Odds & Ends

180
Wed, Dec 26, 2012 - 6:05pm

Not much happening on this day after Christmas but I found a few things for you to consider.

It has been a very quiet, rangebound trade since the conclusion of the last raid back on Thursday. The HFTs are in charge and they are alternately jamming price slightly higher and lower as they attempt to fatten some profits before year-end. The result is 3 days of market boredom with silver in a 50¢ range and seemingly going nowhere. Gold is stuck, too, but at least shows some signs of life. It double-bottomed near $1640 late last week and has since recovered quite nicely. IF it can get some traction here and move UP through $1680 and then $1690, it will actually enter 2013 with a positive-looking chart. Let's just see what the rest of this week holds.

The only market that held any excitement today was crude. Recall that we've been watching crude in a range from $85-90 since mid-October. Today, it finally broke higher and through $90, with the Feb13 closing at $91.17. Now the question is: Can it hold the breakout tomorrow and Friday or will it simply fall back down under $90? IF it can hold, it will set up an early 2013 test of the $95 level and IF it gets above there, a return trip to $100 awaits. Two things:

  1. $100 crude would definitely be supportive of higher metals prices.
  2. The situation in the MENA has been "hot" for some time now with various headlines going and coming. However, crude has remained below $90. Suddenly, today, it's $91. Hmmmm....

Finally, if you're like me you're probably looking for something to do, so, below is a YouTube link to a documentary. This show was mentioned in a ZH thread last week and I took the time to watch it. It's a fascinating story about the "Flash Crash" of May 2010. It's relevant here simply because the focus is High Frequency Trading and, as you know, those damn WOPRs have been wreaking havoc in the metals pits for some time now. Here are some background links to pique your interest:

https://www.zerohedge.com/contributed/2012-08-03/doug-kass-kill-quants-their-technology-they-kill-us

https://www.zerohedge.com/news/joe-saluzzi-hft-parasites-are-killing-market-host

https://www.zerohedge.com/news/2012-12-11/guest-post-five-minute-example-hft-shenanigans

And here's the show:

Flash Crash 2010 - VPRO documentary - 2011

That's all for now. Hang in there and keep the faith.

TF

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  180 Comments

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El Gordo
Dec 27, 2012 - 2:14pm

Sold some gas

Some guy pulled in to buy some gas from my place of business the other night. He wanted $10 worth and handed me a stack of one dollar silver certificates. He was concerned that I might not take them since they looked funny to him, but I told him that I would take a chance that they were OK. Put them in my pocket and put 10 FRN's into the register. Don't know why I kept them since the well they promise to pay from is probably dry, but I found the entire deal amusing anyway.

Roark
Dec 27, 2012 - 1:54pm

@Thurd Aye

"...What you speak is treason, and never has something spoken so foul been so sweet upon the ear..." Patrick Henry

thurd aye
Dec 27, 2012 - 1:48pm

'They were nasty until some

'They were nasty until some homeowner killed one and buried the body in the woods. Never has a murder victim received such little sympathy. The inspectors backed off a little bit for a while after that. Prosecutors probably had trouble finding an impartial jury.''

This sort of illustrates my point. Americans in my eyes at least, have never been wimps.This is why the non-action of these last few years is all the more astonishing to me.

I did think today that the broadcast of the media addresses was perfect. Now a coordinated targeting of these folk would hammer home the point.And the point is ' we will not put up with your bullsh$t, and we are quite prepared to take this further.' By further I mean this. A gentle (or not really gentle)attack. Each militia member takes his sniper rifle and puts a round through one of the media people's windows,all at exactly the same moment.Make it a light off window,and aim high,but make it dangerous none the less. So the people inside are genuinely frightened enough to realize the consequences of f%cking with ordinary folk.

This is physical resistance of a passive nature.If they want more, more is available.

GoldistheFuture
Dec 27, 2012 - 1:47pm

WOW! That is not comforting. lol

I can’t give you a date. I can tell you to watch things this spring. Start with the inauguration and go from there. Watch the metals, when they dip. It will be a good indication that things are about to happen.

Harald
Dec 27, 2012 - 1:41pm

The goons in Stalin's USSR

The goons in Stalin's USSR and Mao's China were pretty stupid too, but they still did a lot of damage.

No one ever accused Idi Amin of being bright.

rckymtn
Dec 27, 2012 - 1:32pm

The part of the insider where

The part of the insider where he says check the WH visitor logs, how hard is it for him to say who is visiting? I mean I got on that website to see for myself and its like finding a needle in a haystack. Why would this "insider" be so vague when its nothing for him to say: "look, x,y,z, have all visited the WH recently all of whom are radical communists" etc.etc. Instead they remain vague which makes me seriously question the truth to what is being told.

Think it was infowars or some sites that said a large group of people were going to start being arrested by the good guys etc.etc. and then kept pushing it back and back and back until they couldn't lie anymore. Also said there were military in the streets of st.louis with tanks yet none of my friends who lived there or newspaper that I check almost daily mentioned it.

Doesn't mean I don't think this admin are complete idiots and that the dollar isn't going to crash. I could also see the govt preparing for this collapse and the civil unrest that would follow. I just find it very hard to believe there is some massive conspiracy that would have to involve so many people to take over the world and/or US. The coordination of that along with keeping everyone quite would be nearly impossible. Nothing would surprise me at this point though so we'll see. I dont blame anyone for believing this as sadly I could easily see it happening but on the other hand I know there are a bunch of losers out there that have nothing better to do than make crap up and scare people.

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Byzantium
Dec 27, 2012 - 1:31pm

@ Patranacus

Nope, no likeness there!

Patrancus
Dec 27, 2012 - 1:20pm
Roark
Dec 27, 2012 - 1:15pm

@Harald

They are all wired alike, aint they! :) If this had been my home, the dialogue likely would have been radically different. But it wasnt my turf, and my father is a very gentle soul, and my hands were rather tied. Still, the thought of teaching this .GOV minion some Texas manners had my hands iching. Not that it would have solved much. In retrospect I think the saddest part of the event was seeing how philosophical Dad was about the whole thing afterwards. He almost apologized for the inspector. He took the beating like a puppy. No outrage. Just that sense of "Christian Suffering" and the belief that it wasnt worth a fight. I think it was at that moment I realized how far we as a nation have fallen. I am not by nature a violent person, but I know I will spend the next week obsessing on how I could have at least taken away the stick.

Harald
Dec 27, 2012 - 12:59pm

@Roark

We had inspectors like that in the Peoples Republic of Minneapolis when I lived there. (I can laugh about it now because (assuming a Lewis Black voice) I NO LONGER LIVE IN THAT F**KEN S***HOLE!!!) They were nasty until some homeowner killed one and buried the body in the woods. Never has a murder victim received such little sympathy. The inspectors backed off a little bit for a while after that. Prosecutors probably had trouble finding an impartial jury.

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Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
4/21 10:00 ET Existing home sales
4/23 8:30 ET Weekly jobless claims
4/23 9:45 ET Markit flash PMIs
4/24 8:30 ET Durable Goods

Key Economic Events Week of 4/6

4/8 2:00 ET March FOMC minutes
4/9 8:30 ET Producer Price Index
4/10 8:30 ET Consumer Price Index

Key Economic Events Week of 3/30

3/31 9:45 ET Chicago PMI
4/1 8:15 ET ADP Employment
4/1 9:45 ET Markit manu PMI
4/1 10:00 ET ISM manu PMI
4/2 10:00 ET Factory Orders
4/3 8:30 ET BLSBS
4/3 9:45 ET Market service PMI
4/3 10:00 ET ISM service PMI

Key Economic Events Week of 3/23

3/24 9:45 ET Markit flash PMIs
3/25 8:30 ET Durable Goods
3/26 8:30 ET Weekly jobless claims
3/27 8:30 ET Personal Inc and Spending

Key Economic Events Week of 3/9

(as if these actually matter)
3/11 8:30 ET CPI
3/12 8:30 ET weekly jobless claims
3/12 8:30 ET PPI
3/13 8:30 ET Import Price Index

Key Economic Events Week of 3/2

3/2 9:45 ET Markit Manu PMI
3/2 10:00 ET ISM Manu PMI
3/2 10:00 ET Construction Spending
3/4 8:15 ET ADP employment
3/4 9:45 ET Markit Service PMI
3/4 10:00 ET ISM Services PMI
3/5 8:30 ET Productivity & Unit Labor Costs
3/5 10:00 ET Factory Orders
3/6 8:30 ET BLSBS
3/6 10:00 ET Wholesale Inventories

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