Traders Surprised Federal Agencies Still Enforcing Laws
Yesterday, stocks climbed back from under pressure, closing nearly flat after an earlier shellacking, ostensibly due to the FBI raids of hedge funds. The market action was caused by Traders surprise in learning that some Federal agencies plan to continue enforcing laws, despite the best efforts of bank lobbyists.
Will they be able to repeat that trick today?
Tensions are high following the shooting skirmish between them Koreas. Since this event is 5,000 miles away, and does not involve any banks, it will probably fade rapidly, as it doesn’t really exist unless it trades. “We were watching to see if steel or copper futes rallied, but the shells fired were insufficient in number to really move the needle,” said one trade, who didn’t really exist. Were it to go nuclear, Uranium futures would rally. Traders are comfortable with that outcome.
Cynical?
Perhaps, but as Lily Tomlin once noted, “No matter how cynical you get, it’s impossible to keep up.”
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November 23rd, 2010 at 7:59 am
Once you see a few contrived news event, every news event seems like a contrived news event.
November 23rd, 2010 at 7:59 am
[...] Futures Under Pressure/ Traders Surprised Federal Agencies Still Enforcing Laws (TBP) [...]
November 23rd, 2010 at 8:17 am
Freakin Hilarous!!!!
November 23rd, 2010 at 8:41 am
http://search.yippy.com/search?input-form=clusty-simple&v%3Asources=webplus&v%3Aproject=clusty&query=Bernays+Propaganda
http://search.yippy.com/search?input-form=clusty-simple&v%3Asources=webplus&v%3Aproject=clusty&query=Lippmann+Public+Opinion+Control+of+Crowds
and, for those of y’all that don’t believe that ‘we’ know, exactly, what happened between the ‘Koreas’..
http://www.gotgeoint.com/archives/2010/11/
November 23rd, 2010 at 8:47 am
OT Ireland. Pressure building to defer budget vote & bailout acceptance until AFTER new gov is elected, makes sense, Euro bankers trying to ramrod “bailout” thru before the people have a chance to express themselves by ballot. So much for democratic yearnings LOL
Great cartoon.
The Irish will be able to cut a much better deal with a new gov and BK as a viable option. Let the banks go! Euro stock markets will go into a tizzy if the bailout goes to a referendum by the people. Whats the counterargument? This is too important to let voters decide, they “won’t understand”?
http://www.irishtimes.com/newspaper/breaking/2010/1123/breaking4.html
November 23rd, 2010 at 8:49 am
Where’s Team America when you need ‘em?
From an inflection point standpoint, this flare-up comes at a very bad time. Broad markets (China, commodities, EM, major indices) were already vulnerable, given a slew of broken trendlines, closed gaps, H&S top formations, falling bond prices (and rising rates), the initiation of a Beijing hiking cycle, Ireland acting as prelude to Spain, and a general round-tripping of the post-QE2 euphoria.
If, six months from now, the talking heads record the Korea incident as the reason why the 2010 rally went bye-bye, it will be another case of mangling cause and effect… mistaking a mere short-term fulcrum for the weight of the full reversal.
November 23rd, 2010 at 9:09 am
Your dry wit is perfectly suited to this topic.
Get those brokers back in here! Turn those machines back on!
November 23rd, 2010 at 9:21 am
The SEC is coming. Look busy.
November 23rd, 2010 at 9:28 am
It’s clear the market is likely to mark time until the smoke clears and we find out whether Bristol Palin takes the mirror-ball trophy.
November 23rd, 2010 at 9:35 am
A headline fit for The Onion.
November 23rd, 2010 at 9:37 am
Channeling your inner Andy Borowitz ?
November 23rd, 2010 at 9:42 am
Now that’s FUNNY!
November 23rd, 2010 at 10:59 am
>Pressure building to defer budget vote & bailout acceptance until AFTER new gov is elected, makes sense,
I was thinking the opposite. Let the current leaders absorb all the hatred and then get out of the way. The new leadership can then step in and say, well, we’re all in this together, let’s see if we can make the best of a very bad situation.