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Bank Holiday Imminent?
Reuters reports that Tokyo Stock Exchange firms are seeking market closure as the markets are too volatile. We agree. This means we may get the first post September 11 bank holiday as early as tonight. If so, keep an eye on the USDJPY. "Some foreign financial institutions are calling for Japan's stock market to halt trading, while the Tokyo Stock Exchange and Japanese financial regulators are planning to keep markets open, news agency Nikkei reported. The news agency said officials from more than 10 non-Japanese financial firms held a conference call Tuesday afternoon, with some firms calling for the market to be closed immediately, Nikkei reported, citing people familiar with the discussion. Some participants argued that the market was too volatile to continue trading, according to the report." And if Japan closes, watch for rolling market shutdowns westward as the sun rises over each individual stock market.
From Reuters:
The TSE's rules allow it to shut down trading if it is possible that brokerages accounting for more than 20 percent of volume cannot do business, Nikkei reported. The prime minister can also halt trading if there's a change of "harm to the public good or investor protections," Nikkei reported.
Japanese stocks plunged following an earthquake and tsunami, which subsequently caused a nuclear reactor disaster. Some foreign bank employees have fled the country as chaos erupted, leaving trading desks understaffed.
The Nikkei report said TSE President Atsushi Saito wasn't prepared to shut the exchange down yet.
Goldman Sachs, Morgan Stanley, Bank of America, JPMorgan Chase, Citigroup, HSBC, Barclays, Credit Suisse, Wells Fargo and UBS did not immediately provide comment on the situation.
We wonder if hopium will work now that reality is finally reasserting itself. We can't wait to hear from all the momo permabulls on this issue.
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Maybe they didn't hear about the power cord. Or maybe they did and recognized the potential futility.
Which is worse?
They heard about the power cord thingy. It's just that nobody has come forward to volunteer to plug it in.
Where's Johnny Five when ya need him? :>D
I got 99 problems but a bitch ain't one
-Shirakawa
I'm sure these are the local PDs and Fed who want it closed. When they can't rig the game just change the rules. Ben does not like believing there is a problem his money printing cannot counterbalance.
Are we talking Japan only, or US too?
I got worried for a moment. My $27.68 is still safe. Whew!!
I've got a few K in bill money in the bank. If there is going to be a holiday, I would rather have the cash. The firesale will be on if said holiday lasts more than a week or so.
" The firesale will be on if said holiday lasts more than a week or so."
Oh, stop spreading panic. We all know our deposits are insured by the FDIC!
so what?...where are my Charlie Sheen updates? When do we get some real news?
Nikkei = Hotel California. Money checks in but can never leave.
This seems to be true for all markets. If any "outsiders" start to make money instead of perpetually losing their ass they shut 'er down.
"Goldman Sachs, Morgan Stanley, Bank of America, JPMorgan Chase, Citigroup, HSBC, Barclays, Credit Suisse, Wells Fargo and UBS did not immediately provide comment on the situation" If you want to know what they have to say about the situation, just listen to the conference call on Tuesday. When the ponzi scheme starts to unravel at warp speed and threatens to pull the curtain back, then there needs to be a stop before the CRONIES lose their grip on the situation and surrender to the inevitable.
What is a margin Call? some wanker just rang me for money.
reminds me of Oliver Twist - Please Sir may I have some more.
I had to sadly tell him he had the wrong person as I don't invest in Ponzi economics.
Did share a good joke with Him.
Whats the definition of a long term investor ?................
Its a trader that has gone underwater...
Did'nt get a laugh
"And if Japan closes, watch for rolling market shutdowns westward as the sun rises over each individual stock market."
Did DTB or LSE close after 9/11? No they didn't. If Tokyo closes, no other stock market in the world will close.
These markets are not what they used to be either, as they care run, controlled, and manipulated by the government. So never say never. Anything is possible with these banking crooks. I agree none of the markets should be closed. The more these governments keep intervening instead of letting them correct to the level they are going to naturally go, then the worse it will be when the collapses occur.
Remember when we thought we had robust markets? All of us were standing around under the tree out by the wall. That was great.
Wtf. Why the hell would other markets close? I agree the Nikkei should be closed mainly because there's probably a bunch of short sellers riding the catastrophe train. Why would other markets close though? The declines on the S&P500 have been mostly orderly (the VIX is still not that high) and while somewhat less so in Europe, nothing alarming is happening.
I wouldn't watch for markets to close.
Is Japan going to default on Purpose with all this money injection? This would be a perfect time for them to do it.
Not gonna happen. Period.
Bank United double deducted my Mortgage Payment. Cannot believe it. I have it on auto withdraw. Boy, they must be really hard up for money. Or, they expected that one of the Payment would have been denied and then they could start Forclosure.
Just think if they did this to 100,000. customers. Think about the float they would get from double mortgage payments. How many people will end up bouncing checks while they have their money. They must really be in trouble to dupe people like that.
I at least check my Checking balance every day on line and picked it up right away. What about the people who do not and do not find out until all of their checks bounce. At least I usually carry a surplus.
'The TSE's rules allow it to shut down trading if it is possible that brokerages accounting for more than 20 percent of volume cannot do business ...'
And they might not be able to do business, if their employees stampede out of Tokyo.
I really, really hope it doesn't happen. But this is practically a 'perfect storm' setup for mass panic -- an invisible threat (radiation) which people raised during the cold war era (fallout shelters, etc.) have always had sharply-honed fears about.
Yeah, '300 times normal radiation' may be just the equivalent of an extra chest X-ray, not lethal. But it sounds absolutely alarming, and many folks are not likely to wait and see, particularly when there may be worse news coming behind that.
My sense is that a mass stampede out of Tokyo would lead to an immense human tragedy, a mass refugee situation never before seen in a developed country. Japan is densely populated; the areas that aren't urbanized are mountains. There is no place to house millions of refugees.
Pray that the wind blows from the southwest.
One thing the lying media and government don't say is this:
While 300x is not more than a chest x-ray, that chest x-ray last 2-3 seconds
What happens when you have to be in that amount all day and all night for weeks, months?
This is not what they won't to tell people. The lies have to stop by the MSM. They all talk like they are experts on everything after talking to a couple of washed up cronies. What happened to the days when the actual scientist was allowed to speak the truth to everyone?
Market close? Bank holiday? Bullsh1t!!!!! I like volatility. No volatility = no JPY, no toilet paper USD, no Euros. Who in his rght mind wants the markets to be closed? Shi1tty foreign banks? Ha, ha, ha. Cowards!
Hi frequency Goldman Sachs, Morgan Stanley...who reap our accounts every day are now loosing money because of BOJ intervention and crying to shut down Nikkei lol this is nice.
Winning, duh !!
Still, this will not prevent the announcement (is it Friday or Monday?) that all the major players will be allowed to reinstate stock dividends.
Turn those machines back OFF?
"officials from more than 10 non-Japanese financial firms held a conference call Tuesday afternoon, with some firms calling for the market to be closed immediately"
There's a fluffy bunch of altruists I'm sure.
usd/jpy can't catch no bid
The USD/JPY chart over the last 15 minutes suggests that something is about to break.
Should not be so volatile at this time of the day.
From JR East (Japan Railways) website:
Limited time offer!
Long-distance travel in Japan, including Aomori, Iwate and Miyagi (Sendai) has never been better. Use this offer for unlimited travel for only 13,000 yen (adults) on JR East Shinkansens and limited express trains.
So help me, I am not making this up.
http://www.jreast.co.jp/e/stations/e1039.html
Bring your own protective gear and oxygen tanks ... onegai shimasu!
..
"brokerages accounting for more than 20 percent of volume"
While their countrymen fry in the radiation attempting to put out the fire, they have looted the market and hired private jets at cost of $27,000 to escape to the casinos of Macau.
Bank Holidays = Bad. Get some cash out to keep on hand. ATM's will empty out quick.....
Given our Blood is just like the Altantic. Truly we have reaped what we have sown.
Some participants argued that the market was too volatile to continue trading
http://www.youtube.com/watch?v=YtuvVjj-vR4&feature=related
Who would trade anyway?
Nope. Hopium 235 goes critical and gives off radical particles such as depressionium and hyperinflationarium when taken out of the ponzi cooling pool and exposed to reality. Sometimes the resulting particles form revolutionarium.
Silver and gold cladding is imminent.
I blame the untold tonnage of administratium found in Washington DC. If we could just find a large concentration of unobtainium, our problems would get solved! :>D
You don't need sodium iodide.
Buy the kelp instead and take a number of them in the morning, mid-day and in the evening.
I bought mine yesterday. Good luck finding any today.
"There is nothing to do now but wait for word from the authorities and relax."
No QE can cure this shit; this time people's "lives" are on the line not their money.
WE just got screwed!
Yay! I love holidays! The carols, exchanging gifts, drinking hot choclate after making a snowman - what could be more fun?
Friends - the idea behind iodine tabs and eating kelp is simply to load up the thyroid so that it can't take in any more iodine isotopes from the environment - but that is only one of dozens of kinds of isotopes that are boiling out of those mothers in Japan. If there is a true fission event there will be such a mix of radioactive isotopes airborne throughout the Northern hemisphere that all the iodine pills and seaweed in the world aren't going to help one bit. Save your money, hug your kids, have a great meal, drink some good wine, and find better ways to deal with panic than rushing to the health food store.
From ex-SKF:
Japanese Media Ignores the News of #Fukushima Reactor No.4potentially having no water left in the spent fuel storage pool.
I've been looking at the news headlines at major Japanese media outlets in Japanese, and there's none so far that mentions the US Nuclear Regulatory Committee's assessment that there is no water left in the Reactor No.4's spent fuel storage pool.
ABSOLUTELY NONE.
Asahi, Yomiuri, Mainichi, Kyodo, NOWHERE.
Possibly under order from the government, lest the populace panic. But all the foreigners in Japan are getting this information.
http://ex-skf.blogspot.com/
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This is exactly what I'm noticing too on the Kyodo news feed -- radio[active] silence. Lends credibility to the idea that Japanese authorities have gone silent rather than blurt out the awful truth. Deny, deny, deny ...
I exited my shorts today with modest gains. In 2008 I would have held them through a major drop to major support. Now? Fuckit. I have visions of the market closing while holding, only to have them open a few thousand points higher..
BTFB
Too bad you exited your shorts. You ain't anywhere close to seeing THE DIP yet.
BTW - if I exited my shorts there would be females screaming in horror for miles around. Hope you did it in private.
When the Major Kong moment goes viral.
Turning off the market would be like sealing the rescue workers into the Fukushima sarcophagus.