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"Contained" Greek Contagion Smashes Japanese Banks Lower
Despite all the 'smartest men in the room' proclaiming that Greece doesn't matter, and Greek risks are "contained", Japanese stocks are tumbling led by bank stocks. Topix Banks Index has plunged the most since Feb 2014 (and 2nd most since the Taper Tantrum in 2013).
"Contained"... Japanese banks down 3.5% - the most in 18 months
It appears - just as we have said over and over - in the interconnected world of repo, ZIRP, and rehypothecation - size doesn't matter, it's collateral chains that matter... and shit's breaking.
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We await the BoJ's decision on how much Japanese bank stocks to load on the back of Japanese taxpayers before we proclaim this a problem.
Charts: Bloomberg
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And it begins...
3% no big deal.
Asian markets:
http://money.cnn.com/data/world_markets/asia/
Euro markets (open later tonight):
http://money.cnn.com/data/world_markets/europe/
If you would like to check yourself.
unless you're levered at 10/1....or worse.
Anything denominated in euro's cannot be posted as collateral for the foreseeable future...perhaps forever.
You can trade the currency of course...but if Athens cannot even open their stock exchange sorry but "that ain't real money, honey."
Good luck finding greenbacks to borrow against right now too...
contained like a canary in a goldmine.
We've been through so much in the past four years. I'll reserve comment on "SHTF" until PMs actually shows price actions that actually makes some sense. Betting PMs down into the US morning.
I'm betting US Army Forward to Ukraine...and of course we both can be right.
"Perhaps the shake hands with the Russian Army again" of course...
Puerto Rico jumping on the "can't pay" bandwagon.
http://mobile.nytimes.com/2015/06/29/business/dealbook/puerto-ricos-gove...
Thanks sudzee, did you read what the PR governor basically said...Only when you admit that the debt is not payable does it become math and not politics.
Don't own any of that either...
The BoJ came in after the Tokyo Fix and sqeezed the 38.2% Fibi of the usd/jpy gap down. London is going to hammer it back down .
Industrial production got hammered.
Don't tell me I'm buying Sony Walkman's here...
Then it is a good thing I got out of my long USDJPY trade at the Tokyo open then...
Folks just purchased a new Hyundai...talk about way better than a Honda or Toyota...
Surely the stawks of the best & brightest minds in Japanese finance can't be down!
This is obviously a misprint, some sort of financial & dare I say, treasonous skullduggery meant to handicap our socio-economic overlords!
In a surprise move, Goldman & Morgan collectively agree to change the VWAP calculation from Cumulative (Volume X ‘Typical’ Price) / Volume to “anything we can get above the 200 DMA”
Let it collapse of its own weight... it's going to be interesting to see if this is really it, or the PPT will have all green by sundown tomorrow.
Markets up metals down by close tomorrow due to Greece is fixed and new records are set. Same song and dance common the theater is hillarious and when you see gold and silver skyrocket then you will know its over. Way too soon no way no how
It's not like Treasuries are cheap...
It's not like Treasuries are cheap...
I am still 100% long United States Treasuries of course...
I agree with you bossman...but as a contrarian, I feel that one day we'll wake us to off the chart gold/silver, and there will be none available....period. The they will implement Metal Controls immediately. But....too soon....everyone is still way too asleep.
SHAKERS! LIGHTNING! RAIN OF TOADS! THE END IS NEIGH!
Only the righteous will be saved!
Hallelujah!
( now, where did I put that scuba gear? )
US futures already coming back. Way too early to panic.
Aww... But panic is like my third favorite thing!
You must be in heaven.....
BTFD until you see those mushroom clouds. This is the opportunity Jim Rogers is looking for to buy more Japanese stocks.
Banksters are going to print like there is no tomorrow.
It is a tiny piece of plastic. What could it possibly do? https://www.youtube.com/watch?v=UEwBIWpBmU8
Remember when sub-prime was contained? Good times.
I remember. I also remember '87. Worked for a fucking yacht building firm. Talk about a nightmare.. huge international letters of credit and all that.
Yeah, I'm old.
Yes I remember 87, that was the last year of expensive lunches and champagne before my bankruptcy rolled in, I can laugh about it now, I was young and hopelessly inexperienced, I quickly found out all about Pyramid schemes.
Which is why I am watching with considerable amusement the worldwide pyramid scheme in play at the moment.