And Now Italian And Portuguese Bonds Are Selling Off

Tyler Durden's picture

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



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trav7777's picture


ZeroPower's picture

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


TheTmfreak's picture

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!


jus_lite_reading's picture

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

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

Cash_is_Trash's picture

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


Error 503 Service Unavailable


Abitdodgie's picture

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

infinity8's picture

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?

papaswamp's picture

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

swissaustrian's picture

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

Sudden Debt's picture

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

augie's picture

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. 

Cash_is_Trash's picture

.. 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.

Hansel's picture

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

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.

Caviar Emptor's picture

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]

pods's picture

Something is gonna blow up today.



Cash_is_Trash's picture

A white bronco!

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

GeneMarchbanks's picture

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'?

youngman's picture

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

mikmid's picture

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.


SheepDog-One's picture

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.

Caviar Emptor's picture

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

SheepDog-One's picture

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

Caviar Emptor's picture

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. 

SheepDog-One's picture

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

Caviar Emptor's picture

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

chinaguy's picture

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

crash_davis's picture

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."

Blakbeard's picture

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

Ethics Gradient's picture

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.

bania's picture



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.

Caviar Emptor's picture

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

SheepDog-One's picture

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.

Itsalie's picture

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.

Paper CRUSHer's picture

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!

buzzsaw99's picture

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.

THE DORK OF CORK's picture

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.

papaswamp's picture

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

Transitory Disinflation's picture

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

MoneyWise's picture

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?

Caviar Emptor's picture

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

holdbuysell's picture

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.

writingsonthewall's picture

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.

writingsonthewall's picture

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

WonderDawg's picture

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

writingsonthewall's picture

Hey - that debt deal sure cleared things up!

WonderDawg's picture

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

MoneyWise's picture

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