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Euro, Stocks Soar On FT Report EU "Looks To Swift Recap" Of European Banks

Tyler Durden's picture


And right on cue, just like 2 weeks ago when the FT "broke" the news that China was about to bailout Europe (all over again), here they come again, reporting that the EU is "looking to [sic] swift recapitalzation of 16 banks." From the FT: :European officials look set to speed up plans to recapitalise the 16 banks that came close to failing last summer’s pan-EU stress tests as part of a co-ordinated effort to reassure the markets about the strength of the 27-nation bloc’s banking sector. A senior French official said the 16 banks regarded to be close to the threshold would now have to seek new funds immediately. Although there has been widespread speculation that French banks are seeking more capital, none is on the list. Other European officials said discussions were still under way. The move would affect mostly mid-tier banks. Seven are Spanish, two are from Germany, Greece and Portugal, and one each from Italy, Cyprus and Slovenia. The list includes Germany’s HSH Nordbank and Banco Popolare of Italy." And we are now taking bets on how long until this whole non-news, all rumor move is faded.

Update: We answer our own question: 30 minutes.


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Thu, 09/22/2011 - 14:32 | 1698081 SolidSnake961
SolidSnake961's picture

half life of about 30 min.

Thu, 09/22/2011 - 14:34 | 1698095 101 years and c...
101 years and counting's picture

not even that long. here comes the flush.

Thu, 09/22/2011 - 14:36 | 1698106 Hedgetard55
Hedgetard55's picture

NetFlix the "safe haven" buy for today. :~)


ROBO cleaning up today, no doubt.

Thu, 09/22/2011 - 14:42 | 1698144 TruthInSunshine
TruthInSunshine's picture




***This Is A Financial Times Breaking News Report***


An anonymous source has provided us with details that Warren Buffett, while urinating in the bathtub, decided to buy 100% of French Banks at a 25% premium on present market values, and that Buffett further decided, while wiping his ass after defecating, that he will buy all PIIGS+France+U.K. bonds for 100% of their face value.

Becky Quick reporting on assignment

***This Has Been A Financial Times Breaking News Report***

Thu, 09/22/2011 - 14:44 | 1698156 Cdad
Cdad's picture

Nice 6 sigma, PPT event there a few minutes ago.  Being followed up by desperate quote stuffing right now.  

Nice pachinko machine.

Thu, 09/22/2011 - 14:46 | 1698167 d00daa
d00daa's picture

didn't even need to see the news, price action gave it away.  always happens when we're sliding to new lows...

fade. this. bullshit.

Thu, 09/22/2011 - 14:49 | 1698177 Cdad
Cdad's picture

Fading it....and so will the HFT.  They absolutely cinched a move lower now with the insane pump.  They thew the kitchen sink at it...but it won't work.

Thu, 09/22/2011 - 14:52 | 1698189 HelluvaEngineer
HelluvaEngineer's picture

Protecting the neckline of this H&S?  Might work for this afternoon but could have a nasty gap down tomorrow.

Thu, 09/22/2011 - 14:58 | 1698224 Cdad
Cdad's picture

Program selling on the close should set the inverse ETFs on fire...ensuring the breakdown of technical mumbo jumbo.  That absolutely moronic pump has cleared the way and given the green light for short selling.

Just waiting for confirmation now.

Thu, 09/22/2011 - 15:02 | 1698254 Cdad
Cdad's picture

Here it comes.

Thu, 09/22/2011 - 15:08 | 1698275 Cdad
Cdad's picture

So supposedly we jumped on "Euro banks will be recapitalized."  There is nothing left to recapitalize.  Faith in those institutions is gone.

You can cry wolf only so many times...and then the wolf shows up and does what wolves tend to do.

Thu, 09/22/2011 - 15:12 | 1698292 Cdad
Cdad's picture

There again...another desperate quote stuffing effort. Volume response was pathetic.

Thu, 09/22/2011 - 15:20 | 1698334 Cdad
Cdad's picture

Way to go criminal syndicate Wall Street bankers...and your computers.  You've done it now.  You have killed the market.

Nice ramp job on that rumor there, Ben.  

Thu, 09/22/2011 - 15:22 | 1698341 Cdad
Cdad's picture

Russel is now at a critical breakdown level.  No one seems to be interested in saving it.

Thu, 09/22/2011 - 15:35 | 1698409 Cdad
Cdad's picture

Hey Wall lifting and quote stuffing is NOT an investment thesis.

Keep it up...just go ahead and finally kill it so that we can get on with the collapse and the following recovery.

Thu, 09/22/2011 - 15:45 | 1698466 mt paul
mt paul's picture

eat 3 wolves

before breakfast...


baddest bear

on the iceberg..

Thu, 09/22/2011 - 14:53 | 1698198 CClarity
CClarity's picture

But . . . will the EU recapitalize MS and GS?  Afterall, our FED and Treas helped their banks with TARP, swap lines, and so much more.

Thu, 09/22/2011 - 19:21 | 1699272 CClarity
CClarity's picture

Oh never mind.  They don't intend to "help" those banks recapitalize.  They just want the 16 that didn't perform well on their joke stress tests to go to the market and attempt to recapitalize.  Sure, that's a great plan.  They won't have any problem issuing more stock or bonds for their capital.  hahahahah

Thu, 09/22/2011 - 16:36 | 1698761 slewie the pi-rat
slewie the pi-rat's picture

fine new "grasping" avatar, Cdad!  +++

now looking @ 1.3469 and heading south...


Thu, 09/22/2011 - 14:44 | 1698154 jtmo3
jtmo3's picture

Yep, story about nextflix being bought by amazon. 

Thu, 09/22/2011 - 14:47 | 1698168 TruthInSunshine
TruthInSunshine's picture

And AOL is going to buy Google, Apple & Amazon.

Thu, 09/22/2011 - 14:48 | 1698176 Spastica Rex
Spastica Rex's picture

Wasn't AOL bought out by Compuserve?

Thu, 09/22/2011 - 14:51 | 1698188 TruthInSunshine
TruthInSunshine's picture

I thought Gateway bought all of the aforementioned players.

Thu, 09/22/2011 - 14:59 | 1698236 kito
kito's picture

was that the company that bought out atari? man i loved pong

Thu, 09/22/2011 - 16:24 | 1698720 Spastica Rex
Spastica Rex's picture

Coleco bought Atari, Sega, and Nintendo and then sold to 3DO (Panasonic). I think.

Thu, 09/22/2011 - 14:52 | 1698193 FEDbuster
FEDbuster's picture

Financed by GE Capital?

Thu, 09/22/2011 - 14:55 | 1698214 TruthInSunshine
TruthInSunshine's picture

It's now GE/Sino-Forest Offshore Capital, PLLC, lmtd.

Thu, 09/22/2011 - 15:00 | 1698241 FEDbuster
FEDbuster's picture

Underwritten by the SBA and insured and CDS provided by AIG.

Thu, 09/22/2011 - 15:11 | 1698284 TruthInSunshine
TruthInSunshine's picture

Which is backstopped by The African National Congress Insurance Fund® of Omaha™, LLC

Thu, 09/22/2011 - 15:19 | 1698332 Hedgetard55
Hedgetard55's picture

And the Natiional Bank of Zimbabwe has THEIR back.

Fri, 09/23/2011 - 01:30 | 1700038 zebrasquid
zebrasquid's picture

And Kim K. has the back of a Zimbabwean.

Thu, 09/22/2011 - 14:53 | 1698195 PD Quig
PD Quig's picture

DX took a 36 pip hit--half of it is back already...


Thu, 09/22/2011 - 15:05 | 1698264 Village Smithy
Village Smithy's picture

Nice call!

Thu, 09/22/2011 - 14:33 | 1698082 pupton
pupton's picture

I just BTFD bitchez!


Thu, 09/22/2011 - 14:35 | 1698103 d00daa
d00daa's picture

and you're about ready to lose your ass...  bitchez.

Thu, 09/22/2011 - 14:41 | 1698131 rocker
rocker's picture

This is the same Scumbag paper that told us China was Bailing out Europe.   LOL

Fool Me Once you can't fool me again.

Thu, 09/22/2011 - 14:58 | 1698231 pupton
pupton's picture

To clarify, I added to my position in physical silver today.  Yes, I have already lost 10% of my ass today. 

Thu, 09/22/2011 - 15:00 | 1698245 kito
kito's picture

check the ounces, let me know if its lost 10 pct in weight.

Thu, 09/22/2011 - 15:19 | 1698326 pupton
pupton's picture

Yeah, the shit still takes up as much space, too.

Thu, 09/22/2011 - 14:33 | 1698084 Zonker
Zonker's picture

Don't fight Organized Crime Bitchez!

Thu, 09/22/2011 - 14:33 | 1698087 Irish66
Irish66's picture

must keep 1120

Thu, 09/22/2011 - 14:53 | 1698204 CrashisOptimistic
CrashisOptimistic's picture

Dec 31, 2009 close: 1115

Thu, 09/22/2011 - 15:15 | 1698304 kito
kito's picture

better to focus on the drama of the dow. that is what the average person looks at. huge drops of FOUR HUNDRED POINTS has a nice effect on the population.

Thu, 09/22/2011 - 14:33 | 1698088 Archimedes
Archimedes's picture

I give it til about

Thu, 09/22/2011 - 14:33 | 1698090 TruthInSunshine
TruthInSunshine's picture

This is the point where the rumors from hacks like The Financial Times are sell the news events to those who get the leak before the article is released.

Thu, 09/22/2011 - 14:33 | 1698091 Iriestx
Iriestx's picture

This rumor should be enough to turn us green.

Thu, 09/22/2011 - 14:37 | 1698113 Clorox Cowboy
Clorox Cowboy's picture

...with motion sickness maybe.

Thu, 09/22/2011 - 14:54 | 1698208 CrashisOptimistic
CrashisOptimistic's picture

"Seriously, could we just stop with the bullshit?"

Quoting TD from the China rumor.

Thu, 09/22/2011 - 14:34 | 1698092 Corn1945
Corn1945's picture

I would use any bounce to get the fuck out of this mess if you haven't already.

Thu, 09/22/2011 - 14:45 | 1698161 boom goes the d...
boom goes the dynamite's picture

or improve your short positions....

Thu, 09/22/2011 - 14:34 | 1698093 alien-IQ
alien-IQ's picture

half-life was less than the time it took me to write this post. damn.

Thu, 09/22/2011 - 14:34 | 1698094 Dumpster Fire
Dumpster Fire's picture

Thank god we're saved....again.

Thu, 09/22/2011 - 14:36 | 1698096 Sequitur
Sequitur's picture

Just saw this, coordinated media effort. DOW off the lows, fucking bullshit this is.

PS all financial media sites are getting fucking hammered. Laughable.

Thu, 09/22/2011 - 14:34 | 1698097 hack3434
hack3434's picture

FT can be so patethic at times. Amazing...

Thu, 09/22/2011 - 14:35 | 1698098 Al Huxley
Al Huxley's picture

Stocks 'soar' - ha ha ha... good one.

Thu, 09/22/2011 - 15:18 | 1698321 mick_richfield
mick_richfield's picture

Stocks sore.

Thu, 09/22/2011 - 14:35 | 1698099 Aductor
Aductor's picture

Ahahahaha. Funny. They will have to find a way not to label it as illegal state aid to private entities. Good luck.

Thu, 09/22/2011 - 14:35 | 1698101 trampstamp
trampstamp's picture

I fat fingered... sorry folks

Thu, 09/22/2011 - 14:35 | 1698102 Edward Fiatski
Edward Fiatski's picture

No mention of French banks. Work better on the rumour next time.

Goldman is desperate.

Thu, 09/22/2011 - 14:35 | 1698104 Boner Jamz 03
Boner Jamz 03's picture

And just like that, big red bars. We're gonna be measuring these rallies in nanoseconds by next month.

Thu, 09/22/2011 - 14:38 | 1698119 Edward Fiatski
Edward Fiatski's picture

Lots of calls, then they dump the rumour and HFT collects the cha-ching, and throws in some puts at the top of the spike in a millisecond.

Sucker's rally.

Thu, 09/22/2011 - 15:09 | 1698282 Boner Jamz 03
Boner Jamz 03's picture

Yep, almost ruined my appetite. I had just sat down with a giant slice of pizza, short as fuck, waiting for the bottom to fall out of the SPX when I see a bar that eats up every cent of profit and then some in one fell swoop. And now, as we speak, there has been a complete retracement (and now pressing lows). That was good for literally 40 minutes worth of high, about the same as crack cocaine.

Thu, 09/22/2011 - 14:37 | 1698114 Mae Kadoodie
Mae Kadoodie's picture

Not fade away..

Thu, 09/22/2011 - 14:38 | 1698118 r101958
r101958's picture

.....and the markets spike up for a bit.....looks like they are retracing now......maybe they are getting a clue about all this bs jaw-jacking.

Thu, 09/22/2011 - 14:39 | 1698121 PicassoInActions
PicassoInActions's picture

at least i was able to get out the bad positions, now i am in the clear so market can go down another 500 points.. 

feel much better

Thu, 09/22/2011 - 14:39 | 1698123 Augustus
Augustus's picture

A bank recap will require funds from the State  / Govt. bank.  The ECB surely cannot take these equity stakes.

So. which countries are even capable of raising the money?

Which taxpayers will go along with more of this devaluing?

This announcement has the same value as the paper it is printed on.  Not one Drachma more.

Thu, 09/22/2011 - 14:39 | 1698125 oogs66
oogs66's picture

These 16 should be left for dead. They need plans for the ones that passed.

Thu, 09/22/2011 - 14:43 | 1698149 Sequitur
Sequitur's picture

Reggie had a very good video presentation to ING on this point. He noted Japanese banks before their meltdown -- the Jap banks were the top 20 of global finance.

Now? All those top-tier Japanese banks went supernova because of overleverage and bad debt. You don't see them anywhere. Same fate will befall Eurozone banks, and likely most U.S. banks.

Thu, 09/22/2011 - 14:41 | 1698128 bob_dabolina
bob_dabolina's picture

Half-life now 2 seconds. 

I thought this was a European insolvency crisis not a banking crisis, although the banking crisis due to the sovereign is a nice garnishment.

Also incessant corruption and incompetance from leaders globally (Particularly Obama) Talk about Nero, it's not even funny how close they compare.

Thu, 09/22/2011 - 14:55 | 1698209 NotApplicable
NotApplicable's picture

If you would stop misusing the word "leaders" you would recognize there is no incompetence, but instead, instilled ignorance that works as a protective shield.

Remember, these people are sociopaths, the lowest of the low. There is nothing incompetent in the manner that they feast upon the blood of our children. To call them incompetent is to provide them the cover to plunder yet another day.

Thu, 09/22/2011 - 14:41 | 1698132 slackrabbit
slackrabbit's picture

Enjoying the copper short

Enjoying the cotton  short

Looks at gold/silver on the couch

All Ben now needs is Tom and Val



Thu, 09/22/2011 - 14:41 | 1698136 Edward Fiatski
Edward Fiatski's picture

By the way folks, this is how profits are generated - scalps by investment banks throwing bogus rumours via the likes of FT. :)

Thu, 09/22/2011 - 14:56 | 1698216 NotApplicable
NotApplicable's picture

Good work if you can get it.

Thu, 09/22/2011 - 14:42 | 1698143 Village Smithy
Village Smithy's picture

Be careful, I'm sure there is another rumour in the breach.

Thu, 09/22/2011 - 14:42 | 1698146 Zeff
Zeff's picture

Well thats some steroids right there.

Thu, 09/22/2011 - 14:43 | 1698147 Irish66
Irish66's picture

How is GS gonna keep 1.35 in one hour and 20 minutes

Thu, 09/22/2011 - 14:45 | 1698157 Sequitur
Sequitur's picture

And down she goes again . . . .

Love it. Time to wash Ponzi out of the system.

Thu, 09/22/2011 - 14:45 | 1698158 dcb
dcb's picture

oh well I couldn't find a euro financial stock etf, but did buy financial today and the vanguard european etf. alas they didn't have a international financials. bit with funding pressure on euro libor at march 2009 lows I thought that was a good trade!!!

Thu, 09/22/2011 - 14:45 | 1698160 TradingJoe
TradingJoe's picture

it is going to be very hard for the alogs to close above 1120 with a volume spike as today! I think FTs "line" was to get some buddies in on the cheap(er)! It mai hold until tomorrow but I belive we'll go into the weekend with the S&P well below 1120!

This re set will not take as long as many had thought, this "thing" will be over in less then 2 weeks! With the usual snap backs!

Thu, 09/22/2011 - 14:47 | 1698169 Sequitur
Sequitur's picture

But will you be buying or waiting until next year for the "big one." Serious question.

Thu, 09/22/2011 - 14:59 | 1698232 TradingJoe
TradingJoe's picture

No buying yet! This sucker will need to get a lot lower for that! Around 950-1000 i might tip one toe in the water! If you want to know what WS is going to "do" look no further then DC!

Thu, 09/22/2011 - 14:54 | 1698207 JohnG
JohnG's picture

Man, this sort of currency manipulation should be illegal.

Oh, wait......

Thu, 09/22/2011 - 14:48 | 1698173 toady
toady's picture

I just don't see how these 'good news' stories can be considered good news.

16 banks are basically pieces of shit, and they are goiing to be forced to fuck somebody up(taxpayers) to come up with cash.

This is good news?

Thu, 09/22/2011 - 14:50 | 1698184 Spastica Rex
Spastica Rex's picture

Cash for banks is good news. For bankers.

Thu, 09/22/2011 - 15:46 | 1698472 falak pema
falak pema's picture

umm...hoping for some trickle down there...

Thu, 09/22/2011 - 16:25 | 1698727 Spastica Rex
Spastica Rex's picture

Keep your mouth closed.

Thu, 09/22/2011 - 14:49 | 1698180 vegas
vegas's picture

TD's post just reinforces my point from the last post; viz. that these short-term battles are endless and will happen over and over again. They have unlimited funds, you don't. they don't give a shit if they lose; you should.

There are times to be long and short. There are also times to stand aside, waiting for these things to happen. This is what always makes markets.

Unbridled bullishness and/or bearishness in any market usually leads to losses by the masses. I'm sorry, but that is the truth.

Thu, 09/22/2011 - 15:00 | 1698238 CrashisOptimistic
CrashisOptimistic's picture

You are almost there . . . to the point of understanding, but not quite.

They have infinite funds and you don't, but this doesn't mean you trade.

It means there is no market.  The world you grew up in no longer exists and it never will again.  You will never be rich.  You will never progress.

It is all downhill from here for civilization forever.  Your goal is to decline slower than others.  Nothing less than that, but also nothing more.


Thu, 09/22/2011 - 14:50 | 1698187 anyways
anyways's picture

I bet this rally will hold till 3.55 pm.

Thu, 09/22/2011 - 14:53 | 1698197 Gubbmint Cheese
Gubbmint Cheese's picture

Matthew 7:15

Thu, 09/22/2011 - 15:09 | 1698250 MichaelG
MichaelG's picture


(Or did you mean the FT?)

Thu, 09/22/2011 - 14:53 | 1698199 Temporalist
Temporalist's picture

It's a good thing I listened to James Altucher...DOW 30,000!!!

Thu, 09/22/2011 - 15:00 | 1698226 TruthInSunshine
TruthInSunshine's picture




Dow 36000: The New Strategy for Profiting for the Coming Rise in the Stock Market


By James K. Glassman & Kevin A. Hassett
  • Paperback: 294 pages
  • Publisher: Three Rivers Press; 1st Pbk. Ed edition (November 14, 2000)
  • Language: English
  • ISBN-10: 0609806998
  • ISBN-13: 978-0609806999
  • Product Dimensions: 8.9 x 6.1 x 0.9 inches
  • Shipping Weight: 15.2 ounces
Thu, 09/22/2011 - 15:06 | 1698258 Temporalist
Temporalist's picture

I listened to them too!  DOW 50,000,000,000!!!


*Shhhh...Barton Biggs is up soon gotta buy whatever he tells me to.

Thu, 09/22/2011 - 15:23 | 1698316 Negro Primero
Negro Primero's picture

"Dow 100,000: Fact or Fiction"  ...just $ 1.88 (new), or $ 0.01 (used) !!!


Thu, 09/22/2011 - 14:53 | 1698201 TheArmageddonTrader
TheArmageddonTrader's picture

13 minutes 30 seconds, but i cheated, i just measured it on the chart

Thu, 09/22/2011 - 14:57 | 1698221 TheArmageddonTrader
TheArmageddonTrader's picture

Or if you meant the duration before the market started to fade the rally, that was less than a minute - just long enough to follow the link and read past the headline

Thu, 09/22/2011 - 14:53 | 1698202 YesWeKahn
YesWeKahn's picture

Robo has been missing these days, covering her shorts?

Thu, 09/22/2011 - 14:53 | 1698203 bsdetector
bsdetector's picture

So a senior French official who was probably having a hard time going to sleep tonight just happened to call a FT reporter to deliver this breaking news. Wow, FT I thought you were better than this. Gillian, get a hold of these reporters and tell them they should refuse to be used as tools. 

Thu, 09/22/2011 - 14:56 | 1698215 fizz
fizz's picture

No surprise here...they always publish these fugazi pump pieces at critical support areas in the market. unreal. Next saving grace for this crooked, broken market - Tomorrow futs down -20 handles and Moody's will come out at 9am and reaffirm US and France AAA rating to save the day

Thu, 09/22/2011 - 14:58 | 1698223 RobotTrader
RobotTrader's picture

Maniacal buying in TLT continues.

Same with VXX.

Thu, 09/22/2011 - 15:01 | 1698246 HelluvaEngineer
HelluvaEngineer's picture

Odd, I was buying it last week.

Thu, 09/22/2011 - 14:58 | 1698227 fastishplastic
fastishplastic's picture

more damning if it's true "as part of a co-ordinated effort to reassure the markets about the strength of the 27-nation bloc’s banking sector"

not sure how emergency capitalization is meant to reassure anyone of strength. those europeans are way behind the spin curve. in a statement like this much care is needed to communicate the proposed action.

i would've suggested - to reassure the markets that european banks are TBTF, the continent will back it's banks at all costs, don't fight the european coal and steel community, long live schuman, (gotta invoke an emotional response without hinting at panic) 

Thu, 09/22/2011 - 15:00 | 1698243 fastishplastic
fastishplastic's picture

buy the rumor fade the news

that said i'd give it another 33 minutes

Thu, 09/22/2011 - 15:00 | 1698228 vast-dom
vast-dom's picture

the beauty of these desperate measures and leaks is that at this stage of game they only make matters worse when they are found out for what they really are: hopium air making some hot high-pitched noises as it rushes out of the shitbags ie global markets.


way to go. pump imaginary fiat into insolvent zombie banks built upon toxic sludge assets. keep it up postpone Teh Great Purge to make it all even more catastrophic. Yipeeeeeee biyatches yippppeeeeee!



Thu, 09/22/2011 - 14:58 | 1698230 PaperBear
PaperBear's picture

More debt to burden taxpayers with.

Thu, 09/22/2011 - 14:59 | 1698233 optimator
optimator's picture

Seek and you shall..................not probably find.

Thu, 09/22/2011 - 15:00 | 1698234 John McCloy
John McCloy's picture

Or maybe they can claim Gadaffi has left Libya for the 4th time or perhaps they can surround his apartment for a second time. Yuppers..all they have left is printing and rumors on top of rumors. Maybe the Fed will announce the next FOMC meeting will last 3 days this time to feign some sort of unprecedented action..surely it can buy a few weeks of stability even though the fundamentals on the global consumer is deteriorating as it has been. 

        This is the best they can do now that they have stolen 2 Trillion plus from savers over the past few years? What most be forcing them to shit their pants is that unlimited cash and record low rates are not even budging home prices and inevitably rates will have to go up meaning home prices down and the the U.S. will be paying insane interest on our debt. Ben is in a corner...he has to flirt with hyperinflation or accept deflation. 

     The cure is staring them in the face and it is surely not recapitalizing banks with tax payers sweat but nationalization and rewarding savers with high interest rates. Surely 3 plus years of Fed welfare to the banks is enough. This will end in Financial Nuremberg trials after the global war which is inevitable and it will begin once again in Europe.

Thu, 09/22/2011 - 16:05 | 1698605 hardcleareye
hardcleareye's picture

Global War coming soon.... 2 to 4 years on the horizon.

Thu, 09/22/2011 - 14:59 | 1698237 Market Efficien...
Market Efficiency Romantic's picture

and again, the news is timed to crash the confidence of the shorts. Well, that is a nasty game, politics can't win. As with the Fed, create expectations at the bottom, then start discussing it in a EUROPEAN way, doesn't work in the end. The longs that jump on such news will be disappointed and give up to only create an even bigger mess to the downside.

But it becomes more clear with every day, the political news machinery has adjusted to market timing. And they still think, that's a good idea. Poor politicians, will be guillotined by the masses!

Wonder how many algos have the parsed FT news included, SPY volume spike and volatility was just killing.

Thu, 09/22/2011 - 15:00 | 1698239 LongSoupLine
LongSoupLine's picture

CNBC - "Quick, focus on HP getting a new CEO for an hour straight as the market crashes"

Thu, 09/22/2011 - 15:06 | 1698272 Market Efficien...
Market Efficiency Romantic's picture

that's sustainable journalism :-D Not going for the quick crash, rather warm up Hurd's private diners, Apotherker's history and the structure of the incompetent HP board. That's just soo important to know.

Thu, 09/22/2011 - 15:00 | 1698240 RobotTrader
RobotTrader's picture

Nobody is buying silver and gold today.  Only paper Treasury certificates and U.S. Fiatsco dollars are in demand today.

Thu, 09/22/2011 - 15:03 | 1698255 Black Forest
Black Forest's picture

I did.

Thu, 09/22/2011 - 21:19 | 1699540 toady
toady's picture

Me too.

Thu, 09/22/2011 - 15:05 | 1698267 kito
kito's picture

youre right robo, im quite sure china has decided to halt all purchases of physical gold as it becomes more attractive. and im sure no other entity/individual is buying. central banks are more likely buying chipolte today

Thu, 09/22/2011 - 15:06 | 1698271 Hannibal
Hannibal's picture


Thu, 09/22/2011 - 15:09 | 1698279 -Michelle-
-Michelle-'s picture

Oh, plenty are, I'm sure.  They're just doing it in person and with cash.

Thu, 09/22/2011 - 15:42 | 1698443 lieutenantjohnchard
lieutenantjohnchard's picture

buck up buddy. your exact words were: ben bernanke is the best fed chairman in history. they'll be writing about him for the next 100 years in the history books.

btw: still "itching to get short"? oh i remember. after saying for months you would get short below 1200 spoos you ....... doubled down long with more djia stocks.

oh well. using your exact words: "trading is easy."

Thu, 09/22/2011 - 15:01 | 1698247 buzzsaw99
buzzsaw99's picture

blue horseshoe needs a bid...

Thu, 09/22/2011 - 15:02 | 1698249 DrStrangelove
DrStrangelove's picture

My butt hurts.

Thu, 09/22/2011 - 15:17 | 1698314 Ms. Erable
Ms. Erable's picture

Stay outta Robo's basement.

Thu, 09/22/2011 - 15:02 | 1698253 SolidSnake961
SolidSnake961's picture

my guess was pretty accurate, any prize tyler?? haha

Thu, 09/22/2011 - 15:03 | 1698257 Sequitur
Sequitur's picture

One hour to go, someone else earlier on Zhedge said 500 pts down today. They may well be right.

Thu, 09/22/2011 - 15:03 | 1698259 optimator
optimator's picture

Here's a laugh.  I can't get my wife away from CNBS which she stumbles upon.  Thinks we should think about getting out of the maket.  The laugh is that we're in FAZ and DZZ,

Thu, 09/22/2011 - 15:03 | 1698261 alien-IQ
alien-IQ's picture

hang on to your hats and fasten your seat belts. the 3pm spelunking is about to commence. anyone with heart condition and still holding long positions is advised to seek medical attention IMMEDIATELY.

Thu, 09/22/2011 - 15:04 | 1698262 DrFever
DrFever's picture

"Soar" .... come on .... stop sensationalizing every blip. 

Thu, 09/22/2011 - 15:04 | 1698263 Hannibal
Hannibal's picture

S&P 650 HERE WE COME,..!

Thu, 09/22/2011 - 15:07 | 1698273 John McCloy
John McCloy's picture

Let us have a moment of silence for BAC as it passes into the 5's within the next hour. I am sure Warren is standing by ready to pledge NetJets as as collateral to extend even more cash to keep BAC alive for the upcoming week. Have a Cherry Coke and a smile you criminal. 

Thu, 09/22/2011 - 15:14 | 1698298 TruthInSunshine
TruthInSunshine's picture

This will be Warren Buffett's second bath relating to BAC in two weeks.

Thu, 09/22/2011 - 15:07 | 1698274 mynhair
mynhair's picture

BAC is almost there......cumon, baby!

Thu, 09/22/2011 - 15:10 | 1698280 falak pema
falak pema's picture

Off Topic : Kudos to RM and WB7 for their contribution to Max Keiser interview; I enjoyed it. I hope all of Zh did. Hail to our princes of ZH!

Thu, 09/22/2011 - 15:09 | 1698281 Irish66
Irish66's picture

BAC is gonna break 6

Thu, 09/22/2011 - 15:10 | 1698283 Sequitur
Sequitur's picture


I fucking love this post. Thank you. Comments are so spot-on.

Now let's see how toasty this bitch gets into the final hour.

Thu, 09/22/2011 - 15:10 | 1698286 vegas
vegas's picture

Total retrace time = 45 minutes.
Mission accomplished.

Thu, 09/22/2011 - 15:11 | 1698290 totem
totem's picture

So do you think FT just has a collection of recycled stories ready to go?  It's a little funny to think that they automatically trigger the release of these stories based on price action.

Speaking of which, we're at 1120 again so get ready for another "breaking story" from FT!


Thu, 09/22/2011 - 15:11 | 1698291 vincent
vincent's picture

The tradeable bottom is nearly here.

I heard it from a YAHOO

Thu, 09/22/2011 - 15:19 | 1698329 gball
gball's picture

OT...but what is up with the Aussie today.  Down 2% againt the sterling and Euro, more than 3% against the dollar and yen.  Is their housing bubble bursting or what?

Thu, 09/22/2011 - 15:21 | 1698337 Dick Darlington
Dick Darlington's picture

But but but, Salgado has been telling us all along that spain has the best banking sector in Europe. To me that alone is a reason to be bearish on spanish banks but IF u choose to look at the banks and the reality they face how can you not be bearish on them. The "markets" are pricing something that has nothing what so ever to do with reality. Let's take covered bonds for example. Most of the covereds are backed by a pool of mortgages on houses. Most of the covereds are rated AAA because of the additional "security" the cover pool is supposed to offer to investors. Covereds used to be considered more like "rates product" than "credit product". Noone cared abt the quality or characteristics of the pool not to mention transparency on it. Just that the pool was there was enough for most investors. Well, things do change and while old habits die hard at least some people are recognising that. The beating on french banks have finally started to make it's way into french covered bonds. Spreads have widened massively in the past few weeks even though the french gubbmint "uncle gorilla notes" have been advancing. (though the spread vs bunds have widened). French housing market is a huge bubble but it has not bursted. Yet. And labor market is still ok. So probably there is sufficient cashflows in the pool. What abt Spain then? Most of the mortgage lending during the bubble decade was done by the local savings banks, cajas. Massive bubble was built, mortgage lending soared, massive amount of houses were built etc. Then came the bust and it's not even near ending. Unemployment soared and stands at 21%. House prices have come down but it's nothing even close to the numbers in Ireland for example. Unsold stock of houses is somewhere between 1 and 1.5 million. So common sense tells that something is VERY rotten there. Yet the spanish covered bonds have not reacted even to the huge swings in the sovereign bonds. In fact many of the single issuer covereds have seen their yiels creeping down slowly but surely. Even the latest statistics by Bank of Spain on non-performing loans didn't make the market move. I can't find a single reason why. None. Just to remind you, the banks have made roughly a trillion euros in loans to non-financial corps in Spain. Out of that over 40% is to developers and construction companies. Among those two sectors NPL's have soared close to 20% out of the total loans! And those are according to the OFFICIAL stats. I bet the REALITY is something different...

Thu, 09/22/2011 - 16:36 | 1698762 Market Efficien...
Market Efficiency Romantic's picture

Who are the main holders of that Spanish  BS? I have been wondering for some time, but does anyone have an idea, of it is all still with the Cajas or passed along the food chain?

Thu, 09/22/2011 - 15:21 | 1698339 Georgesblog
Georgesblog's picture

This is one wild - assed mess. As I promised, here's the sequel to "War Of The Money Worlds".  Don't look to these guys for answers. They're feeling the boat rock, along with everybody else. I had an interesting time writing it, watching them reach for answers. They shouldn't feel like the Lone Strangers. We're all out here, too.

Thu, 09/22/2011 - 15:55 | 1698531 falak pema
falak pema's picture

What the central banks want they get. The debatable issue here is as BK so aptly said :...The markets and central banks are at loggerheads...

His bet was that the market always wins as central banks have leaden feet and thick headed crony thinking as in 1991 and the run on Sterling. Lets see if the central banks know how to step up and dance the currency war fandango to match the market moves. After all, they make the rules...if their political leaders will let them. Whose side are the Oligarchs on...their market Dr Jekyl's or their Central bank Mr Hyde's?

Don't get your tits caught in the fan... is all I can say to their they run around from charity funds to political fund raising ra-ra rallys. Mad hatter Oligarchs and their 'softer than velvet touch' wives. 

Thu, 09/22/2011 - 16:22 | 1698706 Enkidu78
Enkidu78's picture

Just thought I'd post this video of our UK independance party in the EU.... watched this this morning funny as...

Who can actually get silver / gold for spot BTW?

Thu, 09/22/2011 - 16:30 | 1698745 bentaxle
Thu, 09/22/2011 - 17:16 | 1698921 bsdetector
bsdetector's picture

Explains it all doesn't it? I had some respect for Gillian Tett but I fear I will lose that if she stays with this paper. The Telegraph with AEP is the best.

Thu, 09/22/2011 - 19:15 | 1699254 Buck Johnson
Buck Johnson's picture

Say something anything to get the stocks back up.  TURN THE MACHINES BACK ON.  It's getting harder and harder to keep this game going, and usually that signals an end.

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