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Stocks Go Green, Euro Spikes On Report Greece To Ask Request Program Extension Tomorrow
Now where have we seen this before? Surprise contradictory headlines that occur shortly after vehement statements by leaders:
- *GREECE AIMS TO REQUEST LOAN ACCORD EXTENSION TOMORROW: OFFICIAL
This comes after Varoufakis and Tspiras specifically saying that they will not extend the current loan accord: "Salvation will not come by extending the mistake," adding that compromise on the current program "is not an agreement but a surrender that would complete the euthanasia of our country." How long until the denial?
Algos love it:
And of course, this was again all about getting the S&P green from Friday - sucking in the stops:
* * *
Update: as Reuters clarifies (well after the kneejerk reaction to the wrong headline), "Greece intends to ask for an extension of its loan agreement with the euro zone on Wednesday, a source in Brussels said, distinguishing this from the country's full bailout programme."
As a reminder, the extension of the "loan agreement" but not the bailout programme, was part of the Eurogroup draft which Varoufakis had agreed to yesterday, until it was struck out and replaced with "programme", which is what the Greek threw up all over.
What we said yesterday:
Some of the key variations:
- the addition that the Greek authorities "intend to successfully conclude the programme taking into account the new government plans", something which when listening to the Varoufakis presser was clearly not the case.
- the addition that Greek authorities will commit to "refrain from unilateral action"
- the addition of specific reform parameters including "tax policy, privatisation, labour market, financial sector and pensions"
- the addition of a Greek commitment (not agreement) to guarantee (not ensure) "debt sustainability in line with the targets agreed in the November 2012 Eurogroup statement."
And the punchline: the language about the "six month technical extension" not of the current loan agreement as an intermediate step, but of the "programme", and the addition of the explicit "bridge" language.
In other words, total non-news, but don't worry: while stocks ramped on the "good news", they will once again forget to revert to pre-headline levels, as every incremental piece of good, if false, Greek news sends stocks higher, even if there is no subsequent selling on the inevitable refutation.
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In a previous comment and article I said that the new greek gov is flirting ans asking for a bigger ring before it swallows...
Done.
But...but..that moron Graham Summers told me to short SPX at 700 in 2010 and go long gold at $1900 in 2011....guess I was the idiot for paying Mr Summers $99 a month for his newsletter advice?
patience, my friend, gold will go through the roof, eventually.
what a spike... dude, i mean woooooa, from...1.14 to.... 1.14... WOOOOOOOOHAAAAAAA
stop maxing the fuck up scales and give some fucking overview so we can see nothing change, this site is fucking pissing me off day after days on finance part when they see collapse-crumble-tumble-whatever-ZH-favorite_tyler_keywords-what-so-fuck-ever anytime a fly fart on wall street for a 0.01% this is pointless fucking utterly BS.
This is just another pump & dump bullshit report
pumped by "Official"
You can bet there are players that plant these stories just to play the markets..
"Aims"
Dead give away.
so fucking true, amen HB, god keep you safe.
This is going to see-saw back and forth. It's all Bullshit!!! They will come to an agreement.
I think Greece is going to get everything they ask for which in turn will piss off Germany. Ultimately the Germans will be the ones to leave the EU not the Greeks.
Oh please, Denials of this news report due in 5, 4, 3, 2,
I always figured when the hammer comes down Germany would be the first to bail out. Now we have policy running on rumor and rumors of rumors so I'm kind of expecting Spain or Italy to go first.
Spain will go after the next election....they are close behind...
Remember that Germany did contract with a major banknote printer for the printing of new Deutchmarks a couple of years ago...
Uh sure, remember "...because they lent out these vast amounts of money to other European economies, who can't possibly pay them back..." https://www.youtube.com/watch?v=I5QwKEwo4Bc
So explain to us how Germany will write off these amounts, including those in their TBTF banks!
no greekexit? Wait, you guys said it was a sure thing....
'You guys'....I don't know who that is, but I figured Greece was just playing holdout for more cash from the start.
Not many posting here have claimed anything was a sure thing regarding this drama, so you are full of it. Yes, Greece should leave the Euro but there has been zero talk coming out of Athens regarding that.
There is no sure thing. This is all BS until March 1. Then things will get serious. Expect a couple of days of tension while nothing gets done after the Mar 1st program ends. I would expect to start seeing news items end of next week about who takes the hit if Greece walks. If the CB's and Large Banks still hold sizable positions in either bonds or the CDS's then it gets really interesting. If they have already off-loaded them to the schmucks then nothing interesting except a day or two of headlines but not much in the way of major market moves.
Except the perpeptual Bib one tick at a time.
It's always about the money- either to line the pols pockets, or more stuff for the free shit army.
absolutely. there are no sure things. now as we have established that, we can look at the narrative ZH been pushing. It was obviously "pro-grexit" rather than the other way around. furthermore, i generally like to think that if one is analysing and supporting an idea, he must be betting on it as well. Hence my comment ;)
So you are going by this story. I did not find any indication this came out of Greece. The story does not even indicate what country the source is from.
His comment was a Strawman Argument, a shallow Strawman at that, insulting, and not really worthy of any response whatsoever.
I have not read many posters, any that I can recollect, that claimed that Greece was going to get booted out of the Euro as an absolute certainty.
My bet has been that the US Fed will bail them out as it is in the USA BANKSTER'S best interests not to have cascading Derivatives failures that demolish the Financial Sector.
This was done by Bernanke and Co. after the 2008 debacle made every single European Bank insolvent and TRILLIONS were backdoored given to them. What is a paltry $300 Billion compared to that?
The USA Taxpayer will end up paying for the continuation of the Greek Socialist Welfare Programs.
That was my prediction. It still is.
And if you really believe that Bernie Sanders supports this type of BAILOUT bullshit...HE DOES NOT. The Media attempts to portray him in that manner by twisting his words.
SENATORS AGAINST THE BAILOUT: Bernie Sanders (I-VT) [1]
https://www.youtube.com/watch?v=DRsikjj5b7U
Here is a video of Bernanke telling Sanders that he will not tell the American Public what Banks received a bailout.
https://www.youtube.com/watch?v=oOpQkRsEfaU
Here it is for your enjoyment and A SHOCK that your Media LIED TO YOU, ONCE AGAIN...They are the masters of the Strawman Argument and you guys buy into this and swallow it hook, line, and sinker!!!
This man is against the Banks, against the Federal Reserve.
And many here will demonize him as a "Socialist"?
Yet most will believe the headlines and News Propaganda without challenging anything which is published.
Same as it ever was.
Hey, look over there!!
SELL THE BOGUS NEWS POP.
BUY THE BOGUS NEWS DUMP.
Just a headline to feed the algos.
Hopefully Yanis will make another headline to mess with the algos, as seems to be his secondary target.
Or are algos already primed with something like:
if (remark_by_yanis == true) {
ignore_headline;
}
Wouldn't it be great if Yanis took every last remaining Euro and played the markets as he issued a series of market-moving statements? He could wipe out that debt in no time, and since central banks are on the other side of all these trades, they'd be no better off than they were before.
At this point every country should begin that game. It is clear there is a coordinated and planned operation in which positions are taken and then govt issues false statements, false rumors or make statements or ultimatums they do not intend to follow through on. This is being done by the countries closest to the bankers. US/Germany/France/EU - The other countries, in particular Greece, should realize begin using this weapon and money making tool themselves.
Seems they've been trying for a VIX-nado, but thus far it's more like a waterspout in a dairy farm milk puddle. Perhaps they're waiting til after 2?
They don't even try to make it look natural.
exactly tylers. its all fucking bullshit. they have programmed these algos so well, its remarkable.
when greece says they wont give in, etc, and reject the deals, the ''markets'' ( ponzi scheme cough cough) stay flat, but the 2nd they say the word ''extension'', deal, wtrvr the fuck it is, these algos shoot up like they r having an orgasm.
truly sickening.
I GUESS EVERYTHING IS TRULY AWESOME!!!!
they are going full Bullard...you never go full Bullard.....
Why do I hear circus music when I read this?
I hear the theme song form The Benny Hill Show.
Hey what's that flash?!
Must be Easter, 'cause the smart money is about to crucify some muppets.
I DON"T CARE, anymore....
It was me!!! https://www.youtube.com/watch?v=8wHlqdseyAY
That makes him an "official"?
Socrates has rolled in grave into doggy style position.
The major influence here is Immanuel Kant...
We know what isn't going to happen tomorrow.
Report came from Brussels - getting a pop so they can sell.
Exit the Euro Greece! Grexit!
Someone is always lying, and occasionally someone tells the truth.
I must admit, though, it’s embarrassing and confusing when one and the same person does both in a single scentence.
FINALLY - a solution to the ISIS problem!!!
http://www.foxnews.com/politics/2015/02/17/state-department-spokeswoman-...
as the end nears the lies become more obvious every day - its getting boring
The only thing to make the headlne better would be mention of a meeting of Greek FinMin with Russians.
"Just Us" has to find some sucker buyers so they can GTFO.
What exactly did Brian Williams lose his job over again? Seriously. The media is a full on clown show.
Only thing I can figure is Brian Williams must have pooped in a real bigwigs Cheerios.
he crossed the CIA....
this is the market we have, red-Greece folds, green-Greece agrees to a plan, get your money down early folks, for the best pay-outs.
spin the wheel.
And then when this pump and dump cover story gets played out, there will be some other 'crisis' to replace it which the whole world economy will be sitting on pins and needles over.
We're saved!!!!!
Hey its Carnival....and I gave up Greece for lent...
It's all Greek to me.
Sorry guys. Every thing these guys have done tells me they are not going to change a thing. Banker tools.
Lots of talk. Some singin and dancing. But zero change. Wake me up when they start to actually do anything. Either to kickstart the economy or go after the real crooks.
Bla bla bla, fn pimps!
Gong Show....Clown show....you name it, it is a bad joke
Algos don't do sarcasm.
I *want* to take this stuff seriously, but I can't when I read headlines and stories such as this one:
http://finance.yahoo.com/news/gold-dips-on-chinese-lunar-new-year-worrie...
Yep. Shame on the moon for knocking gold down 2%. And bully for Waste Managment, authorizing $1 billion in stock buybacks this year, which will make the company *beat* estimates likely throughout the year.
Moral: Don't take life so seriously, you'll never get out of it alive.
When shit is this predictable, it's time to monetize the theory.
http://www.zerohedge.com/news/2015-02-14/greek-government-not-holding-ou...
This is about the intermediate draft not the extension of the current program
So your sayin Silver will be down another dollar in the morning? WTF, lets see the DOW down 6% in one day, just for a change of pace.... the team can push it right back up like they always do overnite.
Someone needed to get out of their long EUR position. :)
BTFD. Last time the NWO used this dog and pony show to ramp the DOW 1500 points. YeeeeeeeeHaaaaaaaaaaa. Its the "Is Greece going to default" bonanza part 2.
The rotating crisis wheel....yea I remember too the 'Greece crisis' lifted the markets to all time records....back to maybe Turkey crisis or maybe just Ukraine crisis next time for another 300 S&P points.
New 9/11 Audio: FAA employees say Secret Service told them “Flight 93 hit Camp David”
In a time of universal deceit ....
Does this really come as a surprise to anybody? lol
Best lube up really good there Greece. Banksters Inc. will issue their ralley cry soon.
Hi-Ho bung hole away!
Bulls in a china shop has never had such meaning.
All time low volume, all time high prices... Sweet
The European bankers have clearly rehypothecated a rehypothecation of previous news.
Everything is awsome!
i think its sept, 2008 all over again. everyone with a brain knew LEH would go BR, except the stock "market". and then the Fed crashed stocks when Ben let LEH file BR.
greece will exit the euro. stocks will tumble big time. and the peasants will lose their 401k and pensions (AGAIN) as was planned in Feb and March, 2009.
As a newcomer and someone unfamiliar to the subtleties of this line of business I dont cease to be amazed by the tremendous self-deception of ultra-short term gains, enourmous they may be.
It's like shorting croissants the day before Matie Antoinette is beheaded.
Doesn't all that bright people notice that everyone (including them) must, on the double, start rebuilding crumbling infra-structures and a dissolving social structure so that they can continue drinking chateau lafitte other than in a faraway island or a nuclear bunker ?
non-news is good news?
Just buy the goddammed dip. Nothing else matters.
don't forget the tortilla chips...
Every time I think we just might have seen it all, there's more bull to be had.
Buy moar stawks!
Fuck if I'm not going to start taking a shot every time Greece is mentioned. I can't trade any worse during the Greeknado.
More lies and BS from the Sharks and Crocodiles and Gorillas - for the useless trading junkie sheeple who love to get fucked back and forth several times all day long - just mind blowing how idiotic and crazy all this theater has become ... with still idiots around to get fucked around ...
On the other hand: only thanks to these idiots money this insanity can go on - as without them Sharks and Crocodiles and Gorillas would be left just to fuck each other ... while all the sane sheeple have left and just stick to coins and real things and health issues and gardening or music or whatever they like ...
Some say they don't look TV anymore - as it's absolutely useless and just propaganda and lies and adds just further ignorance and stupidy to the pimps.
Honestly: is this trading world any different? If not much worse and much more damaging?
fxpmtrader, are you still trading? Market conditions have been crap lately IMO (Greek situation) , but it will turn.
No - not in the markets anymore.
for one simple reason: current markets are being pushed back and forth - aside of mega banks and SWFs and HFT - in majority by CBs. Some of which were already close to going over the cliff. Latest example SNB. Bancrupties of brokers and banks a normal aftermath. This trend will increase. Visible for everybody. Just watch ZIRP and NIRP and CHF(-loans) and USD(-loans) and credit and the soon imploding debt bubble.
Due to unprecedented volatility which will wipe out most brokers and banks and likely also some states and/or countries because of their irresponsible CBs. Due to CBs fighting for their lifes/survival. Due to the imploding debt bubble.
By then all paper will burn.
I will not belong to those victims. I prefer real things and a crisis immune cash flow.
This market will not "turn" - it will become crazier and volatiler and more dangerous.
Leading right up to Martin Armstrongs BIG BANG, which will happen either this way or that way.
Greece is just the starter and warmup.
What I meant by turn is that I think the past few weeks since the Greek election have been more difficult. Could it get more difficult with political and central bank yapping? Yes. I hope not though.
Quite simple: ... Greeks will be polite and ask (as required) for extensions BUT add conditions and footnotes
EU oligarchy (ie. Schäuble) will tell them: "go fuck".
This is my first prediction on this and I don't think the Greeks will fold. If they do I would expect civil war in Greece immediately. The People know they are getting fucked (only 5% of the bailout money went to the People) and would rather starve being Free instead of starve And be a debt slave forever. All of this is the lenders fault, all of it. Your opinion may vary.
Since they're starving as slave too, becoming free is the only hope left.
The Greek finance minister when he could talk openly a few years ago:
https://www.youtube.com/watch?v=pwAClUrhrek
Man, what an easy trade--its the new model, place your bet with your local "broker", hack Twitter or put out a false press release, let the algos run, exit the trade. Money 2015.
Open lower close lower!
Actually, the announcement was “Greece ATMs To request Loan Accord Extension Tomorrow”.
There, fixed it.
so basically...YahooFakeAss "we do not bluff we will commit suicide if you dont give us free money with no conditions attached" "we will really really commit suicide if you do not meet our demands" "This is the red line, we do not Bluff, give us the money or we suicide right now!!"
haha, well we're not crazy...
Maybe the ECB will let Greece off the hook for some gold. There must be a price on which they could agree. At a billion or 2 per ton (30 to 60,000 per ounce) Greece gets out of debt, it's remaining gold is repriced higher and the ECB loses nothing because it gets gold and would see it's 10,800 tons repriced higher too. Everyone would be happy except the Fed which has no gold of it's own. It would vanish...but it is going to do that anyway so come on....make holders of bullion look as smart (and beautiful) as we are!