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European Bonds, Stocks Explode Higher As "Optimism" Trade Gets Second Wind
Early hope began to fade as nothing appeared to be settled... and then The BBC unleahed the ultimate "Greece is rescued" quote from an EU Minister. Bond risk is now collapsing (PORTUG -55bps!) as Bunds & TSYs are dumped, Greek stocks are up 9%, and all European Bourses are surging as even EURUSD is rallying (breaking its earlier correlation)...
Here is the full Eurogroup Statement...
The Eurogroup broadly welcomed a new version of the reform plan submitted by the Greek authorities this morning, before the Eurogroup meeting, and considered it to be a positive step in the process. The Eurogroup asked the institutions (the European Commission, the European Central Bank and the International Monetary Fund) to start analysing the new proposal and together with the Greek authorities work out a list of prior actions with a view to reaching a final agreement on the reform plan later this week.
The Eurogroup might hold another meeting this week.
Which helped to create this...
Some context for the move in peripheral bonds...
No news is good news then...
Except for Bunds & TSYs
Juncker also piled on with more lies...
.@JunckerEU doorstep at the @EUCouncilPress "My aim is a deal by the end of the week. We are working day and night for this." #Greece
— Mina Andreeva (@Mina_Andreeva) June 22, 2015
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and syria...where do we fit in?
the Saudis were in Russia last week, totally unmentioned by any media outlet in the west
they talked nuclear deals, Saudis wanted to buy Russian nuclear power, and there was mention of oil
was wondering when any actual news would hit ZH
Doesn't matter, we care about fake results from printed fiat in America. No real deals please!
Expolde..a good headline..should wait a week or so.
IN THE LONG RUN, ZH AND BEARS WILL BE RIGHT.
IN THE MEANTIME, BULLS KEEP GETTING "RICHER THAN YOU ARE"
On geological time scales, perhaps?
Fuck trading paper. Fuck collecting a pension. Fuck the system.
I don't give a fuck what is bullish. I don't care if day traders make a few bucks selling stocks. I will continue to farm and develope my skill sets so that when the crash happens I am mentally, physically, and spiritually prepared.
Be a good friend, get in shape, and buy silver.
:)
It's just odd because I have never heard a decade being referred to as meantime. But if you wish to frame it that way then, yes.
You make an important point although the bears won't make any significant money and ZH is getting 'richer than you are' by peddling bearish notes for 6 years and drawing all the fools in to pay off the stock bulls and gold bears.
So, with Greece saved is rate hikes imminent from the FED?
If so, shouldn't this be bad news?
If not, party on Garth!!!!
Rate hikes are coming with the unicorn cavalry. Greece is screwed no matter what, but 'saving them will kill them faster.....
The media will show the Greece debacle as the saving grace yet will not want the FED to raise rates. My point is too much good news (ala Home sales earlier) and add Greece being falsely rescued will be what Yellen and company possibly use as an excuse for raising rates. Hey, I may be wrong about how it plays out.
Unofficially, the can has been kicked!!!!! https://www.youtube.com/watch?v=7WAwuSK36Gw
The bullishness isn't on any sort of recovery hopes, it is that the financial system celebrates when a Nation-State such as Greece caves to the demands of the IMF.
1984 is BULLISH to the algo ridden banks
Talking about Greece is more fun and safer than talking about the real world economy. Surprises are coming....
Agreed. Greece enslavement to the IMF is a big deal as any people who are slaves to banks is a big deal but no less a big deal than Chicago being enslaved to the Fed.
The enemy at the gates are the banks. IMF, Fed, ECB, World Bank. Those are the enemies. Take aim!
Buy silver
Chicago doesn't need the FED, it has the unions.....
Nothing like a Monday morning speedball.
another step in the process...I thought this was the finish line....or do they just want to keep having emergency meeting forever...me thinks so...free food and all...
no deal= good for ''markets''
deal= good for ''markets
low gdp= good for ''markets''
high gdp= good for ''markets''
strong dollar= good for ''markets''
weak dollar= good for ''markets''
high oil prices= good for ''markets''
low oil prices = good for ''markets''
bottom line. everything and everything is positive for the '' markets''
This is what happens as hyperinflation sets in. And to think we're so far from DJ 36k.
AND I WAS PROMSISED A HAT!
:)
The higher the stack the bigger the pyre will be.
I think we are pretty close to where the bailouts are the poison. Basically holding stocks at sub 2.0 yield are too risky. Cash flows continue to deteriorate and everything is being held up by share buybacks and emini liquidity (Central bank supported purchases). Hate to be a broken record relative to the other "skeptics" but this doesn't end well.
The EU showed extreme weakness by giving in to Greece and will now be faced with the other PIGS nations looking for deals similar to what Greece allegedly got.
It will be beggar-thy-neighbor to the extreme.
It's worse for the EU to have allowed Greece to stay.
Greece caved. Any negotiation with the IMF is a fail.
WE DON'T NEED THE BANKS! THE BANKS NEED US!
END THE FED!
So it's all good, right? Except that Bund prices have collapsed 19% this morning. Move along.
I am very optimistic.. I mean the track record is there right?
BTFATH? I am lost...
These are nothing more then high and lows of a drug addict who gets his fix in the moment of peril. The swings are getting more volatile for every day. Until the overdose kicks in and you finally think that the it's over, it's finished....
Then they bring out the defibrillator and revive the patient...F*** me...
Like skydivers telling funny jokes on the way down but their parachutes still haven't opened (and they won't).
And did all government workers get a raise and pension increase?