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Japanese Stocks Open -3%, JPY Under 101.00, JGBs -2bps
UPDATE 1: S&P 500 futures now red (-5.5 points from open); TOPIX -3%, Japanese banks and real estate leading the slide (-16% from highs).
UPDATE 2: JPY has broken back under 101.00
It seems the sell-the-f$$king-bounce crowd are back in Japan once again. Minutes from the last BoJ meeting are providing some ammo for the fall as doubts appear among the members of the committee...
- *ONE BOJ MEMBER: DOWNSIDE RISKS FOR PRICES ARE LARGER
- *A FEW MEMBERS: SEEMS HARD TO REACH 2% IN LATTER HALF OF PERIOD
- *A FEW MEMBERS:KEEP MULLING STEPS TO AVOID DECLINING LIQUIDITY
For now, JPY has strengthened notably from its gap-weaker open and is trading around unchanged from Friday's close. JGBs opened modestly stronger. But it is the equity market that is fading fast with TOPIX now down 28 points (2.5%) from Friday's close - pressuring the lows once again (and the 10% correction) as the realization that 'Abe can't have his equity euphoria and eat his low interest rate cake too' increases...
Charts: Bloomberg
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Tora Tora Tora!
No, Toner, Toner, Toner
[the U.S.S. Enterprise is being sucked into a black hole, seconds away from doom]
Scotty: I'm giving her all she's got, Captain!
[the bridge ceiling begins to crack as the ship's drawn closer]
James T. Kirk: All she's got isn't good enough! What else ya got?
Scotty: Um... Okay, if we eject the core and detonate, the blast could be enough to push us away! I cannae promise anything, though!
[the viewing window starts to rupture]
James T. Kirk: DO IT, DO IT, DO IT!
hmmmm, easily rewritten to fit our lovely financial mess?
"eject the core and detonate" = Fight Club take back the power and blow up all the debt to start everybody at 0?
Puetz eclipse crash window now open. The lunar eclipse was yesterday.
http://thespiritoftruth.blogspot.com/2013/05/puetz-eclipse-crash-window-...
Update: Some senior Japanese guy, Yazoo Idunno or whatever his name is with some powerful sounding bureaucracy in Japan supposedly with/attached to/of the government or similar function was to have said and was printed out on one of those little electronic Post-its (Well, maybe even tits as it is Mamorial Day weekend) on BBG that "they're watching everything and if anything happens then they'll respond".
Fuck me, those guys are good!
But then again, why are they watching everything if there's nothing wrong to watch? I mean it sounds kinda Hunter S Thompsonesque, no?
"We were watching everything assuming that something was going to happen before the ether wore off and the drugs kicked in. God, I felt right at home. Again."
Hey, reminds me of my favorite HST quote I lifted from ZH and saved:
“If I'd written all the truth I knew for the past ten years, about 600 people - including me - would be rotting in prison cells from Rio to Seattle today. Absolute truth is a very rare and dangerous commodity in the context of professional journalism.”
Hunter S thompson
Can't really see the value in posting this stuff. The so called window will come and go and nothing will happen. Well . . . . when I say nothing will happen, something will happen but not the something the above post portends, more the something of the drudgery of day to day life with innumerable disconnected events that we humans are so fond of connecting. Get with the times. it's been many hundreds of years since humans have learnt that the movement and position of celestial objects has no bearing whatsoever on the behaviour of humans. None, zip, squat, nada. Did you know that a dentist standing next to you in a dental surgery imparts a greater gravitational force on you than does Mars. Ok, I admit, the use of a dentist in the previous example is highly arbitrary but the point remains.
If you can't offer an explanation as to why full moons and eclipses cause market crashes, or at the very least alter human behaviour, then it's as big a waste of time as seperating sprinkles or hundreds and thousands into their respective colour groups.
"He asks what the odds are that eight of the greatest market crashes in history would accidentally fall within a time period of six days before to three days after a full moon that occurred within six weeks of a solar eclipse? His answer is that for all eight crashes to accidentally fall within the required intervals would be .23 raised to the eighth power less than one chance in 127,000."
OK, firstly I don't believe the 1 in 127,000 but I'm sure not going to waste my time trying to replicate the the calculation. Secondly, let's just assume the asnwer came out at 1 in 1 quadrillion, now that would be a truly staggering statistic that would give pause to the most cynical sceptic. So then the question would really be pertinent, what causes full mons and eclipses to cause market crashes. I'll go out on a limb here and provide the answer. WE cause the market crashes because a large portion of the population still holds the infantile, prehistoric belief that an eclispse means god is angry and they'd better prepare. This may include seliing stocks, hoarding cash, buying supplies . . . . . . . who knows but do you see the point. If humans believe that an eclipse can cause a market crash it is self fulfilling. To say THE eclispe IS causing the market crash is putting the cart before the horse. What happens in our lives as a collective, as a society is the direct result of the actions our brains have been programmed to enact based on our gentic predisposition, parents, education and many other subtleties.
W're such a complicated, fucked up bunch of scatter brains.
The ecliptical patterns of the planets and their alignments have a HUGE impact on market psychology. Adding in sunspot activity and patterns are found everywhere. I'd suggest astrocycle.net
Great, using the laws of planetary motion and gravitation can you please tell me the precise moment to short this mother fucker.
Hey, for all we know, Bennie could be using asstro-zodiac chartz.
Goldman uses them Swirl-o-grams which hark back to Newtonian construct with the whatever at the center of the whole shebang which, once Astro-Glide is applied seems to have served Goldman well for many years.
So there.
Proof positive.
Now you'll excuse me while I grab some quick nourishment (and just think, LC, many years ago it used to be getting tanked) before I wander off yonder to project little round ball across green pastures with a buncha of uber-liberals and neo-cons thereby affording the opportunity for significant application of Penick's Needle.
"Get with the times. it's been many hundreds of years since humans have learnt that the movement and position of celestial objects has no bearing whatsoever on the behaviour of humans. None, zip, squat, nada."
...and yet here you are posting about it.
"eject the core and detonate" So you're sucked into the black hole in a million pieces. At least it will be painless.
sounds about right.. NKD down 600 .. sure..http://hedge.ly/10Ypgor
Anyone believe the sheep will notice when the JGB market implodes dragging down the Nikkei with it?
Not in America, Daddy Bernanke will protect us from any financial harm, assuming you are LONG!
Well, the 10 year did close above 2.0% on Friday. Hate to say it, but BTFD!
The last few days, I decided to bite my lip and check out Drudge and Huffington. On Drudge, one of the primary stories is outrage at the existence of some lesbian themed movie. On Huffington, if you can get past the side boob stories which are quite numerous, there was a story about one of the Fox News reporters whose computer was hacked by freedom loving government agents. In the comments, I made it through 20 straight of people suggesting that she is a nutjob who needs a new IT person. Then I started drinking.
I've been thinking, lately, that I need to do the same so, thanks for saving me the trouble. There has been a lot going on at a much more local level that I wanted to pay attention to (big tax changes primarily). I also have been moved to drink. Cheers and Happy Memorial Day!
"Then I started drinking."
Started?????? I haven't stopped drinking since I discovered Zero Hedge.......
I am ashamed to admit it...... me thinks you have made a statement that could not be fixed by QE
The answer to any problem is Moar Alchohl..... Hic... Hic
Vacationing in New Orleans. was at a bar last night with the wife, and a young german sat down. Tried to engage in a conversation about german politics and economy. German was just as amazed at my knowledge of the subject as I was about his total lack of said knowledge. And I thought it was only Americans that were so self involved not to have any clue as to the going ons of their respective governments. We truly are doomed.
I got to know a German tourist a few years ago. One of the smartest, most informed people I've ever known. But I agree with you that Germany is like all nations in that there are a few very informed people and everyone else.
I've known an American couple of German descent (came here as newly married military), which read the news here then again in German and acknowledge the similar twist. They know the Global MSM is full of shit and read rather than watch the Idjot Tee Vee.
The vast majority of people out there of all nationalities are clueless about complex issues in the realm of politics and economics. I say this from personal experience (i've lived in 3 countries and speak 5 languages).
They do feel the pain when it hits them, but they don't quite understand why it's there and only a few wake up.
In fact, it goes even further than that: the overwelming majority of people don't actually think all that hard about life and society - they rather just live one day at a time, in a purelly reactive mode and just go along with the flow. Even the ones that supposedly think tend to just eat somebody else's predigested ideological pap, with it's easy parrotable sentences, simple memes and clear good-guys and bad-guys. (ZH is full of people who "think" like that).
If you ponder on that, you can see that's exactly what mainstream media and consumer society trains us to be: mindless sheep, only reacting to direct stimulae - it makes for more impulsive shoppers and more easilly led individuals.
It's my experience that ordinary people just don't want to know. I have tried to talk to people at work about what's happening and they think I'm some sort of nutty eccentric. The level of financial ignorance in the general community is staggering. I have given up, it is pointless. When this thing implodes they will be walking around like the bewildered saying "What happened? How can this be? No one warned us". Yeah right.
Agree. But, my grandpa told me we were here on a quest for knowledge, and the primer was a Bible.
Why folks do not want to learn more and more is amazing, esp. with the innertubes available.
After all the travel I've done, I realized many of the other foreigners I met were well-read because they also traveled as much as I did.
It made sense when I would come back home and say "what, you did not know about the mine collapse in oboganza?"
Don't know how old you are, but if it's any consolation there were people like that in Nixon's day, too. What saves America is that everytime someone tries to blatantly do a coup, even their own party members get fed up and counter-attack. Is seems to be happening with today's dictator, and we can only hope that continues. If it doesn't, welcome to lawlessness.
It will be interesting to see what games are played overnight with the US markets closed tomorrow...
Edit: at 20:31 EDT Nikkei down 3%, but zero movement. In PM's right now with both Gold and Silver basically unchanged.
So finally this madness is coming to an end.
Karma's a beautiful thing.
I think it depends on what "finally" means to you. Unless you are a really patient person, I suspect it would take longer than "finally."
Reading comments in a SHTF blog from 2 years back, and very little has changed.
The wheels of .gov move slowly, even in collapse mode.
yet our fantasy markets are near record highs. love this schizo market.
Dow up 100 points at the open Tuesday.
You have it wrong. It will open down 100 but will levitate all day to close up 160.
Pantafulius --- Its the obvious play until it isnt.... One day it will open down 100 and finish down a 1000........ Maybe not Tuesday, but that day will be in 2013.....
Big deal! We'd still be over 14000. It's all Bullshit!!!
14,000 whats. I keep looking at the Dow and in an error of printing cant find GM listed.
Maybe I need stronger glasses because the Scotch keeps draining out ..... Hic
All back full! All back full!
Answering all back full. Passing thirteen hundred fifty feet
fourteen hundred
fourteen fifty
We're losing her. LAUNCH THE BUOY!
DIVE
DIVE
DIVE
deleted
Yen.
Strong like bull.
Dumb like cow.
Stable Disequilibrium
http://alejandrorubinstein.com/?p=1326
"Crisis (Latin crisis Greek word) is a time of change in any aspect of reality organized but unstable, subject to evolution, especially the crisis of a structure. If the changes are profound, sudden, violent, and above all, bring far-reaching consequences, beyond a crisis and can be called revolution.
Here we are, living in very special times, which will no doubt be the subject of study in the future. Not only in the field of economics, but also in the social and geopolitical.
A priori, it seems we are definitely not living in times of crisis: No change, economies are ongoing (growing at reasonable rates), global stock markets are rising, there are still financing (though more limited and selective), are still sold more products (in particular, the technology sector) continues to globalization and, finally, world peace continues.
And there is no crisis, because even though we are experiencing one of the economic and social imbalances probably most important in modern history, those have not led to apparent instability. And if there is no instability, ergo no crisis thus far revolution. (As detailed in the first definition)
All analysts with whom I have the opportunity to speak, without exception, admit that we are taking the more radical monetary measures in modern history (printing an unprecedented amount of money), leading to an overall debt of comparable only Great Depression, with very poor growth levels, with levels of income inequality huge with jobless only seen at the time of the World Wars, with average income increasingly have less purchasing power, with paper currency ever buying less.
Even the world's central banks themselves have no answer as how we will emerge from this. So now we speak of "permanent stimulus". And despite all that, there is no crisis: everything is stable, unbalanced, but stable.
Take note: A feature of any system is its natural fluctuation from stability to instability: Inevitably. It will happen, and crisis will emerge.
Yen is up on repatriation to cover liquidity issues... Yen up right now is a BAADDDDD thing.....
Can't imagine Bass is enjoying this a whole lot.
Watch for 14K capitulation point. Japan is getting a nasty beat-down. Why haven't we corrected as hard, or at all? Yields baby, no major dump just yet. But japan is the test model for how to create a take down. Mess with the yields, then panic the stocks.
"Kill with a borrowed knife"
Wisdom from the Goldman Sachs gang over at CNBC:
WHAT INVESTORS SHOULD KNOW
Btfd. Stfb. Works both ways tonight
nikkei don't lose that number...
http://www.youtube.com/watch?v=UpHd3ST4d8k
Steery Dan! I rove dat band!
"Is da onry one you wan! Ya migh use it if you feer bettah!"
http://www.youtube.com/watch?v=mTMj8x75pWk
A mini Steely Dan concert ;-)
http://www.youtube.com/watch?v=nEjLMEV-MyA
do it again ;)
lol...not that one but its still an excellent track.
One of my personal favorites...for the memories it invokes...
http://www.youtube.com/watch?v=rBllejn5fVA
@Buzzsaw99
That was expensive scotch that just burnt my nose........... AND
you owe me a frigging keyboard
Things are looking up HSBC have agreed to share the proceeds from the Coco with WB&BoAml; On the downside the Taliban are holding out for a 70/30 split on the Poppy harvests.
Sunday Monday Taliban, Tuesday Wednesday Taliban, Thursday Friday Taliban, Saturday what a day no more Taliban!
Meanwhile, deep underground at a secret location, known as Fort Richard M. Nixon, the PA barks to life...
"Attention Plunge Protection Team. Attention Plunge Protection Team. Battle stations. Battle stations. Battle stations. This is NOT a drill.
Attention Plunge Protection Team. Attention Plunge Protection Team. Battle stations. Battle stations. Battle stations. This is NOT a drill. This is NOT a drill..."
I don't have to drink .... I have a chemical imbalance in my brain .... that is the equivalent of drinking a fifth of scotch .... every day ! Monedas 1929 Comedy Jihad Waiting 5 Years For Guidance From The President On Racial Dialogue Humour Protocols World Tour
http://www.dailymail.co.uk/tvshowbiz/article-2330970/Houston-police-shut...
Publicity stunt ! The slaves are those who pay taxes .... and there ain't nothing NEW about it ! I'm grateful for any cover .... any artist .... gives to another ! Monedas 1929 Comedy Jihad Kinder Gentler Racial Joshing World Tour
The left blames Nixon .... for everything they and Maynard "Fly in the Mayonaise" Keynes .... did for 100 years ?
Nixon, the New Bush
The f*cker is losing it:
Kuroda - 1-3% rise in Japanese yields would not surprise.
Japan banks will be blown apart by margin calls. This ship is sinking.
Yo Krugman you watching this?
So much for that carry trade.
Dog, where's my collateral Yo!
Don't look at me that way....
That old cunt needs to go.
Kuroda - 1-3% rise in Japanese yields would not surprise.
And that doesn't alarm you??? LOL! Kuroda is fucking insane indeed...
I have an idea. The Central Banks should all do like Japan and buy 100% of all bonds and then go out of business forever.
Kyle Bass called it.
But he did not build it?
Meanwhile gold is up 0.5% and silver is up 1.3%
It is one thing for the BoJ policy committee to be in less than perfect agreement. It is quite another to publisize this disagreement, in a situation where the ONLY thing stopping the JGB market from collapsing is the confidence (however tenuous) among investors that the BoJ and the government is 100% committed.
http://nipponmarketblog.wordpress.com/2013/05/19/too-much-of-a-good-thing/