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Market Update: Surveying The Damage
The algos could have a problem getting out of this one. From Mrs.Watanabe (JPY -170pips, NKY -500 points from highs) getting hammered (and the Hang Seng -5%) to European sovereign bond spreads exploding (Portugal +170bps - biggest spike in 2 years to 8 month highs) and financial stocks collapsing (-4%), safe-havens are heavily bid from gold and silver (+3% from lows) to US Treasuries (10Y dropped 8bps) and global equity markets are taking it on the chin. Not pretty...
Just as Mrs. Watanabe was getting back in the water...
and hopes of China doing well slayed...
Europe is a bloodbath - especially bonds...
with Portuguese bond spreads blown out...
and European financials are getting crushed...(catching down to credit)
and safe havens are bid...
and Treasuries and US equities are back to their anti-correlated selves...
and Crude continues to surge... implying $4 gas prices coming soon...
Charts: Bloomberg
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There should be plenty of volume in US markets for the remainder of the week to smooth things out.
Markets close early (1 pm) today and Friday will be a semi-holiday. Don't worry about a thing....It's all Bullshit!
Saved by the 4th of July....kinda makes me feel a little patriotic....which of course defaults me to terrorist status.
Low volume will allow the PPT to get this fixed for only a few billion. I'm feeling rather patriotic myself. Maybe we can bunk together the detention center. I've been haunted since watching Cloud Atlas. I wonder if they will feed us to ourselves?
Or you'll have the IRS on your back
I'm no longer celebrating the Fourth of July. Henceforth, I will celebrate August 24th, in honor of the burning of Washington DC in 1814.
Happy "Burn it Down Day", bitchez!
That's great, we sleep as the rest of the world is going thru great turmoil. Don't be shocked when we wake up.
You see any signs of America awakening?
Crash the whole Ponzi.
This is where we are:
"Delay of employer health care mandate."
Think they will delay the requirement that citizens join an insurance exchange or pay a penalty to the IRS? Snowball's chance in Hell.
We are SLAVES to the government/crony capitalism machine. Go ahead and vote for either party - and see if your chains get any looser.
The people need to realize, government agents can claim sovereign immunity, the courts have upheld that thousands of times. If the agents can claim that immunity, it is only because they represent the sovereign people, as all government powers have been delegated by the people. The people seem to never claim sovereign immunity, but there can be no question, that is exactly where that power is derived. USE IT!
There is only one way to vote now. Feet on the street.
silver H&S pattern if it will take out neck line 22 is a near target
Only a terrorist (i.e. gollum sachs) would dare sell the european financials.
There's only one man who would dare give me the raspberry! [/dark helmet]
Amazing how many plates the ppt can keep in the air; gotta hand it to them.
Futures DROP on positive ADP report!:) WE are SO FUCKED!:)....nothing more to say!
Where is the outrage? These dangerous items must be banned! For the children! For the women! For the mothers! For the sisters!
Sharp Rise in Women’s Deaths From Overdose of Painkillers"More women now die of overdoses from pain pills like OxyContin than from cervical cancer or homicide."
http://www.nytimes.com/2013/07/03/health/rate-of-painkiller-overdose-dea...
Oh nevermind they aren't guns so they can kill and nobody cares.
No worries......oxy well be near impossible to find once Obamacare kicks in.....unless you're a Congresswoman of course.
But Big Pharma makes so much money off of those!
Can't take away "Mother's Little Helper"!
Big pharma plus big banks equal death.
$4 gas? Been to Chicago lately? It's been over $4 for months. Now we're looking at $5.
European prices here you come America.
If you want to drive to work you better take your accountant with ya
Yeah, but think of all the benefits of living in Chicago.
of course futures are now heading higher. still in the red, but the algos will make sure they r green shortly.
there is no set rule. they decide whether good news is bad or bad news is bad, or whatever.
i guess now a good adp report was good, alhough we all know the number is total bullshit
Things were'nt too bad before that heat wave last week.
$5 billion POMO day today. A red close would be very surprising.
These buys don't settle until friday.
The 3 billion bought yesterday does settle today.
That may feed the 2:30 ramp?
Unless Spain & Egypt are enough to make a great Short day!
Everyone put on your surprised face...Gold sold, stocks bought!! Another day of feeble intervention!!
The 10 year is trading on the 2.44 handle. Will it be a POMO bond or stawk trade on this (caugh ,caugh) light volume/algo driven day?
No we do not. We are watching Dancing with the stars
What about the bitcoin spread?
Oh you mean thats not affected by MsM tittle-tattle and market dis-information?
Oh.
BTFD then!