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European Financials Biggest 1-Week Plunge In 8 Months; Russian Ruble Nears 2013 Highs
It was all going so well. TV pundits could proclaim their omnipotence - knowing full well that Cyprus was a storm in a teacup - and then D-Bom hit the wires with some harsh reality speak. European banks plummeted - most of Italy's banking system ended limit down, European bank credit spreads blew to their widest in 4 months and bank stocks are playing catch down - as we pointed out recently (with their biggest 6-day plunge in 8 months) and almost negative YTD. Equity indices across the continent saw their biggest drops in a month (since the Italian elections) but it was Spain and Italy that bore the brunt - rightfully so as fulcrum securities. Bond spreads snapped wider (from opening notably tighter) as rumors of an Italy downgrade and Fitch reconsidering the sovereign/banking link didn't help. Swiss 2Y rates held at 0% and while it dropped notably on the day, Switzerland's SMI was the best performing stock market on the day, as the Russian Ruble saw its best day against the EUR in 6 weeks. "Europe is fixed," indeed.
Credit knew something was coming...as 'bail-in' chatter has been around for a few months
Spain and Italy were battered...
and EUR was offered...
Charts: Bloomberg
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D-Bom dijsselbloem rulez
Hair cuts, er, Crew Cuts, anyone?
http://www.youtube.com/watch?v=oR_ds7ZF8Xg
Haircuts = Spleenectomy.
Redraft and submit
Haircut = colonoscopy (without the anesthetic)
Fixed... Fixed... Like neutered fixed? Or like... Price fixed? I get so confused sometimes... :P
C-bomb=capital controls= END game
Will the margin clerks start liquidating this afternoon?
PPT is on it. Their will be no liquidating today, tomorrow or ever again.
yes margin rates can always go negative and BB will pay you to hold SPX
Goddammit SSSSHHHHHHHHHH the fast money guys are about to talk about Netflix! (again)
women and children first
Luv it. Perfect!
just cut your money into pieces EUR100.000 each an everything is fine
Europe is "fixed" like a steer.
Lies to keep the markets propped up are like stimulus to keep an economy propped up: It takes more and more of them to achieve less and less. But all CBs do it, all policymakers do it and markets edge higher until BOOM! A single utterance of TRUTH sets back the whole shebang.
Reality does have a way of eventually asserting itself.
Is the Rubble the new Suisey ?
The FEAR is growing
Other savers in the EU better not yell, "we didn't see it coming."
They still have time to run.....
Europe, your typical Fix-a-upper...
I think Charles Bronson , The Mechanic can fix things pretty good-er..
Maybe, Vlads Put in Place, is hiring
Charles Bronson ... didn't he star in Euro Death Wish?
That film where he tours the capitals of Europe, blowing away banksters?
Wish he were here to film a sequel.
Nobody wants to put their money into a currency where it might be confiscated. Weekly EUR/USD chart suggests to me that we are heading back to 1.20 for starters.
We proudly present you the list of currencies with no confiscation at all
no ordering whatsoever
Hahahahaha! http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=Linear&chdeh=0&chfdeh=0&chdet=1364241600000&chddm=22287&chls=IntervalBasedLine&cmpto=NYSEARCA:USO&cmptdms=0&q=NYSEARCA:UNG&&fct=big&ei=3YRQUeDOBYKK0QH43gE
I can't imagine being a bank depositor in Italy or Spain and not going to the bank today to make a sizable withdrawal.
A picture may be worth 1,000 words, but a few words can still cost $100 billion dollars.
And my ex-wife's lawyer proved it...
For $500, what would fibonacci say?
"It's all down the toilet from here, but the Fibonacci swirl you see as your savings are vaporized will rotate in different directions depending on what side of the equator you are on."
Damn, that's the secret why they all have banks in the caribbean, less coriolus effect www.youtube.com/watch?v=MpnuqJUmUN8