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Reason For Latest Market Rally: Morgan Stanley Leaks Own, Goldman's Numbers

Tyler Durden's picture




 

Remember how the market rally back in March 2009 started with Citi leaking its "great" numbers? Well, Morgan Stanley has just one upped them, not only "leaking" their own numbers, via Fox Business' Gasparino who a week ago was theatrically complaining that Morgan Stanley wanted him dead, but also somehow leaking Goldman's numbers. How Morgan Stanley got Goldman's Q3 numbers? We don't know. But all is fair in love and preserving the ponzi. Lastly, if the actual numbers of Mack The Knife's firm end up being far worse than expected (remember all that stuff about VaR being taken down in in Q3 after it soared in Q2), they can just blame Gasparino for not knowing the difference between Gross and Net EPS, net of European bank exposure.

  • GASPARINO SAYS MS CEO TELLING INVESTORS EVERYTHING IS 'OK'
  • GASPARINO SAYS MS CEO TELLING EXECS 3Q RESULTS TO BEAT GOLDMAN
  • FOX'S GASPARINO SAYS MORGAN STANLEY CEO SAYING 3Q LOOKS 'SOLID'

Source: Bloomberg

 

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Wed, 10/05/2011 - 15:47 | 1742478 RobotTrader
RobotTrader's picture

Last 2 days' trading volume in MS the biggest in history.

Probably total about 140 million, both up days.

Wed, 10/05/2011 - 15:57 | 1742549 Pladizow
Pladizow's picture

At least this time your comments are linked to the subject matter!

Wed, 10/05/2011 - 15:59 | 1742568 ratso
ratso's picture

Gasparino = Crammer.  

Wed, 10/05/2011 - 16:24 | 1742699 Arkadaba
Arkadaba's picture

And how does that improve the American economy?

Wed, 10/05/2011 - 15:48 | 1742485 Out9922
Out9922's picture

Nancy Grace is so hot

Wed, 10/05/2011 - 16:02 | 1742582 ratso
ratso's picture

You need some rest.

Wed, 10/05/2011 - 16:25 | 1742708 rcintc
rcintc's picture

You need some glasses!

Wed, 10/05/2011 - 16:04 | 1742594 oa92000
oa92000's picture

what is wrong with you??

Wed, 10/05/2011 - 16:35 | 1742777 Messianic
Messianic's picture

+1 for humor - this needs more love

Wed, 10/05/2011 - 16:53 | 1742847 realitybiter
realitybiter's picture

you have a drinking problem

Wed, 10/05/2011 - 15:48 | 1742491 fyrebird
fyrebird's picture

"Looking good."

"Everything is solid."

I'm sitting here have a Fuld moment. Must be time to head for the hills.

Wed, 10/05/2011 - 15:54 | 1742529 TheFourthStooge-ing
TheFourthStooge-ing's picture

"Looking good."

"Everything is solid."

Tomorrow Gasparino will retract his statements: Morgan Stanley CEO was describing his bowel movements.

 

Wed, 10/05/2011 - 15:58 | 1742552 Pladizow
Pladizow's picture

One and the Same!

Wed, 10/05/2011 - 15:59 | 1742565 Divided States ...
Divided States of America's picture

Well of course he's going to say that? What the eff you think he's going to say? And nicely timed at 3:45 to disclose this useless piece of news. Fuck these last minute ramp jobs.

Wed, 10/05/2011 - 16:31 | 1742752 SheepDog-One
SheepDog-One's picture

I commented at market open this morning the only thing that would matter today would be the 3:45 rumor drop...like clockwork.

Wed, 10/05/2011 - 16:04 | 1742595 orangedrinkandchips
orangedrinkandchips's picture

And wait for it...HE WILL ADD THAT IT DOESNT STINK!

 

 

Wed, 10/05/2011 - 16:08 | 1742608 fyrebird
fyrebird's picture

When I said I was "sitting here" I did not say where, exactly. So yeah -- let me flush this "business news"

Wed, 10/05/2011 - 16:29 | 1742735 Ancona
Ancona's picture

These banks are solid? So are my turds.

Wed, 10/05/2011 - 17:10 | 1742880 Rick64
Rick64's picture

Today’s Recipe: How to cook the books.   B=p{min[U, max(E-L,0)]}

Wed, 10/05/2011 - 15:54 | 1742495 hambone
hambone's picture

MS CEO said WHAAAAATTTT??? 

Well, that seems totally credible and unbiased and CEO's have a strong track record of speaking critically about their organizations...Guess all's well, can't wait to get me some of that MS paper!!!

 

Wed, 10/05/2011 - 15:59 | 1742562 Nascent_Variable
Nascent_Variable's picture

The undead, zombie market lurches forward a little longer.  Its only discernible source of energy is from the brains of self-interested rumormongers.

Wed, 10/05/2011 - 16:11 | 1742619 hambone
hambone's picture

And looky here (from MW...title 100% misrepresting Rosie!!!)

 

S&P 500 30% below where it should be

 

October 5, 2011, 1:23 PM

David Rosenberg, chief economist at Gluskin Sheff, looks at today’s ISM  numbers and sees strong parallels with 2007.

“The ISM’s non-manufacturing purchasing managers’ index came in at 53 in September _ exactly where it was in November 2007.

ISM Manufacturing was 51.6 last month – where it was in November 2007.

Recession began a month later.”

Rosenberg goes on to note that:

“The consensus on EPS is still for double digit growth through 2012, so even a mild setback would be problematic. Plus there are far fewer policy tools globally to get us out of the next recession.”

And he points out that:

“…going back 50 years, this will be the first time (most likely) that the stock market will have declined in the fabled third year of the presidential cycle. This is what so many strategists were pointing to at the state of the year. On average, the S&P 500 is up nearly 20% in those years (so adjusting for this calendar influence, the market is actually closer to being down about 30% this year).”

- Tom Bemis

http://blogs.marketwatch.com/thetell/2011/10/05/sp-500-30-below-where-it-should-be/

Wed, 10/05/2011 - 16:14 | 1742642 SheepDog-One
SheepDog-One's picture

S&P 30% below 'where it should be', given rosiest best case scenario of some '3rd year of a president' past formulation avg which has absolutely nothing to do with conditions today. 

These people just like hearing themselves talk.

Wed, 10/05/2011 - 16:31 | 1742746 Nascent_Variable
Nascent_Variable's picture

The fact that the central planners can't keep the ponzi going even with one of its stooges needing a third year boost is very significant.  For the first time in 50 years, they're not capable of delivering even a short term jolt.

And that's with Ron Paul waiting in the wings to spoil the party for all of them.

Wed, 10/05/2011 - 23:08 | 1744065 prophet
prophet's picture

http://advisorperspectives.com/dshort/updates/Market-Valuation-Overview.php

This shows you four indicators that say SPX is 20P to 40P overvalued.  So ya somewhere between 960 and 1280 give or take 20P sounds about right to me.

Wed, 10/05/2011 - 17:20 | 1742940 Mactheknife
Mactheknife's picture

>“…going back 50 years, this will be the first time (most likely) that the stock market will have declined in the fabled third year of the presidential cycle.

Ummmm.....just maybe that has something to do with the current president?  Nah...that can't be it.

Wed, 10/05/2011 - 23:11 | 1744077 prophet
prophet's picture

it has nothing to do with the president

Wed, 10/05/2011 - 15:50 | 1742496 tekhneek
Wed, 10/05/2011 - 15:53 | 1742525 tmosley
tmosley's picture

APMEX still has a few monster boxes, therefore there is no problem with supply.

lol

Wed, 10/05/2011 - 15:59 | 1742560 HelluvaEngineer
HelluvaEngineer's picture

Only $30 /oz over spot!

Wed, 10/05/2011 - 16:10 | 1742630 kito
kito's picture

i often wonder, if the silver market is that small, and that tight, why hasnt one billionaire bought it all up, just for kicks? all i hear about is how tight the silver market is these days, yet i know people who speak with gainesville and they have as much as you need, for 4 bucks and change over spot

Wed, 10/05/2011 - 17:19 | 1742933 CH1
CH1's picture

Great question. I don't know the answer.

Wed, 10/05/2011 - 18:26 | 1743143 Quinvarius
Quinvarius's picture

Every dipshit in that market is too big to be in there.  That is why it swings all over the place.  It really is that small.  JPM has no concept of size.  That is why they get raped shorting nonstop.

Wed, 10/05/2011 - 15:49 | 1742499 buzzsaw99
buzzsaw99's picture

MS already had an attractive P/E ratio. :roll:

Wed, 10/05/2011 - 15:57 | 1742550 rocker
rocker's picture

Source: Bloomberg

What a joke. Bloomberg has a bigger bunch of dick blow hards than CNBC.

They are in competing to see who can out do who.

FOX. I guess somebody has to watch them.

Wed, 10/05/2011 - 15:59 | 1742567 Pladizow
Pladizow's picture

They're both "fluffers" sucking the markets dick before it fucks the sheeple!

Wed, 10/05/2011 - 16:10 | 1742631 fyrebird
fyrebird's picture

Ew. So many metaphors, and all of them dirty.

Wed, 10/05/2011 - 17:19 | 1742936 CH1
CH1's picture

I guess "rats leaving ship" is dirty in a way too. Ah well...

Wed, 10/05/2011 - 16:06 | 1742606 smlbizman
smlbizman's picture

bloomberg is best for the misleading incomplete crawl...but you have to mute your system.....

Wed, 10/05/2011 - 16:08 | 1742617 Ruffcut
Ruffcut's picture

Gasbag a weeno, is still a big piece of shit. Just a different channel.

"everything is OK." Just ok, you say. Okay dokie, buckwheat.

Wed, 10/05/2011 - 16:11 | 1742634 SheepDog-One
SheepDog-One's picture

Everything be OTAY!!

Wed, 10/05/2011 - 16:08 | 1742618 SheepDog-One
SheepDog-One's picture

This has to be criminal, releasing RUMORS of 'how banks are doin' without any data at all to back it up in order to drive closing ramps on stocks? This is all just a sick joke at this point.

Wed, 10/05/2011 - 16:52 | 1742838 Commander Cody
Commander Cody's picture

Its algo foreplay.

Wed, 10/05/2011 - 15:51 | 1742508 TheFourthStooge-ing
TheFourthStooge-ing's picture

...and in tomorrow's news:

Antonio Borges accepts position at Morgan Stanley.

 

Wed, 10/05/2011 - 15:56 | 1742547 kill switch
kill switch's picture

Are you aware of the subtlety of that remark...

 

BRAVO TFS

Wed, 10/05/2011 - 15:51 | 1742511 rubearish10
rubearish10's picture

The power of just a few words. No facts, just words. 

Wed, 10/05/2011 - 16:16 | 1742650 fyrebird
fyrebird's picture

We are caught in a trap made of words -- just words -- and the facts when they come will not free us, but rather run us through.

Run blindly through the storm but there is no escape for beyond here there be monsters.

Wed, 10/05/2011 - 15:51 | 1742512 sheeple2012
sheeple2012's picture

Gasbagarino, isn't he buddies with Dick Grasso? he must know something we don't

Wed, 10/05/2011 - 15:52 | 1742519 GeneMarchbanks
GeneMarchbanks's picture

I'm feeling confident now. What's up with NFLX?

Wed, 10/05/2011 - 17:21 | 1742942 CH1
CH1's picture

LOL

Wed, 10/05/2011 - 15:53 | 1742524 Racer
Racer's picture

Did they just make one great big goof and openly admitted that they know all the numbers WAY before everyone else, so they can spend days and days positioning for them!

Wed, 10/05/2011 - 15:58 | 1742555 SloMoe
SloMoe's picture

Just like the White House knows nothing about the employment numbers in advance...

Wed, 10/05/2011 - 17:23 | 1742951 CH1
CH1's picture

Did they just make one great big goof and openly admitted that they know all the numbers WAY before everyone else

Yes, they did, though most people will pass it off - doesn't fit in with their view of the world.

Take a minute and imagine how much money you could make if you had that info.

Wed, 10/05/2011 - 15:53 | 1742528 SloMoe
SloMoe's picture

Reg FD? Fugetaboutit...

Wed, 10/05/2011 - 15:54 | 1742530 riley martini
riley martini's picture

 When will BAC have to tell their share holders how many deposit account they lost since the Buffet rescue?  Any guesses . The lay-offs were 30,000 probably  40,000 is more like it.

Wed, 10/05/2011 - 15:54 | 1742534 Deadpool
Deadpool's picture

naw, the bail out of Dexia's Midnight Runners (Come on Eileen, anyone?) is the lemming du jour.

Wed, 10/05/2011 - 15:55 | 1742539 TradingJoe
TradingJoe's picture

Ahhh hahhahahaha just a few silly words not even numbers(forged of course) just words and weeeeehhhhaaaaaaa Hehehehe retardo mercato hehehe ZeroBamus must be already dreaming of his netx (looting) term, eh?!

Man, who ever does this is a fucking genius alright, since June no more POMO and still it goes like swiss clock work hehehe must give it to them...they are inthe drivers seat boys!...and gals , sorry!

Wed, 10/05/2011 - 15:56 | 1742544 CClarity
CClarity's picture

Just gotta say I don't think MS would be adding to Eur-exposed positions in the past 3 quarters . . . they really are usually smarter that that.  But if they did, then maybe they deserve the flush.  Otherwise, I still think this is some hedgies running a gig to try to profit ala BS back in 2008.  Want to pop a bank, but can't effectively short a more deserving Eurobank to the precipice.  Wonder if they understand what will happen to them if they manage to tank a US bank that will thoroughly tank the Eurbanks?

Wed, 10/05/2011 - 15:56 | 1742545 Racer
Racer's picture

Bazooka man told the world fannie and freddie were perfectly sound not long before they weren't

ChairSatan said sub-prime was well contained

 

Um, kinda gives you great confidence in the CON eh?

Wed, 10/05/2011 - 15:58 | 1742554 Dr. Engali
Dr. Engali's picture

Didn't Dick Fuld say something along those lines?

Wed, 10/05/2011 - 16:08 | 1742616 orangedrinkandchips
orangedrinkandchips's picture

For sure...for sure...What else is suppose to say? Like that fucking jerk Timmy...WHAT ELSE IS HE SUPPOSE TO SAY?

 

Jack Nick said it best to that freak Tom Cruise..."you wan the turth? YOU CANT HANDLE THE TRUTH"

 

period.

Wed, 10/05/2011 - 15:59 | 1742561 ziggy59
ziggy59's picture

what that little phrase about fecal material? sheeeit  is solid...stinks too..just like the games these asswipes are continually alllowed to play while the SEC whacks themselves off.

Wed, 10/05/2011 - 15:59 | 1742563 Silverhog
Silverhog's picture

Looking solid? Is that a stool he's talking about?

Wed, 10/05/2011 - 15:59 | 1742564 SmoothCoolSmoke
SmoothCoolSmoke's picture

Calmly addingto MS Nov puts.  % contracts at a time.

Wed, 10/05/2011 - 16:02 | 1742571 candyman
candyman's picture

How exactly is the MS CEO communicating this info...at a conference, a CC, private one on ones, public paper, company announcement, insiders? WTF? are we inthe blackout period yet?

Wed, 10/05/2011 - 16:01 | 1742574 ivars
ivars's picture

Long term dollar index (USDX) prediction chart 2012-2018 with description and zoom options ( click on chart, then click on left upper corner zoom symbol) is posted here:

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=34401#p34401

Key points:

1) That is very important one to understand why there will be no inflation for another 4 years till 2016, why gold will not move up much in 2011-2013, and how USA will finance its needs by issuing even MORE unsustainable debt (held hostage to USD reserve currency status ) even in recession with approval of creditors (held hostage by USD reserves they have and need to continue trade imbalances with reserve currency issuing nation) . USD will deflate (gain in value) during 2012-2014. Recession will continue all this time, debt deflationary one.

2) Then, in 2014 the defaulting process will begin, lasting from 2014-2016, 2 years, with everyone scrambling around to try to position itself best ( if that is possible ) with all means available for the imminent default.

3) Nevertheless, I still stick with silver showing unexplained upside even during deflation period, as shown many times already in silver  graph from 35 in Q1 2012 up to 100+-20 USD in October 2012.

4) My thinking is, increase in silver USD price that has to be related not to inflation, but demand/supply issues. I favour explanation that demand will soar NOT because of some sudden new use of silver, but increased OLD use, perhaps very old use. I have only two options-either military buildup, or monetary policy of some sovereign based on silver (NOT the USA).

Wed, 10/05/2011 - 19:14 | 1743135 The Big Ching-aso
The Big Ching-aso's picture

Interesting that gold will stay flat considering all the geopolitical turmoil at hand pretty much everywhere.   Thus, I have to take a different tack on that.    The charts being not geopolitical Black Swan predictors and such.

IMO, gold will go a lot higher between now and 2016 simply because it's being bought up on the relative 'cheap' at the present USD diluted basis, and also because gold priced in all other non-reserve status currencies is becoming much more expensive.   But nonetheless my point is that it is getting bought up - especially by Asia and India.    Then you have the SDR currency basket brewing in the background which let's face it has to include gold to be globally viable.   Gold is still king when all's said and done because Kings own it.       All this coupled with increasing demand from central banks and IMO we have gold not staying flat but if anything going up.   Since the market is forward looking, and as you state everyone will try to find a way out, then by defacto those same players will be buying up gold to pre-position the default of which you speak.   This will drive the price up.      Also, don't forget that the paper price of gold in this well-manipulated market is adjusted by premium as premium in reality compensates for that foreknowledge.    Silver's rise likewise but as you state moreso due to demand outstripping supply for this quintessential of essential metals.    Or IOW due to war which in of itself is a Black Swan - or should I say the repercussions of it: such as oil supply and trade disruption.

Lastly, I do not believe there are enough Greater Fools to prop up this market much longer and that the fear factor which typically feeds those that prey on that to become richer will be sufficient to keep it from collapsing.      And I  also don't believe that as the U.S. exports its inflation that all other countries will idly be able to politically and sociably sit back and watch their economies and infrastructures implode just to keep The U.S. Joneses content with more BMW's at low interest rates.     Starving populations tend to get Black Swanish in their decision-making is my ultimate point.   In that case, food is their King.   Your charts understandably can't show what isn't predictable and you neither claim it.

Well all that's just my opinion.   Unfortunately I don't have charts to support it.  lol

 

Wed, 10/05/2011 - 16:01 | 1742575 karzai_luver
karzai_luver's picture

Dancing you toward the cliffs bitches.

 

 

Dance Dance little queenie!

 

Wed, 10/05/2011 - 16:02 | 1742579 MeanReversion
MeanReversion's picture

As someone who was a banker at Lehman I remind everyone that after Bear Stearns blew up the focus turned to Lehman.  Within a few days of the Bear collapse we reported earnings that beat analyst expectations resulting in our shares rallying 40%.  We all know what happened a few months later.  I'll also be interested to know how much of MS's "earnings" are as a result of its debt declining in value, one of the biggest shams in accounting.

Wed, 10/05/2011 - 16:03 | 1742586 karzai_luver
karzai_luver's picture

Sham - tastic bro.

 

Wed, 10/05/2011 - 16:19 | 1742667 Messianic
Messianic's picture

Sham-wow!

Wed, 10/05/2011 - 16:51 | 1742836 Deadpool
Deadpool's picture

earnings build confidence and keep accounts on deposit...lose that confidence and these type of firms (clearing) go out of business over night. Classic run on the bank. MS has to do and say everything possible to keep the hedge fund clients from withdrawing. Look for JP Morgan and Citi to take in a ton of deposits from this.

Wed, 10/05/2011 - 16:02 | 1742581 Zonker
Zonker's picture

Reason For Latest Market Rally: More buyers than sellers - Learn to read a fucking chart!

Wed, 10/05/2011 - 16:04 | 1742593 SheepDog-One
SheepDog-One's picture

Show us this chart!

Wed, 10/05/2011 - 17:22 | 1742941 Threeggg
Threeggg's picture

Chart creation without volume >?

Only one entity is capable of such fraud............PPT baby !

Yesterday's +400 point pump in 50 minutes says it all !

Wed, 10/05/2011 - 16:04 | 1742590 SheepDog-One
SheepDog-One's picture

So now every day they just say something, anything, 15 minutes before close and thats what drives world markets.

Oh yea, this will end well.

Wed, 10/05/2011 - 16:09 | 1742624 Racer
Racer's picture

'markets' are no longer that... they are ... well you name it.. anything but a market in the real sense of the word..

like I want a banana and I buy it from a seller who sells bananas

not from a derivatives trader who swaps them for an ETF in whatever basket of non edible oil products who then deals in whatever

It has morphed into a big computer game for the machines and that's all it is now

Wed, 10/05/2011 - 16:17 | 1742651 adr
adr's picture

Well you wish you could buy a banana from a banana seller but all the bananas have been bought up by a guy that hasn't actually ever eaten a banana and doesn't know what a banana looks like, but he heard banana were good business.

Now you have to pay ten times the cost of a banana from your banana seller because every banana needs to be stored at a warehouse for a month and even though they could let 1000 bananas out the door they have decided they can only let 10 out each day. Your local banana seller has been put out of business because he was forced to store 1000 bananas and pay up front but he was only allowed to sell ten bananas so he couldn't pay his bills.

Now the only guys left selling bananas are the ones who have never eaten one or know what a banana looks like so all the bananas go bad and the government gives them a nice fat check to cover the loss.

Wed, 10/05/2011 - 16:23 | 1742695 karzai_luver
karzai_luver's picture

Along with Snap cards and unemployment for life as anyone knows that to try to compete with the holder of the bad bannana is a fool.

 

Wed, 10/05/2011 - 16:35 | 1742779 SheepDog-One
SheepDog-One's picture

'Super Clowngress' will soon decimate the ranks of the food stamp/lifetime unemployment check/welfare crowd when theyre due to cut $400,000,000,000 from the govt expenses line item...should be interesting seeing the real riots kick off then!

Wed, 10/05/2011 - 20:13 | 1743578 unununium
unununium's picture

> It has morphed into a big computer game for the machines and that's all it is now

So I guess you don't see a broad pattern on the monthly SP500 chart?  It's there plain and simple.  Great crash of 2008 followed by 3 years of monetary stimulus, followed by the resumption of a great decline.

Lots of people here had the same complaint before the latest decline was obvious -- the market is phony and unpredictable.  NO.  TPTB try to disctract you every day, and are probably amazed at how successful they are, but the mega trends are written in the sky for everyone to see.

Wed, 10/05/2011 - 16:06 | 1742603 RobotTrader
RobotTrader's picture

Huge breadth surge today, 91% up volume on Nasdaq.

Intermediate lows are probably in.

IBD's "Riverboat Captain" Wm. O'Neil will probably say "confirmed rally" or "follow through day" or something.

Wed, 10/05/2011 - 16:08 | 1742622 karzai_luver
karzai_luver's picture

wanna bet?

 

 

Wed, 10/05/2011 - 18:03 | 1743080 slewie the pi-rat
slewie the pi-rat's picture

as we come into an earnings season for Q3'11, it promises to be the greatest creative writing contest in the history of public accounting!

dance dance, little queenie indeed! 

Wed, 10/05/2011 - 22:07 | 1743946 karzai_luver
karzai_luver's picture

who knew that all those eng lit majors would be in such demand!

good thing too as no one is left that can count for shit.

 

 

 

Wed, 10/05/2011 - 16:09 | 1742626 SheepDog-One
SheepDog-One's picture

'The lows are in' from RoboTrader ever since DOW 12,700.

Wed, 10/05/2011 - 16:10 | 1742629 adr
adr's picture

Intermediate lows have been followed by intermediate tops for two months now. I think you've confirmed what 15 rallies over the past month. There is no rally and there is no slide, just the house confiscating bets. You may have had a lot of fun but at the end of the day you end up broke, alone, and weeping in a corner.

Wed, 10/05/2011 - 16:42 | 1742810 r101958
r101958's picture

Robo - what exactly is the value of technical analysis in a manipulated market? Currently, the markets are all about creating perceptions....not much about substance. You want true price discovery? How about we start with mark to market.....and please, none of the rationalizations about the market value not really mattering in this environment.

Wed, 10/05/2011 - 22:08 | 1743949 karzai_luver
karzai_luver's picture

I wish to god I could find the answer to that question!

 

 

Wed, 10/05/2011 - 17:26 | 1742955 catacl1sm
catacl1sm's picture

WTF! I'm a complete noob and even I can read a chart. NASDAQ peaked on 9/16/11. Since the highs have been lower and the lows have been lower. After this rally (it won't hit 2532) a new low will be set, could even drop off the cliff a la 2008.

Wed, 10/05/2011 - 17:26 | 1742957 catacl1sm
catacl1sm's picture

WTF! I'm a complete noob and even I can read a chart. NASDAQ peaked on 9/16/11. Since the highs have been lower and the lows have been lower. After this rally (it won't hit 2532) a new low will be set, could even drop off the cliff a la 2008.

Wed, 10/05/2011 - 16:06 | 1742604 adr
adr's picture

Considering if you were on the right side of the past two months moves you could have made more money in a months time than the past 100 years of playing the market long, yeah Q3 could actually be great.

Getting paid every time a trade is made is very good buiness when the market is whacked out of its mind.

Wed, 10/05/2011 - 16:07 | 1742613 unionbroker
unionbroker's picture

:) MY BOOK IS UP HUGE TODAY BE HAPPY

Wed, 10/05/2011 - 16:11 | 1742614 Mae Kadoodie
Mae Kadoodie's picture

You got to know when to Fuld 'em...

Wed, 10/05/2011 - 16:14 | 1742640 Deadpool
Deadpool's picture

they book profits on their own CDS spreads widening. It's why UBS will book a profit too. fun with accounting.

Wed, 10/05/2011 - 16:14 | 1742641 LongSoupLine
LongSoupLine's picture

Shades of Bear Stearns on CNBS

Wed, 10/05/2011 - 16:18 | 1742658 SheepDog-One
SheepDog-One's picture

Funny how they cant see it. Confirms that doing the same actions over and over and waiting for a different result is the best definition of insanity.

Wed, 10/05/2011 - 16:17 | 1742655 spongeBOB
spongeBOB's picture

At the risk of sounding like Dick Bove but financials are priced for a nuclear meltdown. C, BAC and GS are close to their 2009 meltdown prices and with the huge short interest any sign of a good news will send them flying.

Wed, 10/05/2011 - 16:19 | 1742664 SheepDog-One
SheepDog-One's picture

Still priced way too high. 

Wed, 10/05/2011 - 17:26 | 1742958 Panafrican Funk...
Panafrican Funktron Robot's picture

If they make it to October 18th, should be pretty interesting to see what BAC can pull off as far as reported net earnings.  They're expected to hit 24 cents per share, which is around $2.43 bln.  Given that this appears to be a mechanical impossibility, what's justifying their current share price?

Wed, 10/05/2011 - 20:15 | 1743589 TheFourthStooge-ing
TheFourthStooge-ing's picture

If they make it to October 18th, should be pretty interesting to see what BAC can pull off as far as reported net earnings.  They're expected to hit 24 cents per share, which is around $2.43 bln.

On October 18th, BAC will announce net earnings of 31 cents per share. Timmy Jeethner accidentally leaked the script on limewire because he didn't know he was sharing his entire C drive.

Given that this appears to be a mechanical impossibility, what's justifying their current share price?

Last week's SEC investigation into BAC's October 18, 2011 reported 31 cents per share net earnings indicated that they found nothing wrong and BAC's books appeared to be in order.

 

Wed, 10/05/2011 - 16:18 | 1742661 Deadpool
Deadpool's picture

On September 15, UBS announced a loss of USD 2.3 billion from an unauthorized trading incident that it announced might lead to a net loss for its third quarter results. However, UBS today lets its stakeholders know that it expects to report a modest net profit attributable to shareholders for the third quarter 2011. The result includes the previously announced USD 2.3 billion loss resulting from the unauthorized trading incident and approximately CHF 0.4 billion of restructuring charges associated with the firm's cost reduction program. The result benefited from own credit gains on financial liabilities measured at fair value in the region of CHF 1.5 billion, primarily due to the widening of UBS’s credit spreads during the third quarter. UBS will also report a gain of approximately CHF 0.7 billion on the sale of treasury-related instruments.

Wed, 10/05/2011 - 16:20 | 1742672 SheepDog-One
SheepDog-One's picture

Great, then we dont need to hear anything more about printing and bailouts!

Wed, 10/05/2011 - 16:53 | 1742845 r101958
r101958's picture

I can see it now......this will be the new MO for losses at the financials. 'Unauthorized trading incident', 'fat finger Freddy'. This is why we didn't make our quarter....but...we fired him and took care of the problem.....for this quarter.

Thu, 10/06/2011 - 00:58 | 1743604 unununium
unununium's picture

Unfuckingbelievable.  They don't value anything at market prices, EXCEPT their own debt!

What stops them from trashing their own balance sheet and reputation just to buy back the debt on the cheap?

I want to buy back my mortgage for 0 since the CDO it's in is worthless.

 

Wed, 10/05/2011 - 16:20 | 1742678 TradingJoe
TradingJoe's picture

Hasta la Mercato Boys, am "guesstimating" that we'll have another sharp selloff to lower lows, as in lower then 1074, pretty soon, then and only then we could see a huge upward move to close the year higher! I think gold will outperform and we'll see the 2000 mark THIS YEAR!

Thursday/Friday will "tell"the "tale"!

Wed, 10/05/2011 - 16:22 | 1742683 IMA5U
IMA5U's picture

what this tells us is that it is ok to trade on private information if it is to prevent a financial collapse and build confidence back in the market

 

nothing like a few good sniffs and rumors to cause a short squeeze

 

this market is nothing but beta chasers on the way up and haters on the way down

beta chasers usually win in the end because the rules are set up in their favor...for now...

Wed, 10/05/2011 - 16:23 | 1742689 SheepDog-One
SheepDog-One's picture

I commented this morning that the only thing that would matter today was the 15 minute before the close rumor drop.

Wed, 10/05/2011 - 16:25 | 1742710 navy62802
navy62802's picture

ZH making waves ... http://www.cnbc.com/id/44785581

Wed, 10/05/2011 - 16:32 | 1742759 Deadpool
Deadpool's picture

not good to be called out like that by GE's propaganda arm.

Wed, 10/05/2011 - 17:29 | 1742968 Threeggg
Threeggg's picture

Indeed !

Wed, 10/05/2011 - 16:26 | 1742716 SheepDog-One
SheepDog-One's picture

Funny...the DOW is at 10,900, ONLY due to wildest-ever insane rumors and mad pumps, and people already have 'huge rally into year end' priced in. Too damn funny.

Wed, 10/05/2011 - 16:47 | 1742824 Veekay23
Veekay23's picture

This news has been absent from ZH so here goes - 

Angela Merkel, the German chancellor, said Berlin was prepared to recapitalise its banking sector and was willing to discuss a European Union-wide plan to shore up the region’s teetering financial sector as soon as the next regional summit in two weeks.

“I think it is right if we have a joint approach to all of this,” Ms Merkel said. “Germany is prepared to move to recapitalisation. We need criteria. We’re under the pressure of time and I think we need to take a decision quickly.”

http://www.ft.com/intl/cms/s/0/557e20d6-ef5e-11e0-bc88-00144feab49a.html

Wed, 10/05/2011 - 17:50 | 1743041 Big Ben
Big Ben's picture

Merkel: OK. Now on the count of three, let's each one of us recapitalize our banks. Eins, swei, drei!

Wed, 10/05/2011 - 16:28 | 1742724 Deadpool
Deadpool's picture

let the tax loss selling quarter begin. Mr. Valentine has set the market. gotta love the insider sales at BofA last quarter. so much crime; so few SEC cops....

Wed, 10/05/2011 - 16:34 | 1742773 Ruffcut
Ruffcut's picture

They control the markets. Even a vampire doesn't want to kill a good gig.

The hedgefunds are getting battered, again similar to 2008. Forcing the hedges to continue hedging at higher prices. The vix is relevant in regards for options and other derivatives. systematically increasing margins on PM futures, and all this other bullshit, they made millions as market makers in options. Create a little panic and even the speculators jump in with both feet. They sit at the desk and write these options at high vix PREMIUM prices and laugh at us. THeir own little false flag kinda deal. I would say I call another rat, but smells more like cat piss.

Even if MS was to fall, they might as well make a little "honest" coin, when they can.

Wed, 10/05/2011 - 16:48 | 1742821 hedgeless_horseman
hedgeless_horseman's picture

 

 

I just ordered a t-shirt with this on it:

 

GASPARINO SAYS
MS CEO TELLING EXECS
3Q RESULTS TO BEAT GOLDMAN

 "So?"

Wed, 10/05/2011 - 17:10 | 1742908 SILVERGEDDON
SILVERGEDDON's picture

How come the best liars have eyes that look like two piss holes in a snow bank ?  I wouldn't fuck her with Robo Trader's dick..................

 

 

 

 

Wed, 10/05/2011 - 17:13 | 1742915 Sokhmate
Sokhmate's picture

'Love' .. is the driving force of the universe, I tell you.

Wed, 10/05/2011 - 17:34 | 1742985 Big Ben
Big Ben's picture

The FINs book excellent earnings quarter after quarter until suddenly some their loans go bad or one of their counterparties fails. And overnight the company is worthless. But by then their (former) executives are billionaires. The FINs are basically vehicles for converting shareholder equity and taxpayer money into executive bonuses.

Wouldn't be too surprised if it turned out that MS was underwriting its own CDS, then buying them from itself and booking the gains as they rise in value.

Wed, 10/05/2011 - 17:55 | 1743049 naomix
naomix's picture

It's legal to leak earnings to selected investors?

Wed, 10/05/2011 - 18:06 | 1743088 mark mchugh
mark mchugh's picture

Wait a second, you mean Charlie Gasparino's not already dead?

Thu, 10/06/2011 - 01:00 | 1744332 Quantum Nucleonics
Quantum Nucleonics's picture

Bear Stearn's CEO was saying live on CNBC everything is was fine as his liquidity was turning to concrete under his feet.  2 days later he sold his company for 2 bucks a share.

Erin Callan was saying Lehman's numbers were great right up until the good ship SS Lehman hit that iceberg.

Thu, 10/06/2011 - 05:46 | 1744555 rune420
rune420's picture

LOL, Mack The Knife! Brilliant reference.

Wed, 10/12/2011 - 11:32 | 1765888 karmete
karmete's picture

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