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In Prior Week Money Markets Recorded Biggest Outflow Since Collapse Of Lehman At $60 Billion, Or 2.2% Of Assets
Well, the administration finally succeeded in getting everyone to join it in going all in on the Ponzi. In the prior week, money market funds record a humongous $60 billion outflow, or a whopping 2.2% of all assets. This follows a $30 billion outflow in the prior week, and is the single biggest outflow since the fall of Lehman ($144 Billion, when money markets needed a Federal guarantee to be saved). Joe Sixpack has thrown the dice and its has fallen on pyramid scheme. The chase for yield (who cares about return of capital, return on capital rules), continues in the high yield arena as well: after 2 $1 billion outflows a month ago, it is now smooth sailing. Lipper estimated that for the week ended March 17, HY funds saw an inflow of $597 million, a small decline from the $795 million in the week prior and and $314 in the week before. As for High Grade - fughettabboutit - last week was a record 54th consecutive week of inflows into HG (nevermind that foreigners sold the greatest amount of corporate bonds on record in January), at $1.3 billion. And the biggest loser - why equities as usual, which "explains" why credit is at two week lows even as stocks push all time records. For logic there is Math 101. For everything else there is the Federal Reserve Bank of New York.
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Wow, just in time for the PTB to pull the rug out from all those 401k holders!!!!!
While they are flirting with stealing your 401k, the law has been passed recently that you can be locked out of your money market funding, thus leaving you without any ability to get your money back from them for an unknown period of time.
Hmmm... maybe that is why there is so much outflows away from the money market scam. You think?
Holding physical gold, always liquid and always in your control.
Now the TPTB are not even allowing the MSM to report on the closing banks. Nothing on Yahoo or MSN, but check out www.DailyJobCuts.com
RIP the middle class
Mooooooooo!
The herd just turned and it's time to put on your chaps to avoid being gored when the horns start thrashing in panic.
Mr. Bill. "Oh nooooo!"
http://www.youtube.com/watch?v=BxMqDxtjw1U
So this is what the residents of zero hedge have been waiting for. The only question is how long until they spring the trap. Days? Weeks? Months?
I can easily understand this graph, Thank you.
Can't have a second leg down without leg up mass psychotic activity first. Well, here it is. Irony is everyone is chasing something that isn't real.
and
GEITHNER NEEDS TO GO TO PRISON !!!
That's what I'm talkin about!
Dear America,
You were warned.
Sincerely,
LH
They need that money to pay income tax bills, property tax and xmas credit. But one last chance to make a killing in the Ponzi wins.
Keep the dream alive. At least until I get paid a few more times: I need more silver and freeze-dried food.
Would that make a (non marginal) difference ?
Canned salmon for me! Just bought the silver ;)
For instance, look at FDRXX paying .03% on the $127 billion in the MM fund with a threat of buck breaking. If a bank offers you a FDIC super jumbo cd at 2.3% for 2 years many people are going to take that. That sheila at the FDIC will get you your money back (eventually). Those that are taking the bond fund route are taking an enormous interest rate risk to the NAV even in this ZIRP world. It may be safer to chase NFLX or JWN.
Well, it approaching the magic hour on wall street when all the indices move higher. Anyone else feel like one of Pavlov's dogs? Experiencing a burning desire to buy at the day's lows? If you are, you have been well trained.
Yup, I bought treasuries and dollar bull and a couple inverse double shorts
Fun fun. I'm about to have my 401k frozen for at least a couple months while it shifts from one payroll company to another. If something goes down, it will certainly be while I can't access my money.
There's no reason why you should hold cash in MM accounts.
Municipals!! LOL let's hope they were selective!
The time is close, the 800 pound black swan in the room called "health care reform" will likely provoke several problems. Bill as amended now has $650B in new, economy killing taxes. At the same time several diverse groups will be protesting/rallying in DC this weekend including radical lefties that tend to get violent. Things might get interesting for Monday either way this all comes out. Consitutional crisis, social unrest, economic suicide ...? Lots to choose from.
I have not seen a day this interesting in months....a huge amount of gold was purchased when it tested support....this is about to get REAL.
Sorry 'bout that - I will have to be less obvious next time. But after the 10 a.m. dump, I figured it was the last chance to top off before the $hit jumps off. Brought the forklifts for this run..
Not me, I sold 14 month old Vanguard SP index funds on Wednesday (and 3 month old USL)!!!
Here is the pitch for bonds from the street- broker to client- "It doesn't matter if they(corps ,munis ,AAA, BBB, whatever) default on the debt you are first in line to get paid when they sell off the assets . Bonds are safe no matter what happens they will have to pay you .Invest in bonds the stock market is just too dangerous . "
What people are not thinking about is when you have defaults en masse and everyone is trying to sell their assets at the same time but there isn't enough money to go around so prices on the assets drop to ten cents on the dollar and nobody gets paid . It is called deflation and it is ugly . This is the bubble that will make every boomer in America have to work until he is dead to survive .
My quote of the day :"This Coffin is Fucking Huge ,how many nails will it take to close it and what exactly are we going to be burying again?"
Well, it takes a big casket to hold all the hopes, dreams and future of the American middle class.
anybody here know how to raise the dead ?
The Master Masons do; kill the doelarr, put it in a cave, and then the Phoinex rises.
That street broker better hope his client doesn't talk to any of GM's Senior bondholders.
Don't shoot till you see the whites of their eyes........only a toe into inverse EFT's....When it all goes, so will the shiny metals and I want to have the patience to buy when they throw everything out the window....that will be my buy. Looks like a Civil War or unrest around the corner. Make sure you have enough lead to go with your shiny shiny. Picking up a used 1911 A-1 tomorrow to celebrate the next chapter of American History.
Too much imminent apocalysm...there is WAY more than enough dry powder to continue the inflation trade for a lot longer
Flow is interesting,but what is the total in MM/cash? I discussed this subject with a fund manager who stated who stated that there is 4 Trillion in cash and there is much further to run,both bonds and equities.Given the Keynesian philosophy of the PTB to print and 4 Trillion it seems premature to call the game.What is truth? What are the real numbers? If it is really 4T then this will go on for much longer.What is your estimated timing for a top in credit? Equities?
The black swan is not where everyone thinks it is, IMHO. I'm guessing it's sitting on a balance sheet in some bankster's computers.
In Austria.
When everyone is convinced the market can only go up they will pull the plug. I figure sometime mid to end of April. They have the retail investor psychology down to an art form.
Yawn
At this rate, I doubt we will see an attractive bottom for years.
Reminds me of prison
Prison...bend over for the Irish Spring...PIIGS...in the spring.
EURO has now resumed it's downtrend on the daily chart. Weekly remains bearish.
Opposite for USD index of course.
Equity markets can't ignore this for long.
http://www.zerohedge.com/forum/latest-market-outlook-0
your plastic casket awaits:
http://www.libertyforlife.com/jail-police/us_concentration_camps.htm
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