PM End of Week Market Commentary – 8/21/2015

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  • Mon, Aug 24, 2015 - 04:38am

    #11

    Jim H

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    Gold stocks..

If Friday was any indication.. the miners will go down unless maybe Gold does a dramatic counter move, which I don't think it will (I mean, I don't think they will let it).   

  • Mon, Aug 24, 2015 - 12:45pm

    #12
    davefairtex

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    exciting times

This will be the largest gap down open I've ever seen; right now market is set to open down -68 [-3.46%] given where things are in the futures markets.

The first hour should be really interesting.  Either retail comes in to buy the dip, which wil probably then be sold, or retail panics out big time pushing the market down – gee, I dunno, another 40 points? – and then we'll see if the bankers decide to buy or not – and if the shorts decide to ring the cash register or if they hold out for more gains ahead.

My guess is, retail sells, but that's just a guess.

I'm guessing the miners will get half-pounded, half-following silver lower.

Gold is flat, which is actually underperforming since the buck is down -1.23, with the euro up 1.50, breaking above 115 which has been resistance for the Euro since March.  Traders in Europe are panicking out of US equities en masse – that's how I read it.

Silver, copper, oil are all down 3% or more.

Last question: where is that PPT?  I'm seeing the plunge, but not the protection.  So many people have talked for so long about how the Fed was buying equities on the sly to keep the market propped up.  How come that technique is no longer working?  I thought the Fed had a printing press with infinite money…

  • Mon, Aug 24, 2015 - 01:11pm

    #13

    Arthur Robey

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    Nothing happening here.

Well you lot in the US may be an unruly mob but we here in Australia have got our house in order. Silver and gold have done nothing since Christmas. 

http://www.perthmint.com.au/metalprices.aspx

Looks a bit too quiet, come to think of it. 

  • Mon, Aug 24, 2015 - 01:51pm

    #14
    davefairtex

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    ok, make that 140 points at the open

I'm running low on superlatives.

  • Mon, Aug 24, 2015 - 03:58pm

    #15
    Chris Martenson

    Chris Martenson

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    Picking the moments is part of the job

[quote=davefairtex]

Last question: where is that PPT?  I'm seeing the plunge, but not the protection.  So many people have talked for so long about how the Fed was buying equities on the sly to keep the market propped up.  How come that technique is no longer working?  I thought the Fed had a printing press with infinite money…

[/quote]

How about now?  Do you see it now?  Dow has erased over 800 points so far.

Or how about when all this goes green in an hour (at current rates), would you believe it then?

How is it otherwise possible for the entire world to be in turmoil but US ""stocks"" got bought with a vengeance beginning 5 minutes in?  Who did that?  Retail dip buyers?

Heck, there were 1400 mini flash crashes in those opening minutes so I wouldn't even have known how to get an order filled properly if I'd wanted to.

Yep, this all has a mighty ripe smell if you ask me, both the plunge and the protection part.  

We might as well just admit that central banks will end up owning everything…which I would too if I had a printing press and no limits on my use of it.

The plunge protectors are good at what they do and I believe they pick their moments for maximum effect…and it doesn't take as much as you might suspect–like buying the whole market — because everyone is conditioned to expect its presence…as soon as it's seen (needle bottoms are its specialty in trade) the herd takes over from there … again, controlling the direction of the flock is easy when your flock consists of software routines…just feed them the input parameters they are looking for and they will follow along.

However, for the record, I think these efforts will only slow this train, not reverse it…there's just too much damage in the 'non-headline' areas I am tracking…EM debt, FX, credit spreads…these are all saying that putting lipstick on the equity pig is going to be a waste of perfectly good tint.

  • Mon, Aug 24, 2015 - 04:35pm

    #16
    Trun87114

    Trun87114

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    PPT

Well said, Chris.  I wasn't really a believer in the infamous PPT before today but right now it certainly seems like the most plausible explanation for what we are seeing.  The whole worlds markets are plummeting but ours has a miraculous Monday morning comeback for no apparent reason.  Hmmm.

  • Mon, Aug 24, 2015 - 04:41pm

    #17
    Time2help

    Time2help

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    Re: PPT

We live in a centrally planned utopia.

Period.

  • Mon, Aug 24, 2015 - 07:23pm

    #18
    pieffe

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    Be Happy !!!!!

DON't worry folks…..It's only a MOVIE. .!!!….As soon as possible MAN in BLACK will be back on stage for a new ALL TIME HIGHT ! LOL

  • Mon, Aug 24, 2015 - 07:34pm

    #19

    Dogs_In_A_Pile

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    Po ka…..

Amee pudum ka hep you? 

  • Mon, Aug 24, 2015 - 11:39pm

    #20

    Arthur Robey

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    Buying the Dips.

It wasn't me.

I haven't had this much fun in years.  Schadenfreude,  we invented the term.

To think of all the cable trays that I have crawled along for a pittance in some Gothic factory, my delight at shiny pants discomfort is small recompense. 

Perhaps we might be able to invert the reward structure.  Nurses go straight to the top. 

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