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Europe Shrugs Off Harsh Reality On Boehner's Banter

Tyler Durden's picture





 

Europe was looking a little dark this morning; EURUSD was sliding, sovereign bonds flat-to-wider, and European stocks and credit were at one week lows. Then Speak Boehner opened his mouth and the correlated world of systemic cliff-on / cliff-off jumped to life and saved the day for all asunder. EURUSD remains down on the day as GGBs lose some hope, credit remains an underperformer but the jerk higher in stocks into the close was just remarkable in its idiocy. The equity move looks far out of line to the rest of risk assets for now...

 

Stocks soared on Boehner - as did credit - but the latter remains less excited as is clear...

 

and while EURUSD managed to scoot higher and test stops, it remains lower on the day...

 

and even GGBs got a lift on the idiocy...

 

Charts: Bloomberg

 


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Wed, 11/28/2012 - 12:52 | Link to Comment jeff314
jeff314's picture

Fuck you Boehner and fuck you Bernanke and yes Fuck you  Drahgi

Wed, 11/28/2012 - 12:53 | Link to Comment Comay Mierda
Comay Mierda's picture

looks like the boner pattern

Wed, 11/28/2012 - 12:53 | Link to Comment asteroids
asteroids's picture

Tomorrow or Fri some politician will make bold proclamation sending markets up, only to sell off next Tues.

Wed, 11/28/2012 - 12:54 | Link to Comment WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

Boehner Bones for Bwankers

Wed, 11/28/2012 - 12:55 | Link to Comment buzzsaw99
buzzsaw99's picture

a turgid move

Wed, 11/28/2012 - 12:56 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

We need to get calibrated.

There isn't going to be any monumental collapse.  There is no market.  There are only computers reading headlines and the headlines can be created at will.  They will do anything to keep the wheels turning and walking in front of microphone to spout bullshit is not even close to a reluctance threshold. 

The grind down will be relentless and gradual.  You will have to endure days of bright bouncy news, but it will not hold up to the erosion.  

Don't trade.  Don't take extreme positions.  That stuff is all gone now.  

Just wait.

Wed, 11/28/2012 - 13:05 | Link to Comment BandGap
BandGap's picture

Agree. the market gets whatever cash it needs to transform itself at will.  Any changes at this point will be calculated and from the outside.

At what point does a government actually say "fuck you Bernanke"? I mean, China stocks up on gold while Europe and Japan do the best to stay with the dollar devaluing. It will be a slow dance until the world gets a jolt from someone finally asserting that they will no longer trade in dollars. Then the fun starts.

These market gyrations based on low to no volume are a cartoon to keep us amused............and yet you have to wonder what is going to happen when people feel the need to dump everything before getting caught with their pants down and getting taxed into a pit..... 

Wed, 11/28/2012 - 12:57 | Link to Comment Cdad
Cdad's picture

Beautiful!  A picture perfect day for Average Joe's everywhere to behold...the correlated and global NONmarket.  I love these kinds of days...as it becomes more and more apparent to even very casual market observers just what a joke the US equity market has become.

You cannot invest in it.  Hell, you can't even really trade it anymore.  The ONLY logical thing left to do is simply sell it.

Way to go Wall Street!   Good luck chocking down continued inverse fund flows.  

Wed, 11/28/2012 - 12:58 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Markets are truly nuts.

Fast, and everything at the same time, regardless.

No ruth shall be given.

Wed, 11/28/2012 - 12:59 | Link to Comment Titus Flavius C...
Titus Flavius Caesar Vespasianus Augustus's picture

This may be related to tomorrow's UN vote on Palestine.

 

You see, the Israelis are in the business of ethnic cleansing - and business is good.

 

Wed, 11/28/2012 - 12:59 | Link to Comment john39
john39's picture

man, am i ever fluttery with anticipation, waiting to hear how the great leaders are going to fix everything!  like the heros of old, conquering seeminly insurmountable foes...  i mean, who could have known that paper games could literally save the world and establish a new utopian reality, with our banker gods at the helm, ensuring properity...  with all that is required is an occaisonal blood sacrifice...

Wed, 11/28/2012 - 13:00 | Link to Comment buzzsaw99
buzzsaw99's picture

tiny boner, can't penetrate spx1400

Wed, 11/28/2012 - 13:06 | Link to Comment Yen Cross
Yen Cross's picture

Buzz that BONER comment came right at 1381 spx 200day average.

Wed, 11/28/2012 - 13:49 | Link to Comment buzzsaw99
buzzsaw99's picture

mr. market took another viagra. lulz

Wed, 11/28/2012 - 13:03 | Link to Comment VonManstein
VonManstein's picture

incredible action.

Still daily dojis all over europe and close to all time highs. nothing bullish here

Wed, 11/28/2012 - 13:03 | Link to Comment I am Jobe
I am Jobe's picture

Fuck all he politicinas and their families. Hang the bitchezzzzzz

Wed, 11/28/2012 - 13:12 | Link to Comment JustObserving
JustObserving's picture

Politicians cannot agree on reducing the deficit by $1 to $2 trillion over ten years.  Yet Bernanke will print over $1 trillion next year alone ($85 billion a month).

The "market" adds or subratcts $150 billion every few hours on meaningless statements from politicians.  Anyone shorting these manipulated markets better be very careful and a little suicidal.

Wed, 11/28/2012 - 13:13 | Link to Comment unionbroker
unionbroker's picture

the sad truth is that all they have left is talking the talk .

Wed, 11/28/2012 - 13:15 | Link to Comment Renewable Life
Renewable Life's picture

The one party system at its finest!!

I think it should be obvious to a monkey now, that Boehner is long this stock market and so are most of his masters!! How's that "tea party" thing working out for you Santelli??

Get out of this stupidity as fast as you can, I'm pulling the my last of hundreds of thousands out over the next three months, tax issues are all that kept me in this long! It's just fucking insane to be in the market at this point! Even if this bullshit pumping continues for years to come, the risk to your capital is far greater, and the returns on PM's and ag land will crush any stock market returns, and then there is taxes! Try to tax my silver and gold, once I have it in my possession and I feel so much better with deeds on land, then my money sitting with Benny and boys in DC!!!

Wed, 11/28/2012 - 13:27 | Link to Comment W74
W74's picture

I'm where you're at even though my hundreds of thousands aren't in the plural.  I don't even count my physical PM anymore, they're just like any other trinkets in my home, but oh boy when they do skyrocket (and they will) I'm going to be happy.  Land in the mid-west would be nice but that's for another day.

I'd also like to give a nice F.U. to all the spendtrhirft Boomers who've turned the country I grew up in into a third-world kleptocratic shithole.  Thanks assholes.

Wed, 11/28/2012 - 13:20 | Link to Comment ebworthen
ebworthen's picture

Boehner was saying "the Democrat need to get serious about spending" as in spending cuts.

Why would that be interpreted by anything other than a binary on-off algorithm as positive?

Wed, 11/28/2012 - 13:41 | Link to Comment SheepDog-One
SheepDog-One's picture

So Europe is now all about the U.S. fiscal cliff? Gee....almost as if we're bailing them out or something. Oh well, more full retard piled on top of more certainly cant hurt.

Wed, 11/28/2012 - 13:53 | Link to Comment Lost Wages
Lost Wages's picture

Obama and Boehner made up for Reid's misdeeds.

Wed, 11/28/2012 - 13:57 | Link to Comment falak pema
falak pema's picture

the market belongs to the Oligarchs in dire straits; and they have to play the game of market freeze to monopolise the game along with CB printing to release the Pandora's box genie of hyperinflation; all the while levitating the market, but that also dilutes corporate and government USD denominated debt as it inexorably pushes the sheeple off the economic cliff; or it tail spins to hit the asymptote of marginal return on oligarchy fiat wealth frantic for return in mad leveraged casino plays; which spells the inevitable depressionary rebound world wide as lo-return means CDS death or deleveraging big time for PDs and HFs, the financial vehicles of Oligarchs. Either way the people lose and the Oligarchs lose less and less as long as this scam is perpetuated, cos its debt transfer from their private books to government books.

The age of the world economy doing the giant splits better than the girls of the Moulin Rouge is now a daily show in the Casino economy. Kick up those heels gals, and lets see that market spike, when you show us your purty butts in gyratory motion.

Roller coaster all the way thru 2013, as Boehner's cliff hanger now becomes a mundane game of fiscal give n take. 

Play on the GS cabal. We are heading for the moon; only it isn't the real one, its the holographic one, that doesn't exist. 

Sleight of hand of the Necker island clique. "There are virgins on that moon! Promise!"

Holy jumping Hologram!

Wed, 11/28/2012 - 16:55 | Link to Comment SmallerGovNow2
SmallerGovNow2's picture

Great rant pema, love it.  Well written, well said...

Wed, 11/28/2012 - 21:12 | Link to Comment snowlywhite
snowlywhite's picture

once again - http://www.zerohedge.com/news/2012-11-20/myth-over-europe-fails-agree-gr... - dude, give up; you look at that chart for nothing. It's going up.

 

After having to close a long on monday(you can never know with Europe - markets weren't expecting much, but given how stupid those guys are, it's better to take the profit), was trying to reinstate it today. Scalp, build, etc. Maximum drawdown on every scalp was 3pips. Now either I have a crystal ball(I don't), got extremely lucky(in 10+ trades, it's dang hard) or the market was extremely techical all day long.

so, the trend is up; sell-off is very technical. No reverse happens like this; especially on the downside. It's going up. Noone gives a flap about Boehner. Shorts ran at the 1st sneeze... Could as well be me farting instead of Boehner, it'd still go up.

 

How can you favour a real trend between currencies of two entities which are broke?! It's ranging, duh...

The real news in the last six months are that Draghi will print for EZ countries(which, while a disaster medium term, helps in the short term - probably sub 1 year) and that gentle Ben made it official that he'll stay with his ass parked on ctrl+p till the end of time and beyond. How can you see it going down?! How can a clown like Boehner have anything to do with that?! Boehner is a non event... he'll treat us with his infinite wisdom, together with the other clowns, probably on a daily basis next month. Noone cares...

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