Fancy Charts & Graphs
By Barry Ritholtz - April 8th, 2009, 12:00PM
Ha:
>
“I think this clearly shows that we spend far
too much on fancy charts and graphs.”
>
Macro Notes
We don’t want your help because maybe we don’t need itPeter Boockvar
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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April 8th, 2009 at 1:34 pm
Helloooooooooooooooooooooooo . . . . . . . . .
. . . . . . . . . . . .
No comments after an hour and a half? Couldn’t stand it anymore.
April 8th, 2009 at 1:35 pm
Nice work, Marcus. Could fatigue be setting in among the denizens of TBP?
April 8th, 2009 at 1:42 pm
Today is beyond boring.
BR, does low TBP comment volume correlate with local SPX maxima* and low VIX (VXO = 39.40)?
*Often referred to as “Tops”.
As in, “this market is toppy… ” or “look at the top on that one”
April 8th, 2009 at 1:50 pm
It looks a little like it Advanced Bodine Theory, except the graphs aren’t 3D and the gozintas are missing. It still might be a good money making scheme, though.
April 8th, 2009 at 1:52 pm
No fatigue…mere ennui…
April 8th, 2009 at 1:54 pm
I was hoping Barry would spice things up with a “Girls of Southern California” thread or something to let us know how his trip went…
April 8th, 2009 at 1:58 pm
Actually that chart was copied exactly from a treasure map my brother and I made when I was 7 years old and we buried an old can full of pennies…
And no, Leftback, it isn’t still there, we dug it up later…so just forgeddaboutit…
April 8th, 2009 at 1:58 pm
Bruce, when did you get so girl crazy? and why aren’t you working? I rather like this day. We are in day number 3 of working off an overbot condition… and so far so good. Even gold decided to get back in step with the inflationary theme… We’ll see. I’m taking it day by day.
April 8th, 2009 at 2:01 pm
karen,
you see any odds of Au ~700, Ag sub-10?
April 8th, 2009 at 2:01 pm
@Bruce:
>I was hoping Barry would spice things up with a “Girls of Southern California” thread
I was hoping that we’d get an update on the hookers and coke economic stimulus plan!
HCF
April 8th, 2009 at 2:07 pm
We already have our very own “Golden Girl of Southern California”.
If you think today’s trade is boring, wait until the Dog Days of August, @SPX = 422.50.
April 8th, 2009 at 2:09 pm
Mark, if 830 gold were to fail, then i suppose that is possible. The only silver I look at is either antique or in the shape of a utensil.
April 8th, 2009 at 2:16 pm
lb,
that 422.50 seems out of bounds..
I was thinking 423-425..
karen,
I hear you. as an aside, you know why Ag was fashioned into utensils, right?
April 8th, 2009 at 2:18 pm
Heck, MEH, I’ll take the bait. I don’t know the Ag story, but I’d like to.
April 8th, 2009 at 2:18 pm
I think 422.5 would be exciting, but I don’t expect much below 500.
April 8th, 2009 at 2:20 pm
MEH, ” as an aside, you know why Ag was fashioned into utensils, right?”
I’ll bite….
why?
April 8th, 2009 at 2:21 pm
because it could be, for heaven’s sake!
April 8th, 2009 at 2:25 pm
correction to an earlier post: I rather DISlike this day, now. : )
April 8th, 2009 at 2:27 pm
looking kind of bullish. low volume consolidation started on the 24th of march. “False breakout” above 8000 on dow (840 on s&p) on Apr 2 has not resulted in big down move. A re-test of 7500 (777) could prove very bullish short term if market shoots up from there on higher volume. Still in the secular bear camp, but can’t short yet.
April 8th, 2009 at 2:30 pm
Karen,
I am working…the salt mine is a wonderous place…
April 8th, 2009 at 2:34 pm
karen, lol, nice response..
Ag, is easy to work with..also, it is a natural microbicide. the whole ‘born w/ a silver spoon in one’s mouth’ had less to do w/ traditional class envy, then it did with the realization that such a child was more likely to survive infancy..
here’s some ‘current-day’ insight into the phenomenon:
http://www.inm-technology.de/technologietransfer/applikationen/mikrobizide_schichten/?lang=eng
April 8th, 2009 at 2:40 pm
Well, Mark, all the same, the ancient Mesopotamians, Egyptians, Romans, etc. weren’t concerned with that characteristic. : )
April 8th, 2009 at 2:41 pm
broader background:
“Silver has been used to speed wound healing, treat infections, purify water and preserve beverages. For example, the ancient Macedonians covered wounds with silver plates to speed healing (1), and N.R. Thompson has noted that “The germicidal properties of silver, although not recognized as such, have been utilized since the times of the ancient Mediterranean and Asiatic cultures, references being made to the use of silver vessels to prevent spoilage of beverages, and silver foil or plates in the surgical treatment of wounds and broken bones.”(2)
The modern era of Silver usage began in 1893, when C. Von Nageli reported the first systematic investigation into the lethal effects of metals [especially silver] towards bacteria and lower life forms…. To primitive life forms oligodynamic silver is as toxic as the most powerful chemical disinfectants and this, coupled with its relative harmlessness to [animal] life, gives it great potential as a disinfectant…. The term ‘oligodynamic’[silver refers to] solutions in which the metal ion concentration is many orders of magnitude below that which would be lethal to higher life forms.”(2) ”
http://www.smart-drugs.net/ias-silverJamesSouth.htm
April 8th, 2009 at 2:43 pm
karen,
History is a big stone, many facets..
April 8th, 2009 at 2:49 pm
karen,
we may be overbought, but we are still green…I think I smell one of Barry’s toes at work here…
April 8th, 2009 at 2:50 pm
Ah, yes, now I remember that about Ag, thanks MEH. Good coating for tubes and things like that used in medical apps. Also, I seem to recall someone selling socks with nanoparticles (or some dang thing) of Ag incorporated, to combat stinky feet.
April 8th, 2009 at 2:52 pm
All is not well. JNK is red.
The credit markets always know more than equities.
April 8th, 2009 at 2:54 pm
Re: SILVER – For the survivalist (who needs off grid water):
While activated carbon is effective at removing many undesirable chemicals and other substances from water, bacteria has been known to grow in activated carbon filters that hold moisture. For this reason, most activated carbon found in water filters is “silver impregnated” or “silver activated” or “silver added.”
Silver, when added to activated carbon filters, kills bacteria and prevents their growth.
April 8th, 2009 at 2:57 pm
leftback @ 1:42
Yeah, the VIX is potentially interesting. The 40 level has been a pretty firm barrier so far this year. Either we’re going to get a break to the upside (my prediction), or we’re in for some new paradigm shift.
April 8th, 2009 at 2:59 pm
Whammer,
like this: http://nano-silver.net/eng/
and the EPA is looking into it..
here’s a PR from a PR firm, on it:
http://www.goodwinprocter.com/%7E/media/4DBCA1DBCB324D5DBABD4D18A5B5EA34.ashx
April 8th, 2009 at 3:00 pm
C is red as well. All that lipstick but it still smells like bacon…. with a hint of cabbage.
Maybe the stress test has revealed the need for additional CABG* procedures for Citi.
*Credit Assistance, Bailout and Giveaway™
April 8th, 2009 at 3:02 pm
Those who have an interest in the VIX may not be aware that there are two (relatively recent) ETF’s that track VIX futures; one of them has the ticker symbol VXX.
FWIW (probably nothing).
April 8th, 2009 at 3:02 pm
Looks like BofA needs $36B more in capital (I’m sure it’s really more) according to Bloomie? Quite a quick evaporation of those Jan & Feb profts.
April 8th, 2009 at 3:04 pm
January and February were quite good for the banks. Except for their core businesses….
April 8th, 2009 at 3:04 pm
Vix could false breakout above 40 as spy dives for 777-770, both false breakouts leading to next big leg up.
Credit markets are probably right, but stocks can ignore them for a while.
April 8th, 2009 at 3:05 pm
hopeImwrong @ 2:54
I must have stumbled onto the microbiology blog by mistake.
April 8th, 2009 at 3:05 pm
My money is on the sidelines for now.
April 8th, 2009 at 3:06 pm
Bye bye uptick/naked short rule rally. Next.
April 8th, 2009 at 3:06 pm
@DL – LOL. Or the survivalist blog.
April 8th, 2009 at 3:06 pm
Damn! Go to lunch and the place fills up. Was it something I said?
April 8th, 2009 at 3:08 pm
leftback @ 3:04
They should just establish a new payroll tax… then send the money directly to the banks.
April 8th, 2009 at 3:08 pm
SSD
1% Silver Sulfadiazine Cream
is very helpful in cases of severe road rash or other burns.
Very good stuff,
From agony to ‘it’s livable’ in short order.
April 8th, 2009 at 3:14 pm
It’s all going pear-shaped again, just when johnny retail was joining the punters…
April 8th, 2009 at 3:14 pm
Another 15-30 minutes until PPT joins the fray.
April 8th, 2009 at 3:20 pm
Foghorn Longhorn @ 3:08
Silver diammine fluoride has a beneficial effect on incipient caries lesions in erupting permanent first molars.
(see: Braga M M., Journal of dentistry for children (Chicago, Ill.), (2009 Jan-Apr) Vol. 76,
No. 1, pp. 28-33)
April 8th, 2009 at 3:27 pm
Here’s a rather disturbing article:
http://blogs.ft.com/economistsforum/2009/04/bah-humbug-stagflation-is-around-the-corner/
He takes a while to get there, but he suggests Fed intervention to help prop up the stock market. That will lead to economic recovery. It’s just a crisis of confidence, don’t you know. It couldn’t be that huge overhang of debt and the deleveraging that must play out.
April 8th, 2009 at 3:41 pm
@Onlooker: I think that’s already happening (e.g. see last 15 minutes of every day lately).
April 8th, 2009 at 3:51 pm
@ Mannwich:
Good call! PPT rides to the rescue again!
HCF
April 8th, 2009 at 3:54 pm
Only Maria Bartiromo could get excited about a day like this.”Was it good for you too, Larry?”
I wonder if Prince All-Wally will triple down on C now that the Evil Shorts have been vanquished…?
April 8th, 2009 at 3:54 pm
@HCF: Along with their bailout checklists, the fed likely has their computers set to buy at 2:30-2:45 p.m. CDT every day.
April 8th, 2009 at 3:59 pm
Today’s market action is eerily reminiscent to Friday’s action.
April 8th, 2009 at 4:07 pm
DL,
are they investigating any Silver-compounds sans F ?
April 8th, 2009 at 4:10 pm
Jeff,
nice~ right? from down 30 to up 45–Cary the Computer knows how to get it Done!
April 8th, 2009 at 4:13 pm
@Manwich
Yeah. On Friday the S&P broke through my 3LB weekly reversal in the final 2 minutes. I still think it was a fluke and the trend really didn’t change.
April 8th, 2009 at 4:14 pm
M.E.H. @ 4:07
In that article? I haven’t read the article; only the abstract. But if you’re asking if they excluded fluoride, I would highly doubt it.
http://www.ncbi.nlm.nih.gov/pubmed/19341576?ordinalpos=1&itool=EntrezSystem2.PEntrez.Pubmed.Pubmed_ResultsPanel.Pubmed_DefaultReportPanel.Pubmed_RVDocSum
April 8th, 2009 at 4:17 pm
Can anyone tell me why NVEC closed @36.77 today?
April 8th, 2009 at 4:19 pm
Another few days like today and LB is going to be brain dead.
Bear market fatigue. AT was right.
April 8th, 2009 at 4:25 pm
LB – -
Try shorting some call options. That should keep you awake (at night, also).
April 8th, 2009 at 4:26 pm
DL,
I see, thx for that link to abstract..
lb,
combat brain death, try a new hobby, see: http://numismatics.org/Collections/Collections
and, remember, Coins don’t Lie~
also, a great way to learn Histoty/Geography for the little ones of any age..
April 8th, 2009 at 4:29 pm
MR–
re NVEC, I wouldn’t be surprised if it was in reation to the ‘e-Grid hacked’-story
also, DoD/DHS might be getting ready to lay some ‘tracts on them..
April 8th, 2009 at 4:42 pm
Mannwich:
why do we need PPT when we have OPM??
we are all punters now….trading by the charts…and right now people are buying because it is an uptrend….with lots of Bullish(it) signs..
i personally beleive PPT sending equities up is not very difficult and not needed, itse better to give trillions direct to the banks, auto industry,housing etc.. so that their market cap will remain up.
I have seen AAPL go from 200 to 120 back to 180 then down to 78 and now at 115. (all the while their earnings kept going up…just the expecations fluctuated)
50% variance is no big deal in this casi-no.
but it must be frustrating that the trade which the whole world is waiting for is not working
April 8th, 2009 at 4:44 pm
DL Says:
April 8th, 2009 at 4:25 pm
LB – -
Try shorting some call options. That should keep you awake (at night, also).
how is it different than just shorting 100 stocks instead of one call option contract??
April 8th, 2009 at 4:44 pm
One other thing I noticed today in my readings…we talked several weeks ago about who would want to live in Kansas, or Nebraska, or Iowa….remember…some thought it would be purgatory to live in Kansas…
http://mainstreet.com/article/moneyinvesting/news/happiness-index-nebraska-nabs-top-spot
Happiness Index: Nebraska Nabs Top Spot
Guess who came in number 2?
April 8th, 2009 at 4:45 pm
MH-
Eyeballin’ it what do you think? I would not be surprised to see it @39+ in short order. catman was right to question it but the $34 price was rich as I noted- $31+ was reasonable (and easy to get).
F cancelled debt closed at what 3.95 – that is 30% plus in short order-positive story cycle is probably coming to an end- 4.15+ is quite reachable.
GFA- from 9.80 to a 13.55 close- maybe someone could work out the numbers on that one. Nevermind. Maybe booking moderate gains is good policy in a market like this one.
CF- funny action today- lower volume, hmm… yeah, well. things are only clear to me for brief periods, when I can see it, I stop looking for it.
April 8th, 2009 at 4:53 pm
techy @ 4:44
The point is just that if the market stays flat or declines, you’ll make money (being short call options). If you’re short stocks, a declining market is a necessity.
April 8th, 2009 at 5:32 pm
“how is it different than just shorting 100 stocks instead of one call option contract??”
One word – leverage. Unless you’re shorting on similar leverage, of course.
April 8th, 2009 at 6:27 pm
Speaking of leverage, why must Cramer attack proshares everyday: http://moneyneversleepsblog.blogspot.com/2009/04/cramer-continues-outrage-over-proshares.html
Personally I’m a big fan of Proshares ETF’s, they have always done exactly what I needed.. heaven forbid you can make money easily in a rough market… hopefully no one important is listening to him!
April 8th, 2009 at 8:25 pm
moneyneversleepsblog @ 6:27
Agree. One of the reasons why it’s hard to respect the guy.
April 8th, 2009 at 11:29 pm
Maybe this will spice it up.
LIVE VOTE
If you were grading Barack Obama on his performance as president, what would he get? * 1891554 responses
He gets an A
30%
He gets a B
6.3%
He gets a C
5.4%
He gets a D
14%
He gets an F
44%
Not a scientific survey. Click to learn more. Results may not total 100% due to rounding.
http://www.msnbc.msn.com/id/29493093/