German Government Speaker Speaks

Tyler Durden's picture

Steffen Siebert on the tape:


And this, because the German parliament is not worthy:


More promises; more future tense, more uncertainty and more complete chaos.  Should be good for 50 EURUSD pips higher.

And here is Peter Tchir's latest cynical take on events:

More Summit Headlines, More Rallies on the Same Story

Summit going ahead as planned (we already bought the plane tickets and the rooms are booked, and I told the spouse they could come).

Follow up summit would be before next weekend (ummmm, the Summit may last a day or two longer than planned, unless we can figure out some other cool location to host a follow up one - imagine the frequent flyer points)

I think it should be clear to everyone, that for the past several months no one has been working on details.  No detailed plans were ever leaked to reporters because there were no details.  No one thought to assign a couple of grunts with a slide-rule the task of figuring out how plans would work, and what the possible consequences were.  Last week, some people with computers started to model up the strategies.  They worked with lawyers to make sure they were legal.  Guess what?  There are problems with each and every strategy.  Ignoring the legal implications of any, there are the potential dire consequences if some of the plans embarked on fail.  And they will fail long long long before the maturity of any guarantees expire.

In the meantime I do think the mock pitch of EFSF as a Hedge Fund is sadly what is being sold.  Here at 1210, I just don't see the need to be long.  Success is built in, and everyone of these headline induced rallies sucks in more longs, and takes out more shorts.  Remember the "Debt Ceiling" window?  That Monday rally lasted all of about 15 minutes.  Even if the EFSF delivers, I doubt how much upside is left.

As much as we may laugh at the politicians, they must be getting a kick out of watching the same rumour move stocks over and over.  Effectively the first time the rumour came out the SPX was about 1080.  Now the same rumor still moves the market and we are at 1210.  They must be laughing at the market, and deep down realize why the market needs to be bailed out, because we desperate to buy on anything, and reluctant to sell ever.  More and more people are sending around the Lucy and Charlie Brown cartoon.  I can understand why.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
HITMAN56's picture

L.I.B. (let it burn) already

flacon's picture

Finally, some clear direction out of Europe. /s

Cassandra Syndrome's picture

Auf Wiedersehen Bitchez

misterc's picture

They will talk in Brussels. Straight talk. And talk and talk and talk and talk.............

FinHits's picture

A little less conversation, a little more action please
All this aggravation ain't satisfactioning me 
A little more bite and a little less bark 
A little less fight and a little more spark 
Close your mouth and open up your heart and baby satisfy me 
Satisfy me baby 

Manthong's picture

Hopium is a powerful and sinister drug.

Clorox Cowboy's picture

I just need one more hit while I'm waiting for the Change to kick in...

CClarity's picture

More future tense, less current credibility!

taraxias's picture

I think we crossed the charade state line a few hundred miles back, we're now deeply into farce territory. 

adr's picture

hahahhahahhah hah ahahahahah

I announce to announce my announcement of an announcement that some future announcement will announce that all is well.

As for now, that announcement is good enough to tell you all is well, resume vapor volume market levitation.

machineh's picture

I will gladly pay you next Tuesday for a rescue today.

Long-John-Silver's picture

Can you afford to pay next Tuesday's price for today's rescue?

jarboejl's picture

Ass-clowns, the whole lot of them.

Clorox Cowboy's picture

Herr Seibert, please.  There's no need to spell out anything.  We the people trust you implicitly.  Take all the time you require.  Just send us the bill when you're all done.

fuu's picture


I think Gropeon has a special on penis pumps right now.

agent default's picture

What he means is : We are not done printing Marks yet.

sqz's picture

Interesting thing about changing currencies, it needs to be done as fast and unexpectedly as possible to minimise economic cost. So, you never know ...

hedgeless_horseman's picture





    To the German people, Welcome to the Occupation.

    Here we stand and here we fight
    All your fallen heroes
    Held and dyed and skinned alive
    Listen to the Congress fire
    Offering the educated primitive and loyal
    Welcome to the occupation

    Things that go bump's picture

    It does sound like they have just about finished dicking around trying to get the go ahead from these obstructionist elected bodies.   

    Ned Zeppelin's picture

    Nice R.E.M. reference.  May they rest in peace.

    Belarus's picture

    What ever happened to the market hating uncertainty? Oh, almost forget, there is only one market: one for HFT's. For everyone else, good luck. 

    RobotTrader's picture

    As usual, retail stocks could care less about Europe.

    Most are still bonering up off the lows, no pullbacks whatsoever.

    SheepDog-One's picture

    'Most are still bonering up off the lows, no pullbacks whatsoever'

    Well gee if there are no pullbacks, then how did they get to lows?

    viahj's picture

    ROBOTRADER: "input does not compute, buy LULU"

    adr's picture

    There are no retail stocks anymore. The numbers these phony corporations put up are as far away from retail reality as possible.

    The Kepler observatory will pick up signs of the giant ball of ass each quarterly report comes from in a couple thousand years.

    Or do you really think each Lulu store really sells over $20k in inventory every day?


    Oh I get it when a report comes out saying a European announcement will be announced and Lulu stock jumps $2 that means this retail stock could care less about Europe. Oh no, I think that means this retail stock actually trades on BS European rumors just like the rest of the racket.


    Aductor's picture

    The biggest charade is that US market participants are so stupid that they cannot look through this. Not the first time, not the second, not the N:th time around. You cannot find a better example of what defines stupidity.
    Anyone with at little experience of how EU institutions (does not) work, can tell that this will fail miserably.

    Belarus's picture

    I've been kina thinking i'm the stupid one. I mean there hasn't ever been a clearer trend; market down: buy. Rumor in: ramp up. Sell. Market Down, buy. Rumor out, sell. 

    I really am the stupid one thinking protection of captial with fundamental factors against the entire system matters. Hell, I should just BTFD.

    Aductor's picture

    I should have learned by now to sell the European close. When the morons are left to their own, the market will rip higher. Always.

    Ned Zeppelin's picture

    I think it just goes to show that algorithms don't learn from experience, humans do (well, sort of.) 

    fizz's picture

    It's so frustrating that the capital markets continually give these morons the benefit of the doubt. Rally 20 handles on the s&p in anticipation of this news, and as always its just pushing the end game down the road. Just crush everything already

    max2205's picture

    Like reid and palosie....don't read this just approve it BITCHEZZZS

    AmazingLarry's picture

    Zee German's still leading the world in wheelbarrow manufacturing? 

    dugorama's picture

    actually, just manufacturing.  which is why you and i (will soon) need a wheelbarrow for our currency

    supermaxedout's picture

    no more. This is now an American domaine.

    Sunrise Medical owns it all now.

    NDXTrader's picture

    As has been said many times on ZH before...this will continue until the market punishes the can kicking with an immediate 50 point drop in the ES. There is no workable plan, but the market has responded everytime to this nonsense, so why not keep doing it?

    junkyardjack's picture

    Thank you, that was all the market needed

    The Axe's picture

    scheisskoft      Why don't you dump your Bed Bath and ripoff...  like every officer in the company.....

    wandstrasse's picture

    gave you 1 uptick for the creation of the word 'SCHEISSKOFT'... sounds good..  no meaning required. just out of curiosity: Is it to be an adjective or a substantive?

    NoClueSneaker's picture

    "SCHEISSGKOOFT" would be a whole sentence, in saxon ... kinda statement of robo's deals ... methinks.





    wandstrasse's picture

    lol, 'do Röbö hod wiedör Schääs gegooft', but apart from this, Leipzig is one of lovliest cities I have seen so far, serious.

    Little John's picture

    Let's loan them the bernank.

    machineh's picture

    You need a meeting about the meeting to produce a plan to make a plan.

    Situation normal: all FUBARed up!

    taraxias's picture

    The PPT knew what was coming that's why they stepped in an hour ago. 

    Josh Randall's picture

    Brought to you by people whom thought Hasselhoff's music was enjoyable

    wandstrasse's picture

    but but but... in the US you all drive speaking and miracle-doing KITT cars like Knight Rider ... if you do not, please do not tell me, I would fall into a deep depression.

    sheeple2012's picture

    so the announcement that there was going to be an announcement sent the S&P up 15, then after the announcement of pretty much nothing pulls back 5... wash rinse repeat... at this rate we'll be back to new highs in a couple weeks....

    zerozulu's picture

    Chinese communalism as we know is gone. Russian Socialism as we know is gone. It is time for American capitalism to go, as we know it.

    flacon's picture

    It is time for American capitalism to go

    That's what Michael Moore keeps saying. 


    How about some common sense - Can you imagine if we applied the ancient Hammurabi Code to BANKERS? It's not capitalism that has failed, but the rule of law that has failed. Read this:


    Building codes have a long history. What is generally accepted as the first building code was in the Code of Hammurabi which specified:

    • 229. If a builder builds a house for someone, and does not construct it properly, and the house which he built falls in and kills its owner, then that builder shall be put to death.
    • 230. If it kills the son of the owner, the son of that builder shall be put to death.
    • 231. If it kills a slave of the owner, then he shall pay, slave for slave, to the owner of the house.
    • 232. If it ruins goods, he shall make compensation for all that has been ruined, and inasmuch as he did not construct properly this house which he built and it fell, he shall re-erect the house from his own means.
    • 233. If a builder builds a house for someone, even though he has not yet completed it; if then the walls seem toppling, the builder must make the walls solid from his own means.