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Today's First POMO In Process, Second One Starting In Under 4 Hours
Today is only the second time in 2010 that the New York Fed has scheduled not one, but two POMOs. Currently in process is a buyback of $7 – $9 billion of 2018-2020 bonds. After this concludes at 11 am, it will be promptly followed by a second POMO, this one beginning at 1:15pm and ending at 2:00pm, and will seek to monetize $6 – $8 billion of 2014-2016 in bonds. Of particular attention is CUSIP PC8 which is the 10 year auctioned off on December 8, less than two weeks earlier, and at a rate of 3.340%. It will be interesting to see just how much instaflip the PDs will exercise in order to pad their year end P&Ls via the move in price and the wide bid/ask margins paid by Brian Sack. We will provide the results as soon as they are published in just under half an hour. And just to make sure there is a wealth effect in time for Christmas, today's double POMO will be followed by another double POMO... tomorrow.
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Wealth effect for xmas purely for the super wealthy
Are the POMO's bigger on "no news" days? Wondering if this is just coincidence or a pattern?
Attention to EUR b/down
Bank stocks strong today. JPM at HOD.
Only the second time, tomorrow will be the third. If that doesn't work, three POMO a day. The more they inflate the balloon the bigger and faster the pop.
Dollar up, practically all assets down.
Makes sense.
I need more hopium!
Olympic Steel up 2% today. Up 18% in December. (zeus)
More of the Change:
http://www.youtube.com/watch?v=9b7RmJJP5uM
better than expected
puking on the pomo it seems.. the way Munis are getting beaten (in the mkts and the media) defaults on the way.
Why ol Stew Varney said Munis are a disaster for 2011..doesn't get easier than that.
The Dollar is up. Its all good. Praise Bernanke..
Uh, yea but his plan centers on weakening the dollar.
The bonds are sinking fast.
Blackrock trying to re-arrange the deck chairs ?
Abandon ship !! Abandon ship !!!!!!!!!!!!
APX off - 3%
http://finance.yahoo.com/q?s=APX
I thought it would stabilize into next year but its getting worse "Fast"
The market is almost down 50 points even with a "Dual" POMO, All I have to say is "WE" are fucked !!!
Prepare the rescue boats.....oh wait we already launched TARP, QE1, QE2, QE2.5, QE3,cash for clunkers, operation caulk your house and 100 others.
I am sorry to say the only thing we have left is the printing press.....................ben.......?
OMG look at the PZC down almost -5%
http://finance.yahoo.com/q?s=PZC
later on.......................PM's will go ballistic !
More COWBELL!!
If this is the glidepath we get with an 8 billion dollar updraft -- I'm thinking the wings have fallen off. We have the glide ratio of a polished crowbar.
p.s. I am getting so sick of these captcha questions: "What is the smallest Mersenne prime number with two or more digits, the sum of whose digits is also a Mersenne prime?"
Do other people get questions like that? Dang!
"What is the smallest Mersenne prime number with two or more digits, the sum of whose digits is also a Mersenne prime?"
Answer: 61 What's the problem? : )61 is not a Mersenne prime...2^n - 1
the answer is 511 = 2^9 - 1, sum is 7 = 2^3 -1
Your right Flak, I should just stop with crunching balance sheets.
not a prob.... just cut me some slack when I goof up :)
like right now... I screwed up, 511 = 7x 73, the answer is
2^13 = 8191 --> 19
Mine was, "Nuthin' from nuthin' leaves _____?"
Really? My captcha was 61 + _ =64. Toughie, but I do have a scientific calculator thank God.
Check out the Online Encyclopedia for Integer Sequences: http://oeis.org/
The comment on the polished crowbar made me laugh hard in the office; I don't know if that's funnier than Bernanke's Wing and Prayer attitude.
I never thought I'd live in times of hyperinflation...
The REITs are getting their fair share of fluffing as they go directly in contrast (SURPRISE) of the SPX, again (and again and again).
The IYR and it's components are going to get a full on ramp job again today.
Seriously...when does this stop?
Cant have the REIT's go down even for a day or else people might notice all the banks are actually insolvent.