This losing week marks the 5th consecutive week of losses for the Dow, something not seen since 2004. For those of you wondering “what the fuck is going on”, hard is what is going on. Life isn’t always easy and the stock market is the quintessential “fuck you, you’re dead” puzzle.
I know you are over there, pulling on a homosexual cigarette, declaring victory over Le Fly. However, as I blow smoke in your face from my Cohiba, I insist “the stage is still set” for a melt up, set to begin on Monday. Starting with Monday’s trading session, I will begin to grind your bones into dust.
It is not a surprise to see the SPY close at exactly 1,300; because that’s what happens when the stage is set. We’ve endured 5 weeks of misery and Bernanke is set to speak on Monday. Over the weekend, the euro fuckers will bail out Greece, effectively destroying the idea of rational thinking—making stocks trade wildly higher, as if coordinated by bi-polar clowns.
Nevertheless, I ended the session down 0.5%, mostly due to WNR. It’s worth mentioning, crack spreads went up all week. One day people will pay attention to the answers and quit asking questions.
In other words, yes, I’m still getting my bow tie on, long inflation related equities in great abundance.
[youtube:http://www.youtube.com/watch?v=YhcnKYvzfZc 616 500]NOTE: Yes, The PPT is finally registering an official OVERSOLD.
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why jake gint have pictchah of ho fuckah crack smokah democrat?
I think i actually lost money this week for the first time in what feels like forever. Me no likey too much.
you still like CENX even though you used it as a source of funds?
no. too volatile
Fly,
thought you were naturally drawn to the higher beta plays?
This short setup was too easy. Staying put short and strong.
your face will be covered with gasoline on monday and you know it
You’re probably right but I’m looking at the bear minimum for a nice panic open.
wan’t today a semi-panicked open. it was a gap down at least
Off to drink lots of wine this weekend. Cheers!
Fuck u Fly
We are going down
Bitch
your comment has been noted
What happened to banning someone ?
Sometimes you need a foil, for illustrative purposes, if nothing else.
__________
Dear Dr. Fly:
Now that we are at sub 2.6 PPT,
what is your estimate of next week being up ?
Check yesterday’s posts for an example of PPT hyrbrid changes of approximately 20%, and the four day results.
_____
2% spike immediately
My time series analytics estimate at or on Thursday.
Someone comes into my house with the mouth of a bitch will simply get bitch slapped. Show some respect.
this is contrary to your handle “i short u not”. are you bi-polar?
Fly, Actually the NASDAQ calender has the Clam speaking on Monday the 6th, but looking at the Fed Website he is scheduled to speak on Tuesday….from their website…
June 7 Speech–Chairman Ben S. Bernanke
The U.S. Economic Outlook
At the International Monetary Conference, Atlanta, Georgia
3:45 p.m. ET
Maybe he speaks both days. Up 3% on Monday followed by another 2% on Tuesday.
Go Clam Go!!!
Long Ouzo. Short Jägermeister.
Market will price in 2012 election of hardline pro-wall street republican by fall, if not summer
.Window for major a major pullback getting narrower.
I mean , what could obama possibly do to reverse momentum now? even his best friends in media are all conceding that no one gets elected with 7%+ unemployment.
Unless he steers his 60 billion dollar “high speed rail plan” to mexico, and carts trains stuffed with illegal immigrants straight to the voter booths .
Barring that, he’s done. And market has to start pricing that in.
So, the bears are set to get sucker punched by the EXACT same two things that happened last summer:
1. Unexpected republican surge in september polls.
2. and huge divergence/strength in EEM emerging markets.
I don’t know about your Republican thesis but the end of tightening by emerging markets sounds like a good signal to go long…
A pro-Wall Street Republican like Obama you mean? Why does anyone think there is a difference in the pro-Wall-Streetness of Obama vs. Bush. They are all bought out by the banks.
The republicans at the top of the current field are going full “ayn rand” in the membrane.
When, in economic history, has the election of an ultra pro business regime been obvious, this many months in advance of an election?. Never. Usually, the republicans are using all kinds of emotional issues as part of their campaigns, gay marriage, flag burning, etc.This time, they’re all talking the hard Ronald Reagan line.
So, wall street is set to end up with even more power , and less regulation than they have now.
Another point–All this bear talk of “we’ve only corected 4%, so we have another 8% to go”
Seeing it all over the web. But, I call BS.
You already got your 15% pullback. It happened in XLF .
Is there a way for Wall Street to have more power and less regulation than they do now? Is there something they want that they are not already getting?
OH yeah, that’s just what we need. Remember Greenspan? He worshiped at the altar of Rand. I think his name is now “Bubble Boy” isn’t it?
-Tech
Lips service. Judge by actions not words.
#1 Stop watching domestic news. #2 Pull the trigger
You know things are in a bad way when the Founder of 2-Live Crew (remember them?) is afraid to attend his own Urban Beach Week.
_______
They had one of those in Belmar several years ago…
wait that didn’t go too well either.
Hip-hop has turned more than a few downtowns into dangerous places to be when the clubs let out. When the block is hopping, it’s best to stay off the block.
rap music is the nectar of ignorance.
It’s all about da U.
Un-fucking-fortunately, I feel your pain. In the middle of the day, when the market was making a comeback, I was thinking, “Free a last, free at last”, but it didn’t last. If the highly leveraged quant boys want to move the market up on Monday, the market will move up. If they want to make a point to justify more QE, then they won’t show up to buy. I would love to see the cards that Blankfein and Dimon are holding.
Bernanke Speaks to International Monetary Conference
Fly, off topic, but I know you have written some stuff about how hard most of the Chinese stocks have been hammered due to the accounting or perceived accounting issues, Chinese Burritos. Is every stock guilty until proven innocent now…..there was one on the TSX – Sino Forest; today taken down by a short analyst. I don’t own , but holy @%#@. I had taken my lumps on HEAT which seemed sort of caught up in the same thing…this one is worse. What a gong show!
http://www.theglobeandmail.com/globe-investor/is-china-bubble-now-an-anti-china-bubble/article2046319/
I will list an American fraud in China, named The Bernie Enron Corp, ticker TRIX
Why no Chinese shorts? Too hard to borrow?
Since I’ll have a better weekend if I figure on an up market next week, I’ll keep in mind what you’ve posted here. We shall see. The only thing I’m making $ on lately is volatile pharmaceutical stocks and that’s just plain gambling.
My point yesterday was that we could see a continued sell off in equities to the the tune of 10-20% over the coming weeks or couple months.. The simple logic is that the Fed is not going to just announce more QE or instruments there of without considerable signs of pain.. A significant market sell off is needed to complete the plethora of negative economic variables to justify ongoing QE style programs. They need the antogonists to roll over.
Could be. But the timing is the thing. Riiht now QE goes on ’til the end of June. They might bring the market back up so they can say “Look. QE is helping now. But look what will happen in July.”
It is important to remember that QE2 isn’t unwinding. The Fed will continue to roll over the money they’ve already devoted to asset purchases. The “end” of QE2 is just the end of growth.
Like Sierra, I don’t expect anything like QE3 unless the economy worsens noticeably. Two reasons for this expectation:
–1) Fed wants to retain maximum maneuverability in case a crisis arises
–2) Fed is tired of doing all the heavy lifting with no political cover. Government stimulus is in neutral now and about to reverse as the Fed stimulus spending peaks and state spending continues to trend down. At best, the Fed could slow the negative effect, and so would end up looking bad even though they would be the only party working to juice the economy.
I expect the Fed to start trying some other methods to encourage banks to stop sitting on their reserves.
See risk-retention regulations under Dodd Frank bill…
the market sell off is the most logical argument to get QE going again. therefore, it wont sell off (yet) too obvious .. too much talk of how high a hurdle it would be to get QE going again. I am with Scott on this one. market will do its own thing right now. the next leg is higher … and then when you least expect it … you’ll get it dry no jelly, with a nice rabbit punch too, and you can foget about any fucking reach around.
I know a guy, who knows a guy, who knows something about this shit and he suggested that given the AAII numbers right now market is moving higher again. the interesting thing will be to see if we make lower high.
as an aside Benny has made the PDs a tonne (sic) of money and will continue to do so in the future. they will do his work for him in the near term
good tune from the jam fly,on tuesday,when the bears get their faces slawed, the jam should play “cant find a better man”. there gonna need one.
There… are also important talks… in… China next week as published… in the calender… of the Hua Xia Wen Zhai Horse Handicappers paper.. published in Guangzhou, Guangdong…
On Monday Mao Tse Tung, Jr. will speak about the importance of continuing to sell cheap crap to stupid Americans.
The head of The Central Bank, New Ho Lee Chow, will speak on Monday about replacing the Dollar with
bok choy and Zongzi Dumplings.
Former Ohio State USA coach Jim Tressel will speak at Tiananmen Square on Tuesday regarding Ethics and Honesty while running over protesters with tanks.
On Thursday the CEO of Hard Wok Cafe and the President of Muddy Waters will give a 2 minute talk about the importance of maintaining two sets of corporate accounting books.
Gotta be TC.
Many thumbs up.
________
(The giveaway, you ask?)
(Only a Florida fan would want to stick the shiv in Tressel while he’s down and bleeding)
Heh heh heh heh….
______
No, Penn Staters would do the same, lol.
You don’t think there may be a Michigan alum or two roaming these parts?
Well actually, China is having its annual Boat Festival Sat thru Monday so no speakers until Tuesday…lol…the dollar/dumplings pair has been heavy longs in dumplings
Wish I had more thumbs
Smells like hope in here.
I have a feeling The Clam, in an effort to seem like he is not a market clown, will say something along the lines that the FED is in wind down mode. Then the real drop starts.
Firmly breaking the Daily 100sma on most indices does not bode well unless the PPT is ready to make a complete obvious entrance into the market. A test of the daily 200sma is the target until proven otherwise.
ppt said to sell last friday….fly why ignore the great gift of the ppt. Selling last friday and buying the close today was the play.
Yes, the PPT say go, but the WNR said more, more, more. Never listen to the WNR.
ummmmmm u got it wrong, but you ride around in space ships so who gives a fuc…………
If a tree falls on a deaf guy in the forest does it make a sound?
Subject: INTERNATIONAL DOCTORS
A doctor from Israel says: “In Israel the medicine is so advanced that we cut-off a man’s testicles, we put them into another man and in 6 weeks he is looking for work”.
The German doctor comments: “That´s nothing, in Germany we take part of the brain out from a person, we put it into another person’s head and in 4 weeks he is looking for work”.
A Russian doctor says: That’s nothing either. In Russia we take out half of the heart out from a person, we put it into another person’s chest and in 2 weeks he is looking for work.
The US doctor answers immediately: That’s nothing colleagues, you are way behind us . . . . in the USA (about a year ago) we grabbed a person with no brains, no heart and no balls .. . . .. . we made him President and now the whole country is looking for work!!!!!
hahahahaha
Vegastrader, you are showing good slave behavior– making a personal attack on the president of the Evil Party- that is, the party you are not a member of. Your Lords and Masters at the Too Big To Fail banks appreciate your focusing on making personal attacks on a political official of the party you hate. They appreciate your not noticing that they– the TBTF banks– have been robbing you blind for amany years now, regardless of which political party was in power. Good slave!
The too-big-to-fail banks were that President’s largest campaign contributors. In fact, Goldman Sachs was his largest campaign contributor for four straight years. City, GE (CEO Immelt now his chief financial adviser) and Morgan Stanley are all on his top ten list of contributors. . That President is the creation of the too-big-to-fail banks. He barely existed before the Goldman Sachs money found him.
Frog, “you are showing good slave behavior”–believing that you can separate the politicians from the corporatists.. Robert Rubin, was he acting as the Secretary of the Treasury when he signed the Gramm-Leach-Bliley Act, or was he still acting as the CEO of Goldman Sachs and future kingpin at Citigroup? Hank Paulson, was he acting as the Secretary of the Treasury when he rammed the Economic Stabilization Act of 2008 right up the asses of our Congressional asses, or was he still acting as the CEO of Goldman Sachs? Jeff Immelt, is he acting in the capacity of the President’s chief adviser, or as the CEO of GE or as a Board member of the NY Fed?
Meanwhile, the Chinese are saying, fuck the buck:
(CNSNews.com) – “China has dropped 97 percent of its holdings in U.S. Treasury bills, decreasing its ownership of the short-term U.S. government securities from a peak of $210.4 billion in May 2009 to $5.69 billion in March 2011, the most recent month reported by the U.S. Treasury.”
Where did I say that you can separate the politicians from the corporatists?
I’m sure Sarah would make a much better leader
http://www.ebaumsworld.com/video/watch/81564648/
I think we close higher then today, next Friday.
Fly, For subscribers to PPT, Is your PPT for $SPX (from chart above) available throughout the trading day? How often is the PPT for $SPX calculated?….what time of day is it available to subscribers?…thanks.