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

[s13sr20det]

been buying a LOT of apple on the way down

 

[SpasticGramps]

While Ben's ponzi pep talk gave the banks a decent bounce it was short lived. No big short squeeze today. Everyone is selling the bounce looks like.

To summarize his speech: "Blah, blah, the economy is shitty and getting shittier." "This is all unexpected." "It's all Europe's and the Easter Bunnies fault.""I don't know what the fuck I'm doing, but if the stock market goes down too much further I promise I'll print more money and monetize more debt.""Did I forget to mention that I don't know wtf I'm doing?"

Gotta be a short squeeze coming up here sometime IMO. Big rally off of some big headline fake bailout news coming out of Europe. Then subsequent return to reality that Europe is FUBAR and another big down leg?

Everyone's butt is puckered at the moment as some of the 17 nations are calling for bigger "haircuts" to private bond holders (from 20% to 50%) as conditions for the July 21st bailout. Basically the last bailout package looks like it's going to have to be renegotiated. In other words, this impasse is an Epic Fail for the European banking system. Greece runs out of money in a little over a week and the big meeting to decide on the next tranche of funny money has been postponed. Not looking good for the home team.

Meanwhile in the USA bond vigilantes are feasting on the dead carcass of Morgan Stanley.

 

[Sam the Caveman]

To summarize his speech: "Blah, blah, the economy is shitty and getting shittier." "This is all unexpected." "It's all Europe's and the Easter Bunnies fault.""I don't know what the fuck I'm doing, but if the stock market goes down too much further I promise I'll print more money and monetize more debt.""Did I forget to mention that I don't know wtf I'm doing?"

lmao, so true

 

[SpasticGramps]

Gotta be a short squeeze coming up here sometime IMO. Big rally off of some big headline fake bailout news coming out of Europe. Then subsequent return to reality that Europe is FUBAR and another big down leg?

God this market is a joke lol. I left the office at ~2:30CT and the market looked poised to die going into the close.

While I was driving home, the Financial Times (again) releases a well timed "EUROPE IS SAVED!!" article and the headline reading computers and momos rally 400pts off intraday lows mowing down shorts. DOW closed up +153. This casino is insane. Not a healthy market at all. That was an easy call. Didn't expect it to happen right then though lol.

FT Causes Massive Short Squeeze With Mother Of All End Of Day Rumors

Here are the key selected sections from the FT story that sent the Dow Jones soaring 400 points from its intraday lows:

"Although the details of the plan are still under discussion, officials said EU ministers meeting in Luxembourg had concluded that they had not done enough to convince financial markets that Europe’s banks could withstand the current debt crisis... “There is an increasingly shared view that we need a concerted, co-ordinated approach in Europe while many of the elements are done in the member states,” Olli Rehn, European commissioner for economic affairs, told the Financial Times. “There is a sense of urgency among ministers and we need to move on.” Mr Rehn cautioned that while there was “no formal decision” to begin a Europe-wide effort, co-ordination among EU’s institutions – including the European Central Bank, European Banking Authority and the European Commission – on necessary measures had intensified."

So, there is .... nothing definite, just more speculation, more rumors, and more innuendo. But hey, it worked last week with the Liesman rumor. It obviously would work for the FT which has become the End of Day rumor source du jour, first with China bailout rumors (since denied), then with recapitalization rumors (denied), and now with this joke. Pathetic.

So this is what a fascist centrally planned markets looks like? I have to say it's pretty fucked up.

This strikes me as seriously grasping for straws. Jest they must.

 

[The iD]

ahahaha, weeee! melt up green shoots on who gives a fuk. +400 dji off the intraday lows. perfectly healthy market, lol. Bernank must have printed up some duct tape to go w/ the FRNs to hold this fuker together. got to unload short term calls twice today. still holding ~25% into tomorrow, and yesterdays are back in play. rolling profits into more long dated puts, at the discount they continue to price at. still looking for the retest of 1.1k S&P lows tomorrow, but we technically put in a double bottom today, as controlled and contrived as it was. likely pop off the ECB meeting on thursday. on monday the Fed/EU/BOJ worldwide liquidity intervention starts up. looking immensely like mar'08 when it slipped below 12kDJI/1.3k S&P. im tired, going to bed. stay frosty,

-iD

edit: i still cant contribute to your rep Gramps, along w/ everyone in here. guess i gotta spread it around in the SDF#2. anyways, hope ur health is ever improving, and that everyone here doesnt get too beat up by the whipsawing. best of luck.

 

[SpasticGramps]

Bailout Bonanza Rumor Rallies. Supported by technicals of course. Fun times.

I cut this comment off of MarketWatch. Sign of the times lol.

For discretionary purposes his handle has been changed.

Confused Proletariat Equity Bull #9

Just plain nuts. I'm a bull but this doesn't make sense. First they delay a decision twice on Greece and then cancel a meeting on Oct 13 and put it out until Nov (who knows when?) and now there is a sense of urgency to dealing with the crisis and we are reassured over talk that they are talking some more?? Gimme a break. I have no idea whether to buy or sell. The mixed signals are like reading tea leaves in the dark.

Feeling much better. Thanks! Enjoy Shanghai bro!

:friends:

 

[iSMOKE.KUSH]

lolwut? what is happening..

it's almost like the big boys are just moving the herd up and down at will. they buy, everyone buys, then they sell for a profit once everyone is on the bandwagon, and short the stock on it's way down...

 

[Dudesome]

Anyone else smelling deflation? It's right in tha air....

 

[SpasticGramps]

lolwut? what is happening..

Wholesale sheep slaughter lol.

Anyone else smelling deflation? It's right in tha air....

Commodities (especially copper) are indicating that a big deflation is on the way.

CDS market is indicating the banking system is about to implode. ECB confirmed today using explicit language that Europe's banking system is in a liquidity crisis. They went on to reemphasize that this was a "liquidity not solvency" crisis. Yeah, and I fucked the the tooth fairy last night too.

Oh and they announced another "stress test" Yes another stress test. The last one they just had found almost all banks including Belgium's Dexia to be sound, well capitalized, and able to withstand the sovereign debt crisis. Dexia collapsed two days ago into a worthless pile of insolvent shit. I can't believe people still believe this stuff. History is going to look back at us like a bunch of morons for hanging onto these liars last words as if it were truth. Won't be the first time though.

Equities are flying on hopium again after the stick save yesterday by the rumor mill. Technicals are bullish after the double-bottom was put in.

Fat floats. There's a lot of fat left in the market. The market keeps getting fed with all these fatty substances. Treasury Twinkies, Bennie Bon-Bons, Operation Twizzler's, etc., etc., etc.

Put it on a crash fat-free diet and all hell's gonna break loose. You ever been around somebody who's used to eating everything in sight and can't no longer? It's ugly.

 

[SpasticGramps]

An insolvent France prepares to nationalize it's insolvent banks. Or maybe just "2 or 3" of them anyway. The link includes a clip of "Leroy Jenkins". I had never seen this, but it's hilarious and describes the situation perfectly.

Le Figaro Discloses France Has Prepared An Emergency "Just In Case" Nationalization Plan For "2 Or 3" Banks

There are three phrases the market never wants to hear. Ever. They are "contingency", "just in case", and "only." Alas, it just got all three of them in an article just released by French Le Figaro which, per Bloomberg, has disclosed that "France has been working for a number of days on a plan that would allow the state to take a stake in the country’s financial institutions if needed, Le Figaro reports, citing a source. The plan, the article continues, is being prepared “just in case” it’s needed and only 2 or 3 banks may be affected under plan." So, let's get this straight: France has scrambled to put together a nationalization plan to bail out just "2 or 3" banks, "if needed"... Uhhh, all we can say to this is, LEEEEEEEROOYYYYYYY JENKINS. Although the person we would most love to hear say it, is the person who until two months ago was the French minister of finance and currently head of the world's most irrelevant and disorganized organization.

 

[Hydrosun]

You made me almost piss my pants watching that game video!

 

[SpasticGramps]

I'm still laughing my ass off lol.

 

[Bobby Stainless]

Wonder how the Jobs death will effect the stock.

RIP.

 

[SpasticGramps]

Just saw that. RIP.

 

[iSMOKE.KUSH]

great article..

http://opinion.latimes.com/opinionl...capitol-hill-testimony-faltering-economy.html

Ben Bernanke on Wall Street Protestors: "They blame, with some justification, the problems in the financial sector for getting us into this mess and they're dissatisfied with the policy response here in Washington. On some level I can't blame them."

 

[SpasticGramps]

An article on Reuters on our broken stock market. Looks like recent moves has the professionals to granny shitting in their pants. Frankly it should. Bernanke's centrally planned rumor mill market will go the way of all attempted centrally planned markets. That is complete loss of faith leading to complete and catastrophic failure.
I'm kind of tickled that I called that ~2hrs before it happened.

U.S. stocks' massive "melt-up" fans investor fears Reuters

NEW YORK (Reuters) - In less than one hour on Tuesday, the U.S. stock market surged by 4 percent -- for no apparent reason.

The last hour of trading was the most volatile final hour in two months -- and it occurred at a speed that frightens many, from experienced hedge-fund managers to mom-and-pop investors.

The late-day "melt-up" that pushed the S&P 500 index <.SPX> out of bear-market territory might be construed as good news. But it brings back echoes of the "flash crash" that saw markets dive by several hundred points in a matter of minutes, and it's a big reason many are staying away from the market.

"Everyone is scared in both ways -- the shorts are scared, the longs are scared, everyone is scared. The high-net-worth investor is very, very scared," said Stephen Solaka, managing partner at Belmont Capital Group in Los Angeles, which manages money for independent wealth advisers and family offices.

Tuesday's move was the latest example of an erratic, high-octane stock market increasingly driven by levered exchange traded funds and complicated hedging and options strategies that unwind with dizzying speed.

It's a far cry from when the U.S. stock market was viewed as a place for capital-raising by businesses seeking to expand and a place for investors looking to put their savings to work.

"It tends to result in some market participants feeling like the market is uninvestable. It's not good for mutual funds or hedge funds," said Michael Marrale, head of sales trading at RBC Capital Markets in New York.

The ostensible reason for Tuesday's move was an article published late in the day on the Financial Times website quoting the EU's commissioner for economic affairs, Olli Rehn, saying a plan was being worked out to recapitalize the region's troubled banking sector.

But Reuters reported similar comments earlier in the day, and Rehn's comments struck some people as covering old ground. Ken Polcari, a veteran of the NYSE floor at ICAP Equities, found the reasoning insufficient.

"There is no clarity -- 'no formal decision' -- just more speculation, more rumors, and more innuendo," he said of the FT article.

If the pros and hedge funds are scared that they are going to get their faces ripped off then I pity the pour clueless souls of the retail investors. Which is just about everyone these days (pensions, 401K, etc etc).

 

[SpasticGramps]

great article..

http://opinion.latimes.com/opinionl...capitol-hill-testimony-faltering-economy.html

Ben Bernanke on Wall Street Protestors: "They blame, with some justification, the problems in the financial sector for getting us into this mess and they're dissatisfied with the policy response here in Washington. On some level I can't blame them."

He and Greenspan and the corrupt institution they occupy are the primary causes much of the world's ills. I wanted to vomit when I heard that.

I'm hoping this Occupy Wall Street movement will spread to the Occupy the Fed. Like to hear what he says when that happens.

 

[SpasticGramps]

Timothy "Welcome to the Recovery" Geithner on the spreading Europe Crisis.

US's Geithner warns Europe crisis a global threat Reuters

* Europe's crisis a threat to rest of world

* Geithner says Europe moving too slowly

* Preparing for new push at G20 talks next week

WASHINGTON, Oct 5 (Reuters) - Europe needs to step up efforts to control its debt crisis before it pulls the United States and the rest of world into a renewed downturn, Treasury Secretary Timothy Geithner urged on Wednesday.

Speaking at the Washington Ideas Forum in the downtown Newseum, Geithner mixed praise and criticism of Europe as he continued an ongoing effort to push its policymakers toward a more forceful approach toward dealing with debt woes.

"Europe matters a lot to us. We don't want to see Europe weakened by a protracted crisis. Europe understands that," he said but left no doubt at his impatience with progress so far.

"They are moving too slowly," Geithner said. "Europe is a large part of the global economy, and a severe crisis in Europe would be damaging" around the world.

He sidestepped a question about how close the U.S. economy might be sliding back into recession, however.

What Timmy doesn't understand is that unlike in the US where it's easy print trillions of dollars and demand supreme fascist rights to the economy to bailout out whatever crony you feel like in the morning in the EU the 17 nations can't even agree on the last tiny July 21st bailout. For Greece. Let alone the entire banking sector now. Europe (those in the Euro at least) has two choices. Become one fiscal state (one country, one balance sheet more appropriately) or collapse. IMO the first is a nighttime fantasy of power sick oligarchs the other is the reality of 2000 years of tribalism when you try and do it.

The market moves faster than politics ever will Timmy. It's already priced in a Greek default. We are racing against the contagion spreading now. Rumors, innuendo, and lies can only last so long.

 

[SpasticGramps]

Good video.

BBC Does It Again: "In The Absence Of A Credible Plan We Will Have A Global Financial Meltdown In Two To Three Weeks" - IMF Advisor

A week after the BBC exploded Alessio Rastani to the stage, it has just done it all over again. In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone's mind: "If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serrious than the crisis in 2008.... What we don't know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems."

But no, Morgan Stanley does, or so they swear an unlimited number of times each day. And they say not to worry about anything because, you see, it is not like they have any upside in telling anyone the truth. Which is why for everyone hung up on the latest rumor of a plan about a plan about a plan spread by a newspaper whose very viability is tied in with that of the banks that pay for its advertising revenue, we have one thing to ask: "show us the actual plan please." Because it is easy to say "recapitalize" this, and "bad bank" that. In practice, it is next to impossible. So yes, ladies and gentlemen, enjoy this brief relief rally driven by the fact that China is offline for the week and that the persistent source of overnight selling on Chinese "hard/crash landing" concerns has been gone simply due to an extended national holiday. Well, that holiday is coming to an end.

 

[Nondual]

Talked to my friend at the local bank today and a good chat. He basically ended up saying the gold standard coming back is inevitable and needed to provide some stability.