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Market Rolls Over As EURJPY Breaks 110, Treasury Curve Flatenning Further
The EURJPY has now pushed back below the 110 support even as stocks, which nobody except a few computers, trades any more, fight tooth and nail to give the impression there is buying interest. Hopefully, readers have been prudent enough to stay out of the market since when it broke down terminally, some time in April of 2009, and ridiculous equity moves such as today's will not matter. What should matter, is the ongoing flatenning in the 2s10s, which, as we have claimed previously, is a far more troubling phenomenon, and indicates that between the unending FX carry unwinds, and the Treasury steepener selloffs, liquidations are continuing. That these are not spilling over into the now completely irrelevant stock class is not at all important: stocks are now just for administrative window dressing, and to push the Obama propaganda just how good the economy is, which as everyone knows, is a massive lie.
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Working Group ramp job! Flash Crash stick save I might add. Roll over is right! Like a dead fish!
This has been The Big Shakedown from the fascist governments since DJ 11,200.
dont see any curve flattening today - maybe I am wrong.
when are the Deutsche marks coming back ?
euro below 1.22 and slipping...
Slip Slidin' Away - Paul Simon - Live at Abbey Road
http://www.youtube.com/watch?v=nKxyoud_c-E
EUR below 1.22 again - ECB is fighting hard, but this time it looks like they cannot hold
wait until the jap housewives log on here in a bit..
Ha, ha, ha...Unfortunately Japanese housewives are active in AUD/JPY....as usual on the wrong side
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This is the fight for DJ ZERO vs. DJ Infinity.
DJ Zero sounds nice.
I believe we could get over this Depression/repression quite quickly if candy bars were .20 cents and homes could be affordable for America once again as opposed to trading debt slavery just to put a roof over our heads. Perhaps then we could gain true respect for capital and investment and have growth based on manufacturing and productivity as opposed to wealth based upon parking millions of barrels of crude off shore for months until the price goes up.
17.00 Barrel of oil + $120,000 3BR's + 8% interest on savings + Strong Dollar = Recovery
The desperate attempt to maintain prices at these levels = modern slavery for all
I will agree with DJ ZERO. My numbers for ZERO look like this.
FIAT endgame in the headlights, IMF tries to institute new currentseas, they go forth or the don't, not matter.
Gold $20,000 an OZ. Silver $2,000 an OZ.
Decent 3BRs w/o arable land for $30,000. Same w/ a few acres of arable land $300,000.
Peak oil is here and will continue to move up in price forever. Once the currentseas move out, the price will look like PMs...huge.
However, aside from the FIAT, we are splitting hairs.
Good on ya mate.
Thats right its all out of whack, 45 degree tilted playing field where the savings interest rate is 0% or damn near while worthless Wall St pirates get $85 million dollar bonuses for being robber barrons who contribute nothing of value, 3bdr dump still costs an inflated $300,000, and oil should be $20 a barrel max but is bubbled up to $85 and a rice paper weak USD. And they call the economy fixed? Well as long as its a slave state Plutocracy, I guess so!
Somebody in Asia has been selling Euros for the past week...
It'll be interesting to see how far the Euro drops tonight when Asia opens.
Watching Top Kill on CNN a bit more interesting than the market today. I don't know the web link but I am sure there is one to watch the live BP attempt to fuck up the gulf more.
The market was pretty wild today, but the spill is always enticing. Which will they screw up to the end first, earth or the economy?
Spill, er...I mean spin the Wheel!!!!
It's a race!
Normally I would have been glued to the market but I decided to take the day off and watch the live environmental nightmare instead of the economic nightmare... :)
the now completely irrelevant stock class is not at all important: stocks are now just for administrative window dressing
I agree: common stock is, in fact, another form of fiat that is actually more bogus and more sytematically manipulated than FRNs. The ultimate failure of the common stock scam is not in question, although its form and timing is difficult to predict.
I've said it before. The stock market has simply turned into the ATM for backdoor bailouts. Unprecedented levels of secondary stock offerings combined with record junk bond offerings (aided by trading in the stock market) was how the Fed orchestrated the lion's share of The Bailout of 2009. You've heard it over and over: corporations are cash rich. And they got there within about a month off the bottom in the market (ask yourself how). That was a key agenda, a key underpinning of the bailout: get cash into corporate accounts so they can roll their debt and kick the can.
Bullish for Gold. Here is the best example yet of how ludicrous the idea of "Decoupling" really is: China concerns over Euro bonds sinks the US Equity Market !!
Let that sink in for a moment. This is the purest example of news that not only did not pertain to the US BUT in addition should have made US markets "look good by comparison" (loose translation of CNBC-speak).
But of course it has everything to do with US markets because all economies are all hopelessly, inextricably interconnected in a spider's web of debt. Everyone owes everyone else and everyone is dead broke and calling the kettle black. We're all in the same quicksand now.
If you mean internationally, yes. If you mean individually, no.
I've stayed arms length from this turmoil for several years now. Wonder what part of "get gold" was misunderstood not only by the international players, but individuals as well?
Of course, we don't really know much about the gold movement amongst nations, all the more reason to hold gold individually. Opacity makes the outlook favorable for gold.
Euro down below 1.22.
Say good night, Mr. Market.
I'm all out of the markets...I did molest some serious Silver yesterday.
Market going down faster than Monica Lewinsky now. LOL
Apparently, the equity market finally decided to look at the FX charts.
Just broke 10000 on the dow. Dow 10000 v 5.6 coming soon! EUR breaks 1.22 support.
Watch out below.
Looks like a major battle setting up over holding at 1.22.
Wouldn't want to be holding Euros when Asia opens.
http://www.youtube.com/watch?v=pTifdoKXoxM
flirted w/10,050 then succumbed; did the ppt forget to come back after lunch?
Do the afternoon melt-ups seem less frequent nowadays, or is it me and the fact that I'm short?...
the question is, will the DOW close over 10K.
afterall, a close below 10K means the economy is weak. a close over 10K means everything is great and you should go out and buy a new LCD....or iSomething.
Stick save being queued up, in 5 ... 4 ... 3 ...
[edit] And in rides the PPT! Can they save the day? oh teh noes there is only 15 minutes left to trade it up! Quick little SPARK station, you can do it! Trade trade little SPARK station!
Market goalie deeked in OT, market sellers pushin it through the 5 hole for a down and out Bear victory. I only wish the Bruins could have done so good.
WoW, the last 5 min have been "slightly" insane. I think someone accidentally turned off HAL 9000 for the maintenance and bids disappeared for several minutes, lol.
Apparently market intervention has a very pleasant surprise, "unknown - unknown" - uncertainty.
the last 5 minutes nowaays is the sheeple bailing out after watching rather lame action during the day.
gradually they are all shuffling towards the exit.
Looks like they are saving their last gasp for a push about 10,000 at 3:55...might have gone a little early there for a second
Clever ploy by PPT Psy-ops Division. Aware of Cramer's stinging criticism about last-minute ramp jobs, the PPT decided on a head feint and finished beneath the Magic Line between prosperity and utter despair. Well played, Sirs! America lives another day.
PPT caught prepping house in the Hamptons for Memorial Day BBQ....missed the plunge. Timi gonna yell at 'em :)
There's the answer. The Boss is out of the office. Cavorting and nation-hopping.