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Saudi Stock Market Drops 7%, As Saudi CDS Hit 140 bps
While US stock futures continue to be obstinately high capitalizing on the last remaining shreds of a confirmation bias out of formerly strong European economy from the time when the EUR was still low, and with the US economy failing to pick up the world slack even with the dollar at 4 month high the hangover sure to set in any minute (and the oil price certainly not helping), perhaps the only true indication of risk is being represented by the local MENA stock markets, of which the Saudi is currently the best example (after Egypt's stock market opening planned for today, was once again delayed). At last check the TADAWUL was down over 7% and the trend is certainly not your friend, while Saudi CDS was the biggest widener this morning per CMA, hitting 140 bps. The wildcards at this point are Iran and Syria, the first of which will see any push into Bahrain as a religious provocation, while the latter is a host to a brand spanking new Russian navy base. If any of these two see some media prominence in the next 48 hours, look for today's slide to continue.
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The Bernank has a lot to answer for... and still the docile citizens sit idle, when the Bernank and his masters could be ousted in days/weeks as other far more brave and intelligent peoples of various nations recently have shown.
The pussification of the average U.S. citizen was a complete success.
Well said. What is it about US citizens that allows bankers and politicians to shit all over them?
Simple, we have the most finely crafted Matrix that debt can buy.
pods
The fact that for decades we all benefitted from the debasement... at least superficially... It just takes a while to make a paradigm shift after having benefitted (at least perceptually) for so long.
What did you expect? All the real men are in prison...
It was the 'common man' in Tunisia, Eygpt, Libya that drove out their filth governments.
Bernanke has plenty to answer for, but it will be hard to get him convicted on charges of oil depletion.
03-01 08:25: Bahrain says there are no Saudi Arabian tanks in the country
Right....
Ah so thats where Baghdad Bob ended up. Bahrain.
Damn that free flow of information! Someone has to do something about that!
Another factor that may cause instability in the Middle East is the foreign workers from India and Pakistan. In some parts of the Middle East, foreign workers outnumber locals. These foreign workers are said to be treated brutally. So if they also start uprising, we will see more fireworks in the Middle East...
a quick dish dash to the downside
Tyler,
http://chart.ly/7qj9i38
All QE2 monetized with Oil prices....up.....and of course Commodities....its the only way to avoid deflation in Real Estate world wide.
Expect gold to extend it's C wave untill june anytime soon!
Inflation in the Eurozone is 2.4% in Februari.
everything everywhere is very well contained so it seems.
And as precious metals keep rising, we'll soon see a massive drop in banks to finish the job.
And then we'll get QE3 to finish the cake!
In QE3, the Fed may start buying all the debt and stocks around the globe. Then we shall never see markets going down.
and with all the devidends they'll collect from those shares, they'll be able to downpay the deficit AND NOBODY IN THE US WILL EVER HAVE TO WORK ANOTHER DAY IN THEIR LIVES!!
Life is great isn't it! :)
Twas the Night Before March, Nobody around...
Not an oz of Silver lay around, not even in the Warehouse....
http://thehardrightedge.com/marcheve/
---
My call of 50$ physical silver by April is looking very conservative now....
http://thehardrightedge.com/50-physical-silver-by-april-2011/
nice to see we have poets on this board :)
Silver is a wonderful element,
A fierce wonder, much honoured;
And its help is great, forever,
And forever. I give in to silver.
For silver I take the number of days
To be many for the occupation of mine.
The silvered men and women
Are never the forgotten people;
So choose silver, and wise are you.
Silver is the best metal
Too hard to possess.
Is Obama a Sunni or a Shite?
Or his he just the shits?
Wow!
Nice straight line drop.....where's my parachute?
Tyler, last sentence is extremely significant. I wonder how many people really know that, that call themselves experts
Everything going on this morning, and the criminal syndicate known as Wall Street is trying to run ES up the flagpole, anyway. Good grief [and by that I mean just how stupid are members of this criminal syndicate...and just why...again...have our law enforcement authorities...of which there are oh so many...why have they not managed to prosecute even one of these morons?] Why?
Of course, the answer is that they are all one in the same. It makes no never mind. Today, the PMs will settle the score.
Calling it. TOP! [S&P 1336 on the overnight]
How is the Cairo stock mkt doing?
I think the Obama US foreign policy on these matters is starting to take shape. Basically, if you are an oil exporter to the west, then the US will take military steps if necessary to insure the oil continues to flow. This will be couched in the notion of preserving human rights. If Saudi gets ugly and oil flow is threatened, prepare for quick US military action followed by nation building Iraq quagmire scenario. The only question is when will China say bullshit, we want it too.
Another "anon" facebook page calling for revolt in syria. Is there a patter emerging? Russians and turks out saying no to us action in libya. turkey has essentially left nato for all purposes.
Russia has a lot to gain by seeing oil prices higher. Turkey, well they still think they are the center of the Ottoman empire.
No wonder the Saudis are pissed off. Their stock market index has fallen from 6800 to 5500 in one month. A fall of 20%. Not so the S&P in Wall Street. Damn yankees as shorting us already...So up goes oil...their only arm...and more Euros/euro bonds to buy with receipts to short the crazy $! The vicious circle goes on...
Hey look! Its Day2..Saudi index TADAWUL down again 4.89% @ 5269
Whats cooking now?