Bill Cara’s Blog for Nov 2, 2011

CTA Trading Desk Morning Report

[9:30am ET] Good morning, Geoff here.

Yesterday was a very interesting day. We have been saying that the market needed to take a breather and that the European issues were not fixed. On cue, the market sold off hard on the open.

From Monday’s notes: “Sorry, running a little late today. I was spending more time than usual on placing limit orders should prices come to us in certain stocks. Sometimes, you get a fear flush and you need your bids in and we are looking for risk assets at lower prices.”

Yesterday we got the sell-off we were looking for and we bought a total of 10 different stocks (in various strategies) near the open and sold some of the bonds (TLT) that I mentioned buying on Friday at a gain. Some of the names that we bought were new positions and some were adding to existing positions. Two of the names were current holdings in gold miners – we ended up selling some of the position down in the last hour, but we held on to most of the position. When you can take gains of 4.5% and 5.7% in a few hours and have the stock remain a core holding in the portfolio you can’t go wrong.

One of the reasons we were buying yesterday was the support band in the S&P 500 from roughly 1200 to 1220. There are various Fibonacci retracements and prior support/resistance levels within that band. Another technical positive is that the dynamic up trend line was in the band and the S&P 500 looked to be finding support on or near that line (the original up trend line from the August 8 lows through the August 22 lows). We like those broad market levels so we had a list of Cara 100 names with strong earnings estimates that we bought. Buying is the easy part, the real part of the trade is the exit plan, right or wrong. Fortunately the trades all look good right now.

This morning, the ADP report showed that private sector jobs rose by 110,000 last month which exceeded the expected 100,000. September data was revised to up 116,000 jobs added versus the 91,000 reported last month. This is helping the market rally.

I would also like to mention that in the future, I will be including some notes from an associate of mine, Larry Hannula. Larry has been running a futures strategy for 5 years that have returns on a risk adjusted basis that would blow your hair back. He is very conservative and he agreed with my long posture after the open yesterday which strengthened my conviction. Larry’s timeframe is much shorter than mine so we are still determining how to add him to our discourse in a way that would benefit readers but I’m sure that you all will see him as a great resource moving forward.

Have a great trading day!
.

Here are the 7:00am ET snapshots of the latest equity market trading results for Europe, and futures prices plus 5-minute charts of the futures for S&P 500, 30-year US Treasury Bond, US Dollar index, Gold and Crude Oil.

Symbol Name Last Trade Change Related Info
^ATX ATX 1,915.40 6:33AM EDT Down 77.20 (3.87%) Components, Chart, More
^BFX BEL-20 2,055.87 6:59AM EDT Down 3.43 (0.17%) Components, Chart, More
^FCHI CAC 40 3,081.38 6:59AM EDT Up 13.05 (0.43%) Components, Chart, More
^GDAXI DAX 5,863.36 6:45AM EDT Up 28.85 (0.49%) Components, Chart, More
^AEX AEX General 298.92 Nov 1 Down 8.58 (2.79%) Components, Chart, More
^OSEAX OSE All Share 417.90 6:45AM EDT Down 2.65 (0.63%) Components, Chart, More
^OMXSPI Stockholm General 294.60 6:59AM EDT Down 0.19 (0.06%) Components, Chart, More
^SSMI Swiss Market 5,588.41 6:43AM EDT Down 0.16 (0.00%) Components, Chart, More
^FTSE FTSE 100 5,405.07 6:45AM EDT Down 16.50 (0.30%) Components, Chart, More
FPXAA.PR PX Index 891.60 6:59AM EDT Down 5.70 (0.64%) Chart, More
ESI500000000.MA IGBM 855.70 6:35AM EDT Down 7.98 (0.92%) Components, Chart, More
MICEXINDEXCF.ME MICEX Index 1,470.79 7:59AM EDT Up 14.50 (1.00%) Chart, More
GD.AT Athex Composite Share Price Index 744.91 6:43AM EDT Down 7.74 (1.03%) Chart, More

http://finviz.com/futures.ashx

http://finviz.com/fut_chart.ashx?p=m5&t=ES

http://finviz.com/fut_chart.ashx?p=m5&t=ZB

http://finviz.com/fut_chart.ashx?p=m5&t=DX

http://finviz.com/fut_chart.ashx?p=m5&t=GC

http://finviz.com/fut_chart.ashx?p=m5&t=SI

http://finviz.com/fut_chart.ashx?p=m5&t=CL

The team will check in during the day, reporting in the Discourse when there is a new entry.

Enjoy your day.


Cara on Trends & Cycles


Vad’s Catch of the Day


Kaimu’s Sound Money


CTA Trading Desk Mid-Day Report


CTA Trading Desk Post-Close Report


  1. 7:00 AM ET MBA Purchase Applications 7:30 AM ET... [#99018]
    By: davefairtex (5216 comments) Go to top ↑
    • 7:00 AM ET MBA Purchase Applications
    • 7:30 AM ET Challenger Job-Cut Report
    • 8:15 AM ET ADP Employment Report
    • 10:30 AM ET EIA Petroleum Status Report
    • 2:15 PM ET Chairman Press Conference
  2. 2 in Buy alert 3 in Sell alert Accumulation Zone:... [#99019]
    By: davefairtex (5216 comments) Go to top ↑
    • 2 in Buy alert
    • 3 in Sell alert

    Accumulation Zone: Monthly 8, Weekly 4, Daily 1
    Distribution Zone: Monthly 9, Weekly 1, Daily 0

  3. Speaking of his latest project with Jim Puplava (from about... [#99020]
    By: Les (7233 comments) Go to top ↑

    Speaking of his latest project with Jim Puplava (from about 18 mins)
    http://www.netcastdaily.com/broadcast/fsn2011-1102

    The company
    http://pretivm.com/Corporate/Management/default.aspx

    A great 3D map of the deposits
    http://vimeo.com/26634983

    This guy sounds like he’s a serious creator of value. JMO

    • Les, PVG and SEA presented last week in NYC. I follow... [#99051]
      By: Jimymac (40 comments) Go to top ↑

      Les,

      PVG and SEA presented last week in NYC. I follow these two closely. I thought I heard M&I for SEA at 75m oz and 45m f(?) for PVG. Much of this is bonanza grades with credits of copper, moly and silver. SEA and PVG have a MOU.

      This has the potential to be a huge mining district and BC has bought in a spending the infrastructure dollars.

      SEA CEO Fronk said they hope to be acquired within six months. I don’t see Pretium as a producer either. Not many mining companies capable of this type of purchase. NEM and ABX being two that come to mind.

      This is the area of the famous Eskay mine.

      This community is well aware of the various mining districts around the world. This district is on a very short list when ascertaining potential investments. This is some of the most spectacular gold Quartermain has ever seen.

  4. (Reuters) - U.S. private-sector employers added 110,000... [#99023]
    By: California Kid (278 comments) Go to top ↑

    (Reuters) – U.S. private-sector employers added 110,000 jobs in October, beating economists’ expectations, a report by a payrolls processor showed on Wednesday.

    Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 101,000 jobs. September’s private payrolls were revised up to an increase of 116,000 from the previously reported 91,000.

    The report is jointly developed with Macroeconomic Advisers LLC.

    (Reporting by Leah Schnurr, Editing by Chizu Nomiyama)

    http://www.reuters.com/article/2011/11/02/us-usa-e

  5. I wonder if the Greek citizens will vote for increased... [#99024]
    By: SyncMaster152T (166 comments) Go to top ↑

    I wonder if the Greek citizens will vote for increased taxes and lower penisons, or against. For the Greek PM to leave his economy to such a vote, this may be the end of the Greek economy.

    http://www.thestar.com/business/article/1079850–t

  6. El Gallo Complex Drilling Continues to Intersect Exciting... [#99025]
    By: California Kid (278 comments) Go to top ↑

    El Gallo Complex Drilling Continues to Intersect Exciting Near Surface Silver Mineralization at Palmarito Plus Core Twinning Delivers +49% Increase in Silver Grade

    TORONTO, ONTARIO, Nov 02, 2011 (MARKETWIRE via COMTEX) — US GOLD CORPORATION UXG +0.65% CA:UXG +2.43% is pleased to announce results from 1) exploration drilling and 2) core twinning at Palmarito, part of the El Gallo Complex in Sinaloa, Mexico. Exploration drilling continues to intersect exciting mineralization, designed to expand the open pit resource. Highlights include: 140.0 grams per tonne (gpt) silver over 14.0 meters (m), 180.7 gpt silver over 8.7 m and 384.2 gpt silver over 4.7 m. Results start from surface. In addition, 39 of 61 historical reverse circulation holes have been twinned with core. Results to date show that the grade-weighted average has been increased to 157 gpt silver from 106 gpt silver (+49%) (Table 2).

    “Our team has done a fantastic job at Palmarito. Drilling this year has transformed the deposit from a minor source of future production into an increasingly important asset for US Gold in Mexico. The silver grades we are encountering are well above the current resource average,” stated Rob McEwen, Chairman and CEO.

    PALMARITO: GOOD GRADES, NEAR SURFACE, EXPANDING POTENTIAL

    On September 8th, US Gold announced that a core drill was modified in order to access a high priority, but difficult to access exploration target. The initial hole from the area was encouraging: 263.2 gpt silver, 0.3 gpt gold over 6.5 m, with the mineralization starting at surface. Holes PMX-198, 195 and 191 were recently completed to further test the area’s potential. PMX-198 was located 55 m southeast of the initial result and PMX-195/191 were located approximately 20 m to the southwest (Fig 2-5). Each hole continued to intersect exciting near surface silver mineralization, highlighting the areas potential. Drilling to further extend the mineralization is underway.

    More:

    http://www.marketwatch.com/story/el-gallo-complex-

  7. Dual mandate may force some changes...? @steveliesmansteve... [#99026]
    By: ea32da32 (2362 comments) Go to top ↑

    Dual mandate may force some changes…?

    @steveliesmansteve liesman

    Bernanke concern w/ permanent upward shift in unemployment could mean Fed does more today rather than less.

    • Perhaps some changes in the form of tres QE, directed at... [#99028]
      By: 4ever (612 comments) Go to top ↑

      Perhaps some changes in the form of tres QE, directed at what else, mortgage market. Asset purchases will probably resume as well. Continue to believe Bill’s 12-24 month portfolio will prosper along with precious metals.

  8. ... [#99027]
    By: Mark H (1363 comments) Go to top ↑
  9. FST - Shares are trading sharply higher on a... [#99029]
    By: Bull Hunter (3552 comments) Go to top ↑

    FST – Shares are trading sharply higher on a Buy-from-Neutral upgrade at Bank of America-Merrill Lynch.

    • Thanks BH. Their earnings in Q3 were slightly above... [#99056]
      By: goldbug58 (370 comments) Go to top ↑

      Thanks BH. Their earnings in Q3 were slightly above expectations and that’s the third upgrade on it in a month. I’m still holding it.

  10. Ambrose Evans-Pritchard: ...the Greeks were sacrificed to... [#99030]
    By: tradylady (205 comments) Go to top ↑

    Ambrose Evans-Pritchard: …the Greeks were sacrificed to buy time for the alliance.

    http://blogs.telegraph.co.uk/finance/ambroseevans-

    • "Unless the European Central Bank step in very soon and on... [#99035]
      By: Les (7233 comments) Go to top ↑

      “Unless the European Central Bank step in very soon and on a massive scale to shore up Italy, the game is up. We will have a spectacular smash-up.”

      hmmm I am wondering if this is helping to prop up precious metals. silver up nearly 5% – traders starting to get whiff of an ECB pledge to stem the bleeding? LOL that’d put paid to Draghi’s hawkish pretenses (an image he needs to maintain for at least a time to appease the Germans) and make the Euro look like the old Lire, in order to save his former boss Berlusconi. The irony is delicious.

  11. GDXJ, HL, BAL. Yesterday was a better entry point but I... [#99031]
    By: jack black (2306 comments) Go to top ↑

    GDXJ, HL, BAL.
    Yesterday was a better entry point but I was not as nimble as Bill.
    We should be OK for a few day, not sure longer term.

  12. Does anyone know anything about... [#99032]
    By: teamonfuego (2544 comments) Go to top ↑

    Does anyone know anything about graphene?
    http://edition.cnn.com/2011/10/12/tech/graphene-co

    I’m invested in a company that makes materials for testing graphene chips called CVD Equipment (CVV) that has had really tremendous rev/earnings growth and I’m interested in getting your take on graphene. Apparently its one of the strongest, most flexible materials in the world and can potentially be used in lots of electronic devices.

    http://www.zdnet.co.uk/blogs/qubits-and-pieces-100

  13. MarketWatch is sponsoring an ask Ben Bernanke a question... [#99033]
    By: Bull Hunter (3552 comments) Go to top ↑

    MarketWatch is sponsoring an ask Ben Bernanke a question contest for his afternoon press conference.

    Some of the questions posed so far are:

    “Why do you steal from prudent savers by keeping interest rates below the inflation rate?”

    “By what authority is the US Federal Reserve granted the right to pledge US taxpayer money to bail out banks in Europe?”

    “Sir, Could you please explain how the Federal Reserve benefits the American people?”

    “What is the stock market tomorrow? up or down?”

    “How long would it take you to hit the ground if you jumped out your bedroom window?”

    “Noose or guillotine?”

    ——

    Ask your question here: http://is.gd/uY8ndD

  14. Just throwing it out there, and in response to a question... [#99036]
    By: Eric (41 comments) Go to top ↑

    Just throwing it out there, and in response to a question yesterday, yes I have been enjoying the swings on this stock, which is ruining my confidence because I’m starting to feel invincible trading this.

    UXG has been releasing a lot of news lately, all good of course, but the frequency has definitely increased.
    Nov 2
    Oct 28
    Oct 25
    Oct 21

    As we’ve noticed, the share price has taken a really bad dive in the past 3 months ~6.45 to a low of say 3.53 give or take in Toronto, and now a nice recovery up to ~4.90 (sold 10 cents early).
    Maybe someone else can comment, I know production is geared for 2nd half of 2012, is this the pattern as companies near production, increased news releases. It just makes me nervous because the stock pops at each release, which is a good selling opportunity for big players trying to unwind (I believe it is mostly institutional holders).
    I’m just starting to get a little nervous because the last 3 months of watching this stock/trading it, all the gains could be wiped out quicker now as I’ve increased the amount of shares I’m trading per trade. Anyone have anything to say on this, maybe you could say psychological, aspect of trading, particularly these volatile miners. I was destroyed a few years ago on CNU, ECU, Molycor, SAG, etc…which I accept full responsibility, and I do feel Rob Mcewen has what it takes to turn US Gold into one of the greats, but it is getting nerve-racking.

    Cheers!

    • "I'm just starting to get a little nervous because the last... [#99043]
      By: BillySundance (1355 comments) Go to top ↑

      “I’m just starting to get a little nervous because the last 3 months of watching this stock/trading it, all the gains could be wiped out quicker now as I’ve increased the amount of shares I’m trading per trade. Anyone have anything to say on this, maybe you could say psychological, aspect of trading, particularly these volatile miners. “

      Eric,

      Sounds to me like your position size may be a bit too large if you are getting nervous about the daily volatility. It’s not just UXG that is experiencing huge daily swings – most PM stocks, especially the development stocks which are not backed by current revenue streams are jumping around like crazy. My suggestion would be instead of betting all of your chips on one jockey, diversify and place smaller bets on a basket of high quality jockeys. That way you don’t need to be obsessed with following the nauseating swings of one company and can pay more attention to long-term developments.

      • BillySundance - I'm holding my UXG at about a 20% loss... [#99046]
        By: Dr. Strangelove (2004 comments) Go to top ↑

        BillySundance -

        I’m holding my UXG at about a 20% loss. Looks cheap here to me. Nothing has changed. Gold will soar. Euro will collapse. This is an outstanding company under stellar leadership. Jesse Livermore said he made the most money sitting on his hands. Stick with convictions and take the emotion out of it.

        FD: Long UXG

    • Nervous Nellies are all over the place! Relax! UXG has... [#99052]
      By: papadynamite (446 comments) Go to top ↑

      Nervous Nellies are all over the place! Relax! UXG has dropped substantially. If you were a trader, you would have had stops in place or went with the daily flow and scalped it. It all depends upon your investment philosophy. You may be like my wife who buys and holds! Unfortunately, she has been getting clobbered recently.
      The current price, sub $5.00, seems reasonable. However, it has a bottoming range of $3.70 -$4.90 which is quite wide for a sub $5 stock. In fact it reached a low of $3.23 last month. If you paid over $5, I feel your pain.
      To remain upbeat, I remind you that they will be going into production in Q2 next year in Mexico. They will also be merging with Minera Andes by yearend. They are also developing a mine in Nevada which is about 1-2 years away from production. Just keep the faith and you’ll be ok.
      You mentioned you misfortune with ECU. I recently bought AUMN, Golden Minerals, which took over ECU. This stock could be a four bagger but you do your own due dilligence. The officers are former executives of Cyprus Amax. I was a former manager of Amax before Phelps Dodge took them out. This is a very good executive team. They happen to have their headquarters in Golden, Colorado which is where I went to school at the Colorado School of Mines. I suggest you go to their website to find out about AUMN.
      My current positions are UXG, AUMN and Rubicon. All are showing a profit but I am keeping a tight leash! Unlike my wife, I am not a buy and hold. Good luck.

      • Lol. I hauled my rock up to the Big M and then a few too... [#99053]
        By: JVS3 (24 comments) Go to top ↑

        Lol.

        I hauled my rock up to the Big M and then a few too many years later escaped with a degree.

  15. (Les is going to love this... [#99037]
    By: Vadym Graifer (4341 comments) Go to top ↑

    (Les is going to love this one…)

    http://goo.gl/Mis6Q

  16. ... [#99021]
    By: Bull Hunter (3552 comments) Go to top ↑
  17. CS says, "(Papandreou's announcement) again highlights how... [#99039]
    By: Bill Cara (4105 comments) Go to top ↑

    CS says, “(Papandreou’s announcement) again highlights how markets are currently dependent on unforeseeable political developments, in our view.”

  18. ... [#99042]
    By: Mark H (1363 comments) Go to top ↑
  19. get ready to spin the slot machine... [#99045]
    By: NYUGrad (4750 comments) Go to top ↑

    get ready to spin the slot machine handle.

    • NYUGrad - Fed holds fund target unchanged. No surprise. We... [#99047]
      By: Dr. Strangelove (2004 comments) Go to top ↑

      NYUGrad -

      Fed holds fund target unchanged. No surprise. We will have to wait until around 2:15 pm for any new language suggesting QE3. Move along, nothing to see here.

      • I suspect the Fed will have plans in place to deal with the... [#99049]
        By: Craig (2014 comments) Go to top ↑

        I suspect the Fed will have plans in place to deal with the euro Tarpo banking crisis and that will be their excuse for cupcakes…I mean QEIII.

        The QEIII will likely meet the same fate as the QE II:
        “According to our mole in Dubai, the QEII is being dismantled. There’s no business for the hotel, and the idled ship is just sitting there, costing money and polluting the water. Hence, workers are actively pulling it apart, a sad end for such a grand ship.”

  20. Want a cup of coffee to go with that... [#99048]
    By: Craig (2014 comments) Go to top ↑

    Want a cup of coffee to go with that understatement?

    http://www.bloomberg.com/news/2011-11-02/eu-bank-r

  21. Says nothing other than he's ready to act on the QE3 and... [#99055]
    By: Dr. Strangelove (2004 comments) Go to top ↑

    Says nothing other than he’s ready to act on the QE3 and that its too early to know if Operation Twist will flatten the yield curve to goose the economy. Oh, and that he wanted to REASSURE us that the Fed didn’t lose any money over at MF Global and that it’s the CFTC’s fault, not the Fed’s, that the company failed.

    MF Global will be gobbled up by Goldman Sachs for pennys on the dollar and enrich the former GS boy who acted as CEO with a payout clause upon bankruptcy as a part of its take down. The Bernank forgot to add and that the CFTC may as well not exist.

    Ben has concerns with Europe …

    The Bernank doesn’t obfuscate in the way Greenspan did with his absurd gobbledygook use of the language. Instead, he just comments on known facts with everyone hanging on his use of adjectives.

  22. In view of morning discussions, a group of friends are into... [#99054]
    By: westcoaster (1130 comments) Go to top ↑

    In view of morning discussions, a group of friends are into this company, the CEO Randy Reifel being a Vancouver man. I see that they have 17m oz M&I, but the mine will not come cheaply. I know nothing about them, except they trade thinly, big bid ask spreads, and they want to be taken out. Has anyone done any work on this one? $500m mcap needing $3b to build a mine. Looking for a buyer.
    With many deposits lying around proven, how many will get the coveted buyout and at what price?
    Any insight would be appreciated.

  23. ... for non-Facebook... [#99057]
    By: Vadym Graifer (4341 comments) Go to top ↑

    … for non-Facebook users

    http://goo.gl/1o5iG

  24. I found an interesting blog supporting long cause for PMs:... [#99061]
    By: jack black (2306 comments) Go to top ↑

    I found an interesting blog supporting long cause for PMs: http://theshortsideoflong.blogspot.com/

    This validated my own research which came to the very same conclusions. I’ve been long miners since 10/20/11 and today I went 100% allocation. I may lighten in a few days in my shorter term trading accounts.

    The above mentioned platinum/gold ratio is another compelling piece of evidence. I got a few platinum coins back in 2008 when they traded just slightly above gold. Another opportunity now?

  25. a testament to the increased activity in the oil sands of... [#99063]
    By: larrykm (26 comments) Go to top ↑

    a testament to the increased activity in the oil sands of Alberta. And to the drilling and mining in Canada’s great white north. Just a small, well managed company. Easy to understand business model. http://www.horizonnorth.ca

  26. ... [#99064]
    By: nemo (569 comments) Go to top ↑

    http://tradinglog.realitytrader.com/2011/11/multi-

    Here’s the link. For some reason I’m having quality issues with the video. I also supplied images from the first few days of the week. If you have any questions, let Vad know. I’m sans prop-firm currently, so I’m a bit unleashed from the screen.

    Nemo

  27. "Behold! The Federal Reserve, that huge banking cartel... [#99065]
    By: pulse (324 comments) Go to top ↑

    “Behold! The Federal Reserve, that huge banking cartel clam, is pried open.
    The public has experienced real money, once again. This has changed everything for the Fed, whose existence for decades has been unchallenged because there was no alternative to its FRNs. Now there is an alternative silver currency and the people have tested it and liked it.”

    The evil spell of paper money has been broken.

    http://www.plata.com.mx/Mplata/articulos/articlesF

    Hugo Salinas Price quickly demonstrates how easily we could break this money monopoly bringing misery to the 99% for almost 99 years.

    CHANGE we could believe in!

    pulse

  28. That Greece is a moon of Saturn and that moon mood swings... [#99066]
    By: Ilya (572 comments) Go to top ↑

    That Greece is a moon of Saturn and that moon mood swings influence earthly money streams and worldwide GDP’s estimates. How absurd!

    Use this silly drama and trade against the grain. The eurozone is no more a country than the equator…Know that. The ‘old country’ will work it out or not on their respective political timetables. Our Fed done said today that they will drop nuclear money bombs at the drop of a hat.

    Arab ‘springs’, Jap nuke meltdowns, oil well blow-outs in the gulf, national debt limit debates, ‘occupy somewhere’ and the comedy of our impending elections are but transient distractions.

    Trade the Bernanke put and Euro-angst. After all, Gutenberg was a kraut. Movable type and movable decimal points can create 10′s of trillions of whatever coloured monoply chits necessary to assuage the peasants need for ‘more, please’

    Universal sufferage has become a cruel joke. Who will ever vote themselves a lessor piece of the tragedy of the commons?

  29. ... [#99068]
    By: Les (7233 comments) Go to top ↑
  30. $DJIA - the charts played out as intended, with an initial... [#99069]
    By: Les (7233 comments) Go to top ↑

    $DJIA – the charts played out as intended, with an initial bounce off support provided by the previous trading range. News this morning is that Greece is denied further money from Europe until the referendum is passed and this is pressing on futures.

    The $ gapped up higher after close, which answers my question as to why the metals were rising on the day with Uncle Buck. Silver longs from yesterday may find themselves trapped at the opening if pressure on silver continues.

    One divergence of note – semi’s (SMH -.06%) were red at the close. SMH:XLK daily confirms the potential for risk off, even as the other indexes remained green. See attached.

    Jesse had this to say of the Greek PM’s proposed referendum: There is little doubt in my mind that Mr. Papandreou announced his referendum to place the problem of Greek debt high on the G20 agenda.

    Politics are back in the driving seat of market sentiment. C’est la vie. A G20 meeting begins today. I expect the market to either do nothing while awaiting an outcome or more likely, given recent volatility, to bounce around like a football at each and every scrap of rumour, scuttlebutt and silliness that comes out of politicians mouths.

    It’s an old joke that never loses its appeal: http://2.bp.blogspot.com/-FSYIKMzUL1U/TrBVvteEhAI/

    As ludicrous as it is, one needs to remain cautious. 30 year bonds have lifted after hours to top the Nov 1 high:

    http://www.finviz.com/futures_charts.ashx?t=ZB&p=h1

    $TNX suggests the potential to test recent lows.

    Crazy times we live in

    • Buck is back to 77 again, and the minis are into positive... [#99070]
      By: davefairtex (5216 comments) Go to top ↑

      Buck is back to 77 again, and the minis are into positive territory at 1239 after being down to 1213 not long ago.

      Either the big machines are running stops at both ends, or Vad’s concept of the cat always being on the wrong side of the door is correct. Or maybe both. If I were more enthusiastic about day trading I’m might be able to make money trading these crazy swings, but – fundamentally I’m not.

  31. ... [#99071]
    By: Mark H (1363 comments) Go to top ↑
  32. ... [#99073]
    By: Mark H (1363 comments) Go to top ↑
  33. ... [#99074]
    By: c2ski (94 comments) Go to top ↑
    • So the CME has a conflict of interest, but it doesn't... [#99075]
      By: Mark H (1363 comments) Go to top ↑

      So the CME has a conflict of interest, but it doesn’t appear they have done anything wrong. Would it be possible for an outside regulator to check on a day-to-day basis that a member was complying?

      One thing is clear and that is the contempt that the people at the top of these firms have for their customers.

  34. http://www.spiegel.de/international/europe/0,1518,... "It... [#99076]
    By: Les (7233 comments) Go to top ↑

    http://www.spiegel.de/international/europe/0,1518,…

    “It was a serious situation, it wasn’t easy,” said Merkel. “We will defend the euro. We want to do that together with Greece. But we are not going to jeopardize this great project of unity. That is our priority.” Just to ensure that her warning was understood, Merkel added: “We respect the decision of the Greek people. But we are not going to give up the euro.”

    Merkel says “screw the peasants, we decide the fate of this project on behalf of… (fill in preferred oligarchy)

    “We made Papandreou … aware of the fact that his behavior is disloyal,” said Jean-Claude Juncker, head of the 17-member euro group…

    Damn, Orson Welles was making this stuff up only 50 years ago.

    “Giving the people a voice is always legitimate,” Sarkozy reportedly said. “But the solidarity of all the euro-zone countries only takes hold when everyone agrees to make the necessary efforts.”

    no question of giving voice to the people of France that they must shoulder more of the burden when their state is already stuffed…

    Papandreou is now expected to execute the referendum by Dec. 4 or 5. Merkel and Sarkozy reportedly advised the Greek prime minister he should tailor the referendum to be a question of whether Greece should remain a part of the euro zone. It is a likely that a majority of Greeks would vote “yes” if that were the question posed. But the word in Athens is that the Greeks want to put the rescue package itself up for a vote. The bailout is deeply unpopular with Greek voters because of the tough austerity measures it entails.

    LOL like training rats to press the ‘right’ button. Keep buying gold and land. The CME group has shown us once again the state of the US electronic markets. As Kaimu says, it all works etc…