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Stocks Plunge As IMF Tells Greece To Plug Holes Or It Pulls The Plug

Tyler Durden's picture




 

As we warned earlier in the week, Greece is notably missing its Troika goals and the issue just became a lot more critical. As The FT reports, the IMF is preparing to suspend aid payments to Greece over what it claims is a EUR 3-4 billion shortfall that has opened up. Between healthcare budget shortfalls, central banks refusing to roll-over Greek bonds, and amid signs that even the scaled-back privatization plans that Athens had agreed to being behind schedule, the IMF - following its own admissions of mistakes in the Greek bailout, has warned EU officials the shortfall will require it to stop aid payments by the end of July. The equity market is already reacting (as is EURJPY - EUR weakness against the big carry pair) to this re-awakening of EU event risk (and the awkward timing with Merkel's election so close) - with the Fed's comfort blanket somewhat removed.

 

 

Via The FT,

The International Monetary Fund is preparing to suspend aid payments to Greece by the end of next month unless eurozone leaders plug a €3bn-€4bn shortfall that has opened up in Greece’s €172bn rescue programme, according to officials involved in management of the bailout.

 

The gap emerged after eurozone central banks refused to roll over Greek bonds they hold, and comes amid signs that even the scaled-back privatisation plan Athens agreed to last year is falling behind schedule.

 

...

 

The shortfall will force eurozone finance ministers to discuss “alternate sources” of funding

 

...

 

But the timing is particularly awkward as Germany is holding parliamentary elections on September 22. In the run-up to polling day Chancellor Angela Merkel will be loath to submit any further aid request to the Bundestag where it would likely be highly controversial.

 

...

 

the IMF has warned EU officials the gap will require it to stop aid payments at the end of July, said a person involved in the discussions.

 

Under its rules, governments must have at least 12 months of financing in place to receive IMF disbursements under a bailout programme. This latest shortfall of €3bn-€4bn means that Greece’s financing needs are only covered up to the end of July 2014.

 

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Thu, 06/20/2013 - 14:31 | 3675999 Midasking
Midasking's picture

tapering is not happening or the entire world will be a smoking hole in the ground. QE will be expanded you can count on that. http://tinyurl.com/mem7o7x

Thu, 06/20/2013 - 14:36 | 3676030 Freedom In Your...
Freedom In Your Lifetime's picture

We need a whole new economic system, until something that isn't centrally planned is accepted by the majority of the world things will not get better and we very well may become that giant smoking hole in the ground you mention. Economies and currencies need to become more localized rather than more centralized.

Thu, 06/20/2013 - 14:38 | 3676041 SpiceMustFlow
SpiceMustFlow's picture

Greece adopted the "Detroit Economic Model"

Thu, 06/20/2013 - 14:44 | 3676065 true brain
true brain's picture

yes, 1600 on S&P is breached. Can't wait till 3:30 ramp.

 

These fools at the Fed world wide need to get real about real wealth vs paper fantasy. ONly real wealth creation can lower unemployment, provide growth. Real wealth is very hard to get, depends on energy, innovation, etc.  Get real Fed fools.

Thu, 06/20/2013 - 14:45 | 3676082 LetThemEatRand
LetThemEatRand's picture

I wonder if the guys who push the buy button at 3:30 with our future tax dollars play rock, paper scissors to decide which of them gets to pick the exact closing price each day.  

Thu, 06/20/2013 - 15:03 | 3676110 BLOTTO
BLOTTO's picture

Needing a new financial system is still only part (b)...

.

Part (a) is needed first...which is...good people to create that system.

.

Or it will be just the same, fuckin, horseshit all over again...

.

Nothing New Under the Sun,

History is Repeating itself.

.

ya digg?

Thu, 06/20/2013 - 15:05 | 3676152 Herd Redirectio...
Herd Redirection Committee's picture

I think if we are able to decentralize, then the need for superhumans decreases.

Its just the current system, with so much power in so few hands, that cannot possibly be reformed.  Its like sending a virgin to reform the whorehouse.  Whats the most likely outcome?

Thu, 06/20/2013 - 15:23 | 3676250 negative rates
negative rates's picture

Forget the wally rollover, I want my money and now.

Thu, 06/20/2013 - 15:33 | 3676336 12ToothAssassin
12ToothAssassin's picture

Would really be some great icing if margin calls started a last half hour cascade

Thu, 06/20/2013 - 16:07 | 3676517 Herd Redirectio...
Herd Redirection Committee's picture

BTW, just to clarify, when I say the current system "cannot possibly be reformed", I just mean that it needs (substantial/complete) overhaul, not 'good people' in the place of the current banksters.

Thu, 06/20/2013 - 15:13 | 3676178 Kirk2NCC1701
Kirk2NCC1701's picture

PMs are getting hammered beyond belief. Have to admit that outside the Fed/JPM/GS triangle, no one - not even ZH - saw this coming last Fall.

Q:  PM bro, how low will it go?

A:  I'm going out to BTFD.  Later I'm going boating.

Thu, 06/20/2013 - 15:34 | 3676344 RockyRacoon
RockyRacoon's picture

Just picked up an ounce today on this pull-back.  Now I need to go out and fix that hole in the boat... or not.

Thu, 06/20/2013 - 14:50 | 3676106 Prison Justice
Prison Justice's picture

A whole 6 point drop?  Excuse me while I take a trip to Schnoozeville.

Thu, 06/20/2013 - 14:44 | 3676077 Cult_of_Reason
Cult_of_Reason's picture

Just yesterday Cramer said that Europe was fixed and turning around.

Well, Bear Sterns was fine too.

Thu, 06/20/2013 - 15:08 | 3676166 SmallerGovNow2
SmallerGovNow2's picture

Cramer said, that explains it....

Thu, 06/20/2013 - 15:36 | 3676359 RockyRacoon
RockyRacoon's picture

I wish I had 0.0000000000001 % of the money he has lost for his viewers.  I'd take that fee to have told them all to change the channel... Honey Doo Doo is better than Cramer.

Thu, 06/20/2013 - 14:44 | 3676078 bank guy in Brussels
bank guy in Brussels's picture

Pull it

Pull it, IMF

Pull it like Larry Silverstein and Building 7

Pull it

Thu, 06/20/2013 - 15:38 | 3676370 RockyRacoon
RockyRacoon's picture

Nah, they ain't gonna pull anything.

"...governments must have at least 12 months of financing in place to receive IMF disbursements under a bailout programme."

This will be reduced to 6 months, then 3 months, then 3 days, then 15 minutes.

Thu, 06/20/2013 - 15:44 | 3676414 SAT 800
SAT 800's picture

LOL. probably.

Thu, 06/20/2013 - 16:25 | 3676643 NotApplicable
NotApplicable's picture

More like, "Go plug yourself!"

Thu, 06/20/2013 - 14:49 | 3676104 Crash Overide
Crash Overide's picture

Gold, Silver, barter, practical skills, common sense... I want that to be the new system.

Thu, 06/20/2013 - 15:41 | 3676398 Freedom In Your...
Freedom In Your Lifetime's picture

I am right there with you CO. More localized, less cetral planning. Less aggression and coercions, more voluntary interaction.

Thu, 06/20/2013 - 14:52 | 3676113 Stoploss
Stoploss's picture

Storm in a tea cup???

Thu, 06/20/2013 - 14:38 | 3676037 howenlink
howenlink's picture

If it walks like a smoking hole, and smells like a smoking hole, and sucks like a smoking hole...

Thu, 06/20/2013 - 14:47 | 3676089 ParkAveFlasher
ParkAveFlasher's picture

...don't step in it?

By "alternative means of payment", do they mean "internal organs"? 

Thu, 06/20/2013 - 14:39 | 3676044 smlbizman
smlbizman's picture

the imf to eu......11 seconds

http://www.youtube.com/watch?v=0c3bhh8fqYs

Thu, 06/20/2013 - 14:59 | 3676138 BlueStreet
BlueStreet's picture

Pull the fucking plug already, the patient died long ago.  

Thu, 06/20/2013 - 15:10 | 3676171 williambanzai7
williambanzai7's picture

If this were August, we would be saying wait till September hits. But this is June!!!

 

 

CRISIS COUTURE 5

Thu, 06/20/2013 - 20:53 | 3677449 Buck Johnson
Buck Johnson's picture

Oh I know, I think they won't stop.  But the problem is that it will make it impossible for them to hide inflation/hyperinflation in the near future.

Thu, 06/20/2013 - 14:33 | 3676010 thismarketisrigged
thismarketisrigged's picture

i am so happy the s&p finally broke away from the 1600 level. lots of red below, and i love watching my screens go all red.

 

also noticing lots of mini flash crashes on my screen.

 

i hope gold and silver bounce back

Thu, 06/20/2013 - 14:48 | 3676097 Bay of Pigs
Thu, 06/20/2013 - 15:51 | 3676444 El Viejo
El Viejo's picture

Soylent Red is Retirees!!!

Thu, 06/20/2013 - 15:18 | 3676218 Tsunami Wave
Tsunami Wave's picture

I think the precious metals are being FORCED to go lower. Even in the midst of all asset-classes crashing, they're trying to make gold look like the worst thing to own by far. All the articles in seeing on every site says 'all stocks/commodities/blah blah down with Gold leading the way'. Maybe they can pull off everything stabilizing while gold/silver/platinum hopefully staying down. Either way, those hopeless morons are still fucked, and I will keep buying that shit dips or not.

Thu, 06/20/2013 - 14:33 | 3676011 JJ McApe
JJ McApe's picture

don't worry greece is ready to implode. after the vultures sold the whole country out and people are doing drugs on the streets its time to finish them off...

:/

Thu, 06/20/2013 - 14:38 | 3676038 THX 1178
THX 1178's picture

So now?

Thu, 06/20/2013 - 14:35 | 3676020 falak pema
falak pema's picture

O WHEN THE SAINTS...

Thu, 06/20/2013 - 14:36 | 3676022 insanelysane
insanelysane's picture

We're off the lows so that means there is a rush to buy the dip!  </sarc>

Thu, 06/20/2013 - 19:19 | 3677227 mjcOH1
mjcOH1's picture

Maria?

Thu, 06/20/2013 - 14:36 | 3676023 astoriajoe
astoriajoe's picture

Wait a second. I was told this was all taken care of.

Thu, 06/20/2013 - 14:36 | 3676024 Bay of Pigs
Bay of Pigs's picture

Greece? LOL...thats pretty funny after all these years of QE can kicking.

Thu, 06/20/2013 - 14:42 | 3676063 Wile-E-Coyote
Wile-E-Coyote's picture

Greece is like a dose of the clap that Penicillin doesn't quite clear up. You think you are over it and then your dick starts dripping again.

Thu, 06/20/2013 - 15:04 | 3676149 DutchR
DutchR's picture

How do you know?

 

lol

Thu, 06/20/2013 - 15:27 | 3676280 Conax
Conax's picture

When he finally caught the Roadrunner, Wile E. got more than he bargained for.

Thu, 06/20/2013 - 15:16 | 3676206 astoriajoe
astoriajoe's picture

and for the sake of completeness, Mr. Panos.

http://www.youtube.com/watch?v=Q9cD3tyfKsI

Thu, 06/20/2013 - 16:09 | 3676526 Herd Redirectio...
Herd Redirection Committee's picture

This guy is great.

Thu, 06/20/2013 - 14:36 | 3676027 trebuchet
trebuchet's picture

China banking crisis, Brazil burning, Fred tapering, IMF pulling plug  on Greece and therefore Euro, Abe resolve weakening.........

 

Black Friday, anyone?

Thu, 06/20/2013 - 14:40 | 3676040 Ness.
Ness.'s picture

Black Friday - Steely Dan

http://www.youtube.com/watch?v=q1ZV4Mx7tw8

When Black Friday comes
I'll stand down by the door
And catch the grey men (banksters) when they
Dive from the fourteenth floor
When Black Friday comes
I'll collect everything I'm owed
And before my friends find out
I'll be on the road


Thu, 06/20/2013 - 14:36 | 3676032 Yen Cross
Yen Cross's picture

    As the European bond market blows out. Pay special attention to GGBs.

 

European bonds

  • Italy 4.54% +28 bp
  • Spain 4.86% +33 bp
  • France 2.26% +15 bp
  • Portugal 6.41% +34 bp
  • Greece 10.67% +50 bp
  • Germany 1.66% +10 bp      
Thu, 06/20/2013 - 14:41 | 3676053 reload
reload's picture

Purchases of which were financed in Yen.

Great call on the Cable last week by the way.

Thu, 06/20/2013 - 14:46 | 3676086 kchrisc
kchrisc's picture

German rates went up by 6.41% while Greece went up by "only" 4.92%. Hmmmm!

Thu, 06/20/2013 - 14:38 | 3676035 dasein211
dasein211's picture

It's coming.

Thu, 06/20/2013 - 14:38 | 3676039 Its Only Rock N Roll
Its Only Rock N Roll's picture

its fixed alright

Thu, 06/20/2013 - 14:39 | 3676042 kchrisc
kchrisc's picture

Greece is like a guy that falls out of a large tree and hits each and every branch on the way down--just when you think that it's over there comes another thud and scream.

Thu, 06/20/2013 - 14:57 | 3676126 MachoMan
MachoMan's picture

With an annoying flock of birds fucking him in the ear all the way down...  of course, asking why the hell he was in the tree in the first place (peeping tom) is beyond everyone...

Thu, 06/20/2013 - 14:39 | 3676043 Bryan
Bryan's picture

The wheels are falling off.

Thu, 06/20/2013 - 15:41 | 3676401 RockyRacoon
RockyRacoon's picture

Call DoChen, I'm sure he can supply some new bearings... and help the Chinese market in the process!

Thu, 06/20/2013 - 14:41 | 3676052 X86BSD
X86BSD's picture

how the hell is everything imploding and PM's *still* take a monkey punch to the nuts?! FUCK YOU BERNANKE!!!!!!!! FUCK YOU IN YOUR COCK FELATING MOUTH!!

P.S. FUCK YOU BERNANKE!!!

Thu, 06/20/2013 - 14:42 | 3676066 Cow
Cow's picture

What he said

Thu, 06/20/2013 - 14:52 | 3676112 1C3-N1N3
1C3-N1N3's picture

Paper PMs are taking monkey punches to the nuts.

LCS quoted me $26/oz. for physical silver. But I am a very small buyer. And buy I did. LCS guy has my fiat now.

Thu, 06/20/2013 - 15:09 | 3676169 e-recep
e-recep's picture

paper PMs are being sold to pay for margin calls and debt.

Thu, 06/20/2013 - 15:45 | 3676410 RockyRacoon
RockyRacoon's picture

Gold is money and a store of value, so you are correct.  That store is being tapped as needed, and a lot is needed.   Gold is playing the role it has historically been established to play.  ETFs and such make "gold" easy to trade, which is why holding the physical tempers the impulse to dump it at inopportune times.

I don't need to sell any so it just sits at the bottom of the lake.  I hope scuba gear goes on sale when I need some.

Thu, 06/20/2013 - 14:41 | 3676054 I_Rowboat
I_Rowboat's picture

Reality-plated battleship dead ahead!  Emergency dive! Flood the ballast chambers! Aft- and fore-planes 20 degrees! Dive! Dive!

Thu, 06/20/2013 - 14:44 | 3676075 Wile-E-Coyote
Wile-E-Coyote's picture

You forgot to close the hatch!!

Thu, 06/20/2013 - 14:56 | 3676123 Bastiat
Bastiat's picture

Oh shit!

Thu, 06/20/2013 - 15:04 | 3676153 SmallerGovNow2
SmallerGovNow2's picture

LMAO

Thu, 06/20/2013 - 15:46 | 3676426 RockyRacoon
RockyRacoon's picture

Setting the latch on a submarine's screen door doesn't help a whole lot.

Thu, 06/20/2013 - 14:41 | 3676055 Bennie Noakes
Bennie Noakes's picture

Euro crisis: "I'm baaaak!"

Thu, 06/20/2013 - 15:23 | 3676251 HardlyZero
HardlyZero's picture

Heeerrrrsss BenQE !!

Thu, 06/20/2013 - 14:43 | 3676056 THE DORK OF CORK
THE DORK OF CORK's picture

Between healthcare budget shortfalls = shortfalls in desired fatality rates.

 

scaled-back privatization plans = less of the commons available for private holders.

 

The Greek domestic economy is no better then Ireland.

 

The difference ?

Perhaps elements of Greece want to remain a nation state.

Therefore it must be punished.

 

We are dealing with a very very dark banking force - pure fucking evil 

 

 


Thu, 06/20/2013 - 17:14 | 3676864 falak pema
falak pema's picture

IMF now more hated in EZ than in Argentina.

Thu, 06/20/2013 - 14:42 | 3676057 franzpick
franzpick's picture

Not exactly coming up off the new lows: Dow support is at 14,500, down 325,  just 2.2% more, but hard to imagine a black Friday bottom.  My screens suggest serious knife-catching Monday, down 3% more. This will be one long weekend at Bernocchios.

Thu, 06/20/2013 - 14:41 | 3676060 Cow
Cow's picture

Just increase the forward GDP forecasts.  Then, all is well.

Thu, 06/20/2013 - 14:43 | 3676067 noless
noless's picture

Why in the fuck don't they just reissue the drachma?

Thu, 06/20/2013 - 14:46 | 3676084 LFMayor
LFMayor's picture

LOL, yeah!  That company "mint" that makes the collector coins can do it.  Order now, strict limit of 25 per customer...

Thu, 06/20/2013 - 19:24 | 3677236 mjcOH1
mjcOH1's picture

"Why in the fuck don't they just reissue the drachma?"

Because there are German tax dollars left to be sucked. The funnier funny money only comes out when the Neins become real.

Thu, 06/20/2013 - 14:49 | 3676103 PontifexMaximus
PontifexMaximus's picture

de la rue can't deliver just in time , Wolfi, aka Schäuble does not clear the doorway....
I

Thu, 06/20/2013 - 14:56 | 3676121 Escapedgoat
Escapedgoat's picture

Because the Place formally known as Greece does NOT exist any more. All its assets belong to German Giants, and the serfs known as Greeks, have to pay their Masters Tribute, and not the other way round, e.g. Germany to give itself money as payment for loans to ITS COLONY.

The State Telecommunications is part of Deutche Telekoms, as well as other companies, and the Russians are not allowed to share in the spoils, no matter what the price . So much for Capitalist Economies of the "West"

Thu, 06/20/2013 - 15:46 | 3676308 HardlyZero
HardlyZero's picture

That's a No Go.   Requires guts and nards, both are gone from the gutted denuded southern flank EU state.

Thu, 06/20/2013 - 14:43 | 3676068 sudzee
sudzee's picture

Big crowd, small door?

Thu, 06/20/2013 - 14:43 | 3676070 chaartist
chaartist's picture

I do not see any reason for gold to drop 6,5% when all big asset classes are in trouble. When does this end.

Thu, 06/20/2013 - 14:44 | 3676079 Iriestx
Iriestx's picture

Need cash for those margin calls.  Ain't nothin' more liquid than gold.

Thu, 06/20/2013 - 15:37 | 3676374 Roehamster
Roehamster's picture

How is paper gold liquid?

Thu, 06/20/2013 - 14:44 | 3676081 sodbuster
sodbuster's picture

Let 'er drop- think of it as a firesale.

Thu, 06/20/2013 - 14:49 | 3676101 Freebird
Freebird's picture

Around 950 maybe?

Thu, 06/20/2013 - 14:51 | 3676109 PontifexMaximus
PontifexMaximus's picture

As soon as COMEX is no more in the US

Thu, 06/20/2013 - 15:11 | 3676176 Ropingdown
Ropingdown's picture

"Unwinding" is the word of the day.  Deflation fears are obvious but stagflation fears are even greater. Shadow finance's debt falling by the wayside in China, Europe, soon more in the US. With an enormous balance sheet already, the fed faces the fact that the first 3 trillion didn't work, except to buy time for the insurance co's and banks to clean up a bit.  Hope they took the chance. The US is up to its eye balls in debt.  Scandinavian households likewise.   In other words, nobody has a clue what's next except the assured sight of lots of people with a "WTF? gaping stare."

Thu, 06/20/2013 - 15:32 | 3676332 HardlyZero
HardlyZero's picture

Look at it this way....if this is all the drop in POG and POS, then its ALL THERE IS TO DROP !  So all this is the extent of all the hot money in Gold and Silver...so now, its pure upside from here.  No more paper origami tricks, no more Gold Kabuki, no more BenWiz behind the screen.  We have now established bedrock, pure GOLD.

Thu, 06/20/2013 - 14:43 | 3676074 mt paul
mt paul's picture

the sky is falling 

the sky is falling...

 

yea so what

gravity's a bytch 

Thu, 06/20/2013 - 14:44 | 3676076 sodbuster
sodbuster's picture

Greece is just ahead of the US a few years- we're all just circling the drain trying to maintain the social programs that have been mismanaged, and that we can't afford.

Thu, 06/20/2013 - 14:52 | 3676115 10mm
10mm's picture

All by design,all of it.

Thu, 06/20/2013 - 14:47 | 3676091 Martial
Martial's picture

"Pull it."

Thu, 06/20/2013 - 14:47 | 3676094 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Don't be a bunch of pussies Greece threaten to press the red button on the derivatives time bomb Draghi is trying to hard to protect since his old boss Goldman Sachs is the counterparty to all that exposure, exposure Draghi set up in the first place to get Greece into the EU and their current predicament. Pull out and press the red button at the same time. You know you want to if you have pride left as people.

Thu, 06/20/2013 - 14:54 | 3676120 reload
reload's picture

ISDA will just say `this is not a credit event - move along` It is not in Greece's power to trigger anything, they blew that chance 18 months ago. Now they must curl up in the corner at take the kicking the IMF is getting ready to give them.

Thu, 06/20/2013 - 15:47 | 3676355 HardlyZero
HardlyZero's picture

Or IMF's Legs-arde with a strapon in a Greek bath.  wow that would be a major distraction while plugging holes.  But it wouldn't take too long to make their IMF point.

Thu, 06/20/2013 - 16:16 | 3676571 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

No they didn't, it is only being delayed. Remove the political sock puppets that have the ECB and EU in general hands up it's asses controlling the power levers in Greece and then shit gets real real quick when you have some politicians in power in Greece that aren't already bought and sold.  Will happen, probably not as long the people keeping bending over and taking it like a bunch of broken rape victims as long as the rapist shows just enough benevolence to keep them from rebelling and not allowing outside forces to empower them to stand up to the financial rapist.. The impedance to change there is psychological more than anything else. Remember that old saying about Stalin and plucked chickens....

You decide who is Stalin and who is the plucked chicken.

Thu, 06/20/2013 - 14:57 | 3676105 youngman
youngman's picture

The greeks have been prepaying pensions/ vacations they think they are going to get..that is if you are connected somehow.....they cheat and steal real well....but the Gols and Silver is a wierd one for me....I think its the paper failing right now...what will save it is a default on a delivery...soon to come i think...

Thu, 06/20/2013 - 15:02 | 3676144 reload
reload's picture

Phys silver is not available in the UK anywhere NEAR spot! Much lower premiums for Gold.

Thu, 06/20/2013 - 15:54 | 3676459 SAT 800
SAT 800's picture

bullionvault.com; located in London; available exactly at spot. In 1000 oz. bars if you want.

Thu, 06/20/2013 - 16:17 | 3676583 Herd Redirectio...
Herd Redirection Committee's picture

LOL so $20,000 minimum order?

Tulving's minimum is half that, but his premium is 15% currently (IIRC)

Thu, 06/20/2013 - 15:04 | 3676150 LibertarianX
LibertarianX's picture

If there was a failed delivery, I would expect the paper price to go to zero

Wouldn't bother me though, will be time to get my diving gear out and look for my stash

 

 

 

Thu, 06/20/2013 - 14:50 | 3676108 Jack Burton
Jack Burton's picture

ZH kicks ass as the best source for honest financial and economic reporting. They make CNBC and Bloomberg look like lying whores of the stock exchanges and central bankers. WHich they are!

Thu, 06/20/2013 - 14:59 | 3676136 SmallerGovNow2
SmallerGovNow2's picture

+1 Ditto, none better...

Thu, 06/20/2013 - 15:07 | 3676159 Bay of Pigs
Bay of Pigs's picture

You should check out Catherine Murray of BNN in Canada. She is a former Deutsche Bank and Goldman Sachs employee. I bet she sucks a mean Bankster cock.

http://www.bnn.ca/Personalities/Catherine-Murray.aspx

 

Thu, 06/20/2013 - 15:15 | 3676198 IridiumRebel
IridiumRebel's picture

"like lying whores?"

They are lying whores.

Thu, 06/20/2013 - 14:52 | 3676114 electricgorilla
electricgorilla's picture

Something changed. The usd/jpy was pretty much linked to the S&P 500. Not anymore. That treasuries are down (rates up) when the markte is selling off hard is a nightmare. Bill Gross must be drinking beefeater after looking at his P/L. This could get real ugly real fast.

Thu, 06/20/2013 - 14:53 | 3676118 franzpick
franzpick's picture

More wheels coming off, and an hour to go (down way more).

Thu, 06/20/2013 - 14:56 | 3676122 thismarketisrigged
thismarketisrigged's picture

this can be a -430 plus day on dow.

 

we have breaches some key levels and i could not be happier.

 

fuck wall st, i hope the fed unwinding leads to the demise of all the big banks and many arrests, fuck them all.

Thu, 06/20/2013 - 14:56 | 3676127 trader1
trader1's picture

what you see now was decided at the bilderberg meetings.  

Thu, 06/20/2013 - 14:57 | 3676130 thismarketisrigged
thismarketisrigged's picture

cnbc should be fun at 3 pm for closing bell.

 

if u want to laugh ur ass off, tune in to here maria ask all guests if they would be buying on this dip

Thu, 06/20/2013 - 15:11 | 3676177 franzpick
franzpick's picture

In this developing volatility, the new meme may be BTFGap.

Thu, 06/20/2013 - 14:57 | 3676131 Devotional
Devotional's picture

they are selling Gold to cover their losses :)

GOLD bitchez!!!!!

Thu, 06/20/2013 - 15:03 | 3676146 Bastiat
Bastiat's picture

Who is "they"?  Who is selling that also has significant gold?

Thu, 06/20/2013 - 15:00 | 3676139 Tsar Pointless
Tsar Pointless's picture

Give me Dow down 1000 on the day, and I'll be excited.

Give me Dow down 1000 for a few days in a row and I'll sport a woody the size of a telephone pole.

Thu, 06/20/2013 - 18:22 | 3677092 mt paul
mt paul's picture

watch out for 

woodpeckers....

Thu, 06/20/2013 - 15:00 | 3676141 NEOSERF
NEOSERF's picture

Yeah, like Greece actually has 12 months of funding...silly IMF, Trix are for Greeks...

Thu, 06/20/2013 - 15:03 | 3676147 Yen Cross
Yen Cross's picture

      Where's the POMO?  Thur. June 20th, 2013 > $2.75-3.50 billion.

Thu, 06/20/2013 - 15:06 | 3676157 wisehiney
wisehiney's picture

1600 is a greecey floor.

Thu, 06/20/2013 - 15:08 | 3676165 freedogger
freedogger's picture

Hope the deer is fed and rested. He might have to clock some over time in the next while.

Thu, 06/20/2013 - 15:12 | 3676181 williambanzai7
williambanzai7's picture

Get ready for Bail In the Sequel...

Thu, 06/20/2013 - 15:12 | 3676183 sandiegoman
sandiegoman's picture

This is all converging I'm one ugly mess! Japan , china, and now Greece. Gold is not acting like a safe haven at all. When will support be in? I hAve been fuked 6 ways to Sunday.

Thu, 06/20/2013 - 15:21 | 3676242 mydogisprettier...
mydogisprettierthanyou's picture

Good thing its Thursday...You're getting laid alot....hahahaha

Thu, 06/20/2013 - 15:19 | 3676232 mydogisprettier...
mydogisprettierthanyou's picture

Glad Im off work today...I like a good show

Thu, 06/20/2013 - 15:24 | 3676256 franzpick
franzpick's picture

Going thru the cracks again. EuroStoxx50 down a disastrous 4% or so today, could see buyers gathering at 2500, down 2.5% more.  You can find it here:

http://www.investing.com/commodities/gold-advanced-chart

Thu, 06/20/2013 - 15:28 | 3676298 Legolas
Legolas's picture

Any guesses on what the Dow and S&P closing numbers will be?

 

I'll say Dow  down 490 points.  S&P down 57 points.

 

 

Thu, 06/20/2013 - 16:07 | 3676520 Legolas
Legolas's picture

I was wrong.  I'm just too optimistic.

Thu, 06/20/2013 - 15:35 | 3676318 Hannibal
Hannibal's picture

Worthless "paper" GLD SLV are sold to satisfy marging calls.

Apmex and Gainsvillecoins have 10 oz bar on sale for $ 217.55. Hint hint

Thu, 06/20/2013 - 15:35 | 3676351 Sid James
Sid James's picture

But Hollande and Rompuy assured us only last week that Europe was FIXED!

Thu, 06/20/2013 - 16:11 | 3676538 Peter Pan
Peter Pan's picture

I think he meant NIXED.

Thu, 06/20/2013 - 15:40 | 3676394 franzpick
franzpick's picture

You can see your favorite stock sector here, down 2-3%:

http://stockcharts.com/freecharts/marketsummary.html

Thu, 06/20/2013 - 15:47 | 3676425 TrustWho
TrustWho's picture

Coach Bernanke: 

"What the HELL is going on out there? Buy the DAMN DIP!"

Thu, 06/20/2013 - 16:00 | 3676489 yogibear
yogibear's picture

Empty IMF threats. Tell them to go ahead.

 

Thu, 06/20/2013 - 16:09 | 3676527 Peter Pan
Peter Pan's picture

How can they pull the plug when she is already down the drain?

Thu, 06/20/2013 - 16:13 | 3676549 theprofromdover
theprofromdover's picture

Greeeeece- they're testing your perimeter.

Seeing whether you'll just bend over an accept some more.

Now is the time, jack the Euro, print some drachmas and lets get this show on the road.

Thu, 06/20/2013 - 16:28 | 3676665 f16hoser
f16hoser's picture

"Hey Christina, wanna earn $20 the hard way?"

Thu, 06/20/2013 - 16:29 | 3676670 SmittyinLA
SmittyinLA's picture

You just know in the craigslists of every single Greek city are ads popping up for "creative accountant with flexible skills wanted, unlimited earning potential" 

Thu, 06/20/2013 - 17:12 | 3676857 falak pema
falak pema's picture

ag<20

AU<1290

ke sabe

Thu, 06/20/2013 - 19:57 | 3677311 Haole
Haole's picture

What kind of drooling fucking imbecile calls a 6 or 7 point drop on the S&P a "plunge"?

 

 

 

Fri, 06/21/2013 - 14:05 | 3679899 Trampy
Trampy's picture

only a faux "trader" who wastes a lot of time looking at tick charts ...

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