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G-String Bullhorning Love Fest


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#1 wndysrf

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Posted 04 February 2005 - 04:42 PM

The guys on CNBS were going off non-stop on how well The Maestro influences the markets simply by "words".

Yet again, trillion dollar markets are moved with ease, based on the trifle utterances out of the mouths of the central bankers.

With billions of T-Bone auctions scheduled for next week, to finance our 3-year long MTV Spring Break Party, and other assorted planned military invasions abroad, the markets had to be muscled into the proper position to assure the Foreign Bagholders that their trillion dollar bet on U.S. Dollar investments was safe and secure, and that further contributions and investments into the FOMC HedgeFund would not suffer further haircuts.

As planned, a weaker than usual jobs number was produced, to incite a short squeeze in the bond market and a meltup in the housing sector.

No doubt, that would rally stocks, rally bonds, rally the dollar, and ensure Permanent Plateau Lubrication for the Perpetual Motion Machine.

And of course, the Wire Houses were instructed to downgrade gold companies and upgrade the SOX.

Then, precisely when the markets were to open, a flurry of Bullhorning emerged from the G-String Meeting which poured gasoline on the fire:

*TRICHET REITERATES CURRENCY VOLATILITY UNWELCOME
*TRICHET SAYS M3 GROWTH INCREASINGLY REFLECTS STIMULATIVE EFFECT OF LOW RATES

ECB's Trichet sees growth picking up in 2005, inflation falling below 2 pct

FRANKFURT (AFX) - European Central Bank president Jean-Claude Trichet said conditions remain in place for euro zone growth to accelerate in 2005 and for inflation to fall back below the bank's 2 pct threshold in the course of the year. ...

The ECB held its key interest rate unchanged at 2.0 pct, as expected ...

*GREENSPAN: NO HISTORICAL PRECEDENT FOR TRADE FLOWS
*GREENSPAN SAYS U.S. ECONOMY CAN HANDLE TRADE ADJUSTMENT
*GREENSPAN SAYS U.S. CURRENT ACCOUNT CAN'T WIDEN FOREVER
*GREENSPAN SEES MORE SUPPORT OF FISCAL RESTRAINT IN U.S.
*GREENSPAN: CURRENT ACCOUNT DEFICIT MAY FALL IN LONG RUN
*GREENSPAN SEES U.S. CURRENT ACCOUNT DEFICIT STABILIZING

Greenspan sees U.S. current account deficit stabilizing

WASHINGTON (AFX) -- A confluence of market pressure and fiscal restraint may dampen the U.S. current account deficit in coming months, said Federal Reserve chief Alan Greenspan. In a speech prepared for delivery Friday to a conference in London, Greenspan said market pressures "appear poised to stabilize and over the longer run possibly to decrease the U.S. current account deficit and its attendant financing requirements." He said there is also growing support in Washington for cutting the federal budget deficit, which should also reduce pressure for the U.S. to borrow abroad.




I'll let N. Ron Hubbard finish up, as he usually does the best job at describing the G-7 follies:

It's a "Bullhorn of the Day" candidate for sure, and certain to be a top contender, even this early. It just shows that no checks are in place because either nobody (in a position to matter) thinks or they're afraid/unwilling to articulate their thinking. In such an environment, such propaganda/spin goes unchallenged, so it doesn't matter how ridiculous, or even offensive, it is.

I knew there was something bizarre about the action the last couple days. Even with both a Fed and ECB rate announcement, less than 24 hours apart from each other, EUR/USD did not move at all with either of these "numbers." Not only did the pair not move, there wasn't even any flakey volatility at the times of the "number" releases.

Then, shortly after the ECB rate announcement, Trichet issues some "words" in a pre-G7 bullhorning session, and the exchange rate promptly tanks, taking gold with it, where it sits until this morning.

Meanwhile, a fair to partly cloudy 3:00 a.m. jam job is in progress, and the labor department issues its "numbers." These "numbers" weren't as "good" as generally expected, and, as you noted, yields tank. At the same time, the numbers are generally considered "good," so they should carry some latent euphoria potential, perhaps to be realized next week. They're also "good" enough for Bullhorning and Propaganda use by the White House. Stocks and the dollar take a hit also, but only back to where they were shortly earlier (stocks pre-3AM; dollar yesterday morning).

To rub salt in the wound, Greenscum issues his "words" about 10 minutes after labor's "numbers." Once again, as is becoming common, the currency markets move more to "words" than to "numbers," the dollar bones, and is now a little higher than it was before the labor numbers.

As a whole, it's so perfect for the Master Statists and their Plutocrat clients. It almost makes me suspicious that perhaps it was planned that way.

I think all the "words" and "numbers" over the past week were, all along, aimed at the HGX, to shore up this fundamental metric of the RE Bubble.

Many of you were posting this week about how HGX, and some individual housing stocks, were showing weakness and signs of breaking down. This obviously must have been noted, and created concern, in high places. The combination of labor "numbers" and G-string "words" at the same time is just too powerful and too easy to manipulate to ignore.

Also, I remember yesterday reading that Trichet mumbled something about how rising real estate values in the eurozone are "unwelcome" and that central banks should deal with asset bubbles before they get going rather than after the fact. A most unusual statement from a central bank nowadays. This was the tell; along with everything else, I should have seen it coming.

All the Bullhorning, which was all unscheduled (G-String meetings give them this random Bullhorning opportunity), came after the labor "numbers." Right after the labor "numbers," the stock index futures and dollar were both down hard, and so the bullhorning was effective, it completely round-tripped both and has even sent them up somewhat. Borkers took care of it for stocks, with all the new worker / retiree adjustment nonsense. Of course, the "numbers" are still "bad" regarding yield. Gee, what a surprise nobody aimed "words" to shore up the drop in yields.

Put it all together, and you get a beautifully intricate work of performance art theatre. Hell, even FNM is up....

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#2 wndysrf

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Posted 04 February 2005 - 05:04 PM

So much for the "Critical Junctures"

Biggest point gain for the year on the HGX, and the XAU is roundtripped to close green after all the $USD Bullhorning and breakout..........

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#3 Sudaca

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Posted 04 February 2005 - 05:06 PM

Small Cap Index ended at a new all time closing high today.

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Thanks, David

#4 Grand Poopercycle

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Posted 04 February 2005 - 05:08 PM

And just think! Only two weeks ago, Al Green was
'on the ropes'.

#5 Charmin

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Posted 04 February 2005 - 05:10 PM

Fund buys from FundX - Brazil, Mexico, and Korea

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#6 Sudaca

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Posted 04 February 2005 - 05:11 PM

HAIPU:


Bubble Two Is Dead.

In Fact, It Was Never Born.

Still In Bubble One.
Thanks, David

#7 Bearman

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Posted 04 February 2005 - 05:12 PM

guess BSD captulatated today again

#8 Charmin

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Posted 04 February 2005 - 05:14 PM

The pigmen must be thinking that crude and buck go down.... to support the cause.....

Energy at the top
then noncyclicals
then healthcare and utilities

you'd have to think the expansionary peak of the economy would end sometime soon if the stock market was at a top here....

nah
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#9 wndysrf

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Posted 04 February 2005 - 05:16 PM

"Great way to end the week!!! See 'ya later, us Plutocrats are headed off to Cuba for a little vacation, and to grease the skids to annex it as the 51st state!!!"

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#10 Sudaca

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Posted 04 February 2005 - 05:16 PM

Charmin, what's FundXpress ? Is it some kind of ranking system or an actual fund ? TIA
Thanks, David

#11 wndysrf

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Posted 04 February 2005 - 05:20 PM

PigMen will unleash a flurry of upgrades in the retail sector, predominately on WMT.

That will be enough to gap it up and leave a stranded island bottom on the RLX.

Since EBAY is also a constituent, Rog's forecasted short squeeze on that one will also help the cause..........

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#12 wndysrf

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Posted 04 February 2005 - 05:25 PM

Trash Can Lid.......

Huge day....


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#13 Sudaca

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Posted 04 February 2005 - 05:36 PM

Guess the Dow's P&F signal from a few days ago says it all


But it still has a lower target in place at 9900 unless things improve some more

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Thanks, David

#14 wndysrf

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Posted 04 February 2005 - 05:47 PM

Definitely a lot of euphoria out there today.

I don't know why the breadth numbers were so good...

The HGX and the SOX were the only sectors moving.

Trannies were dead, bios were dead, energies were dead,

Russell 2000 wasn't that impressive, and there were no breakouts in the IDB Top 100 if you exclude the homebuilders.

In fact, there were a couple of breakdowns..........

Like this one...

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#15 Tchaikofsky

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Posted 04 February 2005 - 05:51 PM

Close: Stocks were slow out of the gate, in the wake of lackluster employment data, mixed earnings reports and disappointing guidance, but gained substantial ground throughout the session as the major indices closed higher for the second straight week... The Dow, S&P and Nasdaq had their best showing so far this year, as strong mutual fund inflows helped keep a firmly bullish bias intact and virtually every sector in positive territory... January non-farm payrolls rose 146K, weaker than the 200K economists expected and below an average gain of 177K over the four prior months...

But the data still showed a gain nonetheless that, coupled with 1 1/2-2.0% in productivity, reflected real GDP growth of 3.0-3 1/2%... That said, investors did not view the data as so disappointing that consumer spending would be threatened, as hiring is clearly taking place but just not as fast as many anticipated... The market also embraced lower bond yields prompted by aggressive buying interest in treasuries as the weak job figures mitigated inflationary pressure and lessened the chances of more aggressive Fed tightening... The benchmark 10-year note closed up 23 ticks to yield 4.07%...





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