Thursday, May 06, 2010
Buckle up & enjoy the ride!
Right side news: Bob Moriarty: Collapse as Certain as Time and the Tides
You talk about "if" we have financial collapse. I talk about "when" because no other alternative possible. Nobody and nothing is going to stop it from happening. It is as absolute as the time and tides.
Posted by happy mondays @ 05:23 PM (1897 views) Add Comment
38 Comments
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1. Crunchy said...
'You talk about "if" we have financial collapse. I talk about "when" because no other alternative possible.'
Good man. Listen up China.
2. general congreve said...
Yeah baby, the future's bright, the future's yellow!!!
3. alan said...
Now, now, general congreve - stoppit! Your alarmist post has just pushed gold to $1194.
Half the country is voting for Gordon 'cos he says we are coming out of recession.....he saved the world, after all!
4. debtfree said...
it's all happening now, broke through £800 an ounce.
Gold is going though Sterling like butter.
5. miken said...
I don't like these kinds of articles which show a high degree of vested interests. The article lacks some facts and figures. Just how much derivatives did Greece hide and if the associated loans default then who loses out? The article also appears to be panicking people into buying gold. The problem with gold is that there is only so much out there and also I heard there's more paper gold than real physical gold (i.e there's fraud going on).
6. techieman said...
Forget gold you boys thats not where the action is....
7. hpwatcher said...
Gold has certainly seen a good day, thought hopefully tomorrow will see a consolidation...It's not good when it rises too quickly.
The problem with gold is that there is only so much out there and also I heard there's more paper gold than real physical gold (i.e there's fraud going on).
I would never, ever advise anyone to buy paper or ETF gold.
Altogether now, 'Let's get physical, physical etc'
8. debtfree said...
Miken,
think you'll find it's Greece and all the other governments in huge amounts of debt that lack 'facts and figures'
9. techieman said...
jezz in the last 20mins we have had the dow down to 9900 (approx 900 down on yesterday) we have now bounced to 10400! In the meantime Gold has managed a pretty meagre $31 rise. The rest of the day (i.e. to the close in the US is gonna be interesting).
10. rumble said...
Techie....
11. rumble said...
... nevermind. :)
12. techieman said...
yes Rumble???? :-)
13. tick tock said...
Jeez indeed. WTF is going on with the DOW?
14. tick tock said...
Ah here we go. Looks like the PPT has rolled up its sleeves and thrown on a few logs.
15. rumble said...
I'm done. Thanks. :) I was dissatisfied with your unfinished work @5, but following my delayed post your 8 settled me.
16. techieman said...
hey Tick Tock - This is taking me back to my youth - "just" sold the dow @ 10520 stp @ 570 and now moved to 520 [its down to 440 as i type]. If i see 200 im out of those for a day trade oco trailing stop of 50points.
Lots of the spreads where ridiculous - i have the FTSE down at one stage to 4420 [thats 800 off todays close!] we are now @ 5050 (off 200).
update dow 10412 - the PPT have prob already sucked out the weak shorts... im now thinking the market boyz dont give a flying f*ck. We shall see!
17. techieman said...
Rumble - fair enough... i was "a bit busy" at the time! :-). The pound has hit that 1.47 i spoke of - so thats the target and the moves in cable now are a bit academic to me at the mo.
18. techieman said...
@ 15 out of those -went down to 356 and trailing stop hit @ 406 [so +104 points .. in about 6 mins!] time for a lie down... I'm too old for this!! :-). Have a good night guys.
19. debtfree said...
Just looked at the Dow chart, holy baloney, it looks like a cardiac arrest until someone bolted them back to life.
20. tick tock said...
Techie, you must be cramping up around the middle, it looks pretty wild to have too much skin in the game tonight.
I don't play myself, but am still feeling quite peaky just watching it. What on earth has triggered that? I can't remember ever seeing anything like it, a 9% drop in about 15mins & back again 50% ish in just as short a time!!
Good luck anyway!
21. techieman said...
Well Tick Tock - i have been short and getting shorter and shorter for sometime now!
http://www.housepricecrash.co.uk/newsblog/2010/05/blog-looks-like-these-guys-are-trying-to-limit-losses-now-before-the-storm-really-takes-hold-28740.php - see 4 onwards!
I thought 1130 on the S&P was a good level to liquidate (but i dint think it would get there today!). Of course i blinked and then we were down to 1053 on the S&P. I would like to say i got out of all of it there but nope... i paid 1116 for a fair chunk and am running the rest (averaging not far off 1200). The trade at 15 was just a quick punt.
This is what Reuters has to say for itself.... Mr T opened his gob is what it boils down to...
22. techieman said...
sorry forgot the Reuters link http://www.reuters.com/article/idUSTRE6341EA20100506.
Looks like we are gonna finish down "only" approx 300. Some people have been toasted both on the long and short side today... and some have made millions. At the moment thats about all you can be sure of..... sadly i dont fall into the second category but at one stage it was quite close :-).
23. tick tock said...
Mr T opened his gob is what it boils down to
'Get some nuts'.....& they did?
(JCT does seem to increasingly possess Greenspan style oral might )
24. debtfree said...
good on ya techieman !!
worst plunge on dow since 1987 according to the bbc.
25. techieman said...
dfree - its on days like this i actually feel sorry for some folks... i have personally been on the wrong side of similar moves in the past and you really dont know what to do, since while you are thinking about it - the thing goes even more against you.
I have looked at some sites in the Us and punters are complaining that market makers just expanded the spread to ridiculous amounts or some sites just froze. This MAY be the harbinger of things to come. The thing is the move -900 is bound to spook some, so the next few days are going to be interesting. Especially if we have portugal catching the bug.
26. tick tock said...
http://www.reuters.com/
I'm not clever enough to post this chart here, but if somebody else could in order to illustrate what is being discussed i would be grateful!
27. techieman said...
tick tock - my feeling is that someone else will post a new thread on this tomorrow.... complete with pretty pictures. an interesting day tomorrow methinks. Have a good one TT
28. debtfree said...
Techieman,
this is becoming more like a bush fire in oz with highly indebted countries protecting themselves with a thatched roof
Tomorrow is going to be even more interesting !!
Bet you're glad being on the right side this time round :-)
29. techieman said...
dfree to be honest i was always more worried about missing the move than being short and caught. I told a story to MG about a guy that i knew that got more and more short in 87 and was losing a large percentage of his net wealth (and he was extremly wealthy), of course the rest is history....
I have not really been on the wrong side (in a major way) for quite some time. Of course there have been losses and with hindsight i obviously wish i had paid 1053 tonight and then re-shorted at the close :-). To be honest i was thinking of putting in a 20point trailing stop on the S&Ps.
There is a rumour that someone at one of the banks may have fat fingered a sell order and caused the break to below Dow 10,000. Its probably a good idea for the authorities to spread that rumour - so the falls were never justified... Blimey im begining to sound like i have been devo'd or malct'd etc.
30. devo said...
i've been caught short once or twice, but i'm happy to report i've never been 'fat-fingered'
31. jack c said...
I wonder who picked up the Accenture stock at 1 cent per share? $40 to 1 cent and back up again to pretty much $40 is unbelievable. P&G not quite as extreme but all very strange to say the least - anyone staying up tonight to watch the bond markets? now that should be interesting !
32. happy mondays said...
I have never been fat fingered, but tonight i am going long & slow, & back short by the morning, all for a $
33. techieman said...
watch this and make your own mind up! http://www.cnbc.com/id/15840232/?video=1487022682&play=1
34. techieman said...
Jack c - see this... http://www.cnbc.com/id/15840232?video=1487130975&play=1
Explains the P&G / Accenture moves... apparently! :-).
35. techieman said...
... 1.37 in "it wasnt a fat finger problem"..... :-).
36. alan said...
Apart from the stock exchange losses ( S&P -9%) - Sterling 1.48 to the dollar. Gold at $1210 ! (plus the UKIP guy in his plane crash!)
An exciting evening to remember.... !
37. Crunchy said...
That fat finger stinks!
I think it was the whole plunge protection team.
You can't trust anyone these days.
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