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STUPID Longs Scramble For Cover
The STUPID Index is on a roll: it is now 12bps wider to 224, the widest level since April 4, 2009. With UK CDS nearing 100 bps, STUPID non-member, and the country which will ultimately have to fund rolling bailouts, Germany - is somehow trading inside the US, north of 50 bps. Absent the Deutsche Mark making a stunning comeback, coupled with its becoming the reserve currency upon its reintroduction, there is no reason why the Germany-US spread should be negative (which is not to say the the US CDS is rich here).
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Your post holds true in another way.
STUPID LONGS!!! Aha... die longs die!
I know you meant about the STUPID CDS trade though...
That's just german for "the longs the".
+100000000
Why? Because the US won't be on the hook for Portugal, Spain and Greece. But Germany will be. The CDS reflect the risk of bund issuance to finance the EUR zone bailouts.
Hey...I heard the stupid talking heads poking fun at the STUPID name you guys started this morning. Karl Quintania seemed to think it was funny, but wouldn't actually laugh about it.
OH SHIT. I just outted myself for watching CNBS. Well, its for the 12 minutes from out of the shower...to out the door. That's it....I promise.
I have to admit, I have it in the background so I can look up at quotes from time to time.
Watching it and believing it are two different things. Like when I watch Fox News. Sure, I see Glenn Beck ranting and concocting bullshit on his chalkboard, but it doesn't mean I believe it.
Same with Crudlow and butt-Crammer.
Well i guess these morons get their salary from commercials ?
The more you watch the more they earn. Kind of stupid actually to enable their stupidty.
The beauty part of this ensuing crash of all crashes is that so many bulls will hold hoping for a bounce since they are so near that 1 year mark for long term cap gains tax rate. Its a beaut Clark..a beaut.
I didn't think the Fed had to pay CGT....
Hey leave Glenn Beck out of this. The man is fasinating. The ones that talk shit about him are the ones that don't want to hear the truth. I love this man.
It's kind of OxyMoronic to combine any political pundit from either side and truth. Yea they might chime some of your bells but lets face it. Regardless of who they are, they are nothing more but talking heads trying to rally people for their respected party.
Political system = Financial System = Government = FAILURE
Just buy them dips folks.
You got it Leo. Those are marching orders, right??
haha
HA! That's hilarious!
And to think I thought you were being serious up until now. How could I have missed it? Brilliant satire, Leo ... a bit subtle though.
When it "dips" to about a 8x PE on the DJIA and a 5% - 7% dividend yield, I'll be buying those dips. Until then, selective shorts and cash, cash, cash.
the boys will be done with this raid by the end of next week, when Euroland will come out with the same kind of guarantees issued by the U.S. in the fall of 2008. Just wait. And yes, the markets will reverse to the upside. Massively. But first Soros, Paulson, GS et al must have their cake.
Tyler's the man!
"I'm with STUPID."