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	<title>Comments on: Barron&#8217;s Santoli: Biderman is Clueless</title>
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	<description>Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media</description>
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		<title>By: cognos</title>
		<link>http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/comment-page-2/#comment-248591</link>
		<dc:creator>cognos</dc:creator>
		<pubDate>Mon, 18 Jan 2010 20:01:17 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=49312#comment-248591</guid>
		<description>Lets say the Fed did buy stocks... say $500B.  Since they&#039;d be up an average of 30%... thats $150B.  I bet they&#039;ll be up even more in 6-months as earnings continue to recover (have you conspiract theoriests noticed that at all?).  Q4 GDP will come in positive.  Leading indicators look much like a classic recovery (&#039;82, &#039;92).

So Fed will be up $300B on the economic crisis... in addition to spinning off $50B/yr to treasury from regular open market activities.

Sounds like a job well-done!  But... its fantasyland.</description>
		<content:encoded><![CDATA[<p>Lets say the Fed did buy stocks&#8230; say $500B.  Since they&#8217;d be up an average of 30%&#8230; thats $150B.  I bet they&#8217;ll be up even more in 6-months as earnings continue to recover (have you conspiract theoriests noticed that at all?).  Q4 GDP will come in positive.  Leading indicators look much like a classic recovery (&#8217;82, &#8217;92).</p>
<p>So Fed will be up $300B on the economic crisis&#8230; in addition to spinning off $50B/yr to treasury from regular open market activities.</p>
<p>Sounds like a job well-done!  But&#8230; its fantasyland.</p>
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		<title>By: HEHEHE</title>
		<link>http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/comment-page-2/#comment-248529</link>
		<dc:creator>HEHEHE</dc:creator>
		<pubDate>Mon, 18 Jan 2010 15:02:07 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=49312#comment-248529</guid>
		<description>There&#039;s more evidence of the markets having been manipulated from May to September of this year than any other time in our history.  Between the fund flows, the 2:30-3 pm daily bids, and the price performance of absolutely turdish areas of the market such as commercial REITS etc one would be a moron not to believe the government was involved not just indirectly via the easy money policies but playing a coordinated roles with several big banks in directing where that money was placed.   Once the pump was primed, ie the March-April short squeeze, they could just sit back and prop the market when the technicals demanded they do so.   

Barry has every right to espouse what he believes but I think the foolishness is on his end of the spectrum.  The March call was a great one.  Having said that the explanation of what transpired after the initial short squeeze has the Feds hands written all over it.</description>
		<content:encoded><![CDATA[<p>There&#8217;s more evidence of the markets having been manipulated from May to September of this year than any other time in our history.  Between the fund flows, the 2:30-3 pm daily bids, and the price performance of absolutely turdish areas of the market such as commercial REITS etc one would be a moron not to believe the government was involved not just indirectly via the easy money policies but playing a coordinated roles with several big banks in directing where that money was placed.   Once the pump was primed, ie the March-April short squeeze, they could just sit back and prop the market when the technicals demanded they do so.   </p>
<p>Barry has every right to espouse what he believes but I think the foolishness is on his end of the spectrum.  The March call was a great one.  Having said that the explanation of what transpired after the initial short squeeze has the Feds hands written all over it.</p>
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		<title>By: bdg123</title>
		<link>http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/comment-page-2/#comment-248527</link>
		<dc:creator>bdg123</dc:creator>
		<pubDate>Mon, 18 Jan 2010 14:54:33 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=49312#comment-248527</guid>
		<description>Biderman has no idea what he is talking about.  But then we knew that because he keeps using data that insiders are selling as a sign of impending doom.  Yet he has only been collecting this statistic since 2004 as I recall.  Insiders are selling because the wealthy in our society are unwinding.  That means they&#039;ll be selling when we hit the bottom of stocks ........ and into the bottom of stocks.  

I really hate this perspective that when someone can&#039;t explain something it is conspiracy.  That said, the Fed could easily be buying stocks.  The BOJ is.  Yet, the BOJ announced it.  The Fed could be buying stocks and monetizing it as well.  Who knows.  Biderman doesn&#039;t. 

If we could audit the Fed and all of its secret cabals............</description>
		<content:encoded><![CDATA[<p>Biderman has no idea what he is talking about.  But then we knew that because he keeps using data that insiders are selling as a sign of impending doom.  Yet he has only been collecting this statistic since 2004 as I recall.  Insiders are selling because the wealthy in our society are unwinding.  That means they&#8217;ll be selling when we hit the bottom of stocks &#8230;&#8230;.. and into the bottom of stocks.  </p>
<p>I really hate this perspective that when someone can&#8217;t explain something it is conspiracy.  That said, the Fed could easily be buying stocks.  The BOJ is.  Yet, the BOJ announced it.  The Fed could be buying stocks and monetizing it as well.  Who knows.  Biderman doesn&#8217;t. </p>
<p>If we could audit the Fed and all of its secret cabals&#8230;&#8230;&#8230;&#8230;</p>
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		<title>By: GJR</title>
		<link>http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/comment-page-2/#comment-248488</link>
		<dc:creator>GJR</dc:creator>
		<pubDate>Mon, 18 Jan 2010 05:32:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=49312#comment-248488</guid>
		<description>First off, Goldman Sachs owns a minority share in Trim Tabs.  Bob Pisani notes this and even congratulates Biderman at the end of this short CNBC clip: http://www.youtube.com/watch?v=y1wRfGiK-8I 

The way I see it this is yet another attempt by GS (thru Biderman) to convince investors the stock market is safe.   At the same time they have the bond markets being called into question.  They want all the 401K investors to believe equities are safe and bonds risky, so they will (foolishly) move their bond allocations back over to equities.  What better safety net than to believe the government will certainly keep this market afloat.  Sorry, I believe we have all seen they won&#039;t.  If the PPT existed where were they last March?</description>
		<content:encoded><![CDATA[<p>First off, Goldman Sachs owns a minority share in Trim Tabs.  Bob Pisani notes this and even congratulates Biderman at the end of this short CNBC clip: <a href="http://www.youtube.com/watch?v=y1wRfGiK-8I" rel="nofollow">http://www.youtube.com/watch?v=y1wRfGiK-8I</a> </p>
<p>The way I see it this is yet another attempt by GS (thru Biderman) to convince investors the stock market is safe.   At the same time they have the bond markets being called into question.  They want all the 401K investors to believe equities are safe and bonds risky, so they will (foolishly) move their bond allocations back over to equities.  What better safety net than to believe the government will certainly keep this market afloat.  Sorry, I believe we have all seen they won&#8217;t.  If the PPT existed where were they last March?</p>
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		<title>By: R.D.</title>
		<link>http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/comment-page-2/#comment-248477</link>
		<dc:creator>R.D.</dc:creator>
		<pubDate>Mon, 18 Jan 2010 03:25:02 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=49312#comment-248477</guid>
		<description>IF SANTOLI and others parked their ignorant asses at the SnP pit CME and talked to some long time

traders they may not have to fall  off  the turnip truck again. Santoli ,,and the rest of his ilk 

are so brilliant you could never convince them with names ,timelines , and numbers . I&#039;ve tried,

it&#039;s not worth the time. They know all.</description>
		<content:encoded><![CDATA[<p>IF SANTOLI and others parked their ignorant asses at the SnP pit CME and talked to some long time</p>
<p>traders they may not have to fall  off  the turnip truck again. Santoli ,,and the rest of his ilk </p>
<p>are so brilliant you could never convince them with names ,timelines , and numbers . I&#8217;ve tried,</p>
<p>it&#8217;s not worth the time. They know all.</p>
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		<title>By: cognos</title>
		<link>http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/comment-page-2/#comment-248463</link>
		<dc:creator>cognos</dc:creator>
		<pubDate>Mon, 18 Jan 2010 01:08:25 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=49312#comment-248463</guid>
		<description>@ How...CommonMan - 

The market situation you describe is naively simplistic.  First, this is not at all what TrimTab &quot;FundFlows&quot; measures.  And Second, &quot;what happens to the guy who gets my $1.20?&quot; isnt that a stock fund outflow as he moves to cash?  Again, net flows balance.

As far as the Fed &quot;putting the world through&quot; this financial period -- Do you know any real estate speculators?  (I feel almost every silly amateur investor I know was on the &quot;you cannot lose&quot; trade).  I guess I missed the Fed&#039;s &quot;Real Estate Speculator&quot; course.  I think blaming the Fed is mainly misplaced.  They deserve some blame (plenty to go around) especially as lax bank regulators.</description>
		<content:encoded><![CDATA[<p>@ How&#8230;CommonMan &#8211; </p>
<p>The market situation you describe is naively simplistic.  First, this is not at all what TrimTab &#8220;FundFlows&#8221; measures.  And Second, &#8220;what happens to the guy who gets my $1.20?&#8221; isnt that a stock fund outflow as he moves to cash?  Again, net flows balance.</p>
<p>As far as the Fed &#8220;putting the world through&#8221; this financial period &#8212; Do you know any real estate speculators?  (I feel almost every silly amateur investor I know was on the &#8220;you cannot lose&#8221; trade).  I guess I missed the Fed&#8217;s &#8220;Real Estate Speculator&#8221; course.  I think blaming the Fed is mainly misplaced.  They deserve some blame (plenty to go around) especially as lax bank regulators.</p>
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		<title>By: Sunday links: net-net-net returns Abnormal Returns</title>
		<link>http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/comment-page-2/#comment-248381</link>
		<dc:creator>Sunday links: net-net-net returns Abnormal Returns</dc:creator>
		<pubDate>Sun, 17 Jan 2010 15:41:42 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=49312#comment-248381</guid>
		<description>[...] When an analyst trade analysis for rank speculation.  (Big Picture) [...]</description>
		<content:encoded><![CDATA[<p>[...] When an analyst trade analysis for rank speculation.  (Big Picture) [...]</p>
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		<title>By: Theodore D.</title>
		<link>http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/comment-page-2/#comment-248375</link>
		<dc:creator>Theodore D.</dc:creator>
		<pubDate>Sun, 17 Jan 2010 15:28:13 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=49312#comment-248375</guid>
		<description>I dropped &#039;em.  Once in a while they come out without something interesting.  But their everyday commentary is silly.</description>
		<content:encoded><![CDATA[<p>I dropped &#8216;em.  Once in a while they come out without something interesting.  But their everyday commentary is silly.</p>
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		<title>By: Mark E Hoffer</title>
		<link>http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/comment-page-2/#comment-248374</link>
		<dc:creator>Mark E Hoffer</dc:creator>
		<pubDate>Sun, 17 Jan 2010 15:22:36 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=49312#comment-248374</guid>
		<description>BR: As I have noted, the Bush White House could not fire 9 US Attorneys for (illegal) political reasons, yet the government can drop 100s of billions (or even a trillion) in secret trades, with no proof ever being found. 

I find that incredible to believe . . .

BR, 

as you know, we&#039;re dealing with ~&quot;things not in evidence&quot;, with that, these, subsequent points:

&quot;...As for the PPT, I agree the Fed has openly acted, often in vain. What have they done in secrecy? I do not know, maybe things will come out later. The bottom in March was a move from extreme pessimism and oversold conditions, and we are moving to extremes in optimism. When do we get there? Obvious in hindsight I am certain.&quot;--Boots or Hearts, above

similiar to previous points you have made..

and, &quot;Well, the take a way is simply that the level of information is crucial to understand the financial world. And you need to dig deep before you recognize the pattern of the mighty and powerful. Most will never get it, even after 30 years in this business. But do not be naive: there is more than meets the eye. Enough said. You don’t need neither conspiracy nor tin foil. Human nature, deadly greed and big money…just reality and a big lap of time.&quot;--Manolo, above.

is similiar to where I&#039;m coming from..
~~
the upshot being, there are Risks inherent in this Market, at this Time, that are not, broadly, broached.

With that, there are many moving parts to this, current, financial schema that, really, need to be fisked.

that undertaking, said fisking, would be an additional &#039;value-add&#039; to the Marketplace of Goods &amp; Ideas..
http://encyclopedia.thefreedictionary.com/Fisking</description>
		<content:encoded><![CDATA[<p>BR: As I have noted, the Bush White House could not fire 9 US Attorneys for (illegal) political reasons, yet the government can drop 100s of billions (or even a trillion) in secret trades, with no proof ever being found. </p>
<p>I find that incredible to believe . . .</p>
<p>BR, </p>
<p>as you know, we&#8217;re dealing with ~&#8221;things not in evidence&#8221;, with that, these, subsequent points:</p>
<p>&#8220;&#8230;As for the PPT, I agree the Fed has openly acted, often in vain. What have they done in secrecy? I do not know, maybe things will come out later. The bottom in March was a move from extreme pessimism and oversold conditions, and we are moving to extremes in optimism. When do we get there? Obvious in hindsight I am certain.&#8221;&#8211;Boots or Hearts, above</p>
<p>similiar to previous points you have made..</p>
<p>and, &#8220;Well, the take a way is simply that the level of information is crucial to understand the financial world. And you need to dig deep before you recognize the pattern of the mighty and powerful. Most will never get it, even after 30 years in this business. But do not be naive: there is more than meets the eye. Enough said. You don’t need neither conspiracy nor tin foil. Human nature, deadly greed and big money…just reality and a big lap of time.&#8221;&#8211;Manolo, above.</p>
<p>is similiar to where I&#8217;m coming from..<br />
~~<br />
the upshot being, there are Risks inherent in this Market, at this Time, that are not, broadly, broached.</p>
<p>With that, there are many moving parts to this, current, financial schema that, really, need to be fisked.</p>
<p>that undertaking, said fisking, would be an additional &#8216;value-add&#8217; to the Marketplace of Goods &amp; Ideas..<br />
<a href="http://encyclopedia.thefreedictionary.com/Fisking" rel="nofollow">http://encyclopedia.thefreedictionary.com/Fisking</a></p>
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		<title>By: Zero</title>
		<link>http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/comment-page-2/#comment-248366</link>
		<dc:creator>Zero</dc:creator>
		<pubDate>Sun, 17 Jan 2010 14:33:45 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=49312#comment-248366</guid>
		<description>Speaking of Failblog -- Zerohedge seems to be jumping the shark with this.  They bought the Biderman conspiracy 100%.

Why haven&#039;t you dropped them from the blog roll ?

http://www.zerohedge.com/article/trimtabs-asks-who-responsible-non-stop-market-rally-march-gives-some-suggestions

</description>
		<content:encoded><![CDATA[<p>Speaking of Failblog &#8212; Zerohedge seems to be jumping the shark with this.  They bought the Biderman conspiracy 100%.</p>
<p>Why haven&#8217;t you dropped them from the blog roll ?</p>
<p><a href="http://www.zerohedge.com/article/trimtabs-asks-who-responsible-non-stop-market-rally-march-gives-some-suggestions" rel="nofollow">http://www.zerohedge.com/article/trimtabs-asks-who-responsible-non-stop-market-rally-march-gives-some-suggestions</a></p>
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