“Doing the lifting nobody else wants to do!”
With 40 minutes to go in yesterday’s NYSE session, suddenly the “Plunge
Protection Team” [PPT] goes full retard off the 2804 lows, and we sprint into
the close … why stop there? … after a brief lull around dinner, and a change
of clothes, the PPT is back at it in Asia & Europe, and now at 6 AM EST, a
full 3 ½ hours ‘till the NYSE open, the SP500 is back safely above 2832,
having been higher 12 hours in a row on the HR1 … and deja vu,
“Everything Is F-ing Awesome, Baby!” … again … and of course, shorts
burned for the umpteenth million time … “you think it’s easy keeping stock
prices elevated higher than helium balloons”?
Of course, it’s Friday, and the magical levitation act notwithstanding, it’s
tough to look anywhere and not see anything but horrible economic news
worldwide, as well as in the U.S., and of course the non-existent China trade
deal hopium … so, unless somebody feels the need to test the PPT again today,
I don’t see much of a trading day here on the short side, if you’re so inclined
… Friday’s historically aren’t very good trading days anyway, and with the
Memorial Day Holiday on Monday, traders more than likely will be looking
to hit the exit gates early to extend the weekend into next Tuesday … at the
latest, once Noon hits, unless there’s a reason that rears its ugly head, going
into the P.M. is going to be a chopfest.
Yesterday, simply another example of the depths of treachery & pain
awaiting short sellers … quite frankly, I’ve seen it in spades since the ‘87
crash … what makes it worse, is that short sellers never learn from their
mistakes … they simply repeat them until they have no money left to trade.
As I’ve said many times, the back end of the “80/10/10” paradigm very easily
can totally eclipse the other 90% if you let it … the front and the back don’t
trade the same, and the intraday action is entirely different.
This is entirely due to the asymmetrical nature of bull & bear moves, and so it
becomes paramount you understand where you’re at in the scheme of things
… right now, the SP500 is in light bear market territory, and while no doubt
it would be nice to get a “washout capitulation” to the downside to clean out
the longs, the market doesn’t seem to want to play that game just yet … and
it’s by no means certain we’ll get one before the bull takes over again at some
point … especially with the PPT constantly in the market, normal market
forces are skewed beyond belief by the manipulators … in other words,
anything can happen to the upside … anything.
The financial MSM this morning, is trotting out the “optimism” for a trade
deal with China, as the reason stocks are higher … if I see this kind of shit one
more time, my head is gonna explode … “seriously guys, can you not dream
up another lame ass excuse for stocks rising, instead of this dead horse?
… OR, maybe do your fucking jobs and tell the truth … manipulation, pure
and simple … or is that too complicated”? Dr. Goebbels, please pick up the
nearest white courtesy phone, or call your office!
More horrible economic news … durable goods orders collapse … so what?
… you think that matters to the PPT? … buy MOAR! … crude oil putting in
a “dead cat bounce” so far this morning, after yesterday’s cataclysmic down
move that wiped some accounts out … not sure the shock seen there has yet
been realized among traders, cuz if any market complex is more attuned to
global growth I don’t know where it is, and the “China trade deal optimism”
seen in stocks, sure isn’t being seen in crude oil … so, which market is lying?
… well, that’s easy.
The cash open sees the usual Chipmunks [ETF’s, ETN’, mutual funds, etc.,
who are forced to do their days buying in the first 5 minutes of trading from
9:30 AM EST - 9:35 AM EST] lining up to buy … the usual lemmings … and
then reality sets in as crude collapses again back down towards 58.00, and
stocks grudgingly give up gains … an hour into this clusterfark, and things
are starting to slow down already … but that doesn’t mean the scumbag LP’s
at Turnkey won’t double the bid/offer spread again … cuz you know … duh,
market conditions, duh … the usual greed bullshit you can expect from the
criminal element as the trade slows down, cuz they got to get the rent money
some way, and if volumes are terrible & pathetic, they’ll simply make it more
costly for those trading … one way or another, they get their money at our
expense.
Well, it looks like somebody sent the email out reminding folks about the
importance of oil on stocks, and so goes oil, so goes stocks, and oil has just
gotten “monkey hammered” … not what the Wall Street Hucksters want you
to think about. We’ll see how far down this goes, but I’d be shocked if
yesterday’s low got taken out down at the 2804 level … but hey, who knows?
Bid/offer spreads continue 100% higher than earlier today
[0.6 - 0.7 index points], which is pissing me off … that’s a greater than
100%+ increase for absolutely no reason other than pure greed … scumbags
top to bottom. And just a second ago, the bid/offer spread is now almost 1 full
index point … this is pathetic, and even if I get a buy signal, there’s no way in
hell I’m paying a spread like this. Here’s the screenshot below from the live
server, with the SP500 spread circled in black. What a joke.
click on quotes to enlarge
Does it get any more pathetic than this? … and with nothing going on but
crude oil going down … on a Friday with dying volumes … are we supposed
to just fucking give money away? And they wonder why they have no
credibility anymore. The SP500 hasn’t gone ± 3 index points in over 20
minutes, yet I’m supposed to believe that conditions are so bad, I need to
hand over [with slippage of course] a full index point to get a position?
… These guys are delusional. Meanwhile, the DOW30 bid/offer is at 1 - 2
DOW30 points … none of this makes any sense, unless you know them for
who & what they are … then, it all makes sense.
Noon in New York, and with a ridiculous spread, a market going nowhere,
volumes & liquidity at less than ZERO, and a 3 day weekend ahead of us, I
want no part of the criminal JPM, Squid, Citibank bullshit market making
this afternoon … the opening got faded like a cheap suit in sunshine, and there
isn’t any interest in these markets going forward the rest of the day … that
doesn’t mean the PPT can’t make another effort to “pump & dump”, but if
they do, they’re going to do it without me … quite frankly folks, trading
conditions have deteriorated significantly today, not the least of which is they
can’t even make an honest market anymore in the world’s largest stock index,
the SP500. So, why should we hang around and hope to trade it? Unreal.
Blog update on Sunday night … until then mi amigos … Onward & Upward!!
Have a great Holiday weekend everybody!
-vegas
UPDATE 1 PM EST: Apparently too embarrassed to let it slide further, the
scumbag LP’s now have the SP500 bid/offer spread back to where it should
be … of course, now that the market is back in the middle of its range, not
threatening new lows cuz of oil’s slide … the games the wicked play … just a
hint of the shit we have to put up with from electronic trading via the banks.
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