Wow, there is no doubt that robots are fucking with this market. Some of you can pull up some intra-day charts and see what the fuck I am talking about. Following really, really weak economic data, the markets began to drop. The dollar was firm, gold was weak, treasuries were great, breadth was horrible. Basically, it looked like a down day in the making.
Then, out of nowhere, the dollar plunged, gold soared and breadth improved dramatically. Believe me, I watch this shit like a hawk and it NEVER changes this quickly, without news. I’d rather not devolve this conversation any further by declaring “the market is rigged.” However, it certainly is fishy.
Right away, high beta stocks are responding to the buy programs, pushing shares of FFIV, VMW and AKAM higher. God and Santa Claus know how much I hate AKAM.
Bottom line: if you asked me 15 minutes ago “can we rally today?” I’d say “fuck no, go get me a coffee.” However, the way things are lining up now: absolutely.
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fig
makes me fucking sick…I spent all morning taking gains in shorts and loving life…i should be spending all afternoon doing the same but no, fuckface Gub’ment gotta drop the hammer. Jesus just give me a down day I can be proud of…
LOL.
You do realize how distorted that statement is , right? After all, the goal of civilization is to progress. Down days are nothing more than obstacles.
Fuck that shit, The goal of markets is to be free and open. I want my Blood and I want it on bad news. Instead I get this semi-hard rally that Ben is jerking us into from the lows on what? Bad news…thats what. Go fuck yourself Bernanke, Go fuck yourself. BTW I’m up on the day so this isn’t some losing position whining here, this is HFT and Ben frustration…I’ll even take 2003 over this shit.
2003 was the start of the last dollar deval…..
This is just more of the same.
Support is not too far from here, however… we should get at least a dollar bounce.
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Intraday snoozefest is at an all time high
It is really odd that there doesn’t seem to be ANYTHING at all that can cause a down day in the market. Today you have europe once again in deep shit, consumer confidence tanking, warnings from key companies…and barely a dent! Its really rather radical.
I should be following the sage advice that says “its not the news, but how the market reacts to it.” By that advice, I should be 130% long right now.
And i would be too, but I cant do it after this run-up.
In the NEW market:
Day trading new hold period: 15 minutes
Swing trading new hold period: 3.5 hours
Investing new hold period: 1 week tops!
Taking your profits before they evaporate in front of your eyes……priceless!
……I knew I should of waited to take that piss. Oh well, easy come- easy go!
Unbelievable!!
It’s a typical algo-bot market….they screw around with it for the first hour, then the daytraders stare at 1-min charts of TZA and VXX for next 4 hours…then the algos screw the close one way or another, and everyone tries to read something into it overnight…then we do it again. My big picture call is that volatility will pick up over the next three weeks and as that drives the market lower, you buy it for the end of year run.
sounds about right
except that it sounds like a bad algo-bot, if it’s buying at this level.
I agree. The anticipated big September sell off is just maybe one month too early? At this point, with this Sept. being the best in 71 years, you have fund managers that need to show that they need to keep their jobs. But look at Apple today, finally that mofo is negative ! I agree with Fly, tech is too far ahead of itself. But who knows how big of a sell off we will have in Oct. We will see soon enough. I have to agree with Fly on TLT. I think it has some room to go still, maybe not a lot, but certainly enough still with relatively low volatility compared to individual stocks or stock ETF’s that it makes for a decent trade. Looks like 1,150 is the barrier to breach, like chessNwine says. I have my doubts that it will do it.
parrot
SMH could be up about 2% by early PM before selling off.
Close enough.
I am out and done for the day.
Color me stupid but AKAM has been my favorite trading stock. It’s been so kind to me I have been in danger of falling in love. Not to happen, am cautioned by AAPL action. Any move by their COO could get AAPL cored gigundo.
BREAKING NEWS: The Feds buys all Irelands debt and pays all past due mortgage debt in the US. Oblabla says things are getting better. Bought some TNA to hedge my TZA’s. Fuckery.
Does this mean we all get free Guinness?
Considering that over time, TZA and TNA both lose from daily re-balancing, why would you not sell TZA instead of buying TNA?
Sorry for my french but F this market. Mr. Fly please dont ban me.
Fly, when are you going to drop Gio?
He frequently disappears for weeks at a time and has zero engagment with his readers when he is around.
I’ve been wondering that myself for a while now.
I’ve had a seasonal job on Oahu for the last 7 years. I work from March – August there. FYI, work in Hawaii is the last thing on your priority list. Sand, sun, surf, chicks, pakalolo, hangin out with your boyz and booze are your first priorities. If you still have time in the day left over after those activities….maybe pony up and work a little. …but just a little.
Want a cookie?
Ya this market keeps coming back like “Jason in Halloween”
Jason was Friday the 13th
Michael Myers was Halloween
So much for “Hollywood” Bob… lol.
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POMO started at 10:15am ended at 11am, coincidence?
I thought the same..got long TLT yesterday.
I didn’t check the Fed site until it was too late, nothing else made sense.
I don’t think it’s a coincidence.
I think since it is a POMO day..(fed buys treasuries and other securities from primary dealers)
I think the bots went full bonko.
Either it’s the bots that belong to the primary dealers or are held privately but used by primary dealers. (goldman, jpm, etc..)
Or other bots just speculating.
Either way..with billions being purchased by the fed, from primary dealers..I don’t think it’s a huge leap to think that some of that capital is then used to buy stocks.
Should be a down day..but since it’s a POMO day, it’s a different ballgame.
oh..and FIG!
Seems to me, and what do I know, that these little algorithms are pre-set. The market takes direction in conjunction with the news and economic data released. How do some people know when the next flash crash will occur? hummm? maybe because it’s already been calculated for the day. Also, it is usually just one stock, except for the one day all haties broke loose. It is quite questionable indeed! Makes one either contemplate going back to school to learn every psychology class in existence, or hang out at the library to devour every piece of news and periodicals ever printed, or maybe just read some good old fashioned body language. Oh ya and hey, aren’t we all smart enough to know what we don’t know? Paleeezzzee!!
Fly
Can you please change your divine site name to iVXXcoin, since that’s all these pikers trading their IRA’s to zero can talk about…. I would have said iFAZcoin but that would have been just really dumb.
10…10…10
Of course the markets going higher…
Americans’ view of the economy turned grimmer in September amid escalating job worries, falling to the lowest point since February.
The downbeat report, released Tuesday, raises more fears about the tenuous U.S. economic recovery. It also further underscores the disconnect between Wall Street and Main Street; consumers’ confidence fell further even as stocks rebounded in September.
The Conference Board, based in New York, said its monthly Consumer Confidence Index now stands at 48.5, down from the revised 53.2 in August. Economists surveyed by Thomson Reuters were expecting 52.5.
The reading marked the lowest point since February’s 46.4. It takes a reading of 90 to indicate a healthy economy – a level not approached since the recession began in December 2007.
Economists watch confidence closely because consumer spending accounts for about 70 percent of U.S. economic activity and is critical to a strong rebound.
If only I had a nickel for every time that “Spending = 70% of the US economy” bullshit stat was thrown out there by a lazy innumerate.
Consumer sentiment, like employment, is a lagging indicator.
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Exactly.
If the Repubs win in Nov. and stalement DC consumer confidence will go up and the stock market will sell off.
The amateurs will start asking how can this be?
They’ll wake up and say — oh yeah, O’Bama’s still Prezident.
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Then they will just lower oil at the pump to 1965 levels..You can’t stop Soro’s that way….Republican’s need to take a play out of Reagan’s playbook…CIRCUMVENT the media
The GOP Corporatists-Militarists-Bankerists CONTROL the effin media, dipshitz.
Just like they control Obummer and Berjackee.
Oy vey. Prison Planet is three doors down. Gummint policies are bad enough, you don’t have to make up stupid shit scenarios that are easily discredited.
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Media is always driven in a general direction by its owners. Who owns the media Jakegint? It’s not a complicated conspiracy theory. Look at climate change in news vs the website “Watts up with that” for a brief schoolin.
The market is channeling David Tipper today.
Bernanke: Fed has tools to get economy on track – Yahoo! Finance -Friday August 27, 2010,
It is a POMO day 10:15 AMish
*yawn*
buy support.
*yawn*
sell resistance
someone get me a coffee.
Somebody get me Coach Cawfee.
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I don’t care who you are or which way you’re betting, this market is resilient.
The Benanke put is more powerful than all the GS robots together.
Remember 90 minutes ago when you were saying to yourself, “damn I should have sold that stock yesterday”…now is your chance.
Mr. Fly,
Break out in gold, next stop 1377.
Do you use stops for your AEM?
Don’t forget it’s the end of month,
and new earnings season close at hand,
and isn’t that what I think the Bears are banking on now?
Fly- You should be shorting GG as it has been the weakest major gold stock the last few weeks.
LMAO….
No, you should be.
Who’s thinking what I’m thinking????
Bacon Cheeseburger? Indued.
As gay as it sounds – juice (cucumber, carrots, lemon, ginger, celery, apple, pear and fennel). Love that shit. Lost 35 pounds in 8 months feasting on this concoction.
I’m on a bacon cheeseburger diet. I’ve added 12lbs of mostly muscle in two months.
Solid diet of cheeseburgers, steak and pizza plus V.King style lifting sessions.
I meant six months, not two
You’d better start doing some scotch & aspirin cocktails with that diet or you won’t be around long to enjoy your newly enhanced V-Kingish physique.
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Thats what they say… I intend to defy all odds just like this rally – LOL
ha, let us know how that works out for you!
If you stop hearing from me… you know what happened.
a tuna sandwich would be much better for you
SLE is good here, using the contrarian T/A.
banks look like they’re going down the escalator in slow mo… very slowly so no one notices.
I expect there’s some seasonality to this. I also think there will be more bank M&A towards the end of the year, however.
I noticed everyone oohing and ahhing over Tepper buying BAC at the $3 mark, but I remember another guy who was doing the same at the same time.
Good on ya, mate. 😉
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Big selloff into the close, followed by a big rally tomorrow for markup day, and then another selloff as the pullback continues…it always gets whippy at trend changes.
You nailed it brother. Tops-n-bottoms marked by big pushes in both directions throughout day.
I’m throwing shit out there, but the USD/JPY selloff looks like the most instantaneously violent move today and the other correlating crosses/assets seem reactionary. Right now we stand about one percent above the levels when the declared intervention took place and the USD/JPY shot up 4%. Wow, as I’m typing this another selloff just happened at noon.
If TXN breaks 27.00 it should pop SMH about .10 (.35%).
Greatness is hidden in the american sprit
Awaken!
The market was brought back up today in the face of bad news because it was a Ben POMO day………
Correlations currently ineffective. Everything goes up together, equally. That’s the only fair way.
MakeMyTrip sounds alot like Infospace to me.
Or TimothyLeary.com?
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Does anyone know where the schedule is for upcoming POMO days?
http://www.newyorkfed.org/markets/tot_operation_schedule.html
Thanks CK….Is really something to base your trading on?
Honestly I have no idea. I thought the accepted amount was rather low, seems like the market wanted to go up regardless, that is a sign in and of itself.
Dr.Fly fighting the tape. AEM?
I think his last sell target of $71 may be the perfect one.
Wish he’d waited for that.
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The tape is infected with adult ADHD.
I know you hate options senior Tropicana, but the VXX Dec. calls are CHEEEEEEEAP. I’ll see you there, with the VIX at 35+…….
simple: trade what you see, not what you think should happen
Right now I see dead people.
exactly
I think Fly’s been reading TK since they both agree this market is going down. Tell me it ain’t so?
Market is not going down, it might one day, just not today.
It’s a bull market, you know.
ADHD is running rampant on this goldly (sic) site.
Can we get back to buying stocks, please?
My RVBD is punching mustaches off, again. Back to my cloud computing fortress….
Ha! That said, I am eyeing that skinny, but sometimes voluptuous VXX again.
Speaking of V.King
So I was listening to WFAN on the internet this PM and it sounds like the NY Yankee fans are more pissed off than the Rays fans are about the Rays.
But then again, there are less Rays fans.
It looks like neither wants to win the division title.
Maybe they ought to just give it to the BoSox.
Fuck them. The Phillies are the new dynasty, drunken fans and all. Four straight Eastern Conference championships is pretty impressive after being down so bad this season.
You mean the Phillies that got butt-stomped by the Junkees last year?
I’ll give Phillies fan one thing… at least they are not Eagles fans.
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I’m going out on a limb and calling a intraday top here. USD/JPY is catching a hard bid.
I smell 55 tonnes [sic] of fromage de la gouvernement.
BRAAAAAAAAAAAAAAPPP!!!
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Food for thought
SPY close 09/20/10 114.21
SPY close 09/27/10 114.27