The fucktards in Europe have turned that frown upside down, with most of their indices green after an abysmal start. Like small dogs, we followed them up. But unlike our European masters, there is no gumption in US markets. It’s dickless, totally beholden to news flow out of the ass of Europe, literally. To think one small vacation country could cause a global panic is unbelievable. I debate the point over and over, with myself and Chuck Bennett, regarding the minuscule nature of Greece’s GDP and how idiotic the world is for quaking in their boots over such a non-entity.
The PPT has not registered an OS signal for 2012. So, according to the laws of mathematics, we can still head lower, before we get a bounce. However, based upon the laws of science, which are at times subject to interpretation and creative license, we are long overdue a rally.
The charts always look the worst just prior to mountain sized rallies to the upside.
With all of the reversals taking place, coupled with the firming up of the commodity sector, we should trade up today. But we won’t. We’re too jaded and scared to risk our skin. We see Spain’s stock market at 2003 lows and Italian yields shooting higher, then gander at the Dow north of 12,500 and piss in our pants. America has become a nation of cowards and Europe is a continent filled with incompetent potato brained perverts.
There is nothing at all redeeming about the tape, with exception to big divvy mega caps, like KMB, CHD, PEP and GIS (seasonality wins again). I am on a buyers strike and will reserve my 20% cash position for better times. A time when men can roam the streets freely again, pissing in the wind, kicking animals in the face for the getting in the way.
FREEBIE: Stats on TYP (3x Tech bear) – currently flagged as OVERBOUGHT inside PPT.
“The charts always look the worst just prior to mountain sized rallies to the upside.” Of course, crashes can come from oversold positions as well. Maybe it’s time to buy straddles, in the most non-gay way possible.
Fly, if you read V Niederhoffer’s Practical Speculation, the asian contagion wiped him out. a small little country like vietnam, turned him from trader of the year in 1986 to being envious of a busboys wages a year later. So, I guess you never know what will bring your ultimate demise in this business.
I have a similar story to share later.
please, do tell..
It’s a post. I have an idea what I want to write.
great – looking forward to it.
Well if you have a global house of cards built upon 1 qaudrillion in notional otc derivatives and miniscule collateral backing cds, you might be a little nervous if you are managing a billion dollar portfolio. Each country has the same size domino in terms of a default, if one sovereign defaults a huge segment has to be marked to market and there is not enough collateral to make good on the CDS.
hey I remember that episode….it didn’t well for the geezer.
Crazy devil.
imo, inflation is not being givin the proper respect, aknowlegment. by any government. thus im stayin long gld. but this could bite me in the ass.
“I debate the point over and over, with myself and Chuck Bennett, regarding the minuscule nature of Greece’s GDP and how idiotic the world is for quaking in their boots over such a non-entity.”
Yes but the hit would be around 400 billion to banks and shit. It would hurt and then there’s the potential domino effect.
Sounds like the banks should have done a better credit check.
Fuck ’em.
JCP…the CEO, making 1 million per week (that’s I million USD every friday) is so worth that it seems…ha.
I am very skeptical of this 400 billion JP Morgan number that has been floating around for a while. They are certainly on the side that would benefit from fudging the numbers to the upside in order to spur political action to keep the status quo.
We’re talking about GDP the size of Philly. Spain or Italy bringing us down I can deal with, but it would be a sad day for humanity if Philly brought down the world economy.
It would be a sad day for humanity if there were no more cheese steaks.
Hey little Dollar, Ready to kick some clam ass today? Market is stupid until Fed Minutes. I read some lame GS note about how QE3 and Twist should be in it. I read the transcript of Speech by Dove Yellen who was talking about the Twist program should be no big thing. As I said before, FOMC has two jobs. 1. Make NFP get better 2. Keep CPI inline….NFP revisions are getting better and CPI is moving up…so me and little dollar see nothing this afternoon.
edit..Dove Yellen who was talking about the the twist Program ENDING as no big thing.
Nice to note my boyos in Ireland pissing in the wind where prevailing wind currents carry their effluent for dumping on the continent(and hopefully England). Ireland took some harsh steps and now appears more solid than the other ER snakes. IRE now a tad better than a sucker’s play.
Last night’s OEW recap: Waiting for SPX 1322
“From SPX 1366 we can count 1337-1347-1336 for the abA, then a B at 1345 today. Now this late decline could be ‘a’ of the last abC wave. The next 8+ rally would be ‘b’, and then the next decline would end C and the entire pattern. Short term support is at SPX 1322 and the 1313 pivot, with resistance at SPX 1337 and 1347. Short term momentum is still displaying a positive divergence. A rally to the OEW 1363 pivot would suggest the correction has ended.”
Meh … So we got 10 SPX points instead of 8 … Who’s counting? But as predicted, back down we go in wave “C” to the final lows … Looking for a sideways move the rest of today or a slow bleed to 1322 for the bottom … if not today then a gap down tomorrow to 1322 followed by a rally just in time for the FB IPO … Odd, no?
i hate europe.
What I wrote to my friends yesterday via email:
“Greece is a little piece of sh*t…Rhode Island has a larger GDP. I’d be more concerned with Italy or Spain or even Portugal. Why do we even care about Greece?!? Just a blip on the radar…”
Why does Greece matter? The damage from Greece reneging on their bonds to the ECB is somewhere around €400 billion for Greece alone; the problem is that Greece is not alone, and if they do this (and they should) what prevents Italy, Ireland and Spain from doing likewise?
Next the German public will quickly realize that they are subsidizing almost every other nation in the Eurozone right about the time the first of those losses are realized and their banks are assessed to cover them. That’s the point where Merkel loses her ability to govern as the fact that she has serially and intentionally deceived her people will be laid bare on the table.
The most-likely outcome of that revelation? Germany returns to the Mark to cut off what would otherwise be ruinous capital calls from the ECB.
This game is pretty much over folks.
http://market-ticker.org/akcs-www?post=206034
Thanks for putting it into perspective Dean
wtf, too much news to decipher. freeze for greece? is this the end of the euro? why should we care? what does this do to jpm?
on CNBC – ECB stopping monetary policy operations with “some” Greek banks. Hmmm….
CNBC now claiming there is an UNVERIFIED report on €50 Euro withdrawal limit.
This happened in Argentina too…
IF I WANT TO KNOW EVERY NEWS BITE OUT OF CNBC I WOULD WATCH IT!
You are right. None of this matters.
I may be the first actual death on american shores tied directly to the greece crisis…
Dean, you sir are a rumormonger. You are a buttfucking cow fucker. Go away with your cow shit covered dick to zero hedge.
Hahahaa… You sir, must be long equities.
What’s Zero Hedge?
google it.
MY feelings exactly mr.failer.
I will buy some more UCO shares to add to the small position (calls and shares) I started yesterday. I will also be starting positions in TNA (calls and shares) and AGQ (shares). Gonna wait ’til 30 minutes before the close to put in the buy orders.
We are near a short-term bottom and I will add to the positions on any further weakness tomorrow or Friday. Keep in mind that during the 2008 debacle, Unle Ben used to like to wait ’til options expiration day to announce some Fed action that would nuke the shorts, if only temporarily. Guess what this Friday is?
nice call. good post. informative useful information.
Fly; If you could create a social/mobile App ETF what companies would be the heart of it?
Fly, Question…the term “grandpa stocks”, is that your slang or general slang? I just heard it on CNBC.
My slang. They read
I do believe you were first.
Wasn’t that our good friend “The Reformed Broker” picking up on your slang Fly?