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Art Cashin: "The New Battle Of Thermopylae Is On The Way"
Nothing actually new here, but listening to Art Cashin retall the latest end of the world episode in that wise, grizzled voice of his brings a soothing element to what is set to be another dramamine-friendly week.
From UBS:
Friday’s stock market crumbled under the weight of rumors and worries about the Eurozone. Would Greece default over the weekend? Was Jurgen Stark’s sudden resignation from the ECB a power play by Merkel or the first shot of bringing the bailout debate to the German public? Would the weekend G-7 meeting result in a surprise policy lift? All those concerns, and more, crushed stocks on both sides of the pond.
Over the weekend, the battle has shifted. German authorities talk openly of the likelihood of a Greek default. They are said to be developing a plan to backstop German banks in the event of a Greek default. That puts pressure on other banks, especially French banks, since there is no Gallic backstop plan. Collateral damage could be to bring no bids to the next Greek auction, or make them pay such high rates as to make the auction toxic. The Euro crisis is quickly evolving into a Gordian Knot.
Although it is called a sovereign debt crisis, it was not the sovereigns who were in the front lines of the battle. It was the European banks that held a portion of the bonds issued by the weak sovereigns. If the market value of the sovereigns they held fell to, say, 50 cents on the dollar, those losses could make those banks insolvent. They would become the new Bear Stearns and Lehman. That’s why the rescue effort quickly shifted from simply bailing out Greece and the others to buying the sovereign debt to put a floor under those bonds. The rumored German backstop would, as we noted, shift focus back to the sovereigns with Greece running out of funds, possibly by month’s end.
U.S. markets are at near-critical levels. The uptrend line that caused the last bounce (S&P 1140) is around 1145. Key support levels are 1140, 1132, 1120 and ultimately 1101. The new Battle of Thermopylae is on the way.
Rumors of French nuclear accident has European markets reeling.
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man o man the HFT's hit are hitting the bids hard this morning.....
You can pretty much count on a gap fill IMO. The Momo monkeys pretty much have their marching orders this morning. I can't believe how decoupled we have become from the European meltdown. Will reality ever set in?
8 days till D-Day...with Bernank's only apparent concern being refilling the gap downs, it will be a VERY interesting next week speech from the FOMC!
Hahahaha!
Molon Labe Bitchez!
Take what? The "collateral"?
maybe, but i don't think just yet.
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Transitory,
Very well done, really!................
The way I feel every day I have to hear,see,read anything these traitors are doing.
Here's the only answer to our problems, and you ain't gonna like it.(I do not,but I see no choice if we are ever to get back o track )
http://www.marketwatch.com/story/massive-default-is-best-way-to-fix-the-economy-2011-09-12?pagenumber=2
I'm not even going to try to trade this paper hurricane. Sometimes the best trade is not placing one at all. So I will just keep stackin'.
'Key support levels are 1140, 1132, 1120 and ultimately 1101.'
See you @ 900 or so.
Goin ta need lots of margin to hang in on that one. my opinion 1200, then 1225 before 900, IF, 900 prints. We may be bldg compression with a 125 spy pt trading range for a few weeks.
Not ultra bearish or bullish
Art says 1140...and ES reports there immediately. Funny how that works.
It indicates a level of complete oblivion where valuing things is concerned. The Street has no idea. All they have left are their super computers and their collective lemming-like behavior. How is that for an investment thesis?
Too bad the US government saved all these criminal bankers in 2008. In the end, it does not matter, as the purple in the veins is now traveling away from the festering wound.
Thank you, Hank Paulson.
1140ES present SIR!
Puke bucket ETFs up...puking of individual, marked up equities begins.
Roach Motel [SPY] RSI hits infinity...goes for infinity x 2.
LOL, DOW green after only 10 minutes open 'trading' from being down -250...'completely unhinged', anyone?
Who bought that pump, only to have it erased?
Well NASDAQ went green.
EDIT: There went S&P.
JPM just had a .50 turn around.
Really makes ya wonder about Sept 21 huh? Why would the FED be doing all-out in yer face pumping drops?
Drops...or (currency) swaps?
My oh My, Algos are really sweating this morning, too bad for them it won't help, AT ALL! Once panic sets in ....well you know! We are pretty much THERE, a few days, give or take! No need to roll them options into Oct Exp :)))! When I look at the QQQ I start laughing LOUD! When taht one goes it will be with a BANG, A BIG BANG that is! Very sad to see this much desperation within Wall Street, we were once envied now we are cursed!
SHORT Y'ALL!
Bens last few days till next weeks FOMC faceplant! Hellhounds on Bens trail.
ever tried to walk on a floor made of paper?
ever tried to walk on a floor made of paper?
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
A piece of cake for an advanced student of Sinanju.
Is that you, Remo?
stocks outperforming Gold and Silver today: yeah, sure, there isn't foul play.
It is amazing how well the US markets have held up. It is so great to have a source of near unlimited free money and assurances that the government will backstop your bad bids.
It is like being given an American Express Black card and being told that you can keep all your winnings at the blackjack tableand the losses will go on the card and you'll never have to worry about paying.
US stocks have already halved the losses within 20 minutes. How people can doubt the PPT is beyond me. No rational human being would purchase a stock to hold long rght now.
Funny you should say that. American Express just dropped 2%. ;-)
A lot of what's apparently being bought by 'actual buyers' seems to be in automotive parts (mainly big trucks), satcomms and power electronics. Wonder who wants all that stuff?
A Nuclear Berezina and Sarkozy's clout loses its bite in upcoming election year. Imagine campaigning in 2012 defending the return to the french franc! That would be clownishly hilarious for a man who is now wearing Tony Blair's shoes, as the US Oligarch's main supporter in EU. "i am a true globaliser. Witness my actions in MENA and Afgh, but I must now go back to being Asterisk and ask my friend Obelisk Merkel to hold the northern fort on her own." Pax romana will now be compared to Euro dictatorship imposed by bunga bunga bankruptcy, lol, we have come a full crazy circle.
Who wants to buy my old car in french francs? Going cheap I'll sell it ONe franc to the Euro. That is a bargain... in devalued Euros. As we all know, once the Euro goes the french franc can only go up!
I am now totally greek in my thinking as my convoluted logic is like the drachma, a virtual reality, or conversely, the euro a real virtuality.
But something tells me that Frau Merkel has not said her last word, whatever the Club Med countries will end up becoming.
What the hell are you talking about ?
Since when will Greece's default mean the end of the Euro ?
The Euro value is based on industries, infrastructures and can be backed by the European gold reserves any time.
Greece's default will not end the Euro. It will make it stronger and challenge the dollar as the reserve currency.
You didn't read the last line in my comment...Tsst, the devil lies in the detail...amigo!
And...Asterisk is NOT Obelisk...to push the banker's comedy to logical conclusion. This is not a sovereign debt crisis its a private eurobank crisis. France may lose it uber alles triple A rating.
To push it even further, Frau Merkel may move the Euro zone to two tier. If its possible, its the best long term structural and financially competitive solution for all. Flexibility indeed the key word...
Well Leo, since you insist on doubling up on your comments today(at least in theme if not EXACT verbiage, I shall feel free to do the same....
I see this time around you dropped the word 'real' from in front of 'industries': maybe you are coming around after all; but you still have not disclosed to us where all those "European gold reserves" are all parked at this moment - plus ça change, plus c’est la même chose, n'est pas?
hahaha OK?
Gold down $28 US confetti, anyone understand this bullshit anymore because I am lost.
It's down in terms of USD. The USD is gaining strength. Today is a buy in gold. IMHO.
excuse me, are US stox seriously turning green???
It certainly looks that way.
Oh dear.
Greek 1 Year now at 122%.
Who's writing this script?
NASDAQ green. Soon too, S + P and Dow.
'Rule 48' invoked, futures down well over 1% only to be presented with a miracle...all recovered and then some! I guess 'investors' BTFD! Yea sure.
It will be sold...the pink unicorn poop pop. Just look at the VIX. ES miracle met by the VIX with...meh.
All of Europe down 2%+, and the NASDAQ is green and the S&P is down 0.7%. Go figure.
8 days Ben TIC TOC TIC TOC what are you gonna do now ass hat?
You wont even let the markets open down, but youll present your case for $2 trillion free gift for stocks as LIESman was just chirping about?
I dont think so. THIS is QE3 youre seeing it right now!
This market wants you to just go long. When a 1% drop sets off national emerency bells and everything and anything must be done--whether covertly and illegal or overtly and illegal--to prop up the market at any cost....why not just put chips in the fucking ponzi on oil stocks, etc.
I think it is clear, between the robots and the money players, LSAP is getting priced in.
lol....too funny...the markets are clearly more important than the people...
just a side note for us nimwits but whats PPT, is it some kind of HFT?
be getle!
Polish Poker Trick. It's like an ace up your sleeve, until it isn't.
thanks, very nice of you
Plunge Protection Team
Sorry Gandalf, i couldn't resist. Sarcasm is like a disease sometimes, there's just nothing you can do to stop it. That's OK though, someone with more mercy in their heart stepped up to the plate.
Come on. Give the newbie a break. Everybody has to start somewhere. Bing Plunge Protection Team (PPT) - and also Bing Working Group on Financial Markets
I don't Google any more. I Bing. Waaaaaaaayyy better.
http://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets
My condolences to those who shorted ES near todays's lows and haven't covered yet.
Been there before.
Uh oh , last nights high is out
Thermopylae, my ass...
This is more like Dien Bien Phu....
seen it so often and yet I'm still amazed when it happens again and again.
Nice set up! Shorting More! No News! No Nothing! Just Algos! This will end badly today! On the other hand, If I were THEM why wouldn't I try to short from up higer eh?!?!
this is madness, europe nearly imploded today...whait...it actually did, champagne in 3...2...1....
All or nothing trades are setting up ...
Hey, that would make a good theme for CNBC squak. Dress appropriately.
http://compare.ebay.com/like/400224936895?var=lv<yp=AllFixedPriceItemT...
Yes, Bob Pisani in a Toga ("...does this outfit make my pom-poms look big?")
It will be a sad day when he retires. Over 40 years now on Wall Street. Honest and tries so hard to communicate the truth.
Don't forget Ben and Tim ice cream makers sending their new flavor, 'Greenbacks', to their friends in Europe in a brown paper bag so no one notices.
Hmmm. According to one source, the market is now pricing in a slightly Greek default probability of slightly higher than 100%...I wonder whether I want to take the "under" on that trade.
This is SPARTAAAAAAA!
Funny, I'm reading a book on ancient Greece right now, and just a few days ago was noting the parallels between now and then, with the various factions amongst the polis, their alliances, and the enemies at the gates looking to overrun and loot the place.
All the world is but a stage.
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