And Promptly Coming Right After The Market Close...

Tyler Durden's picture

... is the news (which is not news, because as we had explicitly stated first thing this morning, Spain admitting it needs a bailout absent a new bailout plan in place, launches the country's bond yields into hyperspace) that had it hit 30 minute ago would have sent everything red for the day:

  • Spain Resisting Conditions On Bank Bailout - EU Official, BBG

But why would this news, coming at nearly 11pm Spanish tim, have to come before the market close, when all of the day's gains would have been undone. Why indeed.

And adding some spice to the after hours twist, is S&P which just said that the US will likely be downgraded again by the end of 2012:

  • S&P Affirms U.S. ‘AA+/A-1+’ Unsolicited Rtgs; Otlk Still Neg

Which they won't.

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veyron's picture

The equities guys already slinked out of the office ... no more damage until monday

EscapeKey's picture

Oh, but on Monday, this will be old news already and hence priced in.

Fraud, fraud and more fraud.

In the 1930'es half of all French public offers were essentially nothing but fraud. But somehow, we're not taught anything about this in school. Funny, that.

No doubt the Chinese offers of the past few years will be "forgotten" as well.

valley chick's picture

agreed!  Extend and pretend until Monday....another soundbite for the news....dazzle them with bullshit.

slewie the pi-rat's picture

you2awesumBebes are rarely off slewie's compass heading but i think you may be misjudging the politics here...

imo:  spain will not be troika'd;  hence:  #StopMerkel

this is spain's turn and they are gonna play the M.A.D card before mariopizza gets a turn at it, is what slewie sees here;  and yes, this is for after-the-market and is almost certainly part of the script prepared by timmah & christineL when they visited madrid two weeks ago

this is waaay too theatrical for M-Fri!   so please consider an extra scoop of bullshit, ladieZZ?  L0L!!!


philipat's picture

If Spain refuses to allow supervision over what would be a massive bailout of its Banking system by Germany, it should be invited to solve its own problem which would probably include Bank failures. Ooops, sorry, I forgot that in the new Central Planning regimen we aren't allowed to mention Bank failures

slewie the pi-rat's picture

Haha! that is exactly what i'm trying to say

it appears that spain might be willing to deal with this politically, but not on germany's terms

this is what i mean that "good behavior" isn't gonna work here to finance spain;  this isn't gonna be conditional on kicking any goals against teams which move the net or the uprights

people may want to junk me for being fresh, ok?

but the fact remains: timmah and christineL just left this situ

that would be the USsecretary of theTreasury and the IMFmoneyHoney

you form any conclusion you wish:  slewie concludes that this is part of a bankster script and euro-drama

the swap lines are in place for spain to make this play against germany;  this is real imo;  this is the banksters who can make/have made some side deals here and turn up the heat under angela's seat

as i have tried to point out, this is a direct attck on angela's major weakness:  she does not want to be the goat who kills the EU

think professional wrestling-type drama if you will, ok?...

and stay tooned, BiCheZ...

oldman's picture


You're a very smart dude, slewie.

So tell me this:

can these people really keep the euro ball in the air until after the election so that neither of the obamas. mitt or whats-his-name, has to show that they haven't a clue about anything?

I am amazed that we are still on europe when when the other shoe is such a BIG MF!!!!!!

Or, maybe, someone knows that by the time of the election---there will be nothing left------

thanks        om

Greyhat's picture

Dow Jones knew it earlier. Didnt they tell it to the public? :-)

June 08, 2012 13:48 ET (17:48 GMT)

HarryM's picture

And here's the CNN headline ....


Stocks: Best week of 2012

Jun 08 4:54pm:

U.S. stocks rose Friday, capping the best week of the year, amid speculation that Spain will request a bailout for its troubled banking sector over the weekend. More

EscapeKey's picture

OH RIGHT because just a couple of days ago the reason for rallying wasn't QE3.

But hey, whatever you can lie to the public about today, right?

Bunga Bunga's picture

Another bailout is a good sign ... WTF? The brainwashers are in full retard mode now. It can't get worse.

slaughterer's picture

Hope you are right Tyler, as we went 300% short the last minute of trading today.  If ES magically opens 2% up on Monday, our hedge fund will be destroyed.  

fonzannoon's picture

It's too bad you don't have some fdic deposits you can dip into to sustain you intil the market goes teh other way.

fonzannoon's picture

fwiw the spelling errors were alcohol induced.

Vegamma's picture

Enjoy your comments Fonz, but I hope for your sake you are not on Pacific time...

fonzannoon's picture

Nah Happy hour. East coast. Mobile. But the concern is appreciated!

Vegamma's picture

Then Party on Garth! Have a good w/e Fonz and everyone

traderjoe's picture

It's always 5 o'clock somewhere.

HaroldWang's picture

Well, hate to ruin your weekend but SPY has done nothing but rise on the news. They're taking the ratings news as a positive since they DIDN'T downgrade today.

fonzannoon's picture

This is an inflationary depression. I would not short because in nominal terms markets will rise.

Nobody For President's picture

Yeah, I'm a bit short over the weekend myself, which I usually avoid. Methinks Slewie is at least part right, the Spanish president is a career politico and does not want the squeeze balls austerity play - bail the banks out without involving the government, or something like that. So the game of chicken. Don't know how much Timmay and Ms Bronze were actually backstopping, but they may have provided a quiet 'at a boy' - who the hell really knows what games these asshat (I have grown to like that word) economic politicians are playing with Germany/Ms Merkel and each other?

I continue to fail to see how this can end well...

bigkahuna's picture

I suspect this will all turn on a dime. One second it will be all about more QE and supersynchronous Eurotopia - then the next second there will be a whole shit load of ugly naked people running and screaming.

Buck Johnson's picture

There is no way Germany can go along with this.  They want them to recapitalize the banks with no guarantees or govt. backing from Spain?  And then when the real debt starts to come out in a few days or weeks and the banks file for bankruptcy, the money is gone because it's up to the bank not Spain to pay, money down a hole.

max2205's picture

Last AH print I saw was high for the day. What am I missing?!

johnnynaps's picture

Come Monday, bullish bitchez!

mayhem_korner's picture



Nah...Belmont Stakes will completely distract the entire market...

plus the Stanley Cup going back to a warm climate

magpie's picture

Too bad my brokerage no longer offers uvxy anymore. Must have something to do with the last round of bank downgrades.

HarryM's picture

Be glad - it tanked again today 


DOWN TO 15.01 after hours

magpie's picture

I would have been trapped there uncomfortably anyway - timezone and such. 

MeanReversion's picture

What would bank downgrades have to do with it?  It's an ETF, not an ETN like TVIX.

Also afterhours trading in UVXY is usually meaningless.  There's little afterhours liquidity in these instruments.

I trade it once in a while for short periods.  Never hold long due to the contango risk.

magpie's picture

Not very happy with options right now, so i was looking for the most volatile stock exchange and an appropriate inverse ETF for it. Otherwise it would have been just long bonds via TLT.

It's still being listed, yet no longer offer price quotes. So you could still buy it "blindly" for an extra commission. Now that's true price discovery.    

MeanReversion's picture

Also, another way to play volatility is with SPY straddles.

mayhem_korner's picture



So who does S&P see as Romney's veep?

Jlmadyson's picture

Buy buy buy! Right?

Oh yea where is Moody's? A month late already on the MS call? WhO would of though it? Timmy G and friends doing the very best they can I'm sure.

Bill D. Cat's picture

MS downgrade is next on the Friday after market dump .

/ sarc

Rainman's picture

Whatever happened to Friday evening bank closures ? No more fail with that pesky Bair gone ?

Hohum's picture

Four bit the dust today.

HaroldWang's picture

The buying has already begun AH in SPY. So throw in a little Spanish news, and there will be something, and we rally strong on Monday's open.

bigkahuna's picture

You must have intercepted the algo for Monday? There are no real people trading this market unless they are gambling short that the algo masters have finally switched sides.

fonzannoon's picture

Wait....with regards to the tax cuts....if we keep them in place indefinitely that would make S&P more confident in US Debt?

Bill D. Cat's picture

News is for suckers . Rumours are where the real dough is at .

Shizzmoney's picture

Ha! Someone on here called this that the market would end on a OK note, then bad news would fester for a bad week next week.

DOW -200/300 on Monday?

LawsofPhysics's picture

Well I was certainly thinking of closing some positions and selling, so that means the "market" will undoubtedly go straight up.

hugovanderbubble's picture

89.000 Mn. Needed by Spanish Banks


Santander 8.000

BBVA 5.100

Bankia 23.000

Popular/Pastor 2.390

NovaCaixaGalicia  1.860

Catalunya Caixa 4.250

Sabadell CAm 1.205

Bankinter 354

Caixa 1.400

Other Minors Ex-Saving Banks 24000


65.000 Mn Funds

Spain your deadfucked in default



magpie's picture

I expect the hidden debt to grow as well.

Bunga Bunga's picture



Compared to GDP it's like US banks needed 1.1 trillion.

Guys, in one hundred years from now we will laugh about this.

RobotTrader's picture

Doesn't matter.

June puts are already toast.

Damage is done, bears lose again.

hugovanderbubble's picture

Remember that when IBEX hits 3.500

HarryM's picture

People will be eating each other , but the DOW will be @ 14K

When the day comes when bears stand to profit , the rules will be changed so they don't.

Real Estate starting to look better than what I'm doing