Perfect for a Friday afternoon:

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Thanks, Josh!

Category: Humor, Technical Analysis

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

52 Responses to “Quadruple Confirmed Evil Knievel Formation”

  1. harold hecuba says:

    christ the poor bastard only crashed at 6500. how is that? is he defying gravity?

  2. ReductiMat says:

    I love it! I need it bigger, this is wallpaper worthy…

  3. Foghorn Longhorn says:

    Back in my MX days, that particular crash was referred to as ‘a reverse flying W’ , notice the lack of the last upward leg.
    Splat.

  4. tagyoureit says:

    LOL! dead sailor.

    @Foghorn

    Brrrrrt!

    #91 District 6 MX ;)

  5. catman says:

    Is that Bob Prechter on the back of the bike?

  6. HCF says:

    I can’t help but notice that the words “bullish” and “bullshit” have so many common letters…

    HCF

  7. JustinTheSkeptic says:

    We can’t crash, the governments around the world are pouring money in like crazy. Funny thing is the consumer is putting up sandbags to hold back the river of money. Not because they don’t like new things, but because they already have them. Now you ask what would I do…hire a bunch of professional arsonist, to go and burn down as many houses as possible.

  8. JustinTheSkeptic says:

    What’s really scarry is that all the bankers sweet Erin, interviewed today started out their first answer with what a wonderful listener, (or something in that nature), the President is, and then when on to say how we’ve turned the corner in the economy. Now if it was being uttered by someone who is independent of the banking sector I might believe 60% of it. But the Bankers themselves. NO WAY! Biggest PR campaign in our life-times. Watch and observe.

  9. “Biggest PR campaign in our life-times. Watch and observe.”–JTS

    aka “The Obama Deception”
    ~~

    past that, the choice of colors, in the chart, does the magic~ well done, too funny, even the ‘wheels’ got crushed into straight-lines..

  10. Mannwich says:

    Just got back from a little Indian buffet for lunch (two full plates, thank you very much). Saw more gigantic new commercial real estate space (over 1.1 million square feet) being constructed on the way over. Looks like a great place to sit empty for the next 3-5 years. Ideal wall space for some graffiti, I mean, “wall art”.

  11. Mannwich says:

    Waiting patiently for the final hour tape painting. Here it comes. Likely only a few more days of this nonsnense until that little bugger called reality sets in again, circa January ’09.

  12. mddwave says:

    If you use an exponential regression for the last three weeks and assume the same exponential rate for 90 days, S&P500 will be 1500!

    If it wasn’t for the gravity, Evil would still be riding his rocket bike for 30+ years.

  13. leftback says:

    Hilarious – and a perfect ending to a boring Friday.
    Now add the Friday Night Jazz, and you have… the perfect blog.

  14. karen says:

    Yes, because i have new music to post.

  15. aw karen,

    don’t sell yourself short, every post of yours, Is music

    :P

  16. batmando says:

    Excuse my ignorance. Friday Night Jazz? whereof do you speak?

  17. leftback says:

    @ Mark:

    Are you sweet talking our lovely west coast reflationista? I’m impressed,
    Who would have known, my punctuating friend, that you are, Indeed, a Smooth Operator.

  18. DC says:

    News that Dylan Ratigan has bolted from CrapVision caught me by surprise. Lately he had begun to be a bit more outspoken (often correctly so), but he never approached Kudlowian levels of hysteria or idiocy.

    Then again nobody in the universe is quite the douchebag that Larry is, except maybe Kim Jong Il, who is known as “The Korean Kudlow.”

    If they rebuilt around David Faber — you know, smart people who talk about companies and business issues instead of useless binary “is this the end of the world?” bullshit — there might be some hope. But watching Erin Burnett badger the top guys on Wall Street about the executive comp sideshow when the entire fucking world is burning is indefinably lame.

  19. franklin411 says:

    Mannwich,
    Isn’t now the best time to be building stuff? We should have construction on every corner: labor is cheap, machinery is cheap, materials are cheap.

  20. batmando says:

    Into the close short ETFs rising, SRS, FAZ, who wants to be short over the weekend?

  21. “labor is cheap, machinery is cheap, materials are cheap.”

    And so is demand for the things to be built thereby…

  22. Mannwich says:

    @franklin411: Yes, that stuff’s cheap but then you must fill the building once it’s done, don’t you? How in the world are they going to fill these monstrosities when we’re in the middle of a nasty recession with an already enormous glut of commercial space out there? There’s empty space everywhere in the TC right now.

  23. Mannwich says:

    If you build it, they won’t necessarily come. That’s my new motto.

  24. leftback says:

    Batmando said: “Into the close short ETFs rising, SRS, FAZ, who wants to be short over the weekend?”

    Not me. Not with two more days before EoQ – if they were going to sell it Evil Knievel have gone down by lunch.

    “Friday Night Jazz? whereof do you speak?”

    FNJ used to be a Ritholtz signature. But that was before the Dark Days, Before Bear and Lehman.
    But maybe it’ll be revived now. After the Deluge.

  25. Transor Z says:

    And real estate’s cheap, too, as are long-term interest rates on mortgages.

    Cheap labor, cheap machinery, cheap materials, cheap real estate, cheap mortgages.

    A lot of people seem to be long empty bottles, gasoline, and oily rags for some reason, though…

  26. “Cheap labor, cheap machinery, cheap materials, cheap real estate, cheap mortgages.”

    But somehow or another, my wife’s still expensive. When’s she gonna get with the program?

    Y’all have a good weekend:)

  27. Optionstrader says:

    Performance chasing , pushing them higher, short covering, whatever you wanna call it, fact is the uptrend has been pretty good .
    With everyone waiting for it to fail , the contrarian view rules , that it will only fail when everyone embraces this rally.
    No one has embraced it yet , only the traders are pushing it higher. With earnings season around what if the earnings are only “bad” and not “as bad as thought”?
    The fundies who sold beta to get into defense surely must be nervous as they see nasdaq marches on , being Green for the year?

    Or you think they have suddenly become so smart that they realise that we can have many sharp bear rallies? and they are ok with being negative for the year with the markets being higher?

    So instead of waiting for the eventual fall to new lows I am going with this trend , making as much as I can while this uptrend lasts.

  28. techy says:

    Off Topic Question:

    I am hearing about the Geithner plan, about Mortgage based securities being sold in a private-public partnership or something.

    if those things are based on real mortgages, why they hell there is so much trouble sorting out their value?? (i have heard that they have hard time selling them for 60% of their value…i would love to buy back my mortgage for 90% of its value)

    please point me to any reading material which will help me understand this mumbo-jumbo.

  29. born2code says:

    @DC, what is the new about Dylan Ratigan? did I miss anything? you saying he left CNBC? he was on Fast Money just last night!

  30. seneca says:

    It should be Evel (not Evil) Knievel. And the formation is a left shoulder, head and fractured clavicle.

  31. leftback says:

    “With everyone waiting for it to fail , the contrarian view rules.”

    Yeah, baby. Wall of Worry. It’s interesting that even Mish thinks this rally may have some legs.

    “Dylan Ratigan?”

    Maybe he was caught perving at Melissa Lee one too many times. Not that you can blame him….

  32. Froglips says:

    Evil knievel was from Butte Montana, a place 5600 some feet into the air looking at the continental divide were a giant cross is erect and where Evil old office is now a lawyers office but where you will find his vault, bank type with a big steel door..
    Evel could then jump on his bike, ride over and down the continental divide, go east 10 miles starting from Butte to in Harrison Mt where he then would jump onto a raft on a little river.
    As Evil knew, that little river would take him a few miles downstream to a place called Three Forks Mt.
    Three forks is known for being the place where head waters for the mighty Colombia River are found.
    From there it’s just a 4130 feet to 0 in Astoria OR
    Safe boating Evil……….

  33. Outlier says:

    @batmando 3:57

    guessing it’s people who noticed those 3:30 dips this week and figured it was a nice discount sale. Not a great sign for the bulls if people think that discount is worth the weekend risk…

  34. franklin411 says:

    Leftback
    Have you seen Melissa Lee in real life? Ratigan can do much better than that wrinkly old bag!

  35. leftback Says: March 27th, 2009 at 3:48 pm

    lb,

    that is, like the graphic, well done, and too funny..
    ~~

    past that, did you say Mish was on the Long side? that’s one of the Horsemen, is it not??

  36. O, I C..

    “Many seem to be in disbelief of this rally given the poor economic backdrop. However, technically the rally needs to be respected until proven otherwise. Let’s take a look.”

    staying out of the way of speeding bullet-trains..
    http://globaleconomicanalysis.blogspot.com/2009/03/respect-rally-until-proven-elsewise.html

    from the technical angle..

    that makes more sense..not, necessarily, Long..

  37. Ken H. says:

    Right Techy,

    You are not in the circle of trust.

    Calculated Risk has a good overview of the program.

    Lefty,
    I don’t think Melissa has the right equipment for Dylan. Consumer is entrenched and some unemployment numbers are as high as 11% and rising. What do you base these “legs” on??

    This is a good picture of Bush. I think the caption was: “Hey W, so you say youwere helping Barney over the fence?” At any rate, I figure thats what the American consumer thinks of your so-called recovery and bailout plan.

    http://www.popular-pics.com/pictures.aspx?photoid=867

  38. Ken H. says:

    Mark,

    http://www.calculatedriskblog.com/

    Link to CR, love his four bears graphic. Again why wouldn’t this rally have legs when the Treasury has stated no blood no foul, how much you need?? Rally to the moon until,…uh there aren’t any fundamentals?? I guess if you are in the know and in “The circle of trust” aka TIMHA”S buddies!

    Where’s Otto the Banker when you need him. He has been as giddy as a school girl. Money, Money, Money, Wheee, Everything is going to be alright.

  39. Mortimus says:

    It appears CNBC has literally decapitated Ratigan and magically replaced him with Guy. Very Tasteful.

    http://www.cnbc.com/id/15838499/

    “It’s Alive!!!”

  40. franklin411 says:

    Mortimus:

    Nice catch! Reminds me of the way purged politicians disappeared from Stalin-era photos!

    http://en.wikipedia.org/wiki/Photo_manipulation#Political_and_ethical_issues

  41. Mortimus says:

    Oooph, that “Time” OJ cover is a disgrace

  42. aitrader says:

    Put your left nut out there and give us some Jazz! This isn’t the bottom, is it? Come on Bar, give us some love. Where do the fibbonaccis lead us?

    I’ll wager a guess. 6550 is a step to 5200 then 4330 then sub 3200.

    Ouch, that hurts! But that is where we are headed.

    Try sayin’ that on CNBC. I dare ya!

  43. danm says:

    How much metal in his body? That has to be positive for commodities!

  44. gainsayer says:

    It appears CNBC has literally decapitated Ratigan and magically replaced him with Guy. Very Tasteful.

    The commissar vanishes. . .

  45. wunsacon says:

    All,

    Speaking of daredevils, if you did not already see Robbie Madison 2009 New Year’s Jump in Las Vegas, I heartily recommend it:

    http://www.youtube.com/watch?v=kL0CJgu6Q0g

    It gives me a thrill watching it again, as though I’m not sure how it ends.

  46. catman says:

    I’m a simple man, feel free to agree, and a down friday will lead to a down week more often than not. But this is a fun neighborhood and it needs its friday night jazz, and to experience Karens music input. Currently I’m lost in a blizzard of cd’s (30 of’em) my wife bought at an estate sale. Among the two buckers were Kiko, an old friend, lots of Wynton Marsalis and his pal Marcus Roberts, a ton of Lee Morgan – havent cracked those yet, some Monk – I cant resist saying that Monk is like Earl Monroe, an American original of the highest order. Then there is the Mose Allison, Coltrane, Lennie Tristano, Hank Mobley, Art Blakey, and some generic Bill Frisell. For two bucks what the hell. I wont let Mannwich in on my travel plans, hes depressed enough already. Fore!

  47. Blackhalo says:

    @JustinTheSkeptic

    “Now you ask what would I do…hire a bunch of professional arsonist, to go and burn down as many houses as possible.”

    http://en.wikipedia.org/wiki/Parable_of_the_broken_window

    That is just embarrassing. I have seen this meme of breaking windows to fix the problem a few times, and it shows the astounding level of ignorance of the J6P crowd. To look at this crisis and come to the conclusion that the problem is too many houses, rather than too much leverage and debt is asinine. To hold on to the idea that falling home prices is the problem, and not too much credit, could only come from a house-flipper or jack-ass who bought a house for 13X earnings.

    Lower house prices are a benefit to all except the investment bankers and dimwitted fools who bought the banker’s line, that house values only go up. What these clowns fail to grasp is that lower housing is good for every other industry other than banking. If every American can spend less on a home, and particularly the interest for a mortgage, then that is that much more money that they have available for food, clothes, cars, computers, bicycles, cell-phones, TVs and DVDs. Or savings,which would reduce the cost of debt even more. You know real stuff that takes a real job to produce.

  48. aitrader says:

    Good call. I dumped my longs last week and went short. Catching falling knives is painful. I see plenty of pain and severed digits ahead.

  49. Blackhalo,

    you’re on the right track, though peeps may want to check out : http://bastiat.org/en/twisatwins.html
    to read further..

    as: “III. TAXES
    Have you ever chanced to hear it said “There is no better investment than taxes. Only see what a number of families it maintains, and consider how it reacts on industry; it is an inexhaustible stream, it is life itself.”

    In order-to combat this doctrine, I must refer to my preceding refutation. Political economy knew well enough that its arguments were not so amusing that it could be said of them, repetitions please. It has, therefore, turned the proverb to its own use, well convinced that, in its mouth, repetitions teach.

    The advantages which officials advocate are those which are seen. The benefit which accrues to the providers is still that which is seen. This blinds all eyes.

    But the disadvantages which the tax-payers have to get rid of are those which are not seen. And the injury which results from it to the providers, is still that which is not seen, although this ought to be self-evident.

    When an official spends for his own profit an extra hundred sous, it implies that a tax-payer spends for his profit a hundred sous less. But the expense of the official is seen, because the act is performed, while that of the tax-payer is not seen, because, alas! he is prevented from performing it. “–the story continues..
    ~~
    and, here: “In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them.

    1.2There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.

    1.3Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil. ..”
    http://www.econlib.org/library/Bastiat/basEss1.html

  50. SWMOD52 says:

    @leftback @franklin411

    I’m glad I have never seen Malissa in real life as I don’t think she get’s her props as a news babe. I think she has just about the sexiest lips I have ever seen.

  51. Ken H. says:

    >Blackhalo Says:
    >March 27th, 2009 at 10:24 pm

    >@JustinTheSkeptic

    >“Now you ask what would I do…hire a bunch of professional arsonist, to go and burn down as many >houses as possible.”

    >http://en.wikipedia.org/wiki/Parable_of_the_broken_window

    >That is just embarrassing……..

    The window parable doesn’t hunt in this suggestion. It’s a supply and demand curve. Speculation created too many homes (as well as debt..I hear you). It’s playing the supply demand curve. It’s a delicate balance. Do you think OPEC was happy when hedgies ran oil to the moon last year??Do you really think they wanted soccer moms driving SUV’s or Priuses?? Now that they faced deflation,..what did they do?? cut supply, Destroy oil,…maybe?? Doubt it but that’s what banks are up against with housing. Do I hold till it regains value or destroy it? Housing sure has a WHOLE lot more upkeep than oil buddy.

    Simple example. You know you have 10 families that are interested in buying 20 different homes. Who has bargaining power when it comes to price?? Now, Justin goes and burns 11 of those homes down, who has the power now?? Get a bean counter to crunch the numbers and see which one saves you more money, it may be surprising.

    On another note, apologize to Dylan, had in my mind Dennis K for some reason, cocktail hour never helps, good luck.