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Portuguese Stocks Enter Bear Market
The PSI20 - Portugal's "Dow" - is down 22% from its exuberant early-year highs (when Europe was fixed). Who could have guessed that under the surface, nothing was fixed? We are sure the next few days will be full of reassurances from asset-gatherers and TV anchors proclaiming that "Portugal is a small country", "BES is contained", "Draghi's put will protect from any contagion." Now where have we heard that before.. and remember as Juncker told us, "when it gets serious, you have to lie."
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The Portuguese banks are like the futbol team: looks good on paper, but when it comes down to it, they always disappoint on the pitch
That is more like my date I got off the internet....good photos...better photoshop...
Whatever it takes...
bear market
i'll take a pair of polar bears
and a couple of those grizzly bears too...
and throw in a panda for the old lady
you take visa ...
You mean they dont manipulate their stock market or anything of the sort?
I guess you can only pull off crap like that with a reserve currency...tick tock tick tock...
Ironically enough, Portugal once issued the world's reserve currency. On that note, reserve currency status tends to have an average lifespan of around 110 years. The dollar has been the world's reserve currency for this period. A sign of things to come?
Long gravity.
I hear Gartman is 'pleasantly long.'
#deleted#
He's ALWAYS saying that !!
Global Soverign Central Banks are LONG US$29 Trillion of equities on behalf of their tax payers!
...but their bonds are selling like hotcakes as "investors" seek a "safe" place for their money...
/s
How fucking low are interest rates in the E.Z. already?
LMFAO!!!
What happened to Greece.....I want more Greece
There has been high demand for Greek government bonds. However, this is largely the result of investors being thirsty for yield in chronically low interest rate environments, rather than a vote of confidence in Greece's ability to reform its public sector and rehabilitate its economy.
am I not seeing the sarcasm here? Or, is this a cut and paste from the MSM?
Tylers forgot to mention it's also down YTD. How did they miss the opportunity to include that piece of bad news? Sloppy work, Tylers. Don't let this happen again.
Up voted you for the fantastic avatar! :-) The new solution for sick Bankers...
Stick around. Sometimes I write stuff that's not completely awful, too.
It was inspired by a ZH story about that ex-banker who offed himself with 8 shots from a nail gun a few months back. He either had an incredible level of commitment to his own demise, or he had help. Either way, it was inspirational. I changed my avatar to that nail gun the same night. I many never change it again.
Another JP Morgan Murder/Suicide...no nail gun this time:
A bank executive from London shot his wife dead before turning the gun on himself in a tragic murder-suicide, police said Thursday.
http://hereisthecity.com/en-gb/2014/07/10/banker-said-to-have-shot-wife-...
JP Morgan Director Julian Knott Killed Wife With Shotgun in Murder-Suicidehttp://www.ibtimes.co.uk/former-london-jp-morgan-manager-julian-knott-ki...
I dreamt I was a voyeur and watching the CEO of a very large criminal bank going down on a hooker.. with Ebola .. in Liberia.. I mused it was better than an HPV solution.
It was a nice dream.
I thought Portugal was one of the Team USA approved good guys, like Israel and Germany.
Beer time.
bears
like beer....
A minor correction before the Portugese economy goes off the cliff. That Portugese graph for 2014 could be what the Dow Jones average looks like in eight months.
make that 2 months
Euro Interest Rates didn't get negative enough!
Wait until end of US session ... after which the FED will have bailed and swapt Portugal and stocks across the planet will end in the green again. BTFD.
Any bets?
For the sheeple out there: That of course is NOT a reco.
Markets will close on their lows!
Yes - maybe next decade or. Until then, thanks to ultra low rate forever, CBs, Pensionfunds, and whoever has money to invest will only have one place left: equities. Add stock buybacks - and you will understand, that stocks have just one way left to go. No matter how insane it is. There is no other place left to speculate. And they all know it. So it's like putting oil into fire. Get used to a bubblish SnP 3500 and higher before any meaningful pullback.
Weimar, Zimbabue - see, here we come. Inevitable. Either increase rates and we crash by debt - or don't increase rates and we crash due to hyper inflation in necessities and finally public unrest. There is no way out anymore.
Uh,Argentina?