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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
  • S&P SCENARIO SEES 2001, 2003 TAX CUTS IN PLACE INDEFINITELY

Which they won't.

 

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Fri, 06/08/2012 - 16:40 | 2508645 veyron
veyron's picture

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

Fri, 06/08/2012 - 16:53 | 2508687 EscapeKey
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.

Fri, 06/08/2012 - 17:06 | 2508749 valley chick
valley chick's picture

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

Fri, 06/08/2012 - 17:59 | 2508915 slewie the pi-rat
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!!!

.

Fri, 06/08/2012 - 21:06 | 2509383 philipat
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

Sat, 06/09/2012 - 00:08 | 2509607 slewie the pi-rat
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...

Sat, 06/09/2012 - 00:14 | 2509628 oldman
oldman's picture

@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

Fri, 06/08/2012 - 16:52 | 2508689 Greyhat
Greyhat's picture

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...

Fri, 06/08/2012 - 17:13 | 2508779 HarryM
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

Fri, 06/08/2012 - 17:47 | 2508884 EscapeKey
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?

Fri, 06/08/2012 - 18:36 | 2509030 Bunga Bunga
Bunga Bunga's picture

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

Fri, 06/08/2012 - 17:29 | 2508825 slaughterer
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.  

Fri, 06/08/2012 - 17:42 | 2508871 fonzannoon
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.

Fri, 06/08/2012 - 17:57 | 2508913 fonzannoon
fonzannoon's picture

fwiw the spelling errors were alcohol induced.

Fri, 06/08/2012 - 18:12 | 2508948 Vegamma
Vegamma's picture

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

Fri, 06/08/2012 - 18:14 | 2508949 fonzannoon
fonzannoon's picture

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

Fri, 06/08/2012 - 18:21 | 2508974 Vegamma
Vegamma's picture

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

Fri, 06/08/2012 - 19:07 | 2509127 traderjoe
traderjoe's picture

It's always 5 o'clock somewhere.

Fri, 06/08/2012 - 18:16 | 2508958 HaroldWang
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.

Fri, 06/08/2012 - 18:26 | 2508996 fonzannoon
fonzannoon's picture

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

Sat, 06/09/2012 - 02:27 | 2509730 Nobody For President
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...

Sat, 06/09/2012 - 06:51 | 2509873 bigkahuna
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.

Fri, 06/08/2012 - 20:41 | 2509337 Buck Johnson
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.

Fri, 06/08/2012 - 21:18 | 2509401 max2205
max2205's picture

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

Fri, 06/08/2012 - 16:41 | 2508646 johnnynaps
johnnynaps's picture

Come Monday, bullish bitchez!

Fri, 06/08/2012 - 16:44 | 2508656 mayhem_korner
mayhem_korner's picture

 

 

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

plus the Stanley Cup going back to a warm climate

Fri, 06/08/2012 - 16:42 | 2508648 magpie
magpie's picture

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

Fri, 06/08/2012 - 17:08 | 2508738 HarryM
HarryM's picture

Be glad - it tanked again today 

 

DOWN TO 15.01 after hours

Fri, 06/08/2012 - 17:10 | 2508766 magpie
magpie's picture

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

Fri, 06/08/2012 - 17:20 | 2508789 MeanReversion
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.

Fri, 06/08/2012 - 17:25 | 2508810 magpie
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.    

Fri, 06/08/2012 - 17:17 | 2508792 MeanReversion
MeanReversion's picture

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

Fri, 06/08/2012 - 16:42 | 2508650 mayhem_korner
mayhem_korner's picture

 

 

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

Fri, 06/08/2012 - 16:46 | 2508651 Jlmadyson
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.

Fri, 06/08/2012 - 16:56 | 2508704 Bill D. Cat
Bill D. Cat's picture

MS downgrade is next on the Friday after market dump .

/ sarc

Fri, 06/08/2012 - 17:12 | 2508777 Rainman
Rainman's picture

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

Fri, 06/08/2012 - 19:37 | 2509198 Hohum
Hohum's picture

Four bit the dust today.

Fri, 06/08/2012 - 18:19 | 2508964 HaroldWang
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.

Sat, 06/09/2012 - 06:57 | 2509876 bigkahuna
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.

Fri, 06/08/2012 - 16:44 | 2508659 fonzannoon
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?

Fri, 06/08/2012 - 16:44 | 2508661 Bill D. Cat
Bill D. Cat's picture

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

Fri, 06/08/2012 - 16:44 | 2508662 Shizzmoney
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?

Fri, 06/08/2012 - 16:46 | 2508672 LawsofPhysics
LawsofPhysics's picture

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

Fri, 06/08/2012 - 16:45 | 2508668 hugovanderbubble
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

 

 

Fri, 06/08/2012 - 16:46 | 2508675 Jlmadyson
Jlmadyson's picture

Ouch.

Fri, 06/08/2012 - 16:51 | 2508684 magpie
magpie's picture

I expect the hidden debt to grow as well.

Fri, 06/08/2012 - 18:45 | 2509058 Bunga Bunga
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.

Fri, 06/08/2012 - 16:46 | 2508670 RobotTrader
RobotTrader's picture

Doesn't matter.

June puts are already toast.

Damage is done, bears lose again.

Fri, 06/08/2012 - 16:53 | 2508695 hugovanderbubble
hugovanderbubble's picture

Remember that when IBEX hits 3.500

Fri, 06/08/2012 - 17:42 | 2508823 HarryM
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

 

Fri, 06/08/2012 - 16:46 | 2508671 SemperFord
SemperFord's picture

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!

Fri, 06/08/2012 - 16:46 | 2508674 debtor of last ...
debtor of last resort's picture

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

Fri, 06/08/2012 - 16:55 | 2508702 surf0766
surf0766's picture

One day we will wake up and the world will have changed overnight.

Fri, 06/08/2012 - 17:11 | 2508768 kalasend
kalasend's picture

Fair enough. After all it seems things only happen between market runs. If that's not manipulation what is?

Fri, 06/08/2012 - 16:56 | 2508706 Conman
Conman's picture

To be countered with

EU Finance Ministers planing a conference call to discuss , will buy more Skype credits - BBG

Fri, 06/08/2012 - 17:02 | 2508735 Pancho Villa
Pancho Villa's picture

Spain should just make whatever promises they need to in order to get the money. They can always renege on the promises later.

Fri, 06/08/2012 - 17:04 | 2508741 disabledvet
disabledvet's picture

If "they" aren't up to something why wait until US markets are closed?

Fri, 06/08/2012 - 17:06 | 2508751 LULZBank
LULZBank's picture

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)

Fri, 06/08/2012 - 17:07 | 2508756 Snakeeyes
Snakeeyes's picture

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/

Fri, 06/08/2012 - 17:16 | 2508787 Phillycheesesteak
Phillycheesesteak's picture

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.

Fri, 06/08/2012 - 17:28 | 2508820 wretch
wretch's picture

You'll need to think.  Try to concentrate.  I know you can do it.

Fri, 06/08/2012 - 17:36 | 2508852 Phillycheesesteak
Phillycheesesteak's picture

I'll give it a shot, but sentences and paragraphs are wonderful things when it comes to getting a point across.

Fri, 06/08/2012 - 17:40 | 2508856 SofaPapa
SofaPapa's picture

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.

Fri, 06/08/2012 - 22:19 | 2509478 ProtectiveFather
ProtectiveFather's picture

Agreed that it must be intentional. It's too consistent. Not agreed about the enjoying though.

Fri, 06/08/2012 - 19:20 | 2509159 stewmint
stewmint's picture

They're Russian. Hence...

Fri, 06/08/2012 - 17:24 | 2508809 General_Disarray
General_Disarray's picture

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.

 

Fri, 06/08/2012 - 17:53 | 2508904 Tsar Pointless
Tsar Pointless's picture

Do you think that our good ol' friend Private Equity thrives in these times, too?

Fri, 06/08/2012 - 17:35 | 2508846 JackT
JackT's picture

Olé!

Fri, 06/08/2012 - 17:36 | 2508853 Cocktosen
Cocktosen's picture

Spain will throw the game against Germany in the Euro2012 finals to get Germany to bail them out.  Mark my words....

Fri, 06/08/2012 - 17:50 | 2508894 midgetrannyporn
midgetrannyporn's picture

the PIIGS are getting uppity

Fri, 06/08/2012 - 18:04 | 2508930 newengland
newengland's picture

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.

Fri, 06/08/2012 - 18:23 | 2508982 HaroldWang
HaroldWang's picture

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. 

Fri, 06/08/2012 - 18:55 | 2509089 newengland
newengland's picture

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.

Sat, 06/09/2012 - 06:27 | 2509861 Pseudolus
Pseudolus's picture

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 

 

Fri, 06/08/2012 - 18:26 | 2508997 Bansters-in-my-...
Bansters-in-my- feces's picture

USA Downgraded to BBB (Badly Bankrupt Bitchez)....

Fri, 06/08/2012 - 18:50 | 2509085 newengland
newengland's picture

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.

Fri, 06/08/2012 - 19:15 | 2509144 Nawaralsaadi
Nawaralsaadi's picture

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.

 

Fri, 06/08/2012 - 19:24 | 2509149 magpie
magpie's picture

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.

Sat, 06/09/2012 - 09:24 | 2509994 Satan
Satan's picture

For the love of god...it's called football!

Fri, 06/08/2012 - 19:27 | 2509172 AmenRa
AmenRa's picture

Hey Robo

 

Not if you're using itm options...

Fri, 06/08/2012 - 20:15 | 2509285 khakuda
khakuda's picture

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.

Sat, 06/09/2012 - 10:07 | 2510028 Barefooted_Tramp
Barefooted_Tramp's picture

Why don't the Spanish just cut on Pensions, Education and Health? Then there will be enough money for the Banks.

Sat, 06/09/2012 - 12:58 | 2510313 traderjj57
traderjj57's picture

The new reality, a time of honesty and personal responsibility.......never mind.

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