This page has been archived and commenting is disabled.

Market Surges On Non-News That Greece Has "Reached" An Austerity Plan

Tyler Durden's picture




 

Somehow the fact that Greece has "reached" a deal on its austerity plan is supposed to be good for 100 pips on the EURUSD even though this is not news, and has been priced in for a long time. Furthermore it does absolutely nothing to dampen the fear and loathing that this plan will be met by the broader Greek population. But with markets that have absolutely no liquidity and monkeys controlling the buy and sell algos, one can only sit back and laugh.

From Reuters:

Greece has won the consent of a team of EU-IMF inspectors for its new five-year austerity plan on Thursday after committing to an additional round of tax rises and spending cuts, sources with knowledge of the talks said.

"We have a deal," said one of the sources.

Another source close to the negotiations said that a few remaining technical details would be finalised on Friday.

Finance Minister Evangelos Venizelos announced on Thursday Greece's Socialist government would lower the minimum threshold for income tax to 8,000 euros a year, increase the tax on heating oil and impose a one-off solidarity levy on income of between 1 and 5 percent.

What deal? Did the Greek population say they will vote for this austerity plan? This is nothing short of pathetic attempts to manipulate the market.

What was the alternative: no plan, in which Europe's bankers would all go bankrupt overnight? Right.

And here are the terms from the newly proposed plan:

Greek Finance Minister Evangelos Venizelos on Thursday unveiled measures to help Greece plug a shortfall in the austerity plan agreed with inspectors from the European Union and International Monetary Fund.

Venizelos said that when he took office last week, the shortfall stood at 5.5 billion euros. Subsequent adjustments brought the figure down to 3.8 billion euros and the measures announced on Thursday were aimed at closing that gap.

Following are the measures announced:

- One-off solidarity levy on personal income ranging between 1 and 5 percent, according to income: Those earning 12,000 to 20,000 euros a year will be taxed at 1 percent. Rate then climbs to 2 percent for incomes of 20,000-50,000 euros, to 3 percent for 50,000-100,000 euros and to 4 percent for those earning 100,000 euros or more. Lawmakers and public office holders to pay a 5 percent rate.

- Tax-free threshold on income lowered to 8,000 euros annually from current level of 12,000 euros, with the lowest rate set at 10 percent and exemptions for young people up to 30 years, pensioners over 65 years and the disabled.

- Annual levy of 300 euros on the self-employed.

- Small tax hike for heating and diesel fuel for companies.

- Public spending cuts of 400 million euros in 2011.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 06/23/2011 - 15:16 | 1395963 AGoldhamster
AGoldhamster's picture

Guess this should save the planet.

Thu, 06/23/2011 - 15:15 | 1396011 Matxeu
Matxeu's picture

space cash!

Thu, 06/23/2011 - 16:43 | 1396454 crazyjsmith
crazyjsmith's picture

Fucking Solidarity Tax!!  I love it. The audicity of these crooks.  You can't make this shit up. 

I was joking with some friends the day we "killed" Osama, that we'll be seeing a "Freedom Tax" coming our way, and they will call it a Freedom tax.  We were laughing, but now, it isn't so funny. 

Solidarity Tax for Europe ...next up... Freedom Tax for the USA.  If you don't pay it, you are either a terrorist, or someone who hates us for our freedom. 

What a fucking joke, now back to your regularly scheduled program. 

Thu, 06/23/2011 - 15:14 | 1395966 slow_roast
slow_roast's picture

These markets are a joke.  Algoporn

Thu, 06/23/2011 - 15:16 | 1396016 carbonmutant
carbonmutant's picture

 The Euro is a joke...

+1 for Algoporn

Thu, 06/23/2011 - 15:23 | 1396061 hedgeless_horseman
hedgeless_horseman's picture

www.XXX-algoPorn.sex

Euro Trash Girl: Take your shorts off, baby, and I will go down.

Low Volume Addict:  I love it when you talk dirty to me.

Thu, 06/23/2011 - 15:24 | 1396092 Sabibaby
Sabibaby's picture

Low Volume Addict: Hey, those are my nutz and that's a vice!!!

Thu, 06/23/2011 - 15:57 | 1396265 DaveyJones
DaveyJones's picture

austerity is the new prosperity and your welcome for our charity

 

"a few remaining technical details would be finalised on Friday"...like which day of the week each greek citizen will forego eating

Thu, 06/23/2011 - 16:23 | 1396399 DollarDive
DollarDive's picture

I'd like to push my price into the value area

Thu, 06/23/2011 - 16:24 | 1396404 DollarDive
DollarDive's picture

I'd like to push my price into the value area

Thu, 06/23/2011 - 16:24 | 1396405 DollarDive
DollarDive's picture

I'd like to push my price into the value area

Thu, 06/23/2011 - 16:24 | 1396406 DollarDive
DollarDive's picture

I'd like to push my price into the value area

Thu, 06/23/2011 - 16:29 | 1396409 DollarDive
DollarDive's picture

I'd like to push my price into the value area

Thu, 06/23/2011 - 16:46 | 1396478 Biosci
Biosci's picture

over and over again

Thu, 06/23/2011 - 16:58 | 1396512 Aknownymouse
Aknownymouse's picture

Euro Trash Girl:  "OOO GOD!   I AM CAPITULATINGGGGGGGGG!!!!!!"

Thu, 06/23/2011 - 17:09 | 1396541 Spastica Rex
Spastica Rex's picture

Could be a new world record. Record. Record.

Thu, 06/23/2011 - 15:45 | 1396228 jus_lite_reading
jus_lite_reading's picture

+$14.297 Trillion

This news made me laugh so hard I urniated in my pants. 

These shit-for-brains accomplished nothing.... they do not have the permission from the people to do this and that means all hell is going to break the hell out! AND THEN the country decends into chaos anyways!!! 

Thu, 06/23/2011 - 16:11 | 1396344 smiler03
smiler03's picture

+3.14159

Thu, 06/23/2011 - 17:48 | 1396695 JustanEmotion
JustanEmotion's picture

lol, funniest thing i've heard all day.

Thu, 06/23/2011 - 15:14 | 1395967 qussl3
qussl3's picture

Gotta keep that AUD/JPY above 84.

There be dragons below.

Hilarious.

Thu, 06/23/2011 - 15:14 | 1395969 Cassandra Syndrome
Cassandra Syndrome's picture

I asked this jokingly on another thread, I didn't think it was serious. This is one fucked up world we live in.

Thu, 06/23/2011 - 15:15 | 1395976 centerline
centerline's picture

MUST.... DEFEND.... 12000 DOW....

Thu, 06/23/2011 - 15:17 | 1395989 cosmictrainwreck
cosmictrainwreck's picture

that's what I figured it was....just use the Greek thingy as an excuse to run

Thu, 06/23/2011 - 15:44 | 1396225 Arius
Arius's picture

next time is a Bill Gross tweet ... other ideas???

pls email to Becky Quick ...CNBS is collecting them ...

 

such games will continue until they run out of fools willing to separate with their money ...

Thu, 06/23/2011 - 15:43 | 1396215 Translational Lift
Translational Lift's picture

A-holes grasping at any straw they can find......all of this shit becomes less and less meaningful as time goes on....

Thu, 06/23/2011 - 16:03 | 1396306 dwdollar
dwdollar's picture

Mission accomplished!  I'd like to personal thank our brothers and sisters in the Ministry of Truth for this successful propaganda piece.  It was very believable.

 

Thu, 06/23/2011 - 15:11 | 1395979 Superslam
Superslam's picture

Ahem...the Greek parliament still has to approve this thing.

Thu, 06/23/2011 - 18:16 | 1396193 Bunga Bunga
Bunga Bunga's picture

and even if approved, some still have to implement those austerity measures.

btw, Greek police changed the sides ...

http://www.keeptalkinggreece.com/2011/06/23/police-officers-to-join-indi...

 

 

 

Thu, 06/23/2011 - 16:17 | 1396355 edotabin
edotabin's picture

Actually the people outside the parliament need to approve it. That is the only thing creating the debate. Otherwise, the shills would have passed this is a hearbeat.

Thu, 06/23/2011 - 15:16 | 1395981 SheepDog-One
SheepDog-One's picture

They now need new non-news miracle events hourly just to prevent total implosion.

Thu, 06/23/2011 - 15:16 | 1395983 Dr. No
Dr. No's picture

To be honest, I was quite impressed with the ramp job.  It adds one more (as if anyone needed another) example of why the market is broken. 100 point swings are impressive when you are watching from the outside in.

Thu, 06/23/2011 - 15:17 | 1395998 SheepDog-One
SheepDog-One's picture

100 point wild swings based upon these kind of utter nonsense stories brings me back to the days of 2008.

Thu, 06/23/2011 - 15:22 | 1396044 hugovanderbubble
hugovanderbubble's picture

+1

Thu, 06/23/2011 - 15:32 | 1396123 ZakuKommander
ZakuKommander's picture

+1987

Thu, 06/23/2011 - 15:48 | 1396245 hugovanderbubble
hugovanderbubble's picture

+1997 - 1998 Russian and Asian Currency Crisis...

Thu, 06/23/2011 - 17:10 | 1396545 Spastica Rex
Spastica Rex's picture

+1789

Thu, 06/23/2011 - 15:17 | 1395987 carbonmutant
carbonmutant's picture

 Greece will promise anything to get the money.

That's how they got into this problem in the first place.

Thu, 06/23/2011 - 15:23 | 1396082 Frank N. Beans
Frank N. Beans's picture

BINGO!

Thu, 06/23/2011 - 15:27 | 1396114 Sabibaby
Sabibaby's picture

Greece has purty eyes, just keep telling her to look up.

Thu, 06/23/2011 - 15:19 | 1395988 hambone
hambone's picture

Funny, ES and all risk assets lifted but no commodities lifted with those manipulated...er risk assets.

Market is long gone and now is simply political theater.

Oil and all commodities hammered for the day, their work is only half done.  Now they flip the buy switch and close green (they have to, the headline was written before the trading began today..."Traders see relief in lower oil prices, see optimism for consumer comeback"

Thu, 06/23/2011 - 15:17 | 1395990 alien-IQ
alien-IQ's picture

is it possible that they're gonna push the market green on that bullshit? really? I cannot believe what I'm seeing here. This is a fuckin joke right?

Thu, 06/23/2011 - 15:23 | 1396035 plocequ1
plocequ1's picture

.

Thu, 06/23/2011 - 15:32 | 1396120 Cdad
Cdad's picture

This is a fuckin joke right?

Nope.  It's called "investing."  Clearly, "investors" just got very excited about the prospects that Greece is fixed again.  Yep, book it.  

In the meantime, you can count on more and more mutual fund redemption market closes, as the criminal bankers in our midst have so perverted the market that they were charged with protecting that no one will even consider putting capital to work in it.  Which is called "uninvesting until tens of thousands of pink slips are finally mailed out in the financial services industry."

Thu, 06/23/2011 - 15:13 | 1395991 the not so migh...
the not so mighty maximiza's picture

All problems solved.  Greece has fixed everything.  Today shall always be known as Earth Awesome day!!  Whew we made it.

Thu, 06/23/2011 - 15:13 | 1395992 Cdad
Cdad's picture

But with markets that's have absolutely no liquidity and monkeys controlling the buy and sell algos, one can only sit back and laugh.

The bill is coming due...on zero market credibility.  The way I see it, that insane surge at 3 only secures a market break lower.  And later, they will call it "volatility."

Unreal.  Capital will not form in this environment.  The more they do to try to prop up this sick situation, the worse it will get.

Cue the "buying opportunity" chatter over at the BlowHorn...and maybe THIS TIME it will work...or we close with MORE Mutual Fund Redemption.


Thu, 06/23/2011 - 15:20 | 1396017 SheepDog-One
SheepDog-One's picture

This time, its REALLY is different....the Maniacal Monetizers admit they dont know how, and even admit they dont understand any of it, but bottom line all is fuckin WELL, dammit!!

Thu, 06/23/2011 - 15:21 | 1396064 Cdad
Cdad's picture

And here comes the criminal banker chatter about "historically cheap valuations."  Really?  I did not know that.

Seriously, who do they think is buying this Kabuki theater?  Who do they think believes that, after not being fixed, now Greece is fixed?

I am clearly down the cosmic bunny hole again, Dog.  That was one of the most blatant and stupid market pumps I have EVER SEEN.

Thu, 06/23/2011 - 15:35 | 1396090 SheepDog-One
SheepDog-One's picture

YES there is surely ALWAYS a 'bigger fool' just behind the last stawk buyer in line....OMG people are going to be destroyed!

'Cheap valuations'....SO why didnt the CNBC guys buy it all up then? If its so CHEAP and all....why are they trying to get OTHER people to buy their stuff thats so cheap, yet worth SO much more? 

What a sham...I'd play 3 card monty at that guys card table on the corner any day before I played Wall St's criminal rigged casino ever again.

HOORAY for the Greater Fool, and his endless supply of money to buy 'cheap stawks' the used car salesmen wheel out on CNBS!

Thu, 06/23/2011 - 15:41 | 1396189 Cdad
Cdad's picture

And here comes the Closing Bell Bull/Bull debate.  With Bill "I should have stayed on leave" Griffith as moderator, you know skepticism will triumph, and dumb ass banker ideas will be challenged.

And someday, Maria "sexiest hair alive" Bartiromo will rediscover her curiosity.

Thu, 06/23/2011 - 15:45 | 1396249 SheepDog-One
SheepDog-One's picture

'Historically cheap, buy any measure! Pssst...hey buddy.... buy our used car, its cheap, and really worth far more....but see I like you...I want you to have this special deal basically Im giving you free money'....thats a whole day of CNBC condensed to 1 sentence.

Thu, 06/23/2011 - 16:18 | 1396341 Cdad
Cdad's picture

Psst...hey buddy...I have a country I'd like to sell you at an unbelievable price.  It has its own Parthenon and everything.  I don't know why I am doing this...I'm guaranteed to lose money on this deal, but my loss is your gain.

This country has been all fixed up and is in move in condition.  Just need you to sign off on this credit default swap, plus your down payment, but don't worry as the rate is adjustable and we all know rates are going to be zero forever.

 

Thu, 06/23/2011 - 16:04 | 1396094 hedgeless_horseman
hedgeless_horseman's picture

Cold is the heart, fair Greece, that looks on thee,
Nor feels as lovers o’er the dust they loved;
Dull is the eye that will not weep to see
Thy walls defaced, thy mouldering shrines removed
By British hands, which it had best behoved
To guard those relics ne’er to be restored.
Curst be the hour when from their isle they roved,
And once again thy hapless bosom gored,
And snatched thy shrinking gods to northern climes abhorred!

 

                                           -Byron

Thu, 06/23/2011 - 15:35 | 1396176 spongeBOB
spongeBOB's picture

You are always going to have people buying this market. I mean if you are invested in a 401K account at work, or in a mutual fund, what other choices do you have? At my last job and just before the 2008 crash I switched all my 401K from stocks to Money Market and that paid me over 5 1/2 % but now this does not exist and you are forced to pick stock funds.

Thu, 06/23/2011 - 15:58 | 1396282 A Man without Q...
A Man without Qualities's picture

Not sure I agree with you.  It's important to remember 0% beats -20%...

Thu, 06/23/2011 - 16:17 | 1396371 spongeBOB
spongeBOB's picture

I agree and that what I'm stuck with in my rollover IRA (1.2% CD) but many 401k plans don't even give you that choice. Either stocks or bonds funds and no MM.

Thu, 06/23/2011 - 17:22 | 1396594 BoNeSxxx
BoNeSxxx's picture

I don't know where you get your advice from SB but you are crazy to leave a rollover IRA with the original Custodian... especially if the investment options don't include a FDIC insured MM... (note to keep my ZH friends happy, I DO realize the "FDIC insured" part is spurious).

You can roll your IRA into a self-directed account at e-Trade or any other brokerage and invest in almost anything... I did and went 100% into CEF which is the only gold/silver ETF with fully audited physical holdings.  (another note to my ZH friends, I did this back at CEF $11 so don't crap on me for my bad timing... I've doubled my $ even with today's carnage).

Finally, there is a little-known 'KILLER OPTION' out there called an Open Opportunity IRA.  You set up a LLC and a custodian and for $45/year (in my state), you can invest your money in almost anything but your own house or collectibles.  For more info, hit me up at my username@gmail.com.

Find the escape hatch(s).  I did.  My IRA rollover now owns 11 acres in the woods with a fresh spring delivering over 100 gpm of potable water... Just sayin'...

Thu, 06/23/2011 - 15:24 | 1396065 qussl3
qussl3's picture

On the bright side they have ensured that we will have an opportunity in the near future to buy some REALLY cheap assets.

Cloud cuckoo land here we come.

Thu, 06/23/2011 - 15:17 | 1395993 Racer
Racer's picture

Tax the poor more... to give to the banksters, yeah great news... for the robber banksters

Thu, 06/23/2011 - 16:10 | 1396337 Rainman
Rainman's picture

....no..no..no....not a tax at all. It's a solidarity levy. Got a nice socialist ring to it too !

Thu, 06/23/2011 - 15:18 | 1395994 King_of_simpletons
King_of_simpletons's picture

"The Market" is worried about Greece more than the unsolvable clusterfuck here at home. Wonderful.

Thu, 06/23/2011 - 15:21 | 1396073 SheepDog-One
SheepDog-One's picture

Yes nothing exists here at home, the universe right now spins around pathetic Greece. Such bullshit.

Thu, 06/23/2011 - 16:32 | 1396418 ZakuKommander
ZakuKommander's picture

Actually, SD, the fact that Greece is indeed pathetic justifies all the sky-is-falling angst: if Greece can't be "fixed" (whatever that means) and kept in the EU, then no one will ever be able to deal with the tougher PIIGS when their turn rolls around, and the house of cards will collapse.

Thu, 06/23/2011 - 16:40 | 1396446 HpDeskjet
HpDeskjet's picture

Exactly, Greece is just a "training" to see what to do when the real shtf... And even this can't be solved... A tiny country with 11 mln people and a GDP of fuking nuttin..

Thu, 06/23/2011 - 15:42 | 1396207 Dr. No
Dr. No's picture

In defense of The Market, the US gov coupled with the FED have shown they will bailout anything.  Whereas the greeks have yet to show their capitulation to the big banks.  No doubt they will get there, but expect a rocky road along the way. 

Thu, 06/23/2011 - 15:13 | 1395997 John McCloy
John McCloy's picture

Another rumor this time of something we already know is going to occur and still needs a vote passage. The market is now the Euro and if it is that sensitive to the Euro remaining intact I think were all good to go on the short side.

Thu, 06/23/2011 - 15:22 | 1396034 Cdad
Cdad's picture

Correct.  They took the market from down big to over bought in about five minutes.  The break lower is certain now.

Thu, 06/23/2011 - 15:31 | 1396148 TruthInSunshine
TruthInSunshine's picture

There was another headline:

LNKD to do reverse-IPO, be purchased by Maiden Lane, LLP for 100 Billionty Dollars, sources say

Thu, 06/23/2011 - 15:18 | 1396002 spongeBOB
spongeBOB's picture

Well, the Greek people are screwed but they only have themselves to blame. They are the ones who put g-pap's party in power and gave it the majority in the parliament. So the answer to your question, the austerity bill will pass by 5 votes .

Thu, 06/23/2011 - 15:25 | 1396066 richard in norway
richard in norway's picture

and the parliment building will be in flames 5 mins later

Thu, 06/23/2011 - 15:14 | 1396003 warchopper
warchopper's picture

I want to vomit.

Thu, 06/23/2011 - 15:14 | 1396004 daneskold
daneskold's picture

popped the stops and now its a squeeze.

 

brilliant

Thu, 06/23/2011 - 15:18 | 1396005 monopoly
monopoly's picture

I think you guys will admit this is so absurd. There is NO market.

Thu, 06/23/2011 - 15:18 | 1396006 AldoHux_IV
AldoHux_IV's picture

Unfortunately the biggest risk to these selfish and crazed sociopaths we call policymakers are dissenters in opinions of how economic policy should be designed and enacted not if their policies are wrong in any way nor if it is damaging to the fundamentals of democracy, indvidual pursuit of opportunity, or liberty in general.

Nothing matters most for these assholes than crushing dissent and perpetuating economic genocide.

Thu, 06/23/2011 - 15:19 | 1396009 The Fonz
The Fonz's picture

Wow this just looks terrifying, if I was a bull I'd get all my money out. Too volatile, this market looks like it is finally going to snap, it would be nice if it would so we can start working on putting things back together.

Thu, 06/23/2011 - 15:21 | 1396030 cswjr
cswjr's picture

No worries, VIX is at LoD.  You're just imagining the volatility.

Thu, 06/23/2011 - 16:01 | 1396292 A Man without Q...
A Man without Qualities's picture

VIX is forward vol, so sharp jump in very short term vol actually sends it lower...

Thu, 06/23/2011 - 15:16 | 1396010 nercnumber
nercnumber's picture

HAHAHAHAHAHA Eat it ZH.  As usual you gloom and doomers lose again!  When will you learn that the sky is not falling? 

Thu, 06/23/2011 - 15:21 | 1396019 hugovanderbubble
hugovanderbubble's picture

Que te jodan subnormal Tramposo

 

Thu, 06/23/2011 - 15:21 | 1396067 cosmictrainwreck
cosmictrainwreck's picture

because a bunch of assholes in $4000 suits can make a call to their minions at the HFT desk & tell 'em to goose it... proves exactly what?

Thu, 06/23/2011 - 15:33 | 1396133 plocequ1
plocequ1's picture

It proves that tis will be done so sayeth the powers that be and it was done. Amen

Thu, 06/23/2011 - 15:22 | 1396078 richard in norway
richard in norway's picture

when it stops falling

Thu, 06/23/2011 - 15:37 | 1396168 centerline
centerline's picture

Oh, come on. You can do better than that!  You have to poke the bees nest alot harder than that around this place.

Maybe Topcallingtroll can hop in get folks worked up a little.

Doomer exhaustion is getting pretty severe now.  If pushed just right, someone is bound to blow a fuse and go on a cool rant.  Good thing this is the internet though, where we dont have to worry about the next guy showing up to work in his underwear with a butt load of guns.

Thu, 06/23/2011 - 16:05 | 1396324 Robslob
Robslob's picture

Interesting about nercnumber...click on name and get:


Access denied

You are not authorized to access this page.

 

Tyler...might want to check your site...looks like an algo has compromised.

Thu, 06/23/2011 - 16:09 | 1396327 Robslob
Robslob's picture


Interesting about nercnumber...click on name and get:

Access denied

You are not authorized to access this page.

Thu, 06/23/2011 - 15:15 | 1396012 hugovanderbubble
hugovanderbubble's picture

HALT markets

THis is a farce

Markets are dropping and suddenly appears this rumor, till 28th No Real and effective Vote in Greek Parlament.

 

Tyler, We must Crash this till they suffer ....

what an impotence ...

Thu, 06/23/2011 - 15:19 | 1396014 hungarianboy
hungarianboy's picture

next stop 1.4319 followed by 4343 and then 4385

Thu, 06/23/2011 - 15:18 | 1396018 etrader
etrader's picture

Looks like someones algo has had an issue ( think 200ma & last hour ) & its cascaded the others to lift & sweep the book. They'll try and close the spread back in the last half hour.

Think Penguins and aircraft.....

This Greece news is the usual cnbc false flag

Thu, 06/23/2011 - 15:33 | 1396160 AG BCN
AG BCN's picture

but the CNBC crew did get a raised eyebrow flashy breaky news thing out of it.

Thu, 06/23/2011 - 15:20 | 1396020 scatterbrains
scatterbrains's picture

lol nice, watch crude close up after all that noise about releasing reserves lol

Thu, 06/23/2011 - 15:20 | 1396021 bigdumbnugly
bigdumbnugly's picture

don't even tell me the dow turns green.

nas already did.

unbelievable.

Thu, 06/23/2011 - 15:16 | 1396022 jtmo3
jtmo3's picture

This fucking joke of a market will end green. Bet on it. Most every other asset will be down big but the market. Tell me there's nothing wrong with this picture.

Someone tell me exactly what could be done at this point to save Greece?

Thu, 06/23/2011 - 15:25 | 1396071 Black Forest
Black Forest's picture

Keep them in good memory.

Thu, 06/23/2011 - 15:20 | 1396025 Overpowered By Funk
Overpowered By Funk's picture

3:00pm stick save. Impressive. Good job CNBC. *high fives and backslaps all around*

Thu, 06/23/2011 - 15:27 | 1396084 hambone
hambone's picture

Weeeeeeeeee!!!  I like the rollercoaster!  Fuck yeah Amerika!

Thu, 06/23/2011 - 15:30 | 1396132 Village Smithy
Village Smithy's picture

Those guys were at least 5 minutes behind this story "breaking news" yeah right.

Thu, 06/23/2011 - 15:21 | 1396031 Cognitive Dissonance
Cognitive Dissonance's picture

The crack addict can receive a mini 'natural' high just by thinking about getting high. Tell an addict who is about to plunge into the DTs that his buddy is coming over with some crack and watch the (temporary) recovery fireworks begin.

http://en.wikipedia.org/wiki/Delirium_tremens

Thu, 06/23/2011 - 15:21 | 1396032 treemagnet
treemagnet's picture

I see the 3:00 "happy train" was on time.

Thu, 06/23/2011 - 15:23 | 1396050 Cognitive Dissonance
Cognitive Dissonance's picture

All aboard Ben's Candy Express. All aboard.

Thu, 06/23/2011 - 15:18 | 1396033 alien-IQ
alien-IQ's picture

fuck it...just went short /Es @1275. I'll calling their bullshit spike.

I was done for the day early...but this is just too easy to pass up.

Thu, 06/23/2011 - 15:26 | 1396080 TradingJoe
TradingJoe's picture

yeah! hit the motherfuckers! I'm so full of puts I could easily float on the damn hudson river, just in front of my lawn!

Thu, 06/23/2011 - 15:35 | 1396171 alien-IQ
alien-IQ's picture

and all out @ 1270. 4 contracts...LOL!!!!!! thanks to the department of random bullshit and the momo chasing lemmings for helping to contribute $1000 to my hooker and cocaine fund. LOL!!!!!

Thu, 06/23/2011 - 15:40 | 1396184 TruthInSunshine
TruthInSunshine's picture

+ Nice fast swag (precious lasts longer, but you know that)

Thu, 06/23/2011 - 15:47 | 1396242 alien-IQ
alien-IQ's picture

man that was a BLAST! I was done for the day before 11AM. Hit my goal and that was it. Made some lunch, went down to the pool for about 2 hours, came back up to check on the close and they handed me this irresistible shorting opportunity...and who am I to say no to such a gift?

now I'm really done for the day....unless:-)

Thu, 06/23/2011 - 15:18 | 1396037 carbonmutant
carbonmutant's picture

The Greek people have a long history of bending over...

Thu, 06/23/2011 - 15:18 | 1396040 Jim in MN
Jim in MN's picture

The day before the Friday before the week before the 4th of July.

Would you want to be in the market and take a week or two off right now?

Chances of a big loss today turning into a 'disorderly' Black Friday tomorrow...why take the risk?  Ramp on.

Very interesting setup for Friday now.

Thu, 06/23/2011 - 15:18 | 1396043 wombats
wombats's picture

Cue the music..."Happy Days are here again..."

Thu, 06/23/2011 - 15:22 | 1396045 golfrattt
golfrattt's picture

Head fake is a dead term. Now it's just the move du jour...

Thu, 06/23/2011 - 15:19 | 1396046 SheepDog-One
SheepDog-One's picture

Must.....defend.....DOW 12,000....must pump....regardless how....ridiculous....must pump......

Thu, 06/23/2011 - 15:20 | 1396049 earlthepearl
earlthepearl's picture

PPT in effect, once i saw the intial move i jumped in
pulling eject button at 1285

Thu, 06/23/2011 - 15:25 | 1396063 Cognitive Dissonance
Cognitive Dissonance's picture

What exactly are you pulling?

Personally I pull my pud and push her button.....but that's just me. :>)

Thu, 06/23/2011 - 15:23 | 1396055 Highrev
Highrev's picture

The news I've got from a radio report is that the opposition is dead set against further tax hikes.

Granted, they are a minority, but that could change quite fast.

Thu, 06/23/2011 - 15:29 | 1396097 huggy_in_london
huggy_in_london's picture

who cares if they hike taxes ... they don't pay them anyway!!!

Thu, 06/23/2011 - 15:39 | 1396177 Ivanovich
Ivanovich's picture

EXACTLY.  Hiking tax bullshit in a country where 1 out of 3 transactions is on the books.  Wonderful.

Thu, 06/23/2011 - 15:26 | 1396104 Cassandra Syndrome
Cassandra Syndrome's picture

The place will burn if it is voted through. There is no flouride in Greek water.

Thu, 06/23/2011 - 15:20 | 1396059 TruthInSunshine
TruthInSunshine's picture

Headline out:

 

Greece finds 2 trillion barrel deposit of oil under Parliament Building.

Thu, 06/23/2011 - 15:26 | 1396100 qussl3
qussl3's picture

Barrels of what?

Bullshit?

Thu, 06/23/2011 - 16:38 | 1396450 Translational Lift
Translational Lift's picture

Too bad it will all go up in flames with the rest of the building.....

Thu, 06/23/2011 - 15:24 | 1396060 TradingJoe
TradingJoe's picture

Stay the course SHORTS! "They" are doing it too! Selling into this "strength" that is! This is for the naive retailer not for savy guys like us! I made a boatload since this morning by simply "playing their game"!

Thu, 06/23/2011 - 15:26 | 1396106 Village Smithy
Village Smithy's picture

I wish I had your balls Joe! I panicked and covered at a loss. I feel ashamed...

Thu, 06/23/2011 - 15:37 | 1396194 AGoldhamster
AGoldhamster's picture

This has started May 2 ... and as already several times mentioned - it is still "sell all the rallies" until end last part of July.

Just do it again and again and again ... and make a boat load.

Thu, 06/23/2011 - 15:38 | 1396197 TradingJoe
TradingJoe's picture

VS

it's a matter of how you play the game cause that's what's really is, nothing else! We used to have a market, we used to be/have traders, we used to be somebody! Now? Just gamblers, the smart ones play with non essential assets, I play with something that if I lose it, it won't bother the "rest of my life"! This why I can have "balls", there is nothing else behind, well maybe 25 years as a trader but that's worthless right now, I have no clue about algos:))!

Thu, 06/23/2011 - 15:25 | 1396069 jtmo3
jtmo3's picture

Help me out again. How many times is this that Greece has been saved. I've lost count.

Thu, 06/23/2011 - 15:21 | 1396070 Deepskyy
Deepskyy's picture

So the Greek politicians just sold their entire population down the river by "agreeing" to this austerity plan.  Sounds pretty familiar, Obamacare went down pretty much the same way (junk away bitchez) when a majority was against it. 

 

I wonder how long it will take before the fresh molotovs are ready?

 

Thu, 06/23/2011 - 15:26 | 1396102 TruthInSunshine
TruthInSunshine's picture

Don't worry.

It isn't like the Greek full Parliament has to vote on this "done deal," or anything.

 

/sarc/

Thu, 06/23/2011 - 15:28 | 1396085 Jim in MN
Jim in MN's picture

"after committing to an additional round of tax rises and spending cuts"

 

Utter and complete bullshit.  Just proving that the whole austerity package is a big wink 'n' nod, nothing more. 

The question: Who is supposed to believe it?  Not the IMF, and not the Greeks. 

Thu, 06/23/2011 - 15:45 | 1396248 Cdad
Cdad's picture

Who is supposed to believe it? 

You know, I asked that question further up...but I think I figured it out.  It was all to trick Maria "zero curiosity" Bartiromo.  

Thu, 06/23/2011 - 16:02 | 1396311 SheepDog-One
SheepDog-One's picture

All to fool the 401K Bathrobe Brigades, cant have them placing sell orders to an empty market, and besides those 401K's and pensions are earmarked for Treasury seizure soon.

Thu, 06/23/2011 - 15:28 | 1396086 dwdollar
dwdollar's picture

Stampeding into tech...  Risk on.

Thu, 06/23/2011 - 15:28 | 1396087 agrotera
agrotera's picture

Way to go Greeks--but beware of EU-IMF inspectors bearing gifts!!!

Thu, 06/23/2011 - 15:24 | 1396089 user2011
user2011's picture

First they slam the Index down for a 60 million barrel news.   All the weak longs bailed,  and more shorty jumped in.  then they switch the other way, and squeeze the shorts for bogus news.   

They can go on forever.   Look at the gold,  they were slammed hard everytime there is are significant upticks.    Bond down, PM down, commodity down,  FX is brutal, they want to force people to stay in equity so they can continue the slaughter.

 

Thu, 06/23/2011 - 15:28 | 1396121 qussl3
qussl3's picture

Only the levered get slaughtered, those who can wait will win.

This BS just gives the strong hands time to short or buy depending on your poison.

Thu, 06/23/2011 - 15:29 | 1396096 aleph0
aleph0's picture

Well said Tyler :

What deal? Did the Greek population say they will vote for this austerity plan? This is nothing short of pathetic attempts to manipulate the market.

And what was the alternative: no plan, in which Europe's bankers would all go bankrupt overnight.

 

My sentiments exactly.
You should have highlighted that in RED !
Keep the music playing  ... just a little longer .

 

Thu, 06/23/2011 - 15:29 | 1396098 earlthepearl
earlthepearl's picture

One day gap-fill, check

Thu, 06/23/2011 - 15:27 | 1396107 goldencross10
goldencross10's picture

I like yield, REIT's, AGNC pays almost 20% yd, gyrations like this buy on the news bs gain or lose people alot of money, stay protected. 

Thu, 06/23/2011 - 18:38 | 1396820 Love and money
Love and money's picture

goldencross10: why is cim broken but nly and agnc doing fine?

Thu, 06/23/2011 - 19:18 | 1396925 goldencross10
goldencross10's picture

Not really sure, not a fan of CIM though been investing in high yield for 2yrs now and doing great

Thu, 06/23/2011 - 15:31 | 1396109 WineSorbet
WineSorbet's picture

Who's panicking now, Krieger?

Thu, 06/23/2011 - 15:27 | 1396112 HpDeskjet
HpDeskjet's picture

It all doesn't matter, even if greece approves the austerity package next tuesday, they will NEVER, get of out of this infinite debt hole. And the "funny" thing is that the same is true for about a dozen other developed countries. The "printing" route has been tried and turned out to be a dead end. The only thing left is to accept a period of debt implosion accompanied by a very long and deep recession with S&P500 dropping to 500, EURUSD to parity, 10y bond yields below 2%, Oil back below $50 etc.

Thu, 06/23/2011 - 15:32 | 1396151 camoes
camoes's picture

This will never happen because the only politically viable solution for The Bernank is print more money...you'll see S&P will go to 2000 but gold will be 3000 and oil 200, so it doesn't matter,  stop thinking in nominal terms and use another numeraire such as gold oil or bananas...printing will only be a dead end when riots burn out and unemployment goes to 30%, look at history dude

Thu, 06/23/2011 - 15:49 | 1396264 HpDeskjet
HpDeskjet's picture

Did you watch any news the last 2-3 years?

Countries like Spain/Greece/Ireland/Italy/US/Portugal are already experiencing 15%+ unemployment and (some) riots. The Arab world is even worse. In Europe all ruling parties are about to loose power (Finland/France/Italy/Germany/etc.), people are totally fed up with all that happened the past few years. In lot of emerging countries there will be food shortages because of the printing policies etc. There are just too much simultaneous problems and each one of them can break the world wide $-denominated ponzi

Thu, 06/23/2011 - 16:25 | 1396387 hugovanderbubble
hugovanderbubble's picture

Spanish Unemployment >21% Real 30%

Spanish Unemployment People range from 16 to 25 > 45%.¡¡¡¡

 

and Spain is not in default????????????????????? hahahahah, we never could pay back our debt, Stupid IMF, WB and Banks, Stupids Banksters¡

Thu, 06/23/2011 - 17:16 | 1396581 camoes
camoes's picture

I'm talking about the US, who cares about Spanish and Eurozone unemployment, it's not like they worked too much beforehand...I lived in Madrid and most people worked not more than 5 hours per day and were always complaining how they got screwed in the Eurozone and they were making few money (that was before 2008) during the peak of the boom real estate market there.

Most of the money made in Spain was from telecoms investing in emerging countries and real estate speculation...the world can go on living with them in depression...the same as Italy, all these countries are becoming irrelevant in the real world economy, what matters is the countries that actually manufacture something or have commodities...and of course the gatekeepers and middlemen, aka as the financial centers like UK, Singapore and even the US.

 

Thu, 06/23/2011 - 18:12 | 1396767 hugovanderbubble
hugovanderbubble's picture

U mean the Credit Bubble backed and pumped with REITS and MBS,CMBS...by US and EUro ´+ Japanese Banks?

 

The Credit and Real Estate bubble wasnt just in Spain.

 

I agree with u , that our productivity its not the best in the world.

Thu, 06/23/2011 - 17:14 | 1396585 camoes
camoes's picture

I'm talking about the US, who cares about Spanish and Eurozone unemployment, it's not like they worked too much beforehand...I lived in Madrid and most people worked not more than 5 hours per day and were always complaining how they got screwed in the Eurozone and they were making few money (that was before 2008) during the peak of the boom real estate market there.

Most of the money made in Spain was from telecoms investing in emerging countries and real estate speculation...the world can go on living with them in depression...the same as Italy, all these countries are becoming irrelevant in the real world economy, what matters is the countries that actually manufacture something or have commodities...and of course the gatekeepers and middlemen, aka as the financial centers like UK, Singapore and even the US.

 

Thu, 06/23/2011 - 15:28 | 1396118 zeneta
zeneta's picture

First it was oil and now a "agreement".

The question is "who is buying this nonsense, and are thier pockets deeper than reality?"

 

 

 

Thu, 06/23/2011 - 15:28 | 1396126 camoes
camoes's picture

See? If you had BTFD you would not be crying right now...

Thu, 06/23/2011 - 15:29 | 1396131 RobotTrader
RobotTrader's picture

Bernanke must have been given orders to buy XLF and SPY.

Absolutely monstrous volume in both since noon today.

Thu, 06/23/2011 - 15:30 | 1396134 g
g's picture

Typical end of day market bullshit.

Thu, 06/23/2011 - 15:32 | 1396135 hambone
hambone's picture

Market surges on sudden epiphony that Fed will always hand out "money" (taxpayer liability) to it's biggest friends to buy taxpayer assets, particularly when they are at their cheapest.  These largest will then repay the Fed by selling these assets back to the Fed at original tax payer price and Fed will have the tax payer make up the difference.  Crash, rise, wash, rinse, repeat.

Everybody wants a piece of that action!

Do NOT follow this link or you will be banned from the site!