Charlie Assparino
In this video you can see the CNBC idiots discussing Goldman Sach’s PR problem without once ever mentioning the billions of taxpayer dollars that were funneled into the company on the sneak via AIG. According to CNBC, GS is perfectly innocent and their critics are simply anti-Semites.
What a bunch of BS. I’ve read a lot of the criticism of GS, and didn’t see a single instance of antisemitism. Maybe it is out there, but I sure didn’t see it.
No Americans
Speaking of racism, in the old days companies would put signs in their window: “Help wanted – No Blacks” or no Irish, or no Jews, or no Italians. Today, IBM has a sign in their window that reads: “No Americans.”
In Zachary Karafool’s Newsweek article which I mentioned yesterday, I find it curious that he felt compelled to bring up IBM’s anti-American hiring policy. As far as I could tell, it was getting practically no press at all, with the media obediently keeping it quiet. And then, a CFR member writes about it in a mainstream news magazine? Curious indeed.
Could it be that our overlords are feeling a little hot under the collar, and feel the need to go on a PR offensive? So, they send out Assparino and Karafool to try and smooth things over?
Can the slithering apologists convince Joe Sixpack that it is OK for Corporate “America” to steal his tax dollars, and ship his job to Asia?
Good luck with that.
Cramer is Revoliting
Here is what Cramer wrote on Monday morning:
“Roubini in an FT article outlines the growing risk of a double-dip recession. Can anyone at least ask the guy why we should believe him when he never saw the recovery coming in the first place? How do people approach any of this with a straight face?”
Cramer acts as if, he himself, has never made a bad call such as this one from August 22, 2008, just weeks before one of the greatest crashes in history:
“I think today’s a real rally. I expect more. The more time we keep ourselves from the July 15 lows the more obvious it will be that my position that those lows will hold will be true. It was a radical proposition when I said it then. It will soon be gospel.”
There he was making an epic idiotic call, and proclaiming it to be gospel! And now he acts as if he is an intellectual titan compared to Roubini. What a delusional pompous ass. I have subscribed to his website for many years, but I will not be renewing. The guy is just revolting.
Note to Cramer: Nobody in the USA got a job. There ain’t no recovery.
Oscar Goes Bulltard
When you see otherwise sensible traders go all bulltard, like Oscar did in this video from Sunday, you can be certain that at least a short-term top is coming soon. Euphoria is almost always a reliable sell signal.
TARP Gap Continues to Loom
Three weeks ago, I mentioned that the QQQQ was up against its TARP gap, and it still is. The Q’s have forayed into the gap, but have been unable to close within it, let alone above it. A proper bull would just gap right back over it, but the Q’s haven’t been able to muster the juice for that. Nevertheless, the Q’s are still within striking distance, and must be watched closely. This is the single most important feature on the current chart landscape.
Matt,
Thanks for the great blog.
The SMH under performed both the SPX and the QQQQ today. Could be a canary…
future’s pivots since i barely seem to be on for SPX pivots.
R3 1044.88
R2 1039.94
R3 1031.13
P 1026.19
S1 1017.38
S2 1012.44
S3 1003.63
currently at 1022.50. below pivot point by about 4 points.
at 9:24PM we hit 1026.50 and then have been retracing since/
a case like this makes me want to scream 1012.44 next stop but i will stop shy of it
night
Cramer makes me sick to my stomach– i can’t even watch him. i thought cnbc would fire him for his ridiculous calls that prob lost a ton of “real money” for retail investors. the worst part is that he makes himself out to be some kind of prophet that had this whole thing right. even a broken clock is right twice a day. if i remember right, he was recommending buying stocks the whole way down to Dow 9,000. How pissed would you be if you listened to him to sell all stocks at dow 7500?
I feel special now that CME group is following me on twitter.
am one of 2560 it is following. while almost 800k are following it LOL
Ok i hope that honeymoon lasts long enough as this market wants to test 1025-1026
Tonight Cramer was frothing at the mouth about how frothy the market is.
I remember when IBM announced their new strategy to the investment world. They were telling their buddies they would send as much jobs as possible from the developed countries (Western Europe & US) to the developing countries. The stock went up from around $80 to know about $120. Recession proof. What a bunch of asswipes.
Shanghai on the brink of crashing now. The local PPT must step in for the final minutes.
Shanghai was down 5.7% before someone saved the day in the final minutes. Closed down 2.6%.
Larry, when will it be appropriate for the powers to let the market tank? I suspect when the 2nd stimulus has to get pushed through.
The wildcard is the slow but steady grinding away of the walls of the Fed & allies. Bloomberg has had his initial success, it all depends how it will be played. Hussman is the critic I like most, but the legal clarity he is demanding is difficult to mass convey. Celente is far ahead of the curve, on the other hand literacy in France was less than 10% when the revolution happened.
Looks like we get a gap close on the dax first. After that Shanghai might well come into play.
1026 reached. now its go time? or 1031 first? hmm damn goldman crash the market already
Yerk, I just read that Goldman declared the recession ended in June. And BB got the nod from Obama. I will get blown away any minute now.
30 short
Gold having a happy morning so far…
Larry, hope springs eternal… liquidity only almost eternal. Dax painted a double top, futures lost steam around 1031. Normal us markets would do a gap and crap session today.
Baltic Dry -2%. Appr -47% since peak in early June.
Canadian Dollar Climbs To 19-day High Of 1.0722 Against Greenback
switched my QID into more VXX.
after haha good job
K, well i’m not sure how good it will be…i see dow up about 100, nas up about 20. one suggestion for shorting was to wait for nas 1740/50, shoulda coulda woulda listened…will ride the VXX, sept 97 puts and see what flies from here…
Grief, intraday exhaustion gap?
Weird set-up. futures look like this will tank, spx much better. Market reacts with severe hick-up.
i am taking profits at spx 1044 http://evilspeculator.com/wp-content/uploads/2009/08/2009-08-24_spx1.png
upper 60 min boll band @ 1042…..anywhere near there is good
Nice trading Phil.
larry…thanks ,,,,,but we havent got to 1042 yet…….
Example
SprintNextel (S) is an over-leveraged ‘utility’. With old merger and management problems that are now hopefully (for them) being fixed.
S does not have access to FED’s discount window and pools, but it should be a good bet in this “recovery”. High leverage, good cash flow and a fairly benign competitive environment.
S peaked at 5.58 on May 21. It has been grinding lower ever since and now sits 33% lower at 3.76.
So who is driving this rally? Fannie, Freddie, Citi, AIG and Oil? All five of them are wholly owned government entities full of fake FED digits.
weekly spx upper bb sits at???????? ………1042
Larry, thanks. Telcos are (from what I’ve heard firsthand and it makes sense) pretty recession proof. In most markets they print shed-loads of money and customers have to buy their services. Also, it is regulated industry and all players have only to be as incompetent as the old monopolies to make money. Which they usually manage to do. So in Germany we got lower prices and service has evaporated (even for German standards).
Oil since 99 is .8 correlated to the dollar. I saw a study today, showing they move in lockstep. If one moves away from the ratio it takes about two months at most to establish it again. Their reasoning was the recycling of surplus dollar from the exporters, which are buying stuff in Asia and Europe. So if you think dollar and oil will diverge direction wise, think again
Double tops here.
Yerk, yes they were in the old days. Still are more proof than other industries, but a bigger part of their services are now discretionary.
Service depends on competition. A recession will eliminate the challengers’ ability to invest and competiton goes down.
Oil and USD. Ok. So the gold bugs need to move from gold to oil. That’s gonna take them a while.
Well, let’s see if the inverse follows course of the past months where it goes above the 15min 36MA, reverses, then crashes back down. These have been good setups during this time.
BOUGHT QID…..market sloppy….correction near
phil you want to buy my 95 sept calls on tlt?
K ….no .. i am looking to SELL bonds into any further strength
Wouldn’t it be fun and rare, to say the least, to have a key reversal day – whatever it’s called when the price is up or down all day then before the close reverses. Simple mind, simple pleasures.
George, today is not a key but a permanent reversal day
got tlt at 1.30 looking to sell at 1.95
grab it phil before i raise my prices
K i think we can both sell tomorrow at better prices
Yerk,
It’s waiting on a catalyst. Maybe Parris Hilton will do something to tank the market… at least have a decent pull back.
The more Matt’s spring gets wound, the bigger the boing.
George, I was just looking at these stupid candles in early June and counted them… Before European open they ran the stops on the downside, raced up, ran the stops on the upside in early us trading went lower and whipsawed a bit on the way. Wednesday will probably not as entertaining as today was.
Yerk,
I noticed that before the US market open.
When I use stops, I place them at stochastic or MACD lows. I do this using the Tres Amigas. It is less likely a cycle low will be blown out because it is used to exit anyway. If this is used consistantly it will provide continuous overall profits.
That’s the short version. Another option, and the long version, is to not exit until price crosses below the 9MA on the next-higher time frame and MACD crosses. So once price goes above the 36MA on say a 1min time frame, I go to the 5min, 9MA cross to exit unless it goes above its 36MA, then I go to the 15min. This always keeps me in a winning trade and keeps me from being faked out by a lower time frame cycling making me think the game is over. Naturally, lower time frames are going to cycle creating red candles on a higher time frame.
Of course, there’s nothing wrong with sticking with one time frame’s cycles and just playing them over and over.
George,
many thanks for sharing. Another possible exit criteria I’m looking at is when the lower timeframes begin to hit their highs and try to cycle back. As long as the slope of driving macd 9ema frame opposes the move indicated by the stochs, they have a hard time to push through. When the topping process is more mature the lower frames have better chances. The approach seems to work better on the futures though – and with markets less choppy than today.
Yerk,
Good observation. Often, especially on higher time frames like the 15min on up, the stochastic will cycle within the MACD. Now, this isn’t necessarily a significant undulation, merely a move of the stochastic in the opposite direction of the MACD’s direction.
I usually play the stochastic within a higher time frame even though the MACD is moving opposite. That’s because the stochastic preceeds the MACD. Often, the stochastic will cycle back down and continue down with the MACD, but sometimes it doesn’t – it actually turns the MACD positive and continues up.
That’s the reason on the Tres Amigas that the stochastic and MACD should turn up together to ensure a better trade. On higher time frames, values on the stochastic and MACD need to be lowered to be more sensitive to those price movements.
All that being said, using the technique of hopping on a lower time frame and following the MAs up will take care of those divergences.
well i think many saw my post yesterday and if not just click my name.
now here is someone else using the daily timeframe that is posting about candlestick patterns
http://blog.afraidtotrade.com/dojis-at-the-highs-a-look-at-dia-qqqq-and-spy/
Have you seen the number of stocks trading above their 10 week moving average? http://bit.ly/kjeOi
gotta love headlines like this
Japan’s Export Slump Deepened in July, Signaling Recovery May be Weakening
K,
Those doji’s are very telling. I’d like to find a website that lists % of probability these and other patterns play out. Anyway, it’s a warning either way. Thanks for pointing that out.
George,
Once you see steve nison’s candlestick videos (at least 12hours worth lol)
you will really pick these out without a problem.
here what can enhance a doji candle though.
http://www.candlestickforum.com/PPF/Parameters/16_456_/candlestick.asp
“Upon seeing a doji in an over-bought or oversold conditions, (over-bought or oversold conditions can be defined using other indicators such as stochastics), becomes an extremely high probability reversal situation. ”
(sorry wanted to paste it here but pasted just the link and there is too much text there anyway)
whoa whoa whoa thanks for sending me on treasure hunt george!!
http://www.stockfetcher.com/
Ah, very nice links. Keep hunting K.
george last link is GOLD!!!
Learn how to use it and you’ll be digging deep!!
“hint hint the candlestick tab on there mess with the thing!)
xom, cop, cvx have bearish dark cloud cover patterns
btw this means bullish engulfing pattern on DUG so we’ll see how it plays out.
wow what did i do wrong today to have all this oil research in front of me
http://www.safehaven.com/article-14303.htm