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End Of Day Market Surge-Inducing Rumor Now Refuted
Remember when we qualified the end of day rumor which sent the DJIA up by 80 points, and resulted in a green close on absolutely nothing, as sheer "idiocy" qualifying the utter BS as follows, with key words underlined:
Greek conservative party leader Antonis Samaras is expected to deliver a letter of commitment to the country's international lenders on Wednesday, a government source said on Tuesday.
"Samaras' letter of commitment is expected to be handed in tomorrow morning," the government official told Reuters on condition of anonymity.
A senior official at the conservative New Democracy party confirmed that Samaras intended to sign the letter. There was no official comment from the party.
Sure enough, the rumor is now over.
- GREEK CONSERVATIVE PARTY SAYS POLICY MODIFICATIONS "MIGHT BE REQUIRED" FOR IMPLEMENTATION - RTRS
But don't expect the market to give up the gains . After all, the market only goes up on rumors, but never down on refutation, or as it is otherwise known, reality.
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No bagholders yet.
When we register net inflows from the public then the market rolls over.
Looks like Samaras learned his "big swinging brinkmanship" (Trademarked by slaughterer) from Boehner all right.
It's not his "big swinging brinkmanship" on the block anyways.
Selling out your countrymen is lucrative business.
"Agreement reached!" Market UP
"Greek PM stalls!" Market UP
"Meeting cancelled!" Market UP
"Greek PM WILL sign, tomorrow!" Market UP
"EU changes it's mind!" Market UP
???
Looks like they are "pulling the plug!" Watch out below!
Stocks are divorced from reality
Greece has just officially signed the austerity pledge - hence the spike in futures.
All bearish news are priced in already. Bullish news, however, will rally the markets repeatedly. Even the same story.
Here on planet Tralfamadore, everything is bullish.
I like nothing more than the smell of Hopium in the morning...
Oh, wait, nevermind.
We should stop calling IT "the Market" because it AIN'T THAT, no real price discovery,(Supply and Demand), we should call IT for what IT really is CASINO-BEN, or FEDSINO!?!
Any other suggestions?!?!?
Time for the market to DIIIIIIIIIIIE now.
This is the market phase where all credibility dies. Along with this, you can hear the tone shifting from some of the big banks...a growing chorus of "Greek Default" rising. With market credibility clearly dead, and the "reality" of Greece's fate emerging, everything is in place for The Street to obliterate this thing.
Unfortunately, I don't think the criminal syndicate known as Wall Street understands how devastating all of this is to future market participation....or current participation. The syndicate only cares about locking it in on a daily basis. I think it will literally take generations of Americans to forget all of this total bullshit that has pushed these markets around.
The Greater American Depression rolls on unabated...
Which is precisely why these few years would be marked as a generational low when the dust settles.
As BS as markets are, they are still the reality, and once we manage to work past the energy issues or deal with it indirectly via population containment, real market gains can form.
In the meantime volatility ftw.
I would agree with your premise...that of how the bottom gets put in. However, the nature of the systemic and global threat, the magnitude of trillions in busted debt, the nature of the CDS wars to come, etc...it tells me that it will be a long time before anyone can talk about a bottom. I do not think we are close to that yet. I don't think the 2009 bottom will hold, for example.
There is so much garbage impairing market function, and markets are so far removed from fundamentals, economies, and anything that makes sense that...it is going to much harder and much longer for any true market to emerge from all of this.
And anyway, you cannot even begin to normalize markets until the criminal syndicate is removed, unplugged, imprisoned. Lost confidence is very difficult to restore.
Agreed on most points.
But on a nominal basis we cannot underestimate the desire of CBs to monetize.
Considering that there is no physical limitation to monetization, deflation is only possible if they decide to let fiat retain its purchasing power.
I do not think this likely.
The rumor was injected to the media so the PDs have an excuse to mark up the stock market before the close.
You need to realize there are no free markets. You are dealing with the corrupt government-Wall Street organized criminal syndicates.
greeks promise to not come in EU mouth , this time no really. gotta love the greeks scam em even with the EU's man as head of government. take the money guys and then do it all overagain. dejavu all over again.
The MOMO's from HELL!
The "Market" thinks we are wealthier than we are. This will be evident soon enough.
The market never gave up any of its gains when every rumor of 2009 never came true. Remember "Green Shoots" evry frickin day sending the market up hundreds of points. Sending momo idiotic stocks like Deidreich Coffee up 10,000% in one week. Sending Select Comfort up 5000% in one year and 10,000% in three. The market is an asylum for the criminaly insane.
Market about to open. Dow futures have fallen from +80 (around 7:30 am) to 47.
Watch the pump and dump from 9:30-10:30. Been happening pretty routinely now for about a week.
How come the overnight buying into rumours that turn out to be false hours later apparently comes at no loss whatsoever, this farce just continues day after day
I mean, they must off-load what they bought erroneously, and somebody must be holding the bag at some point, no? Where do they keep stuffing their "errors"?
They wipe it under a carpet and borrow some new money is all I can think of... or is it simply a never-ending zero-sum shuffle?
I wonder how much Samaras and his buddies have made with these various "buy the rumor... sell the news" cycles.
Soros and Goldman Sachs aren't the only masters of disaster...