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Greek Stock Index (ASE) Tumbles 7%, Now At 1686, Financial Stocks Plunge 17%
The funding crisis is finally becoming a stock market crisis. Greek bond pricing service HDAT has suspended all bond trade indications. The banking sector is now down 17%. We will keep you updated on the Lehman, pardon, Greek collapse.
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Don't say Lehman too loud, shorts are salivating already.
Market is bouncing...must be good news.
Just got more great economic numbers from Consumer Confidence. Everyone has doubted the strong consumer spending but as we're seeing, the reality is the consumer has gained confidence and is spending. Best sign of the strong economy getting stronger.
The during market hours CONfidence figures always seeem to be so much better than the after hours ABC one
"Consumers’ appraisal of present-day conditions was more positive in April. Those claiming conditions are "good" increased to 9.1 percent from 8.5 percent, while those claiming business conditions are "bad" declined to 40.2 percent from 42.1 percent."
Great?
And of course other 'hidden' details from the headline
Jobs plentiful 4.80 v previous 4.40
jobs hard to get 45.0 v previous 45.8
Inflation 5.3% v previous 5.4%
That doesn't look too good to me!
Put your CNBS issued, rose-colored, pollyanna glasses on and look again.
Ah, I see now...
a bottom has been reached for the job market and jobs are now easier to come by, inflation expectations have also fallen
Not so hard, is it?
Now transfer all your assets into Treasuries and enjoy our recovery!
Right on, then get in there and buy everything that isn't nailed down.
CC is a lagging indicator to the equity market.
Those who have are indeed spending more, but the consumer class has been decimated (actually, far more than classic decimation has occurred).
Time will tell . . .
The "average" consumer that is still employed has just spent their tax refund and is drawing down the old money market in anticipation of the obvious next bailout. Great: 57.3. Strong: Earnings beats on lackluster revenue growth and mediocre estimates. Carry on.
"I belive people should show more patriotism by supporting the rally and consuming more."
I wonder when this spending will be reflected in state sales tax revenues.
Or else, an alternative explanation is that the retail sales numbers have a survivorship bias.
look for a v-shaped recovery led by the greek equivalent of the XLF. Greek banks will not be allowed to fail. If any major banks around the world fail the whole charade comes down. That is why we (IMF) will bail them out even if germany doesn't. We are stuck in the derivatives web like a nice fat fly, and the spiders are everywhere.
I just can't understand WHY?? the EURO wouldn't break 1.32.....
easy--'the shorts' are are all down at the 7-11 buying beer for the 'fab' Fab grilling...
US market will soar on this fantastic bad news....
Will Eddie Murphy play a role in "Coming to America II"?
Interesting icon. Is there a strip of fabric on that middle part? Can't see and my screen is about two feet wide.
Can you make that photo a little larger?
No, the working title of the planned sequel is "Slouching Towards Zimbabwe". Things get so bad here that Eddie Murphy and company head back to Africa where they find a refreshing paradise has bloomed after years of a hyper-inflationary bust. DoubleCross Partners, L.P., a joint venture subsidiary of Goldman Sachs and JP Morgan, is producing the film.
US market continues to due its best impression of Sargent Schultz from Hogans Heros...tick tick tick...
US equities have priced in endless QE, moral hazard, IMF bailouts, unlimited sovereign taxation power, and free lunch for everyone.
It will be interesting once one or several of these notions are dispelled.
Wanger has to be getting paid to show up here and broadcast propaganda.
Note, on Greece, the other intersting part of this is the unknown: how many little derivatives are exploding on the way down? Greece may be 2% of the Eurozone - does anyone know the size of the sidebets market?
Wanger's a paid shill...
+1 Good point. It's not as if Greek problems have been in the news or anything. Not to worry. AIG has us covered.
Gee, I feel so much better now...
Wanger, as infuriating as it is to read with his positive outlook, has been on the right side of the trade. Tip-of-the-hat.
The right side of the trade is government support. The only question is how long it can be sustained (which is certainly not forever) and if we have any kind of fundamentals as it dies off. That's the trade and trend following has been very profitable - just like the tech bubble, housing run-up, tulips and all kinds of crap. But once you are devoid from fundamentals the risk is not if but when and how bad. I think this site focuses more on fundamentals which is currently at massive odds vs. trend following and what is being pushed in the news.
Just goes to show the Greeks are not as sophisticated as us AmeriCONs – we would never let a credit crisis ruin our equity party – poor silly Greeks
DOW to 36k baby
You are being rather pessimistic aren't you?
Dow 63K more like
Hold on tight, Athens... Ben's helicopter has left and it should be there soon. That's the problem with helicopters... they are a bit slow. Next time Ben should use a supersonic jet or even better, use the black hole that is the Fed to warp the space itself and travel places instantaneously.
So the only thing saving OUR markets is our ability to print money until it goes wheelbarrow
it clear that the EU trash is hiding in our stock mkt as dollar rises
Question of the day: Can you catch free falling PIIGS with helicopters?
When PIIGS fly.
Looks like Harry is back making the case for the OBAMA-media........you are a fool like other PM's as this is only a staged 1Q recovery tied to a flood on govt stimulus incentives that begin to fade in 2Q. Redbook sales are down 2% seq. so far to prove the point.
This was a "not TBT" morning. TBD how that looks in the afternoon, or tomorrow.
Not all the frightened capital went to gold. Far from it, probably: A lot of somebodies must have bought a lot of long US govt bonds.
Harry, this morning we got a taste of Greece's impact on the psychology of the market. Perception is reality. Nothing is isolated, anymore.
Just uploaded a Dow weekly chart showing a bearish broadening top pattern.
And Euro is breaking down now.
MARKET UPDATES:
http://www.zerohedge.com/forum/latest-market-outlook-0
It's finally over for Greece, and I believe that the loans will only be IMF and not the other countries.