And... Spanish 10 Year At Record 7.12%, S&P Futures Down And EURUSD Down

Tyler Durden's picture

Below is a market recap where we find that, yes, as we expected yesterday, the half-life of yesterday's Greek election euphoria is shorter than even that of the Spanish bailout.

  • S&P500 Futures down
  • EURUSD down 0.1%
  • Spanish 10Yr yield up 24bps to 7.12%
  • Italian 10Yr yield up 12bps to 6.05%
  • German 10Yr yield little changed to 1.44%
  • Bund future up 0.08% to 142.4
  • BTP future down 0.75% to 98.44
  • Sterling spot down 0.16% to $1.569
  • 1Yr euro cross currency basis swap up 1bps to -52bps
  • Stoxx 600 up 0.07% to 244.38

Hopefully this is not a surprise to Zero Hedge readers, who were warned on Friday, that courtesy of the idiotic desperation press leak, we shifted to a risk/reward momentum to a Tsipras victory being the only positive Risk On catalyst as it would activate a global central bank intervention. Looks like that is now off the table.

So... now what?

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Eireann go Brach's picture

Everyone is waiting to watch Greece vs Germany! The Greek players will wear sharp blades instead of studs on their boots, they will have pepper spray up their sleeves, and will learn a bunch of phrases like"I fucked your sister" in German to incite the German players! Then riots will ensue in the crowd and all over Greece, and they will finally walk from the Euro!

CreativeDestructor's picture

Gold withdrawals from JPM storage facilities, Bitchez!

Boilermaker's picture

QE3 Bazooka, of course.

Slartebartfast's picture

Now what?

We  just keep kicking the can.  What did you expect?  They can't do anything else.

Henry Chinaski's picture


So... now what?

Now... so what?

Fixed it.

Zgangsta's picture

Now...we announce that we anticipate that a plan to put together a pro-austerity coalition government will be formed in Greece very, very soon!

lewy14's picture


[I am one sick fuck, apparently. At least I own it.]

Zola's picture

Collapse bitchez

eclectic syncretist's picture

What's next?  Maybe we should run up the credit cards and buy all the no down payment zero interest houses and cars they'll let us have.  If you can't beat em'.....

firstdivision's picture

The market will not be settled for 2 days until Ben starts printing.

RoadKill's picture

Makes no sense. Why would Ben print with SPX over 1,300?

He has to save his gun powder for the fiscal cliff. And hes a political animal. He doesnt want to totally piss Mitt off.

PM bugs have to ask themselves. What if the next "Print" doesnt happen till Gold is $1,000 an ounce?

fnord88's picture

Well for a while i will have the same amount of ounces as i already do. Then i will gleefully buy more.

Henry Chinaski's picture

A lot of PM bugs on ZH were stacking at prices well below $1,000.  If the next print doesn't happen until gold is $1,000/oz, stackers may be doing better than the alternative investments.

100pcDredge's picture

(Southern) Banks buying (government)bonds with LTRO-money? From ehm... uh... National Central Banks getting their orders from the risk taking ECB? Of course they also lend it out! Don't they? To eh... to uhm... ah... what's his name?!




YuropeanImbecille's picture

Now prepare for the global QE mother of all QE's.


We are looking at the scale of 20-40 Trillion dollars here. It will be absolutley amazing and keep the markets happy for at least a month or two. 

harrydog's picture

In other news Fitch revises India down to negative from stable.

neidermeyer's picture

India actually produces things and their populace holds more PM's than any other..

jezzarayman's picture

Are we really expecting QE3 Wednesday? is it possible conisdering the S&P is still up 6.78% for the year? 

RoadKill's picture

No. But they all hold gold, so they are hope-ing.

People need to realize that gold's amazing run was due to inflation running 10%+ per year during the Greenspan credit bubble buildup. As we work off that bubble, gold is going to suffer.

UNLESS we print and reflate the bubble. But its 50/50 at best on print vs default/deflation.

lakecity55's picture

I found Gerald Celente's comments over at King World News really interesting yesterday.

We got lots more problems than Greece.

I'm still stackin Fizz.

Hope all had a happy Father's Day. My girls gave Daddy prizes. Hooray.

CreativeDestructor's picture

No QE howitzer caliber will mean limit down for S&P. Those bulls better prey. It will be monumental.
F U Bernanke!

RoadKill's picture

Lets hope. But I dount it. Assumimg limit down means -5% in one day. More likely to be a slow bleed.

virgilcaine's picture

Fed stands 'ready to act'..blah bla..but no more 'qe''s politically toxic now and has made the ponzi worse. Last thing Obamie wants is the beard all over the airwaves.

The Swedish Chef's picture

Now we short, stack and wait. What else is there?

Keith Piccirillo's picture

They literally put one fire out and a smoldering one reignites.

CreativeDestructor's picture

Air pocket. Vacuum tubes meet vacuum Bitchez!

virgilcaine's picture


OutLookingIn's picture

Wait for the end G-20 meeting in Mexico.

More pronouncements to follow.

Big fight in Egypt over who won the election.

Death and bedlam in Syria carries on.

The "Big Boys" squaring up over Iran.

Oh ya ~ the Greeks decided to carry on, carryng on!

C.T.D. = Circling The Drain.   

RoadKill's picture

What happens when G20 delivers squat. With Mitt saying no money for Europe, its going to be a lot harder for Brics to justify spending $500bbn to bailout the rich Europeans.

OutLookingIn's picture

Bingo! ding..ding..ding...

Squat is what G20 will deliver.

Meanwhile... back at the ranch...

Henry Chinaski's picture

I am still looking for any indication that assertions from world leaders on global economics are not a flat out lies.  Why should Mitt be any different?

sudzee's picture

FED won't act until just before the election. Don't matter what happens in Europe. Need markets to sell off bigtime into August US downgrade then sticksave in October that will includes Insurance industry and everything else financial. Die has been cast.

JackT's picture

Wait, are you saying no one called "do overs" before we started?

We still have QE and they better announce it around 8:30am Eastern. Totally not fair all the other markets got the green