First, anyone interested in looking at the technical patterns of previous washouts, see ChessnWine’s video. Fantastic job.
My initial reaction to the Fed news was “uh, oh.” I hung up the phone, telling my friend “we might tank here.” Then after further review, I figured we had to stop sucking on the Fed’s tits eventually, so why not now? Fuck it. Then I witnessed the unbelievable, as 2yr, 10yr and 30yr treasuries skyrocketed, sending yields to historic lows. Our financing costs as a nation are so low now, we should issue $5trillion in notes tomorrow, in order to lock in these absurd yields.
Gold started to soar and the Swiss Franc went parabolic to the upside. The market was down 50 and sinking quick and all I could do was pace back and forth my television, watching the fucktards on CNBC smugly analyze the news. Truth be told, I was as nervous as could be, fearing the bottom was about to drop out of the market. Aside from my managed accounts, my personal money is at stake here and that is fully invested, with cash less than 5%. The market plunged, moving down 200 and I felt as if my heart was about to explode.
I picked up the phone and called my friend. You might know him as “Chuck Bennett.” In a very calm and cool way, he said “fuck this shit, this is the bottom. We’re going higher. Look at yields. People need to put money back into stocks; this is nuts.” He furthered, “watch, we will close at the highs of the day.”
In an odd way, he calmed me down. I needed to hear something positive, especially after watching THAT FUCKTARD, Rick Santelli, promote fear on my teevee.
No matter what, I never intended to sell or buy anything today. However, the way this tape is looking now, if I might be so bold, it appears “The Chuck Bennett Bottom” lives and we have legs into the bell. If not today, I will be adding to my positions, WNR, GSVC, EMN, DECK and CLF. There is no reason to add diversification when I could dollar cost average into current holdings.
All in all, this is the best case scenario. We didn’t get QE3 and plunged as a result. We looked the Zerohedgers into their beady eyes and kicked them down egregiously deep water wells.
[youtube:http://www.youtube.com/watch?v=4Prc1UfuokY 616 500] If you enjoy the content at iBankCoin, please follow us on Twitter
holy GSVC!
DO THE REVERSE HUGH!
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Senator Gint, doing the Hugh does not necessarily mean the market pukes, it means treasuries are tap dancing on the faces of treasury bears. And indeud they are. Yields at 2.18% on the 10 year note.
If you were short treasuries, Ol’ Hugh Hendry just made you his bitch.
I’m convinced way too many people watch and react to the shitstained fucktards on bubble vision (incl me)
bear market rallies rip the heads off bearshitters
Stock yields relative to the yield on bills,notes and bond yields make for a compelling reason to own stocks (going back 50+ years).
But the same argument held for Japan post ’89.
Hopefully, we aren’t Japan (probably not as they have too many old people being supported by the younger workers).
Imagine the slopers and Z.H.er’s holding hands singing Kumbaya as the Bull rips their faces off!!!!
Lots of Zerohedge hating on here. Isn’t Gold at an all time high?
fuck those guys
I will go bring this up with the fantastical Jake Gint.
(pls don’t ban me)
Dude, Slope rode down the train and flipped long yesterday, not so bad. ZH is long gold, also not bad. How were the past two weeks for you?
Stop trying to rewrite history Bob! I can’t speak for ZH but Mr Knight, has been significantly and consistently short since March 09. The fact that he is ‘right’ for two straight weeks doesn’t equal ‘not bad’.
He has tried shorting gold no fewer than a dozen times this year. He would rather try and catch a 3% pullback than catch the 50% up move.
His analysis (if you can call it that) consists of drawing fib fan lines, FOR FUCK SAKE. No wonder he has blown his account out and has to beg for people to click on his google adwords, LOL! I used to read that guys blog and he seems okay as a human, but as far as analysis and trading, he just sucks.
Bring it on !!!
buying cenx,vclk,aci if you know the history on these, they move up quick after big selloffs.
ACI …. Check!
RYTOR
Rip your tits off rally.
In the house.
The Fly Is God
talk about apeshit reversal on GSVC
Damn it. I am En1gma…with a “1”. Really, you gotta use my name too?
Anyone seen DevilDog?
I like your new avatar! I guess Boo Boo does too.
I saw him on the 102nd floor of the Empire State building.
No, wait, 101st.
97th
90th,80th,60th…
Or the Nymph for that matter………..
Nymph got food poisoning from eating a spoiled Quahog.
Yogi — you’re new av is somewhat disturbing after all this time.
Now I keep thinking you are a hot babe.
Tough transition after being used to “Ole’ Catcher’s Mitt Face.”
________
I am here…
It’s too easy.
http://www.youtube.com/watch?v=GO22Z0T3qPE
I’m in love with the Quibids girl. And the market rally!
Send her some shampoo and you may win her over.
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Hey DevilBitch – where the fuck are you?
He’s eating your lunch right now.
Had good days ……Had some very bad days………We all just had a what the fuck was that day
Chuck is into bottoms so this was an appropriate headline.
Nice call!
Nice Bernanke Delay Rally.
Amazing comeback!!!!!!!!!!!!!!
You got your delayed Patriotic Fuck You Rally!
FLY must be close to even or possibly up by now … fortitude indeud
I am flat for the year now, +8% today.
NICE! always without fail
this has been very orderly and nice.
Trading Nymph must have gotten blindsided by the crafty Clam!
I warned her. Don’t mess with Quahog Ben. I hope she listened, but I think not.
see next blog for my thesis on late day rally.
Anyone still believe in EMH (efficient market hypothesis)?
LOL
Where is DevilDog?
Did I miss my chance to buy?
Resiliency at it’s best. Let’s hope we don’t fall apart tomorrow.
Kass says that was the low of the year.
Kass has to be right just two more times this year to be as accurate as a broken clock.
Kass who?
Momma Kass Eliot
What do you get when Fat Doug blows out his heavily short portfolio?
Kass-a-Nova!
Ba-dump-chaaaa.
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Sr. Teahouse….steely dan in Vegas in October…come visit!
I’m booked in Boston this fall … but may see you there anyway, LOL
Shuffle Diplomacy …. “By popular demand” …. though my preference would be “Asia” but n/a in Boston, Damn!
http://www.steelydan.com/
PS: Zombie should catch the “Dawn of the Dan” show in NY
And if you get a chance, don’t miss The Rippington’s …. another Tea fav.
No wonder retail traders are out of the market. This is complete, fucking horseshit.
Short were you?
I wouldn’t stick my dick in this market if it was Adriana Lima (suppposedly virgin supermodel).
http://www.google.com/search?q=adriana+lima+wiki&hl=en&biw=1600&bih=756&prmd=ivnso&tbm=isch&tbo=u&source=univ&sa=X&ei=aa1BTuPaGMShtweBnoWiCQ&ved=0CDsQsAQ
There are not virgin supermodels.
Lima just had a kid, so unless she’s Immaculate (and she may be) her virginity is in doubt.
She’s also married to a seven foot Bulgarian or some shit, so I’m going to assume that condition was done away with — how do the law students put it? — extreme prejudice.
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My hopes have been shattered.
This is “normal” market crash action. Get used to it. Profit or die.
Taco says:
August 8, 2011 at 11:49 pm
Market starts down tomorrow and then wild fucking rebound into the close as the masses remember what impact inflation has on the market.
Doh!
Rate comment 1 1
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nailed that fucker
Infaltion is sorta like the Loch Ness Monster.
Another 1/3 bottle scotch day!!! At least this time it’s a celebration.
We have another 500 points of upside.
And then?
Then I will sell.
Indeud … classic bear market rally … Catch the B wave to the last good sell point for quite some time to come!
Interesting. How do you know?
I just do
OEW …. http://caldaro.wordpress.com/2011/08/09/oew-tutoring-53/
Thank you!
OEW Daily Recap:
“Support for the SPX is now at the 1146 and 1168 pivots, with overhead resistance right at the 1176 and 1187 pivots. The short term OEW charts, which have been negative since SPX 1335, will turn positive again if the market can rally to the 1187 pivot. Then we would be looking for a completion of Int. wave iv before the market heads down again to end this downtrend.”
Note: Tony has indicated a target of 1250 for the end of wave iv
Look I found one of the rare Elliot Wave Tards! We must be careful with these gentle, clueless animals for they are rare specimens. The rest have been eaten by local predators.
-Hippy
This ain’t your daddy’s EW ya old fart … this guy called the bull in 3/09 and just called the bear of 2011 …. Get Smart Hippy Dippy Weathman or do another doobie …
June lows
SPX 1249 pivot (+/-7pts)
Til the V.King Top, you mean?
______
Un-moderato, por favor.
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OBIT:
Today, Tara Reid-level internet celebrity DevilDog was discovered outside his time share at the Salton Sea Trailer Home Resort. He had apparently been run over by his own IROC Z, “customized” with the word “Vip3R” scrawled in an unsteady hand across its rusted hood.
Police have ruled out suicide as the probable cause of death, as “the bag of pork rinds found near his body was, dang, nearly still half full!” as investigating officer Deputy B. Phyfe described the scene.
Mr. Dog leaves behind the blown up 401k’s of various angry relatives and an unpaid tab of nearly $14 at the Okoee, Florida, Waffle Hut.
It is further reported that the DawgBite was at the Hut interviewing for a pending police chief vacancy in Windermere.
and what of Dawg’s busty wife?
Indeud. Where are they?
Ta-Ta’s repoed, along w. the Viper.
________
Izzat Windermere, Florida? That’s a coincidence. I just called a guy down there today. I had never heard of it until today… and now twice.
Odd, no?
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Windermere is a big speed trap.
And home to many PGA golfers, athletes (Shaq still lives here,)rockers,etc. in Islesworth development.
Into the murderhole Devildog, you burlap sashed MF’er!!!
I was +8% today. FLAT FOR THE YEAR.
GYEAH
The Chuck Bennett Bottom is awesome. Almost as awesome as reading the PPT ads about Chuck Bennet then realizing it was a member inside the PPT.
what a wild ride..wondering if this is the new normal
went 50% in,,,cheap money , hope this holds. this was an amazzzzzing day.
This was all technical today and much needed. Doesn’t change the reality of what happened today. The Fed’s “You are on your own” means your fucked.
The bond market once again told you were we are going by flying into treasuries and taking the 10 year to 2%. They are pricing in a recession. In fact, with that move they may be pricing in a depression.
How do companies earn money in a slow gowth environment without the Fed dropping money out of helicopters? How do the banks make monney in a slow growth environment with a flattening yield curve?
I hope this rally continues because it’s creating the short of a lifetime. Without the Fed we see 0-1% growth until at least 2013 based on their interest rate policy announcement.
This market is going lower
thats what im thinkin, didnt change anything, why did they say what they said, but for now im playin along
No, you should re-read the release. This is the best of all [possible] worlds for stocks.
OUT: Dr. Doom
IN: Dr. Pangloss
Out: Cassandra
In: Polyanna
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More cheap money. Great news. It’s worked so well the last 10 years. All this will do is kill the dollar over the next 2 years which guarantees more suffering for the middle class.
Doom has won over the last 10 years btw. Stocks are lower now than they were then. The fed and wall St are addicted to bubble blowing and they always end in tears like the past few weeks. I guess it’s 2 more years of this shit where stocks go nowhere.
Solid analysis from Cantor Fitzgerald CEO Howard Lutnick just now on CNBC…look for it online later
Sin-ops-sis?
_________
We got QE3 without the Fed formally announcing it, S&P should have downgraded France who can’t print money and that we are much stronger economy than has been recently reflected in the market.
http://twitter.com/#!/search/%20Lutnick%20
Completely agree.
Just look at the dollar today. QE3 in SPADES.
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I asked myself what changed from the Fed announcement – Nothing!! They put an actual extension date for the first time because they are scared shitless. What is worse is there are more dissenters in the board this time. This means they are also confused. So to me, this rally is a dead cat bounce. The almighty has given us all a chance to get out of our fucked positions. No time to be a pig.
I hope this was a true move up. Is really possible to time
A real bottom. Buying on the way d
Fly, your tweet at 2:31pm today reinforced my resolve to stay long. “If the market holds here for a little longer, there will be a short squeeze.”
Indueed sir, indueed.
Thank you.
Went sailing (in a Sunfish) this afternoon and came back to find my portfolio was up 20% for the day. If I’d been in my office, it would have been an afternoon of fear and maybe selling and then regret. For once, ignoring the tape was the best thing for my accounts.
Did you wear your ermine robes and sandals at dinner, at least?
😉
______________
tech problems?
Rackspace.
I put in an order to short TVIX at 43.24, it didn’t get filled. Then I chased it down to 42.16 and then 41. None got filled. I am guessing there were no shares to short. I got fucked.
The quote stuffing of the HFT’s is a fucking joke! Just cause you see it doesn’t mean you can get it! I had to hit bids and offers all day to close positions. Anytime I tried to put a bid in or offer out, the machines quote stuffed and ran the stock I was trading in the opposite direction. Had to pay up all damn day. Fucking crazy day but fun as hell!
TradeBots and HFT needs to be investigated for fraud.
All the events Fly said are correct.
1. We talked on our rather expensive satellite phones with forces outside the western hemispheres about world domination and other things for some time. On said call, as Asia burned I said we go up from here. Everyone including our space alien friends laughed at Chuck. Truth be told, I was telling all truth.
2. The Fly was very angry at the markets to the point of making my ahhffice phone hot enough to melt my candy bracelet off my wrist before I could eat it.
regards
chuck
It’s true folks. He’s even odder in person.
__________
Chuck or Fly or both?
Fly is so normal in person it would shock you.
Chuck?
Well…. 😉
________________
Holy fucking shit! Hoverounds now have a cupholder and guess what? They are free!!!
People are so fucking lazy they can’t even use their fucking arms to wheel themselves along.
These assholes should be publicly traded.
medicare is broke,
My sister has cerebral palsy and hers cost $6000.00 This was the price 5 years ago.
Wait for the re-test…given how fast the selloff occurred, it should happen very soon. Then you’ll know if it’s a real bottom.
Sadly, it’s never over until the retest. However, we could go a little higher before that happens.
$SPX 666 never got retested… yet.
Because they aren’t the leading index…you had to watch the Qs…a perfect retest at $25 in March ’09.
The other indexes were headfakes.
Wow, CLF is down from a high of 102 three weeks ago to 67 today. YAY, we made is all the way back to 73.71.
Must see
http://www.msnbc.msn.com/id/21134540/vp/44079837#44079837
that was great and to the point, i guess i do need allstate insurance
just kidding, we all r fed up,
Holy shit, Fly are you serious?
What a colossal waste of 9 minutes. What is Ratigan advocating here? Dictatorial powers? He’s talking about “establishing a bank” that’s going to confiscate off shore cash and then lend it out at 2% to “businesses across the country” because BANKS are corrupt?
And what lily white agency does that ranting asshat propose will deliver such confiscated-cum- subsidized moneys?
Holy frickin crap. I even felt sorry for the Obama Lady in that panel. I just realized that Ratigan is really starting to look like Mel Gibson… only nuttier.
____________
And WTF was he talking about w. regard to “moneys being EXTRACTED” from the U.S. by TRADE, for fuck’s sake?
This guy actually used to have a JOB on a BUSINESS channel? He makes Lou Dobbs look like John Maynard Keynes….
_____________
If Ratigan was a Republican he’d be deemed insane and eventually kicked off the air.
I guess on MSNBC that trait is not a bug, but a feature?
__________
First, and second, we pay interest and taxes to the same group of people but most do not know that the IRS and Fed were both created in the same year.
Third, Ross Perot was absolutely correct when he stated that NAFTA would cost the US millions of jobs as the manufacturing businesses would export jobs and then import products. That works as long as consumers in the US can use their house as an ATM (Home Equity Mortgage), have access to credit cards, a 401(K) distributions, or a job. If you have noticed, all of those sources of funds including jobs have been tanking. We were successful after WWII because manufacturing plants around the world were destroyed and we produced.
Ronald Reagan created high import tariffs on Japanese bikes to give Harley Davidson a chance over a few years, and it worked by helping them against competition. I am pretty sure you are a fan of his as am I. This is a structural issue Jake, and we won’t be able to play with stocks if everyone else is unemployed.
Coincidentally, without jobs our silver and gold investments will be worth nothing as there will be little capital available to drive the demand side of the equation as 60 million baby boomers retire and start cashing in their 401Ks.
To benefit corporations with operations overseas, the Fed has a weak dollar policy so their earnings are translated into higher revenues as the dollar drops, and we are paying taxes on inflation with dollars that have reduced purchasing power.
I am the voice of reason.
If Luddism were “reason” then, sure.
However, greater trade — in both labor and goods — has done nothing but raise the standard of living for all Americans, and yes, I include NAFTA in that analysis.
I have to say this about once a month on these fora, but I don’t mind repeating myself — low value added jobs MUST go overseas in order to make a labor force available for higher value added manufacturing and service jobs. We have no progress without the replacement of low value added jobs with higher value added stuff.
Your plaint is one that has been ongoing since the Western world was industrialized, and it’s never been proven true. Not once.
____________
________________
Reagan a luddite? The term actually derives from Brittish workers that were against labor saving machines, but I would actually prefer those machines within the US. In today’s culture, luddites are typically considered rabid sports fans and staunch political ideologues incapable of understanding that banking controls both sides. Rah, Rah sports, Blah Blah politics. I am well versed on country competitive advantage and understand systems well. The complaint is being proven true right now with epic unemployment as the country has been gutted, and this higher value added stuff of which you speak sounds great but it’s a sound bite. Once enough people are unemployed or working for the government this country will be effectively socialist which I don’t think you or I want. Trickle down is also not working as the banks are bottlenecks sitting on the freely printed money and stimulus is not going to main street. Scott’s right about not advancing until the bad debt is cleared, but we also have structural employment issues.
Funny. I think he was just lost in emotion.
A bad place to be when you are discussing economic policy.
____________
@Jake – I can’t remember you getting all worked up over some TV guy’s rant. I think you must have posted about a dozen comments about it. It’s time for a cocktail sir.
I just can’t believe my friend Monsieur was calling it a “must see.” I am hoping now he was being ironic.
That guy makes Rachel Maddow look reasonable.
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Ratigan, cont’d:
http://www.youtube.com/watch?v=QMBZDwf9dok
lol, now take your tv and throw it out the window
Ratigan 2012
Hats off to Dylan … An EDB is a great idea but the right will point the socialist finger at the Prez and render the concept dead on arrival … Jake will go nutz if FDR ideas are espoused as well.
First of all Ratigan has already GONE nuts, so I’d just be following if any of that claptrap were espoused by anyone who seeks to be taken seriously.
An “EDB” is what, exactly? Is that the subsidized “non-corrupt” bank Nutzo was promulgating?
________________
Thanks for the video. Like a gentleman I will bring my after dinner drink to my den and watch with keen interest.
Just bring an extra drink and skip it.
__________
clne is up ah, cramer affect?
“All the selling, the asset destruction, the bone-chillling worry about our “credit rating” is percieved to be over, done, finished with a raucous sell the rumor/buy the fact, one hour rally”
Bleier’s da man.
My viper ran out of gas,but my mom said I could borrow her car….SO SCREW OFF!
lol,
Korean wimmen are hot!
dont need to read shit……………….this is FINALLY the real deal!!!!
you can now get long FOR REAL!!!!!!!!
thank god Beranke fuk stood strong!
be careful, we r not out of the woods just yet, imho
Of course not. It’s still a bear market, but at least enjoy wave iv for the time being and worry about your bilge pump when the tsunami hits.
lol, thats why i went in,,,
I think anybody is fucking crazy to do anything other than just TRADE this market short-term!
Last night the world was on fire and diving into the abyss, tonight we’re all dancing in the streets eating ice cream and buy, buy, buying! WTF? If the market has told you anything over the last few sessions…..things can change at any fucking moment. Take your trades! I hope this fucker dives again tomorrow scaring the living shit out of all the people who bought the close! Gotta love that VXX! Still is trading in the 30’s people…hang on!
I bought some CVI today into the close so thank you very much! Appreciate it!
The bottom’s in. Get over it.
No retest.
No second chances.
Back up the truck, strap on the JATO’s, and put your space helmet on.
TO THE MOON ALICE! TO THE MOON.
BTW, where’s DevilDog and the Viper?
How’s that buying the close feeling this morning? PHAAAA! fucking sheep to slaughter!
My IBC sweeties.
Remember the fundamentals are still bad.
VXX and TZA calls. Great opportunity to average lower today, sweeties.
-B.W.W.
On avg stocks see a premia of approx 600 basis pts above 10yr note (coupon & appreciation) since 1928…since 2001 however it’s been -230 basis pts.
Looks like Peter Pan has returned to Never Neverland!
Evening thoughts:
The Fed is like a kid playing pinball and his last quarter is in the machine. He knows without doubt that he has nothing else to play with, nothing else with which to reload and when, not if, he misses the ball, the game is done.
Ratigan is correct that our country is paralyzed and being looted by a small group of people who have severely neglected their fiduciary duty. A national business bank focused on assisting businesses and businesses only may have some merit.
The president basically singlehandedly taking over the country is not the correct way to address the problem. It smacks of the Third Reich if you study your history. (create a national crisis and use it to propel your agenda to fruition) hmmmmm……..where have we recently heard someone say something about never wasting a good crisis…….
The correct way to handle it is for the American people to vote all of them out of office. Sadly, this will not happen because over 50% of our population is accepting government hand outs and will not bite the hand that feeds them.
The only other possible way would be to separate politics from money and that will never happen because the people on the receiving end [congress] need the cash and patronage to gain re-election. They will never cut their own throat.
Whatever happened to the days of citizen/statesmen that served their term for the good of the country rather than a career on easy street and a lust for power?
95% of them deserve a pitchfork to the eye.
So how do the people get a term limitation amendment w/o having those very same people introduce a bill or vote on its merits?
My call is that we bounce a little here then drop/consolidate going into the week before Jackson Hole. The stage has been set and the Fed sounded as if the door was open and they might consider additional easing depending on the situation. In my opinion, TPTB will need to pressure politicians again to work together on a longer term debt plan and also create the political will to initiate more easing. Seriously, do the math and you will find there is not enough money in the world to continue buying US Bonds with the roll and other sovereign credit issues. That means we are continuing to buy our own debt (monetizing) whether it’s reported or not. If they can support bonds (much larger) then supporting equities is easy in comparison (requires less funding).
Looking at the calendar, the setup I am looking for will be a rally the week before or after Labor Day following Jackson Hole remarks (like last year) where I will look to buy two week calls leading up to it (if we stay oversold leading up to it). The Fed move was political giving 44 cover, so I assume the banking complex wants O to win the next election. Three day weekend market up notes are part of that plan.
There are so many predictions in here, I can’t even to begin to comprehend them all. If this plays out as you suggested, I will gladly invest my money for you to mange.
This has got to be a 20-1 shot or worse to play out as you suggest.
Good luck with that.
-Hippy
Good to see many in here recover at least in part from the last few days. You sure were a sad lookin bunch on the Death March to Bataan all cryin and shit. Was showin my wife some posts from yesterday who offered some of her Prozac to most and a horse laxative to he elusive Devil Dog (hopin it kicked in while drivin his mamma’s car).
Well, good to see most everyone back to normal, minus a few kicks, bruises and buttfuckins. Peace be with you all.
Just remember, when things are looking their worst, you’re losing faith in yourself and you’re ready to give up. You’re fucked.
Ridiculous ride:
http://www.youtube.com/watch?v=UO4cw565V98&feature=related
Today’s historic Fed action helped make risk harder to access
Gold bugs are about to get their tits ripped off.
Agreed, if we have “500 points of upside”, then gold is in for a shocker. But will likely continue trending higher in the longer term.
-Hippy
Yo, Hippy Dippy Weatherman …. where’d ya get that from … Howard Ruff or the Aden Sisters ya old fart?
Sadly, for now, my 24 hours of being in the spot light and calming the markets down is over.
Until I am needed again,
regards
chuck