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Stocks Reverse Entire Overnight Dump On One Headline

Tyler Durden's picture


Update 2: Cantor says has votes to pass bill

Update: Sure enough: Boehner tells reported "I am smiling"

As expected earlier, the news of America's economic tumble are completely ignored now and the S&P is well above the levels before the GDP announcement. In fact, following a headline earlier that the GOP is preparing to amend its bill the computers went out in full rampage mode as the quote stuffing chart below demonstrates so vividly, the headline scanners did their job and robot after robot rushed to outrun each other for every available offer. We give this rally a few minutes before some republican says that the Boehner plan will in fact pass in current form, and the robotic buying spree turn into a dumpathon.

This is what passes for a market these days.

And the driver: Johnny 5




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Fri, 07/29/2011 - 11:08 | 1504855 oogs66
oogs66's picture

we have had a lot of dumb rallies during this crisis, but this could take the cake, and cnbc is so happy that problem is solved

nice economy, 1 headlines, stocks bounce 1% from lows, and everything is fixed?  that's the problem with this economy/market, only looking for the easy way and accepting it

Fri, 07/29/2011 - 11:13 | 1504884 DoChenRollingBearing
DoChenRollingBearing's picture

Ignore the rally.


I guess I am going to have to say the below all day.  My duty as I see it.

To: Tea Party members of the House:

Do.Not.Give.In.  Remember why we elected you.  Stop the spending, stop the cozy deals.  Stop the robbery of hte American people.  The ONLY way to right the ship (and it WILL be very painful) is to STOP the spending.  You know it, and we know it.


To: Valued Zero Hedge readers and commentators:

Buy.Gold.Now.  Tell you members of Congress: NO!  To a BAD deal.


Fri, 07/29/2011 - 11:16 | 1504908 oldmanagain
oldmanagain's picture

Translation, kill the economy, I am short.

Fri, 07/29/2011 - 11:40 | 1505037 gjp
gjp's picture

It's the rallyers, corporate welfare queens, hangers on, and sycophants that are killing the economy.

Those trying to kill the beast, by shorting, or better still by opting out and buying gold are the ones who are trying to save the situation for the long-term.

Fri, 07/29/2011 - 11:53 | 1505101 squidward
squidward's picture

Right, better to take a hit to the economy now and kill off the parasites that have infested it, then wait untill they kill it and clean all the flesh from the bone

Fri, 07/29/2011 - 12:05 | 1505099 Bob
Bob's picture

As somebody at the liberal end of the spectrum, I'm rooting for the Tea Party.  The two-party system can only lead us to our deaths from here.  The Tea Party is, in reality, a third party.  Hopefully they'll inspire more parties, but at this point it depends upon them making everybody feel maximum pain.  I'm even willing to deal with the outcome of a "default" toward the end of the two party system.

I expect that it will fully energize additional third parties.  With what we've got otherwise, what's to lose?

Fri, 07/29/2011 - 12:26 | 1505264 grey7beard
grey7beard's picture

>> As somebody at the liberal end of the spectrum, I'm rooting for the Tea Party.

That's a tough choice.  The Tea Party are right wing extremist on steroids.  More MIC, more corporate welfare, more free rides for the wealthy, attack the poor and elderly, all to save the system?  I can't go with that.  I say if Koch and Co are going to drown us anyway, the best thing to do is grab them firmly around the neck and let it happen. 

Fri, 07/29/2011 - 12:47 | 1505365 DOT
DOT's picture

Indeed.  As someone outside the paradigm of left vs. right, I have noticed a very tense alliance between the Progressives and Unions here in WI.

It conforms to the model of chaotic break down that produces ever more bifurcated paths across a small time.  Not necessarily a Big Bang.  Maybe enough to realign the interests of local populations.

These local populations will determine and decide upon a course of action that is based on their self interest.   New Economies,  new Currencies (around here we could call it a "Bushel"), and new channells of commerce will undoubtably proliferate.

Got CORN ?


Fri, 07/29/2011 - 11:19 | 1504922 g
g's picture


Fri, 07/29/2011 - 11:20 | 1504931 jus_lite_reading
jus_lite_reading's picture

Ask me if I care which way the market goes.... go ahead! I don't give a flying rats ass if it goes down to 4000 or up to 400000 because its all BS and either way GOLD will go higher. GOLD WILL GO UP BOTH WAYS... 

Fri, 07/29/2011 - 11:59 | 1505131 global
global's picture

Gold will go up both ways?  You are aware that Gold dropped 25% in 2008 aren't you?  And yes I realise that -25% is less than the S&P dropped, but your statement is not about a GOLD/S&P spread, your idiotic statement is about gold price alone, and clearly it is myopic 

Correlations will go to 1 again.

Fri, 07/29/2011 - 11:25 | 1504959 fuu
fuu's picture

keep it rolling

Fri, 07/29/2011 - 11:28 | 1504977 j0nx
j0nx's picture

I have told my Congressman no numerous times only to have him do the opposite and then get handily reelected every time by the rest of the people. Americans just have not figured things out yet and probably never will.

Fri, 07/29/2011 - 13:08 | 1505466 escargot
escargot's picture

If you're bothering to talk to your congressman and expecting a result, then you haven't figured out much, either.

Fri, 07/29/2011 - 11:40 | 1505040 youngandhealthy
youngandhealthy's picture

Spending on what? Tax cuts? Tax shields? almost 50% of the latest stimulus packages from Obama were tax holiday and tax reduction. Bush did the same thing. So now...tell me what spending?

On defence? On pensions? on Helth? on roads? on Electricity grids? on water supply? on what?


Jezzz Americans wants everything for free....that aint working.

Fri, 07/29/2011 - 12:07 | 1505174 jmc8888
jmc8888's picture

Wrong.  Again fucking idiots.

The answer is Glass-Steagall

You see the fucking idiots are the ones that want to pay off the FRAUDULENT DEBT.


Oh, I'm an idiot, I want to pay off the fraudulent debt because I suck bankster fat cock. 

Whose position is this? The extremists.

Who are the extremists?

Anyone, and I do mean ANYONE, that wants to, get this....PRINT or CUT or TAX to pay off wall street's FRAUDULENT DEBT.

Which means

Tea party are extremists, working on behalf of wall street

Democrats are extremists, working on behalf of wall street

Republicans are extremists, working on behalf of wall street


Wake up fucktards.  If you're for paying off the fraud, you are against the American people, and pro bankster


Glass-Steagall, the only way out.  The only way to cancel the debt and put the onus of the crime committed against the american people, BACK ON THE BANKSTERS.

Stop the spending? Wrong

Tax more? Wrong

Print more? Wrong

Cancel the fraudulent debt? DING DING DING...Winner Winner Chicken Dinner.

Glass-Steagall or you position is against the American People. 


So who is against the American people in fact and practice and through their desire for their plans to be implemented?

Tea Party? Against the american people

Democrats? Against the american people

Republicans? Against the american people


Glass-Steagall or die!

Fri, 07/29/2011 - 14:02 | 1505735 MrBoompi
MrBoompi's picture

You are exactly right. Both parties (braindead tea partiers included) want to try to pay the debt off! What a sham!

All they're going to do is ADD to the debt. And how long can they keep interest rates at zero or less?

The US isn't the only one in this predicament. We are borrowing money to pay interest payments, and when there's not enough to pay those, thanks to trillions of bailouts and outright gifts, "spending" must get cut. And BTW, Wall St and the financial Elite will tell you where spending will be cut.

If we don't regulate derivatives, repeal the Commodity Futures Modernization Act, and reinstate Glass Steagal none of what's being discussed in this current debate matters anyway.

Fri, 07/29/2011 - 11:14 | 1504894 TruthInSunshine
TruthInSunshine's picture

Boehner was upright & inspired on prospects, while fellow members have slapped raging Boehner down into flacid submission.

Fri, 07/29/2011 - 11:29 | 1504975 slaughterer
slaughterer's picture

Just bought weekly SPY puts in the pop above 1302.  Will cash out in an hour or two.  My best trading day of the year. 

Fri, 07/29/2011 - 11:08 | 1504856 augie
augie's picture

Fuck Johnny Five, Fuck him in his stupid robot eye.

Fri, 07/29/2011 - 11:08 | 1504857 TradingJoe
TradingJoe's picture

Its fun watching! How everything implodes and algos still "trade" :))))

Fri, 07/29/2011 - 11:26 | 1504962 Fed Supporter
Fed Supporter's picture

Since the Flash crash last year of 1000 points the SEC told them they are not to turn them off regardless of how bad the news gets.

Frankly I am amazed how the Dow just magically stays above 12k.

Fri, 07/29/2011 - 11:39 | 1505035 Boilermaker
Boilermaker's picture

I think SPX 1,300 is the really bogey.

Fri, 07/29/2011 - 11:09 | 1504860 Caviar Emptor
Caviar Emptor's picture

The Pig-O-Meter, Bitchez!

Market reversal only signals the anticipation that politicians and banksters are going to give themselves a chance to gorge at the QE trough! They gonna get rich quick  (while America sinks in the mud)

Fri, 07/29/2011 - 14:05 | 1505744 MrBoompi
MrBoompi's picture

It would be nice to see the moves Congressmen make, since insider trading is perfectly legal there.

Fri, 07/29/2011 - 11:09 | 1504861 Skeebo
Skeebo's picture

I was wondering what the hell goosed this market.

Fri, 07/29/2011 - 11:09 | 1504863 Temporalist
Temporalist's picture

There is no spoon!

Fri, 07/29/2011 - 11:37 | 1505025 Rusty_Shackleford
Fri, 07/29/2011 - 13:13 | 1505496 Bob
Bob's picture

There is no Market.

Fri, 07/29/2011 - 11:09 | 1504864 Mongo
Mongo's picture

Hyperthreaded Teleprompter Market Language...

Fri, 07/29/2011 - 11:13 | 1504867 HelluvaEngineer
HelluvaEngineer's picture

Limit order on TVIX at 21 for a day trade.  Pray for me.

Edit: and filled

Fri, 07/29/2011 - 11:10 | 1504869 Dr. Engali
Dr. Engali's picture

I don't know what scares me more...when this house of cards does finally collapse or the fact that we are witnessing the birth of skynet.

Fri, 07/29/2011 - 11:17 | 1504913 Goatboy
Goatboy's picture

Collapse definitely. Skynet is the future, although not as Hollywood envisioned in order to arouse piles of primate brains.

Fri, 07/29/2011 - 11:10 | 1504870 CrankItTo11
CrankItTo11's picture

I heard someone tell me the other day "I heard the fundamentals of the market are really sound. They said if we just can raise this debt ceiling the economy will bounce back in no time."


Fri, 07/29/2011 - 11:10 | 1504872 John McCloy
John McCloy's picture

  Who needs fundamentals?  Increasing our debt and assuring a AAA rating cut > Horrific GDP numbers I suppose. 

Fri, 07/29/2011 - 11:13 | 1504877 Cognitive Dissonance
Cognitive Dissonance's picture


Skynet is sentient.



Fri, 07/29/2011 - 11:13 | 1504883 Quintus
Quintus's picture

If so, it also appears to have a quite well developed sense of humour.

Fri, 07/29/2011 - 11:18 | 1504923 CrashisOptimistic
CrashisOptimistic's picture

Skynet uber alles.

BTW, Japan's earthquake restricting robot parts was not til Q1 was almost ended.  It didn't have time to affect Q1.

Using Japan's tsunami for an excuse doesn't hold water, as it were.

Fri, 07/29/2011 - 11:22 | 1504940 Cognitive Dissonance
Cognitive Dissonance's picture

I love that he covered the family jewels. You know.....just in case. :)

Fri, 07/29/2011 - 12:12 | 1505200 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

You guys have no idea what you are dealing with out there.

Fri, 07/29/2011 - 11:13 | 1504878 Caviar Emptor
Caviar Emptor's picture

The enjoyment of the end of this  "crisis" will be brief: QE3 will only accelerate decimation of the middle class, as they haven't learned from the first two miserable failures. 

There will be even more unemployment as the cost structure in the economy keeps rising, but domestic economic activity declines. And housing. And real wages and incomes. And retirement assets. And business margins and cost of working. 

Fri, 07/29/2011 - 11:12 | 1504881 mynhair
mynhair's picture

Just another 5% bounce off the 200 dma.  Nothing to see here.

Fri, 07/29/2011 - 11:13 | 1504882 Wolf in the Wilds
Wolf in the Wilds's picture

Who need brains anymore?  This is no longer a market.  I don't even know what it is.  AAA cut, heading into recession and the market rallies on a headline on a bill that will get vetoed anyway in the Senate and by Obama.  Is there any living person trading out there?

Fri, 07/29/2011 - 11:13 | 1504886 Traianus Augustus
Traianus Augustus's picture

In this joke of a market, anything is possible.  Deck chairs on the Titanic!!! 

Fri, 07/29/2011 - 11:14 | 1504889 Barry McBear
Barry McBear's picture

Why would the market dump if the current form bill passes?

Fri, 07/29/2011 - 11:16 | 1504891 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It was Obama's speech.  He is a brilliant man.  Just raise the debt ceiling, and unemployment, consumer sentiment, durable goods, and terrorism will all improve.  Unicorns will fly out of volcanoes, and Joe Biden will stay awake long enough to watch Michelle spend an evening in the United States.  Raise the debt ceiling and the housing market will turn around, we will end all wars that Obama has started, and there will be no more poor people.  This is what it takes to maintain your freedom America, even the little bit you have.  Raise the damned debt ceiling.  Raise it, or else.....

Fri, 07/29/2011 - 11:14 | 1504896 Leo Kolivakis
Leo Kolivakis's picture

Buy the dips bitchez!!!

Fri, 07/29/2011 - 11:21 | 1504936 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Weak dollar, weak indices, even oil is weak.  I'll buy a dip in silver if it happens next weak.  Otherwise I will sit on my stash and watch global finance burn away the hopes and dreams of telepromter lovin' people everywhere.

Fri, 07/29/2011 - 11:23 | 1504946 GeneMarchbanks
GeneMarchbanks's picture

Great example of Marijuana Thinking. Naw, thanks. My silver stash is getting shinier everyday since 14/oz.

Thanks for your deranged garbage 'analysis' though...

Fri, 07/29/2011 - 11:14 | 1504897 agNau
agNau's picture

Yen strength, nothing to see here.....
Now to the Bond trading floor, and the flight to quality continues.

Fri, 07/29/2011 - 11:16 | 1504898 DoChenRollingBearing
DoChenRollingBearing's picture



I guess I am going to have to say the below all day.  My duty as I see it.

To: Tea Party members of the House:

Do.Not.Give.In.  Remember why we elected you.  Stop the spending, stop the cozy deals.  Stop the robbery of the American people.  The ONLY way to right the ship (and it WILL be very painful) is to STOP the spending.  You know it, and we know it.


To: Valued Zero Hedge readers and commentators:

Buy.Gold.Now.  Tell you members of Congress: NO!  To a BAD deal.


Fri, 07/29/2011 - 11:24 | 1504951 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I think you need a more precise goal...


What happened to that one?  Oh yeah, the tea party got taken over by politics and the true movement lost momentum and faded out.

Stop the spending?  Stop the wars!

Tell Obama that his war mongering ass can take a hike.

Impeach Obama!

Where is the Tea Party on these issues?  Non-existant.

Fri, 07/29/2011 - 11:33 | 1505003 karzai_luver
karzai_luver's picture



Fri, 07/29/2011 - 11:34 | 1505008 Spastica Rex
Spastica Rex's picture

All co-option, all the time. It's the markets being efficient.

Fri, 07/29/2011 - 11:57 | 1505124 slewie the pi-rat
slewie the pi-rat's picture

almost to the point of embarassment


Fri, 07/29/2011 - 12:15 | 1505216 DoChenRollingBearing
DoChenRollingBearing's picture

^---  Good clarifications guys.  Greens for all!

Fri, 07/29/2011 - 12:28 | 1505269 Pay Day Today
Pay Day Today's picture

Word to the wise: Tea Party didn't get taken over "by politics", Tea Party got taken over by Koch Brothers.

Fri, 07/29/2011 - 11:15 | 1504903 trentusa
trentusa's picture

      The new plan is worse for the banks than the old one. $900 billion front-loaded off the top & we only raise the debt limit thru the end of the year.

      I'm ok w/ making it an election year issue under those circumstances.

Fri, 07/29/2011 - 11:15 | 1504904 Cdad
Cdad's picture

Nice "investing" environment.  I'm sure people all across the world are rushing in to the S&P because of "great earnings" or "historically cheap valuations" or "a better second half."

I'm sure the coast is clear to go long every last piece of dog crap equity out there that suddenly rose because...Congress will again fail to address the problem sending us careening over the cliff of insolvency.

In the meantime, the Euro horde has supposedly rushed into the US market for fear of European insolvency.  

Uh huh.  Put me down for 100...of anything.

Fri, 07/29/2011 - 11:17 | 1504917 TruthInSunshine
TruthInSunshine's picture

I have been forced to trade in the salt futures market in Hong Kong.

I've been killing it.

Go long salt is an easy trade.

Fri, 07/29/2011 - 11:24 | 1504950 Cole Younger
Cole Younger's picture

Yep, it absolutely makes no sense at all. I have been out of the market for some time now. The way things look, I will never jump back in. My thoughts on the market have been wrong for some time now. I don't have a algo system that can trade in nano seconds on BS numbers and headlines.

Fri, 07/29/2011 - 11:31 | 1504991 Cdad
Cdad's picture

The US equity and debt markets have been destroyed.  There is nothing left to jump back into.  

Fri, 07/29/2011 - 11:35 | 1505011 karzai_luver
karzai_luver's picture

black hole?


expanding ....................aught O!



Fri, 07/29/2011 - 11:16 | 1504909 Jack Burton
Jack Burton's picture

Stocks trade on Washington and Federal Reserve policy. Economic fundamentals are a minor consideration.


Fri, 07/29/2011 - 11:16 | 1504912 Caviar Emptor
Caviar Emptor's picture

Fewer and fewer stocks benefit from rallies in the market. And remember this: less than 10% of daily volume is ever held overnight. That means there are very few investors. Stocks are simply priced at the margin by algos and fickle daytraders, which explains May6th flash-crash: a bidless market can happen in a NY nanosecond

Fri, 07/29/2011 - 11:17 | 1504914 Aductor
Aductor's picture

So, a new version of cut,cap and balance (which failed to find agreement) is worth a good 12 points on the SPY? Hail Speaker Boner!

Fri, 07/29/2011 - 11:17 | 1504915 Everybodys All ...
Everybodys All American's picture

Just goes to show how easy the market is manipulated ...

Fri, 07/29/2011 - 11:24 | 1504920 GeneMarchbanks
GeneMarchbanks's picture

Americas power is measured in ES, this should be clear to e'rybody after 2008. PPT is now taking it to a new level.

The fact that people (in the US) need a fistful of anti-depressants just to get through the day is an afterthought. Rally On!

Fri, 07/29/2011 - 11:19 | 1504925 oobrien
oobrien's picture

You guys keep waiting for this hyperinflationary collapse.

But it ain't going to happen.

Does Japan ring a bell?

Look for 15 to 20 years of a gut-shot bear economy.

Fri, 07/29/2011 - 11:27 | 1504968 Debt Rolling
Debt Rolling's picture

Japan has never experienced a collapse, nor a "bear economy". Just a macro stagnation -- which will ultimately lead to severe inflation when their creditors will cease to refinance their gov. debt. 

Stop falling for Keynesian propaganda, which sees crises everywhere when there is none. For now, Japan has not experienced anything. 

For the rest, believing that a "slow slide" is possible in the most leveraged financial system in the history of mankind is really funny. 

Fri, 07/29/2011 - 12:33 | 1505302 Pay Day Today
Pay Day Today's picture

"Japan has never experienced a collapse, nor a "bear economy".

You definitely don't know any Japanese under 40 do you? Or have any awareness of what the job market has been like for new Japanese graduates for the last several years?

They didn't start talking about their "lost decade" for nothing. In fact, two lost decades now.



Fri, 07/29/2011 - 11:30 | 1504989 ffart
ffart's picture

Japan has a lot of things the US doesn't. Namely a middle class who values savings, a robust manufacturing and export sector, and a highly educated populace. These things have been keeping Japan afloat, not the bank's monetary policy.

Fri, 07/29/2011 - 11:20 | 1504929 DavidC
DavidC's picture


What a surprise. I can barely contain myself.

Fri, 07/29/2011 - 11:20 | 1504932 Subprime JD
Subprime JD's picture

Is anyone here really surprised? I've said it before and I'll say it again: its a matter of public policy to keep the S&P juiced higher. Get it? Stocks. will. not. be. allowed. to. fall. period.


And besides, over 50% of S&P 500 revenues are derived from OVERSEAS sales. So long as overseas sales growth outpaces any decline in domestic spending, then earnings are good for these companies. Throw in the dollar devaluation and voila earnings beat. Eventually the day will come when these countries make their own products and American companies will be forced to deal with our country which will be in ruins.

Fri, 07/29/2011 - 14:29 | 1505838 Eric Cartman
Eric Cartman's picture

Well short term (like the next week or so) they could fall... it scares people when stocks fall. 

Fri, 07/29/2011 - 11:20 | 1504933 Cynical Centaur
Cynical Centaur's picture

Morpheus: Why not? A sentinel for every man, woman, and child in Zion. That sounds exactly like the thinking of a machine to me.

Fri, 07/29/2011 - 11:21 | 1504935 sbenard
sbenard's picture

Reality no longer exists! This is a madhouse in a nightmare!

Fri, 07/29/2011 - 11:21 | 1504937 The Shootist
The Shootist's picture

Wall ST rally? Unbelievable!

Fri, 07/29/2011 - 11:23 | 1504938 dasein211
dasein211's picture

No one wants to miss the rally. Everyone is programmed to expect the .gov and the fed to race in and save the day. This will probably happen but the sacrificial lamb will be the dollar. The markets are not tradeable unless you have acces to a supercomputer and are privy to inside info. The only obvious trade is to have some gold. The currency will burn before TPTB let their power go. This is the only way. Robo trader is right but it is sickening. Trade like bernanke is going to win... For now. Our only hope is for the house to hold out and veto every bill that comes their way. No politcal/country ever dissolved from hyperdeflation. But they definitely implode due to hyperinflation.

Fri, 07/29/2011 - 11:45 | 1505060 Bam_Man
Bam_Man's picture

No political/country ever dissolved from hyperdeflation.


The 1930-32 Bruning deflation in Weimar Germany led directly to Hitler's election as Chancellor in 1933.

Fri, 07/29/2011 - 11:22 | 1504941 Kina
Kina's picture

There is no market. The USA is one massive crime scene.


A picture taken this morning of the CFTC SEC and some leading bankers and politicians deciding how to save the economy for themselves.


The same group being processed by US citizens when the whole show collapses into ashes.

Fri, 07/29/2011 - 11:22 | 1504942 yabs
yabs's picture

I ussed to think the market was a mugs game not it seems you are a mug not to be in it

It seems that there is no way they let this thing die.

Then agaian maybe thats the plan, to get everyones confidence up so high and then dump it.

Sickeneing to watch

Fri, 07/29/2011 - 11:23 | 1504944 Bob
Bob's picture

C'mon, Tyler, isn't it obvious that the PPT is in action?  For what it's worth, they're tight with the guys who run the media.  Real tight. No tighter than they are with the politicians, though. 

Fri, 07/29/2011 - 11:23 | 1504949 thetrader
thetrader's picture

come on, this is old news...check out charts posted before we took off....

people's psychology does not change. we r up 20 handles from the bottom today...

that's quite a lot, irrespective of news or no news.

some momos sold this hard and r now chasing the move. greed and fear at it's best

Fri, 07/29/2011 - 12:55 | 1505390 hackettlad
hackettlad's picture

Good call - you called it correctly in June also - let's see what happens next week post-debt crisis resolution relief rally.  What are the key support levels you are watching?

Fri, 07/29/2011 - 11:24 | 1504953 D.O.D.
D.O.D.'s picture

HA!  BTFD bitxez, 6a6ylon lives!

Fri, 07/29/2011 - 11:24 | 1504955 JustPrintMoreDuh
JustPrintMoreDuh's picture

All hail our algorithmic overlords

Fri, 07/29/2011 - 11:29 | 1504956 Long-John-Silver
Long-John-Silver's picture

This episode of Kabuki Theater is brought to you by PIW Psychiatric Institute of Washington.

When you feel like you just can't take it anymore, come in for a nice relaxing time out in one

of our lovely padded cells. Each cell contains nothing you could hurt yourself with and we include

a designer straight jacket for your comfort. Ear plugs are provided so you can scream as loud as

you want, our cells are sound proof so no one can hear you.

Fri, 07/29/2011 - 11:25 | 1504957 mynhair
mynhair's picture

You wonder why the baks were ordered to the WH?

I give you the answer  --->  Dow 26,000, or lose your reserves at the Fed

Fri, 07/29/2011 - 11:26 | 1504964 j0nx
j0nx's picture

As Jack Bauer says right before he puts someone to sleep in a head lock: Don't fight it.

Fri, 07/29/2011 - 11:27 | 1504972 lizzy36
lizzy36's picture

When the panic is over missing the rally as opposed to avoiding the plunge, one knows nothing but nothing has changed.


As for the market being a forecasting mechanism, can we put that shit to rest once and for all please.

You think when the market hit its high on May 2nd, it did so on more than half the GDP being forecast actually coming to fruition? You think it did as spreads in Europe continue to blow out?

Market structure has changed so massively in the last 3 years, i am at a loss to see what it forecasts. Of course the "dumb money" as Wall Street calls retail knows this and has been out for over 14 months. Smart money may laugh at retail for missing the rally. What they are missing is retail is also starving the beast. He who laughs last........

Fri, 07/29/2011 - 11:33 | 1505004 Bob
Bob's picture

Thank you, Lizzy. 

Fri, 07/29/2011 - 11:35 | 1505013 Amish Hacker
Amish Hacker's picture

Few things in investing are more expensive than the next-to-last laugh.

Fri, 07/29/2011 - 11:30 | 1504988 Ned Zeppelin
Ned Zeppelin's picture

The "relief rally," which will be Monday, will gun this thing up 400 points on the DOW. There is no down, especially with QE3 now inevitable.   Trreasuries will remain strong due to problems in Europe, which has not been the headline but continue to worsen.

Near term: Equities up, US Bonds up, gold up.  We live in interesting times.

Trade accordingly.

Fri, 07/29/2011 - 16:58 | 1504999 Aductor
Aductor's picture

Bounce on 200 DMA. Headline just an excuse. My prediction, we will close on 1292 or lower in cash market today.

Fri, 07/29/2011 - 11:33 | 1505000 Archimedes
Archimedes's picture

Wow! America should be embarrassed. I mean come on. And you wonder why no one invests anymore...just bull the F**king plug already!




Fri, 07/29/2011 - 11:33 | 1505002 SmoothCoolSmoke
SmoothCoolSmoke's picture

"Kite"ner.... jacking the market to help get his banking buddies out before the crash.   That was the subject of the NY Fed meeting: "Sell boys, I'll let you know when".

Crooks abound!


Fri, 07/29/2011 - 11:38 | 1505030 dracos_ghost
dracos_ghost's picture

Wheeee! Who needs Six Flags when we have this rollercoaster.

That GDP revision is nail on the coffin. QE3+ countdown commences ...

I do think that today's action has a lot to do with end of month window dressing. Let's see what happens next week when the fund managers have to commit new money.


Fri, 07/29/2011 - 11:39 | 1505036 dwdollar
dwdollar's picture

The sharks are feeding on each other.  This won't be good for them.

Fri, 07/29/2011 - 11:40 | 1505038 SmoothCoolSmoke
SmoothCoolSmoke's picture

CNBC trots out pumpers;  BTFD, the GDP slowdown in Q1 and 2 all due to (you guessed it);

Japan and weather!

These people shoud be hauled directly to Rikers Island.


Fri, 07/29/2011 - 11:41 | 1505041 Boilermaker
Boilermaker's picture

Same as always, the banks and the REITs have to be defended until the bitter bloody end.

The XLF and IYR are clearly being jerked off again. 

Fri, 07/29/2011 - 11:45 | 1505057 anony
anony's picture

Jeez o' man......When are you ever going to learn

BUY THE FUCKING DIP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Fri, 07/29/2011 - 11:59 | 1505132 SmoothCoolSmoke
SmoothCoolSmoke's picture

So you BTD the past 5 days.  How much $$$ are you out?

Fri, 07/29/2011 - 11:53 | 1505097 glenlloyd
glenlloyd's picture

give it an hour and they won't have the votes to pass it.

No legislation means no debt ceiling hike...force the prez to do it himself....see how everyone likes that.

Fri, 07/29/2011 - 11:56 | 1505119 Implicit simplicit
Implicit simplicit's picture

Fed meeting: Ok algos. Sit. Ok now fetch the low bids. Good girls!. Collude together now in formation, or this won't work. Make it look real now.That's right, work it ladies, convice them everything is fine. Renegade what are you doing? get back in formation. Stop selling the bids. Alogos, don't follow renegade. Stop going after the the easy long stops! Oh no, stop!.....and the machines took over. Dog save us, everyone.


Fri, 07/29/2011 - 11:59 | 1505133 slaughterer
slaughterer's picture

Quick, short gold, because Boehner's eyes are "smiling."  LOL.

Fri, 07/29/2011 - 12:00 | 1505138 campag
campag's picture

Oil having wild swings as well - so much manipulation going on

glad i can walk from this

leave it to the machines

dont try and reason any of it.

Anaylists much fear for their jobs

Fri, 07/29/2011 - 12:06 | 1505171 gkm
gkm's picture

Markets go up.  Markets go down.  What do you expect?  Birinyi's ruler?  

Fri, 07/29/2011 - 12:08 | 1505177 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Is Cantor the empty set ?

Fri, 07/29/2011 - 12:13 | 1505202 sbenard
sbenard's picture

Calamity this way comes! What a good shorting opp!

Fri, 07/29/2011 - 12:30 | 1505289 Frankie Carbone
Frankie Carbone's picture

A colleague of mine ran into my office and said "Frankie, Frankie!. The DOW is positive! Did you see that! Did you see that?? This show that the market has CONVICTION that a debt deal is going to be done. I'm buying AMZN now. 


To show him my appeciation for this "news", I opened up a browser, looked at the 1 minute candle action, near lunch, on shitty news, with zero volume, and right in front of him ordered 1,000 SDS at market. Got it for 21.00 flat. It went up some more for about 5 minutes, then the SPX rolled over.  

Fri, 07/29/2011 - 12:36 | 1505316 Frankie Carbone
Frankie Carbone's picture

SPX bounced the 200 DMA. I'll bet that it tests it again today. 

Fri, 07/29/2011 - 13:00 | 1505415 DOT
DOT's picture

A market that is 100% speculative will not crash.

Wed, 09/14/2011 - 04:10 | 1667210 chinawholesaler
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