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First Response To Downgraded "Non-Event": Saudi Tadawul Down 5.5%
Those seeking a harbinger of what may be in store for global capital markets come Sunday 5 pm should look to Saudi Arabia where the Tadawul just dropped by over 5% today.
Sayeth the Telegraph: "The Tadawul All-Shares Index closed down 350.43 points 6,073.44 as all shares tumbled following a tumultous week for global markets which was capped by Standard & Poor's cutting the US credit rating over its $14.3 trillion deficit and debt. "The S&P rating and problems in Europe... have scared investors," said financial analyst Abdulwahab Abu Dahesh. The Saudi market was the first to react globally to the S&P statement late on Friday, with the start of the trading week in Saudi Arabia, while all other markets remained shut for the weekend. Analysts expect markets in Asia and Europe to follow the Tadawul lower on Monday. "Saudi shares have reacted to two events: sharp drops on Thursday in markets, especially oil, and the S&P cut of the US rating," economist Mohammed al-Omran told Al-Arabiya news channel."
Granted Saudi Arabia may be reacting more to the fact that crude plunged by about 15% last week than anything, although absent some very motivated buying force we do believe that some rather substantial downward momentum is imminent, especially once some "unintended consequence" pops up. And when you have a historic event like a US downgrade, there always are unintended consequences.
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According to classical technical analysis, that is widely known as the 'camel toe' formation.
lol
yeah, gotta be bullish.
isn't the camel toe pattern a precursor to the closely followed SCHWINGGG formation?
peak camel dung
camelish
for the markets
almost as funny as the fact they just made it illegal for foreigners to trade camels. must be for security reasons, maybe they use camels to carry the sacks of dollars.
NATO disapproves of camel ownership
http://www.salon.com/wires/allwires/2011/08/05/D9OU8HI00_ml_libya_armore...
Bahahahahahaha
a classical camel toe indeed. With a distinct smell of bad fish
Milton, that was funny. Thank's for that laugh. ''Camel Toe'',lol, proof that it still looks bad, even when it's the market. Yoo little devil you. lol. http://www.youtube.com/watch?v=hEix4asVQVY&NR=1
hilarious! that's a nugget... i will use that one..taking full credit of course...LOL
halarious! thats a nugget... i will use that one..taking full credit ofcourse...LOL
uh-oh...time for another "benefits package"
I thought debt brotha/timmay/the bernank said the downgrade din't matter?! Guess debt brotha wil have to go bow and kiss the house of Saud's ring again! BWAHAHAHAHAHA Bitchez!!!
you need to be specific with Our Timmay, he talks fast as a machine gun firing snake oil pellets at you! What Timmay actually said to the risk of a US downgrade was:
"There's no risk of that happening"
Asked a 2nd time the same question he replied: "No Risk"
Timmay lives in a riskless world, Croneland, but his unbalanced fiscally unsustainable budgets live in quite another!
This Tadawul Index, shouldn't it be read "Tad awful"?
A good anagram for tadawul:
Adult aw!
My guess is that oil was the driving force. If you have an authoritarian regime whose main source of income is oil that is dropping like a rock, insolvency is not far away.
Wait until they try to get there gold out of London and new york and find out it was all double and triple (or higher multiples) sold out from under them
I really think this market was closed on Thursday and Friday. They are just catching up to the moves we had on thursday and Friday, Oil's steep decline since last time they were open
Yes, arab weekend is days 2 early.
open on thursday, just closed on friday...i think..nope closed both days..you are correct...
it's just catching up. relax with the hyperbole TD.
I’m looking for a reaction rally very soon if not immediately.
Inverse Head and Shoulders, Market Structure and Rising Channels on the RUT
http://img508.imageshack.us/img508/4287/rut050811.png
Inverse Head and Shoulders and Rising Channels on the NDX
http://img837.imageshack.us/img837/6770/ndx050811.png
Rising Channels in the U.S.
http://img153.imageshack.us/img153/30/usa050811.png
Surprising China
http://img534.imageshack.us/img534/7210/china050811.png
Troubled Europe as cash strapped investors go to the well again to cover losses back home
http://img171.imageshack.us/img171/2995/europe050811.png
And DON’T FORGET that the Euro is STILL ON A WEEKLY BUY SIGNAL.
Bonds at overbought extremes, volitilaty and sentiment at extremes, and, well, let’s just keep in mind an old Wall Street addage: NOTHING GOES ANYWHERE IN A STRAIGHT LINE!!!!****
****Nevertheless, if this is that rare ocasion where we get an equity crash, I don't think we'll have to wait long at all to find out.
(Previous comments on this setup can be backtracked starting here: http://www.zerohedge.com/news/sp-goes-red-year-its-about-time#comment-15... )
Don't be offended, but are you trolling?
That depends on your sense of humor, and, of course, and most importantly, your ability to reason.
So, let me know what you come up with.
Fot those of us who are able to reason, but for whatever reason, be it the overwhelming mindless commentaries or the steamrolling imposition of ideas, whatever the reason, if there are doubts about what I post, here's what I was saying in April:
http://www.zerohedge.com/forum/supersize-snapback
or you can just click the link to the chart: http://img690.imageshack.us/img690/274/rutweekly080411.jpg
THE NAME OF THE GAME IS TO SELL HIGH AND BUY LOW, not the other way around.
China looks like shit
Shut the windows or some bankers might fall by Monday... What a thriller, this month is epic, long pop-corn and PM, short all the rest.
Don't forget long ant-acids also..<smile>
... and "Depends" for the bamksters...
This is a great opportunity for President Obama to hunt down and take out Osama bin Lad...WHAT? He's dead? Well, can he take out other bin Ladens and declare them terrorists?
No, this must have been a mathematical error. You can kill him again.
Nah, they don't need Osama Ali Bin Baba anymore. Anyone that openly opposes the Obama regime is now considered a 'terrorist', soon to be re-educated or suicided at a FEMA camp near your hometown.
Just like I though with all of these mentally fucking retarded market partisipants. US treasuries will probably rally even though they where the asset that got downgraded.
Now, as US is downgraded, QE3 is essentially slam dunk.
Great, people are gonna love paying $6 gallon for gas and more job losses as the bankers roll up record profits.
Are you kidding?
I can't wait until it gas gets to be $15/gal.
Nothin says 'conspicuous consumption' like drivin' an ole gas guzzler.
Like BAC???
>
Granted Saudi Arabia may be reacting more to the fact that crude plunged by about 15% last week than anything
>
Here's the prices of oil:
Brent $109.43 Tapis $117.00 Alaska $106.88 Dubai $102.73 Louisiana $110.63 Urals $107.99 WTI $ 86.88 Oman $103.15 Minas $117.45 Forties $109.46 Bonny $118.85The US imports 60% of its oil. WTI is not the price of US oil. Frankly, it's absurd and everyone knows it.
I'll be off in the Middle East in about 9 months. Looks like good times ahead.
Arab Spring, Summer, Fall, Winter....
I'm getting word from trading desks that gold will definitely hit 2k next week (and why shouldn't it?)
I spent 50 bucks on 5 September 1990 GLD's a few weeks back..
Damn things might be worth something next week.
LOL.
I should think that the Saudis are concerned ... they have more dollars than we do
Tadawul Camel stock market close on thursday at 9 am eastern time, and open on saturday. Tadawul missed 1 day of bear market. this is normal for a country who hold US bonds.
Saudi Market is closed Thursday and Fridays so they're just reacting to everything else on Thursday. Tyler wasn't the only one acting lazy. Cavuto opened his Fox show this morning the same way.
As others pointed out the saudi stock exchange was closed Thursday and Friday. Don't get me wrong I'm in the bear camp, but however I truly do believe that this downgrade is a non-event for Monday trading. Wouldn't be surprised to see stock markets rise. However we have the problems in Europe to look forward to. :)
non-event meaning we wont drop more than 5% right..so why are they scrambling for tele confs in the middle of the night..
non-event meaning we wont drop more than 5% right..so why are they scrambling for tele confs in the middle of the night..
non-event meaning we wont drop more than 5% right..so why are they scrambling for tele confs in the middle of the night..
i agree...this isn't telling us much as they are just catching up. if Europe doesn't have some positive noise for Monday, it will get ugly in a hurry. it all comes down to Italy and Spain has they have solvency issues.
Saudi's Islamic Calander has their weekend on our Thursday and Friday (Friday is their holy day, the seventh day). They are just playing catch up. The S&P declaration pissed me off.
I took profit on my shorts Friday as I was not going to let the FED screw me over the weekend when the market was closed. I was going to buy buck pre-opening Monday morning hopefully at same price if FED was comtose or at reduced price if FED tried a Shock & Awe event. The S&P action will likely cause me to buy back at a higher price; however, there is still 72 hours for the FED to charge like the Polish Cavalry in WW1.
Green shoots, obviously.
Armageddon was promised by everyone if the DEBT CEILING was NOT raised because S&P would downgrade our debt. We have been downgraded anyway because we stupidly agreed to spend more and no ARMAGEDDON? Fasten your seatbelts, its about to get ugly, very ugly. My bold prediction is Stocks, Bonds and Dollar lower for starters.
Long the FLINT GROUP distributers of printers ink. Hee, Hee.
Long the FLINT GROUP distributers of printers ink. Hee, Hee.
Long the FLINT GROUP distributers of printers ink. Hee, Hee.
Saudi's hold a ton of treasuries so they may be in deep doo doo.
Ol' Prince Alwaleed might want to think about holding off on his new tower for a bit.
http://www.dailyfinance.com/2011/08/03/saudi-arabian-prince-to-build-worlds-tallest-tower/
"Everywhere I hear the sound of marching, charging people..."
And ended positive 0.08% :-)
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