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And Promptly Coming Right After The Market Close...
... 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
- S&P SCENARIO SEES 2001, 2003 TAX CUTS IN PLACE INDEFINITELY
Which they won't.
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The equities guys already slinked out of the office ... no more damage until monday
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.
agreed! Extend and pretend until Monday....another soundbite for the news....dazzle them with bullshit.
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!!!
.
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
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...
@pi-rat
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
Dow Jones knew it earlier. Didnt they tell it to the public? :-)
June 08, 2012 13:48 ET (17:48 GMT)
http://translate.google.de/translate?sl=de&tl=en&js=n&prev=_t&hl=de&ie=U...
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
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?
Another bailout is a good sign ... WTF? The brainwashers are in full retard mode now. It can't get worse.
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.
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.
fwiw the spelling errors were alcohol induced.
Enjoy your comments Fonz, but I hope for your sake you are not on Pacific time...
Nah Happy hour. East coast. Mobile. But the concern is appreciated!
Then Party on Garth! Have a good w/e Fonz and everyone
It's always 5 o'clock somewhere.
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.
This is an inflationary depression. I would not short because in nominal terms markets will rise.
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...
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.
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.
Last AH print I saw was high for the day. What am I missing?!
Come Monday, bullish bitchez!
Nah...Belmont Stakes will completely distract the entire market...
plus the Stanley Cup going back to a warm climate
Too bad my brokerage no longer offers uvxy anymore. Must have something to do with the last round of bank downgrades.
Be glad - it tanked again today
DOWN TO 15.01 after hours
I would have been trapped there uncomfortably anyway - timezone and such.
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.
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.
Also, another way to play volatility is with SPY straddles.
So who does S&P see as Romney's veep?
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.
MS downgrade is next on the Friday after market dump .
/ sarc
Whatever happened to Friday evening bank closures ? No more fail with that pesky Bair gone ?
Four bit the dust today.
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.
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.
Wait....with regards to the tax cuts....if we keep them in place indefinitely that would make S&P more confident in US Debt?
News is for suckers . Rumours are where the real dough is at .
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?
Well I was certainly thinking of closing some positions and selling, so that means the "market" will undoubtedly go straight up.
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
Ouch.
I expect the hidden debt to grow as well.
Compared to GDP it's like US banks needed 1.1 trillion.
Guys, in one hundred years from now we will laugh about this.
Doesn't matter.
June puts are already toast.
Damage is done, bears lose again.
Remember that when IBEX hits 3.500
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
Might as well titled it " And Promptly Coming Right After The MERKLE Close..."
Since it seems everything is dependant on Germany to bail everybody out!
Well, now i know what you traders mean by: It's a fucked up market. Jezus, it's really fucked up indeed.....
Or should i say: jump or dump
One day we will wake up and the world will have changed overnight.
Fair enough. After all it seems things only happen between market runs. If that's not manipulation what is?
To be countered with
EU Finance Ministers planing a conference call to discuss , will buy more Skype credits - BBG
Spain should just make whatever promises they need to in order to get the money. They can always renege on the promises later.
If "they" aren't up to something why wait until US markets are closed?
Spain Resisting Conditions On Bank Bailout
A nice lady arguing about which position she would like to have sex in.
(Sorry, I dont like foul language)
Of course. Greece already had said that they will do less austerity than bond holders demand.
Look at Greek and Spain's economic summaries. You can't save them wilth TARP, LTRO or anything else. They both blew their fiscal wads and now are whining about.
http://confoundedinterest.wordpress.com/2012/06/08/geithner-pleads-with-europe-to-pass-eurotarp-obama-wants-harp-2-0-passed/
What is it with all these run-on sentences and clause after clause in these posts? Do all the Tylers struggle with grammar? There's nothing wrong with spitting out a thought and then using a period and starting a new one. Half the time, by the end of the tenth clause, I can't remember WTF was the original point.
You'll need to think. Try to concentrate. I know you can do it.
I'll give it a shot, but sentences and paragraphs are wonderful things when it comes to getting a point across.
You've been here going on three years. You've only noticed now? It's a distinctive style. Seems quite intentional to me, and having gotten used to it, I enjoy it.
Agreed that it must be intentional. It's too consistent. Not agreed about the enjoying though.
They're Russian. Hence...
And the beauty of all this is that no one knows. Or else we'd all be really, really rich. It's in these times that General Disarray thrives.
Do you think that our good ol' friend Private Equity thrives in these times, too?
Olé!
Spain will throw the game against Germany in the Euro2012 finals to get Germany to bail them out. Mark my words....
the PIIGS are getting uppity
The money masters are playing with dynamite in Spain which is not Greece, Portugal, Ireland nor Brussels, just to point out the geo-political reality.
ETA will have its say, soon by the looks of things.
I see that the EU claims it has the right to shut down banks in Greece, Spain, Portugal and other places, rather than allow bailouts (reported in the DT).
James Sinclair is correct: get your flak jacket on (or the insurance policy of gold, and lil sister silver).
Nobody expects the Spanish Inquisition! But Spain is too big to bail. Somethins gotta give. The North vs South euro region political football game is about to be decided on a penalty shoot out.
You are correct, "somethins gotta give." And it will. Spain will get all the money they need for their banks, just like TARP in the US. Then this all goes away and we focus on Greece after the markets have a massive rally.
No creo que si. Espagna Verde, the Basque will have their say, along with the Catalan people, their neighbours in the north.
The geo-political reality is that Spanish government fears ETA more than it admires the failed euro experiment.
Interesting that you say that.
Perhaps your scenario accounts for the parallel structures to the 'federal nation model': Europe of the regions
Contingency, goal or both?
A Brussels contact told me a couple of years ago that this is the true mission of the European project: transfomation of political, cultural and social identities. Long march through the institutions, indeed
Heres a map of progress of Holy Roman Empire 2.0, as of 2009
I hope Mr Thiel finishes his boat soon
USA Downgraded to BBB (Badly Bankrupt Bitchez)....
B...
Oh, reallllllly? Choose your side of the barricade.
My money is on the pretty pony and old war horse: the US/UK, gold and silver.
Look and learn this weekend and next week. This is a game of chess, not chequers.
Keep your friends close, and your enemies closer, said Machiavelli.
Spain banks bailout is a done deal. Germany has already approved the bailout conditions "light" version.
So called EU officials statements are not even worth the digital ink they are typed in.
Something tells me that since MSM (especially a certain paper formerly notorious for its conservative credentials here in Germany) has taken up a whiny and shrill tone hitherto solely associated with the far left, there is some serious cognitive dissonance going on.
And not even the Soccer Championship is going to cover it up.
For the love of god...it's called football!
Hey Robo
Not if you're using itm options...
Does this imply that the equity markets are being manipulated like the bond and housing and every other market? Didn't they teach us to be truthful in grade school? It can't be.
All my heroes are dead.
Why don't the Spanish just cut on Pensions, Education and Health? Then there will be enough money for the Banks.
The new reality, a time of honesty and personal responsibility.......never mind.