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FT Causes Massive Short Squeeze With Mother Of All End Of Day Rumors

Tyler Durden's picture


Here are the key selected sections from the FT story that sent the Dow Jones soaring 400 points from its intraday lows: "Although the details of the plan are still under discussion, officials said EU ministers meeting in Luxembourg had concluded that they had not done enough to convince financial markets that Europe’s banks could withstand the current debt crisis... “There is an increasingly shared view that we need a concerted, co-ordinated approach in Europe while many of the elements are done in the member states,” Olli Rehn, European commissioner for economic affairs, told the Financial Times. “There is a sense of urgency among ministers and we need to move on.” Mr Rehn cautioned that while there was “no formal decision” to begin a Europe-wide effort, co-ordination among EU’s institutions – including the European Central Bank, European Banking Authority and the European Commission – on necessary measures had intensified." So, there is .... nothing definite, just more speculation, more rumors, and more innuendo. But hey, it worked last week with the Liesman rumor. It obviously would work for the FT which has become the End of Day rumor source du jour, first with China bailout rumors (since denied), then with recapitalization rumors (denied), and now with this joke. Pathetic.


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Tue, 10/04/2011 - 16:09 | 1738614 GovernmentMule
GovernmentMule's picture

Twilight Zone

Tue, 10/04/2011 - 16:11 | 1738636 gmrpeabody
gmrpeabody's picture

What is that stench coming from WS?

Tue, 10/04/2011 - 16:15 | 1738676 max2205
max2205's picture

Somebody put Mentos in a liter of coke....IWM screamed today

Tue, 10/04/2011 - 16:20 | 1738720 redpill
redpill's picture

That was the most retarded 30 minutes of stock trading I've ever seen in my life.

Tue, 10/04/2011 - 16:26 | 1738767 scatterbrains
scatterbrains's picture

MS is now a proxy for FAS 3x bullshit

Tue, 10/04/2011 - 16:33 | 1738808 nope-1004
nope-1004's picture

Broken market, period.

Buy PM's.  Sleep well.


Tue, 10/04/2011 - 16:55 | 1738945 Fukushima Sam
Fukushima Sam's picture

Further proof that everything is "fine".

Tue, 10/04/2011 - 17:13 | 1739011 BigJim
BigJim's picture

...officials said EU ministers meeting in Luxembourg had concluded that they had not done enough to convince financial markets that Europe’s banks could withstand the current debt crisis...

ie, get the FT, Establishment rag of choice, to print some rumors.

They recently had an article called: "Gold bugs beware: Can we consign yellow metal bubble to history?" written by some laughably ignorant economics PhD, who essentially just rewrote an article the FT had published a year ago. I was amused to see that at least 90% of the commenters came down on him like a ton of... well, gold bricks.

When even the FT's readership understands the idiocy of trusting fiat currencies to hold value, you know there's a fundamental shift in monetary understanding. Positively warms the heart.

Tue, 10/04/2011 - 20:47 | 1739708 TheFourthStooge-ing
TheFourthStooge-ing's picture

Olli Rehn: Everything will be fine! All we have to do is lie harder!


Tue, 10/04/2011 - 17:45 | 1739157 Mesquite
Mesquite's picture

Green shoots..???

PS. Not Pathetic.. I say Hilarious..!!!!!

Tue, 10/04/2011 - 18:04 | 1739241 Alea Iactaest
Alea Iactaest's picture

Shut up! First rally of the newest bear market. Party on!

Tue, 10/04/2011 - 16:35 | 1738819 GenX Investor
GenX Investor's picture

ES promptly selling off after hours.  Time to reset the draw bridge and do it all again tomorrow.

Tue, 10/04/2011 - 16:51 | 1738931 crazyjsmith
crazyjsmith's picture

"Liiiiieeee to me, I promise, I'll believe. Liiiiiieeeeee to me, but please, don't leeeeeeeeave"

As the song goes.

Tue, 10/04/2011 - 16:57 | 1738954 Manthong
Manthong's picture

Anybody notice that amazing last hour GS melt-up?

Gee, maybe Reggie should be loading the freezer up with calimari. </sarc> 

Tue, 10/04/2011 - 16:39 | 1738865 I am more equal...
I am more equal than others's picture

The flailing of a dying man.  Mortally wounded it grasps at anything and everything.  His problems have not been resolved.  His cancer grows.  He fights against the night.  This will not pass. 

Tue, 10/04/2011 - 20:22 | 1739629 erg
erg's picture

Moribund geriatrics. A few years back I remember posting something like "...nothing has been fixed. Nothing has been cured. I sense a new bubble forming. Let's call it Anak Krakatau."



Tue, 10/04/2011 - 17:10 | 1739003 DeadFred
DeadFred's picture

30 minutes of retarded stock trading translates to a market that is falling apart. I just hope some small portion of this stays overnight. It looks to me we have room for a 6 or 7% one day drop now. Very bullish for a crash.

Tue, 10/04/2011 - 21:31 | 1739789 lano1106
lano1106's picture

I am not buying the idea that there is enough stupid investors with very deep pockets to move the markets in such powerful way in a very short period of time.


I think that there is a distinction between cause and justification, which are 2 different concepts.


The justification for the last hour rally is the silly rumor published in FT. The cause is something else...


I can imagine a huge pump machine operated by a well funded criminal organization and when they press on the machine start button to launch the buy program, it triggers simultaneously a fake rumor in a well respected publication to provide a justification to people craving for an explanation for what they are seeing.


Tue, 10/04/2011 - 18:13 | 1739220 Nobody For President
Nobody For President's picture

Once upon a time, there were these things called "Fundamentals".

Remember fundamentals?


Today, I watched the Russell 2000 - an index of 2000 small cap stocks, move over 7% in 42 minutes.

SEVEN God damn percent! 

With no real news behind it, only a rumor from Europe that "By golly, we are gonna do something about this shit, maybe."

Killed me north of 65 grand, which irritates the HELL out of me.

It ain't about the money, money is just a way to keep score, but I really, really hate to lose my ass to a bunch of HFT Mothers that are way too big for the SEC to bother, being busy watching their porn and all. It is sort of like watching porn to see over 4 million shares (of TZA) go red in the last 42 minutes, topped off with 1million in the last 3 minutees. "Just adding liquidity here, move on, nothing to see here."


And AFTER the market closes, Moody downgrades Italy 3 notches, from A2 to AA2. Thanks for waiting, bitchez.

I think Wall Street needs some new decorations on the lamp posts - but that's just me...


Tue, 10/04/2011 - 19:32 | 1739512 twotraps
twotraps's picture

totally agree, I have been expecting that kind of move, only Down.  

Tue, 10/04/2011 - 21:34 | 1739799 bid the soldier...
bid the soldiers shoot's picture

I remember fundamentals.

That was when 8 points on the Dow was a major move up. And 15 points was "Excuse me, I have to pee."

Tue, 10/04/2011 - 21:48 | 1739823 lano1106
lano1106's picture

I feel the pain and the anger. I have lost some money too today, hopefully only temporarely.


It is no way possible that honest and intelligent investors are able to move an index this fast and that much in such a short period of time.


They keep changing the rules of the game. I am started to get used to the 10:30AM rally and the last hour rally. One indicator that I have seen to detect these rallies is that as they happen the DXY or the UUP moves in the opposite direction.

That is what has happened today and this how I knew last friday that there would be no such rally last friday.


That been said, I am doing my best to protect my capital in the equities but seeing the state of things, I am starting to be disgusted by the rigged system. I have little remained confidence in the system fairness and I am starting to say to myself that probably the best way to express my disgust is to play as less as possible this unfair game.


Wed, 10/05/2011 - 02:01 | 1740305 Mentaliusanything
Mentaliusanything's picture

Charge them a penny a trade - that will cut the carotid and kill the beast - Just a penny and we can discover prices again.

P.S - They havn't the balls to stand up to the street

Tue, 10/04/2011 - 16:18 | 1738710 rocker
rocker's picture

These assholes at the Financial Times did this the last time the market was going to crash.

While it is not funny. It doesn't fix anything. 

Today's action did not show a captiulation sell off. Meaning it is far from over.

I want to buy stocks for a rebound, but can NOT until their is a real capitulation sell off.

The market is still rigged and only a FOOL's loss to buy in.

It is really a shame that the markets are so broken that the only way to get them up is buy the HFT"s causing a short squeeze. 

We may not be able to invest until next year at this rate. 

Tue, 10/04/2011 - 16:21 | 1738726 rocker
rocker's picture

In conclussion to my previous post. My shopping list goes in the garbage until I see new bottoms form.

They are not in yet.  What a pitifully broken market.

Tue, 10/04/2011 - 16:30 | 1738783 scatterbrains
scatterbrains's picture

This sort of churn and bear stop raiding is needed to clear the down pipe. I agree this was not enough volume to tag it as any kind of "key reversal"   Looks more like the volume bars are slowely building as the daily ranges plunge farther.

Tue, 10/04/2011 - 16:32 | 1738788 CPL
CPL's picture

Judging by the trade map, the HFT's were busy shorting each other.  Don't know anyone stupid enough to trade in that slop.  hopefully they cost themselves a small fortune and dropped their own hedge in the typical knee jerk reaction we've all come to expect from the HFT's.

Tue, 10/04/2011 - 17:03 | 1738976 Manthong
Manthong's picture

IMHO there is no investing in this market.. it is all over except for the death twitches.

Speculating and stashing are the only alternatives today. 

Tue, 10/04/2011 - 17:14 | 1739017 DeadFred
DeadFred's picture

Think about after Thanksgiving. Wait until the CNBC folks are crying real tears on the show, then buy.

Tue, 10/04/2011 - 18:17 | 1739286 oldman
oldman's picture


me too. I'm waiting patiently watchin gold drop like a stone and gold stocks melt down and I'm thinking---'hmmmm, no capitulation from the volume----must be selling winners to meet margin---la te da---oh, well--just be patient, oldman'

out to the beach for a coffee and upon return---down 220 and I look at another screen and down 103---and then whoosh!!

Well, it's OK because it shows that these dudes are hanging by Death's toenails---Ive never seen anything like this on a rumor even in a roomfull of wanna-be commodity brokers-in-training.

And I looked up at my old friend Death and he was smiling his grim smile with a wink in his eye----this is going to take a while but the end is in view.

Patience is more than a virtue---it is a discipline           om


Tue, 10/04/2011 - 16:16 | 1738688 SWRichmond
SWRichmond's picture

Now they have to manage the markets with daily shouldn't be long now until martial law is declared.

Tue, 10/04/2011 - 21:11 | 1739751 Buck Johnson
Buck Johnson's picture

All what the EU have is ot float a rumor a week to try to see if this will keep the market going.  Next week they will say something else.  This whole thing is truly a joke.

Tue, 10/04/2011 - 16:10 | 1738623 SkySavage
SkySavage's picture

And down we go again tomorrow...

Tue, 10/04/2011 - 16:33 | 1738764 fyrebird
fyrebird's picture

My company stock (i just work there) was ramped along with the rest, right up to closing. I mean, the entire end of trading was straight up, on no news at all. Then at the end of trading the algos take a breather. The instant they peel off for the day the after-hours trade is sharply down, the entire ramp is eaten in a few minutes.

That's the difference between the machines and the humans.

And notice, they can push it up but they can't hold it up. Not that they care; the final print of the day will get news for 12 hours before reality (the after-hours selloff) comes home to roost in the morning. Rinse+repeat.

Wait. I should have exercised some options on the close! Shit!

Tue, 10/04/2011 - 16:11 | 1738626 HedgeAccordingly
HedgeAccordingly's picture

christ have mercy is all i have to say. this chart is real natural

Tue, 10/04/2011 - 16:15 | 1738678 thetruth
thetruth's picture

hahaha that is good

Tue, 10/04/2011 - 16:25 | 1738758 Cosmicserpent
Cosmicserpent's picture

Holy Crap!  I was waiting till the end of the day to add some puts, and that chart is going nowhere but down. Holy. Crap.

Tue, 10/04/2011 - 16:11 | 1738631 Gubbmint Cheese
Gubbmint Cheese's picture

fuck this.

Tue, 10/04/2011 - 16:12 | 1738647 fuu
fuu's picture

Look at that dollar puke at the end.

Tue, 10/04/2011 - 16:33 | 1738806 HedgeAccordingly
HedgeAccordingly's picture

very very coordinated move... the DX was being sold off systematicall. i saw a bidder show up in the ES CL AAPL and huge seller flash size in DX .. you really think all traders are on the same page like that? bahahha.. i need a drinnk

Tue, 10/04/2011 - 16:15 | 1738652 gmrpeabody
gmrpeabody's picture

Post removed: because none of this can be real.

Tue, 10/04/2011 - 17:19 | 1739025 Ag Tex
Ag Tex's picture

If this was a book, I would put it down.  If it was a movie, I would walk out.

Tue, 10/04/2011 - 16:14 | 1738667 GeneMarchbanks
GeneMarchbanks's picture

Yes. PPT is an incredible force. And now you know that.

Tue, 10/04/2011 - 16:11 | 1738635 Threeggg
Threeggg's picture

Man, the market movers have the best timing !  LOL

What a sham !

Tue, 10/04/2011 - 16:12 | 1738639 mynhair
mynhair's picture

Double down fade.

Tue, 10/04/2011 - 16:12 | 1738643 CClarity
CClarity's picture


Tue, 10/04/2011 - 16:12 | 1738645 youngandhealthy
youngandhealthy's picture



Tue, 10/04/2011 - 16:13 | 1738650 pschwammerl
pschwammerl's picture

This is getting more ridiculous by the day. Aliens, someone?

Tue, 10/04/2011 - 16:22 | 1738737 Manbarepig
Manbarepig's picture

GDP positive! More alien rumors!


Or since its the FT, is that rumours?

Tue, 10/04/2011 - 16:13 | 1738653 Belarus
Belarus's picture

All these guys are professional can kickers. You know somehow, someway this can will be kicked. The market crash won't happen until the ecomic contraction hits sub 0 GDP numbers. Until then, expect this market to rally on any and all rumors.

Tue, 10/04/2011 - 16:13 | 1738655 anyways
anyways's picture

This crap is ridiculous.

Tue, 10/04/2011 - 16:13 | 1738656 Motorhead
Motorhead's picture

Ya mas!  Sante!  Prost!

Tue, 10/04/2011 - 16:14 | 1738659 junkyardjack
junkyardjack's picture

Dow 10,000 hat goes back into the closet...

Tue, 10/04/2011 - 16:16 | 1738687 Racer
Racer's picture

Don't be so hasty... it is down 50 now after close!

Tue, 10/04/2011 - 17:22 | 1739043 DeadFred
DeadFred's picture

You may have to wait a couple days  :(  but don't throw it away!

Tue, 10/04/2011 - 16:14 | 1738660 NumberNone
NumberNone's picture

Just reveals the nature of the headline reading algos and how the PTB have learned to manipulate them.  All rumors at end of day that drive up market and don't give algos time to discount them and lose gains before close. 

Tue, 10/04/2011 - 16:45 | 1738897 macholatte
macholatte's picture

Seems to me that it used to be the push was the last 10-15 minutes or so. Then they moved it to the last 20 minutes and then the last 30 minutes. Today they started at 3:19  So I guess the conclusion is to start dumping and reverse at 3:15 to avoid the rush.


I know the law... I am it's greatest transgressor.
Roy Bean

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.
George Soros


Tue, 10/04/2011 - 16:54 | 1738939 GeneMarchbanks
GeneMarchbanks's picture

Quote Soros again and see what happens... douchnozzle.

Tue, 10/04/2011 - 17:31 | 1739074 macholatte
macholatte's picture

A full and fair discussion is essential to democracy.
George Soros 


Fabian Socialists, heat the world up so they can remold it. -George Soros

“Happiest year of my life, the German occupation” -George Soros

“I have had a messianic illusion since childhood ” -George Soros

“when you try to improve society…adverse consequences occur…” -George Soros

“The main obstacle for a new world order is America” -George Soros

“An orderly decline of the dollar is desirable.” -George Soros

“The world order needs a major overhaul.” -George Soros

I admit that I have always harbored an exaggerated view of my self-importance — to put it bluntly, I fancied myself as some kind of god or an economic reformer like Keynes (each with his General Theory) or, even better, a scientist like Einstein (reflexivity sounds like relativity). The Alchemy of Finance, George Soros, Google Books

I am acting out a fantasy and so is Eastern Europe. A psychiatrist once told me how dangerous it is to act out fantasies and I am beginning to see what he meant. Open Society Institute

I think you put your finger on a very important flaw in the current world order and that is that only Americans have a vote in Congress and yet it is the United States that basically determines the policy for the world. That is a flaw in the current set up. The Glenn Beck Show, Nov. 11, 2010

It is sort of a disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out. THE BILLIONAIRE WHO BUILT ON CHAOS - GEORGE SOROS, The Independent, June 3, 1993

It was actually probably the happiest year of my life, that year of German occupation. For me, it was a very positive experience. A strange thing, because you see incredible suffering around you. And in fact, you are in considerable danger yourself, but you are 14 years old and you don't believe that it can actually touch you. You have a belief in yourself; you have a belief in your father... It's a very happy making, exhilarating experience. The Glenn Beck Show, Nov. 9, 2010


The world financial crisis was "stimulating" and "in a way, the culmination of my life’s work." Canada Free Press, Sept. 15, 2009




Tue, 10/04/2011 - 18:17 | 1739287 Nobody For President
Nobody For President's picture

You are a real student of this dude.


But you are right about the 3:15 rule...

Tue, 10/04/2011 - 20:10 | 1739610 ReactionToClose...
ReactionToClosedMinds's picture

wow .... very good.

that was enough to give me a nightmare tonight.

Even his biggest fans have to admit ... his behavior and mentality in WW2 Hungary is just a little bit creepy. I know if I were Jewish, I wouldn't let this guy get any where near anything I hold dear & close

Tue, 10/04/2011 - 16:14 | 1738661 Threeggg
Threeggg's picture

Shorties with limited funds are fighting a printing press. ?


Tue, 10/04/2011 - 16:14 | 1738662 ZeroPower
ZeroPower's picture


All im saying is, wait for credit to reflect this in opening runs from Asia/EU dealers as well as see how equities do overnight. This could be a quick bear market rally.

Tue, 10/04/2011 - 16:14 | 1738663 Bill Lumbergh
Bill Lumbergh's picture

I can imagine well-connected people knowing exactly when stories such as these and others are about to hit the wires so they can profit handsomely.

Tue, 10/04/2011 - 16:18 | 1738702 gmrpeabody
gmrpeabody's picture

I doubt it, cause that would be illegal!

Tue, 10/04/2011 - 16:19 | 1738719 Bill Lumbergh
Bill Lumbergh's picture

What was I thinking...with law-abiding bankers any inside trading is impossible...strike my previous comments from the record.

Tue, 10/04/2011 - 16:35 | 1738811 dwdollar
dwdollar's picture

And with SEC, FBI and other patriotic agencies prosecuting the very few who try, it's safe to assume everyone plays by the rules. Rest assured, your inablity to profit from this virtuous system, is your fault, and your fault alone.

Tue, 10/04/2011 - 16:43 | 1738890 Grinder74
Grinder74's picture

Funny, that chart looks like a midget's boner.

Tue, 10/04/2011 - 18:02 | 1739235 Mesquite
Mesquite's picture

Har har har..

You guys are killing me...

Story was supposedly surfaced @ 3:19.

Funny how the turn-around started @ 3:10..

Must be a lot of psychics in the market..


Tue, 10/04/2011 - 16:18 | 1738664 dasein211
dasein211's picture

BwshahahahahaaaaH!!!! Holy sheet! This fucker is going down. Fool me once.... This kind ofvolatility is gonna kill somebody. And what are they going to recapitalize with??!! Desperation!! Markets are so trained to expect a rescue at any moment. When the towel is finally thrown in it WILL. BE. EPIC.

Tue, 10/04/2011 - 16:14 | 1738665 The4thStooge
The4thStooge's picture

goodbye pete. shoulda trusted your gut, no you have no face

Tue, 10/04/2011 - 16:20 | 1738721 mynhair
mynhair's picture


Tue, 10/04/2011 - 16:22 | 1738739 dasein211
dasein211's picture

Someone get the defib paddles on pete stat!!!

Tue, 10/04/2011 - 16:25 | 1738754 Belarus
Belarus's picture

I like Pete, I hope he learns from his mistakes. Too many traders making this shit happen. The best short is to not play, until guys like that get this, and all hope is taken away from bulls, bears, and any other metaphor you can think of, this game continues. Until then, expect Ben, the Algos, the traders (who will only cannibilize themselves--See pete!), and anyone else in the game to fuck everyone alive!

Tue, 10/04/2011 - 16:20 | 1738668 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

You've read the history books, you've seen the films... well, now you get to see, with your very own eyes, what 'in-your-face' fascism looks like everyday.

Tue, 10/04/2011 - 16:39 | 1738861 Don Diego
Don Diego's picture

I'd rather have the old fashioned form of fascism: cooler uniforms and less foreign "workers"

Tue, 10/04/2011 - 17:32 | 1739082 DeadFred
DeadFred's picture

Bullish on jackboots

Tue, 10/04/2011 - 20:43 | 1739695 Temporalist
Temporalist's picture

And riding crops.

Tue, 10/04/2011 - 16:14 | 1738670 Racer
Racer's picture

There is a old fable about the boy who cried wolf...


Tue, 10/04/2011 - 16:24 | 1738749 dasein211
dasein211's picture

Oh you havent heard.. Its been re-written. It's now called "the market that cried bailout".

Tue, 10/04/2011 - 16:14 | 1738672 stormsailor
stormsailor's picture

i'm short a massive amount of /es faded from 1107.50.  if this boy jumps after the reopen i might have to bail.  wow,  what a bear market rip saw.

Tue, 10/04/2011 - 17:00 | 1738966 Lucius Corneliu...
Lucius Cornelius Sulla's picture

Puts for the long run!

Tue, 10/04/2011 - 17:33 | 1739091 DeadFred
DeadFred's picture

Let's hear it for no margin calls.

Tue, 10/04/2011 - 17:33 | 1739092 DeadFred
DeadFred's picture

Let's hear it for no margin calls.

Tue, 10/04/2011 - 17:47 | 1739163 Waterfallsparkles
Waterfallsparkles's picture

Never allow Margin Calls on the Long side.  Only on the Short side.

Bernanke hates Shorts.

Tue, 10/04/2011 - 16:14 | 1738673 Cdad
Cdad's picture

Pathetic, it is.  Market credibility is below zero.  The FT has become a joke, as well.  It never ceases to amaze me how people within the financial services community [criminal syndicate Wall Street bankers and the press that carries their water] are willing to destroy their credibility day after day.  Makes me think there is good money in destroyed it is the only inducement the criminal banker understands.

Joke, Pachinko machine market...joke BlowHorn [CNBC]...joke entire continent of Europe.

We are close to zero hour now.

Tue, 10/04/2011 - 16:17 | 1738696 Veekay23
Veekay23's picture

Need to come up with a new name for FT. Fluffing Times?

Tue, 10/04/2011 - 16:30 | 1738781 rocker
rocker's picture

Fucking Trash sounds good to me.

Tue, 10/04/2011 - 16:37 | 1738816 Cult of Criminality
Cult of Criminality's picture

How about 'Fucking Trash'


Damn we think somewhat alike on this subject.


read the first post missed yours ....Thanks  I support your view

Tue, 10/04/2011 - 17:37 | 1739117 DeadFred
DeadFred's picture

My first thought had more to do with excrement than garbage.

Tue, 10/04/2011 - 20:52 | 1739717 TheFourthStooge-ing
TheFourthStooge-ing's picture

My first thought had more to do with excrement than garbage.

Floating Turd?


Tue, 10/04/2011 - 16:23 | 1738746 GeneMarchbanks
GeneMarchbanks's picture

 'It never ceases to amaze me how people within the financial services community [criminal syndicate Wall Street bankers and the press that carries their water] are willing to destroy their credibility day after day.'

That's elementary. There's too much at stake and they are too close to the (Godlike) source of life. Centralization = Life Giving Force.

Defect and you have nothing to worry about. The problem with all these artificial crises is that when a real one comes along, it'll be like the boy who cried Wolf.

This. Ends. Badly.

Just not yet.

Tue, 10/04/2011 - 16:32 | 1738800 Cdad
Cdad's picture

'This. Ends. Badly.  Just not yet.'


I think we got a lot closer to zero hour today, Gene.  The rumor/story/assembled words signifying nothing has no bearing on the crisis in Europe.  It will fix nothing.  If you'll recall, the very same stories were floated in the US in 2008.  Never happened.  Harder to pull off in Europe, too.

Nope...the behavior of the market MINUS the last hour today is sending the signal loud and clear.

The pressure in PMs should now abate.  

Tue, 10/04/2011 - 16:45 | 1738903 bid the soldier...
bid the soldiers shoot's picture

"like the boy who cried Wolf."

You must mean 'like the boy who cried Armageddon.'. Fixed it 4 u.

Tue, 10/04/2011 - 16:15 | 1738675 Bastiat009
Bastiat009's picture

Best documentary ever made?

The Matrix.

Tue, 10/04/2011 - 16:25 | 1738755 TheDarkKnight
TheDarkKnight's picture

Greatest allegory to our society today.

Tue, 10/04/2011 - 17:21 | 1739038 BigJim
BigJim's picture

And who's Neo? Gold?

Tue, 10/04/2011 - 20:00 | 1739586 fuu
fuu's picture

Gold is the spoon.

Tue, 10/04/2011 - 20:46 | 1739704 Temporalist
Temporalist's picture



Ohh, my precious you are right where I left you don't listen to these monsters...

Tue, 10/04/2011 - 16:15 | 1738677 Iriestx
Iriestx's picture

Just wait until the cooked ADP is out tomorrow and we go up 400 more.

Tue, 10/04/2011 - 16:15 | 1738680 John Law Lives
John Law Lives's picture

Asian markets and European markets take a beating in latest session = check

US market taking a beating until 3:00pm (EST) = check

FT floats rumor and send US markets soaring with 50 minutes to go = FUBAR

A bigger bailout does not solve the problems in the EU.  Creating millions of good jobs and curtailing debt is vital to recovery.


Tue, 10/04/2011 - 16:18 | 1738704 Racer
Racer's picture

A bigger fake rumour and a pack of lies does not solve anything

Tue, 10/04/2011 - 16:15 | 1738683 Ryman1075
Ryman1075's picture

Um...haven't they been working on a Europe wide solution for months?  So this announcement is saying that they are goin to do more of the same and this is good new?

Tue, 10/04/2011 - 16:15 | 1738684 gimli
gimli's picture

“There is a sense of urgency among ministers"

That's cause they all went to White Castle for lunch ..... I get that same sense of urgency after downing a few of them thar juicy morsels.

Tue, 10/04/2011 - 16:40 | 1738873 pods
pods's picture

Could be worse, the could have eaten at Taco Bell.

Run for the............


Tue, 10/04/2011 - 16:16 | 1738685 r101958
r101958's picture

Tue, 10/04/2011 - 15:02

Now watch...closely....when at 3:45p they start buying AAPL in order to create a huge rally into the
3:27 - hmmm, Apple now off lows. Now 4 up from low of 355. We'll see........
3:31 - Now up 7 from lows. Still watching. Why is this so predictable?
3:39 - Now up 9 from low. Can they sustain this....notice how the Dow went from -180 to -80 in the same time frame. I'm sure it will be said that the rally was because of what Bernanke said and also the deal reached between Ford and UAW. Also, Ford said they will be adding jobs. Still a farce.
Now, the question is will the bears come out in the final 15mins and impale this 'rally' or will they capitulate?
3:52 - aapl now 15 off of lows. Only down about 4 now. One other thought as to why the bears capitulated. Perhaps some private words or signal from Bernanke about QE3 as there is really no reason for GS nor any financials to be rallying right now.
4:02 - A 350 pt rally because of Dexia? Sorry, I don't buy it. If that were true then what does it have to do with Apple getting punished for not releasing the I5. Farce it is. Trying to create a 'bottom'. It's all about perceptions. The TBTF's manipulating almost everything. Apple finishes 0.5% down. I have not had anything invested in stocks for quite some time but always watch the markets and these patterns become clearer every day.

How about another leak that there will be QE3 and soon? Of course, we are not privy to those leaks.

Tue, 10/04/2011 - 16:30 | 1738782 ZeroPower
ZeroPower's picture

tl;dr, but if youre relating AAPL to the overall market - indeed correlations are the highest theyve been all decade right now (par w/ 2008 actually) so it would make sense for either stock and index to following/leading each other.

Tue, 10/04/2011 - 20:53 | 1739721 Temporalist
Temporalist's picture

if you want correlation look at the charts of today's European markets.

Tue, 10/04/2011 - 16:16 | 1738690 Belarus
Belarus's picture

BTW, these violent swings both directions needed to happen to re-enforce that this is indeed 2008 all over again. I remeber a couple 10% up days in the fall of '08. We know what happened afterward. It' why the shorts bother me. They're weak, they panic buy, markets rally and then suckers even more idiots into the game. 


Tue, 10/04/2011 - 16:16 | 1738691 max2205
max2205's picture

Color me impressed for whatever moved the more shorts left I am sure of it

Tue, 10/04/2011 - 16:22 | 1738741 Cdad
Cdad's picture

Oh...I am quite sure there are "shorts left".  

Tue, 10/04/2011 - 16:31 | 1738790 Cosmicserpent
Cosmicserpent's picture

Massively shit stained shorts of course.

Tue, 10/04/2011 - 17:27 | 1739063 SilverDosed
SilverDosed's picture

My shorts are green.... guess I need to cut back on my broccoli intake.

Tue, 10/04/2011 - 16:33 | 1738807 HelluvaEngineer
HelluvaEngineer's picture

+1.  Looks like your silver followed the same trajectory, btw.

Tue, 10/04/2011 - 16:42 | 1738874 Cult of Criminality
Cult of Criminality's picture

Very pleased at that as I am a buyer.

 Just not quite yet,should be getting close

Tue, 10/04/2011 - 16:17 | 1738694 LongSoupLine
LongSoupLine's picture

"What's important here, is I just blasted a hole in the front of my pants...this is bullish." - Bob Pisani

Tue, 10/04/2011 - 16:17 | 1738699 Edward Fiatski
Edward Fiatski's picture

Are FT editors getting death threats yet?

Tue, 10/04/2011 - 17:52 | 1739193 Waterfallsparkles
Waterfallsparkles's picture

You have to admit that 750 points down on the Dow in 3 days was a little excessive.

Should have covered at the low and wait for a bounce and re shorted higher

Wed, 10/05/2011 - 02:34 | 1740331 Mentaliusanything
Mentaliusanything's picture

Well waterfalls do sparkle when the sun out ..... whats your take on.... 

shanghai SE - kissed 16% so far this year

Hang seng - Had its face and its testicles taken - down  30% so far this year

Mumbia Sensex - got the curry runs - down 22% so far this year

even the Nikkei 225 - man that markets into the "Cramer value buy" at 18% deeper into the fetid poo hole.

So me I think the DOW - down 6.66% for the year tells me all I want to Know

The Engine rooms are flooded the ship is Listing to starboard and Captain DOW's masterbating in the safety of its own self unimportance.

Signed Papa Bear 

Tue, 10/04/2011 - 16:17 | 1738700 Undecided
Undecided's picture

I told you cake was good for you lol

Tue, 10/04/2011 - 16:17 | 1738701 Randall Cabot
Randall Cabot's picture

I'm not that smart but I did call for an end-of-he-day short stampede this morning on another thread but since I know that I'm not that smart I didn't liston to myself

Tue, 10/04/2011 - 16:18 | 1738707 ivars
ivars's picture

Gold movements were a little unexpected ( but on other hand, when Bernanke talk about deflation, and stocks tank at the same time, and USD index stays high) perhaps not so unexpected for one day oscillation- still within the range of my already "old" graphs. On other hand, inflation fear will return as soon as Ben shuts up, as inflation is the natural expectation from easing policies - even if its wrong, it will continue to impact markets. And long term, its also true expectation ( for EUR- short term-perhaps buyin silver/gold in EUR is faster way to paper profit ( in EUR, of course).

I looked at the patterns behind the gold graph- After coming up from 1550, Gold can oscillate in 1600-1650 region for about 20 days, so till October 13th-15th before moving further up to 1800+-50  in November. Now this is extremely short term for me, the upside can be also delayed by another 2 weeks as I tend to predict things to early, and I may be very wrong with timing.

On silver, nothing new, so last weeks prediction hold in general for both metals:

1) Silver may fluctuate around 30 USD (+- 3?) for 1 month or so (except very short sharp peaks, perhaps) , then move up sharply about 5 USD to 35-40 and drop again, now to little higher level of 33-35 +-5, and not change much anymore this year. So the bottom will be kind of close from time to time during October.

2) Gold, on the contrary, seems to be posed for relatively steady growth till 1800 in November, around which level it should fluctuate for few months (+- 50 ?) .

Kind of suggests may be more commodities will have relatively flat period from Oct-Nov till the end of the Year.

Tue, 10/04/2011 - 16:18 | 1738709 Ryman1075
Ryman1075's picture

And with France and Belgium putting tax payers on the line for Dexia...what more can they do?  They just made matters worse in bailing out "bad Dexia" and now they are going to help Europe?!  Their debt to GDP stinks and they don't have control over their currency like we do and they have a better credit rating..this is garbage.

Tue, 10/04/2011 - 16:18 | 1738711 freethinker4now
freethinker4now's picture

Junkie Junker

Tue, 10/04/2011 - 16:18 | 1738712 Catullus
Catullus's picture

I was about to say that it doesn't feel like 2008. It feels like 2007. But then the desperation ramp job made an encore apoearance. 2008.

Tue, 10/04/2011 - 16:19 | 1738714 fyrebird
fyrebird's picture

The Problem: no news day.

The Solution: make shit up.

The mainstream media, they're on it. Those guys are sharp. You don't get to become the Fourth Arm of Government unless you have your shit wired up tight.

Tue, 10/04/2011 - 16:19 | 1738715 Lets Hang Parliament
Lets Hang Parliament's picture

The FT is merely an organ of TPTB. It lost any credibility years ago when it banged on about how good the euro was going to be for everyone...

Tue, 10/04/2011 - 16:19 | 1738716 adr
adr's picture

How the fuck does the market start a 4% jump in less time than it would take for a human being to even read a posted article.

News reports have to be nothing but leaked excuses to cover the FED hitting a buy button pre programmed to buy the hell out of certain equity and commodity baskets.

Or are you telling me a human being would actually put in a bid for a stock 4% higher than it had been trading at all day just for the hell of it based on a headline. If traders are that stupid they should be eradicated for the sake of the human race.

Tue, 10/04/2011 - 18:24 | 1739310 taraxias
taraxias's picture

Spot on.

Tue, 10/04/2011 - 16:19 | 1738717 LMAO
LMAO's picture

Excellent, so there allegedly is a plan that will solve NONE of the problems or underlying issues . . . . .

The Nobel committee is not short of candidates in the economic field any time soon.

Are we just changing the direction of the can to be kicked slightly before we run out of road?

Tue, 10/04/2011 - 16:20 | 1738723 Ellesmere
Ellesmere's picture

What a pathetic sham...


How much did that cost the taxpayers I wonder?

Tue, 10/04/2011 - 16:20 | 1738724 Placerville
Placerville's picture

The 3:00pm rally!

Vive la RALLY! Until........


Tue, 10/04/2011 - 16:21 | 1738727 SeverinSlade
SeverinSlade's picture

I think it's safe to say that FT is on the FED/ECB payroll.

Interesting how whenever we get to sub S&P 1100, the rumor mill fires up again.  Will we ride it back up to 1200?  We've been doing it for a while now.

Tue, 10/04/2011 - 16:30 | 1738784 youngandhealthy
youngandhealthy's picture

In fact some of them are...Martin Wolf on the UK BOE advisory board....

Tue, 10/04/2011 - 16:21 | 1738729 Christoph830
Christoph830's picture

At this point, all I can do is laugh.

Buy the longest-dated SPY puts you can get tomorrow and check back in 6 months.

Tue, 10/04/2011 - 16:21 | 1738732 Gubbmint Cheese
Gubbmint Cheese's picture

It's like the market was stuck in a closet on acid...........


Tue, 10/04/2011 - 16:22 | 1738734 wang (not verified)
wang's picture

 "Bernanke Testifies Before Congress, Markets Soar"

Tue, 10/04/2011 - 16:31 | 1738787 fyrebird
fyrebird's picture

"Delivery Truck in New Jersey Runs Over Dog, Markets Soar" would make equal sense.

Tue, 10/04/2011 - 17:02 | 1738974 FinalCollapse
FinalCollapse's picture

Not to the dog.

Tue, 10/04/2011 - 16:22 | 1738735 GolfHatesMe
GolfHatesMe's picture

This is all just practice for when the new circuit breakers are added

Tue, 10/04/2011 - 16:23 | 1738743 Aeonios
Aeonios's picture

I'm left. Thanks to finra, who says small investors can't change their mind without getting put in day-trading jail. Of course, if some big banker wants his computer to trade 10,000 times a second, that's perfectly ok.


Fuck them either way.

Tue, 10/04/2011 - 16:23 | 1738744 Caveman93
Caveman93's picture

I'm so confused, I need another drink...holy scam Batman!

Tue, 10/04/2011 - 16:24 | 1738747 Village Smithy
Village Smithy's picture

Can't wait to see the Nanex post mortem on this.

Tue, 10/04/2011 - 16:25 | 1738757 jdelano
jdelano's picture

These are not short squeezes.  There are no people involved here, barely any transactions actually taking place.  All that's happening here is that at the end of the day, when volume falls, a chain of bots kick in entering and cancelling bids to fluff up the price in an attempt to fool retail/small players into thinking the market went up.  They rush to cover and you get a flash rally.  Really, it's pointless.  There are no real buyers out there so this tactic just briefly delays the inevitible grind down.  What proves it to me is the silence of the SEC.  Make no mistake.  This is a government program.   

Tue, 10/04/2011 - 16:33 | 1738805 Bear
Bear's picture

I want to believe you .... but ... this was a real short squeze on risk ... take a look at HG, ES, SI, GC they all pumped in symocast mode

Tue, 10/04/2011 - 16:40 | 1738878 jdelano
jdelano's picture

eh--mispoke in a way.  What I mean is, the trigger for the short squeeze isn't real.  It becomes real when market participants with short positions react and rush to cover, but there are no real buyers out there waiting to pounce and go long.  Hedge funds are bearish.  Mom and pop are out.  Corporations are not buying their own stock.  THERE ARE NO REAL BUYERS.  Don't believe it?  Keep watching.... 

Tue, 10/04/2011 - 16:48 | 1738914 jdelano
jdelano's picture

if you're going to repeatedly follow me around and junk everything I have to say, at least offer a counterpoint.  Otherwise you just look an irritating d-bag who worries I'm probably right and can't deal with it.  

Tue, 10/04/2011 - 16:25 | 1738759 Subprime JD
Subprime JD's picture

As this was completely unexpected. Cmon guys rumor after rumor of bailouts happen on a weekly basis. The ponzi has the support of the powers that be. Trade with this in mind

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