• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Stocks Soar On Egypt Coup News, Ongoing Portugal Crisis

Tyler Durden's picture


One has to laugh. Following overnight news of an ongoing collapse in the Portuguese government and an epic surge in Portuguese bond yields, not to mention the ongoing military coup in Egypt, the S&P just hit highs as trading volume disappears and the BTFD algos take over. All we need now is news of a meteor headed straight for Manhattan for the ES to be halted limit up.


Update: The melt up on no volume insanity continues:

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Wed, 07/03/2013 - 12:06 | 3718227 CPL
CPL's picture

Party hats for everyone!!


Something is happening in Dubai...they are broke again.  And Saudi nationals are sabre rattling against the king again.

Wed, 07/03/2013 - 12:08 | 3718256 Renewable Life
Renewable Life's picture

Ya because a civil war on the Suez Canal is totally stabilizing for the region!! If you think Syria is complicated, wait until this shit hits the fan!!!

Bullish today though, buy you little rat bastards, buy!

Wed, 07/03/2013 - 12:11 | 3718275 flacon
flacon's picture

These expletive markets! Piece of $hit!

Wed, 07/03/2013 - 12:30 | 3718381 Buckaroo Banzai
Buckaroo Banzai's picture

Seventh seal broken! Riders of the apocalypse unleashed! STOCK MARKET HITS RECORD HIGHS!

Wed, 07/03/2013 - 12:44 | 3718453 kralizec
kralizec's picture

War boner!  Woo hoo!

Wait, how will this date look in the morning?


Thu, 07/04/2013 - 05:58 | 3720745 Muppet of the U...
Muppet of the Universe's picture

Sometimes, when I read ZH, I like to pretend that I know what I'm talking about and I let the random liquid shit in my head plop out of my head and onto this page.

Thu, 07/04/2013 - 06:00 | 3720748 Muppet of the U...
Muppet of the Universe's picture

Oh SHIT!  You too?1?  Well damn man keep reading below b/c tha liquidity of this fine grit bullshit only gets more and more runny.

Wed, 07/03/2013 - 12:37 | 3718414 fockewulf190
fockewulf190's picture

And they want me to sell my phyzz and "get back in the market before it's too late!". Fuck that. Not interested in playing in a rigged casino filled with financial vampires searching for muppets to feed on.

Wed, 07/03/2013 - 12:45 | 3718467 Go Tribe
Go Tribe's picture


Wed, 07/03/2013 - 12:29 | 3718313 TruthInSunshine
TruthInSunshine's picture

Total and complete manipulation through every indirect (and some may dare claim direct) tool, lever and channel they have at their disposal influencing the equity markets are LITERALLY ALL the Fed & BOJ have at this point to keep the holograms that are the U.S. & Japanese economies believable (even if only to a shrinking % of sheeple).

Ben Bernanke spent the last 4+ years building a perfectly massive equity (and bond) bubble on the pillars of a 'round the clock debt printing/check kiting sweatshop, and he'll be damned if his "Virtuous Circle" macroeconomic policy is revealed as the ponzi & pure alchemy that it is prior to his graceful exit, if he can help it.

Kevin Henry's still pitching, but Ben made the call to the bullpen and it looks like there's some activity goin' on down there, in case he needs insurance.

Wed, 07/03/2013 - 13:10 | 3718591 g'kar
g'kar's picture

Amazing.....is this economy so shallow and holographic they have to do this crap? Is this all about maintaining Obama's presidency or is it more than that? I'm baffled.

Wed, 07/03/2013 - 12:21 | 3718332 BandGap
BandGap's picture

It's a cage match - Sunnis, Shia, Hezbullah, Al Queda, Coptics, dogs, cats, gerbils and ferrets.

Let's get it on!

Wed, 07/03/2013 - 12:55 | 3718517 TruthInSunshine
TruthInSunshine's picture

Don't forget the Feral Hogs!

Wed, 07/03/2013 - 13:18 | 3718636 tenpanhandle
tenpanhandle's picture

Don't forget the homosexuals; they're allied with the goebbles, I mean gerbils.

Wed, 07/03/2013 - 12:35 | 3718399 DormRoom
DormRoom's picture

Same up days on horrible news occured during the Financial crisis because Algos were buying to cover shorts, but once shorts stops were covered the markets hit new lows a few days later. Repeat.  Volatility spreads widening would indicate this shift.

Wed, 07/03/2013 - 12:05 | 3718231 hugovanderbubble
hugovanderbubble's picture

SELL 100%

and short till eternity


Wed, 07/03/2013 - 12:07 | 3718243 CPL
CPL's picture

Go look at the Dutch bank balance sheets.  Equally screwed along with all the Nordic regions as well.


Man... it's mess that they'll never dig out of in a 1000 years.

Wed, 07/03/2013 - 12:10 | 3718268 Rubicon
Rubicon's picture


Wed, 07/03/2013 - 12:13 | 3718281 flacon
Wed, 07/03/2013 - 12:20 | 3718323 JFKFC
JFKFC's picture

FAZ is a financial sector 3x inverse ETF.
Go long on the inevitable.

Wed, 07/03/2013 - 12:40 | 3718440 flacon
flacon's picture

I recommended FAZ to my brother this past weekend. Just watch that decay though - sideways action is bad for FAZ. 

Wed, 07/03/2013 - 12:53 | 3718507 CPL
CPL's picture

Don't put a nickle in the market.  I am so serious about this.  Do not perform any cash and carry trades for the next four months, it's asking for trouble.  Bear or Bull, it doesn't matter, just stay out of it and pretend it doesn't exist.


5 years I've watched people play chicken and lose hard everytime.  Best way to play this 'rally' is not to play.  Walk away from the table.

Wed, 07/03/2013 - 13:27 | 3718681 jvetter713
jvetter713's picture

Never ever go long FAZ.  Short FAS.  Decay on these is insane.  Short the inverse of the inverse.

Wed, 07/03/2013 - 12:51 | 3718489 CPL
CPL's picture

Iceland, Finland, Greenland, Norway, Sweden, Denmark.  The balance sheets are really awful.  

Otherwise positive exports in the area.  Some great hockey players, amazing metal bands (Russia as well), Linux (it's free as in beer), Minecraft (Mojang) and some of weirdest movies I've ever seen.  Individually the area excels at cool things for people.  Corporate offerings, they suck horribly.  Government spends far more than it'll ever bring in for half a century.

It's an area of the world that lives on credit...and they still have parliamentary systems tied to royal blood lines.  It's a mess that is waiting to implode with a single missed shipment of vodka and beer.

Wed, 07/03/2013 - 15:11 | 3719186 Cull Morgan
Cull Morgan's picture

According to IMF, here's the net government debt as % of GDP:

Norway -166
Finland -51
Sweden -18
Denmark +8
Canada +35
Germany +57
US +108
Japan +134
Greece +155

Who's living on credit and is a mess waiting to implode?

Wed, 07/03/2013 - 12:06 | 3718236 JeremyWS
JeremyWS's picture

Yeah but a meteor is truly bullish, think of all the damaged windows, Krugmans wet dream....

Wed, 07/03/2013 - 12:19 | 3718317 I Am Not a Copp...
I Am Not a Copper Top's picture

Thought that when I saw Man of Steel and how fucked up Metropolis was after the battle with Zod.   How bullish for the economy that would be!

Wed, 07/03/2013 - 12:06 | 3718237 digitlman
Wed, 07/03/2013 - 12:07 | 3718238 101 years and c...
101 years and counting's picture

its July 3.  cant have a down day before the 4th.  after the 4th.....


just look at chart.  spx is still rolling over.  lower lows and lower highs intact on the daily, weekly and monthly.

Wed, 07/03/2013 - 12:08 | 3718247 CPL
CPL's picture

Operation Blackjack.

Wed, 07/03/2013 - 12:07 | 3718241 slaughterer
slaughterer's picture

Love this market.  

Wed, 07/03/2013 - 12:11 | 3718270 Mordenkainen
Mordenkainen's picture

I could hear you guffaw when you typed "market."

Wed, 07/03/2013 - 12:25 | 3718349 prains
prains's picture

Don't know anyone who has laid down a nickle for a stock in 3 years

Wed, 07/03/2013 - 13:25 | 3718670 kralizec
kralizec's picture

I only stocks barbarous relics, lead, arms, food, water...booze...

Wed, 07/03/2013 - 12:07 | 3718246 Seasmoke
Seasmoke's picture

It's all Gold !!!

Wed, 07/03/2013 - 12:08 | 3718250 Silverhog
Silverhog's picture

Stocks will soar on a rescued kitten. 

Wed, 07/03/2013 - 12:15 | 3718251 khakuda
khakuda's picture

Let's add higher interest rates, surging oil, falling mortgage apps, etc...

But, hey, it's a the BIGGEST POMO day of the month crammed into a half day...GENIUS!

Or maybe a certain squid got the employment report a couple days early...

Wed, 07/03/2013 - 12:08 | 3718255 hugovanderbubble
hugovanderbubble's picture

ES TARGET 1500-1535

Wed, 07/03/2013 - 12:09 | 3718260 Ness.
Ness.'s picture

"I want a hamburger, no a cheeseburger.  I want a hotdog.  I want a milkshake..."  

Happy Independence Day USSA.  PPT, take me away!!!



Wed, 07/03/2013 - 13:23 | 3718659 kralizec
kralizec's picture

"You'll get nothing and like it!!!"

Wed, 07/03/2013 - 12:09 | 3718264 Colonel Klink
Colonel Klink's picture

Where's my 15k rally hat?

Wed, 07/03/2013 - 12:10 | 3718266 nomorebuyins
nomorebuyins's picture

Good times.

Wed, 07/03/2013 - 12:10 | 3718267 gjp
gjp's picture

Was there ever any doubt?

Wed, 07/03/2013 - 12:12 | 3718276 Temporalist
Temporalist's picture

And in much moar better news about the rescued economies of Euro:

Analysis: Portugal, Greece risk reawakening euro zone beast

"A teetering Portuguese government has underlined the threat that the euro zone debt crisis, in hibernation for almost a year, may be about to reawaken.  

From Greece to Cyprus, Slovenia to Spain and Italy, and now most pressingly Portugal, where the finance and foreign ministers resigned in the space of two days, a host of problems is stirring after 10 months of relative calm imposed by the European Central Bank."



Portugal president calls crisis talks as government teeters

"Portugal's president summoned main political parties for crisis talks over the government's future with markets reeling on fears that a snap election could derail Lisbon's exit from an international bailout."


Wed, 07/03/2013 - 12:13 | 3718282 Clowns on Acid
Clowns on Acid's picture

Hey it's only Portugal, ...it's only Egypt,....it's only Greece. it's only Cyprus.... it's only.... feckin' printing !!

Wed, 07/03/2013 - 12:15 | 3718292 hugovanderbubble
hugovanderbubble's picture




Are both in default

Wed, 07/03/2013 - 12:17 | 3718305 thismarketisrigged
thismarketisrigged's picture

''All we need now is news of a meteor headed straight for Manhattan for the ES to be halted limit up''


cried of laughter from this line, because its so true

Wed, 07/03/2013 - 12:17 | 3718307 Quinvarius
Quinvarius's picture

Must close over 15k for the holiday.

Wed, 07/03/2013 - 12:17 | 3718308 Divine Wind
Divine Wind's picture



The New Norm: Bloodshed = Stock Bullishness.

This is really one eff'd up world we have here.

Wed, 07/03/2013 - 12:20 | 3718321 breakyoself
breakyoself's picture

Why don't they ever speak of POMO?

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