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Futures Rout Accelerates: Emergency Fed Announcement Possible
The last time we had a modestly comparable collapse in overnight trading, a certain futures trader from SocGen whose gimmickry had been uncovered, caused the Fed to lower its Fed Funds rate in an emergency meeting first thing in the morning. Which is why we wonder, should the ongoing rout accelerate, to an extent driven by the decimation in the Korean Kospi, down -9.5% at last check, but also due to increasing worries the Fed may not announce QE3 tomorrow (or if it does, it will be OT2-like and won't have any actual LSAP component to it), whether Bernanke will be forced to have an emergency address with market in the morning, around 7 am, in order to prevent what is shaping up to be a market collapse of epic proportions. And certainly not helping matters is either Chinese inflation coming in hotter than expected, (see prior post), nor the fact that in the People's Daily, PBoC advisor Xia Bin said that China doesn't rule out "normal market operations" to promotes is own interested when necessary amid the US debt turmoil. "China should set up an overseas investment committee to accelerate the strategic use of foreign exchange, Xia said, according to the report. This committee should organize storage of strategic materials, Xia said, according to the report. The country should allow and encourage companies to purchase foreign exchanges with the yuan, the report said, cited Xia as saying." Wait a minute, you may ask, how does that work without China floating the Yuan? The answer: precisely. So while we wonder just what punitive measures China will take to make sure America behaves, here are the futures. We will update this chart if anything insane occurs.
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that goes without saying, but hell, worth repeating anyway ;)
..can we have his resignation speech please TD ?
..probably another Leo cut-n-paste job (Nixons resignation?)
Isn't Robo still around?
RobotTraitor seems to be AWOL.
Funny how the one disappears along with the other.
First the anti-gold and anti-silver trolls, then the permabullish stock pimps, then the last ZH Keynesian true believer --- damn, it's almost getting respectable around here!
You've not been around as much as usual, so you have missed a few things, apparently. Trav's personal hatred for me has warped him into a vehement anti-silver troll, and one of the old name changing trolls, now "Libertarians for Prosperity" is still here (as of earlier tonight), along with Brian O'flanagin as recently as last night.
Check out the thread on JPM's $2500 gold prediction and you'll see what I mean.
@Zero Govt
On nights like tonight, I really miss Harry (a/k/a Dr. K) and Hamy. I wonder how Harry's home decor business is doing....
Be careful what you wish for. If fascism rears its ugly head we may see him again in jack boots like Liesl's boyfriend.
PS: $1760.40
PSS: that's like so 5 minutes ago (or less)
1766.70
Not very significant at all, other than the fact that we will no longer have our favorite foaming at the mouth, rabidly Keynesian retarded puppy to kick around any more. I for one will NOT miss him, nor his shallow and mindlessly pro-statist rantings, nor his soft-core porn pics, nor his arrogant and insecure "I'm Canadian and therefore SO much better than Americans!" shitty nationalistic attitude.
hey, we Canadians are rated AAA, unlike your US of IOUs. Canadian pride, rep=re=sent!
But we won't be able to brag about the superiority of the CAD$ tomorrow.
tell me again, why do they call it the loonie
The bird on the one dollar coin. It's a loon. Google for its song, its very nice. It feels like the great outdoors.
SWEET!
Salt in the wound!
Yeah? Have you got the Stanley Cup? Has it been won by a team from the great white north in the last decade even?! My god.
Odds are against you when you're 6 teams against 24. Ok, everything is nice now, I have images of the Olympics coming back in my mind.
That and Boston had far more Canadian players that the Vancouver Chuckleheads, who, for some reason, love the lads from Sweded.
How do you know?
Tyler told me himself, in a personal email message --- purely as an aside while addressing another matter.
Leo may have decided (or it was decided for him, but I doubt that) not to contribute any more, but you can pretty much accept it as given that he is still monitoring this site as much as we do. I think that Leo provided a view point that most of us did not agree with. I don't think that is such a bad thing. Alternative opinions (arguments) are necessary in a legitimate debate.
There is a difference --- a VAST difference --- between an "alternative opinion" and pure, unadulterated bullshit.
leo rarely, if ever, offered anything other than the latter. And it frankly outrages me how so many nowadays are willing to apologize for and tolerate the latter under the guise of the former.
Leo gone? Maybe it is finally time to go long Hellenic bonds?
Ooopa, Little Buddy!!!
Mr. Cut & Paste? Not an original thought in that guys posts whatsoever.
I'm in Montreal, I could take its place.
Just kidding. Now is crash time!
Chinese solars must have exploded to the upside..hes sipping pina colada on some beach somewheres....
What about Robo-Trader? Where is he?
The last week of market activity having utterly shattered his faith in the false messiah Bernanke, he's probably on the floor of the bathroom of his freeway-overlooking LA studio apartment, sucking his thumb and curled up into the fecal position.
Better send out search & rescue.
HEY - WHAT???
What happened. I was waiting for one of his enlightened posts to come out regarding our week of armageddon.
I think I'm actually going to miss Leo... for entertainment purposes only, that is... : )
As the final act, Tyler should pull the link to "Pension Pulse" under Zero Hedge Reads....since we don't, ever.
Well, I guess I went to Leo's website once. His "farewell message" to Tyler and Zero Hedge.
Listen, if all you see is doom & gloom all over the world and are seriously contemplating on slicing your wrists because you've been reading the bullshit over at Zero Hedge, then stop reading my comment right away. I parted ways with Zero Hedge and Tyler Durden today after I gave it to him for censoring me and allowing the clowns over there to constantly ridicule and insult me. That blog is becoming a total joke and I am not surprised he banned me because he is the same as all the rest of the zealots who silence any dissenting voices. If you don't toe the line at Zero Hedge and paint everything dark, they will ban you.
I am tired of arrogant, narcissistic fools and wish Tyler Durden and the clowns at Zero Hedge all the best. I have no agenda, nothing to peddle, and will speak the truth. If Tyler Durden wants to silence me, then that speaks volumes about his credibility.
...arrogant, narcissistic fools... you called?
What about his mom? Is she still around? I hope.... She is hot.
@Astute Investor
Thanks for the clip. I had several arguments with Leo because he failed to accept that we had a failed "recovery" and the central banking cartel was just enforcing its rent seeking mission via dollar debasement on the backs of the Western middle class. Leo complains that many ZH's are doom & gloom when he is the one with his head in the sand, ignoring the obvious kleptocracy and cheering it's high priests. Good luck to him, I doubt there will be much demand for his work in the institutional pension world.
He who laughs last, laughs best.
But we're not just going to be laughing at you, little leo, and not just laughing at you now --- we've been laughing at you from the very beginning of your misbegotten and mysteriously inappropriate involvement with ZeroHedge.
",,,and paint everything dark..."
Jeesh....you mean Paint It Black....and as I type this guess what's just up on Pandora....
he probably thought all servers hijinks over the weekend meant that he got 'censored'. i seriously doubt TD would censor him even with all his outlandish and dare i say unrealistic commentary. then again, with all the pummeling he received with virtually nothing to deflect it with except for wishful thinking, it was probably just the excuse he needed to make for the exit.
I expected Zero Hedge to silence Leo ultimately, and not because of his views, but because of the lack of any meaningful substance in his articles/editorials.
It was the latter that caused him to catch so much flak from ZHers, and rightfully so, because this is Fight Club.
I wish Leo the best regarding his health issues, but he needs to up his game when it comes to sourcing and citing credible empirical data to support the positions he takes if he ever hopes to command the respect of his readers.
Was it something we said?
http://www.youtube.com/watch?v=SPPvSiFLyXA
Good move. Now get rid of GW and I'll make that $100 contribution.
You've got to check out Leo's site... it's unbelievable. Four-letter words strewn across his blogs... with lunitical rants of his views on life, along with a picture of Leo, strapped down with a cigar in his mouth as he's being wheeled in to the psych ward for his weekly electrical shock treatement.
Goodbye little Leo.
I cannot go to bed and sleep. I am worried that when I wake up the ES will be either 800 or 1800.
Which one would you prefer?
If China wants America to behave it would stop buying its debt and depeg already.
+ 10!
Does this mean Ann Margret's Not coming?
We may need a streaming chart for the insanity angle.
Don't make it too obvious, but I want to see fur and early morning dew.....
its a big shit sandwich and we're all gonna havetuh take a bite
classic....right there..
where's the bread?
You know what's fun? When half your universe trips the damn circuit breakers.
And speaking of Stupid Regulator Tricks, I can't wait to see what the SEC will pull out of its bag 'o idiocy next.
How long before we can't short 25% of listed stocks or they just prohibit shorting selling, full stop? Manipulating the markets always works with no ill consequences!
the SEC would have to pull all the Big Bwankers Short ETF products ...it's a non-starter
I believe the time for prohibiting short-sales and blaming specs is very over. THere will be much more serious market repression this time
Wonder how Big Ben is gonna do without his advisor Sheets?
http://www.bloomberg.com/news/2011-08-08/fed-s-d-nathan-sheets-resigns-a...
Yep, and the fall-out is going to get worse at The Fed in the next few weeks, expect toys outta the pram from every direction (Fed boards mumbling in the Press)
We've already seen no less than 5 State Fed members question the wisdom and effectiveness of printing the crap out of the currency (QE) ...and no less a loyal crone than senile Ex-Fed Chairman himself, Alan Greenspan, who said he couldn't see any positive impacts of QE even through his thick rimmed rose-tinted glasses
Benny the Bean, like O'Bankersrentboy, is commanding a sinking ship with the rats leaving at a rapid rate ...QE3 is NOT a certainty at this pace of descent/disent/discontent at The Fed
Do they have an armada of helicopters standing by to drop Benjamins?
Someone should make an epic and hillarious video of this. With Bernanke as a hero figure and everyone being real serious... waves of chinooks and elite troops at doulbe time.
Thanks ZH for opening my eyes!
A couple of weeks ago, VIX was at its lowest and protective puts were dirt cheap. Why not a SPY DEC11 105 I tought, it's less than 1.2% the value of my portfolio to cover it entirely. A 20% drop seemed far fetched tough.
I tought that I would have to roll this put over and over before it proves its usefulness. Good god, first pitch and I hit a homerun!
Oh... that and silver bitchez!
... the Cup of FUBAR overfloweth http://www.youtube.com/watch?v=317vwHcJwHM&feature=BFa&list=PL3A08F6F2E0C38ADB&index=21
I've fallen! And I can't inflate up!!!
i have faith that the bernank will never allow the market to be free from manipulation.
Except for gold, EVERYTHING in this market is dysfunctional.
You begin to make sense.
This is frightening given your comments to date.
right? it's amazing what very strong, constant doses of can't escape it, in-your-face reality will do to a person over a short period of time.
It's reverse psychology trolling. Just wait.
Time for the counterfiet jews to get theirs once and for all. Nowhere to run this time. I hope Michelle Bachmann calls for pogroms. I would love to operate under the cloak of law to go after the first born of the "sons of the covenant" aka the scum of odessa and krakow.
Restoration of Natural Law? Count me in.
Oh yeah...because going after the Jews has worked so well for so many in the past. You know...Rome, Babylon, Antiochus, Hitler....sucesses every one. (/sarc)
And I will bless them that bless thee, and curse him that curseth thee - Genesis 12:3
Amen.
Sock puppet's of the world unite!
Fucking beautiful.
THIS S&P 500 LONG TERM CHART FORECAST THE CRASH ...
http://bit.ly/x618
Shut up. Your dumb charts have been saying everything, including PMs, would crash every day since you started posting here.
Must be another deflationary flat-earther trying to shove crap up our asses --- you know, one of those Prechtologists.
Hmm let's see. What's the most the Dow can fall in 1 day, 3,600? Rinse and repeat the rest of the week and we're in realistic territory. Got Gold?
Collapse is what we've got!
http://www.collapsenet.com/262.html
Let me guess...lowering the interest rate on deposits held at the Federal Reserve.
More forced re allocation, bitchez!
Not to be a stickler but......
More forced re MIS allocation, bitchez!
you need to buy this market right here..
its guaranteed Ben will show up in the morning in a CH-27 dropping QE3 writting off all consumer debt, residential mortages, and turbo boosting 401k up to 52week highs
+
i AGREE. The excrement pile Bernank will pull out something in the NY a.m. to turn the ticker green. The PPT will be out in force manana un spades.
I hate to be like this, but if benocide were to show up tomorrow and absolve things such as... student loans, I would have to celebrate just a little bit.
shock and awe bitchez
There's nothing more therapeutic than Austerity and Depression
to focus Body and Mind and restore some healthy sense of Reality and fundamentals.
It's been long overdue ;)
this is the deleveraging of the Feds 3 trillion stimulus Bubble !
expect markets to breach march 2009 lows !
Going to be a long night. And yes, miners did super today, I closed very slightly green and in this carnage very happy. But then again, outside of miners and confetti, physical, I do not buy stocks. But also, took a hit last week on my holdings as miners dumped. Just part of the process.
nbc Australia on air. Not too bad. Hong Kong down 6.5% oh this is ugly.
Come on you bald fuck, game theory time.
Raise rates
The simplest thing the Fed could do...and without a policy change. The Bernank could simply start dumping QE2 purchased T bills in the premarket.
The market would perceive a change in allocation. Safe havens sell off, and money flows into bullshit equities with 100 PEs.
Viola.
This drop is exponentially sloping. Plus, ignoring all supports. 1040 is our only real pitiful support before we see a 25% 1-day drop.
Fed intervention will cause a short term bounce. How short? A few hours, a day or two...no longer than a week or so, max.
Let her go - purge all the greedy assholes. Mises said to improve standards of living you need -
- savings
-capital accumulation
-investment
We have none of these. Nada.
And gold is just about to take out $1750 as the Fed is scrambling to warm up the Benicopter to drop the Benjamins.
And gold is just about to take out $1750 as the Fed is scrambling to warm up the Benicopter to drop the Benjamins.
Never seen that blond before....nice! (CNBC)
Oriel. Love the accent as well.
2008 was just a summer-camp dress rehearsal. The response this time will be more drastic: market circuit breakers will be "tripped", trading suspended for long stretches. The list of threshold securities will be long.
1752
Gold just broke $1750. Wow. Never thought I'd see this happen in a day.
Getting on 100 up from Friday's close.
Jeez, it could pop that 1764 "square of the numbers" inflection point yet tonight that Sinclair mentions as meaning an exponential climb.
Turk and Sinclair, posted several times today:
http://www.youtube.com/watch?feature=player_embedded&v=IF24atvNkSo
http://www.bloomberg.com/news/2011-08-08/fed-s-d-nathan-sheets-resigns-a...
Federal Reserve’s Sheets Quits as Bernanke’s Chief International Adviser
The Federal Reserve said D. Nathan Sheets quit as the central bank’s chief international economic adviser after almost four years in the position and a day before policy makers meet.
The Fed, in a statement today in Washington, didn’t say why Sheets, 46, is leaving the institution. As director of the Division of International Finance, Sheets briefed Chairman Ben S. Bernanke and other officials on economic developments outside the U.S. and represented the Fed at international meetings.
Sheets ... really? Ha! Never heard of him ... guess I should do more reading, but Sack and Sheets? Can't make this shit up. Sack o' Sheet? Yawk! Priceless!
Pink Floyd - Sorrow
The sweet smell of a great sorrow lies over the land
Plumes of smoke rise and merge into the leaden sky:
A man lies and dreams of green fields and rivers,
But awakes to a morning with no reason for waking
He's haunted by the memory of a lost paradise
In his youth or a dream, he can't be precise
He's chained forever to a world that's departed
It's not enough, it's not enough
His blood has frozen & curdled with fright
His knees have trembled & given way in the night
His hand has weakened at the moment of truth
His step has faltered
One world, one soul
Time pass, the river rolls
It's not enough it's not enough
His hand has faltered
.... .... ......
And he talks to the river of lost love and dedication
And silent replies that swirl invitation
Flow dark and troubled to an oily sea
A grim intimation of what is to be
There's an unceasing wind that blows through this night
And there's dust in my eyes, that blinds my sight
And silence that speaks so much louder that words,
Of promises broken
i was thinking more along the lines of this Pink Floyd tune myself:
http://www.youtube.com/watch?feature=player_detailpage&v=8_ofFa50LzY
http://www.youtube.com/watch?v=xb-Nacm-pKc
Time to break out the circuit breaker charts/clocks.
Ruppert smart and well intentioned man, but has called 14 of the last 0 martial laws in US (eventually he will be right...)
Agreed. He's a bit of a nutcase these days...he used to be good (Crossing the Rubicon was the first rung on the ladder down the rabbit hole for me) but now he's just a tired, useless old man who cannot stop begging for money. It's too bad, too, because his 9/11 stuff was very, very good IMO.
I commented above on same topic - it seems collapse dot net folks are out promoting his site. The views of the two sites are similar, but they are not identical. ZH is much better IMO.
Gotta figure they'll try something overnight and in to the AM to stop the route...but I do wonder if they are finally out of rabbits to pull out of the hat?
They can suspend trading. Not just here in the US. London or Berlin could open limit down and the dominos will fall.
Not a lot of bullets left, but the Fed could clealy sell the treasuries they purchased during QE2...to desperate Europeans fleeing their own debt mess. It isn't a lasting solution to anything, but it would turn the algos on a dime when they see those treasury prices falling.
To whom? There were no buyers in the first place, which is why The Fed owns those Treasuries.
You're kidding...right?
Have you checked your t bill charts lately? Especially since the paper was downgraded. Terrified Europeans can't get enough of them.
As for why the Fed owns them, you know better than that, hedgeless. You jerkin' my chain?
I know that t bill charts don't indicate who the buyers are.
I did think about your comment re the Fed selling UST for quite a while. Just because an action could produce a "desireable" outcome does not mean that it will. However, I am not sure that Ben is too concerned about probabilities at the moment, or unintended consequences, so you could be right.
Gold just took out $1754, Bitchez! $1754, Btichez!
Jim Sinclair's magic number. With aplomb.
If gold is a rockin, don't come a knockin.
My number is still $2400. Before the end of the year. And that was conservative
You are off by $10. It's $1764 his magic number. Give it a few minutes and we will be there...
... like now. Done and done.
Not that it'll matter in a few minutes, but I believe Sinclair's number is 1764. http://goldsilver.com/news/jim-sinclair-gold-milestone-at-1-764-paves-wa...
I saw you guys posting that, I listened to his GATA interview, could have sworn -- but no matter.
It's good to have gold at $1754 and going higher.
BTW, what was his techinical rational for it to skyrocket after whatever number it was? He never said.
Yep and he expects a big fight at the 1764 because if gold takes out that level it's off the races. Could see that 100/day volatility real soon.
Yeah, just looked at the link, $1764. Thanks! I listened to the interview and heard it wrong.
So this is the same set up as the hyperbolic move from 30 years ago. He's been so right for so long.
I read where Sinclair was a big fan of Martin Armstrong's cycle theory and another guys work to come up with those numbers. Armstrong has a reputation for being out there, but not far off major market changes now.
June 13th a date with destiny for market cycle theorists « ArabianMoney
1764.
Oops! Never mind, Bitchez!
Is it just me? I have been mesmerized by the events of the last 24-48 hours. I can't seem to tear myself away - it's like watching a car crash right in front of you. Just when you think it can't get any worse, it does. Gold, in AUD, has rised over $250 in on week. One freaking week.
Side note: I quit my job 2 weeks ago. As of tomorrow afternoon, I'll be unemployed. Probably not the best timing! Doh.
It's not just you.
Of course, I meant risen, and now can't edit my post...
I have a lot of other urgent things to do. But for me, to be informed is a responsibility. We're witnessing history.
I think so too - this is history, right here, right now.
Mmm... this time I'm not just a witness. I'm an actor. More like an extra, but I'll be somewhere in the generic as "Lucky Investor #46364479".
I quit my detestable government bureaucrat job over a year ago. I'll have my second (!) job interview next week. Good luck to you.
Disclaimer: I am not taking any handouts: my family is living (poorly) on our savings.
October '87, now that was a BREAK. I was a floor trader then. This sell-off seems orderly in comparison. We dropped 503 Dow points in a day back then but that was about a 20% move. Would be like a 2300 point move in today's market. And the move in the index futures was even more severe.
We really are fucked. This out from CNBC http://www.cnbc.com/id/44064969/
Ha! Don't try to time the market.....unless you invest in gold, which is starting to form a bubble....then you must react quickly.
OK Suze, whatever. Too bad there are few good charlatans around these days.
The Horror starts when the Muttery Mutterys from Washitwhite town steps into the telly, ya see, and says the following lingos: Man, we gonna buy more of ours own IOUs and that will build up the muscle again, peoples. Soze, buy wif me ya drinken fuds, give one for em gippa, now. Let the fiestas rolls agains.
But the peoples and the sly peoples both keeps a selling this time, right over the Danube mi vistas... and the riots start...
How much longer can the keep the cork on silver?
just got a copy of the "emergency announcement soundtrack." lookin' good on that front
http://www.youtube.com/watch?v=ZIFXgDJsJls&feature=player_detailpage
For some reason, this came to mind as an alternative...
http://www.youtube.com/watch?v=Gpc5_3B5xdk
Iffin you love the Federal Reserve like I know you do, go ahead and leave a google review! Go to maps.google.com : "federal reserve" Enjoy!
cnbc has a useless affirmative action, pear-shaped chink slob with broken teeth, a brown, wetback ass kisser, an english homo jude law clone, and three jews who should be in jail; a kike from the upper east side (dirty david faber), an indicted kike (herbie g) and cramer (my personal alan berg) explaining the world and the markets to me via some b movie script as if I am a child. "Markets in Turmoil"
This is awesome in how bad it is. It is equally great observing that it is coming to an end, that the self-styled jews have hung themselves again and that they have nowhere to run this time.
The next time Bernanke boards the chopper, the agenda is not going to be carpet bombing the asset markets with digital FRNs; it's destination will be the hovercraft and then it's onto Cobra's underground lair.
classic! +1754 and rising!
+1 Oh hells yes. WB7 has probably already got these in the can. Bummer as destro and on and on.
Hard to justify catching a falling knife when it is already covered in blood.......
Oil just turned up a little for the first time in days. Check it out. $77.20....Dollar a little lower. Maybe, maybe other commodos will turn. Remember, the dollar is true confetti.
I own 0 outside of "traditional investments".
good you're back to this format TD. That box thing wasn't happening.
Was that what was crashing the site?
Anyone else see that Rickards interview today on TV? (sorry no link) It was the one where he was arguing that the US holds most of Germany's gold and maybe the US just won't give it back when push comes to shove.
Anyway, the hosts start ganging up on his contention that Gold should be money again, but today was.... different... They are staring at a chart that shows the Dow down several hundred points - a total bloodbath in everything - and gold going straight up in a big way at the same time. You can see they want to start in with the argument that this is the dumb money chasing a bubble fairytale but they can't because even they cannot pretend that retail investors are driving it up in the face of the ongoing crash.
The one host is nearly holding his head in his hands and on the brink of admitting he doesn't understand whats happening at all.
They still mock the idea that gold should back money when one guys wife has a porcelain collection that could be used and they of course have to go to commercial before the articulate Rickards can respond, but you can sense the change. Gold is getting harder to deny.
Man I wish I had that link....
Is this it?
http://www.youtube.com/watch?v=L-yST98PMkU
Thats the one. Thanks (it's like watching nick at night)
I bow down to that man, awesome. And he likes silver too!
here you go
http://video.cnbc.com/gallery/?video=3000037455
Sincere thanks from a (relatively) new bee, ZH!!!
Fridge... Check.
Freezer.... Check.
Pantry.... Check
Close BoA... Check
PM's ... Check
LEAD... Check.
peace of mind... well...
You can't eat fridges.
But my sawzall can. S.S. doors > riot shields.
Has anyone else noticed that gold is $30 an ounce more expensive than platinum? Don't get me wrong, I LOVE my gold. But get real. I'm thinking of making a physical trade with my gold dealer.
Yeah, noticed that too. But then methinks....
Platinum controls smog in the converters in the cars that people won't be buying. Platinum, it has a cyclical industrial risk. Gold is more recognizable and accepted as a store of value. How do you tell fake platinum? Beats me.
Yeah I noticed. Thinking of selling it all, upgrade the compound and some weapons systems. Then buy it back in the deflationary crash that will come ... Unless our dear Ben fires up the printing presses pre-maturely - always a gamble. I need my own little Bernanke to go out and print on my whim ...