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EURCHF Tumbling, Prints Fresh All Time Low Of 1.1914, Commodities Plunge (Update: Scratch That, New Low Is 1.1875)

Tyler Durden's picture





 

Update: Timber:

Wonder what is happening with Greek deposits? Nothing good, at least nothing good for Greek banks. And it is not just Greece: all of Europe is scrambling into the relative security of Switzerland where the EURCHF just hit a fresh all time low of 1.1915, and likely to drop much lower.

And the ongoing selloff so needed for QE3 continues.

 


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Thu, 06/23/2011 - 08:44 | Link to Comment BCTwelve
BCTwelve's picture

Prepare the lifeboats

Thu, 06/23/2011 - 08:51 | Link to Comment cossack55
cossack55's picture

"But Captain, we don't have enough for the steerage passengers." What should we do, sir?"

Captain to sailor: "Save all the bankers first.  If there is any room left, load their baggage."

 

"Aye, aye, sir"

Thu, 06/23/2011 - 09:04 | Link to Comment anynonmous
anynonmous's picture

last week Art Cashin said it reminded him of Black Friday

 

let me tell you looking at the futures this reminds me of Oct 16 87 (posted last week)

Black Friday edition of Wall Street Week 1987 in its entirety

http://www.youtube.com/watch?v=2MyToTwag34

http://www.youtube.com/watch?v=h9iE-bn0xBU

http://www.youtube.com/watch?v=o7_l5ijG0bg

 

 

(but unlike '87 our leader, President Obama will be doing Bankster New York tonight landing on a Wall Street helipad and taking the bankster entourage uptown for dining at Daniel followed by a Broadway show) 

 

"And Mr. Obama will return to New York this month to dine with bankers, hedge fund executives and private equity investors at the Upper East Side restaurant Daniel."

 

http://www.nytimes.com/2011/06/13/us/politics/13donor.html?pagewanted=1&...

Thu, 06/23/2011 - 09:01 | Link to Comment Popo
Popo's picture

Dive Dive Dive!   AROOOOGA!  AROOOOGA!

Thu, 06/23/2011 - 09:05 | Link to Comment Popo
Popo's picture

Dive Dive Dive!   AROOOOGA!  AROOOOGA!

Thu, 06/23/2011 - 09:54 | Link to Comment Zero Govt
Zero Govt's picture

weren't the new issue Pretend & Extend lifeboats used up in 2008?

...they're looking a bit ragged, maybe get one more use out of them and then it's Down & Drown

...hope Obumma enjoys his dinner at the NY Parasite Club... it will be one of his 'Last Suppers' for our beloved saviour as he's getting crucified in 2012

Thu, 06/23/2011 - 11:32 | Link to Comment cdskiller
cdskiller's picture

Is it still considered crucifixion if you drive the nails through your palms yourself? Secondly, he doesn't seem to be in any pain. I think he is ready to go. He's made a lot of new friends in high places, he can hang with them for the rest of his life. He will claim, disingenuously, but charmingly, that he fought the good fight, and travel the globe like a rock star making inspiring and hypocritical speeches with no accountability for having to follow up his words with actions. How cool is that? It's f'ng perfect for him.

Thu, 06/23/2011 - 15:10 | Link to Comment Zero Govt
Zero Govt's picture

CDSkiller  -  you mean Obumma will take up the rock star lifestyle Toady Blair has enjoyed since being pushed out by Brown... a Credit Suisse sock puppet not to mention writing a book and taking up religion (not that the word of God, or any truth, was in much evidence between the pages, just the usual slippery socialists dishonest re-writing of history having ruined Britain with another orgy of loony left spending) 

Thu, 06/23/2011 - 10:25 | Link to Comment rosiescenario
rosiescenario's picture

....and when you are done with that, those deck chairs need to be re-arranged.

Thu, 06/23/2011 - 08:45 | Link to Comment hugovanderbubble
hugovanderbubble's picture

Short Canada and Australia, Specially Second One.

Thu, 06/23/2011 - 08:50 | Link to Comment qussl3
qussl3's picture

Why canada?

Economically they are in a much better place than Oz, and do not have the carry unwind panic sword over their heads.

Thu, 06/23/2011 - 09:14 | Link to Comment gmrpeabody
gmrpeabody's picture

Commodities getting hit hard, they are a commodity based econ.

Go figure.

Thu, 06/23/2011 - 09:19 | Link to Comment msamour
msamour's picture

Don't you know everything gets blamed on Canada!

http://www.youtube.com/watch?v=vxPRHXgYVlk

Thu, 06/23/2011 - 08:50 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

The correlation between equities and commodities (including gold) is very strong.  If you believe the equity market is going to collapse, I'm not sure how you can believe commodities will be able to stand up on their own.

Thu, 06/23/2011 - 08:49 | Link to Comment cossack55
cossack55's picture

Its that whole eating thingy.  And barter, and clothes, and fuel. 

Thu, 06/23/2011 - 08:51 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

How'd that work out in 2008?

Thu, 06/23/2011 - 08:55 | Link to Comment cossack55
cossack55's picture

Don't know, still stockpiling.  Never one to expose myself to counterparty. Physical everything.

Thu, 06/23/2011 - 09:45 | Link to Comment DosZap
DosZap's picture

Hope PM's take a MAJOR dump,need to snag some $1000 gold............LOL,and lot's more silver@ $12.00

Thu, 06/23/2011 - 10:06 | Link to Comment cossack55
cossack55's picture

Would love to see $6 silver. Must admit I took some profits during the upswing and need to restock.

Thu, 06/23/2011 - 08:51 | Link to Comment toto
toto's picture

Here in greece we have a beautiful sunny day.

Thu, 06/23/2011 - 08:48 | Link to Comment Yen Cross
Yen Cross's picture

 Crude is getting hammered!

Thu, 06/23/2011 - 08:52 | Link to Comment monopoly
monopoly's picture

Got cash. Gonna be a great opportunity soon in the miners. Patience.

Thu, 06/23/2011 - 08:53 | Link to Comment cossack55
cossack55's picture

No cash. I do have some FRNs.

Thu, 06/23/2011 - 09:08 | Link to Comment scatterbrains
scatterbrains's picture

In a collapse of empire with blood in the streets don't all the miners get annexed?

 

Thu, 06/23/2011 - 09:08 | Link to Comment gametracker
gametracker's picture

soon?

you missed the lows already

Thu, 06/23/2011 - 09:24 | Link to Comment msamour
msamour's picture

I'm investing in a company called B.R.A.T. & Gui. Something about boiled ropes, tar, and guillotines. Should have a pretty good return on investment in the next couple of years.

Thu, 06/23/2011 - 08:52 | Link to Comment the not so migh...
the not so mighty maximiza's picture

Damm snow

Thu, 06/23/2011 - 08:52 | Link to Comment monopoly
monopoly's picture

Agree, commodos and gold will suffer short term. Just do not be on margin. That is a death wish.

Thu, 06/23/2011 - 09:19 | Link to Comment gmrpeabody
gmrpeabody's picture

+1

Thu, 06/23/2011 - 08:53 | Link to Comment hugovanderbubble
hugovanderbubble's picture

*Credit Agricole may face to 12.330 mn losses when Emporiki branch defaults. GreekAthens- Non Recovery Rate_ French Bank Increasing Risk ]+

Thu, 06/23/2011 - 08:53 | Link to Comment 101 years and c...
101 years and counting's picture

but, i thought the chairman said yesterday that the end of money printing v 2.0 was already priced in....

no?

Thu, 06/23/2011 - 10:11 | Link to Comment Zero Govt
Zero Govt's picture

he would say that wouldn't he..

..in fact Benny will say any old inane dribble to 'instill confidence' but it just drifts like garbage under the bridge and down the river because nothing he has ever said or done has been right

Thu, 06/23/2011 - 08:54 | Link to Comment xamax
xamax's picture

The swiss mainstream media (which is not much less stupid than in the rest of the world) explains now each day that a strong swiss franc is good as imports get cheaper. Since years, they complain that a strong swiss franc is bad for our economy. In the meantime, dont forget that the balance sheet of swiss banks equals 800x the GDP and for those who think their money is safe in Switzerland, UBS apparently hires more and more people from Nigeria as they claim to be open to all cultures.At least at UBS, on 3 emplyees, there is now 1 german, 1 from Africa and 1 from Switzerland.This trend seems to happen also in other banks here in Zürich.

 

Thu, 06/23/2011 - 09:00 | Link to Comment qussl3
qussl3's picture

800x GDP?

I knew it was nuts but not THAT bad........

:p

Thu, 06/23/2011 - 10:20 | Link to Comment Zero Govt
Zero Govt's picture

British Banks are 400% of GDP but there's absolutely fuk-all backing them, apart from the usual political credit line (robbery) of citizens/small businesses wealth

Thu, 06/23/2011 - 08:54 | Link to Comment hugovanderbubble
hugovanderbubble's picture

Tyler.

 

Short All French Banks , Important Sir.

Thu, 06/23/2011 - 08:56 | Link to Comment AUD
AUD's picture

Can you give some indication of Swiss credit spreads?

Thu, 06/23/2011 - 09:01 | Link to Comment SDRII
SDRII's picture

Meanwhile, on the war front:

Libya: Gadaffi says "You said, 'we hit our targets with precision', you murderers ... One day we will respond to you likewise and your homes will be legitimate target. "NATO will continue this mission because if we stop, countless more civilians could lose their lives," Rasmussen said"

http://english.aljazeera.net/news/africa/2011/06/201162210488135496.html

 

Yemen: An investigation team from the United States has reportedly found that an attack that wounded President Ali Abdullah Saleh and several senior members of his government while performing the Friday prayers in his Sana’a presidential compound earlier in June was carried out by an advanced US-made missile designed for special assassination operations, sources close to the probe told Al Arabiya. Meanwhile, Top US official Jeffrey Feltman called Thursday for an “immediate” transfer of power in Yemen after he met the Arab nation’s Vice President Abdrabuh Mansur Hadi. “We continue to believe that an immediate, peaceful, and orderly transition is in the best interest of the Yemeni people,” – Al Arabiya

Syria/Turkey: Syria troops massing on the Trukish border as Hez prepares for war

http://www.jpost.com/MiddleEast/Article.aspx?id=226238

Israel/Russia: The five Russian scientists were among 44 killed earlier this week; no official investigation of foul play has been opened, though Iranian nuclear experts have in the past been involved in similar accidents

http://www.haaretz.com/news/diplomacy-defense/nuclear-experts-killed-in-...

 

 

Thu, 06/23/2011 - 09:30 | Link to Comment RockyRacoon
RockyRacoon's picture

My view of the past may be faulty, but I recall that meddling in the affairs of others (especially those who envision virgins in heaven) led to a rather large melee in New York on September 11th, 2001.   It amazes me that if it happens again it will be chalked up to the "fact" that we are hated for our "freedoms".    One thing that we learn from history is that we never learn from history.

Thu, 06/23/2011 - 09:00 | Link to Comment Note to self
Note to self's picture

The big unwind has begun

Thu, 06/23/2011 - 09:06 | Link to Comment BCTwelve
BCTwelve's picture

I'd like to see a strong dxy close above 76.
This market still has no problem bouncing over the next couple days to squeeze everyone who's gonna get short in about 20 minutes

Thu, 06/23/2011 - 09:09 | Link to Comment Note to self
Note to self's picture

I'm thinking margin calls are gonna dominate the action

Thu, 06/23/2011 - 09:05 | Link to Comment Archimedes
Archimedes's picture

A poll conducted by CNBS asked if "you are confident in Ben Bernanke"?

So far 96% said no. I would attach a link but I do not want to drive traffic to that garbage outfit.

Thu, 06/23/2011 - 09:08 | Link to Comment anynonmous
anynonmous's picture

a better Obama and the Banksters do New York link

 

Obama will next attend a $35,800-a-head fund-raising dinner at swank upper East Side restaurant Daniel.

 

http://www.nydailynews.com/blogs/dailypolitics/2011/06/obama-to-net-more...

Thu, 06/23/2011 - 09:33 | Link to Comment RockyRacoon
RockyRacoon's picture

You're easily distracted by bright, shiny things, aren't you?

Thu, 06/23/2011 - 09:49 | Link to Comment powersjq
powersjq's picture

+1

Thu, 06/23/2011 - 09:51 | Link to Comment gmrpeabody
gmrpeabody's picture

rotflmao!!

Thu, 06/23/2011 - 09:09 | Link to Comment The Axe
The Axe's picture

PPT   .....ready

Thu, 06/23/2011 - 09:08 | Link to Comment swissaustrian
swissaustrian's picture

EUR/CHF parity bitchez!

Thu, 06/23/2011 - 09:18 | Link to Comment Voodoo-economist
Voodoo-economist's picture

as far as CHF is concerned, id suggest thats less an effect of capital inflows from foreign europeans, but rather the Swiss repatriating their money from the world.

Thu, 06/23/2011 - 09:20 | Link to Comment toto
toto's picture

Very funny.

Thu, 06/23/2011 - 09:32 | Link to Comment Voodoo-economist
Voodoo-economist's picture

well, at least that was the baseline of a recent research paper i sadly cant find anymore, sorry for the lack of source.

Thu, 06/23/2011 - 09:28 | Link to Comment swissaustrian
swissaustrian's picture

We already did that long ago.

I swap all my fx positions so my bank has to pay the bill...

Thu, 06/23/2011 - 10:03 | Link to Comment swissaustrian
swissaustrian's picture

doublepost...

Thu, 06/23/2011 - 09:24 | Link to Comment RobotTrader
RobotTrader's picture

Probably going to be one of the biggest down days of the year in the CRB Index.

Crude oil getting absolutely massacred.

10-yr. yield has outright crashed to 1.46%

"Paper" rules over "Things".

Thu, 06/23/2011 - 09:32 | Link to Comment Spigot
Spigot's picture

There will come a day when paper burns, but not today.

Thu, 06/23/2011 - 09:42 | Link to Comment lieutenantjohnchard
lieutenantjohnchard's picture

i see you're losing more money yet again, after flipping your short to long, unless you lied.

Thu, 06/23/2011 - 09:24 | Link to Comment Spigot
Spigot's picture

Gold attempted to violate the undeclared defensive line of 1550 yesterday. I was waiting for the wack down after that. Until we breach 1550 and close on the week with a significant price above that, such as 1555, we'll be stuck in this "zone" 1500-1550. Someone has committed to limiting the POG to keep it lower than 1550, until they then decide to let it rise. IMO TPTB are accumulating and wish to assure their purchasing power to convert worthless fiat into tangible metal.

The move into CHF without a similar rise in gold says to me there is major manipulation going on in the CHF. Safe haven CHF and gold go hand in hand, particularly if Greece is the default poster child for the Euro zone...

Thu, 06/23/2011 - 09:29 | Link to Comment kito
kito's picture

ccr warned us a long time ago:

I see the bad moon arising.
I see trouble on the way.
I see earthquakes and lightnin'.
I see bad times today.

Don't go around tonight,
Well, it's bound to take your life,
There's a bad moon on the rise.

I hear hurricanes ablowing.
I know the end is coming soon.
I fear rivers over flowing.
I hear the voice of rage and ruin.

Hope you got your things together.
Hope you are quite prepared to die.
Looks like we're in for nasty weather.
One eye is taken for an eye.

Thu, 06/23/2011 - 09:38 | Link to Comment Note to self
Note to self's picture

yep.  well said.

Thu, 06/23/2011 - 09:25 | Link to Comment John Law Lives
John Law Lives's picture

<<<  The European Union (EU) is an economic and political union of 27 member states...  >>>

 

EU = FUBAR

Thu, 06/23/2011 - 09:44 | Link to Comment SheepDog-One
SheepDog-One's picture

Greenie oh nooooo hey hows that 'long Euro 1.46' trade workin out you were lecturing me about the other day and telling me Im just not a master trader like you?

Thu, 06/23/2011 - 09:50 | Link to Comment Young
Young's picture

Don't worry folks, the PPT will be along soon. That's the twisted logic of SpongeBen SquarePrinter: believe people will consume more if the stocks go up, when the little guy can't afford to speculate and 45 million americans are on food stamps.

Thu, 06/23/2011 - 10:34 | Link to Comment The Fonz
The Fonz's picture

Yep PPT is in play, man those guys have CASH!  Is there any level of volume that can overwhelm them?

Thu, 06/23/2011 - 10:05 | Link to Comment mynhair
mynhair's picture

Dam speculumators.

Thu, 06/23/2011 - 10:09 | Link to Comment topcallingtroll
topcallingtroll's picture

I am not so sure it is risk off.

When goldilocks comes knocking it looks similar.

I am hoping for at least a brief visit. Still long stock market.

Leveraged beta, bitches.

Thu, 06/23/2011 - 10:32 | Link to Comment Fix It Again Timmy
Fix It Again Timmy's picture

Billions of beachballs on their way to sunshine and air...

Do NOT follow this link or you will be banned from the site!