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From central-planning to universal-panning...
JPY's biggest daily gain in 3 years!!
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Abe just busted his hashi.
I hope this thing goes full Kokesh
Fucking blood bath, USD down almost 1.5% and the S&P, NASDAQ, DJIA all down...... DEER ANYONE?
Hah ha ha ha ha ha
Gotta love them treasuries, gold and munis....
Just when you thought it was OK to get back into risk assets
Where's the political Outrage?
Were're the folks yelling Panic?
Nobody cares?
Good ....
I'll stay safe while others about me are loosing their nutsacks
All of your waterfalls are belong to us.
The charts are all parabolic right now, everything is so easy to trade, made money shorting silver, DOWs off 400 made money going long, just shorting EURUSD, and so forth.. This is crazy.. but I'm loving it my accounts up my target 1% / day.. Nice!
You are correct, the traders are having a field year with the FOMC. The only problem is that as financial gimmicks suck the capital from the real economy incentives and dis-incentives get destroyed. Therefore, we all loose, since the situation is clearly NOT sustainable...
No POMO tomorrow + overnight margin calls in Japan = NO BTFD TODAY. The SPY/ES bears will have a glorious option expiry tomorrow.
The Yen gaining strength? Clearly the problem is that they don't print nearly enough.
Makes you wounder, is the bernake printing faster then the JCB?
All indications at this moment point to, YES
This writing is not just on the wall. It's a fucking neon sign.
Ben's not trying to outprint them. He's gone right out and bought fucking yen. Hand over fist.
This is the first time since the CB circle jerk started that they have broken cooperation. Finally, a crack in the cooperation armor.
Toyota will not be allowed to destroy GM with $10,000 Camrys. The Fed WILL BUY YEN.
"The Fed WILL BUY YEN." - Can't be, these central bankers are team players, that sir would be a real declaration of war.
LoPguy, that was indeed the plan, but we knew damn well at some point someone would be loyal to his country.
Turned out to be Japan, first. They printed their way off the reservation. Ben HAS to respond.
So all of this is explained by him buying yen, and frankly he's about the only player big enough to have made this happen.
Still don't see how that helps in the long run, unless the goal is to kill the Fed, leaving the corporation of the united state without a central bank. The optimist in me would love to see the Fed dead, but I don't see the treasury being allowed to have the right to create "debt-free" money for commmerce, even though that is what the constitution and founding fathers wanted. Bankers add no real value, people are waking up to this and bankers will do what they always do, start a world war. Ben is a servant of the Fed first.
So now we, as taxpayers, are the owners of worthless Yen? More fucking worthless fiat.
Doesn't the BoJ hold like a trillion dollars?
Sure the indications are just that, but the entire thing is rigged by the Fed & Wall Street, so who really knows what the truth is here.
Krugman says, "Clearly Japan's infinite money printing is to tight. See I told you to print more. Haha, I am right again!!!!!!"
We need infinityinfinity!!!!!!!!!!!!!!!!!!!!!!!!!
Put a fork in this whole thing.
Just let me take a few steps back first.
"but sir it's wafer thin..."
ponzi nation
jonzi
I'm gonna make a sticker out of that - with a picture of tyler durden
Dragging gold up with it...
Yo Tylers, how about rolling out the deer. Been a while.
Wait until tomorrow, please.
how about a deer on the grille of a Mack tractor...
that is what I'd like to witness....
Actually put one in the grill of a rented Ford the other day. No time to get a pic.
You make a convincing point. +1
clean, concise, irrefutable...
Sorry guys, I have to be the contrarian here. -1
To every trend, a contrarian.
God I love the Hedge.
Can't disagree with you there.
Post of the day.
Clear thread winner.
Bitcoin is more stable than usd/jpy.
How fucked up is that?
REUTERS:
ABE TO REPLACE YEN WITH BITCOIN FOR BETTER STRATEGIC POSITIONING
REDENOMINATION INSTANTANEOUS STARTING 5 SECONDS AGO
MRS. WATANABE NO WORRY
the deer
Full retard transrectal cardiectomy dead ahead...
"....and everyone knows you never go full retard.."
I thought Europe was supposed to be the first domino.
The genie is now out of the bottle, and todays POMO is failing.
Getting interesting.
and no pomo tomorrow. Will the 401k sheep be rebalancing back to bonds? tick tock...
Stand by for schedule change in 3..2...
Someone is attempting to put out the fires now.
Not giving them any hope of success however.
Not according to Kyle Bass; and he's pretty smart, and he loves doing his homework.
Given this happened around noon, could this simply be due to a shift change amongst finance ministers (i.e., the 12-8 p.m. guy overslept, while the guy in charge headed over to Burger King) ?
(Update: as of 12:40 it looks like a stick save of sorts is being attempted, partially effective thus far on equities and gold, but not impacting currencies much ... I have a funny feeling we'll either surge in stocks to the pre-noon levels, or roll over to the next pivot down, but I don't think we stand pat here all afternoon)
question: WHO IS SELLING?
China. China sells dollars/buys Yen to keep its exports cheap against its traditional enemy.
certainly possible, as I stated earlier, so WWIII starts in Asia?
"started"
It's not selling. It's buying. The Fed is buying Yen and telling the BoJ to fuck off.
Covering not selling. The yen went from the mid 70's/$ down to 103/$ because people thought it was safe to borrow yen (thus creating new yen through the magic of marginal reserve banking) and convert those yen to other currencies to buy assets that yield more than the 1% of the loan (US treasuries, Spanish bonds, HYG stock etc.). It's free money as long as the yen is devaluing. Once it started to retrace the devaluation all those positions have to be unwound. Buy back yen, pay off the loan and sell your HYG ETFs. Buying back yen furthers the cycle and you find yourself in an epic positive feedback loop. We haven't seen all of the fallout from the other side of the trade because the carry trade was responsible for a large part of why PIGS bonds were so low, the S&P was so high and who knows what other positions got distorted (those who know please share). IMHO
That is perhaps the most succinct, informative paragraph on the carry trade I have ever read! Thanks!
"The Carry Trade"; the nasty little thing in the closet that no one likes to talk about. I'd buy the dip in the USD/JPY chart, personally; the JPY is doomed. but I just committed to shorting the GBP; which also went nuts today. The worlds most overvalued currency, representing a non-economy is now trading at moon levels.
Strange, my fortune cookie just has some stock tips scribbled on it.
And I spit my cereal out of my mouth........... Lmfao
ZH has some great articles, but I come here to read the comments and make a few!!! No place like it on the net!
Thanks for the laughs!
????????
edit: so I can't type Japanese here. . . must salvage this bit, but how? Old J Jonah Jameson must have turned on the Abe Shittomattiku 12000 while I was out. . .
It's late. I've got nothing but smiles for the failures of Keynesian economics.
Mugabenomics! (glove save)
I shorted more yen at 96...or does anyone here think that the JP govt will refrain from printing?? Anyone???
Good luck. You're going to win big or lose big. What the gov prints short term is chump change compared with the effects of covering shorts. Long term Japan just took a bullet in the chest.
Long term, nothing at all happened to Japan today.
Only question for you is: what are you shorting the yen against?
behold the power of "consensus"
BTFD! (jk) Who the h*ll knows!!!
"Put..the..candle..back"
http://www.dailymotion.com/video/x2l12f_put-the-candle-back_fun#.UbC9zflf264
It's not just the Yen, look at all the crosses, DXY is exploding
Gold's got a bit of a woody as well, which will jive real well on the news tonight - or will be completely ignored.
yup, somethin's up behind the curtain it seems
Looks like the Fed is crashing the stock market to get rates down.
my take as well. the liquidity in bonds and other fixed interest instruments is massive and the sovereign debt must expand or the whole thing blows up.
Is the Red Phone at the NY Fed ringin' for a Mr. Ben Shalom?
it cant be that simple. something is missing. looks more to me that the TPTB are trying to tank markets. with nowhere to go but bonds, except nobody will go into bonds with all of this FED exit nonsense.
The fed is buying Yen, a declaration of war among CBs.
WTI could rip
Up over 1% so far.
Ahh, so is this the welt effect I'm supposed to be feeling?
Oh, you'll have welts before they're through.
Welt: a ridge or lump raised on the body (as by a blow or allergic reaction).
So yes, that is the 'Welt' affect. And Benny will continue the beatings until morale implodes.
Piling into UST and dumping all other high yield. Someone got word POMO expanding?
don't know if I see any "piling in" just yet;
http://www.marketwatch.com/investing/bond/10_year
Buy low, sell high. Short the yen today. Only question is, what do you short it against?
Err, but why did the dollar got smoked on Draghi's comments? :S
Seems kind of counterintuitive to me. Equities sold off people running from risk and ... loading on euro and yen?
why? because gold is in fact money and oil is the real reserve currency of teh world...
Amen to that :)
But DXY used to spike during risk-off periods and now the opposite happened.
OT - Can anyone recommend a good podcast in the Zerohedgian spirit? Need to dust off the bike and get some exercise...
Goldmoney podcasts on youtube
Anarchast podcasts on youtube
Featured Voices / Peak Prosperity by Chris Martenson.
Excuse me. JGB'S. That's what really matters right. Pardon me, I don't have no fancy Community Collage degree or anything, so bear with me. Isn't the 10y JGB yield going up to 1.5% or (gasp!) 2% what could cause the fan/shit paradigm to unfold?
Also, where can I see real time JGB yields?
Thanx.
The fucking EURUSD went from 1.30 to 1.33 TODAY. This is insane, Silver shot up, everything's all over the map... DJIA is falling and testing new lows..
What happened to the 95 handle? The people demand more Fukushima action.
What is going to get very interesting is the rest of the CB's will instantly start buying / selling USD in order to rebalance their exchanges where they prefer them to sit. The chart on the USDCAD is just rediculous.. from 1.034 it went to 1.2 in 30 minutes.. and rebounded to 1.025
Seppuku time at the Diet.
Global markets got out of joint today, sure feels like it. Weird stuff.
I blame the fat fingers at the Bilderberg meeting in UK :p
Yen seems to be the driver of all things as of lately. Probably a lot of retail guys went long and they got creamed.
Clearly this can only mean one thing : Time for more QE!
Rock, I'd like you to meet, Hard place.
Kirk: "Scotty, what's left?"
Scotty: "Just the batteries. I can give you inpulse power in a couple minutes."
Kirk: "We don't have a couple minutes."
Star Trek II: The Wrath Of Khan
Kind of reminds of the time Jimmy got all interested in Japanese sword work. He went to a Dojo where they taught "real" sword work. He was getting pretty good with the wooden sword but got impatient and cocky so he brought out that expensive import Japanese sword that he had bought and demonstrated his Samurai movie quick draw. Sliced his thumb off. They had the EMT on speed dial so they got him and his thumb back together pretty quick. He got a nick name that had the word "Baka" in it.
Abe must have had some bad sushi last night and had to puke some bad sea urchin out..
Kuroda bette rserve us some green tea tonight to settle the stomachs
Every time,EVERY TIME,this has happened there has been a very bloody war.IT GETS TIRESOME....
I took a relative to a military hospital recently,and to watch the brave young lads getting about on artificial legs is inspiring.
The depressing part is when I think"why not the f*****g Bankers?!" Why not a few IED's for them? Just sad.....
Good thing it's all naturally occuring!