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Bernanke Speaks, The Stock Market Squeaks, The 5 Year Shrieks
Things are escalating quickly... with US Treasuries beginning to look a lot like JGBs: the 5Y soared +18bps to the highest since August 2011, the 10Y +13.5bps touches 2.32% widest since March 2012, 30Y +8bps, and credit markets are getting monkey-hammered. There is no joy in Newport Beachville.
5Y the worst!!
Credit majorly underperforming...
Nikkei surged (on JPY weakness) and has corrected (even as JPY remains at its lows)...
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GOLD-MUST-BREAK-THROUGH-$1,353/OZ-BY-4-PM
so vix is down, makes sense (not)
Hey Bernanke! Fuck you! You bald headed chrome dome!
2.35 ten year... burn motherfucker, burn.
Somnil? Nytol? Kalms?
I wonder what sort of sleeping pill Kuroda-san is using to try to catch some rest between Japanese, European and US trading hours....
http://nipponmarketblog.wordpress.com/
I don't know why, but reading that rates are heading up and bonds are heading down made me think of that movie scene where Bond gets his balls spanked while sitting in a bottomless chair (Casino Royal, I think).
Ouch!
It's as if millions of people who thought that suffering with below real inflation yields meant that at least their principle was protected were crying out "I didn't know, I didn't know!"
But, but, bbbbbbut... BTFD? THEY SAID BTFD!!!! NOOOOOOOOOO!!!!!!!
Another day of monkeyhammering PMs. Wait for King Kong to show up.
10Y yield up 7.3% @ 2.35 in just a few hours? I think some of those high-end laundry services are going to be seeing a lot of stained underwear.
10-yr yield now the highest since May 2012.This should be good for housing, huh? NOT! And corporate earnings as interest costs rise? NOT! But at least we can count on credit card default rates to rise, right? Oh, but that's NOT a good thing! Oops!
Do investors see even more debt, and thus, greater risk, and are thus demanding greater yields?
The law of unintended consequences is only now beginning to manifest itself!
Gold is not in this local game in Washington nor has it do with inflation. Gold has to do with the passing of the Dollar as the reserve currency and the search for a financial asset that is absolutely secure, reliable and universally acceptable.
Understood but that's what the guns are for, no?
Put all your investment money on Sikorsky in the fifth.
No worry, mate...DOW up 267 pts over next 2 days.
What's that nuclear explosion sound? Oh that? That's the housing market...
Now that's a double tap.
Stocks are on thin ice close to signaling a primary bear market. If the June 5 lows are violated a primary bear market will be flashed, as explained and shown here:
http://www.dowtheoryinvestment.com/2013/06/dow-theory-update-for-june-12...
And GLD by closing down flahsed a re-confirmation of the ongoing primary bear market for gold and silver as explained here:
http://www.dowtheoryinvestment.com/2013/06/dow-theory-update-for-june-19...
It's all bullshit folks.
Is the United States of America in the 21st century the most degenerate, decadent society in the history of the planet? It seems to be so.