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Stuxnet Strikes Again: Technical Glitch Delays POMO
If there is anything that can crash the market right here, right now, it is a POMO failure (whatever that means). And we almost got one - the Fed has just announced today's QE2 inaugural POMO, which was supposed to start at 10:15 am, and end at 11:00 am, transferring money from the Fed to PD's, so that the latter can go and buy more apples, had a "glitch" and was delayed. Restart time (see attached), 10:42 am. New closing time: 11:30. In other news, Brian Sack's computer is getting the full Norton Antivirus update treatment. Additionally, printer cartridge shipments from Yemen are again permitted.
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The worldwide liquidation of everything has begun!!! Equities, commodities (PMs included) and soon to be bonds. Meltdown bitchez!!!
Sure looks that way so far. Man, if THIS is the first day result of the highly touted magical QE2 POMO operations, we are truly in deep kimchee here.
Everyone is all in the markets. Leveraged to the hilt.
As the market was going up the last year or so it was from short squeeze days or various short term trading schemes as prop desks, hedge funds and etc. All along the way, the HFTs were scalping money from all the traders. Money was being removed from the market even as it was going up. The US and European markets have no liquidity. After the sell off ramps to a certain point from margin calls, carry trade undwinding and panic selling, we are going to have a worldwide repeat of 1987. Helicopter Ben is going to be pissing his pants when he watches the grand failure.
Liquidation into what? When they realise all they have is dubious USD what are they going to do? Which bank will be safe? How soon befor the FRN becomes worth nothing...
back into gold and silver again.... buy the dip.
JPM hitting silver in 30 minute sell waves with a $25 target.... Will it get there or not?
I hope so, but probably not.
$25 would still be top of trend.
One can dream that since the cases against JPM and HSBC that the FBI is now inside and monitoring activities. Oh wait...JPM own the FBI as well I think?
Big story today is "suing the SEC." Never been successfully done. What's that tell ya? "All SEC commissioners work for Wall Street" right? And of course Shapiro (hmmmmm, Shapiro, Shapiro--wonder what phucking...) didn't miss a beat "taking the millions from GS." Did she get a knock on the door? Did someone "send her a message"? Seems "above the going rate" for a mere SEC lackey. Of course "Madoff had one of those, too." "He got his through marriage." Interesting...Where's Petraeus when we need him?
Please answer a questions concerning POMO. For the auction today, the settlement will be on Monday, Nov. 15. Will not the PDs get their cash on Monday and then be reflected in the markets?
you think the markets are cash only? for PD's. think again.
What happens on Monday when all those forgein buyers hit the PM market on the pullback?
Let me offer that with Treasury debt issuance roughly equal to Fed purchases, the Fed's freshly printed money is no longer going into the stock market, but to food stamps, medicare, as SS.
That is what I was thinking. QEI went to the bank balance sheets. QE1.5 (lite) went to the market to prop it up. QEII is going straight to the Treasury. So I expect a sharp drop on the market (including PM's, Yipee, Daddy needs more shinny) for a while. They might have some more QE2.5 (lite), but I think its done. QE1.5 was done to allow the Bil Gate's of the world to cash out of the market.
Now comes the scary part. QEII is going straight to the street in the form of unemployment insurance, food stamps, "construction and road shovel ready" projects and State bail outs. That is directly inflationary. End days my friends.
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