Well, the Fed isn’t playing to the market anymore. The market is going to have to deal with its problems all on its own. In an odd way, this is refreshing. Although I wanted QE3, it is unsustainable. So here we are, on our own, and the market is recovering from the original dump.
Before I make any predictions, let me just say: I am doing nothing, once again.
Let’s see what this market is made of. This is a pivotal day and the world is watching.
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We are not “on our own” we have you. Now fire up that time machine and find us some coin to bank.
This sort of entitlement mentality is part of America’s problem.
While it is too early to tell if I sold too early, I’m glad I unloaded the positions to lock in my profits that I picked up this morning as mentioned in an earlier post (MCP, WNR, RSH), the market is bouncing around like a freaking pinball right now.
On our own – the way it should be.
Level the playing field – and even a small furry chinch will rise…
Do not forget we have European QE underway right now. Yesterday’s haircut had everything to do with the downgrade, an event which has now been priced in.
XIV – Space helmet time!
My first thought is that I feel like it’s time to play some more of the increased productivity tech plays until wages pick up. Gotta look over this quarter’s earnings beats for more clues.
lol, im going over the statement, it was good and bad, also not doin shit
holy shit
Market: I’m having chest pains! Help, I’ve fallen and I can’t get up.
http://www.youtube.com/watch?v=bQlpDiXPZHQ
Bernanke: Hello, this is death call, we’re not sending help immediately Mrs. Fletcher
Ugh. New Lower Lows.
Swiss Franc went vertical.
SNB should stop that party soon.
how?
They can’t. The country is too small to intervene. They can’t do much unless they ask the ECB for help.
Intervene in their currency, they do it all the time.
And have they (the SNB) been successful? NO. That’s why the ECB must get involved.
Limit or ban the inflows.
Just peg to the Euro if they want to screw the traders.
If we’re on our own, it’s time to DO THE MOTHERFUCKING HUGH
Someone should explain for the uninitiated just what steps are involved in this hep new dance craze now sweeping the nation.
You can watch me, Hugh Hendry, doing “the Hugh” live here:
http://www.youtube.com/watch?v=-io-kZKl_BI#t=0m22s
Paroxysms of excitement that the treasury market is exploding to the upside.
TMF HUGH SUSPENDED!
(for today, at least)
Not at all my Good Sir, 10 year yields are at 2.18%. The Hugh is on like donkey kong. But then, so to is “the Gint”
Time to get ye olde DOW 10,000 hats out of the closet, gentlemen. http://www.ritholtz.com/blog/wp-content/uploads/2009/10/dow10000.jpg
Fly, is this beyond golden cow’s abilities.
Bear market Rally starts now and mystifies all
coverin at 1100?
We will finish at the days highs
Bear Market Rally Starts NOW !!!
EXACTLY!!!
What do I have in my hands? Oh the Spine of one Steamer Clam…and oh, oh it even gets better…we are dropping under our 50% retrace of the 2007/2009 Move. In 2008 it was our freefall point. We probably won’t fall so fast…but now the Nymph and her US Dollar (which actually should get stronger after the SNB intervenes) won’t have to worry about the CLAM..
Clams are fun to fuck with, but 9 months later they spew fourth something that will erode the value of your money.
Nice call (sarcasm).
Again.
fly
i agree.. a bailout would have been nice.. but we have to face the music sometime
it is a bit refreshing
I’ve been in this game longer than you Mr. Fly, and for the first time I can honestly admit to myself, I have no fucking clue as to what is going on in the market. For me, these are dangerous times.
That is impossible. The Fly help God create time.
This extreme volatility should mark a bottom The last bulls puked once we went red.
Well, at least you’re off the hook as far as 1250’s concerned.
NOT SO FAST!
Everyone is looking for a “bottom” as if it has to happen within a certain amount of time. Stop trying to merk yourself.
Don’t let the Fed fool ya .. they are seeing if the market can ride without fed training wheels … if we crash (again) from here, they will intervene. The least risky trade from here is to buy any serious blood from here because the Fed will backstop further serious bloodshed. imo
FLY-
Your testicular fortitude amazes the shit outta me. I dont know how u fucking do it bro…. You’ve got, what, like $11.5 mil total and a significant amount of that in these SHITTY markets- the level of volatility over the past 6-7 days (esp days like today and friday), and the FUCKING REDONKULOUS levels of downside, the increasing uncertainty…. I….dont….know…. HOW U DO IT. I know ur supposed to get greedy when others get scared and blah blah blah, but still. GOOD LUCK BRO….
reDONKADONK-ulous!
He’s a pro. Remember? Discipline. Tons of managers would accept much greater drawdowns (than the 20% he’s in right now) for a fraction of his annualized gains.
The quote I treasure most from those Market Wizard books was from an old timer that went something like;
“Remember, this is a very competitive business, and when you trade, you compete with pros who devote a good portion of their lives to the same endeavor. In many instances, they will be on the opposite side of your trades. And on balance they will beat you.”
I’ve always loved reading his blog – but I’m retail and never EVER forget that I’m the meal.
Who wants to hold going into the close?
How’s this for price stability? I would have preferred if they had not juiced the market dramatically only to let it drop off a cliff. The leverage can create a death spiral with successive margin calls that continue to be triggered.
I said yesterday here http://www.ibankcoin.com/peanut_gallery/index.php/2011/08/08/a-cat-has-nine-lives/, don’t expect bernanke bounce to last. Market will swing upwards again, but it will be a swing. Eventually we sell off into the weekend. Like Fly, keeping the powder dry and doing nothing.
I will commence operation hoard, where I sit on all the money I have left in anticipation of S&P 400
Here is the dilemma:
1) Dollar needs to go up to counter the credit rating downgrade either via higher yields or supply reduction.
2) Dollar could go down with a firm extended reduced rates mandate from Feds.
I am guessing technically the dollar can remain higher in spite of lower rates. This is more plausible if Euro zone continues its rout and dollar is the only viable large stable currency. In that situation, it can actually go higher step in step with gold. To me, long term, that looks like the path of least resistance.
Why in the world would we want a higher dollar?
Higher dollar would be good to maintain its status as the world’s reserve currency so that we could keep borrowing against it. Of course it is chicken and egg, but right now we are in the chicken cycle, if that makes any sense. And it is not a question of what we want, it is a question of picking from few choices we are left with. My two cents.
“…the world is watching.”
You sound like Abbie Hoffman outside the ’68 DNC Convention in Chicago as Mayor Daley smashed heads.
The other chant was: ” Hey Hey LBJ How many Babies Did you Kill today?”
The sad part is some of those LSD Dopers are now running DC.
Worse than that. The ones who were wiring up the bombs to kill cops are now best buddies with the POTUS!
_________
True and not to mention Jew Hatersand serial liars like Al Sharpton,Louis Farrakhan,Shabazz, etc.but hey who is counting.
Bill Ayers should have a bomb blow up in his face and burn in hell like his gf. I believe they were wiring up bombs to plant at an NCO dance at Fort Dix. Don’t know how anyone could get within spitting distance of that pos without spitting on him.
alot of us were lured to grant park,under the “guise” of sly and the family stone and jefferson airplane were giving a free concert at noon.i was a teenager,free, fuck, i’m there. guess who never showed up for free concert.one hour later,cops came with attack dogs an hour after that,……..there was more than the dnc incident that went on that day. that ,after all this time i have come to see first hand, how diversion play book is conducted covertly.
DB —
You are voluntarily outing yourself as “Black Palm Crystal Status Offender?”
Beware the self-ban!
_______
A — that’s true. If it weren’t for the incompetence of the bomb makers (fatal incompetence, it turns out), there would have been dead Viet Nam era soldiers — stateside.
________
my buddy i’m doin windows for, he’s nam vet.goes to the va every week,he’s fucked up in the brain,he shows me he flare ups all over his upper toso skin fromm life long break outs from agent O……he’s a cool dude whenever i needed an extra hand on a painting gig i’ll bring him with me and give him 10 bucks an hour just to have him around. keepin it real
tlt went balistic
Don’t forget the Bernanke Delay… It always takes the market one night to think about what he just said. Stay tuned for a rally.
here is hoping man…
GSVC wooo
I can’t really justify any positions here. Shorting seems awfully risky, but with governments signalling “up yours” to the worlds around them and not really helping, I don’t see alot of reason to go all in long.
I plan to do little until some meaningful assistance for europe, etc., is announced by a government agency. And at that point I think we have a buy here.
Warren Mosler has said “because we think we can become greece, we are becoming the next japan”
Richard Koo, a japanese economist, has studied the situation a great deal and offered that Japans situation drug on so long because of lack of sufficient fiscal stimulus. The savings, in financial assets (dollars, treasuries) of the US Citizens is, to the penny, equal to the total federal debt less the cumulative trade deficit. To pay down the private sector debts, we need deficit spending by the government. Period. We will get it eventually, there is no other way out. “taking our medicine” will ultimately prove to be too painful for populations and governments to stomach.
There is no limit to what the givernment can spend, and actions like TARP and QE have not been costs to the government at all (fannie and freddie aside).
But for now it looks like politicians are intent on winning office by damaging the country and/or fighting with each other and making embarassing scenes everywhere.
And with so much anger in the general populace, burn the bankers, burn the fed, burn the dollar, burn obama, burn burn burn… much of it justified… and so much misunderstanding of the situation and what needs to be done, I don’t honestly see how we can get the needed fiscal stimulus on both sides of the atlantic without first staring into the abyss.
Hugh Hendry may win after all, that was his thesis from a couple years ago…
the other possibility would be a deflationary depression in which 80-90% of the population suffered considerably.
but for all of the austrian/angry pro-depression folks out there. it wasn’t the depression that set up the good times of the last half of the 20th century, it was epic scale government deficit spending and the other aspects of world war 2.
Right, natural private investment and economic growth had nothing to do with it. Innovation, technology, productivity increases, none of them have to do with our current standard of living and economic prowess.
It was all the gobmint driven defense industry during WW II that set it up. (If you recall, ALL of WWII was an austerity program).
You are truly blinker con-koo-koo NUTS.
__________
I will help you lynch all the Tea Partiers. I have this nice guillotine.
Do you consider yourself more like Mao or Stalin?
Sounds to me like that asshat is shooting for Robespierre.
But all murderous tyrants are the same, under the skin.
________
according to my radish BTFD is back!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! fuck you matt damon
See! We don’t need QE3, nobody really wants it! We can’t afford it! The market is coming back standing on it’s own two feet!
GSVC up big here.. NIce Fly.
Whats happening with GSVC?
Nothing to it, just doing the “REVERSE HUGH” is all.
________
short squeeze… cant find any news.. maybe fly has the whisper.. IPO market back in play with lower pledged rates.. not sure.
Give a man a fish and you feed him for a day; teach a man to fish and …..
He will have to fend for himself
I suspect we will follow the leader/trend set by overseas Markets until confidence returns here at home.
So..I agree with all comments with this basic idea…see…following can be habit forming
GSVC is having its own little RYTOR….
(Rip your tits off rally)
Sell the rip
Change the av, please.
I feel like I”m being 24-7 “Rick-Rolled”
______
Oh shit. That was fantastic.
SNB is still not helping out the swissy so US Dollar is weaker with the sell off that is helping euro and AUD…this is just a blip…and should fade as soon as someone over at the SNB does something..not sure why its taking so long?
TN – Did you take good notes of the recent market crash?
Have you ever built a sandcastle on the beach?
If so,
did you throw handfulls of sand into the ocean hoping it would pile up?
or
Did you start building away from the waves?
patience grass hopper
Bullish I always do…Testicules, I have great patience with my sand castle..I am making it out of copper.
time to buy puts?
I just sold short $MWJ direxion mid cap bull 3x shares with a target to cover by weekend or Monday.