Did you sell those yet?

What I'd like to know is who were the portfolio managers that dumped stocks so quickly on that news? It isn't as though it wasn't expected. Idiots.

Pretty impressive sell-off, nonetheless.

Yes, to some extent--there are price levels that have been resistance before, such as the 1332 area. Once it gets above that level, then the 1332 becomes support and the next level, 1335 becomes resistance. Above 1335, we are looking at the old ES high of 1337.75.

I suspect that there will be another push up to the old high later today--and then perhaps it might be worth shorting?

Sheesh, they moved it up so fast, it took out the 1332 mark as I was typing.

Sold my couple of longs, will look for a pull-back to re-enter.

Feels real weird to make money on the long side. LOL

ES approaching recent resistance level--around 1332-1333, a break above that opens up to 1335, and perhaps to 1337, the old high.

POMO at work.

Yeah, and I've managed to make a buck on the short side.

Seems as though the ES is in a box--from 1325 to 1337--and needs to break out to show any clear direction. In the meantime, there's plenty of volatility to trade.

POMO today should provide an upside bias, but there isn't any POMO tomorrow.

And the ECB rate announcement at 7:45.

Let's take a poll:

1) The market is F**ked
2) The market sucks
3) The market is fine

I vote for 1.

Here are a few:

http://www.ducttapefashion.com/index.html

Rare intraday gap up on the ES--never saw this before:



Now closed, of course, but rather strange.

I don't believe that Walmart is raising prices because they can; I think they are raising prices because their COG is rising--thanks to higher prices of goods from China, as one example.

Corn futures up limit today--inflation anyone?

Corn futes show 163,597 bids to buy, and 62 offers to sell. LOL

Walmart exec is also warning of inflation, too.

Hit 'em hard, would ya?

I've tried enough already, to no avail. LOL

Sad to say, but home prices are not being manipulated down--they are declining because there is more supply than demand.

And foreclosures keep increasing and adding more supply. As this from Zero Hedge mentions:

While we've had a nice reduction in taxes withheld from recent payroll checks, to the tune of $55 billion, but that's more than been offset by the increase in food and energy costs, as this chart by David Rosenberg of Gluskin Sheff shows:



So, with food and energy absorbing 22% of wages and salaries we are now at the same level before the last big market crash.

But, eh, we have the FED working the market now, so reality can be ignored.

For a while.

Aye-yuh, been doing that. Shorted at 1310.25, and a bit lower. Willing to be patient here. Bonds are weak, the BOYZ will need to prop them next and forget stocks.

And today's POMO is practically nothing, although as we can see, the PDs have plenty of money to move things when they want to.

A 50% pullback would be nice.

Covered ES short from 1307.25 at 1303; had put the short on last night during the after-hours trading--a p-break in other words.

Probably another Kramer though.

Hoping for an intra-day bounce. Dead cats do bounce, no?

Hey, Mark -- you've got to do better than that. Just take criticism as you should take a losing stock trade--acknowledge it and move forward.

If any of us on this board are offering criticism, it is only meant to help you, and nothing to be taken as an affront.

I took it easy on them--covered my ES short at 1307 for 4.5 points.

Will look to reshort on next bounce, if there is one. There's usually an overnight push to get the ES higher.

EDIT: Oh, no -- another Kramer!

Damn, those shorts can be merciless!! LOL

The PDs are playing defense only today. They will do well to keep the futes above the LOD, imo.

Alas, the volume is so low and it seems that its the HFT pushing the futes around, not the POMO players. The issue seems to be that the PDs have to settle on their 61 Billion in Treasury purchases that settle on the 31st. POMO this week is still OK, but not huge and the BOYZ still have some of the SFP money from last week, but they seemed concerned that those two sources might not be enough, and they might have to use (gasp) some of their own money to pay for the Treasuries.

And let's not forget, the PDs are supposed to be supporting the bond market, too.

So, bonds up = market slides.

While Lee's opinion is very worth listening to, your taking his commentary as a reason to sell the stock and buy the warrants is a terrible case of due diligence.

Have you really taken a look at the warrants? Do you know all the terms of those, other than just the expiration date? You may find that you know all you need to know, bu you certainly haven't shown the willingness to investigate thoroughly before making that decision, imo.

Great call on that--where'd you find it?

There is if you are short anything. LOL

Occasionally, you just have to laugh at things:

There have been rumors of such--this was on Zero Hedge last night:

From the St. Louis Fed:



Inflation, rampant at that, is only a matter of time. This will not end well.

Triple top on ES, or major break through about to happen?

I think somewhere above 1306.50, to get out of the downtrend channel.

Not only may it yet go lower, it should go lower. Fundamentals do not warrant the current valuation on the S&P 500--if it weren't for the POMO money, this market would be considerably lower, imo.

Some good news for the bears--the weekly $25 billion infusion from the SFP ended yeaterday; the bad news--POMO still flows.

Actually, I was taking a nap. Seriously.

Taking another chance--long ES at 1283.25; sell stop in place.

EDIT: Sold at 1285.50; now flat.

Covered ES short from 1288.50 at 1282; now flat, hoping for a bounce later to short again.

That was quite the upswing starting at 5:30, now given up, however.

Seems to have been related to the BOE keeping interest rates level?

Thanks, Lee.

I would have been happy with that kind of action tomorrow, so I'm delighted to get it before heading off to bed.

Covered ES short from 1290 at 1283.75; thank you Adobe, Portugal and Ireland. Did I leave anyone out?

http://www.bloomberg.com/news/2011-03-22/adobe-systems-forecast-misses-estimates-as-japan-s-quake-cuts-into-sales.html?cmpid=yhoo

Still short one ES--gonna put in a real stink bid to cover that one.

If you invest in silver, this should be of interest:

http://seekingalpha.com/article/259549-will-jp-morgan-now-make-and-take-delivery-of-its-own-silver-shorts

OK, I'll get back on track, although as moderator, I deem it your responsibility to ensure that not only is the content understandable, but also the presentation.

Looking to short ES at 1291, should it get there.