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Buy Athenian Bottle, Rag, And Petrol Futures
Via Mint Blains Morning Porridge,
3-yr US Treasuries yield 0.3%. Brazil 3-yr dollar bonds yield 0.7%. Russia 1%. Where next in the hunt for returns?
Yesterday was a little wobbly. Today is likely to be better.
No surprise Europe remains highly vulnerable to sudden sentiment shifts. How to stablise it? The usual smoke & mirrors are conveying what might or might not be good news on Greece, with the German press saying Greece will get a 2-yr extension, more time to enact labor reform, and that concessions have been given. Its all part of the New Normalcy. The fact China ain't slowing as fast as we feared put a spring back into Asia this morning so its a phew, buying boots on again morning.. Or is it?. Weak German PMI ain't great!
The crisis in Europe may be contained, but it clearly isn't solved. A client yesterday told me: Europe is like an overweight dinosaur on a crash diet, that's got really really bad toothache with not a dentist in sight. Like it and think I understand it! Very clever. (I'm also hearing the 2-yr concession to Greece comes at the cost of greater European financial oversight and loss of Greek fiscal sovereignty buy Athenian bottle, rag and petrol futures methinks.)
Meanwhile, the market has woken up to the fact the Spanish regions have been pumping out as much new debt as they can through taps and deal increases. Why? Well, because they can. In the right maturity at the right price the market has proved most accommodating for short Spain regions. But Madrid tried to do a deal yesterday, but stuffed it too long and tight and the deal was pulled. (What were the 6 (yes 6!) lead banks thinking? If major Euromarket new issue firms cant tell a client what is and what isn't possible.. remind me why they get paid new issue fees?) I'd also question why the Spanish regions are funding? If Spain is about to be fixed why are they raising money today? Hmm suspect we ain't getting the whole story
On the other side of the pond, the election remains a riot. Check out this map for the current state of the race:
Amazing how Obama blew a 50 point lead to now 55/45. Whats the prognosis? More directionless capital hill infighting, and more and more and more Bernanke QE? Or Republican debt cliff? Watch that map. (The fact that BOE governor Mervyn King was hinting last night the QE in UK ain't really achieving very much should not have come as a surprise to anyone.)
But But But.. yesterday's ructions weren't just about the political shenanigans that pass for markets these days. There are deep undercurrents roiling these placid markets:
- Finally it feels like markets are awake to the fact the global economy is pants. Utter pants. Poor Q3 earnings season strongly hinting Q4 will be even more torrid. As the spending classes find themselves increasingly short of cash, imagine what will happen when suddenly they decide their Ipad 3 is more than sufficient and they dont really need, (and cant afford), the latest bright shiny thing to make it all better?
- I was an Apple nut, but I've got to say my new I-Phone 5 has not made me any less miserable its not turned my life around, but it has emptied my pocket. Dang. That Samsung looked good, or maybe I should have kept my old one?
- The Global high street looks tired, and while stories can explain individual company poor results, you have to think there is a thread running through it like Google cant generate high enough advertising revenue because companies are advertising less because people are spending less because employers are cutting overtime because demand for their widgets has fallen because supermarkets aren't selling as much because because because because...
- So when French automaker Peugot's bank PSA wobbles and goes bust, the French government steps in with a Euro 7 bln bailout.. If someone wasn't financing Frenchmen to buy their cars who would buy them? (Serious question.. who?) Bet the Germans are glad they didn't sign up for banking union (aka mutualisation) during the summer!
All of which leads us to wondering what happens next? If this continues what hope for next year? Low low yields and global economic depression? Boy scout time...
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Buy Athenian Bottle, Rag, And Petrol Futures
Don't forget the lighter....or it's all for nothing.
Time for another Mooslim You Tube Video showing them burning fiat.
Third-world version of Bebe's third-grade picture of a nuclear bomb.
I am partial to Presidential election votes being released early, computer voter fraud testimonies, and demonstration on how to rig a voting machine videos myself. http://www.youtube.com/watch?v=0ICBmGpS-bI&feature=plcp
Quite frankly, if the Muslims REALLY were upset about some fucking fraud movie about Mohamend, the American people REALLY should be pissed about this video. Ahhhhhh, fuck it. I will just drink some whiskey, take some Xanax, and go to sleep.
We probably would be pissed if there were a difference between Mr. Magic Undies and O'bomb-a. But there isn't. Fuck it.
Third-world version of Bebe's third-grade picture of a nuclear bomb
What are you talking about, that was an Iranian scale engineering drawing smuggled back into Israel by Mossad.
Greek Molotov's use olive oil, not petrol.
Arsonists usually mix gas and oil. That way it lights up quickly, but burns long and hot enough to catch other things on fire.
.
There is nothing better than waking up to the smell of fresh burning olive oil in the morning....well, maybe tear gas is better...
Doing God's work...GS-DickinDaMuppets
DickinDaMuppets sounds like a great rap song.
Protip: Make a saturated solution of gas and styrofoam.
Obama is going to fix it once he is UN President of the World.
They buy Zambia paper for yield
What is USDZID doing today?
As AAPL goes, so does the market, and public sentiment. Will be interesting to see how this plays out considering AAPL has likely hit market saturation with the current tech and the competition is coming at them fast.
All of our eggs are in one AAPL basket.....what could possibly go wrong?
No need for hope when you have change.
Since Obamao will have more flexibility after the election he can bend all the way down and touch his toes.
Why stop at inspecting belt buckles?
Obama??
and here i was thinking the Wall Street Fix was in for MITT ("Crash and Change™")
...after all , he IS one of their own...with no need to demonize/populize WS to the "underclasses" about anything, ever...unlike a certain truculent neeeeeegro
"[Un]Happy economic news is all alike; every happy ZH article is happy in its own way"
Sorry Leo, I had to do it.
Someone needs to find out and post the name of that Hedge Fund Stephen Leeb was referencing re: sell it and sell it stupid deliberate price manipulation. wink wink, Tyler?
Ok Tylers. Stop putting cartoons up that are too small to read. There. I said it.
Yeah, we need to know ratios...
I wonder if I could start a Molotov Cocktail mobile business? Would it count as explosives and thus enter the realm of ATF oversight? Just copy the Ice Cream Man trucks, add a catchy jingle, maybe different colors and aromas (new this month....the Sea Breeze Delight MC for only $9.99).
Should do very well...
As long as you offer credit.
Cash?
Er...not so good.
"Buy Athenian Bottle, Rag, And Petrol Futures"
chuckle :)
"..it feels like markets are awake to the fact the global economy is pants. Utter pants."
chuckle :))
"I was an Apple nut, but I've got to say my new I-Phone 5 has... not turned my life around... Dang. That Samsung looked good..."
You chose good. Few more decisions like that on other matters and life's not looking too shabby
"If this continues what hope for next year? ...global economic depression? Boy scout time..."
More schoolboy.
Continued grind down in the economy, increasing pessimism, more going tits up, politicians promising "change" looking like plucked turkeys, central bwankers shovelling counterfeit wealth into the insatiable gobs of bankrupt bankers and politicos and looking like clueless magicians with not a trick left in the magic box when recovery just ain't happening
Don't trouble yourself with this official shitcake and go underground.. the black (free) market wiill be a healthier more vibrant economy and more personally satisfying than the global Govt mangled malaise ...and it's duty (tax) free shopping too, every little helps right?
Don't trouble yourself with this official shitcake and go underground.. the black (free) market wiill be a healthier more vibrant economy and more personally satisfying than the global Govt mangled malaise
Yup! The obedient get fleeced and the rebels get ahead.
if Christine Lagarde keeps up her tax demanding handbag waving antics even the zombie sheep could wake up and start thinking instead of default believing ..there's hope yet ;)
Carry on Christine, the stage is all yours luv
"it feels like markets are awake to the fact the global economy is pants."
Can't tell if British slang, or bullish on Levi's . . .
Look up on YouTube the videos of the middle easterners launching molotovs with some sort of tube attached to a fire extinguisher... pretty innovative.
Potato cannons can shoot more than just potatoes. Spuds are just practice rounds.
Violence is stupid.
It may be that there are some unstables who are unaware of all the devices and methods to create damage, injury and death. This is not Coo Coo Class.