10/11/2019 Live Update

[MrMiyagi]

Link?
What exactly is an UNRELIABLE entity?

Link? We don' need no stinkin' leenk!!

It's all over twitter.

[JFR]

Reading the news (It affects the markets, our interest here). Saw this picture. Those guys look tough. Did you ever wish you had a security detail? Yeah, sometimes. But most times, not. By the way, I like Nancy Pelosi, in case someone out there wishes she had no security detail. Ha ha

[K447]

Link?
What exactly is an UNRELIABLE entity?

Link? We don' need no stinkin' leenk!!

It's all over twitter.

Twitter can be a malestrom of content. Some of us do not have the control valve cracked open very far.

https://www.bloomberg.com/news/articles ... -quicktake

[tsf]

Can anyone here remember what the typical QE amount was back in the Bernanke days? How does Powell's $60B/month of QEnotQE compare?

https://en.wikipedia.org/wiki/Quantitative_easing

A third round of quantitative easing, "QE3", was announced on 13 September 2012. In an 11–1 vote, the Federal Reserve decided to launch a new $40 billion per month, open-ended bond purchasing program of agency mortgage-backed securities. Additionally, the Federal Open Market Committee (FOMC) announced that it would likely maintain the federal funds rate near zero "at least through 2015".[32][33] According to NASDAQ.com, this is effectively a stimulus program that allows the Federal Reserve to relieve $40 billion per month of commercial housing market debt risk.[34] Because of its open-ended nature, QE3 has earned the popular nickname of "QE-Infinity".[35][better source needed] On 12 December 2012, the FOMC announced an increase in the amount of open-ended purchases from $40 billion to $85 billion per month.[36]

On 19 June 2013, Ben Bernanke announced a "tapering" of some of the Fed's QE policies contingent upon continued positive economic data. Specifically, he said that the Fed could scale back its bond purchases from $85 billion to $65 billion a month during the upcoming September 2013 policy meeting.[37][failed verification] He also suggested that the bond-buying program could wrap up by mid-2014.[38] While Bernanke did not announce an interest rate hike, he suggested that if inflation followed a 2% target rate and unemployment decreased to 6.5%, the Fed would likely start raising rates. The stock markets dropped by approximately 4.3% over the three trading days following Bernanke's announcement, with the Dow Jones dropping 659 points between 19 and 24 June, closing at 14,660 at the end of the day on 24 June.[39] On 18 September 2013, the Fed decided to hold off on scaling back its bond-buying program,[40] and announced in December 2013 that it would begin to taper its purchases in January 2014.[41] Purchases were halted on 29 October 2014[42] after accumulating $4.5 trillion in assets.[43]

[K447]

... after accumulating $4.5 trillion in assets.

[MrMiyagi]

Thanks TSF!

So this QEnotQE is not too far from those numbers.

[MrMiyagi]

ps -

Mnuchin to hold press briefing at 13:45 ET

[JFR]

Spike. WTF, Man? What news drove this spike? I don't even care. LOL Going upstairs for a coffee. Later ...

[MrMiyagi]

Bloomberg headline only at this time:

*U.S.-CHINA SAID TO REACH PARTIAL DEAL, COULD SET UP TRADE TRUCE

As part of the agreement, China would agree to some agricultural concessions and the U.S. would provide some tariff relief. The pact is tentative and subject to change as Trump prepares to sit down with China’s Vice Premier Liu He later Friday - Bloomberg

[daytradingES]

does any know if/when the White house issues a report of the result of trade talks?
Thanks in advance!

I think the meeting is at 2:45, so sometime after that....

Thanks!!

[Trades with cats]

Not QE dollar estimates are the opening salvo. Please remember all the experts haver been saying bonds and corporate debt are the new flavor of sub prime mortgage and will be even more destructive. If We Work does go down and drags the entire complex with it the Fed will need a warehouse full of new printing presses. Why, well because the big banks have made their money off of underwriting and packaging so they should be ok but the pension funds are the ones holding all this toxic nonsense so the Fed will have to print until they figure out a way to write off the losses without ending pension payments.

[K447]

... If We Work does go down ...

WeWork is a side show bit of VC silliness. Whether it ever goes public or even collapses privately does not matter much.

[Trades with cats]

... If We Work does go down ...

WeWork is a side show bit of VC silliness. Whether it ever goes public or even collapses privately does not matter much.

They have a lot of 15 year leases in major cities and quite a bit of debt. It may be one of those domino things. Totally agree their stock and the company is not a concern but as anchor tenant in high rise office buildings that is something else.

[JFR]

Up off the EMA 20. Have a good weekend, All.

[Trades with cats]

Prices with a zero are supposed to be options favorites. Guessing that is why ES 2990 is showing such a lot of standing sell orders.

[Cobra]

maybe pullback from the range high? I'm not sure about the direction. it's a range day despite started like an uptrend day.

[Trades with cats]

Finally a higher high. Issue to me is will longs stay over the weekend. Trade envoy is in the West Wing and BoJo working behind the scenes with the EU almost anything could happen over the weekend.

On the other hand the ETF's start end of day squaring in a half hour. As they are the home of the (by definition, not derogatory) 'low involvement' investors they may be putting money in today causing a ramp express. That could get is to 3,000 before the close and I am confident the buyback desks would be helping in that effort, if it happens.

[Trades with cats]

Lance Roberts on twitter (Real Investment Advice) saying the Not QE is the Fed paying their share of the tab for the Central Bank salvage operation on Deutsche Bank. If you recall they are the financial nuclear bomb that could take out the western world if their derivatives book blows up.
Have a great weekend!

NOT TRADING RELATED
Columbus day is almost here.
If you have a Prime account I highly recommend the "00" semolina from Naples Italy for pasta flour. I was surprised at what a difference it makes. I am now the official special occasion pasta guy for my family since I switched.

[Al_Dente]

HAPPY HOUR
"...few have their bases covered quite as well as Bank of America, which is bearish, neutral and super bullish at the same time..." [zh]

[Al_Dente]

Lance Roberts on twitter (Real Investment Advice)

He usually tries to find any excuse to bear. That's why zh picks him up.