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Double Shot


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Welcome to the second anniversary of an Aug. 22 top.

 

Possibly a double shot.

 

And yet another double:

 

Two consecutive days in a row, where a high tech CEO was able to utter something which instantly levitated billions of dollars in market cap.

 

What do you expect? Another new record.

 

But after the 90% panic open with a .09 TRIN reading, we could have finally reached exhaustion. After the open, it was a non-stop slide all day.

 

Where was the Stick Save?

 

Where was the Globex Outage?

 

Where was Osama Yo Mama, Saddam capture??

 

Where was the Magic Wand?

 

Where was the unknown Futures Buyer?

 

What happened to all the Bullhorning about the 2nd half recovery?

 

End of Month Mark Up coming next week.

 

Watch your back.

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...continuation of FRB discussion (what else?) from last night's M2M....

 

When the Fed "prints money", they buy the securities of the US Treasury or it's guaranteed entities like Sallie and Gennie (current law restricts the Fed to these securities only, I believe). These assets go onto the Fed balance sheet, and the cash into circulation, i.e. at some point the cash lands in an account at a Federal Reserve institution. Thus the Fed has "added reserves" to the banking system, allowing the fractional-reserve pyramiding of even more debt/dollars on top. All of this money was "printed", including the reserves created by the Fed. "Printing money" is FRB of fiat money. We're not on a gold standard such that we fractionally reserve gold certificates with something less than 100% (i.e. "fractional") gold bullion.

 

Yes, I suppose this is technically different than the innovation of money market intermediation that allows fiat money creation essentially with zero reserve. But who cares? The fact is that all the money is fiat and it's supply is arbitrary. In fact, it is now unarbitrarily VERY large, which means it represents a quantity of debt that cannot be successfully serviced without creating an even more insane cumulative total of debt/money in the process. The exact consequences of such a circumstance are not known, but have been speculated upon muchly in these environs. Personally, I remain appropriately long-term bearish on all paper assets, including real estate (due to mortgages).

 

I really think folks on this thread are having one great big heated agreement, but just feel like bickering most of the time anyway :lol:

 

Edit, actually, the money market game doesn't really add to the supply of actual dollars if I read Noland right. It just creates dollar "claims", typically in the form of MBS. But the claims are debt just the same, much of it uneconomic.

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Bearish Engulfings on all indices.

 

http://stockcharts.com/candleglance?$...#124;C|d20

Added SOX, BKT, TRAN and UTIL and looking at the 2 month.

 

Technically COMPX didn't quite engulf but close enough for SEC work. :lol: We'll just call that a proforma candle.

 

http://stockcharts.com/candleglance?$...#124;B|D20

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