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The FINal Countdown
UPDATE 3: C -9.7%, BAC -9.3%, MS -7.1% & CDS blowing too in Financials (GS +60 at 387bps, MS +53 at 547, BAC +34 at 451, C +32 at 347...and Insurers (AIG +70 at 540, HIG +45 at 465, MET +27 at 390, PRU +35 at 340, and BRK +20 at 270)
UPDATE 2: Citi, MS, and BofA all down 8%!!!
UPDATE 1: Citi, MS, and BofA all down over 7% now, XLF -3.5%!!
In the last hour, financials have accelerated to the downside very rapidly. It seems perhaps that the credit markets were on to something and now equities are realizing that something is definitely worrying market professionals.
MS -5.7% at $12.7 (from highs just above $14 this morning as Cramer recommended).
BAC -4.75% at $5.82 (lows since MAR09)
GS -3% at $91.7
C -6%
XLF worst performing sector -2.5% (Is Kass still renting?)
UPDATED Chart (1445ET)
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http://washingtonexaminer.com/politics/2011/10/us-confirms-attacks-pakis...
Pfftt! Its only a tiny attack, we aint worry about it.
Transfer all your money from TBTF to a Credit Union and get to a protest near you. Excellent collection of #OccupyX videos at The Daily Bail.
VIDEO - Searching For Loved Ones After The Brooklyn Bridge Arrests - #OccupyWallStreet
try GITMO
This video appears to show NYPD leading the protesters on to the bridge then arresting them for being there.
VIDEO - Step By Step Account Of The #OccupyWallStreet Brooklyn Bridge Arrests: "We Were Lead To The Slaughter"
Good old-fashioned police work right there...lol.
I was just looking over some recent history. Interestingly we had 4.7% unemployment in Nov 2007 and that was considered worringly high.
So now we are told by the media that we are in recovery and have been for years and back that we were verging on a Depression.
NOBAMA 2012.
Well last year jobless claims under 250k per week meant the job market was improving. Now claims under 400k means the job market is improving.
It used to be that you could drill anywhere in the world for oil at $40 a barrel, now its we can't even make a profit if oil is under $60.
You got to love revisionist statistics.
A nice bunch of numbers, unemployment being just one of them all graphed and stuck together.
http://www.flickr.com/photos/johnnyshop/6196456311/sizes/o/in/photostream/
What is the FED going to do? I'm looking to hear from Ben today or tomorrow.
I've been wondering that myself after listening to Fisher this morning on CNBC. Bernanke is going to feel compelled to do something quickly and I would bet his little red phone is ringing off the hook.
Sovereign debt is an evil thing...
Sovereign debt is an evil thing...
ANY DEBT is an Evil thing, it enslaves humanity.
If one chooses to put on the chains, is it still slavery?
Debt has its practical usage. Evil wealthy fuks enslave everyone underneath.
These freaks get boners from their cash, control and dominance like serial killers slicing up their prey.
Autumn is such a pretty time of year. Lamposts with bankers hanging from them...hot apple cider... THe dream lives.
GREEN: PM MO RAI LO Big Tabacco plus BMY who goes x-div Weds.
http://www.youtube.com/watch?v=9jK-NcRmVcw
Its the FINAL COUNTDOWN Da doot do doot doot do
Still can't log on to either one.
I was able to log into my account rather easily. Of course, I don't have any funds on deposit, just a mortgage account from when they took over my last lender.
I was able to leave them a nasty note that I'm sure won't get read anytime this century.
BOA not at $5.59 and falling. Look out below. At this rate, they might not need to fix the website, just put a BK filing up instead. BWA HAA HAA
But I just read a report that the economy is up slightly. It's not fair. Food and Beverage production is up and so is auto manufacturing. Somehow clothing manufacturing is up, yet we only have around 8 textile mills left in the entire USA, my company ordered some socks from Georgia so I guess we're at fault for that part of the ISM index.
I guess you can sort of call food and beverage production as industrial production. Kind of sad that burgers and booze is the high point of US industry today.
Good that I have my brown safety pants on...
BofA website malfunctioning again (read their response..LOL)
"Burke said the access problems are a result of the bank managing traffic volume during peak use.
"We've simply taken some proactive measures to manage customer traffic during peak hours during the day," she said. "That could result in some customers experiencing slowness or temporarily having access issues."
http://www.breitbart.com/article.php?id=D9Q4USLG1&show_article=1
uh...that would be considered even by the customers that bleat in the night ..BaaaaaD
...that's not a bug, it's an undocumented feature.
I wanna see Blankfein and Dimon trussed in a dolly like Dr Lecktor; Silence of the Lambs be damned,
In God We Truss!
This from Bloomberg
Bank of America Corp. (BAC) said online access to accounts was slowed or halted temporarily for a second consecutive weekday because of heavy customer traffic at the biggest U.S. lender.
No worries mates
whoa! those $5.00 bills must be flying like crazy!!!
I've been hitting their site regularly, today. Just to keep the bandwidth up and do my part for DOS. <big shit-eatin' grin>
OT. But does anyone else miss the PUMA INDEX on days like this one? Can't get it to load.
<iframe width="560" height="315" src="http://www.youtube.com/embed/KtNLpKPL6Eo" frameborder="0" allowfullscreen></iframe>
Soon, I need trolololol-cat here!
Time to bring up the deer!?
yes, time for the deer in a very dark tunnel, with a freight train rapidly approaching at disintegration velocity...
no way out...
Bring out the deer!
when the R2K is flirting with a 5% haircut for the day,
slewie sez: i third that motion!
Market Professionals?!
SEF.
According to Belgian newspaper De Tijd, Dexia will be "redrawn:"
http://www.tijd.be/nieuws/ondernemingen_financien/Spoedoverleg_bij_Dexia...
"The good parts will be split off from the bad parts. This fundamental intervention will be topic in today's emergency meeting that Dexia's board of directors has called for Monday evening. More later"
deleted
its the FINAL COUNTDOWN, dun dun dun dun ... the final countdown... dun dun dun - da da dun dun dun
\
bitchezz!
LULZ @ Fox
"Wall Street turned sharply lower on Monday afternoon after a slew of news regarding big-name companies, coupled with continued fears over Greece’s ability to stave off a default, spooked market participants, setting off a broad flight from equities"
That sucking noise is so loud, it can be heard by satellites in orbit.
a veritable slew, i tell ya!
that sucking sound isn't due to tyler's "buy cheap straddles play"?
welcome to zH!
now go pick a fight with a fuking troll!
I'm glad we threw trillions at the banks to save them, just to kill them later with a flat yield curve. Nothing but the best and brightest steering the Titanic. Mr. Smith....iceburg ahead in the form of a mountain of debt. Do we go around? No steer through it. We are indestructable.
I believe that the '08 crisis and housing bubble was set up to not only fleece the sheep, but to tank oil prices. Soros was quoted as saying so, and when the price went lower it left a lot of oil producing states with too much capacity. It bankrupted many of them.
I think this move is once again a cordinated effort to stall the inevitable rise in the price of oil. The US has very little oil being produced currently and will not benefit from the higher price. Also, once the price rises then they will rape Alaska and run the pumps there.
It will not mitigate the price however, as the fields there will only supply enough oil for the US for a decade or so. There will be no more growth because of the lack of production.
So I think that this recent collapse is also to collapse the price of oil. It is looking like this is more important than saving face. They will close BAC, or another bank, for the oilgarchs will sacrifice many a goat to maintain the status quo. Looks to be a long bumpy ride from here on out.
Don't assume a conspiracy when plain old idiocy suffices, unless you like taking the shitty end of bets.
Right. I am sure they only discuss their golf games at Davos, Bildeberg, the Grove, Scull and Bones, et al. They may be incompetent, and I believe their plans are doomed to fail, but they have plans. What they don't have is control over the oil supply like they used to, so they resort to economic warfare, and if they have to sacrifice a Major Bank in a blood letting upon the alter of the Federal Reserve, they will.
Surely it would be easier to just liberate somebody else s oil than to orchestrate a financial & economic disaster in the hope that oil prices fall. Brent has been holding up very well today, perhaps not all the money being herded into UST`s is behaving as it should!
When was the last time the US won a war? Iraq turned out not to have half the oil that was thought, so that war was a total bust. Fight Iran? That would be a suicide mission. Look at the Clusterfuck that is Lybia to know how incompetent the Military Industrial Complex has become.
And Brent had a supply crunch never seen before when its supply got cut by 25% in the Q2.
North Sea gas production falls 25%:
http://www.guardian.co.uk/business/2011/sep/29/north-sea-gas-production-falls-by-a-quarter?CMP=twt_fd
FAZ fo lyfe
I kinda like just buying FAS puts. It feels more fun to directly rape the idiots.
It's 2:00pm and you can almost taste the bounce on a rumor which is coming.
do false rumors
really taste like chicken .....
Plastic chicken, yes.
Calling all Floridians!
Protests #OccupyWallStreet #OccupyFlorida Oct 12 Miami, Oct 19 West Palm , Oct 28 Ft Lauderdale
Times and directions on The Hamlet. Join the fun - carpool!
Great...now I can't get that damn Europe song out of my head...
It's the final count down.....
Knock knock, who's there? Beardy Bennie, throwing out his credit line to the TBTF's. End of funding crisis. No collapse. No Armageddon. Yaaawn.
Tourette Syndrome (TS) is a neurological disorder which involves involuntary movements and utterances, called tics. Tics can be simple, like eye blinking or throat clearing; or complex, like jumping or repeating phrases. Some tics may be offensive, described as copropraxia (obscene gestures) and coprolalia (obscene words). While it may be possible for persons with TS to control the tics for a short time, this often leads to a bigger outburst later.
Just saying.
The TBTF's will still exist with Christmas.
Don't go out on a limb or anything.
yes, but are you one of them? Only then can you sing..."So boring"..over Xmas pudding.
I'm not one of them. With Christmas, I'll read all these total-collapse stories back and smile. The euro will be saved by then, the TBTF banksters too, growth will be about to return, even the #OccupyWallStreet will have faded. Happy X-mas, crisis is over.
Rose tinted glasses and harry potter quidditch... You must have a broom stick in your closet!
It ain't total collapse its gradual but inexorable collapse...over the next five years...step by step.
BORING WORLD WE LIVE IN LOLOLOLOLOL
Indeed. Still the same problems as 3 years ago. GS still rules the world. Or is it Greece?
Closing at these levels or just slightly lower today would put all 3 major indices at, or within .5% of new closing lows.
Let's just say that there isn't a lot of support below...
Ok so we got a nice 70 point DJ 2:00 PM jump so what was the rumor du jour?
I'm waiting to find out. This isn't like the last few little jumps this is a big turn. We're back above 1:30 levels, one whole half hour of selling wiped out.
Dexia is "A-OK" says the board.
I dunno, just a guess.
"big turn" huh... Everything is horribly into the RED today. I don't think a 70 point move intraday for profit taking is a big deal.
Closing at or just below these levels opens up the door for some major downside tomorrow if we break the lows then.
I think we bounce a couple hundred before we really break to the downside. But if we close even slightly lower from here today... the door is open.
Has anyone on CNBS even uttered the word Dexia today?
Wait for the 3 pm ramp back up. still, something seems to be going on in the FIN zone. CDSs clicking on and whirring softly before detonating.
Remember, when all the banks are "hedged", none of them are.
Great quote Ned,
Remember, when all the banks are "hedged", none of them are
"He who defends everything defends nothing"
Frederick II the Great:
would you pay $50 for 100 sticky balls
.
http://www.youtube.com/watch?v=J7aNzWoAi1E
Would I? I HAVE on several occasions.
Sticky Balls will lead the Great American Manufacturing Renaissance.
About the banksters, I give not even two hoots, let them burn in their paper suits. Be they little, or be they big, there's nothing better than bar b q pig! Smell, that is, porky perfume, like Texas T, TURN 'EM ALL INTO THE WALL STREET HILLBILLIES! PAN HANDLERS, THAT IS, STREET PEOPLE STYLE, NO JOB, NO SPARE CHANGE FOR YOU, MOTHER FUCKERS!
Anyway, good things is that PMs don't seem to get hit this time... I was afraid that especially the silver paper market might collapse, but it is holding nicely.
What is next for stocks- have a look here with pictures:
http://www.tfmetalsreport.com/comment/65107#comment-65107
Predictions that are tested and eerie similarity of the USA and Greece stock markets.
And the conclusion for macro economic bacground that will rule 2012-2015:
Recession/deflation in the USA from q1 2012, further accelerating increase in unsustainble debt levels- default/inflation from jan 2015, loss of reserve status.
One thing I can imagine will grow vs. other currencies during 2012-2013 will be THE USD.
Damn Im ready for a RoboTrader post telling me how bank stocks and Uncle Gorilla paper is where its at and Bernank is God.
He'll probably be all like, "Wait, you losers weren't frontrunning IIN? So fucking obvi!"
http://www.finviz.com/quote.ashx?t=IIN
After which, he'll head up the stairs, grab a generic soda, high five his grandma, and head back down to the basement.
Wow, I feel much better. Eric De Keuleneer, an economics professor at the Solvay Brussels School says that Dexia "doesn't fundamentally have a problem. We don't need to be worried."
http://www.lesoir.be/actualite/economie/2011-10-03/dexia-les-epargnants-...
You can't make this stuff up....
I won't even bother translating other fun pull quotes from the article.
I just flew back from Belgium this weekend. NO ONE was talking about Dexia, Greece, the stability fund votes. Nothing.
Queue the GOOD NEWS from Europe in 4-3-2........
BELGIAN FINANCE MINISTER DIDIER REYNDERS ON BANKS:
"To help banks and to help, for example French and Belgian savers, the first thing to do is to help Greece."
Get ready for that BOUNCE..... or NOTAnyone else have that feeling that the last 10 minutes of trading in financials today is going to be a fucking bloodbath?
Does TD know how to sing...? The final countdown...sounds very pop and financial...is this a new genre of music...popfinancial-rap-r&r-r&b-jazz?
Europe does.
unfortunately political europe does not..that is what the current imbroglio is about...Merkel wants the speculation to go away and let the Euros settle their own spaghetti noodles.. But it won't go away as its honey in the bank for desperados on the loose...C'est la vie...the Free Oligarch's economy. Let her ripppp....let the innocent people pay and their politicians doodle in dismay...Those who are not on the take...'cos the ones who are complicit never lose as they have no core values.
Yeah, and I actually always hated Europe - the band.
what band-width is that?
Tyler, we are approaching 1,100 spoos. DO SOMETHING!!
What??? No 2 o'clock bounce of any substance??? Just a magical levitation hour?
Yes, miners holding well, but for how long? That is the area I will be moving into, and soon.
Amen. We should all be moving into mines. All I've got is a basement, food&water and a variety of firearms.
But, as the doctor said, I'm afraid we have a mineshaft gap...
Very nice moves in dollar and bonds today.
The Big Trend continues: Rush into cash in anticipation of falling prices ahead.
Yes we can...
Makes sense since small businesses employ most of the workforce. However, Obama preaching transparency sounds pretty hollow.
It is encouraging though that DC seems to realize that a rising dollar is very beneficial for the economic input costs of small business and consumers, slashing prices of energy, foodstuffs and raw materials. This bolsters small business profits and increases consumer purchasing power in the heavily import-dependent U.S. economy - both facors likely to help employment.
The losers will continue to be U.S. multinationals (which lead the stock market) and capital maintaining hopeless commodities bubbles in the face of tanking prices.
GM bangin' on lows
What! Inspite of those great numbers this morning?
They sold 400 volts which beat my expectations of 5 or 6
I'm sure Trumpka forced 700 sales alone.
Simulated 2008 setting up short squeeze on those unwise enough to employ the same shorting techniques as in 2008.
please keep 'em coming. i have an algo that's scraping comments here looking for you specifically, and set to fade whatever you post. 100% success rate.
1140...
i'm sorry, you were saying???
I was repeating his 1140 close call from this morning.
My business and BAC acounts were both established on the same day about ten years ago.
I just returned from draining my final account of all but a token amount. The black teller was talking about Iraqi Dinar revaluation.
"We luvz us some Dinars n shit."
At least in our experience, BAC has been an excellent business partner.
Sad to see it end this way.
Bitchez...
*sniff*
LOL...
So, those fellows earlier that were all "Gold is an asset class that moves with other assets and shit!" or "Gold moves inversely with the dollar!", were they confused, stupid, or corrupt? Or all three?
Why anyone would accumulate things that money can buy when the price of money (debt) is at a 100-year high - will continue to be totally beyond me. Interest rates are hurrying down to about zero. The market is trying to correct ridiculous pricing of things in terrible overabundance. That´s why you see collapsing commodities and overissued stock watering scams on Wall Street.
ABOLISH THE FED.
STOP THE LOOTING. START PROSECUTING.
NO ONE IS TOO BIG 2 JAIL.
Tyler,
Penson Financial at $1.33. Have you ever thought what would happen if the second largest clearing firm in the US goes under?
BofA at $5.00, I would rather have a $5.00 footlong from Subway, at least I get something.
WINNING !
Please stop that.
You know, that simple sentence summarizes up the US economic predicament. Manufactured goods have value. Transfered eletctronic monetary figures do not.
The Emperor's New Portfolio.
I loved that story when I was 8 years old.
FAZy unleashed! VXX getting ready! QQQ getting hammered!
Must say, ME LIKE!
FTB
If USD is stable and and recession in the USA is deflationary , USA can launch another war in 2013-2014 at no cost at all (despite DEBT being driven out of the charts) . So that to position itself best before dafaulting in 2015. To secure resources, most likely oil.
We'll have to capture some rare earth metals mines as well. We need those metals in our military gear.
US has the rare earths. Turns out they're not so rare after all -- just spendy to extract. The extraction operations in the US were closed down in favor of imports from China (smooth move) and it takes a couple years to get them drained and back online.
After they're back online, according to the new plan, the green energy revolution will kick into high gear and totally save this economy. I'm very enthusiastic.
Keep hope alive!
Can you get hope on a rope? And with a noose?
We'll need soldiers in our military gear too.
If the idiots are dumb enough to finance our war machine they deserve our boots in their asses.
Well, I've seen enough violent swings in the market and prices of things over the last 6 months to understand that this likely is not the triggering event of something big. Just another warning tremble before the big quake. I could be wrong, but that's been the trend over the last 6 months.
Bloomberg just as bad as CNBC "if we get bad job numbers" ?????? wtf do you think your going get +400,000?????
Good point R/F! They will just do a revision a week later, with a negative print! F..king loser scumbag politicians. They should go out and teach these brainless protesters how to really " Lobby"... Although the brainless protesters are just junking their own, pathetic cronies!
tehcnially, looks like we are forming a box after all. the bulls were scooping up tna like mad men. we'll see what heppens next.
Buffetts (BoA) warrants are looking over priced, at the momment. Perhaps he should have his personal assistant take him out to lunch? Then bury the ( rusty) " Reading Railroad" afterwards! Freakin 10's off 13.5 basis Points/ the dollar yen correlation is starting to crack. I smell a ripe time for ( BoJ)intervention! Coming up.
The euro is being proxied against the aussie. Ten big moves in both directions. That correlation is starting to break as well.
The GBP is a better bet with the aussie. in a solid new uptrend off of historical lows. BoE can print, and was smart enough to stay out of the dysfunctional EU. Plus they have already started tightening, so if BoE loosens credit, it's already priced in.
+1
So why the hell are gold and silver stocks down today.......naked shorting? Or ppl just raising cash.
BAC has hit a low of $5.55: don't count on their online banking services to be operational very soon as the massive outflow of funds could take it below the magical $5.00 mark (penny stock levels) and result in futher massive liquidations from the big boys. Hasta la vista my old enemy, RIP!
Sometime later this week I think.
Sheep on Awaking:
Walks up to the bank counter,
Good morning Miss, I've been camping out all night and I'd like to close my account please, any denomination will suffice thank you.
Counter Robot:
I'm sorry Sir, that's an internet only account. I can't access it form here, you will have to go online.
Sheep:
But I can't get access online, your site has been down all fucking week and those bastards on the tech support line just won't take my calls. I want my money please, now!
Counter Robot:
I am sorry Sir, you will have to access the account online, now move along please. You should have known that online access makes it easy for us to keep your little savings in the most unlikely event of a temporary liquidity crisis. We did offer you 0.0005% extra on that account so we wouldn't ever have to see your face or hear you bleep. Now move along please before I call over that nice FEMA man.
In another town:
Smart Guy, already wide awake:
Walks up to the counter (coin shop):
Good morning Mr Coin Dealer, what can you give me near spot today please.
Nice Coin Dealer:
Good morning Sir, Nice to see you again, just like every month. I can give you a special on some Silver Maples, $2.00 over spot, i've got kids to feed and stocks are getting low.
Smart Guy:
Thank you kind Sir, I'll take 100 of those please, see you next month.
There is no better feeling in the world than trading FRN paper for physical precious metal.
Doesn´t make a lot of sense with money (debt) being hoarded in anticipation of falling prices. You can see interest rates hurrying down to about zero. Why would you accumulate anything that money can buy when the price of money is at a 100-year high?
Guy with big gun, crazy friends, and your wife tied up to the back of his Mad Max dune buggy:
I'll take that.
The Fed is dependent upon Congress fiscal and Congress is dependent upon the Fed monetary.
The republicans want to become more competitive and the democrats want to redistribute the wealth from the competition, resulting in a global contraction. How stupid is that?
They simply do not understand the source of growth, and never will. All they understand is efficiency, algebraic reduction (selling each other cars and oil), and they have locked out the economic producers.
If Ron Paul were serious, he would talk about healthcare corruption and restoring that market, that is firing the doctors(AMA).
The means of production is now globally distributed in the heads of intelligent people, who have no interest in the legacy nation/state, global IC, system. Raising intelligent children, generation after generation, is the true NPV window / looking glass. Stupid people cannot raise intelligent children; some of their children do raise themselves.
All 3 indices here with 30 minutes to close would be at new closing LOWS if they close at this level.
I hope you love volatility!!!
The bank of america on-line problem is actually worse than reported.
The on-line site had actually rolled-back some of my transactions from Friday, which could have caused me huge fees ($35 a pop) if it caused some of my transactions to go into overdraft.
Bonuses for 2011? Maybe the bankers will not hand themselves record high fat bonuses again this year...or will they?
I remember Barry yelling into the TV cameras..." I am outraged; No more bonuses!"...and then AIG, GS, etc took record Mega Bonuses approved by Timmy himself with a wink and a nod from Barry and Pelosi....
karl denninger says its beans and bullets again on this. run to cash and let god sort them out
Denigger doesn't know any more than anyone here. Including 1q45, robo and dangertime.
It appears the end of the day melt up has begun. More of our money going to waste..........hmmmm...maybe all they could muster was a 75pt rally this time.....we'll see....last 10 mins.
CLOSING AT LOWS!!! Yikes - I guarantee you extreme volatility tomorrow . New closing lows on all 3 indices.
GS just broke below $90. BAC down over 10%. I guess the melt-up had a melt-down.
Edit: At 4:01 GS read $89.85....then magically at 4:02 it shows at $90.08. Amazing how that works isn't it?
Would you please pass the schadenfreude? It looks delicious!
I'm sorry but that schadenfreude is being saved for TPTB. We still have some lovely Wormwood left.
notice to all passengers the staff will no longer be moving deck chairs. they are now busy installing port holes on the life boats so we can see each others ass as we sink
Also, there's a craps game on the poop deck for those of you who want to go down winners.
OK..so in the worst case scenario...is money and securities in an account at ms safe?
OK..so in the worst case scenario...is money and securities in an account at ms safe?
About as safe as they are at BAC.
Would be safer invested in Goldman Sachs top 10 picks, fer sure, dude...............................