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Greece Plunges, Stock Market Down 7%+, CDS 20 Wider To 212
Contagion effect is spreading as the weakest link in the Eurozone catches fire.
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Any charts for the swaps on Greece and Ireland?
Weakest link of the week?
dominos
new video from Bloomberg
Loftus Says Abu Dhabi Needs to Prevent Dubai Contagion
Guys, I will be at my desk at 6 am tomorrow..
So calm down, I will arrange a 2T swap line with Abudabi first thing in the morning.
SERIOUSLY A MAN CAN'T GET ONE DAY OFF. WHAT A WORLD.
Ben
PolishHammer(Jan Sobieski?)
ROFL
Happy T
But abu dhabi stepped the last time this dubai thing was going to erupt in 2008, for those who had short memories like the folks here on ZH, that is why this thing never blew up earlier. You think Dubai government would need to ask for standstill had their AD bros across the sand decided to continue supporting them?
This time, the AD emirs know that shit cannot be wrapped in USD swap lines anymore, no banks wanted any shit to do with the Fed's USD. It says alot about the US of A even though its happening in the middle east.
Oh, get ready, some big european banks will be shut down next week and unlike what an earlier headline, it is not HSBC or Stanchart, brothers and sisters.
Is there a free site that allows you to check CDS rates of countries?
http://www.cmavision.com/market-data
Nice to see that The State of California is honored among the Top Ten Highest Sovereign Default Probabilities... it shares those honors with Ukraine, Pakistan, Iceland, and Dubai... and they say the recession is over when our third largest state is on that esteemed list... give me a break... double dip here we come.
Last time I checked--California was still the 6th largest economy in the world. Of course that was a while ago but it's still close to it.
I laughed when I saw "United Mexican States"...is that what the USA is called now?
united spanish america
That economy was securitized a long time ago. All that's left is a payment book.
Except Minnie double-dip suggests you come out of the other side above a flatline... what's that chance? Just askin' :-)
Very good point Cat... it is a slow downhill slide from here... wonder if there is a letter in the alphabet to describe that trajectory :-)
Greek banks will head lower but at one point, I'd look to buy NBG:
http://www.forbes.com/feeds/afx/2009/11/25/afx7158742.html
Leo
I'd wait until the sovereign default is out of the way...
That's what I love about you Leo... always the optomist... let's see if "what goes down must come up" ... errrr... or was that the other way around?
That.....funny.......Greece FIRE!!!
DXY starting to rise,........
but so is GOLD.
The pieces are in motion.
The Bank of Greece could be interesting as well. As the CB of Greece they own shares in the BIS and ECB (like the National Bank of Belgium).
http://eng.bankofgreece.gr/en/bank/legal_framework.asp
They also hold over 90% of their reserves in gold, the highest percentage of any central bank in the world. One of the leading figures in the Bank of Greece's history is A. Zolotas, whose family is even better known as goldsmiths.
tomorrow dow -350
spx -38
nasdaq -57
And the dollar will finally bounce...
Hooray!
just for fun, I'll take the over...
Soon we won't be looking at the weekly toll of failed banks anymore, instead we will be looking at the weekly collapse of sovereign countries.
Brave new world.
Boy, that's a relief!
The burning question: Will this be the catalyst for gold to fully decouple from the global fiat asset trash heap? I am sure we will get the answer sometime next week. (btw good luck boys and girls regarding your DEC COMEX delivery)
ZH doomsayers, just keep buying the dips. Don't get all flustered with every negative news item. Next week, markets will skyrocket after US jobs report.
Leo, u bullish on the continued liquidity firehose from the fed/govt? u think uncle ben will re-up on QE 2.0? buy another 1.25 trillion of MBS?
leo is on record several weeks ago in one of his columns that he saw at that time no major events on the horizon.
Killjoy
Leo- I think you would agree that the fundamentals of the economy are pretty bad. There has to be a tipping point at some time. Buying the dips works... until it doesn't. What makes you so sure that the status quo, up for no reason market will keep right on marching to the beat of a fairy tale drummer?
Comex will be handing out paper gold IOU's for DEC delivery, the DEC OI will clear out their vault alone, next look at Feb OI ! No way Comex let's any of their physical gold leave the vault, read the fine print.
Ok, I am going to do a little victory lap here.....
Black Swans do not drift in, they are delivered by a cruise missile in the middle of the night, holidays, or on the weekend.
http://oahutrading.blogspot.com/2009/11/chart-o...
http://oahutrading.blogspot.com/2009/08/mania-c...
http://oahutrading.blogspot.com/2009/11/blow-of...
http://oahutrading.blogspot.com/2009/11/30-year...
As America tryptophans out and wakes up weary tomorrow, with half a trading day to "panic out with", this could be very interesting. Looks like nearly "perfect timing" by our financial overlords. Lots of Turkeys (aka Lemmings) getting cooked today.
The timing of this is highly suspect (holiday weekend with low vol). Goldman Sachs and JP Morgan are going to make a mint this week...stay tuned as tomorrow you will hear the chorus sing "the sky is falling again" and then by Friday next week it will be "the worst is behind us". Predictable bullshit. BUY THIS DIP!
Don't buy before Tuesday, Leo. Machines account for 70%+ of the market now.
http://www.youtube.com/watch?v=2MyToTwag34&feature=related
That is what investors have been taught.
http://www.youtube.com/watch?v=ZhrZXnFSFGQ
don't you just love it when a plan comes together?
Asia down, look like the Nikkei wants to go to 9,000,
http://finance.yahoo.com/intlindices?e=asia
http://finance.yahoo.com/q/bc?s=%5EN225&t=3m&l=on&z=m&q=c&c=
The Nikkei is 12% off its YTD high. Yen/$ is under 86, as if Japanese exporters weren't having a hard enough time already.
Leo: who is hiring? I know of no one. I think I see fairly deep into banking, construction, retail, office in the Phiily burbs and I see zip. In fact, it looks bleaker than ever in terms of 2010. So while I admire this the passion, I need evidence of some miraculous comeback in employment - the source and the sustainability.
Now, it occurs to me that the miracle can occur if .gov decides to simply make it up. I'll grant you that.
leo I hope thats sarcasm, and not hard drugs. a little hard liquor, not so bad
don't count on a greek sovreign default guys.
i think ZH commentators for the most part are naive about sovreign risk and master it little if at all, compared to the goood understanding of corporate risk and, to a much lesser extent, structured credit (including Tylerr and Co).
Ever realized that sovreigns have the monopoly of taxtation and effectively own their country and all its resources??
a) no threat of currency crisis here
b) Greece still has massively untapped taxation recenue, it can squeeze a LOT out of the massive grey undercover economy if it gets serious about that (like Italy)
C)if things get a LOT more serious, the European Union will with probability 1 bail out Greece - there is a snowball's chance in hell that the EU will let Greece default on its debt. That would spark massive contagion and jeopardize the EU's existence