Nice quote.
Going to pic up a t-shirt when they get my size back in.
It sure did puke on itself at the close.
check these out , i can pm people the store link on request .
Nice quote.
Going to pic up a t-shirt when they get my size back in.
It sure did puke on itself at the close.
TD said:Stocks Reverse Entire Overnight Dump On One Headline
Update 2: Cantor says has votes to pass bill
Update: Sure enough: Boehner tells reported "I am smiling"
As expected earlier, the news of America's economic tumble are completely ignored now and the S&P is well above the levels before the GDP announcement. In fact, following a headline earlier that the GOP is preparing to amend its bill the computers went out in full rampage mode as the quote stuffing chart below demonstrates so vividly, the headline scanners did their job and robot after robot rushed to outrun each other for every available offer. We give this rally a few minutes before some republican says that the Boehner plan will in fact pass in current form, and the robotic buying spree turn into a dumpathon.
This is what passes for a market these days.
And the driver: Johnny 5
From Joseph LaVorgna, Deutsche Bank
Growth recession confirmed; H2 dims; waiting to see jobs
Commentary for Monday: Previously, we highlighted the possibility that the economy was on the brink of a growth recession—a sustained period of below trend growth typically accompanied by rising unemployment. The disappointing Q2 GDP results and downward revisions to the prior three quarters lead us to believe that this indeed is the case. Real GDP in Q2 rose just 1.3%, as personal consumption virtually stalled (+0.1% vs. +2.1% previously). The prior quarters were revised as follows: Q3 2010 (2.5% vs. 2.6% as previously reported), Q4 2010 (2.3% vs. 3.1%) and Q1 2011 (0.4% vs. 1.9%). In light of the softer first half performance of just +0.8% AR, we are making adjustments to our outlook for the second half. We are lowering our estimate of Q3 GDP by a full percentage point to 2.5%; and we are reducing Q4 from 4.3% to 3.0%. These estimates will be subject to further revision pending a couple of near term developments, namely the resolution of the debt ceiling impasse and the outcome of the July employment report. (Although the coming week’s data on ISM manufacturing, construction spending and motor vehicle sales will also be important gauges of activity.) Hence, we are likely to make additional adjustments—potentially sizeable ones—in the relatively near term. For example, if financial conditions tighten significantly in response to a sovereign ratings downgrade or there is a Federal government shutdown, we would make more drastic cuts to growth. We estimate that a 2-3 week shutdown could subtract 1.5% from Q3 GDP growth. A lengthier shutdown could have a significantly more deleterious effect, although we continue to believe that this will not be the case.
Even if the government passes something to raise the debt limit soon a lot of damage has already been done. Doesn't seem like these guys are even close yet to agreeing on something.The Senate has killed the latest effort by the House to raise the government's borrowing cap.
Democrats and several Republicans killed the GOP measure by a 59-41 vote Friday night, just minutes after it arrived from the House. Democrats opposed the measure because it would require another painful debt-limit debate early next year.
Ha ha...here is an interesting article i came across, its from 7/25
Investors: The $1 Billion Armageddon Trade Placed Against The United States
That part seems inevitable. Don't know what some of the dorks in DC are thinking but regardless of any budget deal they're doing damage which I think will show up in a credit rating downgrade at the least even if there is no default.Someone dropped a bomb on the bond market Thursday – a $1 billion Armageddon trade betting the United States will lose its AAA credit rating.
Ha ha...
That part seems inevitable. Don't know what some of the dorks in DC are thinking but regardless of any budget deal they're doing damage which I think will show up in a credit rating downgrade at the least even if there is no default.
Well something is going to happen at some point because this cannot be sustained. I really don't know much when it comes to that level of trading but wondering if someone is actually hedging their position with that 1B$ purchase? Will be interesting to see how it all shakes out....or it will lead to an even worse default resulting in a huge crisis
Ha ha. Do these guys work on Sundays?The Republican-led House has rejected a Senate Democratic bill that would slash spending and avert a federal government default.
The vote was 246-173. It was a pre-emptive vote in the high-stakes political fight as the Senate still hasn't voted on the measure from Senate Majority Leader Harry Reid. The measure would raise the debt limit by $2.4 trillion while cutting spending by $2.2 trillion.
The vote could set the stage for negotiations on a compromise just three days before the Treasury says it will be unable to pay all the nation's bills.
It's kind of like watching a trainwreck in slow motion. 2 major distribution days out of 3 to end the week. People dumping stuff like crazy. If the NASDAQ revisits about 2,600 soon I'll be happy with what I'm holding. Heck even Investors Business Daily is getting ready...There is no way they get something passed by the deadline. Impossible now. Maybe something after. I would think Mr. Market is not going to like this come Monday.
What do you guys think about Obama wanting to raise debt ceiling so much, he might actually do it on his own. Just a week before the August 2nd he said that he has talked to his lawyers and thought that it wasn't an option. But as the disagreement in congress continues there are more and more talks about Bama actually considering such an outcome. Now that would mean that he will take a full responsibility for it. And we all know how economically uneducated that guy is.
I don't care about the politics of the "debactle." If you can't talk about the "debactle" without mentioning certain peoples names (hint hint) please don't talk about it at all.
Economics not politics. The only thing important for the markets is pass or fail. Agreement or no. Fuck all the other noise. You will cause the thread to get closed.