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And... Scramble For Safety
While stocks right now are trading based on mean reversion algos and other trivial and highly irrelevant drivers of noise, the scramble for safety spikes, with both the 10 Year yield plunging post the announcement (no forced steepening yet), and the USDCHF hitting fresh all time lows of 0.7185, and the EURCHF about to test parity even ahead of our aggressive timeline. That person crouched in a corner, crying violently in a helpless daze is none other than SNB president Philipp Hildebrand who has just thrown in the towel on fighting the Fed while playing by its rules.
10 Year:
USDCHF:
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Sub-77 ¥
Franc futures up 900bps.
Two year note @ 16bps - Bill Gross says, "trading as a medium of exchange and might as well be a billion dollar bill."
Ahhh, I was waiting for this all day.
It's only about a 500 point intraday swing on the Dow and a similar % on the spooz - SO FAR.
Lord Blankfein just tweeted of The Bernankincide's decision:
CHF getting MEGA inflows...
http://finviz.com/forex_charts.ashx?t=USDCHF
well, SPY puts are a nice home for now.
and gold, but damn, I'd like to buy some GLD puts too...but wtf if this stuff just keeps heading to the 2000's
oops one...freakin server reset notice.
oops again...lousy bandwidthy server connecty shit.
The non-rally this morning, I think, was just shorts insuring against the unfortunately non-zero probability that Bernanke would go berserk today and inject a trillion dollars. Not for another two weeks then at least. Until then, I think, it's going to more of the same.
chf 71.0
I just thought of the best way for the SNB to intervene in CHF currency. They need to begin to strengthen tie between the broader European collapse and contagion within their borders. Example, leak the immenent failure of a swiss bank, all banks failure of stress tests or even rampant fraud in their stress tests. The CHF I believe would drop like a stone, for a little while at least!
Of all people my GF thought this up: the SNB could print, buy EuroZone stocks, and throw it away in a "Save the monstrously TBTF Banks Credit Suisse & UBS Fund".
I just hope Hildebrand shows nerve and does what is the old-fashioned way: behave as if your currency should approach gold backing = nothing.
Switzerland's economy would show a short deflationary readjustment including lower prices and the world would have a new beacon of what happens when a country goes against Neo-Keynesian-Orthodoxy.
Chinese / Russia dumping bonds into the bid for AU, CHF...
Silver trying to break out...
http://finviz.com/futures_charts.ashx?t=SI&p=m5
Will there be more bank runs?!!!! Other than people here? How long before the "public" wakes up?!
"How long before the "public" wakes up?!"
When they go to the fridge and there is no beer, no hot dogs, and their spouse left them for another stiff that is still getting food stamps...
Dang! I'm out of beer!
Thanks for reminding me.
Why is silver down today??? Is this a ridiculous 'industrial demand' thing?
Don't worry about it being down...be glad. BTFD!
I'm not worried; just irritated that I bought the other day at $41. This schizophrenic market makes no sense.
I can't wait 'till we see gold hit 1776! The symbolism will be fantastic.
You missed it... the print was above 1776 about 5:30am... see chart at link...
http://finviz.com/futures_charts.ashx?t=GC&p=m5
Damn. I need to stop sleeping. Will still love to watch it and have the boneheads on CNBC avoid talking about it.
Pass the Brown Trouser Box to the SNB please.
How long can ZH continue to announce what is going to happen on the fucking internet, before it actually happens without really anyone (or so it seems) noticing?
Who predicted more QE would be announced today?
My takeaway was QE3 = up, no QE3 = down
While Everyone Is Watching Paint Dry Waiting For The Chairsatan To Either Kill The Market Or Send It Soaring...…with QE3 in some form being inevitable
A lot of typing going on but how much thinking is going on?
US is on WATCH for another downgrade. Big QE = another downgrade? Very possible...
Bondholders are ALWAYS saved at the expense of stockholders... at least, for the last 800 yrs
PPT primed the equities markets around the world last evening and this morning.
Those that didn't bail out of equities at ~ 12,800 might be in for a rude awakening... unfortunately many that did not, could not, because their equities are held in various 'retirement accounts', 401Ks, etc...
Many of those being led to the current equities slaughter are the same that endured the 2008 debacle...
Bondholders are alway saved at the expense of stockholders.....except when GM goes bankrupt and both lose out to union contracts.
You would be correct in your assessment. Shhhh. Don't spoil their fun.
This is just true! Tyler was tweeting it all over yesterday.
I don't need perfection, I need ZH!Ya gotta drill down baby...tweets are for algos.
"Tweets are for algos."
Hilarious. This could be my favorite comment of the day.
That should be on a tshirt or tattoo or something.
I want more silver but not sure now or wait..... Will it be driven down with the rest of commodities?
Many people over the last 10 years have been waiting for the right time...only to see the metals triple. Don't wait, buy what you can when you can.
I know.... been buying since $16 but would like to not go in high right now since I just lost some yesterday. I have been glued to prices all weekend.... but if it is going to be beaten down hard for a while.... grrrr......
I understand...Me and a friend bought some this weekend. There will always be room for fluctuations. I just try not to time the market. I just keep buying whenever I get some extra cash. I started buying around 13 years ago...so I don't worry about trying to time the market. Over the long term you will be be fine. BTFD.
What to do ? What to buy? What to sell? What to hold?
What the hell is up with silver ? I want $40, need to sell some to finish remodel ....
"What the hell is up with silver ? I want $40, need to sell some to finish remodel"
Unless the rain if falling in your face you should reconsider a remodel if it means selling PMs... think it over.
PMs are wonderful but they don't think for themselves...
tile yo-flo with those mothafuckin Silver bricks yo! PIMPIN' fo real!
But seriously, Silvers gonna fly soon enough.
This will create a major crisis in MMFs, and guarantees breaking the buck and large losses for the fund complex.
I disagree, the selling tonight in Asia and Europe accelerates to the point that the ECB cannot buy enough bonds to stop soverign defaults. USD inflows to Treasuries keeps the buck well liquid. The USDINX has hardly moved off it's 74.50 mark. The only currency trouncing the USD right now is the CHF.
The buck liquid alright, notice how the buck falls against the Euro, even on days when the DOW is down 600 points ?
The MMF complex typically has an expense structure of 15-25 basis points. The Treasury part of that complex is now lucky to get 1 or 2 basis points and possibly negative on almost all Treasury bills. That's a disaster.
You have now entered the Twilight Zone
The parabolic USDCHF is now so oversold - a corrective crash is likely.
http://stockmarket618.wordpress.com
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