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Stocks Dump & Euro Pumps As Draghi Says No "QE" Discussed
While rate cuts were hoped for but not expected, the key to Draghi's jawboning or future easing efforts was hopes that the recent failed sterlizations of their SMP program (i.e. as close to outright money printing as they can get within the treaty as it stands) were supporting Europe. That was until:
- DRAGHI SAYS STOPPING SMP STERILIZATION WAS NOT DISCUSSED
DAX is re-tumbling, EURUSD is soaring, and US Stocks have crumbled 10 points to overnight lows. It seems everyone wanted some intervention... and for now Draghi has disappointed.
Notice the knee-jerk reaction on the statement and now the follow-through as reality bites...
S&P futures VWAP is around 1749 so expect a few pumps to that if we are to drop..
Charts: Bloomberg
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STRONG EURO AGAIN!!!
YEEEEAAY!!
RICH AGAIN!!
I wish the real world would just leave me alone.
Strong Euro again. Arrrrgggg. This really screws up my day job of importing mulitmillion dollar construction machinery from Europe. Thanks Draghi you just flushed $30k down the toilet for me this morning. This floating rate currency nonsense really screws with real world business bottom line in ways people can not imagine.... and not just fortune 500 multinational corporations either.
you don't like free money markets and Friedman's mantra?
You are someone who is out of step with the financial Pax Americana world since...1971.
You can always cover currency risk on real economic transactions at a premium but you can't cover irrational exuberance turned into pathological hubris and panic fiat speculative auto destruction...give a psychopathic uber-klass enuff rope...
Actually I would not mind a free trading currency system if it was based on real "markets" that make moves based on fundamentals like GDP, trade deficits and such and not go flying off in who knows what direction depending on what some bureaucrat said, or didnt say, or should have said.
You used to be able to predict currency moves based on interest rate disparities, but with everyone now at zero and staying at zero, "predicting" and thus making sound business decisions is a crap shoot. My business model now feels like a trip to las vegas and betting on horses. Come on old Draghi, give me some QE and kill the euro, baby needs a new pair of shoes
Hey, if you want quality machinery that you can't get in America you have to be willing to pay for it he
Draghi's an asshat. These motherfuckers go to the best schools just to get stupid. Bastards.
What do they know that we dont know??????
I don't know. But, hey, if we ask Cramer, then we'll know...to do the opposite!
I was never so successful as when I applied that to my mothers words many moons ago, it still holds it's muster even today.
how a 5000$ bottle of wine tastes like for example... that's one
It tastes pretty much like a $10 bottle ... but with a $4,990 label on it.
a 10$ bottle of wine... no... that's crap.
Every single little thing is misspriced due to the FX manipulation.
Now the hammer swings..
Can't touch this.
naa na na na, naaaa na
The list just goes on and on.
come on dragi the market is down 5 percent intervene already
No one has any money!!111shiftkey4evr!1!!
Every "entity" is leveraged out; there is nothing more to sell, there is nothing more to conjure from air. Holy smokes, I read yesterday that even Americans are saving some money, and paying down debts. How come governments can't do that??
Hmm....
Ask Puerto Rico....they are going to ty and sell some more debt.....lol
dey ain't tumblin no more