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S&P 500 Gaps Down As 50DMA Taken Out
Volume is further picking up as Financials move to the worst spot (down over 3%). ES is down 2.5% and has just taken out the 50DMA as the Dow is down over 300pts. HYG remains a significant underperformer but equities look like they are playing catch up finally to credit markets - short-term target 1166 for S&P 500 given current HY levels.
This is very clearly a broad risk-asset sell-off as AUD is now down 2% on the day and commodities are getting crushed (Gold $1690).
Chart: Bloomberg
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The elevator also goes down folks.
The sting of the scorpion, just as you think you got away, gotcha.
Very interesting astro-links this year. What with Troy Davis on September 21st and all.
Borad sell off, probably followed by a narrow, shiney recovery.
ORI
final-cut-trailer-01/
Boycott the jew! In all forms.
1150
Liquidation, bitchez!
The down elevator is express only.
THE PEOPLE DEMAND THE DEER.
Second
BRING ON THE DEER!
what is the equivalent Bove level when the Deer re-appears? I'm trying to calibrate.
Hey Lois, why is Bove never around when the deer shows up?
Yep, looking like a herd event.
Somebody should’ve written a book about the ‘deer in headlights’ event instead of the black swan.
It's Contained!™
Europe Is Fixed!™
This Plan Will Work!™
My morning chuckle...Thanks
Don't panic. 'Investors' will come charging back shortly based on some hugely positive (and quickly rejected) rumour and stocks will soar into the close.
Annie!
http://youtu.be/7i1RjfAmVtg
FYI we hit the 50% retracement of that entire magical run up in October.
Down in the morn, up in the noon. Same shit, day after day after day. Can't wait till Ben asks "whats this red button do?"
BUY THE FUCKING DIP .... Bitchez!!
I'll buy the dip in a couple of years when it's finished dipping.
Avast me Matey's! Grapple 'n board that Gold 'n Silver loot ship!
Thar givin' away t' stores today!
Take all ye can afore th' Chinese get it all! Arrrrr!
Arrrrrrgh! Me matey's. Tis be tha familiar graph of the shiny coins on sale I tell ye. Get 'em while it be fresh yar land lubbers!
we will close in minor minus today. I would say -100 to 130
How'd that work out for ya? Dow off 248!
Wtf is up with the spike in the Euro?
good question m8
It doesn't look like it will follow through. Some EU bank forced to repatriate?
People repatriating capital.
Not much of a rally in the u.s. 30yr given the carnage in equities.
Criminal syndicate Wall Street bankers excecuted a program: Shank the US dollar, but [to cover] Eurodollar, Shank long dated US T bills....sound and fury signifying nothing.
Entry point on AGQ is close...really close. Should get a nice low volume drift now down beneath the LOD, perhaps all the way down close to $51...where I'd be a taker.
Agree with the sentiment Cdad on the silver but I wouldn't bet on silver going up when JPM just moved an immense amount of silver into its registered category. I cannot help but think they may be lining up the big guns to break silver below 30 if they can. They didn't take all that silver without being in emergency mode. Liquidation first, and if that is stopped then light volume for manipulation. First Notice on 30th of Nov. If I was them I'd use this slide to break the silver markets back before I was on the hook for massive Dec deliveries. On the other hand it might finally break, but if it does it will be becuase the banks have lost control, and I don't think they have ... yet.
Gold and Silver down big too.....Options expiry tomorrow but that should be trown out the window with what is going on in the EU and our Super duper dumb committee
youngman
As the shite continues to roll downhill, and it will.
Be prepared with lots of dry powder,because we will get the chance at 1000-1200 again shortly.Maybe even less.
nm
Virtually no one will be willing to sell physical if the paper price goes down that low. Plus we'll see premiums explode, just as we have the last couple pullbacks. If paper goes below ~1350 with an imploding Euro it will (finally) be the decoupling event.
Whhheeeeeeeeee!
There comes a day when all the previous assumptions, about bailouts for everyone, everywhere and forever, come crumbling down. And all the positions based on that assumption have nothing but air underneath
And there you have it, folks. In two sentences, Caviar Emptor has summed it up.
Hold your ground! Hold your ground!
http://youtu.be/EXGUNvIFTQw
Dick Bove said buy bank stocks with both hands.
Buy banks stocks foot over head.
BUY banks stocks with head in ass...there, fixed it for ya.
Was going to post that but figured i'd be polite, lol.
Eh. politeness is overrated. As is spelling and grammar.
What's wrong with my grammar? She was doing ok just yesteday.
Meltdown Monday, currently at bat.
Turnaround Tuesday, you're on deck!
Tyler, why would Gold be down given all that is happening?
Chinese raising margin requirements which was actually announced last week. Bears are just raiding and will probably continue to do so through expiration.
It's madness though. Gold should be going up.
There´s years of backing and filling left in gold.
Until we start making margin calls in gold, gold will be panic sold to get confetti to keep the players in the game.
Paper gold selling off. Investors liquidating braodly, especially their winners
Exactly, dry powder needed to cover loses on everything else.
guys really you should look at what happened to gold during 2008. sell off means sell off. liguidation. gold too. gold will recover when they print.
I have been asking this question for weeks. I am just going under the premise that everything we are seeing is a bullshit smoke screen. Eventually reality will win out and you won't have to be asking that question anymore.
People are clamoring into the dollar. The same thing happened in 2008. The dollar is the destination of choice for money managers during a "flight to safety." Do not be concerned though. I would use this opportunity to buy gold at a better price as it will continue to outperform in the long run as central banks continue to devalue in the race to the bottom.
Paper gold is down. Real gold abides.
Real silver vanishes.
Options expiry Tuesday. Plus can't have the one asset people are actually going for looking good during all these Grey Swan events or who will want to play in their rigged casino?
OpEx, gold always plunges right before OpEx. It's so predictable I tell friends that want to buy in to hold off until the big drop a couple days before, and come off looking like a prophet every time.
Sitting on Cold Hard Cash, some physical Bullion, and a few shares of the Municipal Bond Etf MUB.
Feels like 1973 all over again.
Explain please
where are we at relative to the 1907 chart at this point??
This is like watching a drunk stumble around and stumble around but never fall down. It's like some weird inner gyroscope keeps kicking in just before he does a face plant on the pavement. It's tedious. The markets haved tuned into weebles.
gold positions being given up to raise cash for margin calls?
also gold in lousy technical shape. http://www.greenfaucet.com/blogs/technicians-edge&blog_nid=24044
We're starting a cycle where we're not just re-pricing risk, we're re-pricing the geopolitical economy.
There's a gross mis-allignement between assumptions and realities about the will of politicians to pursue bailouts. And there's gross underestimation about political conflicts
Don't look now, but looks like Oppenheimer (OPY) is circling the drain.......
Bear trap?
Until proven wrong, my conviction is that precious metals will crash and burn like equities.
DEFLATION means many will sell their holdings to raise cash...since Gold and Silver are assets being held by many who also hold EU soverign bonds, margin calls will force sales of gold and silver to raise cash. CASH is KING in a deflationary storm.
My prediction still holds: Gold at $490 and Silver at less than $2 by the time this deflationary storm ends.....first paus will be this time next year and then flush to a bottom in 2016 or 2017.
So you should be willing to short gold comfortably at $1200 or so. Where can I sign up?
You can have deflation of assets and inflation of staples concurrently. What do you think has happened in the past 3 years? As money...er...fiat velocity increases, staples increase in price, and consumers have to funnel more money to perishables, and less to servicing assets. Thus you get both asset deflation and (hyper) inflation at the same time.
The flaw in your thinking is you view Au and Ag as assets. They are wealth stores, aka MONEY. Once you're over that apparently difficult intellectual hurdle, we'll accept your repentent comments. :D
Banana Ben would like to have a word with you.
That kind of deflation would almost certainly imply global banking collapse as all books go underwater.
Possible? Yes.
Likely? Not at all.
Dude I'm with you on the deflation thing but Gold at $490 ! Are you smoking something ?
You forget china an its trillions of digital dollars (not even paper) !
My conviction if gold hits $490....you will be dead....
Me too.
So Dow 490/S&P 50/NAS 400? Sounds like a buying opportunity here, too. Doubt the PM's go that low, though...
the silver dildo i stuck up my ass is starting to bother me
Meh...it's antiseptic.
Breathtaking. Now bring the deer out.
MW running an alert titled- "supercommittee sell- off" pretty funny stuff
anyways, remember there is no need to panic so please proceed in an orderly and calm fashion to the nearest emergency exit...
thank you.
PS- I vote yea on a Deer siting before the end of the day.
and again ai had to move the stop loss on my puts :))) to a better place of course :)))
Thank God for the safe haven. Oh, wait, I guess not.
Why the hell hasn't the VIX moved in accordence, here?
All this for Option Expiry's on Gold.
Boy the TPTB really don't like gold ,do they now....