Update: Market miraculously* came back to close down a mere 25. this was only a test of the emergency Plunge Protection Team, -for now- who knows when TPTB will let the markets fall? the Shadow Inventory knows, Muuhuuuuhaaaaaaa!
Shellacked, that’s what’s happenin’ to folks still in, gettin shellacked..CNBC cohosts want us to know it has ‘stabilized;’ ROTFLMAO and is now down a mere 205, nincompoops! Sell in May, go away, far, far, away!
52 mins to the close of Euro markets. FHFA claims home prices are up, take that with a load of salt before the Feds confiscate it, Consumer Confidence is up, lol, and we are selling off anyway. No data is believable anymore.I don’t care anymore if TPTB are trying to scare Critters in FINREG conference or if Euro markets are taking us down, we retail investors are allllready gone!
Gee maybe some of us think the Critters and their proposed 165B bailout of union pensions and 200b bailout of teachers and states is DRAGGING US OFF A DAMN CLIFF!!
PS Gold is back at 1200….Oil back under 69 and 10 yr is all the way down to the 08 yield at crisis levels – 3.15%
Hang on Sloopy.
Markets tried to rally back 3 times, DOW down for the count-we need an honest ref to call the fight over and stop the global bailout blitz…
DOW closes down 377 to 10,066.80
NAS down 94 to 2204
S&P broke another level down 43 to 1071
My Mastercard purchase from last week was one of like 3 stocks that stayed positive in the S & P today, sell in May, go away baby.
Rick Santelli points out we had climbed back to down 192 when the headline crossed that FINREG passed cloture and would pass tonight, we then tanked 200 points.
ZERO confidence in the Critters.
Someone wake Geithner up and let him know, will ya? Gold down, Oil down, everything is down but Treasury prices…
…Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labor Department said Thursday.
The surprise jump took a toll on U.S. financial markets, already reeling on concerns Europe’s debt crisis could put a damper on the U.S. economic recovery….
The legislators across the world are scaring the crxp out of the markets:
...“I’m convinced the markets are really out of control. That is why we need really effective regulation, in the sense of creating a properly functioning market mechanism.”
Mr Schaeuble’s sense of urgency is compounded by his own state of health. Just 10 days ago, the 67-year-old survivor of a mentally disturbed would-be assassin was rushed to hospital with an allergic reaction to a new antibiotic as he arrived in Brussels for the emergency meeting of EU finance ministers called to agree on the 750 billion euro rescue package….
WSJ reports on the fade the market is experiencing, (Dow futures down 80, 2 mins ahead of opening bell) as traders realize it is all downhill from here, the EU states now have to get the bailout ratified…and they have no mechanism for deciding what state gets what, when in exchange for what austerity.
…The nearly $1 trillion rescue package from the European Union and International Monetary Fund “addresses the short-term needs of funding costs, [but] it doesn’t actually do anything to address the underlying problems,” said Michael Hewson of CMC Markets in London. “It’s just sticking a band aid on a gaping wound.”…
…Credit-default swaps on Greece, Spain, Portugal and Ireland tightened for a second day. The market “is still digesting the impact of yesterday’s bailout. It has bought time…but there are still doubts on whether the peripheral countries can deliver on austerity,” said Gavan Nolan, vice president of credit research at Markit….
It is like TARP all over again but they do not have Hank, Tim and Ben free to do as they will. Perhaps a blessing in disguise, lol….
Goooooold! You know what that means…
Greek Parliament ratifies austerity measures, EURO tanks, USDollar rises, GOLD soars up $24 to $1199, DOW plummets +200
Duncan Niederauer, NYSE Euronext CEO discusses whether error really caused the market plunge today
8:09pm EST: NYSE cancels all trades made between 2:40pm and 3:00pm that were more than 60% off.
Word is after the first really low maybe -off- trade, the computers ran wild with it, Since NYSE has a sort of stopbreaker where they wait maybe 60 seconds to put a trade through if it looks really ‘off’, the trade just moves to the next electronic exchange for a price, the other exchanges do not have the stopbreak so the trades go through, wrong and all. Then the quant models, the buy and sell limits all start kicking in automatically and we get what happened today.
Several respected traders came out this afternoon and said the market is broken, it is too fast. We need the NYSE stopbreak model applied to all electronic exchangs or it will happen again. Duncan Niederhauer cam eon with Maria Bartiromo and explained it well, I will post the video.
SEC and CFTC say they are examing today’s events.
Duncan said tomorrow will probably be ‘ugly’.
3:58pm EST: So a bad trade on PG off by a digit is rumoured to be responsible for the drop from -400 to -998 and back to -400ish. But the Euro plunge, the USDollar rocket, the GOLD surge and the 400ish drop are all fer realsies.
DOW closing down 354 to 10514, those sell programs that ‘kicked in’ saved lots of bacon. But having humans on the floor making the trades would likely have prevented the entire bad order issue in the first place.
3:07pm EST: The 998 drop is an intraday record, now DOW is down 366. I went ahead and pulled the trigger on the LYV buy I have been eyeing. Since I cant beat Ticketmaster I may as well join ;em, the frakkers!!!
2:51PM est: I think the plunge protection team stepped in, suddenly back up to down 650-where are the trading curbs??
2:49 HOLY SHXT, DOW DOWN 956, US DOLLAR SURGING against EURO, FORGET Obamas export plan, PFFT!
2:48om EST: Holy shxt DOW now down 778 and not stopping, this is fear the US will go the way of Greece, we need to STOP SPENDING
2:44pm EST: Above the post update-DOW now down 503 to 10364, GOLD crossed 1200…hang on sloopy!
you know what that means….
2:20pm EST: the crowd is pushing closer and closer to the police line outside Parliament in Athens
…DOW now down 270
2:24pm EST Crowd dispersed into small groups outside Parliament and are now moving into commercial center…
DOW up over 200 on FOMC forecast. D-E-N-I-A-L.
Intel reported kickass earnings (Intel gets 85% of their profit from overseas)..the banks earnings (outside Golden Slacks, which do not reflect the TOXIC ASSETS we heard oh so much about) are not worth the paper they are written on…
The FED (FOMC) meeting minutes were released along with their new economic outlook which has a higher call for GDP and a call for higher unemployment than previously forecast. MiM thinks they are off on both, even the inventory build everyone is expecting to push us to a positive GDP for the 3Q 09, is for MiM anyway in doubt..
Were I the manufacturer, producer, retail chain store inventory manager I would NOT build an inventory right now..ahead of the CONSTANT, ENDLESS ASSAULT on capital from, well the Capitol…
They are now proposing a WATER SURCHARGE on businesses that use a lot of water, to rebuild infrastructure…
Take your profits and bury them in the yard, sheeeet, maybe we will get a chance to spend those dilly dollars before the inevitable inflation bites us in the axx….assuming the Man doesn’t come take it first for the GREATER GOOD…frakkers..
I cannot think of a worse time to propose an individual mandate than when people are cutting back on FOOD out of necessity, NOW is not the time to tell them they MUST pay for insurance….
DOW up over 200 right now, on a serious tear people….Have I mentioned that TOTUS felt the need to make an appearance on tv to support the House Health Care bill (the one that is counter to everything he said in the primaries) just as Hill’s first big speech was starting, he sucked the air out of the room for her like he sucks the animal spirits out of the marketplace...have to go to MSNBC, ugh to get highlights of her speech which even they the He Man Woman Haters Club says was great, too bad none of us got to see it cause the publicity HOG was on …AGAIN…people are writing FREE HILLARY! pieces already….
We got ONE SENTENCE on Hillary’s speech from Reuters:
“Success in Afghanistan also requires close cooperation from neighboring Pakistan, which I will visit this fall,” she said in a speech at the Council of Foreign Relations think tank.
U.S. Secretary of State Hillary Clinton, who visits India later this week, said on Wednesday she will go to Pakistan in the fall.
GOLD back up over 940 BTW…
and PS TOTUS now considering BUYING peoples homes and letting them RENT them back, so Uncle Sam would own the house. But he wouldn’t do HOLC when it would have helped and attacked Hill for suggesting it (she proposed HOLC this in September 2008). some day’s the hypocrisy bothers me more than others…..
Bad, berry berry bad..Art Cashin was using 8300 as his barometer for a second leg down in a stagflation W shaped recovery this morning….and of course PIMCO’s Bill Gross said consumer behavior has changed for at least a generation and we can expect a new normal GDP of 2.5%, he reiterated this view this morning on CNBC….
DOW closes down 212.51 to 8292.45
S & P down 26 to 897.33 (under 900)
NAS down 49, ouch, to 1796.68
NYSE staying open til 4:15 to process orders held up in computer trouble earlier today….
TOTUS got on tv (shockah right, lol) earlier, ostensibly to talk about the bad job numbers but really to explain why passing his GINORMOUS ENERGY TAX would somehow help the economy, m’kay….NOT!
Hang on for a bumpy ride…and please call your Critters, or better still go to a local Tea Party, the Critters are home for the Independence Day Weekend, maybe a call to the local office would help them remember what America is all about, and it aint bailouts and taxes…
Get ready for Carter, TOTUS is doing everything that man dreamed of…
Update: Art Laffer in the WSJ today agrees:
…Here we stand more than a year into a grave economic crisis with a projected budget deficit of 13% of GDP. That’s more than twice the size of the next largest deficit since World War II. And this projected deficit is the culmination of a year when the federal government, at taxpayers’ expense, acquired enormous stakes in the banking, auto, mortgage, health-care and insurance industries.
With the crisis, the ill-conceived government reactions, and the ensuing economic downturn, the unfunded liabilities of federal programs — such as Social Security, civil-service and military pensions, the Pension Benefit Guarantee Corporation, Medicare and Medicaid — are over the $100 trillion mark. With U.S. GDP and federal tax receipts at about $14 trillion and $2.4 trillion respectively, such a debt all but guarantees higher interest rates, massive tax increases, and partial default on government promises.
But as bad as the fiscal picture is, panic-driven monetary policies portend to have even more dire consequences. We can expect rapidly rising prices and much, much higher interest rates over the next four or five years, and a concomitant deleterious impact on output and employment not unlike the late 1970s….
The 10 yr auction should be eeenteresting….
Bond Vigilantes on the march or inflation from the excess liquidity? Is it a dollar play, a safety play?
Oil traders are pricing in a recovery HA HA HA..
as MiM predicted, ANY data that shows ANYthing NEAR a recovery has commodities ready to ROAR
We have a tiger by the tail here folks…..Mark Kirk really has a handle on the economic issues, GOLD baby GOLD…
The traders are loony now, DOW futures are up 90, Pfft, if this is a recovery where are the PRIVATE SECTOR JOBS? yes it is a lagging indicator but housing and jobs are the two prerequisites for an American economci recovery and neither of those customers have checked in for business in the USA…..
So Dream On traders, all you are doing pushing oil up is exciting Pelosi, but I still dont see Americans willing to buy those little cars AND the only people who would, the YOUTS, cannot find work…..yeah this Bear is still calling it a fools game….no recovery here, move along, move along….
Created by phuongdot6