What The Hell Was That?

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Thu, 07/01/2010 - 16:19 | 447446 FranSix
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Euro melt-up day.

Thu, 07/01/2010 - 16:19 | 447447 johngaltfla
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The shorts collected their beer money.

They will be drinking Red Stripe in the islands, (although I prefer Piton Beer in St. Lucia) while the schmucks will be wondering why the market did what it did. You and I both know this biotch is heading for the 900's on the S&P and the shorts will make a fortune again in September as the panic returns.

Especially as Doctor "Bones" McCoy announces his prognosis on the U.S. consumer:

"He's dead Jim."

Thu, 07/01/2010 - 16:33 | 447501 bonddude
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"Dammit Jim, I'm a doctor not a magician !"

Thu, 07/01/2010 - 16:57 | 447576 Thomas
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"Just keep your Vulcan hands off my gold."

($45 per ounce equates to Death by Bongo.)

Thu, 07/01/2010 - 17:04 | 447594 TBT or not TBT
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A lot of red shirts died to make this funny.

Thu, 07/01/2010 - 18:04 | 447730 Quinvarius
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If you two don't fight,...I will kill you both.

Thu, 07/01/2010 - 18:19 | 447757 sandflea
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...if McCoy can cure xenopolycythemia...

Thu, 07/01/2010 - 18:25 | 447762 Temporalist
Thu, 07/01/2010 - 20:01 | 447934 juangrande
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I'm a doctor not a sperm whale!

Thu, 07/01/2010 - 20:25 | 447977 Problem Is
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"They will be drinking Red Stripe...while the schmucks will be wondering why the market did what it did."

Well it will give the "schmucks" something to talk about over a Natural Lite and a PBR...

Thu, 07/01/2010 - 16:20 | 447454 Mark McGoldrick
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"...or someone gave Jerome Kerviel direct access to the RBS FX trading desk...'


Thu, 07/01/2010 - 16:23 | 447455 bob_dabolina
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EUR/USD could easily go to 1.50


But I've only been saying this for the last month

Thu, 07/01/2010 - 16:33 | 447503 Sudden Debt
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anything is possible, it could even go to 3 to 1 but also to 1 to 3. The EURO and the DOLLAR are like 2 woman that sometimes are friends, sometimes are enemies and neither one makes any sence and both have constant mood swings.

Thu, 07/01/2010 - 17:06 | 447600 TBT or not TBT
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So the dollar is PMSing...so short the dollar for three or four days.  Go!

Thu, 07/01/2010 - 17:09 | 447606 Sudden Debt
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That's actually very logical and almost a sure thing. But I'm not going to do that as I'm already over my head as it is right now. And today again it go my ass kicked like a little fat kid in kindergarden

Thu, 07/01/2010 - 23:05 | 448306 Crummy
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Currencies are filthy whores, you spend a little shiny metal on them and they fall to their knees faster than a Sunday school teacher on judgment day.

Thu, 07/01/2010 - 18:17 | 447752 thegreatsatan
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Of course its going to 1.50, didn't you hear Greenspan  on CNBS talking smack about the Euro.

Thu, 07/01/2010 - 20:29 | 447985 DosZap
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Me also, "The rumors of my demise have been greatly exaggerated"...................

Thu, 07/01/2010 - 16:21 | 447456 faustian bargain
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Is it just me, or does more crazy stuff happen on Thursdays than other days?

Thu, 07/01/2010 - 16:24 | 447470 Cheeky Bastard
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You're thinking Fridays. I was just ranting about how fucked up Fridays have become in the last 2 months.

Thu, 07/01/2010 - 16:28 | 447485 Commander Cody
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I'm thinking Thunderdome.

Thu, 07/01/2010 - 16:40 | 447529 johngaltfla
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Today was a Friday for most traders not married to conventional thinking.

Thu, 07/01/2010 - 17:03 | 447591 RacerX
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Thursday is the New Friday

Thu, 07/01/2010 - 17:18 | 447629 Sudden Debt
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Whatever happens on fridays, every friday is still happy hour day starting at 20 o'clock. And as we are getting into the summer the woman start wearing less and less textiles so that should put your mind at easy while you get hammered.

So not all is bad :)

Thu, 07/01/2010 - 16:34 | 447508 Sudden Debt
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For me it's starts every day from 9 o'clock till 16 o'clock :)

Thu, 07/01/2010 - 16:38 | 447519 Mr Lennon Hendrix
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Personally I like the Tuesdays

Thu, 07/01/2010 - 16:22 | 447458 Cheeky Bastard
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I could be very wrong about this but; consider the fact BNP had a very very very bearish long-term EUR outlook and AFAIK they are the French version of JPM; now is it really that unlikely that BNP actually [and not SocGen] blew up this afternoon. I have no quantifiable data to back this up [except that it was up by more than 2%, and CDS was in line with the broader market]; im just speculating here.

Thu, 07/01/2010 - 16:29 | 447489 Tyler Durden
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BNP was selling the sub-parity trade. Come on Cheeky.

Thu, 07/01/2010 - 16:36 | 447512 bonddude
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Hey it's a sub party. First one who throws up gets shot out of tube number 1. Wooo Hoooo

Thu, 07/01/2010 - 16:43 | 447537 Cheeky Bastard
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Point taken.

Thu, 07/01/2010 - 21:51 | 448134 MrTrader
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In plain German : Die Franzosen gucken jetzt ganz schön blöd aus der Wäsche...:=)))

Thu, 07/01/2010 - 16:22 | 447462 Ripped Chunk
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Market? What's that?

Thu, 07/01/2010 - 16:25 | 447474 Shameful
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Score!  I bought my vacation Lats yesterday! (Lat is pegged to Euro).  Win one for the good guys!

Thu, 07/01/2010 - 16:30 | 447495 Catullus
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That's your 2% hit european traders took today in US equity markets. Checkmate, fed. You actually can't print your way out of this one.

Show up to work tomorrow, traders. You don't want this thing going bidless or letting the new MBA grad driving.

Thu, 07/01/2010 - 16:37 | 447518 Sudden Debt
Sudden Debt's picture

"You can't" is banned now in America. When Obama said "YES WE CAN" he was actually talking to any "patriotic" company in America :)

Thu, 07/01/2010 - 16:31 | 447498 weenus
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short euro just too obvious now the squeeze

Thu, 07/01/2010 - 17:10 | 447608 TBT or not TBT
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Watch it!   Don't mess with our convictions, especially while we're losing money.

Thu, 07/01/2010 - 17:22 | 447643 Sudden Debt
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At least losing money is still a sure thing. I haven't checked my account for 2 weeks now.

Thu, 07/01/2010 - 16:35 | 447510 Mr Lennon Hendrix
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Die die, die my doelarr

Don't utter a single wo-herd

Die die, die my doelarr

Just shut your pretty mouth

I'll be seeing you again...

I'll be seeing you, in hell!

Don't cry to me oh baby
Your future's in an oblong box, yeah
Don't cry to me oh baby
Should have seen it a-comin' on
Don't cry to me oh baby
I don't know it was in your power
Don't cry to me oh baby
Dead-end girl for a dead-end guy
Don't cry to me oh baby
Now your life drains on the floor
Don't cry to me oh baby

Thu, 07/01/2010 - 16:36 | 447513 Traianus Augustus
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Extreme moves like these appear to be signs of desperation due to the lack of liquidity some markets are now facing. IMO, if this is not another setup by the CBs, then moves like today will be the norm going forward.  Ladies and Gentlemen we may be exiting the eye of the storm.

Thu, 07/01/2010 - 17:20 | 447633 Gordon_Gekko
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Thu, 07/01/2010 - 17:25 | 447650 Sudden Debt
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Ladies and Gentlemen we may be exiting the eye of the storm.

I'm sure you want that to sound positive right? :)

Thu, 07/01/2010 - 17:26 | 447652 Mr Lennon Hendrix
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Thu, 07/01/2010 - 16:40 | 447525 Young
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Check the /DX = Was totally overbought in its range

Check the EUR/USD = Breakout from flag pattern

Best thing of all = Young caught a majority of the move ;)

As to who bought the Euro, fuck if I know...

Thu, 07/01/2010 - 16:41 | 447533 hellboy
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I was waiting for this post to come all day... man wtf...

Thu, 07/01/2010 - 16:41 | 447534 godfader
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Look at Dec 2008 when Soros was sqeezing the EUR to the upside, the chart looked like the Eiffeltower.

Thu, 07/01/2010 - 16:44 | 447541 lsbumblebee
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Buy the dip in gold now before the asian market opens and moves the price back up.

Or, you can wait until tomorrow morning at 8:20 AM EDT in New York for the next dip.

Thu, 07/01/2010 - 16:57 | 447577 Mr Lennon Hendrix
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For those not in the market, buying today, tomorrow, and Tuesday would be the best move.  The prices could continue falling through Tuesday (if that happens, equities will be down so big it could really start the final collapse).  As the money flees all assets, it will find gold; the question is, where?  $1200?  The gold price will not fall below $1135, and if the bottom falls out of equities and the dollar, it could reverberate as a huge spike in PM prices.  Tomorrow will be interesting, and Tuesday even more so.

If you are in, think about your overall buy in price, and consider where to put any spare cash.  I think Platinum has held up very well (as I had been saying it was going to do) and it may be the best buy right now.  Can't discount gold though, and considering I still think we are only months away from silver doubling this fall into winter from $18 to $36 (this by Dec 25th) it may be time to load up on that.  Decisions, decisions!

Thu, 07/01/2010 - 21:55 | 448145 Eric Cartman
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But if a lot of short covering was one of the reasons gold was hit so hard today (as investors had to sell their gold to meet margin requirements) than why would I want to be so quick to jump into gold again right now? If what you say plays out and equities tank along with the Euro looking like it will continue to make new highs, than more short covering should happen and therefore gold prices may still far more before they recover. If anything, just short the market, then buy Gold or Platinum next week.  

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