06/20/2012 Live Update

[CognitiveDissonance]

Has anyone ever used Reggie Middleton's subscription service? Any thoughts on it?

[BullBear52x]

One more chart for the road. here if MACD turns down don't question your eyes.

[TraderGirl]

Looks like we are gonna get an inside day...

[Al_Dente]

Has anyone ever used Reggie Middleton's subscription service? Any thoughts on it?

cog u can get some of his posts on zerohedge
try them first
i watch him on real estate
GL2u

[SB73]

fib info, I'm still neutral. bears better expect bulls to rebound until close otherwise it'd be guaranteed up tomorrow. so wait.

is that in reference to the bullish / bearish engulfing?

[soku]

Thanks Cobra and everyone, GLTA

TA note: I see no over sold intraday to suggest that the bulls will attempt higher close. more room to go down yet.IMHO

i covered too. i think there is good chance market reversed for the rest of today.
good profit for me, not trading too much, only 2 shorts

[Cobra]

strong close is what bears prefer to see (better than weak close which guarantees a green day tomorrow).

[Cobra]

fib info, I'm still neutral. bears better expect bulls to rebound until close otherwise it'd be guaranteed up tomorrow. so wait.

is that in reference to the bullish / bearish engulfing?

smart indeed.

[Petsamo]

Inverted H&S everywhere on the 1 min

[KENA]

I guess that explains why the VIX is red and now redder.

[CognitiveDissonance]

Has anyone ever used Reggie Middleton's subscription service? Any thoughts on it?

cog u can get some of his posts on zerohedge
try them first
i watch him on real estate
GL2u

Thanks, I'm going over his 'free' expired materials. I need to set up some long term trades for when I won't be able to sit in front of the monitors all day come Sept. Let's see how his 'actionable trades' turned out.

[Cobra]

fib info, I'm still neutral. bears better expect bulls to rebound until close otherwise it'd be guaranteed up tomorrow. so wait.

Cobra, why would it be up tomorrow? Thanks.

will explain in tonight's report if weak close.

[MrMiyagi]

will explain in tonight's report if weak close.

What is your line in sand for weak close?

[Al_Dente]

[deleted]

[SWalsh]

The reporters keep pushing him on QE = and each time the market jumps.......

Once he doesn't say anything it drops back down.

It's building one helluva flag as it happens. Does Benny have an ear piece in?

Hahahah, that Foo just blamed weather on possible job growth problems....

What an idiot!!!!

That actually explains everything - Ben watches the weather man and makes his projections based off that.

"There's a Storm Coming!!! Print Print Print!!!!!"

For those who are unfamiliar with why we are so long-term screwed, John Hussman cogently explained in 3 pages the mistake Bernake was making when QE2 affirmed his ignorance of economics. As opposed to Bernanke, he actually manages his own money and takes that of his clients quite seriously:

http://www.hussmanfunds.com/wmc/wmc101025.htm

Keynes was not wrong on everything and is misinterpreted on much while Milton Friedman gets accolades he does not deserve. Greenspan? Throw a hood on him and he looks like the Emperor in Star Wars and is just as corrupt a man.

"There is the possibility... that after the rate of interest has fallen to a certain level, liquidity preference is virtually absolute in the sense that almost everyone prefers cash to holding a debt at so low a rate of interest. In this event, the monetary authority would have lost effective control."


Just consider this: The SPX high in October of 2007 was 1576. We have been elevated to 1422. The high of any market, by sheer logical deduction, is over-priced. That said, what have we now that we did not have in 2007?

1- A severe housing drop to even a depression, depending upon where you live
2- Unemployment was at 4.5 and is now easily over 10% when you put all the people in and don't use creative accounting, and over 15% when you consider those 25% or more who are under-employed for their skills as the jobs left for overseas or the firms went bust
3- Interest rates at zero, but few qualify (except what we now call a banks to run HFTs), and few want the money
4- A federal deficit that doesn't need to be stated and its growth is why we did not have -2% GDP last year
5- A net outflow of illegals as even they can't find jobs
6- "Banks" that run two sets of books because under varying parts of The National Security Act, in times of distress virtually anything can be done to ensure the continuity of the economy and the government (and I don't disagree other than the money has built oligarchs causing Pravda to congratulate Obama)
7- Municipalities with 35-50% of holdings in stocks and pension projections based upon 4-6% growth per year

The above, and more, will be listed in Economics 101 books in 20 years as to the reasons the market eventually went the route of Japan. We don't belong anywhere near this market valuation. Buying back shares and laying off people for better P/.E numbers is not bullish. But it is being widely done for bonuses predicated on those numbers.

After reading, "Confessions of an Economic Hit man" I realized how corrupt the US government is with the banking system and how with South America wising up, the only ones who could be institutionally raped was, as George Carlin put it, was all of us.

One thing for certain that HFTs do is they rally mkts because then the screens light-up to money managers saying "this looks hot....throw some money into it". And the commodity mkts have been begging the CFTC to demand the machines be turned off as commercial consumers and producers can't use the markets to hedge with this kind of volatility they are seeing.

BONUS QUESTION: Can anyone tell me the stated reason why the markets even exist? There is genuinely a reason and it is not speculation.
John Maynard Keynes, The General Theory

[Cobra]

well, guess that's it for today. I'll make a guess about what the next would be in tonight's report. thank you guys, I'll see you tomorrow.

[Cobra]

will explain in tonight's report if weak close.

What is your line in sand for weak close?

never mind, the close was strong.

[Petsamo]

There were a lot of buys in the last few seconds but no extremely large last buys or sells.

[ken_d17]

will explain in tonight's report if weak close.

What is your line in sand for weak close?

I was curious as well, mr. M

I guess the market helped us -- certainly not a weak close.

Strong close ====> more downside

Do I understand?

[MrMiyagi]

never mind, the close was strong.

Hmmm.. Strong is the close....