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Market Response To Irish Stress Test

Tyler Durden's picture




 

The market took one look at the stress test results... sniffed around the latest bail out plans (after taking 15 minutes to download the stress test pdf from a server capable of handling at most 5 simultaneous requests)... and slammed the 2 Year to the lows of the day. Good news though, it is not at 10% yet. Give it 12 hours.

 

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Thu, 03/31/2011 - 12:49 | 1121799 vote_libertaria...
vote_libertarian_party's picture

...aaaaand US stocks yawn.

Thu, 03/31/2011 - 12:53 | 1121821 nevadan
nevadan's picture

Windows to be dressed today.

Thu, 03/31/2011 - 12:52 | 1121833 the mad hatter
the mad hatter's picture

investing has become a matter of getting yourself on the ship that sinks the slowest.

paradoxically, the safest ship is the the ship made out of gold.

Thu, 03/31/2011 - 12:57 | 1121849 tmosley
tmosley's picture

Gold is not a ship.  It is a geologically stable island.

Silver is an island being wracked by volcanic eruptions.  Dangerous, but expanding fast.

Thu, 03/31/2011 - 12:58 | 1121866 the mad hatter
the mad hatter's picture

+1

Very nice analogy my friend.

Thu, 03/31/2011 - 12:59 | 1121871 camaro68ss
camaro68ss's picture

Hahaha good analogy  

Thu, 03/31/2011 - 13:06 | 1121903 Robslob
Robslob's picture

t...buy the rich man's money and feel the rich man's pain...

Buy the poor man's money and rejoice in the middleman's gain...

Hint: The aggregate wealth of the have nots 95% far outweighs the top 5%...best to have both in your safe...

Thu, 03/31/2011 - 13:43 | 1122095 Bananamerican
Bananamerican's picture

uh....got it

also, that which the wealthy man stores up for today shall pass unto the crypt of the humble in this manner HENCE

Thu, 03/31/2011 - 13:10 | 1121916 Everyman
Everyman's picture

How about "Space Bucks"??

http://www.youtube.com/watch?v=km0_vOE_2XE

 

Thu, 03/31/2011 - 13:44 | 1122116 crazyjsmith
crazyjsmith's picture

The market is a whore.  She loves everybody "long" time, until you fall asleep, she then will steal your laptop and wallet and be gone.  You will be left with nothing but guilt and lipstick marks on your shirt. 

Thu, 03/31/2011 - 12:48 | 1121804 entendance
entendance's picture

IRISH REGULATOR SAYS FOUR BANKS NEED EU24 BLN MORE CAPITAL...
Your entire GDP is $200 billion, more or less. That's about €142 billion Euros, which means that the banks "need" about seventeen percent of GDP infused into them in new capital...>
http://www.entendance.com/forums/viewtopic.php?f=6&t=784&p=16328#p16328

Thu, 03/31/2011 - 13:41 | 1122058 wandstrasse
wandstrasse's picture

do not worry! The EU has a 'Rettungsschirm', literally 'rescuing umbrella', means EU's promise to print billions and trillions to buy treasury bonds of insolvent nations. There are two german words which cause me PHYSICAL PAIN: 1-Rettungsschirm, 2-Friedensprozess (endeavour to create peace btw. Israel and Palestine/Arab neighbours). Both words serve to tranquilize the population, in both cases those who utter the words do not exactly know what it means, and both words' objects are totally futile.

Thu, 03/31/2011 - 12:52 | 1121819 oogs66
oogs66's picture

Don't forget tomorrow is first day of the month so stocks must go up, they do every 1st day of the month!  except for this month ;)

 

its amazing how resilient stocks are

Thu, 03/31/2011 - 13:39 | 1122079 John Law Lives
John Law Lives's picture

Rising stocks are a reflection of the Fed pumping money into the sytem.

Thu, 03/31/2011 - 12:51 | 1121820 Id fight Gandhi
Id fight Gandhi's picture

Nothing matters. Best first quarter of year in a decade.

Japan about to melt to the sea too.

Thu, 03/31/2011 - 12:53 | 1121826 pendragon
pendragon's picture

so not priced in then??? then why did the euro rally?

Thu, 03/31/2011 - 13:04 | 1121890 willien1derland
willien1derland's picture

The Euro rallied because the Eurostat 'Flash' CPI metric came in much higher than expected - the conventional idea is that if inflation is running at 2.6% then there should be a consummate increase in interest rates to offset this effect - this increase in interest rates push the Euro higher for a series of macroeconomic reasons under conventional models however, this assumes that Central Banks want to ensure their currency is a good store of value, however, in this day & age that is merely a tradition -

Thu, 03/31/2011 - 13:43 | 1122096 pendragon
pendragon's picture

that news came out at 9 am gmt....

Thu, 03/31/2011 - 12:56 | 1121843 irishlink
irishlink's picture

America yawns because Ireland is not a risk to the on going bull market. If the roles were reversed the entire Irish economy would be in the toilet now. A scenario that may not be too far away!

Thu, 03/31/2011 - 13:05 | 1121844 plocequ1
plocequ1's picture

Why is the market higher?

Thu, 03/31/2011 - 12:57 | 1121848 willien1derland
willien1derland's picture

What would Bernie Madoff Do?

Thu, 03/31/2011 - 13:22 | 1121984 carbonmutant
carbonmutant's picture

Find a greater fool...

Thu, 03/31/2011 - 12:57 | 1121861 irishlink
irishlink's picture

Call the brokers to see if more money could be scraped together to keep the ponsi going for another day.

Thu, 03/31/2011 - 13:00 | 1121865 TaxEstate
TaxEstate's picture

Everyone's frontrunning the huge Q2 mutual fund inflows. 1st day of the quarter, you know. The market isn't allowed to go down on the 1st day of the quarter. Ever. 

Thu, 03/31/2011 - 13:01 | 1121874 campag
campag's picture

Russell keeps heading north . trade buying US stock selling Japanese ? Someone some where must have dropped a fortune in the Jap market any names coming out ?  Rumour of a UK bank ?

Thu, 03/31/2011 - 15:38 | 1122566 DosZap
DosZap's picture

Yeah, the Japanese Gv't, a whisker away from ONE TRILLION>

Thu, 03/31/2011 - 13:00 | 1121880 irishlink
irishlink's picture

We have been drip fed the bad news like morphine by our governments over the past three years . By the time TSHTF we will be so comatosed we wont feel a thing. Great strategy EH?

Thu, 03/31/2011 - 13:21 | 1121979 carbonmutant
carbonmutant's picture

You don't want to scare the frog...

Thu, 03/31/2011 - 13:53 | 1122162 M.B. Drapier
M.B. Drapier's picture

+1 that.

Thu, 03/31/2011 - 13:02 | 1121886 irishlink
irishlink's picture

HSBC would be the obvious candidate. But heard they have had no problem raising money of late.

Thu, 03/31/2011 - 13:06 | 1121907 tekhneek
tekhneek's picture

Ireland's fucking tiny. What the fuck is the big deal? Fuck this stupid news. News doesn't even fucking matter anyways. We could have 100 nukes go off in the middle east and the DOW would take the fuck off because... why the hell not? It did last time. Clearly equities are bi-winning.

Thu, 03/31/2011 - 13:24 | 1121994 Pepe
Pepe's picture

So, does anyone know where the 70 bn in assets to be sold by the Irish banks will come from

Thu, 03/31/2011 - 13:31 | 1122013 scratch_and_sniff
scratch_and_sniff's picture

take a wild guess.

Thu, 03/31/2011 - 13:32 | 1122026 Die Weiße Rose
Die Weiße Rose's picture

Ireland might be tiny,

but the billions of Euros in bail-out ain't no chicken-feed.

Angela Merkel gets a bit nervous giving out billions free German taxpayer funds

to tiny countries like Ireland,who still want to keep their corporate tax rate at 12% and soak up the bail-out that goes straight into the pockets of companies like Google or Apple in Ireland,in return of record low corporate tax-haven rates.

and what do German taxpayers get in return ?

Another request from Portugal, Spain, Greece etc.

there are 500 billion People in the Euro-Zone and that is not tiny.

After all,we can't all be printing QE - USD and export Inflation

to the rest of the world, or should we ?

Thu, 03/31/2011 - 13:56 | 1122168 M.B. Drapier
M.B. Drapier's picture

Define 'give out' and 'free'.

Thu, 03/31/2011 - 14:11 | 1122080 M.B. Drapier
M.B. Drapier's picture

Here's a hidden extra goodie: note that the stress tests didn't cover Anglo Irish Bank or Irish Nationwide, both already out of business. The good news is that they thus have no regulatory capital requirements any more. The bad news is that any taxpayer money to bail out senior bondholders in those institutions will be additional to the €24 extra going to recapitalise the four still-living banks.

Oh, and then there's NAMA.

Thu, 03/31/2011 - 13:56 | 1122170 trav7777
trav7777's picture

Market thought Irish stress test was Glenlivet vs Glenfiddich or some such thing

Thu, 03/31/2011 - 14:38 | 1122351 99er
Thu, 03/31/2011 - 15:11 | 1122454 Eireann go Brach
Eireann go Brach's picture

Throw some Bama Bucks at it, even though we will all wipe our fucking arses with them very soon!

Thu, 03/31/2011 - 15:33 | 1122543 99er
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