I am about to mock you, so be on-guard.
Now that we got the ol’ jobs thing out of the way, we, as a nation, can now focus on quantitative easing, part II. This way, we can shovel even more money into the banks’ vaults that will boomerang right back into Treasuries, keeping rates at historical rates. The unfortunate caveat to those low rates: you can’t have them. Look but don’t touch. Taste but don’t bite.
Nevertheless, the stock market has other things to focus on, other than stupid jobs. Who on Wall Street needs a job anyway? Hell, last I checked, I was still working. So what some guy in Detroit is living off a bag of rice per month. All that matters is quantitative easing, part II. Do you think I give a shit about some hobo fishing for food out of the Harlem River?
QUANTITATIVE EASING PART II, you cocksuckers.
It’s no surprise to me to see stocks rally off the lows, thanks to all of the fervor built up for QEII. As soon as I saw the jobs numbers, which by the way confirms we are nowhere near recovery, I was tempted to dump my longs. But then I got to thinking about how no one gives a shit about poor people without work and how this would be a pleasant excuse to help the banks out a little more. So, I decided to keep my longs.
Whew, that was a good idea.
As we speak, the market is down 30 and my VXX is flat. My overnight hedge, FAZ, is up 20 cents and sinking. However, none of that shit matters, people.
In all seriousness, the recovery is dead, regardless of what people tell you. The stock market should drop like a stone here; but I am afraid people are thinking band-aids cure cancer. With my money, I still like the hedged approach, especially on a slow Friday in August.
UPDATE: Buying FAZ on dips.
I bought another 20,000 FAZ in the $13.40’s
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WHat does one even say about this?
I mean, im up a bit again today. The market seems to want me to go hard long, but i cant do that.
Short sure isn’t safe. Not right now.
I guess i sit on my hands for a while until some people do some stupid things (and push extremes).
Fuckery! AND MORE!
Those wanting to be fooled, will be!
Hey Timmay is going to be live on Think or Swim tonight. I can’t wait to hear him cry.
keep buying the dips
This is eat a sandwich time. That or buy more FTK.
like scott is saying on his show,”this is the new normal” no jobs, fucking housing mess, and going to turn japanese. this shit does not bode well,especially for us mother fuckers who got 14 and less yrs. till retirement.we are getting more pissed by the day.to the point where buckets of tar, burlap, and pitchforks will be spoken of soon.and the sooner,the better. fucking fucktards.i so wanna see some dead politicians.. oh, one more thing…….fly rules
slow clap to you sir
drummerboy
14 more years of sucking the fly’s cock and mimic his writing style?
if you would have spent 3 plus yrs at stockpickr,you ,my good dunce,would think that i, was the fly………..fuck you jitbag
I can vouch for that, LOL.
Japan has low unemployment: one little wrinkle in the “we are Japan” argument.
Prez, dow 9k??
Classic SMH employment day behavior going back 6-8 years.
Leading sector up after market gaps down.
If pattern holds up market will now sell off until 11:30 or so and IF SMH stays unchanged give or take a few pennies start easing into it for a 2-3% gain by early PM when it needs to get sold.
Otherwise victory on the early gap down and go play golf or into the pool.
Just an opinion for what it is worth.
I’ve been watching your style for a while, and I have given up on swing trading. Hitting BGU (pick your poison) as needed, correlated with FXE movement has been working for a while.
Holding overnight = Vegas baby
Indeud.
A golf clap to merlin!
My former co-workers in sealy, texas would not agree, but i have been telling them for months now about getting back on with my company. If you ignore the tornado, you reap the whirlwinds. So goes obamas america.
Fuck obama!
yeah but look at volumes of the sell off , for what is worth who play this market like tohave full control of ANY selling day-activity that’s ongoing .
I say, chaps – this big yacht Titanic is unsinkable, what!?
June employment numbers revised down from -125K to -221K and still the band plays on!
Carry on…
These “revisions” are getting larger. I mean they are off by about 75%??? So either they are frackin with the numbers, or the numbers mean frack. Me thinks the frackers are just frackin with those numbers to frack with the market. … but I’m just a dumas, so maybe it’s all frackin legit and such.
let any good news come out ( next week/s ) and this baby will blow up , after having eaten anything that’s been falling in on dips …….
then the rules can change .. but today is not the day . . .
As I said and continue to say. Reports do not change a trend, This market will test April Highs.
FIG
Banks are keeping employment numbers down so they can get the QE stuff.
how?
I actually think there are positive undertones to the jobs report despite hating the risk/reward to the current levels of the market. While non-farm payrolls were marked down due to census bullshit ending, there were improvements in the private non-farm payrolls. Jobs were added in goods-producing, manufacturing, and mining- areas our government officials want to improve to close the budget deficit. I’m still uncertain about QE2 due to what Geithner has been saying recently in regards to building confidence.
Looking at index price action from Monday through Friday, we rode a unicycle in a circle around a seal balancing a ball on its bullshit nose.
Okay. But the unemployment rate stayed at 9.5%, which is the number the MSM will report, only because another 181,000 people left the work force. 45% of the unemployed have been so for six or more months, worst number since the Great Depression. Positive undertones? More like undertow.
Careful of that FAS-FAZ thing today intraday.
GS,MS,C,BAC,AXP acting decent here.
It’s a stock-pickers game for a few more weeks
Just hopped into SGMS… looking real strong
I’ve liked LFL and XIDE.
time to put weapons down now for me .
Be careful with your VXX. VX futures are in sharp contango. VXX cant win since they have to roll over the front month contracts into the next month every month. Play the futures themselves. Remember what happened to USO or UNG when the energy markets were in contango. Job report wasn’t bad at all. 30 percent long (IBM, UNP) 70 percent cash. If rates stay this low, look at NLY.
jobs report was horrific after trill in govt spending.
Tell me, if jobs are not created, how is it NOT bad?
President Oblahblah says jobs were created OR SAVED.
Mike, I keep hearing every yield hunter and retiree talking about NLY – it has to be a ticking time bomb, there are too many people in the stock that don’t even know what they own…we’ll pay you 15% a year, but one day you’ll wake up and lose 50% of your money when rates jump from stronger growth, inflation, or a Big Ben comment…it might happen in 3 months, 3 years, or 30 years…spin the wheel. Do you disagree? Appreciate your viewpoint.
FLY
You were around in the early 90’s? Jobs only started to appear beyond 96. It was called the period of jobless growth and the GOP was hammering Clinton about this in the election.
I think we’ve seen this movie. Not saying this time is not different but at some stage the bushes will/could catch fire… I think.
The big day is next time the Fed meets and we see what they say in the minutes. If they hold back on QE2 watch out below.
thoughts on Yen?
… are you playing with your food again?
FLY:
The only way they’re going to stop this is if the Japanese QE as well. They need to. I would think the level is pretty close to their intervention point but as usual with that lot they only act when they absolutely have to.
Having said that though, if the the Fed gives a signal through the minutes that they will QE but the Japanese don’t (possible though not likely) this thing to head down to 70 and nothing would stop it.
I find it truly unbelievable that they haven’t done a thing about it other than talk. It makes me think that the US administration could be strong arming them to let the Dollar Yen fall further.
In short Gravity doesn’t work in Japan.
I-banks are saying the intervention level is 84.50ish.
All Bush tax cuts stay for two more years.
Cut payroll taxes for one year.
Capital gains tax 0 for one year.
Accelerated depreciation for certain goods for one year.
increase mortgage interest deduction to make it a tax credit for 5 years with a cap and the remainder being a deduction.
I just solved it and there will be so much buying,selling, and manufacturing that the deficit will go down and they will have a parade in Manhattan (not that I would go) for me.
And then we have a flat tax or a “fair” tax in 2- 3 years.
TraderC
Great points. But you think the fucking moron in the White House would buy it?
He doesn’t give a shit about that because he thinks the gap would widen between the rich and poor. That’s all that fucking douche worries about. Far leftwhiners don’t think like you and me.
Recall the golden years of the Clinton administration when the economy was rip roaring along? The only thing leftwhiners like the NYTimes and its siblings worried about was the widening gap… and they had a Democratic Administration!
This fucker doesn’t think lie a normal person.
That makes waaaay too much sense.
walking the land of the bear now..
snatched tza on the first! full red doji of volumes under the day opening price . .
volumes speek reverse now .
let’s see how much it wants to dive
Euro tanking/S & P tanking. Waiting…
Very impulsive move to the downside in the last 15 minutes spells BIG TROUBLE for the Bulls!
SMH watch.
“OMG we’re going to fall off the cliff… blah blah lemmings blah blah” = BUY
“Yup, this things turning around, the bulls are in charge now blah blah S&P new support/resistance blahblah” = SELL
J-
Has the attitude of the CB of Japan/treasury changed at all when the new political regime took office? All I’ve seen is QE and keeping those US swap lines open. Are they willing to take immediate action and devalue or just flounder about?
Admin- my comment above was redacted. WTF?
Real:
No not really. They were pretty fucking useless then and they’re pretty fucking useless now. In point of fact I think they’re even more useless now with the new administration there.
taking some VXX [email protected]