And Today's Market Ramp Comes Courtesy Of...

Tyler Durden's picture

... The Eurogroup, which according to various newswires has informally decided to use the EFSF for Spanish financial sector bailout, likely to be transferred to the ESM later according to sources.

It seems that now they are not even trying. Like yesterday when the market idiotically ramped when Merkel said that the ESM and EFSF can do... what they are designed to do, namely buy bonds, so today, we "discover" that because the ESM is actually non-existent, and will be delayed as reported earlier due to German bickering, Europe will be stuck with the far smaller EFSF, which by the way has about €200 billion in dry powder left.

And this ramps the EURUSD by a whopping 40 pips. Thank you flashing red headline for giving another short-term shorting entry point.

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RoadKill's picture

Ramp? Not with technicals thos broken. Its over!!!

Michael's picture

The internet is undoing decades and decades of the social engineering programs, implimented through corporate TV and their other sources of brainwashing.

I am going to so enjoy watching the oligarchs control grid and themselves crash and burn.

I just thank God every day, as I have been doing for the past three years, for the complete and total worldwide economic collapse that I have so accurately called, as well as being accurate about the two previous mega bubble busts. I should be paid for my accuracy.

reader2010's picture

Michael, 

You copy and paste the same mantra everyday? Please give us something new instead.

NewThor's picture

The Ramp has a huge Oil-slicked hole in it...

OUCH! BAC faceplant bitchez!

TruthInSunshine's picture

Sell the rumors and the news.

The TBTF taxpayer teat-sucking parastic drain financial players have  rigged this to tank in a big way so they can prime the pump again. In other words, they're going to throw a big, loud tantrum, tanking 401(k)s, until they get what they want.

 

It's 2008's, Hank Paulson's "tanks in the streets & martial law if Congress doesn't give me a blank check and The Bernank a green light, bitchez," redux, deja vu, v2.0.

Buck Johnson's picture

I remember that being reported Hank saying that.  But I think that is going to happen anyway when all our liabilities don't get paid by the govt..

JR's picture

The factor that overrides your argument, reader2010, is that Zero Hedge does not have enough Michaels to repeat every day in every way the one development that will save us from absolute tyranny. And that one development, as Michael so carefully explains (and BTW it is a lie that it is repeated as a mantra) is the unraveling of the cartel noose that strangles free enterprise and free men throughout the world.

Michael's picture

Thanks JR.

I usually only repeat my own stuff from time to time, if I would like to explode the heads of some day shift lurkers in the MSM and elsewhere, and it it was the subject of recent conversation.

XitSam's picture

I can't pay you, but I can reccommend you be reccommended for a reccomendation.

Matt's picture

Michael: "The internet is undoing decades and decades of the social engineering programs, implimented through corporate TV and their other sources of brainwashing."

Really? You see a mass awakening occuring right now?

What I'm seeing is hordes of zombies walking around, staring at little screens and typing on tiny keypads. I don't see a larger percentage of the population actively questioning anything. Of course, if Social Media went down for a week, who knows what might happen.

JR's picture

The Internet is alive with the news that the empire, the cartel and the tyranny of our economy and politics are suffering a mass decline in credibility. It is becoming well known that the center of our problem stems from use of a fiat currency by a private banking cartel to control in secrecy the economy, the politicians and the country.

The internet has been the critical vehicle for the erosion of major political party power and the increase in independent registrations, the decline in newspaper and television influence on public opinion, and the foundation for the massive county by county Ron Paul movement gaining in strength every day. The GOP primary, where Independents can’t vote, is hardly a gauge for the most important political development since the establishment of the Federal Reserve – middle class awareness and backlash.

veyron's picture

Never forget Deus QE Ex Machina

HelluvaEngineer's picture

Looks like someone set the Algos to "evil".  Just in time to blame Harry Potter.

NewThor's picture

Nigga, Gryffindor is waiting for the  RESET, don't pin this on 'the boy who lived'.

Cast your accusations towards the ministry of misinformation.

or

The planetary worship of 'the beast' aka The global markets

bigkahuna's picture

We have not see the full on algo <evil> setting yet. This is just the <i'm confused> setting while the guy in control left his post for a crumpet.

reader2010's picture

QE is forever baked in the cake. Come on, it's the final global taxing scheme.

NewThor's picture

Diminishing Returns is baked into the cake deeper than QEinfinity.

Don't you think people will wake up when QE4 is 25 trillion?

reader2010's picture

People don't give a fuck as long as their EBT still good.

q99x2's picture

Damn dollar is going to be worthless against all other worthless currencies at this rate.

101 years and counting's picture

USD is ripping higher today.  broke out of its down channel and now sets its sight on $88.

Sudden Debt's picture

Wanna trade my euros for your dollars?
My mom said they're the best!

NewThor's picture

I'm not interested in Euros.

Is your mom hot?

carbonmutant's picture

Moody's is under pressure to hold off Bank downgrade until AH...

kralizec's picture

Rump, not ramp, as in "exposed rump"...

john_connor's picture

I must have missed something

HelluvaEngineer's picture

...any minute now...wait for it...

catacl1sm's picture

Yeah! We're saved! oh... wait...

Conman's picture

Must hold 1330 - just because its a pretty #.

kralizec's picture

Just 1.41 away.  LOL!

ETA - Oops!  1329.05!

Sorry dude!

carbonmutant's picture

Sounds like those EU press releases are losing their bling...

bdc63's picture

What exactly is ramping on the news?

kralizec's picture

Must be drugs, some pharmaceuticals are up.

JohnG's picture

Market rips up on algo driven buying when headlines cross the wires.  These computers can actually read these days.

Headline risk bitchez.

Sudden Debt's picture

Ready?!
Aim!!!
SHOOT YOURSELF!!!!

Stuart's picture

Europeans: a bunch of dithering clowns.   

Dr. Engali's picture

Ramp? More like a speed bump. This fuckers' going down. Margin call bithchez.

Just curious...I wonder how this drop will help JPM on their trade....if it will at all.

bigkahuna's picture

This drop is nothing, unless there are more like it in sequence, then you have big players getting out and overwhelming the algos. I am not sure how long the people in control of the algos would tolerate that.

If we have about 5 days of it, I believe that will turn the algos - and then is when the fit hits the shan.

bigwavedave's picture

There is a real flight-to-quality today. FB is up 0.5%

bdc63's picture

That was me .. I bought a dozen shares ...

Bubbles and Busts's picture

If funds for Spain's banks come from the EFSF, the new loans would not explicitly be senior to other private claims but Spain would no longer be able to guarantee the previous loans to Greece, Ireland and Portugal. http://bubblesandbusts.blogspot.com/2012/06/unending-subordination-of-pr...

Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

The Eurogroup want this train to pootle along for as long as possible.

 

Until it wrecks.

 

 

 

 

I said 'pootle'!

bnbdnb's picture

The fun seems to be over. But I enjoyed pulling my hair out.

Frank N. Beans's picture

ramp?  you mean off-ramp