Wow, what a singular market! For sure, after this mornings sharp sell off I felt the market was in danger of shitting itself. Aside from nasdaq weakness, the Dow is now honey badgering the fuck higher–near the highs of the day. Everything is sort of whipsawing around, leaving me baffled about the next direction.
Like they say “when in doubt, eat a sandwich.” I am doing exactly that.
Shares of YELP were a buck higher; but now they’re a buck lower. If I bought 25,000 shares, it would probably move to flat. Point being: it’s thinly traded and volatile. After the housing data, MAS tanked hard; but now it’s back celebrating life again, doing lines of blow.
No one knows what the fuck is going on, just that’s it’s on and ongoing.
Until something breaks or explodes, I will remain in a catatonic state, gawking at the market in front of me.
NOTE: SSYS is merging with an Israeli printer co, lifting 3-d printer company DDD in sympathy. Fuck!
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GDX performing exactly as anticipated
I too was wondering what to do. Excellent advise Fly.
aapl anyone???
Tech is too weak. I’d avoid.
Outside of AAPL and GOOG. Most of the other big tech names are holding up
Equal weighted index indicates sell off a lot more broad based than it looks on the surface.
wprt, is gettin da hammer.
nice dip.natty producers may cut production.we may have seen the bottom in natty on friday.so be cautious with component makers.still good though…
You can just smell the loyalty among the Yelp holders, like so many obvious comparable names of the past.
I can’t imagine the momo in this sucker when it reports real/decent numbers someday.
maybe they turned off the bots for a day,just to tease everyone to see which way it would go.sorta like cuttin loose a deaf and blind guy that has never been out by himself.just to see what happens.lol
This, purloined from arguably the best market blog on the ‘net, Jesse’s Café Américain:
“I sense we are in the negotiation phase, in which the powerful monied interests want to be let off with a wrist slap, and no admission of guilt. And of course for change to come slowly, maximizing their returns.”
The powerful think that they are the system, the economy and the government, and that it exists to serve them. And so any change must suit their needs, first and above all. But a prideful greed and will to power can never really contain itself, as it can never be truly satiated. It always craves just a little more.
The existing US dollar trade regime dominated by global corporations and banks, backed by widely deployed military power, is not sustainable. We are entering the next phase of this unfolding crisis, and some countries are already there, in which we will see growing domestic unrest and repression, and regional trade wars and alliances, in the evolution of the ongoing currency war.
Reform will come, one way or the other. The writing is on the wall.
I have to agree on the currency war hypothesis. We have seen the opening small arms and mortar skirmishes and are awaiting round two salvos which will be of larger caliber artillery.
Po Pimp, Fly, Oil People…Question, OK we are having our pull back in Brent, but what the heck is driving WTI today? Yes the USD got caught in a short squeeze over repat or t/a with my giddy bearishness..but why would anyone buy WTI today? 103 with a falling GDP seems silly, API estimates? how come?
Mario Draghi Event: Introductory speech by the President at the Sixth ECB Statistics Conference, Frankfurt am Main, Germany tonight..grrrrr.
Perhaps people need to make gasoline? Summer is coming.
Actually Gas is priced off of Brent Price, which is falling over Iran talks. This market imho is being held up by Oil today, WTI oil…101.70ish is a support level, 101,80 had buyers to support it…just not sure why?
Gasoline and other refined products are typically priced based on some relation to Brent. These are end products. At the moment there is a bunch of WTI available. That is what will be used as the input in the refining process.
When you have refining utilization at low levels (but expected to increase) you then believe there will be draws in the WTI inventories. Utilization usually starts to pick up around this time of year.
Lastly, where do you get slowing GDP? 2011 was 1.7%. Estimates for this year are around 2.2%.
2.2 > 1.7
QED
Po Pimp..China GDP,forgot to indicate that..yes, I know wti is US oil..still it was strange today on Spread of Brent and WTI
WTI is domestic oil. Could be that the winds of strife and war are blowing over the import market making domestic crude more valuable…..?
I’ve been eating to many sandwitches lately … getting CWTR fat
TURN ON THE FUCKING ROBOTS
Probably not a good day to have 40% of the port in GDX?
What a strange day in the market. So many opportunities though.
Did someone return an iPad for a refund?