Short term trades in the stock market •$$$$$•

[CascadeFarmer]

Cramer is a scam artist. He's picking peoples pockets for his masters.

In some way's he's a contrary indicator.

 

[DiscoBiscuit]

That was it, Daily Show. My poor memory...

 

[SpasticGramps]

In some way's he's a contrary indicator.

A big flashing red one.

 

[TNTBudSticker]

Talking about bad banks ? Then if today is a good day for banks I would go ahead and look over SKF and pick up some of those $9.00 per share gain today ;-)

 

[SpasticGramps]

Dow 11,150 -171 -1.51%

Nasdaq 2,420 -48 -1.95%

S&P 500 1,159 -18 -1.56%

Nice setup for Jackson Hole tomorrow. Print or crash? I think we tank hard tomorrow as Bernanke dissapoints with no QE. Every time Benocide opens his mouth the market shits itself.

Oh, fuck Uncle Warren for propping up the status quo, but just goes to show you how desperate things are inside BAC. Like CF alluded to. He is just trying to save his own ass. He knows if the ponzi dies he will be irrelevant. I hope BAC gets smashed down to a 5 bagger tomorrow.

 

[Zen Master]

no QE3 tomorrow is my thoughts. Gold margin hike instead, whaddya think, the mention of no QE will lift Au coupled with the hikes to 'lower' it, thus leading it to stabilize(ish), only to jump up to ~2000-1900 in short order after the effect of the hikes is gone (<1 maybe 2 weeks if that)?

no QE is bullish for PM's, very much so right?
yes QE is bullish for PM's as well because of the USD getting closer and closer to toilet paper.

I dont really see how holding physical wont pan out right now.... I think I might take a drive to the coin store today or tomorrow depending on when the hike news comes (if any). (found a local one thats got pretty good deals on bullion, on point with apmex (actually a hair cheaper) etc yet I dont have to wait for delivery, I like walking out with somethin in my hand) edit: and of course the regulars in this thread probably know I'm newer to this and the PM's, so rip my thoughts apart and teach me some shit if you think I gots me some learnin to do.

 

[SpasticGramps]

Speaking of desperate bad banks. The European liquidity crunch continues. ECB is knocking on the Fed's door again. This time for a paltry $500mil. Wonder which bank can't fund itself? Soc Gen?

The European Dollar Funding Crunch Is Back: Fed Does Another $500 Million In USD Swaps This Time With The ECB

And now for some disturbing news out of the ECB, just in time for tomorrow's sub-1% GDP announcement and Jackson Hole disappointment. Unlike last week, when the Fed conducted a $200 million FX swap with the Swiss National Bank, this week the bank in dire needs of dollar funding is the ECB itself... and for two and a half times than last week. Furthermore, unlike last week, when we knew in advance that at least one European bank was experiencing a dollar liquidity event, this time the update from the ECB indicated no USD-based liquidity constraints: the $500 million in 7 day USD punitive loans quietly expired and everyone once again assumed that Eurozone liquidity is back to normal. It isn't. The question once again now becomes, who finds themselves in a dollar funding crunch?

Maybe we will get QE3 tomorrow if we have a negative GDP revision? So many choices.

EDIT: I'm thinking GDP comes in at around 1.

 

[SpasticGramps]

no QE is bullish for PM's, very much so right?
yes QE is bullish for PM's as well because of the USD getting closer and closer to toilet paper.

No QE3 means everything tanks IMO. Maybe even to the point where people have to liquidate gold holdings to meet margin calls as happened a couple of weeks ago. On the flip side of that people might funnel into PM's if they see the rug getting pulled out from underneath the stock market.

A QE3 will be very bullish for PM's. We may not get it tomorrow. Not enough pain to justify it yet. We will get it in some form though. The market is reliant on money printing now. Printing money is like eating a Pringles. You can't eat just one. It's print of perish at this point. The ironic thing is that printing will eventually lead to a much worse death.

Predicting how tomorrow is going to go down is tough. I would wait until next week to go to the store though. Wait and see how tomorrow plays out. Ben is going to torpedo the markets either way. Just have to watch how it shakes out and see who gets destroyed.

 

[SpasticGramps]

Here is Bernanke's Fluffer. Getting everyone warmed up.

Australia's central bank says markets on edge

SYDNEY (MarketWatch) -- Reserve Bank of Australia governor Glenn Stevens said Friday in a statement to the House of Representatives economics committee that markets remain on edge and the global growth outlook does not look as strong as it did six months ago. The year-end consumer price inflation rate will probably remain well above 3% in the September quarter but is then likely to come down, Stevens said. He added that it would be reasonable to expect that a decline in confidence arising from the recent international events may well dampen demand somewhat compared with the outlook the central bank gave in early August.

 

[SpasticGramps]

My other scenario is Bernanke basically assures the market that he will act when it gets bad enough. Dollar goes up some market goes down some on no QE. Fairly benign Friday.

We trend down on bad economic data until QE is needed. Next meeting after this is in Sept FOMC meeting.

 

[SpasticGramps]

Rur oh. Custers last stand.

Greece Activates Last-Ditch Liquidity Rescue Package To Preserve Its Financial System

The biggest news of the day today was not that some old crony capitalist had doubled down yet more of his non-taxable wealth on a bet Bank of America would yet again be bailed out, or that Wall Street is about to be sumberged under 3 feet of water. No, the most notable event from today was what we commented on in our first post from 7 am, namely that: "If we crossed through some spacetime vortex that brought us back in time just two short months ago, to July of this year, today's confirmation that the second Greek bailout has now failed, following the Finnish finance minister's comments that the country will defy Germany and will not give in to demands to abandon its deal for Greek collateral, which in turn has sent the Greek 2 year bond bidless, its yield up 227 bps to an all time record 46.38%, would have been enough to send the futures and the EURUSD plunging." Well, a few hours later, we did get a plunge, even if it was not in the US, but in Germany, where the entire local market flash crashed upon realizing what we noted hours prior: that Greece is now pretty much done. Yet it turns out there was more: unwilling to admit defeat yet, Greece was forced to pull out the last rabbit hiding deep in the recesses of the hat. As the Telegraph reports, "In a move described as the "last stand for Greek banks", the embattled country's central bank activated Emergency Liquidity Assistance (ELA) for the first time on Wednesday night." Such efficiency out of the Greeks for once- not a single Persian was harmed, or even needed, in this 21st century version of Thermopylae: the Greeks did it all on their own.

More: "Although it was done discreetly, news that Athens had opened the fund filtered out and was one of the factors that rattled markets across Europe. At one point Germany's Dax was down 4pc before it recovered. The ELA was designed under European rules to allow national central banks to provide liquidity for their own lenders when they run out of collateral of a quality that can be used to trade with the ECB. It is an obscure tool that is supposed to be temporary and one of the last resorts for indebted banks." So much for temporary: we are rather certain that the only time this last ditch measure is turned off is when Greeks resume paying each other in Drachmas again. The good news: Drachmas, which we hear are now trading on a When Issued basis with several banks, will be back in circulation very soon.
More:
Raoul Ruparel of Open Europe told The Telegraph: "The activation of the so-called ELA looks to be the last stand for Greek banks and suggests they are running alarmingly short of quality collateral usually used to obtain funding.

He added: "This kicks off another huge round of nearly worthless assets being shifted from the books of private banks onto books backed by taxpayers. Combined with the purchases of Spanish and Italian bonds, the already questionable balance sheet of the euro system is looking increasingly risky."

Athens' activation of the ELA will raise concerns that Greece will simply shift debt to Brussels.

By accepting a lower level of collateral the debt in the ELA is, in theory, supposed to be the responsibility of Greece. However, since the Greek state is surviving on eurozone bailouts and Greek banks are reliant on ECB funding, in practice the loans are backed by the eurozone. The terms of lending and other details are not disclosed publicly.

Mr Ruparel said: "Though the ELA is meant to be a temporary emergency solution, we know from Ireland, where the programme has been running for almost a year, that once banks get hooked on ELA they rarely get off it.

Just like Europe's short selling ban: the drastic measure at stock market controls was supposed to last 2 weeks; it has now been extended for months in places. Another thing we are confident is that by the time all is said and done, any selling will be made illegal.

First in Europe and then in the US.

 

[SpasticGramps]

Q2 GDP revised down to 1%. Europe is selling off due to failed Greece bailout IMO. DAX is down past it's 4% flash crash levels from yesterday. Down 20% YTY.

Bernanke is preparing for his big flop.

 

[SpasticGramps]

Bernanke basically punted. Pretty much admitted that he doesn't know what the fuck is going on right now and will add an extra day to the Sept central bank circle jerk FOMC meeting in Sept as to discuss "policy options" (ie printing money). Let's see if we get S&P 1000 by then?

Short selling ban is working wonders in Europe most indices down ~3%.

 

[The iD]

up 2+% on the possibility Irene washes away all humans from Wall St over the weekend and all trading will be amongst machines come Monday? robobullish.

lol, this market is hilarious. expecting a speech but i get a TPS report. anyone here going long? anyone anywhere? whos buying BIDU? lol. cant eat gold, but LNKD has electrolytes, it has what plants crave. TIVO, BAC...rofl. if i wasnt sitting on the fizz i wouldnt be laughing. congrats if you went long into this. got me beat. i welcome the weekend & sept. your move EU. stay frosty,

-iD

edit: just got the confirmation. doubled down on my short position @ interim highs. will hold thru the weekend if needed. they are betting weather is gonna be bad and they can blame the storm. lets see if they can make it till close. gl & stay frosty,

edit2: heres an enjoyable documentary on the hurricane of '38: http://www.pbs.org/wgbh/americanexperience/films/hurricane/player/[PBS]

 

[SpasticGramps]

It was pretty funny. As Bernanke spoke US markets tanked for a bit and then exploded upwards. Every other market in the world move in unison. If you look at the graphs of NASDQ, DOW, S&P, DAX, FTSE, FTSE MIB, etc, etc they all moved up sharply at the same time. They all look exactly the same. Skynet is in control lol. Same with Gold, up 2% back to $1800. So much for the bubble bursting lol. Fear trade is back on with the EU going down the shitter.

Goldman Sachs released a statement saying that they again expect easing coming into fall. Way back in this thread I stated that I thought it would be fall before we saw easing. We rallied today on the hopes that there would be easing come fall. I should have known. Anytime the central planners say they are going to intervene the markets explodes.

Shorts got destroyed today. The incoming storm and potential NYC flood will be the scapegoat for all shitty economy data and probably the scapegoat for QE3. The weather is last refuge for a scoundrel and the central bankers do love beating that drum.

 

[joeuser]

It was pretty funny. As Bernanke spoke US markets tanked for a bit and then exploded upwards. Every other market in the world move in unison. If you look at the graphs of NASDQ, DOW, S&P, DAX, FTSE, FTSE MIB, etc, etc they all moved up sharply at the same time. They all look exactly the same. Skynet is in control lol. Same with Gold, up 2% back to $1800. So much for the bubble bursting lol. Fear trade is back on with the EU going down the shitter.

Goldman Sachs released a statement saying that they again expect easing coming into fall. Way back in this thread I stated that I thought it would be fall before we saw easing. We rallied today on the hopes that there would be easing come fall. I should have known. Anytime the central planners say they are going to intervene the markets explodes.

Shorts got destroyed today. The incoming storm and potential NYC flood will be the scapegoat for all shitty economy data and probably the scapegoat for QE3. The weather is last refuge for a scoundrel and the central bankers do love beating that drum.

Yup...he kicked the can another month.

I was short going into the day...double downed thinking the markets will be destroyed when the hurricane is over. I'll probably get screwed AGAIN as we rally on the $100 billion it will cost to clean up!

With the weekend, hurricane possibly hitting NYC, slow trading because of the storm Monday...I actually SOLD half my PM paper thinking that TPTB will try to take down the PMs Monday with the light trading.

Yup, this storm MAY be the black swan. This has the potential to be devastating. A hurricane riding along the coast for 1000 miles...it ain't gonna be pretty! $100 billion may be an underestimation!

 

[Guest 88950]

we needed job creation, just not this way.

good luck in the markets.

 

[SpasticGramps]

The German populace is more fiscally sophisticated than most countries. They were the last western power to really get fucked over by currency shenanigans and are paying more attention than Joe Sixpack. They will be the first to shut this fait paper party down IMO.

Euro bail-out in doubt as "hysteria" sweeps Germany Telegraph

German Chancellor Angela Merkel no longer has enough coalition votes in the Bundestag to secure backing for Europe's revamped rescue machinery, threatening a consitutional crisis in Germany and a fresh eruption of the euro debt saga.

Mrs Merkel has cancelled a high-profile trip to Russia on September 7, the crucial day when the package goes to the Bundestag and the country's constitutional court rules on the legality of the EU's bail-out machinery.

If the court rules that the €440bn rescue fund (EFSF) breaches Treaty law or undermines German fiscal sovereignty, it risks setting off an instant brushfire across monetary union.
The seething discontent in Germany over Europe's debt crisis has spread to all the key institutions of the state. "Hysteria is sweeping Germany " said Klaus Regling, the EFSF's director.

German media reported that the latest tally of votes in the Bundestag shows that 23 members from Mrs Merkel's own coalition plan to vote against the package, including twelve of the 44 members of Bavaria's Social Christians (CSU). This may force the Chancellor to rely on opposition votes, risking a government collapse.

Christian Wulff, Germany's president, stunned the country last week by accusing the European Central Bank of going "far beyond its mandate" with mass purchases of Spanish and Italian debt, and warning that the Europe's headlong rush towards fiscal union stikes at the "very core" of democracy. "Decisions have to be made in parliament in a liberal democracy. That is where legitimacy lies," he said.

Big days for Europe ahead.

 

[Bobby Stainless]

 

[SpasticGramps]

Gold shot up 2% when Chicago Fed dove Evans was on CNBC citing the need for further lose monetary policy and money printing. He said there is no inflation and money printing will bring jobs.

He also advocated inflation targeting which is a sure fire way to destroy the country and even scares central bankers that still have a conscious and brain. Result of his Noe-Keyensian babble? Gold up 2%. So much for the bubble bursting. As long as these assholes are intent on destroying the currency gold will continue to rise.