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European Bloodbath Continues
Europe was a sea of red (apart from Bund prices) today. With yesterday's window-dressing done and overnight dismissal of Spain's hopeful ECB-workaround, European equity and credit markets were dismal, EURUSD ended under 1.2400, and 2Y Bunds at 0.00% yield. Financials underperformed in stocks and credit with senior bank spreads back up to 300bps and LTRO Stigma jumping 12bps to 177.5bps (near record wides). Spain and Italy dominated both single-name banking and non-banking credit and equity moves as well as sovereigns with Spanish 10Y now +45bps on the week and Italy +37bps (with Belgium, France, and Austria all around 9bps wider). All European equity indices are down for the week with Spain down almost 8%. EUR-USD 3Y basis swaps turned back lower (worse) back to -70bps - not a good sign for funding (especially in light of the drop in LTRO we noted yesterday). On a final note of despair, Spanish 2s10s is now flatter than at any time since LTRO1 - implying that any LTRO debt used to fund a real carry trade is now a loser.
European sovereigns dismal...
and while European stocks (blue) have retraced most of the recent hope-driven rally, Crossover credit (black) remains rich as its high beta dispersion (green oval) has not fallen back to earth. Note also the financials (red and light blue) underperforming...
All European equity indices are down for the week with Spain's IBEX unsurprisingly the biggest loser down almost 8% (and the Swiss best at just under unch)...
and Spanish 2s10s curve is now flatter than any time post LTRO1 - so any of that LTRO debt used to fund a real carry-trade (as opposed to the losses on direct sovereign purchases) are now underwater...
Charts: Bloomberg
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Merkel and her people need to polish rebuttal rhetoric.
"Growth? You have no growth! You have deficit spending sugar. That's not growth. Growth is activity that takes place without the deficit. You want growth, pursue that kind of growth."
threadjack
Iran oil industry hit by Flame virus.
http://apnews.myway.com//article/20120530/D9V3280G0.html
/threadjack
more israeli bullshit. as if the world needed yet another example of israel breaking laws, destroying property, stealing and generally behaving like the spoiled little fascist midget it is.
Not just Iran. Look at the map here:
http://www.securelist.com/en/blog/208193522/The_Flame_Questions_and_Answers
Wow, Flame is quite the advanced intelligence tool.
Looks like somebody is getting my money's worth.
"...we discovered a new malware codenamed Worm.Win32.Flame."
WHY would anyone in their right mind be using WinBlowz Software these daze??
Maybe the "interfering with capitalism" bubble is about to burst.
yep. that's not how vlad the impaler would've handled it.
WHEN Will We Talk About The ACTUAL Issue?
http://market-ticker.org/akcs-www?post=206591
Deutsche Mark ready to go into circulation. Germany has printed its own currency and is sitting in Central Bank vault waiting for Angela Merkel to give her lovely wink wink, and it is ball game over!
schnell schnell schnell schnell schnell schnell schnell schnell schnell!!!!!!!!!
GOLD LONG GOLD the shit is acting great
Anyone else need a paper bag after the wild ride by NUGT today? Phew!
or is it a set up before a "lights out" move once our markets close. If gold is moving on advance printing inside info then why isn't jjc/iyr/uga/uup etc throwing off confirming signals?
and with uber strong dollar too.. wait for a reversal and gold will explode.... not just yet though
@scatterbrains
there is already plenty of news out there to support gold.. it doesnt need to be anticipating anything.. rates at ZERO is gonna drive her wayyyy up.. ignore the QE talk and keep staking
I like your "not just yet", but do you think the CB's can resist throwing a haymaker while gold is stumbling around punch drunk? I'll be increasing my stack in due time for sure.
Speaking of setups, Ginlser on Bloomberg radio tomorrow. So now I'm wondering if and where the Bernank or his peanut gallery at the fed will be adding their comments? (coincidentally while gold is collapsing through 1550ish) or are they saving that for the next time BB has to face RP?
Gold is saying something. Most likely it is saying a printfest is at hand. Back in 2009, gold was back up at all time highs on bailout theory while stocks were still at lows. It will probably go apeshit before stocks again.
it will go balistic if (when) we get a print of course.. but what im saying is it doesnt need a print as interest rates will drive her upwards regardless. bull market began in 2001 with no QE in sight and we have already had trillions printed.. The gold boom is not dependant on QE only on negative rates, QE will just accentuate the moves.
i been buying every months for the past three. bought last week.. thatll do for now and we'll see what benny has to say, if he says no i'll buy more.. if he says yes then im waiting for the next dip.
look how much the dollar depends on the news.. in order for it to be "strong" the world need a hole continent to be melting up.. that is not sustainable and is not gonna last.. and it looks as if gold is slwly going back to its roots as a safe haven currency that can run alongside the dollar
whipsaw summer
Bring it!
Zombies, vampire flicks, & bloodbaths...
Every day is like waking up in a "B" grade movie...
Yes, Europe is the new "Switchblade Sisters" aka "Jezebels"
yep, and we even can get bad acting as well, just turn on CNBC.
Cheer up, at least the soundtrack is good.
http://www.youtube.com/watch?v=YSKNOdkzJCI
Squids, you forgot the squids...
Does this mean I'll get to stay in my house or will I have to go out to hunt food.
yes
Darn! Where's the Nth "rescue plan" when you need one!? Queue carnival music...
May 30 (Reuters) - Greece's largest lender National Bank on Wednesday reported a 537 million euro ($666 million) loss
http://www.reuters.com/article/2012/05/30/nationalbank-idUSA8E8GD01I2012...
GOD HELP US.
Bloodbath? Hmmmmm, DAX 5000, now THAT would be a bloodbath.
HYG is doing well, however.
The miners sure are responding nicely. https://www.youtube.com/watch?v=5akEgsZSfhg
Anyone still holding miners after the latest slaughter is never selling.
About 8 to 10 weeks after QE3 commences would actually be a great time to cash in...
Thus the weak hands have been washed out. Time to rally.
I don't hold PMs because I believe in Gold and Silver. I believe in the central bank insanity and the only "solution" they have to apply.
Long printing presses and Miners.
P.S. I will dump Miners when central bankers come back to their senses.
Or when Chavez et al. nationalize/royalty them out from underneath you.
That is a distinct possibility and something I mentioned when I wrote about this subject. I have suspected for a while now that this is the reason why Miners have underperformed for several years now.
Either way it is not a permanent hold. Eventually it will be time to sell the PMs and Miners. The trick is to know when......and not to fall in love with your PM Mistress.
http://www.zerohedge.com/contributed/golden-end-game-%E2%80%93-thought-experiment
http://www.zerohedge.com/contributed/golden-end-game-%E2%80%93-thought-experiment-part-two
Everyone will soon be living in a Spanish Harlem
http://www.youtube.com/watch?v=OGd6CdtOqEE
1.24 ....?? Oil under 90....?? Seems about time for Chairsatan to drop his cock and grab his socks.
Oil got down to the $70s in the fall. US Equities still have some airing out to do...
the bernank will make those pigs fly!
The question is, do you bite on the 14% dividend yields here? There is some seriously cheap stock in Euroland right now, if you accept the risk. I think banks should be avoided on the principal of avoiding ground zero. But man, sweet deals abound.
This is the "we lit the fuse discount"
Wait for the "It blew up" discount ...
What an amazing day. This is better than Space Mountain.
I could have sworn i saw the Dow down 166.6 a sec ago.
Where is the systemic stress?????? Should we be having alot of Morgan Moments?
Down 1.5% s&p ramp soon coming to a screen near you.
1310 is the support
http://youtu.be/zMIzTh0Lafg
Nowhere to run, nowhere to hide except..... GOLD
Or treasuries
[redacted]
I get nervous when I see gold do an about face and run up WITH the USD. Something isn't right...signalling a collapsing currency somewhere in the world....I assume the EUR.
I get nervous when I see gold do an about face and run up WITH the USD. Something isn't right...signalling a collapsing currency somewhere in the world....I assume the EUR.
***********
I don't think it signals a currency crises at this point-
USD/UST/Gold all up-all other currencies/commodities and stock markets down-
This is a deflation trade--the true flight to safety-
So who is the idiot that keeps knocking us. Poor bastard.
http://www.zerohedge.com/news/faceberg#comment-2472785
ruttrow
HAHA I just clicked the down arrow on everyones post above.
monkeys never learn, or do they?
good to see you, fuu...i loved your compostions, especially the trav777 magnum opus (but i kind of miss that low-life, scum-bag bigoted-shill).
and, as always: FUU, too.
janus
Best bio ever really.
well, you know, i stole (and then bastardized) it from napoleon...and we all owe him a debt of gratitude -- not just janus.
simper janus
http://www.youtube.com/watch?v=Zd8VPzOvUM4
BOOTED!
nice. i think i get your idiom.
i think you'll like this guy if you don't already.
http://www.youtube.com/watch?v=RZmxNM6DwsY&feature=related
http://www.youtube.com/watch?v=ktwhdM1-ZOk
should inspire.
you're welcome.
janus
Spencer is the real deal.
Judah make me wanna dance!
i thought you were cool, fuu;
this confirms it.
are you drinking with tyler again?
see what he thinks of ralphNader; i can maybe get 10% if tyler wants to screw around
that's not a promise, tho
wtf how about 75%? go4it. maybe tyler can get a new vespa to go with that great fringe jacket we gave him for the holiDaze
Tyler has only spoken to me once and he whipped my ass. Marla once re-dropped a song when I asked.
All South EU countries will go down, And there will be Civil war in all north african and middleast countries
The plan is to change the face of EU--This has been Jewish plan all along..
Jewish parasite has sucked American blood and now it has no place to go.
It can't rely on China as parasite jews are easily noticed ( although they are internarrying to spread their parasite Gene pool into ASIA)
They can ofcourse enter into india and spread their filth but you see parasite will never cohabit another Parasite which is India ( A nation of over a billion parasites)
So even if Parasite Jews want to migrate to India and settle there and feed on them, they wont as India itself is a open sewer--its like re-entering their Warsaw Ghetto again
So Parasite Jew after screwing USA, Is once again planning to move to his previous Location that Is Europe
from where he has been kicked out several times, now his survival and his survival of fellow parasite race is in jeopardy so
Parasite jew devised a plan to change the face of Europe in few decades with Multi culturalism and Feed on the productivity of other races while enjoying and swindling them
But as Jewish curse says
" May you Rise in your life and acheive success and then loose later everything"
Jew is destined to capture everything and lose everything-
but Always remember,-A parasite is born to destroy not to create
VISA warns on state of consumers.
How about these gems on the true state of consumers?
Highlights from today's VISA 8-K filing
For the month of April 2012, U.S. credit payments volume growth was positive 8% and debit payments volume growth was negative 12%.
Through May 28, 2012, U.S. credit payments volume growth was positive 10% and debit payments volume growth was negative 8%.
http://www.sec.gov/Archives/edgar/data/1403161/000119312512252191/d36048...
And once again, i notice the GBP again becoming a risk on/off currency and the volatility on the FTSE pick up (relative to the continents indices).
Musical Score for today's action...and a peak into 'the future':
http://www.youtube.com/watch?v=rfZGy6ykaeU
http://www.youtube.com/watch?v=K1GFWRicUmU
http://www.youtube.com/watch?v=hWYVGiPEEpc
http://www.youtube.com/watch?v=XycBLF6kWuY&feature=related
if Man is five, then the devil is six;
and if the devil is six; then God is Seven...
this monkey's gone to Heaven.
Love,
janus (the monkey man -- http://www.youtube.com/watch?v=HNY8eYmzdH4)
PS. http://www.youtube.com/watch?v=pWntr9yWRqU
555
Those 'contingency' plans for the Eurozone collapse that is 'not expected to happen' had better be detailed.
http://www.independent.co.uk/news/world/europe/world-scrambles-to-prepar...
When does Pt become something to consider? I don't know much about its history. I know it's not in the metals-that-have-stood-the-test-of-time-as-money echelon, but it usually is near gold and now is way down. Or is this simply the divergence as it goes down as a commodity more in line with sluggish growth in autos (catalytic converters) instead of safe haven?
CNBS has a lot of news on fb and zynga today, and Simon just came out with his daily de-coupling theory. Why why why do i watch this crap?
"Markets are now in for a white-knuckle roller coaster ride. The news that a “run on the bank” may be underway is now spreading like wildfire, and companies are apparently even taking each day’s proceeds out of the likes of Spain, Italy and of course, Greece, and sending them to U.K. banks where their safety is perceived as better, for the time being....The sensitivity of the topic of “bank runs” is so inflammatory, that the concentrated silence on the issue by mainstream financial media demonstrates the influence of government on media. Despite the fact that Greek depositors have pulled about 17% of the cash on hand out of the Greek system, totaling 38 billion euros for the 12 months ended March 2012, the world press remains largely mum on the subject, clearly fearing the catalyzing of a spread of such panic."
http://www.midasletter.com/index.php/a-run-on-the-bank/
Both U.S. and Europe consumer confidence is falling. And US 10 year Treasuries hit 1.6%!
http://confoundedinterest.wordpress.com/2012/05/30/europe-joins-u-s-in-slumping-consumer-confidence-10-yr-treasury-yield-falls-to-1-62/