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The EU Jerk-And-Smirk
Update: it just gets stranger and stranger. With a 40 minutes delay, now the WSJ gets in on the action, with their spin:
- Many ECB Members Surprised By Draghi's Comments Suggesting New Bond Buys, Source Tells WSJ
- Draghi Wants To Discuss Buying Govt Bonds Simultaneously With Euro-Zone Rescue Fund, Source Tells WSJ
'Normal' - USD has now reverted higher, TSY yields back lower, and Gold off but stocks refuse to give up hope
and as a reminder of some odd reality in the medium-term...
EURUSD is now tumbling - we assume this reflects greater EUR printing dominating tail-risk fear removal and reduced QE expectations from the Fed... but buy stocks still...
Charts: Bloomberg
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Draghi is preparing for Greece exit.
exactly. IN the real world we all know if you have to reassure your family everyday that your family is fine and you are not going broke, it only means one thing.. you are going broke.
Ironically, the only thing the completely batshit lunacy of the Bernank'd and now Draghi'd markets does is increase the total lack of trust that carbon-based life forms have of the "equity markets."
It's going to be epic to listen to and read Bernanke's statement on what he is doing next (Bang! Bang! Bernanke), how, and why.
I thought peak lunacy had been reached in 1999, and then again in 2007, but I was sooooo wrong...I don't know if this time we've hit peak lunacy, but if we haven't, I can't wait to see what is next.
The one thing I am POSITIVE about is that what I will call the Dr. Michael Burry For Whom The Bell Tolls Grim Reaper is coming, bitchez....he's coming (math always and inevitably prevails).
Michael Burry Giving His Estimation (based on solid arithmetic) As To The Extent of the Pain Train That Will HitYou can't hit peak lunacy because Einstein was right.
The central bank manipulators are in full swing rigging the markets.
I always wonder why the banks they prop up advertise their foreclosed homes as "Bank Owned".
You would think it's some kind of invitation to mischief.
Finally.
This movie has dragged on for too long, I'm almost out of popcorn, and there is always the risk that watching movies can end in a disaster.
King dollar!
KING DOLLAR!
[pant, pant]
KING DOLLLLLLLAR!!!!!!!
And small investors in the stock market are preparing for a Greek entrance.
you nailed it. (Draghi) keep looking at me and forget the Troika is in Greece confirming they've missed all targets, and will not get any more funding.
"Jerk and Smirk" indeed. Now I'm waiting for "Wank and Tank"...
Re posted from another thread:
Jeeezus, folks they are criminals, don't you get it!!!! Anything you can think of that they can do they are doing it. They will print and deposit at will. Help me with the list that shows they are criminals, I will get it started:
1. The Fed is buying Treasuries via PDs. This is the equivalent of check kiting.
2. Li(e)bor was rigged, and most knew it. Timmah knew it.
3. Most of the countries in the EU/Euro currency had help lying on their books so that they could get in.
4. Subprime lending, need I say more? Rigged to skim fees and hand off bad collateral to create investment vehichles destined to be empty bags of shit promises and no more.
5. Changing the rules so that they don't have to mark their assets to market, they are permitted to hold and mark to model. WTF????
6. Big brokerage firms are commingling funds and they are becoming "vaporized" as in STOLEN.
Come on folks help me out here, keep this list rolling. I beg you. They are all criminals, don't you get it? They are doing any and everything they can think of. You sit here trying to guess if QE 3 will happen or not. Do you see what I am saying? They are sooooo beyond this with their criminal behavior.
EDIT: The QE3 debate is a distraction to keep you attention elsewhere, like any good magician/con artist.
7. Wells Fargo/Wachovia & HSBC admit to money laundering for drug cartels.
8) Deregulation
When is a crime not a crime?
When its not a crime ANY MORE ;o)
9) "It would be disastrous to let [insert favorite TPTB program] fail". Disastrous for whom again??
Dup
8. It was disclosed that BOTH Con Holder and Louis Freeh, acting as legal counsel, received payments for advisory work to MF Global...since Corzine was installed as CEO/Chairman.
I smell previously undisclosed conflicts of interest and quid pro quo arrangements with Corzine/MF Global..."and now you know the rest of the story. Good Day."
Wells Fargo/Wachovia, HSBC, FBI, BATF, and the US DEA admit to money laundering for the drug cartels.
Fixed that for ya'.
we all know they are criminals. but they are hardly going to prosecute themselves, so does it matter? If you could do as blatant an act as corzine and walk away then I think the message is clear. timmy was sent an email where a barclay trader said they were rigging libor - timmy did nothing and nothing will happen to timmy.
Sometimes, I think TPTB come on here for a laugh to read how we are all upset that they are getting away with it, but then I wake up and realize they are all to busy jetting here and there while raking in the wealth to waste their time reading what the slaves are saying.
but...but...but...its all being done with your best interests in mind...
Not to me you don't.
9) Supposedly private banks live off of Fed corporate welfare: borrow at near zero only to lend back to the Fed and make money on the spread. And many other Fed tricks to keep zombies alive
So write your congressman...nothing will change.
That's easy. Everyone is getting ready for a nuclear war.
Turn on private browsing.
Google News and cut and paste the following. Syria is a smoke screen for other things going on.
(arms|weapons|bombs|shells|chemical|nuclear) (attack|kill|shell|mortar|defend|violence) (toward|away|retreat|conflict|fighting|deployed) (company|troop|platoon|military|security|group|army|navy|air|force|police|operations) -syria
Then in French
(armes | bombes | Sièges | chimique | nucléaire) (attaque | kill | shell | mortier | défendre | la violence) (vers | away | retraite | conflit | combats | déployé) (société | troupe | peloton | militaire | Sécurité | groupe | Armée de terre | La Marine | air | Force | | Opérations de police) -Syrie
Picture not quite clear enough yet?
Chinese
????||??|??| |???????|?|??|??||???????|?????????????|??|??|??|??|??|??|??|??| |?????- ???
Have fun.
Wasn't I just talking about the 30 year per your request? Weren't you? This cannot be considered a surprise. "not priced in" of course...but a surprise? This is the ONLY tool monetary authorities not only have but use: devaluation.
Reality- world economy going into the shitter
Politicians and Bankers- pander and release nonsense statements
So who do you trust? reality we all see and have to live in, or some lying politician and banker. For the so highly educated wall streeters.. thats simple. trust the politicians and bankers.
THe stOopid is so extreme and so system wide you cant even make it up any more.
We here at the Fed care so little about this so-called "reality" and "the real economy" because we know you all live off of what trickles down our legs
so what's gonna happen when stocks DO GIVE UP HOPE..... I expect it ain't gonna be pretty....
Japan shows us, we should be trading in the 8000 range.
how can "stocks give up hope" when the only buyers are the FED and their agents?
Geddit !;o)
At what point do we give up? We are sitting on the sidelines, making an occasional trade. But, so far, I have been dead wrong. Economy is shit but the market doesn't care. I'm sitting in gold, which has been dead money for the past 10 months, and a lot of cash waiting for a pull back that refuses to come. Meanwhile, the cash I am sitting in continues to get debased while asset prices surge. Who's the idiot??
depends are you a trader or an investors? If you think you have the knowledge and guts to trade this market, money can be made. However if you are an investor, you/me and everyone else has no business what so ever even thinking about dabbling in this horseshit.
Its a casino man. I for one dont gamble with my future
I hear ya. I'm a money manager. Just getting harder and harder to pacify clients. This thing has run so much further and gotten so much crazier than I anticipated. Look at Nike. Has a horrible quarter and has already recouped its losses. Its nuts. I was mainly just voicing frustration. The other thing I keep thinking about is the quote "Just because something is inevitable does not make it imminent". I'm just hoping I'm still solvent when this market regains its rationale
I feel for you. Its like your know a bad storm is coming and you are telling all your friends to remain inside, yet currently its sunny out and they are getting restless. Be assured the storm is coming, math doesnt lie. All this bullshit the central banks are doing are just making it worse in the long run.
Yeah, thats what I keep telling myself. We shorted sbux at 55 which was a good trade. And we have had a few of those. The moves we have made have been vastly profitable. But, just not nearly enough of them to keep up with this crazy run. I don't know. I guess I'll just keep my MLP's and gold, keep trading the vixx and pick off an occasional short. Hell of alot more work than just going long but I just don't see any other option.
Or like the 2004 boxing day tsunami - people were fascinated by the water retreating and followed it out, picking up shells and goodies, only to be swept to their deaths when the tsunami swept back in faster than they could ever run. Anyone following this market up are just picking up shiny trinkets and will loose a lot more than their shorts when this finally breaks.
We all know that the turns are going to be fast and furious. Both ways. The stock market is just a re-cycle bin for money from the Fed. But when big players become illiquid enough they'll dump the recycle bin out ASAP to raise cash
TZA my friend, TZA.
I knew there was way too much for banksters to lose on the Euro/USD. There wasn't enough money on the other side if everyone cashed out.
The system is locked within bounds. Once it hits one it has to come back. And, the bounds are getting closer and closer together. Tick Tick Tick
It will all kick when they get no Bernake put and ECB easing and cutting next week.
Clearly what folks are realizing in the Euro.
Hey I give Draghi and friends credit as 2-3 cents worth of BS talk is still decent upside right!
Well maybe by 1-2 cents end of day heh.
I disagree. Draghi is no amateur. He wouldn't have made those comments without confidence that he was going to act. In fact, because he made those comments, I believe they will act and soon.
I believe they talked it up today to buy a few days for the announcement. Probably Monday or Tuesday.
Everyone has gotten so anesthisized with all the euro bad news over the past couple of years that it's hard to see when the cliff has been reached. I believe it has. I think they have to resolve Spain's debt in some substantial way immediately lest they risk a major collapse in confidence. They may have already waited too long....not sure.
Stocks are bullet proof, must be that 44% beat ratio on Q2 revenues!
Biderman looks like a fucking genius right now. Tyler, keep posting him. You and he are looking like a couple of rockstars right now. Bob the Bear? A fucking genius. Max Keiser? Fucking genius. Fucking genius squad...tally ho!
really genius, where you think the market ends up 2 years from now? Hasnt done shit for a decade. Go ahead trade this market, go ahead think you are the "smart" guy in the room.
This is nothing but a rigged casino, and unless you are a made man, it wont end well.
You are like an idiot trader in 2007 Japan with the NIkkei at 18ooo, what possibly could go wrong...
Uhhh....
ALl I am saying is that obviously the weak financial "asset" is fiat so using fiat as a metric to denominate deflation is stupid. Deflation happened in '07 - '09, and now we are in a hyperinflationary envrionment. Tens of trillions of fiat currency is created every year, and this will push asset prices higher. So shorting equity is foolish. Will it go straight up from here? No. The "fiscal Clif" scare will likely push equity down, but then they will raise the debt ceiling and kick the can. Wash, rinse, repeat.
And as far as what I do for my investments?
Crash JPM - Buy Silver TM
uhh you couldnt be more wrong. We are still in a delfationary environment, or has my houses worth doubled along with my take home and no one informed me.
You are clueless
Lennon, I came to the same conclusion. Stocks are a pretty good looking horse in the glue factory when you compare it to Treasuries and fiat nags. The PM's have been sent to the butcher, but I doubt he will kill them; rather he's saving them for a rainy day.
Holy Shit what's this world coming to...Biderman on CNBC Why TrimTabs CEO is 100% Bearish.
Biderman put FB on his conviction buy list at $31/share, never mind he said to buy the IPO. Biderman is a fucking dunce.
It is foolish to trade anything in this market, especially currencies. Even most of the BSD's don't know where things are headed fully, except more easing. But where and how much?
This is a make or break moment for Euro and for other developed economies for that matter. If Spain goes down (defaults on debt in major way), US, China, Aust. all will be close behind. You can sense it in the fast change downward in all the numbers. This thing is accelerating down.
Since they don't have enough money to shore up all the debt and/or will to spend each of their own countries savings, they will have to inflate. Only way. Alternative is total collapse of the euro and worse.
here is the thing. Politicians lie. bankers lie, hell even your loved ones lie, we all lie from time to time. you know what doesnt lie? MATH
The PIIGS all are going down.
They'll have a two-tiered economy: one where Euros are accepted (like from tourist idiots) and all the rest where black-market and under the table deals get made
Game theory math is not so easy to predict. U must remember, all money made now is derived from synthetic instruments.
So, what you think is right is wrong- u think Europe will fail? U r wrong. U think the markets will crash- they will and are going up. Trade accordingly and get rich- this is the best time we will ever have to long the seemingly finished markets.
you my friend are a cold stone idiot
your comment has no valid counter theory. Euro/usd up 230 pips since Tuesday--u must be short; if u trade at all...
Gold and silver where just whacked. You can tell when COMEX opens just by looking at the chart. It's like clockwork.
You sound bitter...
I am bored. The pattern started when silver hit $47 and got pounded down. If you look at the charts, together with the volumes from that day onwards, the action is evident.
Guess you didn't follow the expert lead of Charles Biderman and buy FB. You still have time to buy the FB dip! BTFFBD.
Gold ain't off in Euros ;o)
Many ECB members surprised by Draghi's comments for new bond buys.
Boxed-in?
Uhh, just a little. Off his rocker.
EUR/USD down 100pips in the last 45 minutes...and still falling.
Equities seem oblivious to this.
EUR/USD made a 5 wave up. so it is technicaly right to come down a little bit
Oh yeah, stocks way up. Naturally. Of course.
Bob Pisani looked like he ate a booger when somebody asked him if volume was light today. Bob reminded his low volume audience that it is "seasonally light".
Hooty-hoot of the day.
I would wager that Draghi made the statement just so Goldman could unwind their EZ sovereign bond position to the muppets
It is amazing how much work gets done in Europe after business hours. those 5 hour lunches really are productive. Must suck to be a trader in europe all the action happens when your trying to make your move on the russian hoars you just rented.
corruption, fraud and manipulations - its called central banks ~ the rigging of all markets at all times - this is the legacy from which we strip the hope and future of the young that will inherit our rot.
brought to you today by the rothchild and rockerfeller clans! we see you. we know what it is that you do.
If Europe doesn't stem this thing now (as in the next several days to week), the probability of a major global depression is real. Remember, there is an unbelievable amount of debt "money" out there. There is also an unbelievable amount of bullshit product and services that most of us can live without rather easily. When things start contracting fast, all of the above mentioned stuff will go down. People will get out of debt and stop buying non-essentials.
With markets and communications at the speed of light, we literally could have a snap depression. Something no one has talked much about. In the 30's, things move relatively slowly because it was a slower society than today.
"There is also an unbelievable amount of bullshit product and services that most of us can live without rather easily. "
This is how to select stocks to short. Let me give readers some examples. EDMC, GRPN, FB, ZYGA, OPEN, SODA, FSLR, TZOO, NFLX. All have been very, very good to me in the past few months. Its the height of folly to short general indexes like SPY and DIA. There are more lousy companies than good ones-always remember that. Just don't foolishly insist on shorting AAPL, GOOG, or AMZN. There's easier pickings. All the companies on that above list except FB (i'll sell my 30 puts when it reaches around 16-18) are all going to zero in a year or so, so its not too late to buy your Jan puts at these absurbly low volatility premiums. But you may only have a week to less to do so. Today was a great day to do so.
something must really be ready to blow up if Dragi is running around on a friday night trying to get a bailout done.
Remember Lehman? AIG? 08?
All the big shit hitting the fan stuff goes down on the weekend.
Never forget as it is staring us right in the face again.
Is it possible we're wrong and CBs can manage through this?
Has to be considered.
My initial reaction is lol@stocks, but the people who bought them at 10500 are getting the laugh. Still have faith in sanity and believe stocks are in a hopium bubble. Sticking with that.
With the level of people heading to the welfare agengy, I doubt it.
It doesn't matter how high stocks go if there is nobody left to buy them. You can ask whatever you want for your product, if nobody is willing to pay the price, you aren't selling it.
It's highly probable that conditions have deteriorated so much that CB's have to and are going to try.
I think potential for short term success may be good; however, I don't for a moment think this will end well. I no longer trade anything and have all my assets in insurance protected cash/equiv. plus 25% PMs for insurance/hedging.
Draghi's lack of credibility and poor attempts at bluffing will only exasperate the flush when it occurs.
I seriously doubt he's bluffing this time. They have to act ASAP or things will get very ugly.
I like the oil chart today. Really looks like a supply and demand based model.
WTF is going on, seriously.
Facebook had a nice $2 pop off the lows. Priceline and Expedia jump by insane amounts. Expedia jumps over 25% in one day, really?
Who is buying this crap?
All Fed printing has to be recycled into dead paper, else we would have hyperinflation. So all the zombie banks which are now fully Fed dependent to stay open must buy Treasuries and stocks. That works until it doesn't
Disagree with that statement. Fed printing can go a number of places. The first QE (the MBS stuff) went mainly back to banks and financial institutions that held that crap. So I'm sure a good amount of that new money went into the equity markets (AS INSTRUCTED) and other speculations. When the Fed buys treasuries, that is new money going straight into the economy. It's just there is such low velocity and demand that we have seen little inflationary pressures.
It's called "latent inflation". Hidden in the system to arise later. See why some of the Fed members are nervous about QE? They know effects will show up somewhere/somehow. Those pusing for QE are more confident that conditions will not allow inflation for a long time.
Half glass full retard
Valuta devalueing - USD/JPY/EUR most.
So, when will the first big guy go cashing in his assets, turning to gold?
edit:
10y bond climbing. But bonds will turn out to be nothing more than a bubble, as far as I understand
Psychiatric diagnosis: COCAINE
Mass overdose.
someone explain who is doing the buying? machines are working for someone, so who is buying and how are they making money?
Stocks go up when monetary devaluation (QE, printing, whatever you want to call it) occurs just like other prices will go up when money is printed. Stocks have an easier time of it because at ZIRP, where else do you go? Also, stock valuations can be massaged to fit/mean just about any cause. And finally, the Feds want stock to go up to prop up pension plans and create a "wealth effect"; even though it's false.
Prices of other stuff are much more tied to real economy, demand, etc. Just because more dollars are printed doesn't mean prices of everything go up right away. Velocity and economic conditions play a huge role.
Hope this helps.
THE cavalry is coming
Beter than bonanza!
Stop trying to make sense of it, some poor bastards have filled they're boots at the top and now its a case of who blinks first. I got matchsticks wedged in these motherfuckers, i'll keep buying for the bullshit fest next week. Lets see if they can keep it down, me thinks not.
Just can't wait to see what happens next. Maybe the ESM is created, given a banking license, and starts marketing CDOs--sign me up for an equity traunche. Low volatility with big tail risk, negative real interest rates, the SPX as the new bond proxy, Mario/Ben, ---GOD we are screwed. It really is a great time to have to manage a bunch of nice elderly folk's life savings. Oh well, gotta stay light-hearted and enjoy the ride (see Woody Harrelson in the movie 2012).
They deserve EVERYTHING that is coming to them.
DavidC
The ESM (if ever created which won't happen before september) could cover that bullshit, but it still will smell a lot.
The main problem is probably that SuperMario went way too early all in.
This is the other 35% of QE3 getting price in.
I can remember when I was pretty poor and my business was struggling. I would never let on to my wife and kids. I would always say it's okay, tomorrow will be better even though I had no idea how it was going to be better. I was pretty young and over my head and I finally took on a partner who had a lot of experience, some capital and knowledge. The business took off and we did very well. My point is confidence without a plan is just bullshit and hubris.
Imagine the Olympics kicked off to a background of a crashing stock market across the globe.
The City is hosting the Games. C'mon folks. Think about it.
No chance in hell the Queen would have allowed that to happen. After all, she is "made". This is her City and the money changers that run the City owed her this much.
After the Games are finished. We are done.
I say melt -up into the close. 1400. Why the F not?
Well, Draghi needs an Irish Poem:
There once was a fellow named "Draghi"
Who jumped when Frau Merkel said "froggie."
He went up so high,
Way up in the sky,
That the rarefied air made him groggy.
Squeeky Fromm, Girl Reporter