Market Slips On Banana Peel

Apparently something funny happened on the way to the Fed discount window this morning:

Apparently some genius (bless your soul whoever you are) fat fingered the CCI numbers over at Bloomberg. Frankly based on the reports I’m seeing everyone is still confused as to what was originally reported and what the numbers really are – not that anyone on Wall Street really cares. Take this for what it’s worth, but IMNSHO the day the economy actually shows signs of real recovery is when you will see equities tank hard and long (yes, ladies – expect no less).

In any case – what does the chart above show us lowly rats? First up I see a nice solid and clean -2.0 OPX surprise signal to the downside. Not bad, not bad – but nothing to get too excited about – it’s only a good start. What’s much more important to me is the gap down followed by eight consecutive red five minute bars. If you think that’s entertaining then you will have a fun time in 2010. What this shows, my dear ladies and leeches, is how fragile this market really is. A fast drop like that is exactly what happens when there is nobody left with short positions in the market. Nobody left to take profits on the way down. It sucks if you want to get out of the market and there’s no bid – except the Fed of course – the bid of last resort. One sided markets eventually break under their own weight and what we saw this morning is a delicious little appetizer of what’s to come later this year.

Will the big drop happen today or tomorrow? Probably not – these things flail about for a while to shake out over eager weak hands before a trend change finally establishes itself. If you were short last night – congrats – you just banked some royal coin. Take profits now and wait for a snap back which will come – eventually – most likely Monday.

It would not be unreasonable to assume that Mole will relinquish his weekend duties at the local strip bar and will instead  be parsing for short victims a good part of his weekend. Think long term, rats – think long term.

12:52pm EDT: Surprise!!! And I’m not talking about the market 🙂

Get them here while they’re hot. BTW, just for the record – I don’t make a penny on those. Decided to have -273 produce them and retain all profits to keep the price low – I know how cheap you damn rats are 😉

In other news – call holders desperately looking for anyone offering a bid. Fed spike monkeys on extended lunch break.

I dedicate this vid to piers over at -273 for putting together those awesome Evil T-s. Move over Pistols – those shirts are more punk than Sid Vicious.

1:33pm EDT: First price goes to Tim L. for buying the very first Evil T. Second consolation price goes to Chris P. Hope you guy wear it with price 🙂