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Stocks Have Second Biggest Plunge Of 2012

Tyler Durden's picture


Treasury yields retraced more than 50% of their rise post-FOMC yesterday leaving them only marginally higher on the week as, despite another late afternoon light volume surge to VWAP, stocks closed with their second biggest daily loss of the year. Three days in a row now, ES (the S&P 500 e-mini futures contract) has closed at its VWAP - suggesting institutional blocks continue to look for opportune/efficient selling levels (as opposed to buying the dips which we are so used to). After Spain's auction debacle and the ISM Services miss, it seems that with no Fed standing guard that good is good but bad is not better anymore as the S&P 500 cash lost over 1% (down 2% from Monday's peak to today's trough). Financials underperformed and the majors (which we noted on Monday sagging after Europe's close) have been really hurt with Citi, BofA, and MS down 6 to 7% since then. Equity markets in the US and Europe played catch up once again to credit's more realistic assessment of the world as HYG (the high-yield bond ETF) is back at one-month lows, down 2.7% from its end-Feb highs (or five months worth of yield, oops). Investment grade credit (which remains rich to its fair-value) was not helped as Treasuries were the place of refuge for the day as 30Y yields dropped their most in 2012. Commodities suffered significant damage as Silver tumbled to meet Gold's loss for the week, both down 3% Copper and Oil also dropped notably and are now back in sync with the USD for the week -1% or so. Most major FX remained USD positive except for JPY which retraced its snap lower from yesterday as carry trades were generally exited (with EUR and AUD weakness mirroring JPY strength post-FOMC) leaving DXY near 3-week highs. Who-/What-ever was doing the buying in the afternoon clearly levered the position (using AAPL or options) as VIX dumped once again out of nowhere intraday - closing near its lows of the day. However, VIX did close up near one-month highs as it catches up to Europe's VIX flare. Given the drop in implied correlation (and in-line VIX-S&P move) we suspect the covered-call strategy of the year was coming undone a little at the seams as single-name vol underperformed.

European financials have converged in equity and credit and continue to sink. In the US, it is credit markets that remain far less sanguine - though today's weakness - especially in the majors suggests they are catching up to reality fast...

and US majors have been losing significant ground since Monday's European close...

but once again ES (the e-mini S&P future) retraced back to VWAP with the bulk of the volume surge in the selling period...

Commodities will likely dominate much of the news (despite the fact that stocks in context fell considerably more relative to the year's performance in the last two days).. Notice how gold and silver have recoupled on the week as have Oil and Copper with USD strength...


Treasuries were the big winners of the day with 10Y and 30Y having their best days of the year in terms of yield compression - having retraced more than half around Fib 61.8% actually) of yesterday's spike...

VIX managed to compress as stocks rallied but the drop in implied correlation, as VIX tracked stocks more or less - suggests single-name vol was bought back (protection sought) with more vigor than a macro overlay. This fits with the recent 'stock-picker's market' that has apparently evolved and the already steep term structure of index vol. Perhaps the easy money from covered-call writing is over...

The USD is up around 1% on the week with a notable divergence between JPY strength (carry cover) and AUD (trade deficit and carry unwind) and EUR (chaos emerging and Spain) weakness.

Overall a rather messy day with no real signsof dip-buyers (even with the retracement - as it looked more like algos feeding institutions). Cross-asset class correlation picked up considerably throughout the day (lower right) as broadly speaking, risk assets (CONTEXT - upper right) were sold more than equities for now (diverging with the late rally). VIX managed to increase to its credit-equity implied fair-value (lower left) before compressing into the close (as we mentioned above) while equity ETFs tracjed each other broadly efficiently (upper left) as VXX outpaced HYG's losses.

Charts: Bloomberg and Capital Context


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Wed, 04/04/2012 - 16:43 | 2317548 goldfish1
goldfish1's picture

Yes, because the reality of the whole stinking pile is coming to light. Here's from the comment section of SFGate regarding $1Trillion in student loans debacle:

Most Popular Comments paul_e_ester 6:57 AM on April 3, 2012

Once again we have a situation where the private sector makes the loans and collects the interest, as soon as the loan goes south the private investor is made whole by the taxpayer, Parasitic capitalism at its finest. Read more:

Wed, 04/04/2012 - 16:45 | 2317559 Future Tense
Future Tense's picture

Bill Gross was on CNBC today discussing his massive bet on QE3 saying that anytime the Fed has not come with additional easing the market has dropped 1500 points (at least).  Video here:

Wed, 04/04/2012 - 16:48 | 2317569 NewThor
NewThor's picture

Stocks can go down?

WHOA. Who knew?

Wed, 04/04/2012 - 17:05 | 2317612 LawsofPhysics
LawsofPhysics's picture

Exactly.  After shorting is outlawed, will selling be outlawed as well?  

Wed, 04/04/2012 - 17:24 | 2317662 ZippyBananaPants
ZippyBananaPants's picture

Please. This is not a plunge!!

Wed, 04/04/2012 - 18:52 | 2317871 DeadFred
DeadFred's picture

True, The Russell took out the 50 dma but closed above it. All the others have stayed above their 50s. Still when you look at the DOW it's hard to say the trend line is still intact. One more day to confirm this and all the people who bought in knowing it was a rally based on flim-flam, but still a rally, are going to jump ship. Will a 'magic bullet' announcement come from the Fed or BLS tomorrow or are they going to let a correction happen? I went full-bear last week so that's how I'm betting but a rally to new highs based on B(L)S numbers won't surprise me.

Yesterday the FOMC minutes said 'No new QE as long as the economy is showing signs of recovery'. Today the banks said 'Okay we'll oblige you'. They will get their candy one way or the other.

Wed, 04/04/2012 - 19:43 | 2317969 economics9698
economics9698's picture

Uncle Ben is getting the dope ready.

Wed, 04/04/2012 - 22:13 | 2318274 NewThor
NewThor's picture

Timewave ZERO. day 1. hurm.

Wed, 04/04/2012 - 23:30 | 2318425 franzpick
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The NDX has been the leader pointing the way upward from mid-Dec 2011's 2225 to yesterday's 2800, up 26%, with only the one early March downward gap which was covered the next day, followed by the uptrend resumption.

My screens say today's 2nd NDX gap down may not be similarly closed, and that the NDX will remain the leader, only now to the downside.  Closing the gap with 2 consecutive higher closes over 2790 would resume the 3-4 month uptrend, and my indicators say to bet against it:

Wed, 04/04/2012 - 20:04 | 2318016 surf0766
surf0766's picture

Eat your pees and enjoy them

Wed, 04/04/2012 - 16:46 | 2317553 Cult_of_Reason
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Ben Bernanke makes a rare Wall Street appearance

After completing a series of public lectures in Washington, D.C. last week, Federal Reserve Chairman Ben Bernanke quietly slipped into New York City for a private luncheon on Friday with Wall Street executives.

Fortune has learned that attendees included Jamie Dimon (J.P. Morgan), Bob Diamond (Barclays), Brady Dougan (Credit Suisse), Larry Fink (Blackrock), Gerald Hassell (Bank of New York Mellon), Glenn Hutchins (Silver Lake), Colm Kelleher (Morgan Stanley), Brian Moynihan (Bank of America), Steve Schwarzman (Blackstone Group) and David Vinar (Goldman Sachs).

Wed, 04/04/2012 - 16:54 | 2317589 swissaustrian
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If all the different clan members meet with uncle Ben it's certainly not just an exchange of empty phrases. What's really going on? Another FED orchestrated bailout of a major Wall Street bank needed? 

Wed, 04/04/2012 - 17:06 | 2317615 LawsofPhysics
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Just once could it be a battle to the death?

Wed, 04/04/2012 - 17:42 | 2317697 NotApplicable
NotApplicable's picture

You don't think they're killing folks already?

Wed, 04/04/2012 - 17:13 | 2317628 Legolas
Legolas's picture

Nothing to see here, folks.  Keep moving along.

Wed, 04/04/2012 - 17:43 | 2317680 Cult_of_Reason
Cult_of_Reason's picture

Or another Fed orchestrated bailout of a major country (like Spain)?

They were probably discussing a scheme to siphon US taxpayer money from the Fed via Primary Dealers to fund IMF without the taxpayers and Congress knowing about it.

IMF chief demands more US cash to save Europe

Wed, 04/04/2012 - 19:22 | 2317931 gatorengineer
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In case your not up on current events the fed told congress last week that they were buying euro (junk) bonds....  No cooking or conspiracy required, its right out in the open.....  Well kind of out in the open, the only place that covered it was here.....


Wed, 04/04/2012 - 17:09 | 2317622 YesWeKahn
YesWeKahn's picture

I would remove the word "rare". I am sure that Bernanke has to brief his bosses on daily basis.

Wed, 04/04/2012 - 18:12 | 2317772 SheepDog-One
SheepDog-One's picture

Oh Bernank 'breaks bread' wow just like Jesus and all....LOL excuse me while I hurl in the trash can.

Wed, 04/04/2012 - 23:27 | 2318419 WillyGroper
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Perhaps with his loaves we could provide him with a rotting fish head.

Wed, 04/04/2012 - 18:58 | 2317885 DeadFred
DeadFred's picture

I see Lloyd sent a flunky. Too busy doing God's work i guess.

Wed, 04/04/2012 - 20:07 | 2318022 skipjack
skipjack's picture

...shareholder meeting...

Wed, 04/04/2012 - 16:45 | 2317556 mayhem_korner
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Watch Brent run back to $126 next week when some patsy utters "test balloon" words that a wheelchair-bound CNBC sock puppet interprets as a guaranty of QE3.

Wed, 04/04/2012 - 16:45 | 2317557 ObungaBoy
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On Feb.29 just for 30 min 225 mln oz paper silver have been dropped on the market

Apr.03 just for about a hour 637 mln oz paper silver have been dropped on the market

The annual world production of silver for 2010 was 735 mln oz silver

Obviously silver is under attack

The margin call soon will close these short positions and we will see silver (and gold) skyrocketing

Wed, 04/04/2012 - 16:48 | 2317566 mayhem_korner
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Really?  Did you get a tip that Jamie D over at JPM is about to roll over on their SLV shorts?  I think they can manipulate this game a lot longer. 

Nice thing is we get lots of sale prices.

Wed, 04/04/2012 - 16:56 | 2317595 Fedaykinx
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i think you're right, i've been waiting for silver to get beat down into the 20's before i start buying again.  preferably 26ish.

Wed, 04/04/2012 - 17:03 | 2317609 mayhem_korner
mayhem_korner's picture



I'm not sure that will happen, either, but it could.  There are enormous, opposed forces at work batting silver prices between $30 or whatever is the tolerable "low" and $37 or so.  When the legitimate price will emerge is anyone's guess, but eventually it will.  Every one of these smackdowns is another round of finite ammo down the tubes.  Weak hands shake out, smart buyers take some physical, and the price gets pressured up to another boiling point.

I like to think of it as a battle between a starfish and its prey (e.g., clam).  The clam can resist for a long time on the strength of its muscles, but eventually will be outlasted by the starfish who is using suction.  Physical buyers are the starfish, JPM and the banksters are the clam.

Wed, 04/04/2012 - 17:15 | 2317638 NotApplicable
NotApplicable's picture

Interesting analogy. I wouldn't liken JPM a clam though, but rather a clam shell.

The clam? PMs

The Starfish? Jamie Dimon and friends.

The suction? ZIRP and the infinite level of debt it allows as debt service goes to zero.

Physical buyers are just little sucker fish who get to live off of the scraps. Which, for a sucker fish, isn't a bad living.

Wed, 04/04/2012 - 17:16 | 2317639 Fedaykinx
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agreed again, i've been part of the starfish collective for a few years now; my hands are strong and my timeframe is measured in decades.  it's tempting to buy another slug right now but i think it's prudent to wait a while yet.  i'm actually comfortable with anything under $35... under $30 seems on sale for sure, and at that price i would be actively considering whether or not to pull the trigger.  i might buy half my normal amount before the end of the week and see what happens.

Wed, 04/04/2012 - 17:08 | 2317621 NotApplicable
NotApplicable's picture

Given MFG's takecown of the Crimex and the real hedgers (producers), I can see the paper game lasting quite a bit longer, as I doubt that Celente, et al. will try and leverage the paper for cheap physical delivery again.

As for closing their shorts, my bet is that the JPM minions will keep doubling them until it all breaks and it no longer matters. There's no way they'd ever take the loss when they're operating on behalf of the Treasury/Fed/Satan.

Wed, 04/04/2012 - 17:18 | 2317649 Fedaykinx
Fedaykinx's picture

i sometimes wonder if the digital age lends such a degree of control that it will never break.

Wed, 04/04/2012 - 17:36 | 2317684 NotApplicable
NotApplicable's picture

As long as it's accompanied by someone's magic checkbook and these pesky legal tender laws, there's no natural limit, as there's no meaningful resistance.

The second that people refuse to accept this magic currency, that's when it all collapses instantly. Before it gets that bad though, is the reactionary adjustment to currency value known as hyperinflation. Someone will want more and more in trade, up until they realize it's impossible to keep up. Then they revert to barter, as it's the only remaining honest transaction of value for value.

Wed, 04/04/2012 - 18:19 | 2317788 lasvegaspersona
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I suspect that in spite of our perspective of the battle in PMs that we are merely a speck. The finale will be amongst the big guys, the CBc and sovereigns. When one of them makes a break for the door THAT will be the deciding act. In the mean time we should just keep picking up scraps and try to figure out where to be standing when the big whatever hits.

Wed, 04/04/2012 - 19:17 | 2317915 DeadFred
DeadFred's picture

After the last attack (remember when multiple banks randomly dumped gold equal to Brazil's national reserves on the market as Ben turned from Ron Paul's questions to Maxine Water's) I read the plunge was stopped as the selling ran into long standing Chinese buy orders. I can't vouch for the accuracy of the report but these dumps are providing good buying opportunities for those who are still buying. Will they buy silver at 30 or do they decide if they back off a bit they can buy for 26. As long as the big players feel that selling into the plunge and repurchasing later is the best route the game goes on. When the players hold their positions then buy more at the bottom that's when it's game over.

Wed, 04/04/2012 - 21:46 | 2318224 Cathartes Aura
Cathartes Aura's picture

good points in your posts here. . .

I can't help but wonder how long silver miners will be able to afford "digging it out of the ground" as the costs (oil) rise, but the paper price is artificially manipulated low.

buy, hold, physical.

Wed, 04/04/2012 - 18:11 | 2317769 exaengr
exaengr's picture

If this is happening, the big 'paper short conspiracy', who says that it can't be stepped up even more?  Maybe this is some sort of extended ploy to suck all the 'prepper' cash into metals, then REALLY bring the pain on the COMEX (I am talking billions of ounces) short.  Just to test the mettle of stackers; see how many don't puke it up if the price (paper, mind you) goes back to the teens, for example.  Sure those of you who ran out of space in the backyard at $5 are pretty, but there are probably lots of latecomers at $40 basis who have Prilosec on autoship...

Wed, 04/04/2012 - 16:45 | 2317562 Paul Atreides
Paul Atreides's picture

If the market could speak it would be asking for more dolla...toilet paper.

Wed, 04/04/2012 - 16:46 | 2317563 catacl1sm
catacl1sm's picture

It's just the Fed making the case for the Fed to initiate QE3.

Wed, 04/04/2012 - 16:50 | 2317576 mayhem_korner
mayhem_korner's picture



Let's see what happens to yields over the next couple US bond auctions.  A couple twenny bps jumps just might get Ben to soil his fruit of the looms.

Wed, 04/04/2012 - 17:31 | 2317675 catacl1sm
catacl1sm's picture

Why do bond prices ever have to go up? the FED can buy all it wants with the fiat it makes at will. Sure, there'll be inflation, but they can just blame the evil orange juice speculators.

Wed, 04/04/2012 - 17:41 | 2317690 NotApplicable
NotApplicable's picture

Surely you don't believe there's still a bond market, do you? I'd guess if those jumps happen, Geethner, Benron (or some of their minions) would be on the phone screaming at whatever bankster failed to keep up their end of the bargain.

"You front-run the Fed/Treasury as directed, or we'll Lehman your sorry ass! Then we'll throw you in jail for insider trading!"


Wed, 04/04/2012 - 20:45 | 2318093 mayhem_korner
mayhem_korner's picture



Sure there's a bond market.  The seller is the US Treasury and the buyers are the predetermined banks through which the Fed launders new money.  So we got buyer and seller - instant market!

Wed, 04/04/2012 - 16:51 | 2317582 swissaustrian
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PM miners were on sale today. Some look like bargains now.

Wed, 04/04/2012 - 16:53 | 2317584 Paul Atreides
Paul Atreides's picture

I have my eye on one but I am retail and to muppish to invest right now.

Wed, 04/04/2012 - 16:54 | 2317592 mayhem_korner
mayhem_korner's picture




Excellent "word".

Wed, 04/04/2012 - 17:18 | 2317645 Moe Howard
Moe Howard's picture

Did he mean to say "two muppish"?

Wed, 04/04/2012 - 17:34 | 2317679 catacl1sm
catacl1sm's picture

One muppish

two muppish

red muppish

blue muppish

Wed, 04/04/2012 - 17:45 | 2317704 Paul Atreides
Paul Atreides's picture


Wed, 04/04/2012 - 20:47 | 2318095 mayhem_korner
mayhem_korner's picture




+1 Muppets & Seuss

Wed, 04/04/2012 - 17:01 | 2317603 swissaustrian
swissaustrian's picture

If the fundamentals (low and relatively constant cash costs per oz, production growth / long mine life, reserves growth, low debt, politically stable jurisdictions etc.) are great, go ahead and buy.

I use a base case of $1500 for gold and $30 for silver for valueations.

Wed, 04/04/2012 - 17:10 | 2317625 Paul Atreides
Paul Atreides's picture

This artificial stock inflation has to all come crashing down at some point, I think it would be more muppish to wait until equities tank so I can get a better deal.

Wed, 04/04/2012 - 17:18 | 2317644 NotApplicable
NotApplicable's picture

There's little value to be had in using the dollar as a measuring stick for anything, especially silver and gold. The best valuation I can do is to compare one to the other, as anything else is just a restatement of the initial fiat problem.

Wed, 04/04/2012 - 16:55 | 2317587 JohnKozac
JohnKozac's picture

Wait until tomorrow......after Ben's appearance on the Jerry Springer show...

Wed, 04/04/2012 - 17:05 | 2317613 Agent P
Agent P's picture

Better yet, Maury Povich..."Ben, you are NOT the father (of the recovery)."

Wed, 04/04/2012 - 17:17 | 2317643 Moe Howard
Moe Howard's picture

They did a DNA test on the recovery to determine the father, and found out it died in the womb. This thing they call "the recovery" is the expelled dead fetus.

Wed, 04/04/2012 - 20:42 | 2318085 Yes_Questions
Yes_Questions's picture



Ahh, thanks for that.  The Hysterical Recovery.

Only exists up in the tubes before the business end of actual recovery.

Wed, 04/04/2012 - 16:58 | 2317600 Aunty Christ
Aunty Christ's picture

Nice headline ( stocks plunge...). Puh-lease, S&P down 1 lousy % doesn't deserve the verb plunge. Down 10%, now we're talkin

Wed, 04/04/2012 - 17:16 | 2317640 Beam Me Up Scotty
Beam Me Up Scotty's picture

In the real world, yes you are correct.  In this fantasy world, you are not.  The market must....not......go......DOWN!!

Wed, 04/04/2012 - 23:35 | 2318446 CheapBastard
CheapBastard's picture

but my broker (or was it my realtor?) told me these things always go!

Wed, 04/04/2012 - 17:01 | 2317605 orangegeek
orangegeek's picture

Support channels broken galore:

Yesterday's chart, but imagine another red bar closing at 1398.

Same holds for the Dow and NASDAQ daily's.


This overbought nonsense should be about done.


Wed, 04/04/2012 - 18:08 | 2317757 SheepDog-One
SheepDog-One's picture

'Where oh where is RETAIL to come in and BUY'!!

Wed, 04/04/2012 - 20:49 | 2318102 Yes_Questions
Yes_Questions's picture



Chevy?  Or anything Auto?


Liberal MSM is gushing over the VOLT again and the Auto industry's version of subprime is, well, primed.



Then back to BBATC and FOOD for me.

Wed, 04/04/2012 - 17:04 | 2317610 ffart
ffart's picture

Is someone going to find Jim Sinclair hanging himself with his belt in his own office tomorrow? His precious miners look like crap right now. I guess central planning works after all. Apple to $1000 and Au to $300. All it took was complete control of the media, political process and all financial transactions in the world.

Wed, 04/04/2012 - 17:13 | 2317632 Moe Howard
Moe Howard's picture

Don't forget the interwebs.

Wed, 04/04/2012 - 17:25 | 2317664 NotApplicable
NotApplicable's picture

I've appreciated Jim's commentary for several years now, but he's always had blinders on concerning miners (and African politicians).

Simply put, just as government is killing the financial industry, leaving a few friendly zombies walking around for show, they will do the exact same thing to the PM mining industry. There won't be three miners left not named Barrick or Anglogold. Why? Commies don't like private firms earning money, let alone making it.

Assuming he's not playing elite games, I expect at some point one day to see him Chavezed (or Corzined) when the UN/IMF/Galactic Federation takes over "the peoples'" property.

Don't worry though. It's for the children.

Just not yours.

Wed, 04/04/2012 - 17:09 | 2317623 Moe Howard
Moe Howard's picture

Mother fucking Ben Shalom Bernake meeting privately with his co-conspirators for "lunch".

When are they going to hang these gangsters and crooks from the lamp posts by the neck?

When the Mafia does it, they pull a raid. How is it different with counterfeiters, ponzi artists, con men and inside traders?

Perhaps they can find the international felon Corizine at that private lunch?

Where is justice in America?

Wed, 04/04/2012 - 17:14 | 2317633 RingToneDeaf
RingToneDeaf's picture


Hanging is so cruel.

How about the guillotine?

This class of traitors and thieves deserve the best technology has to offer.

Wed, 04/04/2012 - 17:15 | 2317635 Moe Howard
Moe Howard's picture

You had me at Moe.

Wed, 04/04/2012 - 17:13 | 2317627 bbq on whitehou...
bbq on whitehouse lawn's picture

The truth is we have capital controls now. You will never ever ever be able to take your money out of the banks. I tried for a paltry 20k "we dont have it" .  Now banks dont even carry 20k of cash. 

Ill try again tomarrow for 5k you would think a bank would have that, ill try early in the morning before they run out. If not 4k and so on untill i get something.

The banks dont have the cash people. You will die with an account sayingone thing and the beauracrate behind the counter saying another.

If you can get out your cash do so and do so now.

Its not the "bank" its the branch if that drone dont have the cash you dont either.

I will let you know how much cash i get tomarrow.


Wed, 04/04/2012 - 17:14 | 2317634 Moe Howard
Moe Howard's picture

You have to call ahead so they can print it up for you. They don't have quick dry ink.

Wed, 04/04/2012 - 17:29 | 2317660 bbq on whitehou...
bbq on whitehouse lawn's picture

I wish it was that simple. Fact is they will not allow it.

I had a chasher check and wanted it in cash sorry you have to deposit the whole amount and then like a bitch be told what you can and cant get each day electronicly.

I want CASH. I could get Cash last year what changed?

Last year i could have got the money no problem this time its now a problem.

What can you do ? Your a nigga slave, you get what we want to give you nothing more.

Think im lieing. Try it.

Try to get your money out of the bank? That is if you have any money to remove.

Tomarrow ill try 5k.

If i cant even get 5k of cash i dont know what to do.

You will never get your money paid out in CASH.

IF it takes a month im going to get my cash. Paper that it be. Stupid people want paper so be it.

Wed, 04/04/2012 - 17:28 | 2317670 NotApplicable
NotApplicable's picture

Go write checks for everything you want with it. After all, you'll get nowhere but poor by storing your wealth in dollars.

Wed, 04/04/2012 - 17:30 | 2317674 bbq on whitehou...
bbq on whitehouse lawn's picture

If you want to by from the sheep you need the paper. Even sheep dont take credit or checks. :P


Wed, 04/04/2012 - 17:46 | 2317706 NotApplicable
NotApplicable's picture

My coin dealer does.

Wed, 04/04/2012 - 20:24 | 2318051 flacon
flacon's picture

But (after the crash when paper gold tanks and before the revaluation) when you need to sell some PM's to your coin dealer because you need buy something... what happens when he is out of cash?

Wed, 04/04/2012 - 17:29 | 2317672 Moe Howard
Moe Howard's picture

I have been there. You go every morning and take a few grand out until you have enough.

However, if you wear a hoodie and have a note and a gun, somehow they find more.

Wed, 04/04/2012 - 17:33 | 2317677 bbq on whitehou...
bbq on whitehouse lawn's picture

Can your rob your own account?

*point gun at self (im looking for dirt and rocks) I want my money, Bitchez. :)

Will that be on the MSN, Man wanted his own money, news at 11.

Wed, 04/04/2012 - 17:48 | 2317711 NotApplicable
NotApplicable's picture

Hope you did it before they had to report you for smurfing.

Wed, 04/04/2012 - 17:55 | 2317728 Moe Howard
Moe Howard's picture


Wed, 04/04/2012 - 20:16 | 2318037 skipjack
skipjack's picture

Your fault for banking at Stupid Bank.   Last week I took 12,3k out of Wells Fargo in cash, no calling ahead.  No problem; I just had to wait for them to complete the cash report to Big Brother, then my cash was mine.

Close out your account in Stupid Bank by getting a cashier's check for the entire balance, walk down the street to some other bank that has free checking, deposit said check, wait a few days for it to clear, then go get your cash.  Easy peasy lemon squeezy.

Wed, 04/04/2012 - 21:55 | 2318239 Cathartes Aura
Cathartes Aura's picture

whatever you do, keep those banks in bizness lads!

Wed, 04/04/2012 - 19:29 | 2317943 Waterfallsparkles
Waterfallsparkles's picture

Why do you not go to 3 branches and cash something like $1,700. at each branch.

Wed, 04/04/2012 - 17:17 | 2317642 Burr's 2nd Shot
Burr's 2nd Shot's picture

Would you get in an elevator that only had two buttons, "plunge" and "soar"?

Wed, 04/04/2012 - 17:52 | 2317721 NotApplicable
NotApplicable's picture

No sense in wasting precious time, no?

Wed, 04/04/2012 - 17:19 | 2317646 icanhasbailout
icanhasbailout's picture

I miss the days of people shitting their pants on 3-5% daily moves

Wed, 04/04/2012 - 18:48 | 2317859 Waterfallsparkles
Waterfallsparkles's picture

That also included down days back in 2008.  Now the 3-5% moves are only up days.  It is not natural for the Market never to correct.

Wed, 04/04/2012 - 17:18 | 2317648 fonzannoon
fonzannoon's picture

What a dumbass market. Yeah Thats a wrap on QE. 

Wed, 04/04/2012 - 18:06 | 2317753 SheepDog-One
SheepDog-One's picture

And thats what Bernank has really done,  make the markets a complete obviously rigged joke no serious person would ever touch any more than a known corrupt rigged casino.

Wed, 04/04/2012 - 18:09 | 2317762 fonzannoon
fonzannoon's picture

Sheep can you clear something up for me because I really think we have the same idea here...Forget stocks for a second...because we both agree it's a joke. If you believe that QE is toast...and it may be...what's your take on they drop? Or does the dollar crumble despite no added stimulus?

Wed, 04/04/2012 - 18:19 | 2317791 SheepDog-One
SheepDog-One's picture

Ive got metals, but I dont care much about the 'price' day to day because to me the PM's are there for after the dollar becomes non reserve currency, to me anyway. My whole point here is while everyone thinks theyve got the FED's next moves all figured out, it will really be something no one saw coming at all, like 2008 suddenly the FED saw overnite huge electronic banks runs and that unhinged everything...this time who knows it could be blamed on AMP attack or internet attack. But I think all those who think theyve got it all figured out and we just 'muddle thru' will get surprised.

Wed, 04/04/2012 - 18:22 | 2317799 fonzannoon
fonzannoon's picture

I am placing my bets but I am far from certain I have anything figured out. Although I do error on the side of Bernanke and these guys being idiots more than evil.

As far as muddle through that is some MSM term that means nothing to people either suffering big time or the few that are prospering from this mess. I don't know anyone muddling through.

Wed, 04/04/2012 - 18:29 | 2317808 Moe Howard
Moe Howard's picture

Sheep is right, it will be something from left field. However, they actively discourage Au, Ag, and Pb ownership, so that is where I am at.

Wed, 04/04/2012 - 20:24 | 2318055 skipjack
skipjack's picture

Go read the story of Midas.  It's not far wrong.  Metals will drop right along with other commodities in "the big reset".  It is a commodity.  If I could store it, I'd be buying oil instead of metals, because oil has utility and demand.  There's no demand for gold when everybody around you is out of food, water, electricity and heating oil.

Wed, 04/04/2012 - 21:39 | 2318208 WmMcK
WmMcK's picture

But Ag and Cu have utility and demand, don't they?

Wed, 04/04/2012 - 17:35 | 2317654 Mikey Big-D Ickscott
Mikey Big-D Ickscott's picture

This market is just plain silly.  It makes me want to eat a banana & dance around my computer ! 

Wed, 04/04/2012 - 17:38 | 2317686 BrocilyBeef
BrocilyBeef's picture

Please thank these Senators for cosponsoring 'Audit The Fed', S. 202 in the Senate.


Sen Barrasso, John [WY] - 10/6/2011 
Sen Blunt, Roy [MO] - 10/6/2011 
Sen Boozman, John [AR] - 5/24/2011 
Sen Burr, Richard [NC] - 10/6/2011 
Sen Chambliss, Saxby [GA] - 7/25/2011 
Sen Coburn, Tom [OK] - 10/6/2011 
Sen Cornyn, John [TX] - 3/28/2012 
Sen Crapo, Mike [ID] - 9/6/2011 
Sen DeMint, Jim [SC] - 1/26/2011 
Sen Grassley, Chuck [IA] - 10/31/2011 
Sen Hatch, Orrin G. [UT] - 5/24/2011 
Sen Heller, Dean [NV] - 6/22/2011 
Sen Inhofe, James M. [OK] - 10/6/2011 
Sen Lee, Mike [UT] - 3/1/2011 
Sen McCain, John [AZ] - 10/31/2011 
Sen Risch, James E. [ID] - 10/6/2011 
Sen Rubio, Marco [FL] - 10/6/2011 
Sen Thune, John [SD] - 10/6/2011 
Sen Vitter, David [LA] - 1/26/2011 
Sen Wicker, Roger F. [MS] - 10/6/2011


Where is your Senator?



Wed, 04/04/2012 - 17:52 | 2317719 NotApplicable
NotApplicable's picture

My Senator? Hmmm.... let me see, just where did I put them?

OMG, someone stole my Senators!

This is an outrage!

Wed, 04/04/2012 - 18:10 | 2317764 BrocilyBeef
BrocilyBeef's picture

Could be worse... you could misplace your

Wed, 04/04/2012 - 18:13 | 2317776 seek
seek's picture

McCain is firmly in the pocket of the banks, and has been for decades. That he's sponsoring this is a huge red flag to me, I would presume there's some very bank/Fed friendly in this that's not getting publicized.

Wed, 04/04/2012 - 18:17 | 2317784 BrocilyBeef
BrocilyBeef's picture

Good point. I also see Marco "PIPA" Rubio.

Do we even have a chance?

Wed, 04/04/2012 - 18:29 | 2317811 Moe Howard
Moe Howard's picture

Note Rand Paul MIA. That mean's it is a BS bill.

Wed, 04/04/2012 - 19:39 | 2317960 BrocilyBeef
BrocilyBeef's picture

He is the *Sponsor* of the bill.


Thu, 04/05/2012 - 06:13 | 2318783 Moe Howard
Moe Howard's picture

That's why you can't trust lists like this!

Wed, 04/04/2012 - 17:42 | 2317695 slewie the pi-rat
slewie the pi-rat's picture

just write covered calls on yer dollar positions and fire up the bong, BiCheZ!

Wed, 04/04/2012 - 17:44 | 2317702 fonzannoon
fonzannoon's picture

Hey Slewie you just hit on something I was talking about with someone today. Can you please expand on your thoughts?

P.S I have been on here for a while and am not playing ignorant. Options is not my game.

Wed, 04/04/2012 - 18:45 | 2317852 slewie the pi-rat
slewie the pi-rat's picture

that thought is already fully expanded

you could also sell covered puts, but many find that incomprehensible~~shorting a stock or a contract and then selling a covered put option, which is just the flip side of:  buy the stock/contract and sell a covered call

both are done for "income" on the "asset position" conceptually

these are games with entire "arrays" of data and possible plays;  puts and calls are simple derivatives "contracts" with a buncha greek-letter aspects

it's not a bad game;  kinda like golf, imo

Wed, 04/04/2012 - 17:42 | 2317696 bobola
bobola's picture

"...Stocks and commodities slid for a second day as weaker demand at a Spanish debt auction and the U.S. Federal Reserve’s reluctance to add more monetary stimulus fueled concern the global economic recovery will slow..."

A rising stock market is near and dear to Bernanke. 

I say he has no choice but to turn the money fire hose on again.... 


Wed, 04/04/2012 - 17:52 | 2317720 Moe Howard
Moe Howard's picture

They never turned it off. The reactions are to TALK. The sheep are easy to spook. Just make a loud noise and they change direction.

Wed, 04/04/2012 - 17:49 | 2317715 NotApplicable
NotApplicable's picture

What is this "market" people keep speaking of?

Wed, 04/04/2012 - 18:10 | 2317747 SheepDog-One
SheepDog-One's picture

-120 DOW points gets labelled as a 'plunge'...not to mention 'biggest plunge'? Come on give me a break this is just silly now.

Wed, 04/04/2012 - 18:37 | 2317831 cosmictrainwreck
cosmictrainwreck's picture

does look a bit a "plunge" on a one-month chart, plus they allowed the fucker TWO FULL DAYS down (vs normal 1.5); ha ha ha, and meantime futures ramping back up as we speak. Can't have THREE down in a row! Catastophic

Wed, 04/04/2012 - 18:05 | 2317751 jack stephan
jack stephan's picture

Steak knives and parking meters.....

Wed, 04/04/2012 - 18:21 | 2317793 SheepDog-One
SheepDog-One's picture

Truck load of razor blades. WTF razor blades? YEA you know how many razor blades are in a semi truck??

Wed, 04/04/2012 - 21:25 | 2318182 WmMcK
WmMcK's picture

More than there would be of light bulbs. First one is charged by weight, second by volume.

Wed, 04/04/2012 - 18:07 | 2317754 silverserfer
silverserfer's picture

every good article needs a theme song

Wed, 04/04/2012 - 18:26 | 2317804 lasvegaspersona
lasvegaspersona's picture

I wonder if our money even matters anymore. Maybe the markets are all just kabuki and a show now, rather than a way to support capitalism. Maybe for a few million bucks a day they can do this show with algos and trends and midgets on trikes and fat ladies with beards and it is all just to reassure the public. Mean while  the Jack of Hearts escapes through the back door as a Colt revolver clicks.

Wed, 04/04/2012 - 18:29 | 2317809 Waterfallsparkles
Waterfallsparkles's picture

Looks like someone blinked an took profits realizing that Retail is not going to come in and Buy their Shares.

When you think about it how many Retail Investors buying 1 Share of Aapl Stock will it take to bail out just one Hedge Fund with 10 Million Shares?  Probably everyone in the United States.

Wed, 04/04/2012 - 18:46 | 2317856 razorthin
razorthin's picture

Price undercut the monthly McGinley Dynamic today on IWM.  That last happened in July 2011.

Past performance is no guarantee of future returns.

Wed, 04/04/2012 - 19:06 | 2317890 Waterfallsparkles
Waterfallsparkles's picture

Bernanke has created a MONSTER.  He has funneled Trillions to the Banks but in doing so he has truly impoverished the American People.  Wall Street took his Trillions and bought Oil, Food and everything that would raise the prices on the average American Family.  Putting them in a position of cutting all discretionary spending and pulling all of their Money out of their 401K's and savings accounts.  Now the Corporations are suffering as the Buyers of their products have no money and are adjusting their lifestyle to Austerity.

It really does not matter what Bernanke thinks about how well the Economy is doing.  The thing that really matters is what Family's are doing to survive.  As that will lead the direction of the Economy going forward.  If the average American goes on a spending diet and does not spend a penny, no matter what it will bring the Economy to a HALT.

The biggest problem with Bernanke's printing which has substantially raised prices for all everyday items is that American are learning to live on less and cut all non essential expenses.  It was a trait that started in the Depression where people learned to live on almost nothing and continued the habit thought their lives (for 70 to 90 years).  Being Thrifty became a way of life and was honored as a favorable trait.

In essence Bernanke has done the exact opposite of stimulating the Economy.  He has taught the American People how to reduce debt, live on less and reduce spending.

Wed, 04/04/2012 - 20:09 | 2318026 blunderdog
blunderdog's picture

    ...American are learning to live on less.

For sure this is true. 

"Where's retail?" is going to have far greater implications than investors into the equities markets.

This is both good and bad news.

Wed, 04/04/2012 - 21:28 | 2318187 Yes_Questions
Yes_Questions's picture



I am not inclined to accept this paradox of thrift as an unintended consequence. It seems that mitigating consumer spending must have some benefit in their formula since this is clearly happening.  Its just not clear to me how allowing a very select few to accumulate all the NEW money fits in long term "economic" stability. 

Something is really off.  Whatever the Bernank has taught the American People, I doubt its by accident.

I just wish its collection agency would stay the fuck away from mine own wages.



Thu, 04/05/2012 - 07:41 | 2318860 Waterfallsparkles
Waterfallsparkles's picture

I think Consumer Thrift is an unintended consequence.  This is because Bernanke wants the Stock Market to go up.  If the Corporations that have their Stock traded on the Stock exchanges start to suffer losses because Consumers are not Buying their products and their inventorys begin to build, then their Stock prices will go down which will directly affect the price of Stocks.  This will directly affect the Stock Market and trading profits of the Banks that Bernanke is trying to protect.  Plus, as has been previously been noted is that if people are withdrawing their Money from the Market to protect the principal they have left or to live on, then the Banks and Traders will have no one to pawn off their Shares to.

Thu, 04/05/2012 - 00:18 | 2318544 WillyGroper
WillyGroper's picture

Long corn cobs & Sears Roebuck catalogs.

Wed, 04/04/2012 - 19:32 | 2317951 Anarchyteez
Anarchyteez's picture

July 5th, John Galt day! Spawned right here
on ZH.

Nobody goes to work or spends any money!

Equals no taxes paid.

Wed, 04/04/2012 - 19:50 | 2317993 Atomizer
Atomizer's picture

Confucius says: sell in May and go away..


Tzu-kung said, If I had here a fair piece of jade, should I hide it away in a case, or seek a good price and sell it?

Sell it, sell it! said the Master. I tarry for my price.

Wed, 04/04/2012 - 20:55 | 2318115 AndrewCostello
AndrewCostello's picture

This is merely a precursor to what is coming.  They are running out of pension funds to raid, and soon they will have to start printing money at a far greater rate, even more so than they are now.  That is when it is all going to implode.

If you'd like to not be a victim then read this book and take action.

Do NOT follow this link or you will be banned from the site!