Marking Time

333
Wed, Oct 24, 2012 - 10:13am

While we await word from The Bernank and his Goons, here's some stuff to help you pass the time.

As you likely know, there's an FOMC Meeting going on. It wraps up later today and The Bernank will then issue his "Fedlines" at 2:15 EDT. What will they say? Will there be something contained therein that initiates a short-covering rally? We'll see...

In the meantime, here's some stuff to keep you amused. First, I was interviewed twice yesterday and both links are below. Though I'm still just a dope with a Macbook, there might be a few nuggets in here worth noting. The first interview was with Jason Burack of https://www.wallstformainst.com/. It's about a half hour in length.

Turd Ferguson of TF Metals Report- Gold & Silver Correction Almost Over Big Move Coming In 2013

Then, last evening, Rahul at https://www.altinvestors.com/ spoke with The Doc and I again.

Video unavailable

Lastly, I've posted a few links from "Trader Garrett" before and here's another. In this post, Garrett sees many of the same things we see here and projects some optimism for the days and weeks ahead.

https://marketpendulum.blogspot.com/

That's all for now. I'll be back with an update after the Fedlines.

TF

2:30 pm EDT UPDATE:

<yawn>

I could recap the Fed non-news but why bother? Instead, here's something fun. From my pal "Big Red" in Virginia, "Prepper Rock"!!

EXCLUSIVE 'Gettin' Down on the Mountain' by Corb Lund

About the Author

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  333 Comments

¤
Oct 24, 2012 - 2:33pm

QEternity Reaffirmed

Oct. 24, 2012, 2:15 p.m. EDT

Fed sticks to QE3 plan to buy mortgage securities

Read full FOMC statement.

WASHINGTON (MarketWatch) -- The Federal Reserve on Wednesday opted to continue its program of buying $40 billion in mortgage-backed securities each month until the labor market improves "substantially" as the central bank repeated that the "unemployment rate remains elevated." The Fed, in an 11-to-1 vote, also maintained its Operation Twist program of swapping $45 billion securities of short-term securities into longer-term Treasurys, kept its interest rate target between 0% and 0.25%, said it expected exceptionally low levels of interest rates through mid-2015 and said highly accommodative policy should continue even after the economic recovery strengthens. While noting that household spending has "advanced a bit more quickly," the Fed said business investment has slowed and noted that housing has improved from "a depressed level." The Fed changed its description on inflation to "recently picked up" from "subdued," which it blamed on commodity prices, though the Fed said inflation expectations remain stable. Richmond Fed President Jeffrey Lacker continued to oppose the decision to buy assets and also the description of how long the Fed should keep rates low.

https://www.marketwatch.com/story/fed-sticks-to-qe3-plan-to-buy-mortgage-securities-2012-10-24

Dr G
Oct 24, 2012 - 2:33pm

@DPH, I simply must know why

@DPH, I simply must know why you use APMEX? Prices are cheaper by $1+ per coin elsewhere. They do have a larger selection than anywhere else, but I assume you are buying bullion and not collector crap.

Dr G
Oct 24, 2012 - 2:34pm

Not only no waterfall, but

Not only no waterfall, but downward pressure lifted. Just as expected.

Remember, it's Globex, so small moves are big moves down and big upward moves are only small moves. In other words, easy to sell during Globex and hard to buy.

Groaner dgstage
Oct 24, 2012 - 2:34pm

dont hold your breath..

they need more than what I see. should be lots of short covering.. not that much..

i dont think its going to hold

Dr G
Oct 24, 2012 - 2:36pm

@Groaner, shorts rarely cover

@Groaner, shorts rarely cover in the crappy Globex. Right?

tobydaniel
Oct 24, 2012 - 2:36pm

Wow! Metals are flying!

lol, I have a feeling this is the dead cat bounce before a really ass pounding waterfall decline in silver. A mere 20 cent rise....suck in some more longs and Kaboom! See you in the 20's soon enough.

Groaner Dr G
Oct 24, 2012 - 2:38pm

huh?

I guess all those ups and downs we just saw were only longs?

tobydaniel
Oct 24, 2012 - 2:39pm

I disagree

I believe that the lows for this pullback were today and that the recovery rally begins overnight and tomorrow.

agNau
Oct 24, 2012 - 2:40pm

Done

!

Groaner
Oct 24, 2012 - 2:42pm

market going red again.. not good

good thing I dont play the markets since I dont have a clue..

Istack
Oct 24, 2012 - 2:42pm

This day was made for stackin

and that's just what i'll do

The Watchman
Oct 24, 2012 - 2:43pm

From CNBC

LIESMAN:"FED Keeping the cinder block to the gas pedal"

stingbee30 The Watchman
Oct 24, 2012 - 2:43pm

@Watchman

This is not even funny...It is a borderline racist and offensive....

Perhaps, you need to check your records to see if you have been perfect....

Pathetic Right-wing/Tea Bagger/Radical social commentary...It is one thing to disagree with the President, but it is pretty sad when you see this type of behavior which is pretty much indicative of a racist attitude...I think this thread is losing it's relevance because of the pathetic Right-Winger/Tea Bagger/Racist/White Supremacy attitude...Those trolls who come in and spit their hatred...

If i was the Moderator, then i would have deleted any thread not dealing with the economy, the metals, or just a perspective on what is happening...

Rise-up Mr. Turd against such offensive pictures...Perhaps, it is time for me to leave this thread as it has become like a Yahoo message board...with 20%-30% relevant stuff, and the rest about conspiracy theories/the end of the world predictions/right-wing BS/UFOs/Aliens...Perhaps, I forgot about some other topics...

I wished this board was more about the market vs. Political Bullshit rants/pictures....Good luck to everyone....

Groaner Dr G
Oct 24, 2012 - 2:46pm

Explain?

easy to sell but hard to buy on globex?


Oct 24, 2012 - 2:46pm

Just updated with this

A new genre: Prepper Rock!!

EXCLUSIVE 'Gettin' Down on the Mountain' by Corb Lund
Rui
Oct 24, 2012 - 2:47pm

Still some road blocks ahead

Not ready to call it a bottom yet as GDP, OE and election are still ahead in the coming weeks. Also the equity market has not picked itself up from a batch of weak ERs. Not gonna surprise me if the metals go sideway or weaken a little more here until the 2nd week of November.

kingboo
Oct 24, 2012 - 2:49pm

T.I.T.S index.........

and i thought it was low last night.....

Mickey
Oct 24, 2012 - 2:50pm

spx

I am afraid the market could take the miners down with it-at least initially.

Revs and earnings not doing well and it appears that the market is no longer impressed with printing.

I guess there is a limit--except after they print and cannot goose the market any longer we still have the debt to contend with--like a super hangover.

Magpie
Oct 24, 2012 - 2:52pm

stingbee30

doth protest too much

one of Zero's paid typists?

GoldistheFuture stingbee30
Oct 24, 2012 - 2:52pm

StingBee

I think you have been stung by too many Bees. Leave it up to a liberal to be offended because that pic is racial. Although I agree that this is not the place for these type of posts. It is simply showing that we know about as much about Big Foot as we do about Obama's past. Its not meant to be racist, as if to compare him to a big monkey!! Hence why Trump is putting up $5 million dollars for him to release his passport and college documents, in which Obama has spent millions in making sure it will never see the light of day!

Groaner
Oct 24, 2012 - 2:53pm

I would like to see the miners turn green..

need some more momo,, market is still undecided.

Mickey
Oct 24, 2012 - 2:53pm

election

remember, after the election congress, however lame it may be, has to deal with sequestration and debt ceiling--

not sure how long congress will be in session --they have those holidays coming up which are more urgent especially after coming off a grueling campaign season. They need a break.

I think at top of agenda is passing legislation on dishwasher water and detergent use.

kingboo
Oct 24, 2012 - 2:55pm

Nothing now....Moar later....

Mother Of All Recessions?

stingbee30
Oct 24, 2012 - 2:56pm

Re; Benghazi this...

Most of you have no clue on what is really happening in Libya...How many have you traveled the Middle East? How many have lived in the Middle East? Treason? Wow....when things get desperate, the Repos have to come-up with some bullshit...and this coming from Glen boy....A real respectable journalist....

Libya is a complicated situation....You have too many different groups vying for relevancy and power...It is a volatile area with too many outstanding social and political ramifications...It is a brush fire without knowing who really started the fire....Before you listen to an idiot like Glen Beck, I would advise you to check out Al Jazeera (at least a better perspective on what is going on)...

Bollocks
Oct 24, 2012 - 2:59pm

@stingbee30

"If i was the Moderator, then i would have deleted any thread not dealing with the economy, the metals, or just a perspective on what is happening..."

Here's a rechargeable cat for you...

Double Bogey
Oct 24, 2012 - 2:59pm

The surest sign there's intelligent life

out there is that they haven't tried to contact us yet

ancientmoney California Lawyer
Oct 24, 2012 - 3:01pm

@Cal Lawyer

If your theory is right, I'm damn glad my kids aren't in the military. An invasion of Iran would be similar to Viet Nam in terms of American dead, I think, or worse.

However, on the bright side, if they want Iran's gold, at least they won't be likely to irradiate it first.

bbdgoco
Oct 24, 2012 - 3:02pm

Stingbee said,

"Libya is a complicated situation....You have too many different groups vying for relevancy and power...It is a volatile area with too many outstanding social and political ramifications...It is a brush fire without knowing who really started the fire...."

Sounds a bit like the USA . Why would we have to travel there or live there to realize that?

Mickey
Oct 24, 2012 - 3:02pm

Rally tonite and tomorrow

My heart says yes, kind of holding 1700 and 31.50 says yes, but my knowledge says its not over till its over.

having said that I am not going to catch the bottom so I bought.

¤
Oct 24, 2012 - 3:04pm

I agree

I've been watching silver a bit closer since yesterday afternoon around 2:45-3:00p.m. or so when I saw a quick and sharp, double rhythm 'tap' right around $31.55 and then upward steadily and slowly thereafter despite what the market was doing at the time.

If you believe that the markets are run by algo's then these blips here and there are a clue imho. I definitely believe that the numbers, data and the speeches of important market moving events are known to many at least 24 hours ahead of time.

That might sound like rubbish but I know what I think I saw and in all honesty we all have our little cue's or signals that were trying to interpret everyday all day along to some degree. I liked what I just saw today after that statement and it (the algo rhthym) yesterday struck me as a little bit out of place after watching the market sell off to the degree it did and then that double tap and a reversal before the market closed caught my attention.

For the record, I do believe that a certain set or program of trading algo's is utilized at various times for various reasons. I don't think I'm out on a limb recognizing how skewed and steered things have become regarding trading, data leaks and the markets.

It appears that we have some very strong buying support around $31.50 and $1700 at this point.

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