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And Now Italian And Portuguese Bonds Are Selling Off

Submitted by Tyler Durden on 08/04/2011 09:30 -0400

And now... the sell off. Total market insanity as the latest intervention halflife is under an hour.

Italian:

Portuguese:

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Thu, 08/04/2011 - 09:31 | 1523526 trav7777

INSANITYZ BITCHEZ

Thu, 08/04/2011 - 09:55 | 1523624 ZeroPower

Complete round trip for CDS as well, but still (marginally) tighter on the day for ITA

6am: 364/374

730: Down to 334/346

254pm (last): 358/370

Lol.

Thu, 08/04/2011 - 10:01 | 1523653 TheTmfreak

Guess my post was added because of the slowness...

So let me explain it to the moronic central bankers how this shit works.

A bunch of assholes held onto clearly worthless bonds that lose value. They ride it down to the bottom, for which the central bank thinks they can "fix" the problem just by manipulation, without actually fixing the real cause. As a result it gives all of those who failed to take the advice to sell a freebee do over to sell higher up. Yes they're going to sell.... hell maybe they'll buy at the bottom to sell high again!

Thu, 08/04/2011 - 10:21 | 1523727 jus_lite_reading

I tried to post this ten times already and keep getting ERROR 303!!

Anyways GOLD VOLUME TODAY IS OFF THE CHARTS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Thu, 08/04/2011 - 09:32 | 1523528 jblack010

http://www.youtube.com/watch?v=_eyFiClAzq8

Thu, 08/04/2011 - 09:33 | 1523531 Cash_is_Trash

OT: Is it me or is The Hedge fuckin' slow...

Error 503 Service Unavailable

Thu, 08/04/2011 - 09:39 | 1523553 Abitdodgie

I cannot get most of the news " error 503 service unavailabe" must be getting us use to no internet connection, for the kill switch

Thu, 08/04/2011 - 11:17 | 1523885 infinity8

seriously, been having lots of problems too and not just getting on ZH but other sites too - seems like news sites only giving me issues. wierd. and starting to see lots of similiar comments on different threads of same problems. . . i'm on a really good new(ish) lap top that's not loaded with a bunch of crap at all. . .? wtf?

Thu, 08/04/2011 - 09:33 | 1523532 papaswamp

Wow...what was the half life of that? people trapped and as soon as it spiked bailed out? hilarious!

Thu, 08/04/2011 - 09:35 | 1523540 swissaustrian

Trichet made a 180 on his QE-statements...

Thu, 08/04/2011 - 09:35 | 1523537 Sudden Debt

And PM's are getting up and up and up!

Thu, 08/04/2011 - 09:48 | 1523591 augie

Thanks to you and all the ZH's who steered me in the correct direction on where to buy my gold. Got in right before this last ascent. Waiting for it to fall apart so i can buy more.

Thanks again.

Thu, 08/04/2011 - 09:53 | 1523619 Cash_is_Trash

.. and how is the DXY nearly at 75?

Looks like the USD is the least worst alternative in fiat.

Race to the bottom, or shoot your own troops.

http://www.bloomberg.com/apps/quote?ticker=DXY:IND

Thu, 08/04/2011 - 09:35 | 1523538 Hansel

I think this move is banks front-running the repo extension. Here is the ECB repo press release:

http://www.ecb.int/press/pr/date/2011/html/pr110804_1.en.html

The operation will be announced on 9 August 2011, with allotment on 10 August 2011 and settlement on 11 August 2011, and will mature on 1 March 2012.

Thu, 08/04/2011 - 09:39 | 1523551 Caviar Emptor

Yes and here's the other piece of it:

Evidence of money market tensions has been widespread this week. Banks took a larger-than-expected 172 billion euros in the ECB's handout of 7-day funding, [ID:nEAP50L224] having taken 20 billion euros more than they were paying back at its latest three-month operation last week. ECB26 [ID:nEAP50LR26]

http://www.reuters.com/article/2011/08/04/markets-euribor-idUSEAP50P4002...

Thu, 08/04/2011 - 09:36 | 1523541 pods

Something is gonna blow up today.

pods

Thu, 08/04/2011 - 09:38 | 1523546 Sudden Debt

A white van?

Thu, 08/04/2011 - 09:44 | 1523575 Cash_is_Trash

A white bronco!

Tomorrow will be a white van or a lunchbox in Times Square.

Thu, 08/04/2011 - 09:47 | 1523574 GeneMarchbanks

Turn that frown upside down, pal ): Shit that didn't work at all.

Meanwhile, what was Tyler saying about the half-life of these 'interventions'?

Thu, 08/04/2011 - 09:37 | 1523543 youngman

If I knew the ECB/bank was buying..I would sell them all of mine.....get the hell out.....I think this is how the us will crash....Bernake will be buying all the dumped bonds to keep the market quiet.....and it will happen in two to three days

Thu, 08/04/2011 - 09:38 | 1523547 mikmid

Bullets, Bullion and beans. Ten years ago I would never have uttered those words and thought those who did were nuts. HOW REALITY CHANGES. TPTB are tyring their best to save their system but if they manage to do so for 12 more months it will be a miracle.

MAN THE LIFE BOATS, SAVE YOURSELVES.

Thu, 08/04/2011 - 09:41 | 1523561 SheepDog-One

Theyre not trying to save it, theyre the ones who set the whole structure with demolitions. All we're waiting for is the event on some date that bring it all down in a heap, the cure being '1 world govt, 1 world currency', been trying to tell people that for ages.

Thu, 08/04/2011 - 09:46 | 1523581 Caviar Emptor

You forgot: 1 world bank. With very fancy offices. Lots of security.

Thu, 08/04/2011 - 09:38 | 1523549 SheepDog-One

I hope its pure hell every day for the Maniacal Monetizers, really I do.

Thu, 08/04/2011 - 09:41 | 1523559 Caviar Emptor

Soon Bernank will be renting closet space from you and all Americans so as to store the flood of dollars coming soon. Call it fiscal stimulus.

Thu, 08/04/2011 - 09:43 | 1523567 SheepDog-One

I've already got my closet stuffed full of Charmin toilet paper, which is worth way more than dollars.

Thu, 08/04/2011 - 09:47 | 1523587 Caviar Emptor

Smart. That's arbing at it's finest. Is there a "spread" product for that?

Thu, 08/04/2011 - 09:40 | 1523554 chinaguy

Worse than a NYC parking meter - $20 million only buys you 15 minutes....

Thu, 08/04/2011 - 09:41 | 1523564 crash_davis

It's crazy how little effect these interventions are having anymore. To paraphrase fred thompson from "the hunt from red october" ... "this business will get out of control. It will get out of control and we will be lucky to live through it."

Thu, 08/04/2011 - 09:42 | 1523565 Blakbeard

Popcorn anyone?? The show is about to begin.........

Thu, 08/04/2011 - 09:43 | 1523569 Ethics Gradient

The bears are in control. All actions are bearish, inaction is bearish. DOW 10k hats are being dusted off, the Bernanke is ready to break the champagne on the bows of QE3 and Merkel will be hoping for a black swan to crap on the ECB which means she wont be the one responsible for pulling the plug.

Thu, 08/04/2011 - 09:46 | 1523584 bania

***BANIA'S JOKE OF THE DAY***

A long time ago, a visitor from out of town came to a tour in Manhattan. At the end of the tour they took him to the financial district. When they arrived to Battery Park the guide showed him some nice yachts anchoring there, and said, "Here are the yachts of our bankers and stockbrokers." "And where are the yachts of the investors?" asked the naive visitor.

Thu, 08/04/2011 - 09:55 | 1523627 Caviar Emptor

That was what Fred Schwed said. He wrote a book by that title after losing in the 1929 crash

Thu, 08/04/2011 - 09:52 | 1523586 SheepDog-One

And also the DOW made insane whipsaw on open from -100 to +40 -147, how anyone is on this ride I dont know. I'll just keep on the set trail, hold PM's.

Thu, 08/04/2011 - 09:48 | 1523592 Itsalie

Yen is strong again, and EUR/CHF is back below 1.10, so what will Ben and Dud do next? Nuke its own balance sheet? The GBP is surprisingly strong, maybe money coming out from euro are moving to GBP instead of CHF. I say UK next after Italy.

Thu, 08/04/2011 - 09:48 | 1523593 Paper CRUSHer

Ho! Trickosheeeet stated both Japan 'n US have far bigger problems than Europe.LOL

All i know is i see red everywhere except in PM's and am' running low on popcorn.

Long popcorn bitchez!

Thu, 08/04/2011 - 09:48 | 1523595 buzzsaw99

half assed interventions are always doomed to failure. If you step out be prepared to buy them all the way bennie does. go big or stay home.

Thu, 08/04/2011 - 09:48 | 1523597 THE DORK OF CORK

So Irish Bonds are good then.

There is a lot of potential investments here now due to the massive spare capacity - although we need not build a single House here for one hundred years.

Thu, 08/04/2011 - 09:49 | 1523598 papaswamp

woooo market carnage!.....let's see if a bank run starts anywhere, that will be the key. Money Markets getting raped.

Thu, 08/04/2011 - 09:49 | 1523599 Transitory Disi...

Wheel out BurlesqeOnly with his fake shoe polish hair line for the next round of "......"

Thu, 08/04/2011 - 09:51 | 1523606 MoneyWise

Can anyone explain. I'm trading few Debt instruments
and though this should be also apply on .Gov bonds?
I mean, bond does have a face value let's say $1000
generally. And Interest rate is a Market, For Instance Italian Bonds Interest spike to 6%+ right?
But The Value of the Bond should go down, because
of the Credit status and risk, let's say now it
worth 900$ instead of $1000 and now they have to
pay 6% on? Face value or Market value? If Market value,
then I don't see a problem, Interest goes up, but
the value goes down.. And higher Interest on lower Value basically the same thing as lower interest on higher Value. Can anyone confirm?

Thu, 08/04/2011 - 10:08 | 1523687 buzzsaw99

http://www.smartmoney.com/investing/bonds/a-bond-primer-7921/

Thu, 08/04/2011 - 09:51 | 1523607 Caviar Emptor

Let's see, if Beijing won't play, then that means Bernank and Trichet have to print up how much?

Thu, 08/04/2011 - 09:51 | 1523608 holdbuysell

O/T - Jim Cramer of CNBS just said he really like gold, the GLD type. He went on to say that buying physical gold is just too difficult and that you should just buy GLD.

This guy is sending the sheeple in the wrong direction.

Thu, 08/04/2011 - 10:03 | 1523664 writingsonthewall

Oh no - when Cramer moves into your asset class then you GET OUT!

That's it folks - Gold bubble called - Cramer and his armies of Cramer cronies are going to blow this thing to the MOOOOOOOOOON.

Shit - I was just getting settled in my positions and now I've got to unwind the lot.

All we need is Robot trader to back Cramer and it's all over folks.

Thu, 08/04/2011 - 09:52 | 1523615 writingsonthewall

At least it's starting to get interesting again.....

I was going to ask "how long will the JPY intervention last this time".....but I suspect it will be all over by the time you finish reading this sentence!

http://finance.yahoo.com/echarts?s=USDJPY=X+Interactive#chart2:symbol=us...

....it's like a humpbacked whale - all that Yen disappearing up the poop chute and without a paddle.

Thu, 08/04/2011 - 09:53 | 1523617 WonderDawg

Shit is getting crazy. S&P down almost 2%, NASDAQ down over 2%, DJI down 1.5. When does the PPT jump in?

Thu, 08/04/2011 - 10:00 | 1523650 writingsonthewall

Hey - that debt deal sure cleared things up!

Thu, 08/04/2011 - 10:22 | 1523729 WonderDawg

Yeah, thank God our elected leaders know how to handle this shit.

Thu, 08/04/2011 - 10:01 | 1523652 MoneyWise

Watch VIX at only 25, when we going to see final flash and rebound VIX should spike much higher. So far no panic.

Thu, 08/04/2011 - 10:01 | 1523656 franzpick

My screens all point to a very black Friday, preceeded in this instance by a black Thursday.

Thu, 08/04/2011 - 10:07 | 1523680 franzpick

I like to watch the wheels and other parts of the global financial car flying off here:

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=msummary&cmd=show,iday[Y]&disp=SXA

Thu, 08/04/2011 - 10:16 | 1523707 writingsonthewall

The largest UK retail bank (LLoyds) announced it's "results" today - a loss of 3 Billion pounds - it's share price is off nearly 9% now - and guess what.

....the gubbermint owns 41% of this tat - bought in at 75p - not looking good for a return at todays price of 35p.

Taxpayer gets screwed again - how much longer before they down tools and stop feeding the beast?

US please note - this is the eventual outcome of your 'investments' - that's why the AIG and BAC shares are not being sold back to the private sector.

Thu, 08/04/2011 - 10:28 | 1523749 mayhem_korner

MELT

Thu, 08/04/2011 - 10:32 | 1523758 dcb

I wrote about the udn pattern the other day, the turning over of the macd and buying uup on the dips. it's been insane, because the europeans but up, then seel at a profite to hit a lower low. how many times you need to see a pattern to get suckered.

Thu, 08/04/2011 - 11:47 | 1524004 glenlloyd

infuckingcredible

And Now Italian And Portuguese Bonds Are Selling Off

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