This page has been archived and commenting is disabled.
Futures Break 1,160 On Euro Freefall
At last check the ES was just at 1,160 after briefly dropping lower. The primary factor for the market drop is the complete panic that is gripping Europe. And here we were one month ago with supposedly intelligent people saying get Greece off the front-page because it is now "boring" news. When Greece restructures its debt in a few weeks, the euro hits parity, European banks are forced to recognize $150 billion in GGB losses, Portugal, Spain and Italy CDS are all at 400, major re/insurance companies are facing liquidity crunches, our insistence on keeping Greece front and center may prove to have been the correct one after all.
»
- 5669 reads
- Printer-friendly version
- Send to friend
- advertisements -
Where is our dear Harry Wanger who swore that the S&P would quickly bounce back from yesterday’s 1175 support? The U.S. market has just opened sharply lower and the FTSE 100 is down almost 1.75 percent as I write this. What is your next support target, Harry?
And where's Leo? Remember when he said the greek problem was 'psychological'?
Meanwhile, why was 'Jason Bourne' monitoring the federal reserve?
http://www.dailymail.co.uk/news/worldnews/article-1270282/Hunt-Jason-Bourne-kept-arms-cache-penthouse-overlooking-U-S-federal-bank.html
Sounds like the Bear Stearns guy who said that their demise was due to irrationality in the market ...
http://nos.nl/video/155131-beelden-van-paniek-bij-dodenherdenking.html
Check this out. Happend yesterday in my country. You could say, the stockmarkets are just like it. Everybody is calm, and it doesn't need much to cause a small panick because of some haoxer.
Man! That was awesome. CogDis, if you haven't seen the first 10 seconds of this it's worth it.
"And there off!"
He's probably busy raising funds to average into his shitty chinese solars.
Hey, hey, be nice. The poor guys is going to lose his shirt so cut him some slack.
If he was for real, that is. Personally, I reckon he was just another troll.
(Harry Wanker, that is, not Leo.)
IMHO Wanger is a black operative dis-info specialist. He's not going away. Don't assume he is buying or selling anything he says he does. He's an operative that posts under Wanger and many other names on this and many other boards.
Probably works at Goldman.
I doubt it. Goldmanites are very smart people. If he were a Goldmanite we'd at least be able to pick up some traces of intelligence in his posts no matter how stupid he tried to make them.
Alas, no such traces can be found.
Thank heaven for people like Harry Wanger. I made $15k today off of people like him.
Before I found Zerohedge I used to frequent the Marketwatch boards. Remember Harry's old shit-eating-grin-faced avatar? He posted on MW with that same infuriating photo (to match his infuriating statements) in the past. He's definitely a troll...
Same here. I recognized his avatar immediately from the MW boards. Funny, since finding ZH how little time I spend on those MW boards anymore. The general level of discourse and knowledge is much better here.
Yesterday he said it wouldn't go under 1150, but if it did get there, he'd be buying SPY and SSO hand over fist. So I ask ole HW, "You feelin' lucky, punk?"
My quick read, S&P support at 1150 then 1080. Beyond there be dragons.
Let's try to leave personalities out of this. As our friends at Goldman have shown us, the ultimate arbiter of right and wrong is making money.
Beyond there be dragons.
+10 Made my day. Not that I wear a tin hat, but you have to admit 666 is a cool number.
Well, if he is bullish he would tell you to buy into the dip. However, going through Harry's posts from the year, it sounds like he is always bullish... so what else could he buy, he's all in. :)
Unfortunately, Harry will be right today. Yesterday's action is a one-off -- for now. Many more moonshots to come before this up cycle ends, and today or tomorrow may be one of them. The buy-the-dips crowd will push it higher, probably for another few weeks or even months. Ben and Timmy can actually take a break. The latecomers will do the job for them, at least for a while.
It was only boring in that it was repetitive. There was never a doubt this would end badly however, at least amongst most ZH'ers.
JC, just think, this is only the beginning of the end (and I'm not just talking about the equity rally). The things we are about to see...remember to pray my friends.
I agree Cursive, and that is the scary thing. And as bearish as I am, I don't wish what is going to happen on anyone.
I spent 2 hours last night reading about the history of US financial recessions/depressions (or money panics as they were previously called) in the US over the past 300 years. There has been a constant back and forth between the banksters and the people, starting before and including the Revolutionary war.
For the most part, the banksters have had the upper hand but there have been several times when they were beaten back. You many recall that both the First Bank of the US and the Second Bank of the US both had their charters revoked. Granted they were not as entrenched as the Fed is today. But it can and eventually will happen.
http://en.wikipedia.org/wiki/First_Bank_of_the_United_States
http://en.wikipedia.org/wiki/Second_Bank_of_the_United_States
God bless Andy Jackson and may we see another like ole Stonewall again.
http://www.swarmusa.com/vb4/
I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the Bank. You tell me that if I take the deposits from the Bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out and, by the Eternal, (bringing his fist down on the table) I will rout you out.
the first 3/4 of Creature from jeckyll island will provide you with everything you need to know about the fed.
That book has graced my bookshelf for years and is pulled down often for review. I see it has been revised and updated. Maybe I shall click the "purchase" button once again.
http://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/0912986395/ref=pd_rhf_shvl_1
Go to InfoWars.com to find out what the bankerz do in their free time.
It's like a knitted sweater with a pull or a snag. It can stay that way a good long time, but when it starts to come apart it unravels in a hurry and for seemingly little or no reason.
Not at all sure that's what's happening here, but it wouldn't surprise me that this is the beginning of The End.
My stomach's twisting just a bit, thinking that you and John Galt Fla could be right on this.
I'm hoping you aren't (no offense!) but...
Whole thing's a bit scary. I had a bad night back when S&P downgraded Greece last week, thinking about this. It was your very phrase, the beginning of the end, that was in my head.
Trust me, I would love nothing more than to be dead, flat wrong about this.
But my Deja-Vu Fu is pretty strong and like JG Fl this does sound a whole lot like Sept 08.
Nah, as much as it ought to happen, it won't. The powers that be won't let it..if they can stop it.
God, I hope so. My husband and I haven't collected enough wealth yet to hide away in some nice little country house.
I don't want it to burn until we've been able to hide...
No kidding - checking out FinViz.com it would appear that the PPT is already hard at work trying to paint the tape at least a paler shade of pink.
No fear. Release your fear, fear is your worst enemy. Kick it in the crotch and throw it out of the plane without a chute.
Hope for the best, prepare for the worst. "I am the meanest motherfcker in the valley." See? You cannot change events of this scale, you can only see your way through them. Fear will blind you. No fear.
SWR, one of the things reading here does, is give me an example of people who know the truth (and many far better than I do), foresee the consequences, and still keep it together.
Me, I'm working on it. It's nice to have the examples here, rather than the hide-your-eyes MSM and public here, who are too scared of the truth to even LOOK.
Thank you for this, your words and example.
"I am the meanest mutherfucker in the valley." heh. Maybe I can try saying it in a mirror or something. :-) As long as my husband doesn't overhear...he'd think I was really going up and over the high side!
Sometimes you just gotta say. Yo god wanna ro sham bo. But don't tell him you played soccer in high school and you are wearing a cup. He'll call you a cheater.
And the Congregation replied - AMEN!
Cheers -
I always enjoy fear's attempt at manifesting in me. I like to watch it, smile at it, feel it, entertain it for a while.....then it needs to know that it is my bitch. Dissolve it. Return to a place of no feeling, no thought.
I think I might have to join my husband the next time he's watching one of those Clint Eastwood flicks of his.
Instead of listening to disco on the headphones like I usually do. :-)
Hey Renfield, how's things? Was speaking to my brother in Aus last night, he's thinking about moving out of his apartment, keeping it AND the mortgage, and buying a nice house in the suburbs....with another mortgage of course.
Potential to be mid-20's and $700k in mortgage debt, with about $50k equity. Needless to say, I almost punched him in the face throught he phone. People never fkn learn!!
Here's hoping he listens to big bro!!
SteveO, much the same here, how you? Sound like a New Yawkah yet? :-D
Cripes, what is going ON with the people here? Your brother is the third person just TODAY I've heard about, planning to do that. My solicitor friend, who's been learning the truth just this year, called me asking how to persuade her developer dad from running out to buy a bunch more properties. His reasoning: the price is WAY UP now! So obviously it's a bull market and will keep on going up. We're the lucky country and that's why everyone wants to live here, where it's different.
I explained to her that, just before a property market collapses, there's a big skew upward in price, due to the exit of buyers on the low and medium price levels. I also tried to explain about China tightening...
She said, But the properties are on a BEACH.
Doesn't ANYONE research these major purchases first???? I can't even blame China for this since they've been VERY PUBLIC about warning people, that they are DEFLATING THEIR BUBBLE. More warning than the G20 governments gave their citizens...
I'm a big sis myself. They EXPECT you to punch them in the face. It's part of the sibling discipline.
How's New York life? Were you one of the people doing that million-union-march on Wall Street? Fess up now. I hear all the signs waving made some of the banksters look up from their coffee and one of them even composed an offensive 'viral' email after it!
Hey girl, good to hear from you. Life is absolutely peachy over here, just keeps getting better. But I'm a Buddhist, so that's expected right?? Haha. Seriously, all is magnificent despite the global situation. Hope all is well with you and hubby too.
Good on you for fighting the good fight and dishing out sound advice. I convinced my bro not to buy the Myer IPO, and he listened. Saved him some real money there. Now the big one, wife-to-be is on his ass about the above-discussed "plan". Big bro is telling him he/she need a joint-labotomy if they proceed. Parents, of upper-middle class means, even discussed the possibility of a "loan" to "help" them get the new place. Until I called them and berated them for their stupidity. "Yes, we'll help you become a debt slave". Fucks sake!
So, all in all, it won't be me winning or losing this battle. Just trying to do the righty by the family.
Really, people need to get their heads checked down there as they did here. It is going to end very, very badly. RE transactions, as you said, are drying up. Mortgage apps drying up, and prices being skewed on average to the upside. It is going to stagnate, then slowly crumble. So, so, so much "equity" is going to get wiped out it ain't even funny.
Oh well, I'll keep my 50% USD/50% AUD cash balance with some treasuries. That's me. Keep fighting the good fight and all the best to you and yours.
To you too, Steve...careful with the AUD these days, it's getting CREAMED with the Euro fall.
There is a great deal of consternation these days over the RBA raising rates again. Glenn Stevens, being of towering intelligence, right after he raised rates yesterday told the papers that they probably wouldn't be doing that again for quite some time. Any soothing the Aus public felt over that was wiped out in the punishment the AUD took in the markets straight afterward which didn't even give a modest bump to the rate rise. Given the skittish bond markets and the AUD plummet this week (continuing as we speak), not the wisest thing for him to say publicly and now it's probably out of his hands - they'll raise rates again, and raise 'em good and high, if Aus wants anyone out there to continue to buy our bonds.
RBA will raise those rates and the homedebtors here will LIKE it. :-)
Cripes, the wife-to-be!! I can understand now the pressure your bruvver faces. There is nothing more dangerous than a financially illiterate fiance/e!
Well, at least there's ONE person in your family who knows what's going on...you might have to come up with an idea or two to help educate the fiancee though. Peace in the home and all that!
What worked with my sister...I ran the numbers for her and told her the amount of the mortgage payment she would be expected to come up with... AFTER the next rate rise. And the next. And the next. (Some 90% of the mortgages here are, of course, adjustable rate.) And what the total paid amount would be, at the end of the mortgage term. Then I suggested that she practice setting that amount aside each month, as if she was paying the mortgage...that way she could begin saving as well. And she had to do it every month, no exceptions.
Never heard a word about it again...just a suggestion.
Best of luck to you with your family!
a year and half ago i had a really bad couple of months. to get out of it, i figured, i know the truth. the longer this non-sense goes on the longer we are living in wonderland. not sure how many austrians are on here, but i think this sums it up, "tu ne cede malis sed contra audentior ito" meaning, "do not give in to evil but proceed ever more boldly against it."
heh - it's nice to know that someone other than me isn't always a tower of strength. My poor husband never knows quite what to say when I have one of those inconsolable nights over this. But it really doesn't happen very often...
Maybe I should take a break from the internet on the weekend and just play the Sims. An early mini-vacation...
Heh - no way, Renfield. It's hardly "just" you. We all, every one of us, have our moments that test us. And we're not always up to the test, frankly.
But that's a whole different ballgame from putting your fingers in your ears and shouting "LA LA LA LA I CAN'T HEAR YOU!!!" at the top of your lungs. You've already won 3/4 of the battle by seeking out and actually digesting non-mainstream sites like this. The rest can come - I still have quite a ways to go on that journey, personally.
But there's nothing about which to be inconsolable, after all there is plenty of work to be done. You know, or at least suspect, what's coming. Well, prepare best you can - knowing that you can never be prepared as you would like but you can always be as prepared as you need. Recognize that if/when TSHTF there will be plenty of dazed people stumbling around wondering WTF just hit them (or, more precisely, their wallet). You will be getting your last bits-and-bobs together while they're walking around shrugging their shoulders in total confusion and panic. You will be "ready enough" - because for the overwhelming majority of us this will not be about "making a killing" but rather about keeping ourselves and our loved ones from "being a killing".
Welcome to The New Normal. It sucks. You're gonna love it!
Doc
I have a 'quotable' that I tape up on my desk - change it from time to time - to look at as a reminder.
You gave me my new 'quotable' now:
"Welcome to The New Normal. It sucks. You're gonna love it!"
This site rocks. As do you commentors! Sometimes I get more out of the comments than the posts even.
i often wonder what it would be like to have no idea this is happening. i figure i'm miles ahead of most.
The Euro's down? That's fine, so are a lot of currencies. Oh, and copper. No inflation here.
At last a bit of good fun in these boring markets...
Smells a lot like September 2008.
With the big, big difference that CBs can't repeat the liquidity flood without the risk of blowing up their currencies.
Is this it? Is this the point at which reality overwhelms the Fed's ability to create illusions?
I don't think we are that lucky, the real reckon might be a few years from now.
I hope it happens sooner than later so it ends this debt madness.
Harryyyyy.... Harry Wanger, where are you? What happened to your 1175 support? What is your new target? Inquiring minds want to know.
Bar the door, Harry.
LOL
Ah, he's just playing a troll to amuse himself by pissing everyone off.
It helps to pass the lonely hours in mom's basement.
true shit. harry? harryyyyy????
want to go long here in the dax but need the support for the s&p!!!
harryyyyyyyy??????????????
BTW... someone has seen Harry lately?
Pay no attention to Europe. Focus on the BP oil spill and the failed bombing attempt in Times Square.
Haven't seen you before, son. Are you Harry? We know that "Harry" is one version of "Henry". Take off the mask! (Trying to pry his face off). What is the new support, Harry?!?!
Jacob: How dare you accuse me of coposting! Sorry, just another new guy here. Look up Henry Chinaski > Tyler Durden (in the movies).
Sorry man. I thought you were Harry. Really sorry.
So where's Harry?
hahahaha!!! took the words right out of my mouth!!
Spent so much time today telling friends about this...they were all saying, "But there's nothing about that on the front page..."
I see you are a fellow HuffPost browser.
That's a different Bafly fan on Huffpost.
Lunatic blogger (with side gig writing for the hills) can call a market.
Who would have thunk it?
Those charts look like the plans for the Russian National Ski-jumping Centre in the 2014 Russian Winter Olympics. Heads will roll now.
http://en.wikipedia.org/wiki/2014_Winter_Olympics
CNBC and the idiots they produce to come on air, attributing the market decline to a normal correction ROFLMAO Where do they dream up these fools?
The panic resurrection will be hilarious.
It IS a normal correction. Just a really BAD one. I don't think they can say "we're fucking DOOMED!!!!!" on air, even if it is cable.
LOL - you have a point there.
Debt deflation is easily soluble by printing money. Real economy, not so much
Exactly. But if they try to print our day-to-day production into non-existence, we'll all just say "what the fuck" and march on DC. A delicate balance Ben must try to strike, unfortunately, we are so far from balance all Ben attempts will fail.
Our system is entropic, it is trying to tear itself apart and will ultimately succeed.
Last chance to buy the dip!!!
Dow to infinity and beyond suckas!!!!
My pivot is at 1155. From there there is strong support at 1147.
This is where the bulls make their stand, or we take another leg down.
The commentary on US financial television is hitting new lows.
The commentary on US financial television is hitting new lows.
Don't they realize that they actually help wake people up by being so obvious?
And Tyler goes on vacation? Brilliant.
Jim Rickards on CNBC this AM. "I cannot find one financial measure the US is not worse than Greece"
Becky (giggle): "You don't mean to imply the US is like Greece?" (giggle)
http://www.fundmymutualfund.com/2010/05/video-jim-rickards-speaks-truth-...
Thanks for the link. Just to point out George Dowd said he couldn't have said it better himself, referring to Jim Rickards' comparison of U.S. to Greece.
Well, I kind of giggle too. Comparing the u.s. to greece, or zimbabwe etc. is rediculous to me. The US t-bill are the securities that the rest of the worlds money supplies use as reserves, so there will always be a need for them. If the u.s. goes down, the whole shebang goes down. Interesting link though.
I hope Harry Wanger met Lorena Bobbit.
Two days in a row of breakdowns across equities, bonds, and commodities. This doesn't bode well...
Somewhere in Toronto, David Rosenberg has a hard on right now
I'm not Harry, but I'm buying the dip. Selling intraday at the 50sma (117.08), or realistically $117.00. If we close above the 50sma, I think we may have to play it from the long side again.
My position:
Iron Condor on the SPY for May. 117 - 125
You're definitely not him. You sound like a real person.
If you're right on this, then God bless you and may it be profitable. On this board, you are a contrarian. :-)
What's the alternative? Global financial chaos? I can't profit from that, and probably neither of you can either.
Somebody's going to step in and either quantitatively ease or start buying Spain/Portugal/Greece debt. I wouldn't be surprised if the Fed re-opened the MBS purchases for another $1 trillion. That's at least good for another 500 S&P points from here. But more than likely we'll see the ECB step in and start buying the PIIGS's debt as a show of force. That'll start the short covering rally and we'll be back to 1220 on the S&P.
I'm still as cynical as the rest of you, however I just believe the outcome will be different. CBs around the world have faced a Lehman-like crisis before, and they know how to fix it. Print, print, print. The ECB isn't going to let the Euro fail just because of one small screw-up country. They're going to QE the heck out of everything...
The ECB does not have access to QE.
Had they, they would have QEed their way out a long time ago.
One difference this time is that CBs cannot replicate the 2008 liquidity flood without toasting their currency.
@HH
I can deal with everything on your list but that Pamela Anderson thing has me really worried
Anyone notice how large blocks of stocks are being dumped well under the bid (C, XOM, FXI, you name it)?
HAHAHA stick save!!! for the time being. decoupling whaaaaaat?
Ive posted this before on here. This guy does a great history of the banksters vs the people going back pretty much to the begining of banking history.
http://video.google.com/videoplay?docid=-515319560256183936#