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US Equities Give Back All PBOC Rate-Cut Gains
As we already noted, Draghi's comments had no impact whatsoever on US equities overnight but when the PBOC rate-cut news hit, AUD surged and so did US equity futures... all the way into the US Open (and OPEX pins). From that moment, the selling began and as Goldman noted, the rate cut was only "slightly useful," which was later confirmed by the PBOC mouthpiece Xinhua saying "this is not a signal of a big liquidity ease." Stocks have retraced all their gains...
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Aaaand... the bottom is in. It has been a nice methodical stair step down to this point.
ZH moves markets!
"My broker is Zero Hedge and Zero Hedge says...." <room falls silent>
(Old E.F. Hutton commercial)
Thanks for the memory jog - I have been trying to remember the company that this commercial was based. This is an example of great advertising when 30 years later people still use the line.
all the way into the US Open
Hold on.... is a tennis match dictating stock moves now?
I use that line all the time.
But the lower rates remain even after the thrill is gone. I feel sorry for all those retired Chinese widows who have to live with lower interest on their life savings.
In other news... anyone notice the half-life on these stimulus announcements is now down to a handfull of hours?
Sum Ting Wong ?
Draghi talkes the Bazooka, crashes the Euro.
http://www.fxstreet.com/news/forex-news/article.aspx?storyid=78cc086a-4b...
Draghi is all mouth. Every week its - i might do this, i might do that. Does he actually do anything? Nope. How the fuck can global markets still react to anything that comes out that gobshites mouth? Every time he opens his mouth delays the day my PM's are worth their true value and its getting personal now. Fucking prick paedo (allegedly).
Draghi can't do anything. But his talking is the narrative for the manipulators to turn the markets up. The participants are being played like monkeys.
Mario Draghi > Fergal Sharkey
Looks like a blow off top. The way I look at the China banks rate increase is that they are in big trouble. We have to much debt everywhere!
Why are they increasing rates on deposits? Because Chinese are taking money out of the system. Not quite a bank run yet but gathering steam.
Their rate cut is going to do nothing for the economy. Coal, copper and steel are all telling the story.
Defaults already happening and more looming. Debt quality goes in the shitter.
PBOC is like that Chinese artist spinning plates on sticks...
small consolation for anyone short the ATH from last night ....and woke up fucked
do not short, do not go long unless maybe ES
everything else is up and down like a yoyo
Anyone short last night for any rational reason has a death wish.
did china's cb's, and oligarcs make a killing in the market, as americas cb's do on pomo min,'s, and dudley's statements?
But..but..I need an ATH. Coke and hookers for the weekend, you know.
And it is amazing that with the Euro trashed and the dollar soaring that gold is as strong as it is. Maybe a bottom is in this time. Maybe.
This just shows the risk is all to the upside. You can close your eyes and buy them here; we are going higher.
give back all the gains???
see Dow chart v-shaped ramp in progress...
fucking joke.
The usdx hasn't retraced any of the Draghi jawboning.
er.......,.erm.........uhh......nevermind.
Prepare for air strikes against Putin.