 to re-short and hold til 1.10 baby !!!
also pump up the spx to 1360 today stupid shoe shine boys....don't stop @ 1346, i need to start BUILDING SHORT positions @ 1360...ok i can wait for next week....
off to the beach !!
I was looking for 1.2150 range to go long the E/U again...but I missed this pop and no way in hell I'm piling in after a move like that.
Oh well...looks like an early beach day for me as well.
I also was able to take advantage of recent drop in Euro (gains in EUO), though apparently I'm an idiot for making money on an inverse ETF....add that to being uncivilized for diversifying with Gold and Silver....
BW
FX can be bid up in the blink of an eye, harder to keep it up there, yet why give up ground? Right from the start, break the will of the shorts in all markets, send them to the beach where they can relax after having covered.
The SPX / EUR is slipping off, so give it a couple of minutes and a new surge will come into play. Up 1.25%, 1.5% why not, no news is good news.
Happy weekend!
It's a backdoor short ban and Benny and the Banksters love it. I'm seriously beginning to think that "risk assets" have become a sink hole for all the trillions that have been printed. They may just continue to grow inspite of economic problems.
Apparently that is the plan. The shell game. While the world deleverages from its drunken debt induced binge, asset markets are inflated by central bank printing and direct invervention, the man on the street reads the paper and sees that it is up, the idiots as well as the cynics just BTFD.
At some point, all the fools will come rushing in and the Liberty boys will be able to step aside from direct intervention. Evidently, that time has not yet come.
For the record, about 2pm and Bingo! the SPX is up 1.5% ...
I marvel even as I remain disgusted ...
skynet detected a human interloper and destroyed it.
KRE only $2 away from making 4-year highs. U.S. banking stocks have been ultra strong lately.
SPAM
"This is how a completely news-less FX move looks like under the new normal......"
Looks like morning wood to me. Mrs. Cog says it's a sign of health. :>)
Or, the inevitable has been scheduled by the Fed. There is no way around it. We all know it is coming. They will not let the rate of fiat debt money growth slip under 0%.
I was thinking the same after watching gold's move. Some seem to think that the Fed is cockblocked into doing something.
Any news on Italy?
I was thinking the same after watching gold's move. Some seem to think that the Fed is cockblocked into doing something.
Any news on Italy?
How much money would it take to make a move like this?
Truck loads.
It sure as fuck wasn't a "retail" move.
Nothing is a "retail move" anymore.
Zero event gets closer every day.
Don't knock it until you Rip it! Gotta love leverage!
That used to be the precious metals market.....
JPM up 4%, the lows are in.
the high is in...now for our second feature today, 'sideways'
"Off the lows!" BRAAAWWKK! (Whistle)
Nope. Dimon's getting hassled about the CIO and low shareholder value and wanting / expecting split offs of JPM so one part of it is ONLY investing and not retail banking.
That's not a good sign for JPM. Doesn't matter what Dimon/others say they want/will do what matters is the shareholders want change and will leave if they don't get it.
SPAM
Oh look, the Fed's have their big green fuck stick out this am.
lol. Someone has a bulging big stick up the pants of bears today but alas the bear still has teeth, and a lot of sticks up the pants so nothing new here. Same old rinse and repeat. Might as well just close the markets now and call it a UP day because Ben found a whole new pile of $1's to put 00's on and has his minions working overtime in the ctrlP factory.
US Consumer Sentiment comes in at 72 (under expectations of 73 and lowest since Dec.)
Perhaps that bit of bad news brings on more hopium for QE3.
Somebody just bought 5 million shares of XLF. Bears better watch their backs.
SPAM
Your insight into these markets is astonishing
If this reallocation from Treasuries to risk assets picks up steam it could end up being the most disasterous unintended consequence in Central Banking (Planning) history.
Wow. Now THAT's a fat finger.
Gold and silver spike again. Friday the 13th for JPM.
Russian Central Bank rumored. Also large barrier on NY cut.
Moments after Warren Buffet proclaimed he is not short the Euro on Bloomberg.
to 0-hedge: gold spiked up BEFORE EUR did..
i remember watching EUR @ 1.218 few hour ago, when gold was up like $15...sorry if you missed the signal !! the gold market is smarter than the forex market..which is smarter than the casino stock market.
i covered all my EUR shorts of 1.265 avg price yesterday @ 1.219....i don't care if they dropped to 1.216 today....i made beacoup $$.....also covered my spx 1365 futures shorts yesterday @ 1326-1328....posted this in real time...u can check......
now waiting for some major pumps before reshorting both !
+1 well played.
GOLD is going to go beserk soon. Much like MF Global and PFG have shown us, the "allocated" gold is not there. The panic will send shockwaves around the world and cause a massive run.
It is going to be EPIC.
Beserk - yeah sure - With the vice like grip TBTF has on things nothing will go Be-serk until they want it to. And that will be just after the re-allocation of resources happens. lol. Peak oil, peak gold, peak productivity, hmm. peak humans coming soon?! And then some lifetimes later peak totalitarianism?! Run Logan, RUN!
End of Line
Oh really? did you miss what happened last year? Silver 26 to 49 and gold 1320 to 1900.
Supply demand and suppression of price discovery says you're wrong. THEY are long when they need to be.
Don't forget oil to $110-120. This year oil 110 back to 80, Gold back to $1500-1600, Silver you guessed it back to $27. Don't get me wrong I keep stacking and converting FRNs into things that 'matter', but don't think there will be this MAD rush to anything other than guns, food and water. And guess what - when that happens a lot of govts will be yelling martial law, and re-allocating 'needed' resources at the point of a drone flying overhead, or a tank in your front street.
Oh and BTW: Did you pay attention to what the USD did in the same time frame. So please lets try to avoid an argument regarding 'price discovery' in markets because the prices arn't discovered they are 'set' (LIBOR on the rocks anyone?!). Everyone is trying to position for the upcoming nasty 'end game' and me thinks 99% will be suprised when that occurs. BTW: I'm not saying I'm one of those 1% who will be right. I'm talking out my gaster here like the rest. But don't think you, or I know anything about what is afoot, because I suspect what actually will happen is going to suprise a lot of people (and not because our friends the anal-probing aliens will come back and shower the world in gold before they 'service us', or is that 'serve us').
What isn't just wrong, but ill conceived is the idea that FRNs could ever represent anything related to What Matters (Energy, and Matter). Since putting a zero on the end of a number in a computer takes barely a few electrons now-a-days. And if that number represents the number of oz of Gold somewhere those few electrons just did a hell of a lot of magical work making 9x more of something. And that extra zero is what we got in the past 5 years. Does anyone think we magically 9x'd everything over those 5 years? Hence does anyone think that 'market prices' in FRNs mean dink, when it comes to you or I getting food or water tomorrow, next year, do we magically have 9x more energy, or medical care, or anything??
I guess (and this isn't applying to you Pigs, or anyone directly) one could say we may have 10x more unemployed, 10x more idiots, 10x more anger and frustration, but then I'd be a real stool valve.
Smiles. Back to converting my FRNs into something really useful since I need more electrons to throw bits around.
Fair enough, if you're going to go Armegeddon on me, I wont argue the point. :o)
Place your bets and hope for the best. Good luck...
doc, you're just gambling. Go long, get Corzined. Go short, get Madoff'd. The only winner is the House (banksters). You can't beat the computers.
My advice: Purchase silver bullion in coin form, store in boat, go to beach, (whoops!) danged wave tipped the kayak over!
If you're good at math you can always beat the computers.
It's so cool how we all buy on lows and sell on highs.. etc..
I think that the TBTF stood around this morning waiting for a reaction to Jamie's CDS bomb and when they realized no one gave a shit ( besides the people here at ZH who obviously hold our society's moral compass) they facebooked the word "Party on Wall Street!"
Great move for using the cfd instrument to take advantage of it with leverage! And make some money of this corrupt market!
It's a game. Belmont is not open till 3PM today, so the gamblers need an outlet.
Bonuses depend wholly on how much muppet stuffing you can do...only markets to play in are equity and junk which are synonymous now..
I am suing for whiplash
Equity rally can resume as overbought USDX daily & weekly chart commences overdue retracement while EURUSD selling ceases for now. This results in SPX / DOW choppy weekly charts reverting to neutral.
This remains a constant and will not change:
* USDX monthly indicators [ie big picture] continue to warn of significant long term USD upside. (thus EURUSD & AUDUSD etc bearish)
* SPX monthly indicators [ie big picture] continue to warn of significant long term downside for equities which will be worse than 2008.