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Goodbye 9 Handle: BTP Collapses To 89.5, Down 4.3% On The Day; Next: Bidless?
Did we miss the announcement from Italy where it said it is following Netflix into full business model suicide? Because the 10 Year just imploded. It is now time to panic.
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And right now on CNBC: MF Global NOT in compliance with customer segregation requirements, according to CME Group. Customers = fucked.
Assholes like ex-Goldman CEO Corzine is everything that is wrong with these bullshit markets.
But we all know the score.
We're in the next Great Depression. Stocks will go up and down till the next World War.
Times change but people don't.
My advice? If you're a young man, don't join the army.
Being poor sucks. But it's better than being dead.
http://fucklloydblankfein.blogspot.com
In fact, if you are a young man, look into becoming a priest or a paster of some church somewhere that offers such a thing over the interwebz. Not a joke.
Don't get your High School or Equivalency Diploma. Not a joke.
most people can survive shooting off a little toe, do it near a hospital, but wait till the last minute :)
I was going to give you your 9th + for comment, then I realized, you were watching CNBC.
"I was going to give you your 9th + for comment, then I realized, you were watching CNBC."
....................
I gave em a +.......... an occasional report read here is far better that all of us being subjected to the CNBC bs spin machine every day, eh?
so italian yields are blowing up, and greece is slatted to hold a referendum. there isn't much world leaders can do at this moment since the referendum will make the next 8 billion euro aid tranche useless... although they'll give it to them anyway. also concerning the g20 summit, which is really a fundraising drive for the efsf, whose going to want to throw billions into a fund thats main investments are a country contemplating hard default, and soon to be imploding italian bond market. the italian bond market is the 2nd largest on earth, the efsf hasn't actually been leveraged yet, and at this point cant possibly raise the sums of money they'd like to from foreign investors. looks like they're stuck with whats left of the recently approved uly 21st amount in the efsf, which is no where near enough for italy. whats worse, if they use those funds before they leverage the efsf they'll only have a few dozen euros left to leverage... uh oh
Quite right. How can anyone seriously believe that people are going to invest in the EFSF against this backdrop. This whole thing is screwed on so many levels.
Quite right. How can anyone seriously believe that people are going to invest in the EFSF against this backdrop. This whole thing is screwed on so many levels.
Adding fuel to the fire today. The Bernank just needs to step back and let it play out, he's not going to stop it.
Research on MF Global - including them saying they don't comingal clients money. Cramer is on CNBC defending Corzine tremendously!
They advised the G20 and invested Chinese governments money. Ranked number one on Comex, MF Global was huge.
http://sherriequestioningall.blogspot.com/2011/11/mf-global-stole-hundre...
he'd better start talkin'.
roll out the Guillotine...
tuesday, bloody tuesday....
edit: then again... we knew things are broken. We were just waiting for the moment somebody tells the emperor he's in his undies...
They call it Day of the Dead for a reason - Dia del Muerto, Dan Mrtva, etc . . . Wonder if the Italians and Greeks "celebrate" it.
Watch the long end Treasuries and FX for the big votes, PMs for liquidations. Even nat gas giving signals.
"Wonder if the Italians and Greeks "celebrate" it"
Yes, nobody in the office in Italy. Hence no italian market.
From now on everyone wears their underwear on the outside to preserve our precious bodily fluids!!
November 1st - Another Paradody of the day
"The Day the Euro Died"
brace brace brace... forget it eject eject eject
Don't eject - buy FUE! Stands for F you Europe....
I like this one (1m5s), very calm "oh shit":
http://www.youtube.com/watch?v=gf5q2LF5Qz8
http://www.youtube.com/watch?feature=player_detailpage&v=aTI5etjTniU
Wow....shite is now hitting the fan.
Not even a proverbial fan. The ACTUAL fan.
Bullish for fan repair men and my manure piles.
Cue Hugh Hendry.
"I suggest you Hendry."
Ben is firing up the printing presses.
QE3,4 and 5 to be announced concurrently.
Also WWIII.
WW3. Cool. Who is playing for which team?
I call dirt farmer!
I'm long dirt myself!
I'm transitorily busy ... can someone take my place? Thanks.
http://www.youtube.com/watch?feature=player_detailpage&v=pTNXpPEbjgg
lest you forget of course
team OWS.
The bankers will decide for us. It will then be up to the "intelligence" agencies to tell us what the ism is that we are at war with. It will then be up to the media inflate said villains. Our job is to get really scared and very patriotic.
also ... vote for the next puppet POTUS
Very bullish for ink and paper....
QE3,4 and 5 to be announced concurrently
Really? And the money goes to Europe? Because that's where it's needed at the moment. Italy will need at least $1T to fill the sinkhole that is opening up below it. You think Ben Bernanke, and by extension Barack Obama, is going to go forward with a $1T loan/gift to Italy 12 months before the elections? I think not.
This doesn't have anything to do with Barack Obama. The central bank will do what it wants to do. If it wants TSTHTF now, it will use "politics" as cover to not move forward with QE3, 4, 5, etc... Our political system is designed to keep 300 million people in the dark over who has real power.
Whether it really does or doesn't is irrelevant because it's perceptions that matter. During the debt ceiling standoff, the Republican/Tea Party claim was that Obama and the Dems were irresponsible with government spending and the deficit. Now fast forward to the present and Bernanke is goign to funnel hundreds of billions of dollars overseas at a time of massive deficits, high unemployment, and reductions in government services? How do you think that is going to play out domestically? Obama will have to take a stand for or against this new bailout because he is the President and because he nominated Bernanke for another term as Fed chief.
My point on politics being the way to keep 300 million people in the dark... everything you paint there is the theatrics around which levers are created to pull when needed. I tend to lose a lot of people when I go here... because, quite rightfully, anything can be painted in to fit the conspriratorial landscape. And to be sure, I don't believe everything is closely choreographed. For example, I don't know that I believe the Tea Party was 100% created to be the tool of the banker's austerity movement... but somewhere along the line it became that. The Tea Party has been corraled to the point where it can be used.
At the end of the day, if they ask Obama to take a stand for the new bailout and for QE3, 4 and 5, Obama will do the job asked of him. Just like the dove-ish candidate has become an uber-hawk president.
The emissary from Barrosso came and he was thrown into the well ...
It's OK Greece is going to bail them out.
In before rule 48
All souls day or all saints day
All Saints Day
You know who doesn't have a halloween hangover: KYLE BASS
Money - Its a gas
Grab that cash with both hands
and make a stash
EVERYBODY SING!!! New car caviar, four star daydream . . .
think i'll buy me a football team!
Money
Well, get back
I'm all right Jack
Keep your hands off of my stack (of phyzz)
Actually its "the LOVE of money" thats the rood to all evil
Wall Street says: ??? There's a difference?
DAX -6%, epic fail.
Waddell & Reed opened an office in Italy?
wtf just happened? it was quiet last night.
go back to sleep...nothing to see here...move along
with the blankest over my head, lol.
Its transitory.
Lira here we come.
Well this will definitely give Ben the cover he needs to print. Although this will probably be the final nail in the coffin of what is left of the financial markets.
RIP
What does 8 and 9 handle mean? Standard deviation?
Crazy, crazy, crazy BTW.....
They are tracking the interest rate on the 10 year Italian bond.
Lower number here is bad for interest rates in Italy as the index is inverse relationship to the %.
It means that both bid and offer prices start with an '8'.
Got it. I was making it too complicated...... Thanks!
Check your servers, dude. I don't want to miss any of this today.
The CNBC spin manual does not have a section for dual sovereign implosion with concurrent broker failure.
Cue stammering...
And now....LOOK AT THESE PUPPIES! (may or may not refer to a CNBC talking head's bosom)
LOL... +1 mayhem korner...
S&P futures down 37.70 or 3.02%
CNBC doesn't do multi tasking... can't decide which message to 'stay on'...
Hey Robo ...whatcha buying today?
new panties
I was thinking double-lined, extra-absorbent Depends...
i'd guess the euro. big opportubity on this dip...
BUS TICKET TO JUAREZ!
Juarez is over-rated.
More Preperation H
6.32%...breaking out big time. Implosion!
(Coming in 15 minutes) CNBC: BREAKING NEWS -- Bernake announces $70.1t QE4
what, may i ask, exactly is a "nine handle"???
9 basis points.
It means the leading digit is a nine.
thanks!
I repeat, selling is forbidden.
Euro markets imploding. And DOW futures cratering. Love it.
>What does 8 and 9 handle mean? Standard deviation?
I believe he is refering to the implied interest rate... 8% ... then 9%... etc...
No, in this case it means that BTP is currently trading at 89.3. The "8" is an 8-handle.
Can anyone please explain why gold would be down today? I thought it was supposed to be the perfect hedge for a day like today. I am asking this out of pure confusion, not sarcasm.
"Risk off" for now. hit the sell button first, ask questions later.
If equities somehow stage a rally in the afternoon, watch out shorts.
Simple as that.
I think you are right, I just get lost in that translation. According to that explanation if/when the big banks go down or soveriegns go down gold should sell off huge along with equities. At what point does risk off send gold up?
When the hedge fund rats that bought the rally finally sell. All they were doing is chasing yield into year end so they can get a bonus. When they flame [whatever that level is], we start heading up again IMHO.
This whole argument that PM is sold to cover margin calls just doesnt seem feasible. Surely PM are not purchased to this degree, purely to use as margin? Every time there is a decline in PM, its the same bollocks.... This has to be intervention 'don't let anyone smell the fear'
I can´t think of one reason why Gold and Silver should be down today...strong dollar...its not strong....marging calls...unless they are liquidating everything and going out of business....but to sell PM´s first before the Netflix stock does not make sense...soory..this to me is a run with the computer boys...the hard metal is changing hands..to Asia I think...they are smarter than we are...
Does anyone know what level (if any) MF Global was involved in COMEX trading and whether they may have had a large position (or their clients) in Gold? Just wondering if this could be related to their BK troubles?
And look at the symmetry of the paper price charts. The numbers are different but the patterns are almost identical. Across all the metals at least. (I don't even watch pork bellies or OJ) All those millions of investors seem to move in lock step, almost like a single entity.
Exactly like a single entity.
Margin calls = liquidate all assets.
The value of the dollar, and a few other currencies is going up. DXY is up another 1.4% already, today. But he price for gold is up in Euros and Swiss Francs.
Get it? The value of gold does not change, just the value of our currencies.
This nails it. Thank you.
I see it as debt destruction is bad for Gold as Money is dying. Greece going bankrupt will wipe out a lot of currency. However I am a firm believer the French and even the Germans will have to save their banks or risk economic ruin. The only way they are going to be able to do that is to create more money by printing it. Once the printing is announced then the Gold she goes up.
Forced liquidation of PAPER gold/pm's to meet margin calls. Suppression by the PTB to mask gold/pm's signalling of fiat death.
Hold physical and add when possible at low prices.
why gold would be down today?
Days not over
Could be the distraction factor. Hard to play with the GLD toy when the wolf at the door shit on the fan.
Time for a plate of Moussaka
Moussaka
Moussaka
That Euro rates are screaming is not surprising...I know...preaching to the choir. However, the point of my comment is to the MF Global situation, because that IS surprising, and is likely crushing any tiny bit of market confidence that remained. It has been my running commentary that criminal bankers will not stop until market credibility reaches zero. We are on our way this morning.
And as always, until such time as the kleptocracy of the criminal syndicate is dealt with, and these corrupt banks are broken up and swept into the ash bin of US history, the Greater American Depression will roll on and on and on. Real capital will not form in banks as corrupt as ours.
It really is this simple.
[and after that, the problem of crony capitalism]
Yes, I love how so many people said MF Global's $40+ billion implosion is "small." Which misses the entire point: if Italian bonds can destroy MF Global, who ELSE is ready to implode?
Fucking CNBC idiots.
The "idiots" at the BlowHorn [CNBC] are not so much idiots as they are paid shills of the criminal syndicate known as Wall Street. They represent the cabal, and just as the kleptocracy needs to be dealt with, so too does the BlowHorn need to have its broadcasting license called into question. The right to broadcast has a clause in it...about serving the public good. The BlowHorn has long since exited any pretense of serving the public good in its mission to serve criminal syndicate Wall Street banks.
And I am not kidding about this. This network needs to be challenged and its license reviewed.
All the Wall St azz hats are lying about their exposure...
Here is MF Global biggest losers according to Mish via WSJ...
1) Fidelity funds, 13.9 million shares or 8.44% of common stock
2) Guardian Life Insurance Co., 12.9 million common shares, or 7.8%
3) Fine Capital Partners, 21.5 million shares, 7.37% *(In a recent SEC filing, Fine Capital reporting owning 12.16 million shares, for a 7.4% stake in MF Global.)
4) Cadian Capital Management, 10.2 million shares, 6.17%
5) TIAA-CREF, 9.5 million shares, 5.77%
http://globaleconomicanalysis.blogspot.com/2011/11/regulators-investigate-mf-global-for.html
Sov CDS 5yr ITALY 511-521 +70 SPAIN 384-394 +49
Futures down ever so slightly. The CNBC lapdogs are stammering. I love the smell of napalm in the morning.
...more like the scent of kleptocracy burning.
"slightly" ???
.............................
S&P down 38.25 or 3.08%
Dow down 228 or 1.92%
Of course, the PPT stopped for coffee. CNBC is anxiously awaiting PPT arrival at keyboards.
Just print already.
First draghi this week then banana Ben in dec.
You know you want it.
What is it going to be like one year from today? I for one will be interested to see that.
Yuck Yuck Yuck!!!
Damn those evil speculators.
Is it official...did we reach parity on debt:gdp ratio? That's newsworthy, no?
Nah, they printed GDP up for Q3, so parity is pushed back for a little bit longer.
And tomorrow QE3 starts. Lets get the destruction of currencies over with. And they sell gold. Amazing.
I sure hope no one on this board trades on margin. If you do, Sayonara. Not good for ones health.
How much of the drop in Commodities...PM´s especially is because of MF´s demise and no access to the trading floor???? anyone know? Or care to guess..
As mentioned for some time, the bullish USD weekly chart continues to exert it’s influence and according to my analysis this will continue.
DOW chart showing bearish megaphone pattern warned of downtrend resumption.
http://stockmarket618.files.wordpress.com/2011/10/2011-10-31_dow_dy_x.png
come on man .. i was just getting ready to short ...dissapointed again ...never get to catch the TOPS
ECB coming in with strong support,. trying to not let it get away from them.