Draghi's First Stick-Save

Tyler Durden's picture

As BTPs broke 450bps over Bunds and approached the dreaded 88 handle, suddenly someone decided 6.3% yields were more than acceptable (and well worth holding over a weekend including the Greece vote!!). It seems the SMP is back in action with Draghi at the helm...it certainly seems he has no problem for now purchasing bonds!!

Chart: Bloomberg

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larry david's picture

Wonder what the half life of this will be?  Over under 3 hours?

Jay_Son's picture

This is the 3rd day in a row the ECB has come in when yields went over 6.3%.  They may decide to hold the line, even if it means printing.

He_Who Carried The Sun's picture

He will meet timely demise once the Germans do catch up...

Bam_Man's picture

That's a glove save.

My advice to Mario is to go "Jacques Plante" and get a mask. Soon he will find himself unintentionally making "face saves" as multiple pucks are simultaneously shot at him from all angles.

StreetMoney21's picture

At this point I would not call it printing. I would call it burning. after all, the bond chart looks like a staircase to hell.

Village Smithy's picture

Yes, please Tyler don't forget your half-life predictions. We love'em.

paarsons's picture

When does it all fall down, genius boys?

You underestimate the enemy.

You think they're stupid.  But they aren't.

They're brilliant.  They keep all the balls in the air without missing a blowjob.

Don't underestimate your enemy.  You're not smarter them.

It's an even match.  Don't be a group of assholes.

Do what you gotta do.


Ancona's picture

Well put Paarsons. They also have all the tanks and missiles. That always helps.

If I had a couple of nukes, I could make you do what I want too.

SheepDog-One's picture

Except you miss the overall point paarsons, theyre not just trying to figure out ways to keep juggling the balls higher, theyre just marking time till they let them all fall at once.

jdelano's picture

Paarsons (Master) Plan:

Step 1:  Post dumb remark with link to my own crappy blog at the end.

Step 2:  Login under a different name and reply to my own post with a glowing endorsement of said stupid blog

Step 3:  Repeat until absolutely everyone despises me and the Tylers kick me off of ZH.

slewie the pi-rat's picture

he's right there with ori, as a troll-bot, but he got off the celente drivel onto this

+ for paying attention;  most seem oblivious to the ad-bots and just answer them, thinking they're zeroHeads, apparently

if you go to the "no we cannes't" thread, you'll actually see these two shitforbrained asswipes trolling w/ each other!  ori didn't jump the string [for a change] but this fuktard did---just to get his ad @ the top of the page w/ swami salami...

Doomsday Profit's picture

I'll take the under for the unmanipulated market value of the Italian bonds Draghi just bought.  If I lose, I'll break open my daughters piggy bank and pay you off.

holdbuysell's picture

An exercise in futility.

Dick Darlington's picture


And another friday gem:


Roland99's picture

couldn't find economic hitmen on the cheap?


damn inflation.

qussl3's picture

How soon before someone figures out a way to bet on the ECB having no clothes?

larry david's picture

Also, isn't it about time for a false flag in 3...2...1..

pendragon's picture

bit of a conflict of interest. an eyetie buying up btps...

Jigsaw's picture

what does Draghi's desktop look like, that's what im wondering

jdelano's picture

It's mahogany, and in the middle he carved "Forza Italia!" with a pecorino knife.

luigi's picture

I think you couldn't lay further from truth...

SheepDog-One's picture

As long as our own central planners can keep monetizing their debt on a daily basis...wow I do believe we can keep kicking the can to infinity!

Now get busy birth/deathing out there....bankers need MORE SLAVES!

SirIssacNewton's picture

Must plug this hole in the dam......wait...there's another hole....stretch...I'll get it......$hit another crack.......I can almooooost reach it.....ahhhh f@ck....this dam is screwed I should just let it fail.  We all know it will eventually.

jcaz's picture

Futile- throwing good money after bad, dude-  he's desperate.

Dr. Engali's picture

Look at that dead cat bounce. Must be Jeffries dollar cost averaging.

Quintus's picture

Well colour me surprised.

Printing to infinity folks.  They can lie about it, invent ficticious bailout funds, panhandle the IMF for cash etc. etc.

Ultimately, the ONLY way to keep the ponzi on the road a little longer is for the Central Banks to print money.

I cannot believe that so many people still do not grasp this simple fact.

SheepDog-One's picture

And unfortunately that 'little longer' is now only about 48 hours.

LawsofPhysics's picture

Oh, that won't be good for equities.  I mean, it looks like he wants to pump it, so take the free money and sell at the end of the day.

TheLooza's picture

draghi is going to get a market swirley....

rubearish10's picture

I hear a "giant sucking sound" coming from accorss the Pond! It's Super Mario doing Silvio.

AndrewJackson's picture

Can we really expect mario not to come and bailout his delequent brother Luigi?

Ancona's picture

I'm still pissed about the Greek referrendum. Would have made for an interesting day in the markets today.....to say the least.

Dick Darlington's picture

And now back above 450 bp. That was fast and furious...

Clowns on Acid's picture

But the ECB cannot print Euros.....right?

I think thazt everyone will be printing Euros now...including the Russian syndicates, Chinese triads, and hey why not...Japanese yakuza.

The ECB will refuse to be left behind.