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Europe Refuses To Decouple From US Optimism As EURUSD Takes Out 1.32 Stops
The euro just took out the 1.32 psychological support level, immediately activating various stops, and dumping to 1.3185 in an instant. Last trade was at 1.319. The eurozone death drums are now activated. Check to you Mr. Bernanke - with the DXY surging, the president's export-led recovery an impossibility, and the market propping carry trades getting destroyed what is your next move Mr. Chairman?
And guess who is on the other side? Why gold of course, which just took out the $1169 resistance.
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This is going to be so interesting to watch.
R.I.P. Dollar Bears
RIP goldbears, too!
www.Gold-Silver.US/forum
A stronger dollar, coupled (and correlated) as it is with ever-weaker tax receipts and spreading state bankrupcy contgagion/bailout risk, does no harm to dollar bears. Far from it; it is the exact thing that must be avoided at all cost, and the race to the bottom will accelerate.
I love shit like this!!!!!! Go go magic DXY!
Mr. Bernanke is laying the groundwork for blaming the next economic collapse on the feet of failed fiscal policy resulting in higher interest rates.
Of course, we all know full well that Bennie Mae was directly responsible for driving the economic engine stright off the cliff. But at least blaming an external party make for good political theatre.
Mr. Bernanke is completely fucked and he knows it.
It would be in good form for him to have a bunch of T-shits made up that say: "I Am Completely Fucked" and start wearing them.
+1000
(damn... these captcha's are getting harder...)
Better yet, he could start passing out "I'm With Stupid" t-shirts... I'd splurge for the first 1,000 or so.
Here you go:
http://freakingclueless.com/BenIsFuckedSmall.jpg
that back needs to say, "and so are you"
I'll buy one of those T-shirts for Harry Wanker.
I hope HarryWanker bought the dip this morning.
Bulltards got skewered today.
I hope he buys this one too...
As I said earlier, I added more AAPL at 262.00 this morning. We're at a very strong area of support here. Fed announcement tomorrow will send the market higher with the "extended period" language still in there. Futures already up 3 bucks from close.
If I may ask, how did you survive the grape kool-aid served at Jonestown?
Good luck guzzling the latest equities-flavored version.
Fucking funny!
Well, looks like I was right and you were wrong on today's call, no end-of-day ramp today.
Yes, you were. Tomorrow should be a different story. The Greece situation will be spun as meaningless; analysts will be out in force telling everyone to buy the dip; Bernanke will say "for an extended period" and we'll be right back above 1200 SPX.
Worst case scenario is support at 1175.
I think 50dma at around 1150 is next stop. Then it either bounces quickly (not so likely this time) or we get 4 or 5 days tracing down the lower bollinger band, maybe closer to 1100.
Al, at least we can be reasonably sure that the next bottom will occur when the Greece situation is resolved (can kicked down the road). We know that won't occur until after German elections, which makes the very near term dangerous to the downside.
The further down we go here, the more likely a double dip recession becomes as doubt and fear will creep back into the psyche of the general population. I still expect a double top though, just like we had at top of 2000 and 2007 markets (and 2002 bear market rally), with a 1-3 month time from peak to peak.
Caution though, the SPY closed literally at the same low as April 19th bear trap. If it is another trap, we will know it by tomorrow, as the market should leap upward again quickly.
Fear is already in the psyche of the population - just look at the "do you think you will be laid off" poll numbers that just came out.
Yes, this is a Bear trap. The volume though larger was not heavy and no huge trades were made out of financials and blue chips. This was not a panic but a controlled descent.
Prediction: They run it down all week and then bring it back up till Greece for good explodes sometime in May.
1177 to 1228. That'll be the top.
if past is prologue, we should actually get one more down day before any stabilization occurs. take a look at Aug, Sept, Oct, Jan highs. they all show the same action.
the question is not whether the market will buy back the losses at some point, because it will, but from what lower point will it buy back. 50 day MA at ~1160, 200 day MA at ~1087. EMAs? then the question will be one of a double top.
one thing is clear, the legs are getting longer, and the drops are getting more fierce. Apple is a good vehicle for the ride back up, but i wouldn't touch anything long here today.
good call, thx
Well, I for one like HarryWanger. It was getting boring only having Leo to bang on with his endless "buy solar" riffs. Keep up the good work, Harry. At the very least you hang in there with your convictions. As long as you don't invest based on what Harry writes, his absurdity is quite entertaining.
why don't you purchase some advertising space from Zerohedge, you sound like CNBC or a trader looking for someone to buy your position with 'the tide in low' bs.
I am bearish as well, but before we go patting ourselves on the back for a -2% day, let's all remember that we've been wrong for the last 60% or so.
Precisely. In an attempt to cover the extent of the overt market manipulation, the thugs running this country need to convince everyone that "down days do happen, ya know. We just had a pullback, now it's off to 1175 and beyond."
It is easier for this market to rally to 1180 or so after a 3% drop than it is with flat finishes everyday.
The Fed trick bag is nowhere near empty. A go-ahead nod goes to IMF, the bailout is announced and Euro recovers.
BB will not be denied the absolute right and obligation to debase the USD.
If you have some Euro currency it will probably be a good idea to hold on to a couple of the notes.
Just from a historical perspective. I'm sure collectors will be paying ++++ for them in 10 years or so.
Ah crap, forgot I have (had) $50 in EURs!
About $38 now.
I have a poster frame full of DM's, Oestmarks, Dutch Guilders, Belgian Francs, French Francs, Lira, Florints, HK$, and other stuff from my travels. I figured this paper was worthless, so I made art out of it.
Captcha now does multiplication? When do the probablility questions start?
I have some Weimer era 100,000 DM bonds w/coupons, a $10 confederate note as well as a 100 Trillion dollar Zimbabwe note framed in my office.
Some day I will do the same with a FRN and a Euro.
I have a couple of hundred in old Spanish Peso's and Greek Drachmas. Who knows, they may become useful again. :-)
Wanker Troll and the other momo chasing Cramericans are going to be so hosed after today.
Gold just blasted through 1170.
Gold is now both risk off and risk on, in two major currencies. It's like watching an episode of ER when all the alarms start going off on an unconscious patient.
Flight to Gold and not Silver today was a hoot.
Sigh, first big down day in quite a while. It was so beautiful I shed a tear.
And finally, it begins................
Wanker just said the other day, and I quote "you HAVE to be in this market". LOL
Someone has to be in this market. Otherwise, who is going to buy his dips?
I also said, I've been bullish since June 09 and have done extremely well. My exit is at 10% if that ever happens, from the high. I'm not anticipating that but I'll be up very nicely even if that stop is hit.
You have to remember, a lot of money has been made and trailing stops have been set by the smart traders. Those gains will be locked in regardless.
P.S.,
Harry has been "buying" APPL since 160.
Whether he did or not is unknown.
"a lot of money has been made and trailing stops have been set by the smart traders" No the trailing stops have been set by the gamblers. Those gains will be re-gambled, regardless. Once a gambler, always a gambler.
You are precisely what's wrong with the market and the mentality that abounds today. Nothing bad happening, no way the market will go down 10%, oh by the way shit head how were cats numbers on Monday? Revenue down 15% Y-O-Y. Wow what a recovery, but then again you and all your pump monkey butt fucking friends spun that as good news! Of course CAT themselves said if the govt. stops doling out the free money then they are really fucked! Of course you would have had to "read" the report to see that.
If we're talking about the stock market over the last year, shouldn't that be "bullshit"?
ahhh...VIX up 30+% and dow below 11,000 and s&p below 1200.
should have been -300 pts on the dow.
Making good money on short EURUSD and long gold on the same day is pretty refreshing and hopefully something to get used to.
what is your next move Mr. Chairman?
"I'll stay. I also like to live dangerously...." - BB stolen from AP
Anyone know why silver plunged for awhile while gold was soaring?
Fund managers, etc, still viewing silver as an industrial metal like platinum / copper. That will change, but maybe not right away... When it catches up to gold and the gold / silver ratio closes in on 20, it will be an epic trade.
That's what I like to hear.
So do I my man!
So what you're saying is it's an industrial metal and we aren't building anything???? RECOVERY, RECOVERY, RECOVERY! Didn't you read the headlines. AMERICA'S BACK!!!!
Whoops forgot to turn my sarcasm button off.
+2, great question great answer. Got to look at buying silver on dips, denominated in your investing currency - especially if it's Eur.
Actually USD traders here could think about buying silver, hedging the notional into Eur, so long metal short Eur. Doesnt that smell good?
because silver is tied to oil, before it was gold?
Tuesday is options expiry for silver.
because silver has industrial value, whereas gold does not. part of that silver price is its use in industry. gold is currency, silver is both currency and industrial utility.
the loss in silver is explained by the fact that its loss of industrial value today outweighed its gain as a currency.
Does anyone have some more popcorn. I'm all out!
Popping a fresh batch for myself.
USD up +1.00 (over 82) + Au up over 1170 == financial viagra.
I am holding AIG puts and all I can say is my path to world domination just got shorter! WOOT! I actually read some posts on other message boards were they thought the collapse was due to a downgrade. It was, just the downgrade they were thinking of. I dont know how much AIG has in liabilities over across the pond, but look for another required cash infusion as this continues.
" Across the pond"!!! Just look at their exposure here...Goldman. AIG is the Errors and Omission Insurance underwritter for Goldman. AIG's only remaining asset is YOU, dear tax payer, you. You will be footing the bills for Goldman's fines and damage suits. How convienent.
Go to China and tell students that gold is a barbarous relic.
I think that would set a Guinness World's record: 1 billion people induced to pissing themselves laughing.
interesting that the only market that may be big enough for GS not to manipulate is the one they keep getting wrong.
And how about a 50 bps surprise tomorrow ? Well, I can dream.
It may happen. Adjusted monetary base has shown a decline in the last 4 reporting periods. The fed is attempting to tighten.
Sad really ... they tried so very, very hard at EOD to just nudge the DJIA Ponzi-finance index above the "psychologically important" 11,000 mark, but damned game-theory defectors continuing to sell into the attempted pump meant they fell just short ... and after such a beautifully stage-managed job yesterday to keep the close "green" by a fraction of a single point. Such a shame.
So, predictions? Do we get an almost-unheard-of-anymore multiday selloff here, or does the pump resume tomorrow, once the "nothing to worry about" damage-ontrol by the MSFM propaganada machine has time to do its work?
Big down-day tomorrow, then some sideways moves for a couple of days. Then a couple more big down days, then a really big bounce back to challenge the recent highs.
Pump resumes tomorrow, but just enough for me to sell my 64.90 TNA, then Armageddon continues.
And it seems to have stopped EXACTLY at the 61.8% Fibonacci retracement, too. I may have to eat my words regarding Fibonacci being useless.
i think the "Fool me once, fool me twice" theory applies here.
I like what Gold said to USD...lets fly.
I feel like someonw woke me from my slumber :)
You are my next level of evolution ...
Euro Gold
887.48
+26.59 +3.09%We'll see what chi.com and jap.com have to say tonight. Love that it is only a Tuesday.
as american bucketshops short it while their european customers long it
Have you forgotten this is Groundhog Day? Question is how quickly is this "correction" a forgotten footnote in a continuing insane market run. If anything, the printing presses will be working overtime, and that does suggest buying "stuff" at some point, anything but FRNs left in your hands when the music stops.
Deflation or hyperinflation when sovereigns roll over and die. No in-between.
"Last trade was at 1.319. The eurozone death drums are now activated."
I fail to see how the Euro at 1.32 is activating the death drums. Pull up a chart, at the end of '08 and then in March '09 it was sitting below 1.25. And what happened after that low in '09? A major market rally. Greece downgrades/bankruptcy/defaults, whatever can't even take the Euro down to those prior levels. Wake me if it ever hits 1.25 again.
Put your 'puter on 'wake on LAN'. It will be getting the call by Monday.
You fail to see lots of things, like the wipeout today. Buy, buy, buy.
Seriously, Harry, do you really think that Greece is an isolated problem? Do you really believe the weak sisters in Europe are all going to implement austerity and balance budgets? Do you really think that nothing has changed from March '09?
Hope you're only playing with your own $$$.
He's not, according to his bio on MW.
And he's not kinito.
He's missing Italy, Spain, Portugal, Greece, Ireland, Iceland, the UK, Eastern Europe, Austria, and France. Basically every country that isn't Germany, Switzerland, BeNeLux, or one of the Nordic countries is in front of a financial steamroller, and the costs of the Icelandic volcano were a huge kick in the nuts.
Europe is neck-deep in unsustainable debt and and is populated with entitlement-addicted socialist ingrates who go on strike at the drop of a hat. It also has a loud and weak and fractious union that can't properly support its shared currency.
People made silly arguments at the top of the housing bubble and the dot-com bubble and the tulip bulb bubble, too. The "Euro" bubble will end the same way.
I bet they enjoyed giving it to Europe too...
One does not simply fly in to europe.
+1 :) There is an evil there that does not sleep..
idiot muppet, have you ever been there or did your grandma tell you all this
Supports breaking all over the place, has i told yesterday. Now i am looking also @ some forex crosses, namely shorting AUD against some other currency, maybe usd maybe jpy. I will update the crosses when i enter the trade in the next few days. I updated the index charts from yesterday. Hey Ho Let´s Go.
http://midasfinancialmarkets.blogspot.com/
And btw please click on follow blog :) i would like having you follow my work. Thanks.
YOU HAVE NO CHANCE TO SURVIVE MAKE YOUR TIME
ALL EURO BASE ARE BELONG TO US
Nice play on words. Heh!!! Whoever "junked" you is definitely not a gamer.
Paper may beat rock in a game of rochambeau (Rock-Paper-Scissors) but it has no chance against gold.
The dollar will briefly benefit from being the tallest midget in the room until gold shows up to the party.
Given its run today, I think it is safe to say it's already there. Actually, it's upstairs having sex with the Dollar's wife.
Just hold on there Dollar Bulls - the Euro has been below parity before and has a long way to travel before these Fiat currencies are equal.
If the Euro accepts default of its bank paper or its weaker sovereigns it could become a super hard currency as the remaining Euros may increase in value substantially.
This ain't over yet.
Tyler -- they own the gold ; am talking physical of crs...and dont look into official vaults ))
pillage comes from all around.
aRa
"First, the doelarr "strength" to continue tightening the trading range of Euro/USD. The move to $1.30 will happen quick, in the next week or two. DXY to trade roughly at 81.5. Gold and silver will continue to make nominal highs against the Euro, as well as push back up to the nominal highs for the doelarr. Then there will be a move down to $1.25 Euro USD with the DXY staying in the 81.5 range. By late May, the pressure from the doelarr will have peaked, as the State budgets of America will once again be addressed. California, will legalizing pot combine with personal investment by Walled Street in Hollywood save your ship?"
4.21.10
http://www.zerohedge.com/article/open-thread-reader-not-making-any-payme...
So was the Europe doomed the last time EUR/USD was around here?
EURUSD (re)piercing its 1.32 hymen is sweet, but I'm holding out for anal sex at 1.2