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Freefall: EURUSD 1.2388 And Plunging, Market Liquidity Disappears Again, Traders Brace For Another Flash Crash
Full profit taking in everything. Now even gold is plunging, but it is likely an LBMA "intervention." EURUSD just broke through 1.23 and has no further realistic supports for a long time. The money has no option but to go into gold or money markets. For now it is not going into gold, which means it is a relatively good buying opportunity. Liquidity in stocks is now gone as volume picks up. Two of the desk traders we have spoken to are all wearing fireman's hats, bracing for Flash Crash part 2. Look for much more action out of the ECB/FED/IMF/EU/X-Men/Ghostbusters before Asia opens this Sunday. In the meantime, everyone must sure be grateful that the SEC is contemplating instituting new and improved circuitbreakers some time in 2039.
Gold:
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Do you think they'll ever try the "fat finger" thing again, or will they go to something more plausible, like a Pepsi spilled into a keyboard?
I understand that they'll be using a skinny big toe with a nasty hangnail that makes it swollen when the stock market goes down.
double post
I am stepping outside now for 5 or 10 minutes to watch the space shuttle launch. Could somebody please let me know if I miss a crash? Thanks.
I'm feeling all sentimental like, you know. Last flight of the Atlantis... and the USDollar.
sniff
Will do, and if you see a crash you do the same right? ;)
The last safety net just dropped to the floor. Now there is only concrete to break the economy's fall. And it will be a hard drop...
Tyler, as someone who's been with you - literally - since the beginning, I am imploring you to consider changing the way the comments section is done.
Take a look at littlegreenfootballs.com - the comments section has this feature where it opens up to another page, and it has this running stream, where you can post a comment, and then the next guy posts a comment, and they show up one after another - it's as close to having a conversation as you can get on the internet.
I don't know whether or not your server has the juice to run something like that, but I know that I, for one, would donate pretty significantly in order to get it up and running.
Just take a look at it - fo to littlegreenfootballs.com, look at the comments link. But right next to that is an icon that looks like an eyeglass - you click on that - et voila - you have this endless open thread that is just too cool for words.
zerohedge NEEDS something like that.
Time to take a waddle through the reeds, fat finger in tow (toe?).
Buying diesel for the Bug Out Vehicle today.
Spending my fiats on beans, rice and rum.
The circuit breakers will only be there to smooth out the crash in order to increase bankster profits. It turns out that they can't make money in a flash crash like they can in a slow mo train wreck.
Yo Yo days of the 60-100 VIX are back again.
http://funy1.blogspot.com/2010/05/test-crash-was-too-fast-for-even.html
Meanwhile, the Fed.GOV is touting a "solid recovery".
http://finance.yahoo.com/news/Govt-data-show-solid-recovery-apf-1906896834.html?x=0
At least B+ solid, I assume.
Funny the fed tax receipts and state sales taxs dont reflect their "good" news due to the birth death model and survivor bias.
The U.S. Markets are like a damned round-heeled whore wanting to rollover, but being held up by her pimp (Yeah! You Geithner, Summers, Bernanke, et. al.).
The U.S. Dollar is nothing more than a SCENTED ROLL OF CHARMIN, being compared as BETTER than all of the BARGAIN-BASEMENT & UNSCENTED toilet paper.
The global monetary system is like walking down the TOILET PAPER isle at your local store and arguing which is more GENTLE to your damned ass.
When I was growing up my Dad had this roll of toilet paper in the bathroom, we never (well rarely) used any of it because it was special.
It had green shamrocks on it, and the printed words: "The Luck O' The Irish".
It gets funnier the more you think about it.
Stay short EUR/USD heading to 1.20 next week and could fall quickly. Things overseas are going to get rough this weekend in the streets I do believe.
Sorry to repeat myself:
Guys, he's putting up the gold chart merely to show the relationship between the various other charts. What the gold chart says really has nothing to do with the decision on whether to buy physical gold or not. You buy physical gold regardless of whether that chart is going up or down.
No apology needed -- reminder was appreciated.
New Theory - Harry Wanger is actually president of the Chicago Fed/Mafia. Would that explain why he is on vacation? Perhaps Harry is the invisible hand..........
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